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f M. J. WHELAN M. F. DARR C. R. POHLAD N. A. SANDS R. E. HAMILTON N. F. ROBERTS How to Improve Profits in 1971 Survey—-Page 19 A. P. STULTS E. W. LYMAN B. C. GRANGAARD https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N. H. LAYMAN M. J. ROBERTS G. H. DIXON P. J. AMEN D. M. GRAHAM P. H. NASON https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis New business. Who can help you break the ice? Ask the m en w h o w rote the book. W hen a n ew plant or office m oves into your area, it can be very h elpful to have som eone assist you in breaking the ice. T h e right introductions often can put you in position to provide the banking services the n ew com pany w ill need. T hat’s on e reason to Trust N orthern . W hen you are a correspondent of T h e N orthern Trust, our extensive contacts are on your side. T h e N orth ern Trust can h elp you obtain n ew business in m any other ways, too. You can draw upon the B ank to assist w ith your m arketing, sales, and prom otional p la n n in g ...to h elp develop officer calling programs or em ployee training in custom er relations. T o learn more about these services, write for our booklet on N orth ern Trust cou n seling services for correspondent banks. Or call N . H all Layman, V ice President. Trust Northern... All your m oney matters matter to us! NORTHERN TRUST COMPANY BANK 5 0 S. LA SALLE STREET AT MONROE CH ICAGO 60 69 0 • Fin an cial 6 -5500 • Member F .D .I.C , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, January, 7977 4 Your bank needs a bank that gives you prize-winning trust investment perform ance. i -A < * * 1 % f * 4 M X Consistently. I t ’s to o b a d th e r e is n ’t a n a w a rd lik e th is . If th e r e were, m o re people th a n ju st th e C o rre sp o n d e n t B anks we serve w o u ld h ear a b o u t C h em ical’s tru s t invest m e n t perfo rm an ce record. H ow do we do it? W ell, it isn ’t d o n e w ith m irrors. I t’s all due to astute, q u ick -th in k in g in v estm en t officers w h o stay on to p o f th e n a tio n a l an d in te rn a tio n a l situ atio n. T o a so u n d p h ilosophy o f in v estm en t. A n d to research th a t provides th e m w ith th e rig h t in fo rm a tio n fo r m aking th e rig h t decisions. In fo rm atio n w e’re glad to share w ith you th ro u g h six sp e c ia l r e p o r ts : E c o n o m ic T r e n d s , I n v e s tm e n t F o re c a s t, U . S. B a n k in g D e v e lo p m e n ts , I n d u s tr y Studies. Special R ep o rts (topical subjects o f im m ediate interest), a n d M ark et R atings o n som e 250 stocks. O u r m a rk e t ratings are u p -d a te d every w eek and sent to C Banker , January, 1971 Northwestern https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 every C hem ical C o rre sp o n d e n t B ank w hich subscribes to this service; oth ers are d istrib u ted as we develop new info rm atio n o r as m ark et requirem ents dictate. A n d if these d o n ’t give you enough in fo rm atio n to solve a special problem , o n e o f o u r senior invest m en t officers is available at all tim es for p ersonal co n s u lta tio n , to d is c u s s g e n e ra l b u s in e s s c o n d itio n s , p articu lar industries, specific com panies and th e stock m ark et ou tlo o k . So if y o u ’d like to share C h em ical’s investing re search an d experience, just call M r. R o b ert Jennings at (212) 770-1607. Y ou m ay also w an t to ask him or your C hem ical B ank R epresentative for a copy o f o u r new b o o k le t,“ T ru st Inv estm en t A dvisory Service,” w hich describes all these services in fuller detail. O r w rite to C h e m ic a l B a n k , N a tio n a l D iv is io n , D e p t. T IA S , 20 Pine Street, N ew Y ork,N .Y . 10015. k m ic a l We do more for your money. W V,, ......... á A M em b er F D IC 5 a N ational B oulevard Bank O bserving Its 5 0 tli Y ear N ational B oulevard B ank of Chicago * launched its 50th a n n iv e rsa ry year early in Decem ber. The b an k w as v founded in 1921. E v e ry b an k em ployee w as p resen ted w ith a lucite encased color photograph x of th e W rigley B uilding (hom e of N ational B oulevard) w ith a rainbow -* b u rstin g th ro u g h th e W rigley Tow er. O ldest Financial Journal Serving T he Central and W estern States for your JANUARY, 1971, reading 7 6 th Y ear No. 1268 EDITORIALS 16 Across the Desk from the Publisher FEATURE ARTICLES PICTURED HERE are N atio n al Boule v a rd B ank of C hicago’s C hief E xecutive > Officer Irving Seaman, Jr. (rig h t), p re sen tin g a color TV to Tobias Schaden, v vice president, cashier, secretary and a director, on his 45th y e a r as an employee of the bank. * Chief E xecutive Officer Irv in g Sea> m an, Jr., explained th a t m any special plans and exhibits are scheduled for th e 1971 a n n iv e rsa ry y ear including v an open house for em ployees and th e ir fam ilies, special an n iv e rsa ry lunchy eons for custom ers, and displays of m oney and b ank eq uipm ent th a t has v been used over th e last 50 y ears w ill be show n. M any item s w hich are r used in th e bank, such as pens, m atches, statio n ery and postage m e ters w ill c a rry th e 50th y ear message. 6 Bank Promotions and Changes 14 TV Commercial Relates Banker Involvement 19 How to Improve Profits in 1971 — A N o r t h w e s t e r n B a n k e r Survey 26 A F irst in Banking Business—Magnetic Tape to Microfiche Eliminates Printout, Paper Jam 27 54 Happy Girls a t Center Bank 28 When Should Bank Directors Retire?—Dr. Lewis E. Davids 29 Legal Questions and Answers— Wendell B. Gibson 33 Corporate News 35 Designing Buildings with Concern for Handicapped 36 Conventions Calendar STATE BANKING NEWS Illinois Minnesota Twin City South Dakota North Dakota Montana Colorado D rovers D eclares D ividend i f v * . a A X At its m o n th ly m eeting th e board of directors of The D rovers N ational B ank, Chicago, declared a reg u lar cash dividend plus an ex tra cash payout, it w as announced jo in tly by Chairm an R obert Lough and P resid en t M ichael J. W helan. The n o rm al q u a rte rly dividend of $.50 per sh are on th e 687,500 sh ares o u tstan d in g w as declared, payable on Ja n u a ry 2, 1971, to sh areh o ld ers of record D ecem ber 21, 1970. In addition, $1 p er sh are cash dis trib u tio n w as authorized, payable to stockholders of record on th e sam e dates as th e n o rm al q u a rte rly dividend. News News News News News News News 37 41 42 48 49 49 50 53 55 56 60 65 70 Wyoming News Nebraska News Omaha News Lincoln News Iowa News Des Moines News OTHER FEATURES 74 In the Directors’ Room 74 Index of Adverti seers NORTHWESTERN BANKER 306 15th Street, Des Moines, Iowa 50309. Phone 515— 244-8163 Chairm an Clifford DePuy A s s o c ia te E d ito r Publisher Malcolm K. Freeland E ditor Ben Haller, Jr. A s s o c ia te E d ito r Richard R. Stumbo Dexter Sidney A d ve rtisin g A ssista n t Mildred Savich Circulation D epartm en t Lena Sutphin A u ditor Bertha Soderquist Field R ep resen tative AI Kerbel Field R epresen tative Paul Masters Field R epresen tative Glen Hicks No. 1268. Northwestern, Banker is published five tim es m onthly by the N orthw estern Banker Company, 306 Fifteenth Street, Des Mennes, Jowa 50309. Subscription 50c per copy, $6 per year. Second class postage paid at Des M oines, Iowa. Address all m ail (subscription, change of address, Form 3579, manu scripts, m ail item s) to above address. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, January, 1971 6 Miauh P ro m o tio n s ROMOTIONS and announcem ents have been m ade by th e follow ing banks and groups: P American National Bank & Trust Company, Chicago: The board of di rectors has elected th re e new adm in istrativ e vice presid en ts w ho w ill be added to the b a n k ’s senior executive body, the adm in istra tiv e com m it tee, joining Chairm a n A l l e n P. Stults, P resid en t W illiam G. Ericss o n, E xecutive Vice P r e s i d e n t Stefan S. A nder son, and A dm inis tra tiv e Vice P re s idents A. F re d G. W . C A M P B E L L erick P itzn er and I. F R A N K , JR. M. N. SM IT H I II an tfils and C harles H. Bentley. The new ad m in istrativ e vice presid en ts are: Malcolm N. Sm ith, also nam ed as the b a n k ’s cashier, w ho w ill have re sponsibility for all operational divi sions including com ptroller’s, au d it ing and tru s t operations; Ira F ran k , Jr., w ith responsibility for com m uni cations, business developm ent and stockholder relations, and Gordon W. Campbell, w ho w ill share responsibil ity for the b a n k ’s tru s t dep artm en t w ith E xecutive Vice P resid en t H ow ard Johnson. Also, the b a n k ’s board of directors elected E. W ood Stevens, form er vice p resid en t and com ptroller, to the post of senior vice president, and Ronald J. G rayheck, form er vice president, to group vice p resident in the com m er cial loan division. Six m en w ere advanced from second vice p residents to vice presidents by the board. T hey are: D ennis A. O’Neal, R ichard M. Schw artz and Rob ert S. E nglem an, in loan divisions; P e rry G. Callas, corporate tru st divi sion; R obert A. Janoski, tru s t business developm ent, and Thom as P. Michaels, personal tru s t division. F o rm er Sec ond Vice P resid en t A lberta I. W uerfele w as nam ed com ptroller. Bankers Trust, New York: E llsw orth new excitement in giftware FLAIR A completely new line of giftwares by the company that understands women. Elegant Solid American W alnut combined with brushed stainless steel in carousels, serving trays, snack and buffet sets and salt and peppers. In sculptured con temporary design, colorfully gift packaged. For illustrated folder write: Foley Manufacturing Company, 3300 N.E. 5th Street - Minneapolis, Minnesota 55418 E x c i t i n g id e a s in P r e m i u m s , I n c e n t i v e s , S e l f - L i q u i d a t o r s a n d G iv e - A w a ys Northwestern Banker, January, 1971 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis J Donnell, 45, has been elected a senior vice p resid en t and head of th e in te r national banking departm ent. H e sue- * ceeds R ichard M. Bliss, w ho left the ^ bank at 1970 year-end to form and head a com pany w hich w ill provide t, in tern atio n al financial services. Mr. Donnell w ill be succeeded as head o f A B ankers T ru st’s E uropean h ead q u ar ters division by Steven I. Davis, 36, * w ho has been elected a first vice pres- ^ ident. Carlos M. Canal, 39, also elected a first vice president, replaces Mr. Da- a vis as head of the b a n k ’s overseas de velopm ent and m anagem ent division. *■ Chase Manhattan Bank, New York: ». Don D. Cadle, 41, director of th e F i nancial Controls Group, has been p ro -1» m oted to senior vice p resid en t and w ill continue residing in W ashington, D. * C. He is a native of Omaha, Nebr. F o u r in tern atio n al b anking officers have been elevated to th e ra n k of * senior vice presidents at the same tim e the in tern atio n al d ep artm en t w as < reorganized last m onth. T his follows a task-oriented m anagem ent scheme, according to W illard C. B utcher, exe- , cutive vice p resid en t in charge of C hase’s in tern atio n al departm ent. « The four new senior vice presidents are Jo h n C. Haley, 41; F ran cis L. Ma son, 47; Leo S. M artinuzzi, 42, and * F ran cis X. Stankard, 39. Mr. H aley has joined th e Orion group, h ead q u ar tered in London. Mr. Mason heads the new funding and in tern atio n al service * group. Mr. M artinuzzi w ill oversee the e x p a n s i o n and diversification group. Mr. S tankard w ill be in charge j , of facilities and relationship m anage m ent for Asia. C o m m erce Bank, Kansas City: T C harles W. B attey, Jr., 38, executive vice president, has been elected a di- -« r e c t o r of t h e b ank to su c c e e d v H a rry L, W uerth, form er vice ch air m an of th e board, * w ho retired from the board. Mr. B attey joined the b ank A ugust 1, * 1970, as executive v ic e p r e s i d e n t after 16 y ears of service w ith Con tin en tal B ank of Chicago. ► P. V. Miller, Jr., president, has an- t nounced the form ation of six m ajor groups to handle com m ercial and correspondent b an king business. Addi tionally, the bank has established tw o k new individual functions—director of m ark etin g and director of business developm ent. Mr. B attey is in charge of the com- 7 Bob Suhr Senior Vice President Dick Rastetter Senior Vice President At Continental Bank, the men who help you live up to your potential are supported by a m anagem ent th a t helps them live up to their potential. F o r professionalism . F or know ledgeability. F or getting things done. T h a t’s why, m an for m an, C ontinental B in k ’s corps of calling officers is so responsive. We present, on this page, the top m en in our N atio n al Division. T hey help select, train, and support the m en who give you C ontinental service. - S-S' — ^ Gene Holland Senior Vice President Helping our correspondents live up to their potential is one of the ways we try to measure up to ours. CONTINENTAL BANK Continental Illinois National Bank and Trust Company of Chicago, 231 South LaSalle Street, Chicago, Illinois 60690. Member F.D.I.C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, January, 1971 8 F. B O E SC H E J. B R O W N C. K O PK E R. L E E m ercial b an k in g departm en t. Group leaders and th e ir areas of respo n sib il ity are: Group 1: F ra n k Boesche, senior vice president. (E ast and S outheast) in surance, law firms, accounting firms, in v estm en t b ankers, heavy in d u stry , autom otive and fabricators. Group 2: Jo h n B row n, vice p resi dent. (S outhw est) u tilities, oil and gas, tran sp o rtatio n , paper, printing, wood products, photo and apparel. F. C O U L SO N B. HAW W. W EAVER C. PAGE G roup 3: F re d Coulson, vice p resi dent. (C entral States) banks and ag ricu ltu re. G roup 4: Bill H aw, vice president. (M iddle W est) grain, food, chem icals, professional and scientific. G roup 5: C harles Kopke, vice p resi dent. (W est Coast) m ortgage firms, finance com panies, w holesale and re tail, service firms, schools, churches and hospitals. G roup 6: Roy Lee, vice president. ADVERTISING SALES TRAINING for all BANKING and TRUST SERVICES C ontractors, leasing and equipm ent dealers and consulting engineers. > W arren W eaver, vice president, was nam ed director of m ark etin g and re-4 search. He is responsible for in tro duction of new custom er services and * coordination of the m ark etin g program in keeping w ith the com m ercial and retail objectives of th e bank. A Clark Page, vice president, w as ap pointed director of business develop-k m ent. He is responsible for com m er cial call assignm ents, analysis of com-* m ercial a c t i v i t y and com petitive tren d s and evaluation of p resen t a n d * anticipated business. Mr. M iller also announced the elec tion of Ben F. Caldwell as a vice^ p resid en t and his assignm ent in the correspondent b anking d ep artm en t to * trav el in the states of Texas, Colo rado, New Mexico, A rkansas and L o u -' isiana. Central National Bank, Chicago: At th e ir r e g u l a r scheduled December^ m eeting, directors made th e follow ing prom otions: t R obert J. H arm on to vice presid en t a n d e x e c u tiv e ^ tru s t officer. William L. * P a p k e to vice^ presid en t and sen ior tru s t officer. -< Jam es R. W il son to vice p resi dent and director of investm ents. Ja re d K. Pickell ^ to vice presidentR. J. H A R M O N bond investm ents, i. MARKETING RESEARCH THE LARGEST MOST EXPERIENCED MARKETING STAFF SERVING BANKS IN THE U. S. A. W . L. PA P K E J. R. W IL S O N J. K. PIC K E L L U. J. SC H E L L H A S E Visit our display at the MIDWINTER TRUST CONFERENCE K E N N E D Y S I N C L A I R E , INC. Wayne, Ne w J e r s e y (Established 1930) (T u rn to n ex t page, please) Northwestern Banker, January, 1971 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ^ U rban J. Schellhase to vice p resi dent-com m ercial banking. ' H ow ard P. B lechm ann to econom ist. < First Aid this division will analyze your cus in t e r n a l o p e r a tio n s , a g r ic u l t u r a l wide range of financial analytical to o ls, t h e y ’ ll d e v e lo p th e s yste m best suited to speed his deposits to yo u —fast. This can result in greater current asset flexibility for him and a happy customer for you. Helping you help your customers with cash management problems is o n ly one way o u r c o r r e s p o n d e n t bankers give you First Aid. We’ll help solve your problems involving So t a lk t o a banker whose only cus to m e r is his c o r r e s p o n d e n t—you. Phone (312) 732-4119 for First Aid. ...fo r cash to m e r’s current procedures. Then, transactions, international banking, management headaches c o m b in in g t h e i r e x p e rtis e w ith a transfer of fu n d s —and many more. An outm oded cash flow system can be more than an ordinary headache for your corporate customers. It can be a costly one. And, it becomes your headache if you can’t get their un collected funds to the bank—fast. Call The First fo r quick relief. Our C o r r e s p o n d e n t B a n k e r s in Division “ F” are backed by our Busi ness Services Division. Working with you and your customer, the men in C F IIC A G O • LO N D O N • D U B L IN • P A R IS • B R U S S E L S • F R A N I r U R T • D Ü S S E L D O R F • G E N E V A • M IL A N • A T H E N S • B E I R U T ■ Ml IN N EW Y O R K : F IR S T C H IC A G O IN T E R N A T IO N A L B A N K IN G CC First National Bank o f Chicago C IT Y • P AN A M A C IT Y • J A M A IC A • T O K Y O • S IN G A P O R E L https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, January, 1971 10 H arold J. Hogen to in v estm en t offi cer. D irectors also m ade the follow ing appointm ents: A llan Bobrow and D rake Sladky to assistan t tr u s t officers. Jo h n C. H am ilton to ad m in istrativ e officer and Carl S. W hite to fund m an agem ent officer, in v estm en t d e p a rt m ent. H erm an A. G ram m er, com m ercial banking; Jo h n E. Jones, personal b an k ing, and Carol R ichter, real estate banking, to a ssista n t cashiers. Stephen B. B ern th al and H en ry W. Tym ick to m anagers, in form ation serv ices. Donald R upelt and G erald H. Stev ens to m anagers, general services. Continental Bank, Chicago: George E. H andtm ann, Jr., and Jo h n M. Davis have been nam ed vice p resid en ts in the com m ercial b an k in g d epartm ent. G. E. H A N D T M A N N J. M. D A V IS Both are m em bers of the natio n al di vision’s group w hich serves corporate custom ers in Illinois, Indiana, and Iowa. Mr. H andtm ann, a U n iv ersity of Illinois graduate, joined th e b a n k ’s cen tral proof division in 1947, sw itched to th e operatin g division in 1950, was elected a ssistan t cashier in 1952, and second vice p resid en t in th e savings division in 1959. He tra n sfe rre d to com m ercial b an k in g in 1968. Mr. Davis, a g radu ate of H arv ard U niversity, joined the form er City N a tional B ank and T ru st Com pany in 1946, w as elected assistan t vice p resi dent th e re in 1949, and second vice presiden t in 1961, w hen City N ational m erged w ith C ontinental. Drovers National Bank, Chicago: R obert Lough, ch airm an, and Michael J. W helan, president, have announced the follow ing prom otions and appoint m ents of new officers: Thom as E. W ilson w as advanced to full vice president, and L eonard H. T eutsch, E dw ard L. Rietz, and E d w ard A. Tellefsen w ere prom oted to assistan t vice presidents. In addition, th e follow ing w ere ap pointed a ssista n t cashiers: T hom as E. Bush, C onstance E. Corcoran, M ar garet V. K atauskas, A lfred Mueggenborg, C hester J. Sepiol, and R obert Janow ski. Northwestern Banker, January, 1971 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis E. L. R IE T Z E. A. T E L L E F S E N On a non-officer level, Jay A. Hollowell and Jo h n S. O ndrey w ere nam ed a s s i s t a n t auditors, and H ans H. Schulze w as assigned as m anager, credit departm ent. First National Bank in St. Louis: W illiam E. Cornelius, executive vice p resid en t of U nion E lectric Company, w as elected to the b a n k ’s advisory board. First National City Bank, New York: F ra n k lin A. Thom as, presid en t of the Bedford S tuyvesant R estoration Cor poration, has been appointed a direc to r of F irs t N ational City Corporation and its principal subsidiary, F irst N a tional City Bank. F. A. T H O M A S R. E. ST E W A R T R ichard E. Stew art, su p erin ten d en t of in su rance of the State of New York for th e p ast four years, is joining the b an k as senior vice p resid en t and gen eral counsel. Mr. Stew art, 37, g rad u ated cum laude from H arv ard Law School in 1959. He has resigned as p resid en t of the N ational A ssociation of In su ran ce Com m issioners to accept th is new position. Harris Trust and Savings Bank, Chi cago: E r re tt Van Nice, 62, senior vice p resident, died of leukem ia Decem ber 9. His career at the b ank began in 1932 as a m essenger. In M arch, 1968, he becam e d ep artm en t executive in charge of th e ban k in g departm ent. Franklin National Bank, New York: L aw rence A. Lentol has been ele vated to senior vice p resid en t in c h a r g e of the b a n k ’s cen tral de velopm ent d i v ision. He w as for m erly a vice p res ident. As division head, Mr. Lentol is responsible for L. A. L E N T O L the b a n k ’s ad ver tising, public relations, consum er banking, com m unity relations, pro gram m ed custom er services and the F ra n k lin T ravel D epartm ent. LaSalle National Bank, Chicago: T hree prom otions w ere announced last m onth. Jam es W. L ittle w as advanced to vice presid en t in th e in tern atio n al b a n k i n g group. He joined LaSalle in 1963 as a m an agem ent trainee. He g r a d u a t e d from the U niver sity of Chicago G raduate School of B usiness in 1966 w i t h a n M.B.A. degree. Lee P. G ubbins J. W . L IT T L E and M ichael A. Feldm eier w ere nam ed loan officers in th e com m ercial group. Mr. G ubbins joined th e b ank last y ear in the busidep artm en t trainee. Mr. Feldm eier joined the ban k th is year in th e busiin c ta llm p n t lo an d iv isio n . Manufacturers Hanover Trust Com pany, New York: G abriel H auge, president, has been elected a director of the D iscount C orporation of New York. Mr. H auge w ill become chairm an of the bank F eb ru ary 1 upon the retire- ? m ent of R. E. McNeill, Jr. David L. Yunich, presid en t of M acy’s New York, w as elected a director last m onth of th e bank and M anufacturers H anover C orporation, the one-bank A holding com pany. Jo h n J. E vans has been elected < senior vice p resi dent in charge of ■< branch adm inis tra tio n in th e met- h ropolitan division. At the sam e tim e, Frederick P. A B auer and John B. S t o y a w ere *■ J. J. E V A N S elected vice p re si dents in the in tern atio n al division and ^ personnel departm ent, respectively. Mr. E vans joined the b an k ’s execu tive train in g program in 1950 and w as ^ assigned to the national division in 11 These are the people of the Alexandria National Bank of Alexandria, Virginia ■ J i l This is “their office” in New York Ever since a young surveyor named George W a s h in g to n h e lp e d la y o u t its s t r e e ts , Alexandria has always had a strong feeling for tradition. Today, it is a business tradition here to turn to the Alexandria National Bank for help in getting things done. To get things done in New York and throughout the world, the people of Alexandria National rely on their correspondent relationship with Citibank. It’s their New York “office” for a broad range of banking and related services. If y o u ’d like to get things started w ith Citibank, write our Correspondent Bank De partment, 399 Park Avenue, N. Y. 10022. Or caU (212) 559-2411. FIRST NATIONAL CITY BANK Member F.D.I.C, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, January, 1971 12 F. P. B A U E R J. B. ST O Y A 1956. He w as elected a vice p resid en t in 1963 and in 1968 he becam e head of th a t division’s M idw estern area. He is w ell know n th ro u g h o u t th e N o r t h w e s t e r n B a n k e r area. National Boulevard Bank, Chicago: T h irteen prom otions w ere announced by Chief E xecutive Officer Irv in g Sea m an, Jr., follow ing th e Decem ber board m eeting. E lected to vice p residents were: R onald E. Heithoff, L aw rence E. Hoffman, Eugene C. Leone and Lee E. W hitcom b of the tru s t d ep art m ent, and Charles B. F. W eeks, bond departm ent. P rom oted to as sista n t vice p resi dents were: Rob R. E. H E IT H O F F ert T. K inder and L. E. H O F F M A N E. C. L E O N E T i r V A H. G. CLARK, JR. E. T. W IN T E R S ond vice p resident in the in tern atio n al division. N am ed assistan t cashiers w ere Dennis Biggerstaff, savings; T hom as A. FitzSim m ons, bank and corporate services; G ardiner Van Ness III, division 4, section B, and M ary W haley, division 4, section A. Nam ed second vice presid en ts in the bond dep artm en t w ere P au l D. Benda, governm ent trad in g division; P aul J. Dillon, Jr., m unicipal trad in g division; E. Thom as Galezio, Jr., m oney market division, an d Jo h n A. Shea, Jr., retail sales division. F ra n k Fischer, Jr., w as nam ed a second vice p resid en t in the general accounting division of the ad m in istrativ e departm ent. Security Pacific National Bank, Los Angeles: Newly-elected vice p residents include Neil Iven, m arketing; R alph S. Click, Jr., and Thom as W. Cox, operations; C harles W. E rv in and Jo h n E. Dukes, tru st, and J. F ra n k R ennie and Donald M. McQueen, branch m anagers. A * ^ u f* ' ^ * * < * Í L. E. W H IT C O M B HOW TO BE "QUOTED" ALL OVER TOWN If you’d like to have your name dropped by everyone in the most complimentary way and be quoted as your community’s authority on time and temperature, you need a Double TT Time and Temperature display. Customers and prospects will appreciate your community service when you provide time and temperature information of indisputable accuracy. Write, or call collect, today if you'd like to be quoted and appreciated all over town. A M E R I C A N S IG N a i i cl I N D I C A T O R CORPORATION Home Office: N. 2310 Fa richer W ay, Spokane, Wash. 99206 Area Code 509 KE 5-4101. Regional O ffices: New York, New York; Dayton, Ohio; Jacksonville, Florida; Dallas, Texas; Des Plaines, Illinois; Omaha, Nebraska; Los Angeles, California. Representatives and Field Engineers serving every city. Northwestern Banker, January, 1971 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C. B. F. W E E K S M artin P. Vazzano, bond departm ent; and Donald E. Gervais, real estate de partm en t. K enneth A. A rm our, F red G. E itel and R ichard D. Yanney, com m ercial d epartm ent; C. K oehler K indahl, cred it departm ent, and Jam es C. Ridder, istallm en t loan departm ent, w ere elect ed assistan t cashiers. Northern Trust Company, Chicago: R aym ond E. George has been pro m oted to senior vice presid en t in the personal tr u s t di vision. In th e banking departm ent, these prom otions w ere announced by the b a n k ’s executive com m ittee: P r o m o t e d to v i c e presidents w ere David E. Al b e r t s o n , m iddle D. E. A L B E R T S O N states division; H. G ran t Clark, Jr., division 3, and E a rl T. W inters, in te r national b an k in g division. P. Boyd H ales w as prom oted to sec- Angling for more and better full service customers for your bank ??? For b etter results, try ''The Pic tu re ” publications —new sletters professionally created to convey the financial picture to bank cus tom ers from a banker’s viewpoint in a friendly, informative way. They help you keep custom ers, Jure new accounts. « V Send for details of our No-PeriJ, no-risk guarantee and complimen tary copies of: □ The Living Picture —for busi ness and home □ The Farm Picture —fur farm and ranch BflnnstRVices Incorporated 1300 Hagan Street Champaign, Illinois 61 820 f. k * Phone 217/356-1339 "First in BANKVEItTISING (T.M.J” 4 C a ll y o u r C o m m e rce -m a n Tom Cannon Fred Coulson Dick Muir „ h e ’s y o u r re p re se n ta tiv e ! For w hatever correspondent service you bank in the area, w e know how to get things require, ca ll your man in C om m erce. Bond done. And our record proves that w e do just needs, that. The oldest and largest bank should be your trust needs, loan needs, personal neec|s - w e 'r e here to help your bank function better. W ith more correspondents than any other C https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis listening post in Kansas City, headquarters for the 10th Federal D istrict. o m m erce Ba n k Kansas City, Missouri Northwestern Banker, January, 1971 14 ljiv eim o ie l1alls, M aine, looked like a gone goose. Today, the town is alive and bustlin g again. TV Commercial Relates R anker tneoleement H E new est television com m ercial in th e b anker involvem ent series produced for th e F oundation for F u ll Service B anks show s how a local b an k er in a sm all M aine com m unity helped tran sfo rm th e tow n’s declining business d istrict into an attra c tiv e m odern center. “The com m ercials in th e new series p resen t actual case histories w hich show how b anks of th e nation are involved in th e social problem s of th e ir com m uni ties,” said R ichard B. Beal, executive vice p resid en t of the F oundation. The new com m ercials appear in th e F o u n d atio n ’s $3 m illion natio n al ad v ertisin g cam paign w hich is cen tered in n etw o rk television. The television ad v ertis T ing is featured this year in w eekly N ational Football League games, and in the N ational Geographic series of four “specials” co-sponsored w ith Timex. A ccording to the new commercial: “F o u r or five years ago L iverm ore Falls, Maine, looked like a gone goose . . . dilapidated buildings, em pty stores, every one seem ed to desert the area. . . . B ut not A rnold S tu rtev an t, the local F u ll Service banker. He drew up a m aster plan, rem odeled the L iverm ore Falls bank th en w ith an o th er F u ll Service banker, helped the tow n follow suit. Today the tow n is alive and bustling again, th an k s to an involved F u ll Service banker.” D ancer-Fitzgerald-Sam ple is the ad v ertisin g agency. Roane Elects J\Tew Management N EW slate of top officers w as elected a t th e recen t an n u al or ganizational m eeting of th e Doane A g ricultu ral Service, Inc., board of directors in St. Louis. F o re st L. Goetsch, fo rm er m anager of publica tions division becam e th e new p re si dent. J. W. H ackam ack, m anager of the m an agem ent and ap p raisal divi sion, is also ch airm an of th e board; George E. Shelby, fo rm er vice presi dent of finance, is to serve as execu tive vice president. Recently, Mr. Goetsch had an nounced th e discontinuance of th e Doane Magazine, effective w ith the c u rre n t D ecem ber issue. T his followed several m o n th s of evaluation, w ith a resu ltin g decision to d iv ert th e publi cation division’s activities and efforts into new forw ard-looking enterprises. To fu rth e r im plem ent th is change, Jam es K. R u tter, fo rm er p u b lish er of the m agazine, has been appointed vice p resident and m anager of D oane’s p u b lication division. D oane’s A g ricu ltu ral R eport, at an historic circulation peak, w ill now be A Northwestern Banker, January, 1971 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis In other board action, M arvin G. N ordw all w as re-elected vice presid en t < m ailed to subscribers each w eek in of Doane and m anager of the m a rk e t n ew sletter form, according to Mr. R ut ing research division. Mr. N ordw all^“ states th a t acceptance of th e new ter. Previously, the m agazine had 1971 Crop F o recast Survey has been filled one w eek’s m ailing slot each extrem ely good. This w as in itiated by , m onth. M any of th e featu res th a t w ere form erly carried in th e Doane the m ark etin g research division to M agazine will be included in th e con give a quick and accurate an sw er to -r the specific question raised by u n u su al tin u in g w eekly new sletter. circum stances su rro u n d in g th e com- ' Mr. R u tte r also indicated th a t his ing crop. All of th e established in d u s staff w ill be pushing into new com try studies w ill be continued. O ther * m unications projects. T his division m ajor studies recen tly developed in has ju st announced th e “D oane’s Profclude L i v e s t o c k Producers, F a rm itab F a rm Record System ” for sale to Buildings, F a rm In v en to ry and Beef ^ farm ers and ran ch ers and an expan Feed Lots. sion of th e “editorial services” d ep art H. G. E. Fick, re tirin g board chair- •*> m ent. m an and president, is now vice ch air m an of the board. He w as also nam ed * to a new position of director of in te r national operations. The Doane or ganization has been receiving an in- a. creasing n um ber of requests for for eign consultation and appraisal as- )L signm ents. D. H ow ard Doane, founder of th e * com pany, rem ains on the board and is ch airm an em eritus. Mr. Doane is a g ricu ltu ral co n su ltan t to School of * th e Ozarks, B ranson, Mo. F. L. G O E T SC H J. K. R U T T E R A A % ^Rigrht now mobile homes incNational MODERN MOBILE HOME DEVELOPMENTS ARE MAKING MONEY FOR INVESTORS AND LENDERS Profit of 2 5 % and more on equity is being realized — after debt service Reliable figures, available to you, show substantial net profit before deprecia tion and taxes but after debt service at current interest rates — the favor able safety factor or ‘cushion’ that « t every p ru d en t lender looks for when granting a m ortgage. h o u s in g tennas, recreation areas and underground utilities — are a far cry from the un sightly ‘trailer camps’ set up in the 1940’s. N o comparison. QUALITY LIVING Today’s well-engineered residential mo bile home developments are assets to their communities. They provide com fortable living at economical cost for millions of families. And the well-oper ated developments are making money. is available on the homes, including FHA and Savings & Loan Assn. • Today’s mobile homes are spacious, beautiful and livable; are sold deco rated , handsom ely fu rn ish ed and equipped with appliances— for living. • Many of the manufacturers have been in business 15, 20, 25 years or longer; responsible firms, building constantlyimproved products. * » V ► H O W BI G? More than 412,000 built in 1969. Mobile homes, right now, account for: • 67% of new homes under $25,000; • 79% of new homes selling for less than $20,000; • 94% of all new one-family homes sell ing for less than $15,000. MORE ‘TRAILER CAMPS?’ BY NO MEANS! Today’s well-land scaped mobile home developments — with curbed streets, community TV an- WILL THIS TREND CONTINUE? Seems inevitable. And everyone con cerned with housing owes it to himself to replace any out-dated opinions with up-dated facts. CONSIDER THESE BASICS: • Factory methods produce more house for the money — and the ‘spread’ be tween manufactured and site-built is widening. • Retail prices range from under $5,000 to over $15,000. Long-term financing DEPENDABLE GUIDANCE is now available covering all phases of mobile home developments, from feasi bility study through planning, architect ural and engineering steps to efficient— and profitable— operation. M.H.M.A. can help you find facts/figures for decision-making. As a first step, send the coupon. Or, you may contact Richard Mitchell, Director, Land De velopment Division, M.H.M.A., 6650 N. Northwest Highway, Chicago, IL. 60631. MOBILE HOMES MANUFACTURERS ASSOCATION y (Free selected literature) Gentlemen: Please send me the material checked at left; remittance to cover items (B) and/or (C) is enclosed, making it unnecessary to open an account for this one-time transaction. Site-planning Kit $ 7.00 X (C) Book, "Formula for Financing Mobile Home Developments" — N. G. Asbury x https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Dept. NWB-l 6650 Northwest Highway, Chicago, IL 60631 Address City_____ State. 16 > S the D E S K jj/itmi the PuM-Ljhei (Dstwi^ ¿dwcOucL VTL. TloAman^: Chairman, A B A Agricultural and Rural Affairs Comm.; President, F irst National Bank, Clarkesville, Tennessee. F arm cred it legislative proposals to be ad vanced in Congress this year will dem and close exam ination by bankers in a g ric u ltu ral areas. Some of the proposals represent another giant step fo rw ard in the F ed eral F arm C redit Sys tem ’s continuing com petition w ith banks. W ith com m ercial banks being the m ajor p u r chasers of bonds issued by the various agencies of the F ed eral F arm C redit System , it seems to us th a t the com m ercial banks should have an im p o rtan t influence on the expansion activities proposed by the com petition. H ere are the legis lative proposals th a t E. A. Jaenke, governor of the F arm C redit A dm inistration, the F ed eral F arm C redit B oard, has directed be developed: 1. P erm it fed eral land banks and in some cases production credit associations to m ake real estate m ortgage loans on ru ra l homes and for home im provem ents. L iftin g the prohibition in present law ag ain st such financing, Mr. Jaen k e said, w ould enable the F arm C redit System “to m ake a new and needed contribution to the develop m ent of ru ra l A m erica.” 2. Allow production credit associations to fi nance farm -related businesses th a t furnish to farm ers d irectly services th a t otherw ise would constitute a p a rt of th eir farm ing operation. This would be the financing of custom er service oper ators, such as custom combiners, on whose serv ices m any farm ers rely due to the high cost of purchasing th e ir own m achinery, Mr. Jae n k e said. 3. Remove the present restrictio n th a t lim its m ortgage lending by federal land banks to 65 per cent of a fa rm ’s appraised value. This could Banker, January, 1971 Northwestern https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis be especially im p o rtan t to young farm ers try in g to finance an economic farm unit, Mr. Jae n k e stated. 4. B roaden eligibility requirem ents so banks for cooperatives m ay finance a w ider segm ent of ru ra l cooperatives. This would assist ru ra l developm ent and thro u g h stronger local coopera tives help farm ers m aintain g re ater control over the m arketing and d istribution of th eir products, Mr. Jaenke said. O ther legislative proposals include au th o rity to perm it the farm credit banks g re ater flexibility in g athering loan funds and to ad ju st cap ital ization requirem ents of banks for cooperatives so they can increase the am ount of credit to be m ade available to cooperatives. 41 h ^ « -« c$sw^. Qohn^ jjL Spahkm an^: Chairman, Senate Banking Committee, Washington, D. C. A ccording to your analysis, the final one-bank holding com pany legislation gives the F ed eral Reserve B oard flexibility to “d ep a rt from p ast precedents and to perm it expansion of bank and bank-related activities.” It is evident th a t A rth u r F. B urns, chairm an of the F ederal Reserve B oard, plans to follow your in terp retatio n . I t is also ap p a ren t th a t the F ed has the D epartm ent of Justice as an ally in th a t in terp retatio n . More restrictiv e in terp retations, as outlined by AVright P atm an (D., T exas), House B anking Committee C hairm an, are being viewed as a “reflection of b itte r disappointm ent.” W hile the u ltim ate m eaning of the new language will probably be determ ined in the courts, it is hoped th a t the F ed will move sw iftly in m aking fu tu re decisions on a public interest basis, * r < ^ ^ 4 17 “Quigby’s ail heart-doesrit believe in letting a customer down hard’.’ When tight money and other restrictions prevent you from saying “ Yes” to a valued custom er—remember you can say “ Talcott’.’ We have the leeway and resources to make money available more easily-th ro u g h a “ package financing” plan. And we always invite the bank we’re working with to participate up to 50% as our “ secured lending partner” Want details? Write us for a copy of “ Talcott and Banks’/ Or talk to the man from Talcott at our nearest office. JA M E S T A L CO TT,IN C.* FOUNDED 1854 Commercial & Industrial Financing • Factoring 820 Northwestern Bank Building, Minneapolis, Minn. 55402 Atlanta » Boston • Chicago • Dallas « Detroit • Los Angeles * Miami « Minneapolis • Newark • New York » -niladelphia • Puerto Rico https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis (612) 339-7711 San Northwestern Banker, January, 1971 18 Dependability... D E L U X E CHECK P R IN T E R S , IN C . SALES H D Q TR S. • 3440 N . K E D Z IE , CHICAGO, ILL. 60618 S TR A TEG IC A LLY LOC ATED P LA N TS FRO M COAST TO COAST Northwestern Banker, January, 7977 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis This model T Ford was built in 1915, the same year DeLuxe began operations in its first small plant in St. Paul, Minnesota. The old car was dependable for a long time but it finally wore out, collapsed and was ultimately restored to its former glory. The little company gave dependable service too . . . and has continued to do so without interruption for the past 55 years. Things got a little sticky back in 1951 when a flood put our Kansas City plant under eight feet of water, but check orders were routed to Chicago and St. Paul and service, though somewhat slower, continued. So our solicitation for your business emphasizes dependability. We occasionally stress overall quality, or fast service, but in the final analysis, we think if you look upon us as dependable people, we have a better chance to win and hold your business. 19 Hoir to Improve Profits in 1971 : A NO RTH W ESTERN BANKER Survey X r ent, developing th eir potential and th en giving the necesN LIG H T of a sw ift series of reductio n s in th e prim e banks m ust be a le rt to new lending opportunities th a t rate, editors of N o r t h w e s t e r n B a n k e r asked a num ber f of w ell-know n b an k ers in area financial centers toprovide an attractiv e re tu rn . New services, new ideas sary responsibility to operate effectively. com m ent on th e subject, “How To Im prove Profits In “In addition to handling trad itio n al types of loans, * 1971.” and even entirely new concepts need to be seriously con W ith th e prim e ra te show ing a drop from 8 % to 6% sidered as w ays to increase profits. * p er cent in recen t m onths, b a n k ers are n a tu ra lly show ing “F inally, we believe th a t banks m u st p u t funds to w ork concern over fu tu re profit trends. D espite this, m ajor w ith in th e ir com m unity. This type of com m itm ent on banks th ro u g h o u t A m erica are show ing peak earnings th e p a rt of th e bank helps th e com m unity grow, its peo for 1970, and excellent profits, p artic u la rly in th e fo u rth ple prosper and m aterially adds to the profitable grow th q u a rte r of 1970, m ay give some indication of the trend of the ban k itself.” - for a t least th e first half of 1971. In m ost instances, th e average cost of funds raised by banks has come dow n even faster th a n the prim e rate. F o r exam ple, th e ra te on F ed eral funds has dropped to a trad in g ran g e of 5 p er cent from over 9 per cent in early NEIL F. ROBERTS 1970. The sam e experience is tru e in th e area of negoti Vice Chairman and able C ertificates of D eposit and w ith com m ercial paper. C hief E xecutive Officer i f Also, of course, b anks have incom e from sources other United Bank of Denver th a n loans. Denver, Colorado ^ The follow ing exclusive com m ents w ill elaborate on th e in te re st ra te situation, as w ell as give some im por ta n t clues to sound b u siness m anagem ent and cost con_ trol: O ME th e key w ord in the 1971 profit p icture is “effi ciency.” Efficiency m easured in term s of income per employee, incom e per dollar of assets, and expenses as a per cent of gross income. ✓ “It is difficult to see th a t 1971 w ill be as stro n g as 1970 P. Y. MILLER, JR. in loan dem and and certain ly not in rates. U nder these > P residen t conditions it w ill be difficult to show su b stan tial increases Commerce Rank in gross income. Thus, we feel th a t th is com ing year we Kansas City, Missouri m u st place em phasis on th e reduction of expenses th ro u g h m ore efficient use of our m ain resources—people and dollars. “F o r th e p ast several m onths we have been m aking a planned reduction in staff—not necessarily salary ex A E F E E L th a t b anks of all sizes will face a real pense. To rem ain com petitive today and especially to challenge in this endeavor. At th e sam e tim e, each m orrow , we m u st pay com petitive salaries to a ttra c t and challenge offers an o pportunity. m ain tain a professional staff. The key, we believe, lies “Obviously, control of overhead is an im p o rtan t p a rt of in th e efficient em ploym ent of these top people. sound business m an agem ent and profit planning, b ut “In conjunction w ith th is program we are engaged in th ere is a lim it to th e degree th a t expenses can be re * a form alized study of our m ajor m arkets. By exam ining duced. W e feel th e essential p oint is an increased profit our p resen t p en etratio n and estim ating our potential, we A plan th ro u g h b e tte r productivity. In creased p roductiv hope to be able to determ ine those m ark ets w here we ity can be accom plished by h irin g th e best available ta l A I T W https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwesfern Banker, January, 1977 can expect th e h ig h est re tu rn (consistent w ith our longrange corporate goals) from our com m itm ent of people and m oney. “D uring stro n g earn in g periods such as our in d u stry has enjoyed th e last few years, it is quite possible th a t some of us have allow ed overhead to edge u p w ard faster th an we should. I believe 1971 is a good year to be cer tain th a t th is has n o t been th e case in each of our re spective banks, and fu rth e r, to be c e rta in th a t we are utilizing our resources as efficiently as we can.” N. HALL LAYMAN V ice P residen t The Northern Trust Company Chicago, Illinois RECOMMEND a w ell coordinated cam paign to de velop additional deposits. S tart w ith re-exam ination of your package of services and p articu larly take advan tage of all th e m ultiple product possibilities now p e r m itted in the use of savings. In a ttra c tin g savings, have you tried a staff incentive plan or the use of prem ium s? T he idea of paying in te re st on C hristm as clubs is also gaining m om entum . “In the personal checking area consider prom otions for the ‘second’ account. Seek college bound youngsters as well as other segm ents of the youth m arket. I w ould also recom m end review ing service charges and generally revising product line prices to coincide w ith costs. “To a ttra c t dem and deposits from business firm s em phasize th e need for ‘collected’ balances and fees to com pensate for services. E x pand y o u r services by offering your city co rrespondents’ m anagem ent science service package . . . available to help you build yo u r business. In 1971 corporate tre a su re rs w ill expect ban k ers to pro vide m ore com plete cash m anagem ent and in v estm en t counseling. Search for o th er opportunities to build de m and deposits for exam ple, from ‘not for profit’ in stitu tions and governm ental entities . . . and th e re are m any other m arkets. S tren g th en your calling and business developm ent program s to a ttra c t dem and deposits from all sectors. “S upplem ent yo u r new business efforts w ith a strong advertisin g cam paign. Consider g reater use of new s pap er ads and d irect mail. “To provide a m ore com plete service in assisting cor respondents we shall have a booklet available early in ’71 o utlining a m anagem ent audit of a b an k ’s business developm ent program .” 1 EDWARD W. LYMAN P residen t The United States National Bank Omaha, Nebraska N T H E incom e side, rev en u es m ay possibly be in creased by looking a t th e pro b ab ility of a loan account as w ell as th e risk in d eterm in in g th e rate of in te re st charged. “On th e expense side, m y best advice is do it b etter w ith few er people.” O B. C. GRANGAARD P residen t and Chairman Central National Bank & Trust Co. Des Moines, Iowa X N MANY cases it w ill be v ery difficult to im prove profX its in 1971 because of th e changes in in te re st rates. We w ill be p aying m ore in te re st on our savings accounts in 1971 th a n we have paid in previous y ears and at the sam e tim e th e in te re st rates we collect w ill be less th an th ey w ere in m ost of 1970. T his w ill probably be the biggest factor ten d in g to reduce b a n k s’ profits for the im m ediate fu tu re. Added to th is featu re is th e fact th a t our o ther costs have been increasin g and th ey tend to become fixed charges. “In order to m axim ize our earn in g s it is n ecessary th at we get paid a reasonable price for th e services we p e r form . M any of us w ho have been in th e business for y ears have been tra in e d all th ro u g h our c areers to get paid for w h a t we do and it is disconcerting th a t th ere seem s to be a tendency on th e p a rt of som e b an k s to re duce or elim inate service charges on checking accounts and o th er activities. I t is also illogical th a t a person has the rig h t to m ake u n lim ited w ith d raw als from a savings account and get in te re st on his account for th e few days his m oney w as on deposit. I t seem s a savings account should be tru ly a “th r if t” account and th a t it should not be used as a su b stitu te for a checking account. A p e r son should p ay his bills from a checking account and use his savings account as a vehicle for an accum ulation of funds. “I suppose th a t th e b est w ay to im prove earn in g s is to m axim ize ra te s and m inim ize expenses on th e th eo ry th a t a dollar saved is a dollar earned. A lthough th e fore going m ig h t sound trite, it is, I th in k , the basis for any p roper m an agem ent act.” Northwestern Banker, January, 1971 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ROBERT E. HAMILTON V ice Chairman of the Board Central National Bank Chicago, Illinois T SEEM S to us th a t th e com petition for deposits w ill continue and should com m and everyone’s attention. T here are several th in g s w hich a b an k can do to evalu ate and im prove its com petitive position. T he first step is to survey the m ark et and determ ine w h eth er deposits are flowing out of the com m unity because of h ig h er in te re st rates elsew here and, if this is happening, stim u late th e re tu rn of these funds by paying com petitive in te re st rates. It is im p o rtan t to recognize th a t th e m ar kets for savings deposits and non-negotiable certificates of deposit differ considerably; products in both of these categories m u st be priced com petitively. “T he second aspect of profit p lanning involves in telli gent pricing of a b an k ’s products. No one can stay in I 21 ■* business long by giving ev ery th in g aw ay. Conversely, a b ank w hose p ro d u ct pricing is too high w ill inevitably 11 find its cu stom ers going elsew here for th e ir needs. W hat is needed is a p ricin g stru c tu re w hich w ill re tu rn a fair profit to th e bank, coupled w ith a com m itm ent to earning new business by p roviding excellent service. “To succeed in th e long ru n , a b an k m u st concern > itself w ith com m unity developm ent. I t should be in stru m e n ta l in a ttra c tin g and en couraging new in d u stry * w hich can re ta in y oung people in th e com m unity and x provide em ploym ent, both seasonal and full tim e. This is especially im p o rta n t for b an k s in sm aller com m uniA ties. It is also im p o rta n t to be realistic—a G eneral Mo to rs p lan t is n o t p ractical for every com m unity. In ac•* com plishing th ese objectives, a b a n k ’s directors can play a v ital role th ro u g h th e ir involvem ent w ith the commuv n ity and should be utilized to the fu llest.” MELVIN J. ROBERTS Chairm an and Chief E xecutive Officer The Colorado National Bank Denver, Colorado 2. Organize your m anagem ent stru c tu re in order to be able to achieve these goals. Most successful chief executive officers have to spend a very significant p a rt of th e ir tim e on personnel and organizational m atters. 3. Study m ark et potential in order to give m ajor effort to areas th a t offer th e best financial o p p o rtu n ity . . . b u t not to th e exclusion of serving the b a n k ’s com m unity. W e believe in th e Full-Service B ank con cept. E x ploit y o u r stren g th s and try to upgrade areas of w eakness. 4. E m phasize continuous training. E v ery one of us, from top to bottom in an organization, has unutilized potential w hich can be developed w ith continuing tra in in g and education. 5. R ew ard good p erform ers w ell w ith prom otion, recog nition and com pensation. W e find th a t a good p er form er generously paid is a m uch w iser in vest m en t th a n tw o poor p erform ers at stingy salaries. Have the courage to weed out incom petents. You are doing both them and your organization a disserv ice by retain in g them if th ey are n ot sincerely in te r ested in banking. “This list obviously is not all-inclusive, b u t it touches on a few points w hich w e at th e F irs t N ational B ank of Saint P aul reg ard as extrem ely im p o rtan t.” F T SEEM S to m e th e re are tw o areas concerning w hich w A banks m u st be alert. * y ^ x > ** _ “In th e first place, we m u st be certain th a t each account and each custom er is carried on a profitable basis. T here w ill be a tendency again for im p o rta n t custom ers to be given p re fe re n tial tre a tm e n t w ith o u t carry in g ade quate balances. B anks m u st be su re th a t each account is profitable even if th e loss of it m eans a decrease in a p p are n t totals. “Secondly, each of us m u st exam ine his own operating m ethods and costs w ith th e objective of operating m ore efficiently. D uring th ese recen t years, it has been easy to accum ulate dead wood, both in program s and in peo ple. No m a tte r how careful each of us m ay th in k he has been, th e re is fa t in th e operations of every b an k today. This fat m u st be trim m ed out.” PHILIP H. NASON P residen t The First National Bank of Saint Paul Saint Paul, Minnesota ► \ X TE B E L IE V E th e w ay to im prove our profits in TT 1971—or any oth er y ear—is to p u rsu e effective A m anagem ent practices. “Too m an y b anks in th e p ast have m issed attractiv e profit o p p o rtu n ities by not em ploying professional man^ agem ent techniques. The principles of successful m an agem ent are applicable to b anks of any size, large or a small. Obviously, th e application of these principles re quires som ew hat different m ethods in a large b ank th an * in a sm all one. “In o u r opinion, som e of th e m ajor principles of suc* cessful m an ag em en t are th e following: Â 1. P lan ahead. Set goals you w ish to reach at different points of tim e in th e fu tu re. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis „r L f § B II ’ Chairman, Executive C om m ittee and Chief Executive Officer National Boulevard Bank Chicago, Illinois N PR E PA R IN G our budget for 1971, we have tak en several steps for th e first tim e w hich w e hope w ill im prove our over-all profits for the com ing year. “In connection w ith our an n u al review of officer sal aries and perform ance, w e took a percentage of c u rre n t salaries and fu rn ish ed each d ep artm en t and division head w ith a dollar control figure w hich he could n ot exceed. It w as th en up to th e division or d ep artm en t head to allocate th e dollar am ount am ong his various officers, in cluding his own salary. In our subsequent discussions w ith these d ep artm en t heads, we review ed the perfo rm ance of each officer carefully, as w ell as th e allocation of m oney for his salary increase. T his process, w hich has now been com pleted, has enabled us, w ith th e full cooperation and u n d erstan d in g of our d ep artm en t heads and official staff, to set 1971 salaries w ith a m uch low er percentage of increase. “Our m ark etin g departm ent, w hich has both line and staff functions, has been review ing th e effectiveness of call program s and at th e sam e tim e th e am ount of m oney being spent on en terta in in g various custom ers. In 1971 we plan to ask each officer for an individual expense budget. “We are also devising a program for our com puter w hich w ill accum ulate th e am ount of m oney sp en t on each account by each officer, th u s giving us for the first tim e an op p o rtu n ity to see w h eth er we are spending too m uch m oney on sm all accounts and possibly n ot enough m oney on large accounts. C ertainly, it should give us a m uch b e tte r control on en terta in in g expense. “In addition to review ing e n te rta in m e n t expenses, we are stu d y in g m uch m ore carefully and specifically th e I Northwestern Banker, January, 7971 22 relation of th e incom e we receive from a custom er to th e services we are ren d erin g th a t custom er. If th e re view show s th a t we are not receiving enough incom e for the services rendered, we take steps to im prove th is rela tionship. “We are in the process of developing some so p h isti cated cost control p rogram s w hich w ill be p u t on the com puter in 1971 and w hich w ill enable us to do an effective job of responsibility accounting. W e expect th a t these new program s, w hen fully im plem ented, w ill give us a m uch closer control over all of our expenses and p u t m u ch m ore em phasis on th e perform ance of individ ual departm ents. “We are p lan n in g no increases in 1971 in our ad v er tisin g budget. In th e p ast w e have increased th e budget each y ear to coincide w ith our grow th in deposits. Al though we are ad v ertisin g and public relatio n s m inded and believe stro n g ly in good ad v ertisin g and public rela tions program s, we feel th a t 1971 is a y ear in w hich we should m ain tain our p resen t level of expenditures. “We have set up a special salary com m ittee of key officers w ho m u st approve any req u est from a d ep artm en t for additional personnel. T his com m ittee w ill m ake an in-depth stu d y of each req u est so as to m ake certain any new person added d u rin g th e y ear is absolutely neces sary for th e functioning of th e departm ent. “On th e incom e side of th e ledger we know, of course, th a t w ith in te re st rates com ing dow n we w ill be low er ing our prices. In th is connection we are m aking no across th e board decreases in our in te re st rates on loans, b u t are a ttem p tin g to analyze each relatio n sh ip on an individual basis, including th e profit and loss on the checking accounts. W e feel th a t closer stu d y w ill help us to set in te re st rates w hich take into consideration these v arious factors. “In recen t m onths w e have also added a su b stan tial am ount of v ery sh o rt term m unicipal bonds at attractiv e rates. These additions to the portfolio w ill increase our tax-free incom e for 1971. W e have also m ade a num ber of sw itches in our gov ern m en t bond portfolio and have im proved our yield to a considerable extent. “In sum m ary, w e feel th a t every bank, w h e th e r large or sm all, should explore every w ay possible to increase incom e and control expenses in 1971. Only in th is w ay can the profit p ictu re for th e com ing y e a r be good.” piece of business for the City N ational Bank. “W e have developed and expanded our bond d ep art m ent to one of the largest in th e m iddle p a rt of th e coun try. This has become an ever-increasingly m ore profit able business th ro u g h m any services. In our E lectronic Data Processing D epartm ent we have gained profitable business. “In all of these areas it is necessary to really know cost accounting. W e have found th a t m any banks do not know w h at th e ir costs are and are doing w ork at a loss, w hich eventually affects th e ir over-all profits. Along this line, w e are v ery tired of seeing th e ban k in g in d u s try continue to take losses in its credit card activity. C ertainly all the banks m ust use th e ir best efforts to p u t th is area of business into th e profit column. W e in tend to do ju st that. “In 1971, w ith declining in te re st rates and ever-increas ing costs, we m ust be on the job continuously to weed out any dead w eight in th e organization and m ake sure th a t every penny of expense counts tow ard potential profit. F o r example: We had 70 people in our install m ent loan division and have stream lined th e num ber dow n to 30 people, and have a far m ore efficient opera tion th an w e had before. Dead w eight alw ays causes w asted tim e and confusion, and the rem oval of such addi tional people from various areas of the bank peculiarly increases efficiency trem endously. We are ru n n in g our own job analysis program here at the City N ational B ank th ro u g h our own people w ho have been specially train ed and are doing this w ork continuously. T his is some of th e best m oney th a t can be spent in a b an king organi zation and has been m ore profitable in our case. “I th in k banks should also give careful stu d y p rio r to going into any building plans or long-term leases on large areas of new buildings. In m y observation in the last year or two, th e profits of m any banks have been h u rt by biting off too big a chunk of brick and m o rtar in one w ay or another. In m y opinion it is far w iser to have the option to expand into new space as th e need arises th a n to take on too m uch com m itm ent initially. “These are some of m y observations as we go into 1971.” NEAL A. SANDS P residen t Valley Bank and Trust Company Des Moines, Iowa RUFUS CROSBY KEMPER, JR. P residen t City National Bank and Trust Company Kansas City, Missouri N BANKING we have been prone to th in k m ore about size th a n profits. Most of us know our exact position in the listing of our b ank in order of asset size, b u t w here we stand in profitability no one seem s to know. In order to determ ine how we m ight im prove profits in 1971, we need to consider some form of profit planning. T his can be an over-all financial plan serving as a goal for our fu tu re operations. W here are we going, w here do we w an t to go, and how do w e get there? W e need to study the p ast to find our m istakes and w h a t changes we need to m ake to effect our profits in th e fu ture. To m axim ize profits we m ust eith er reduce costs or increase gross earnings. If incom e cannot be increased, th e n expenses m u st be curtailed. “Our first reaction, perhaps, and the obvious solution, is to increase in te re st rates on loans and h igher service charges. This approach is not practical, of course, be- I N KANSAS CITY, w ith o u t bran ch banking, w e have becom e m ore and m ore a w holesale bank, so we have had to ever-increasingly look for new areas of service th a t will be profitable o th er th a n norm al b an k in g operations. “We have g reatly expanded our tru s t d e p a rtm en t and its services w h ere it has grow n since 1950 from $100 m il lion to over $1.5 billion. Some of th is grow th has been due to gaining expertise in such areas as M utual F u n d accounting. W e w ill soon be handling th e custodianship and tra n sfe r w ork for over 20 M utual F u n d s from coast to coast. W e have found th at, w ith th e high q u ality of our personnel, w e have been able to handle th e w ork far m ore efficiently and at less cost th a n our m ajor com petito rs on both coasts. T his has developed into a fine I Northwestern Banker, January, 1971 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 23 * cause it fails to consider th e com petitive elem ent, w hich m any b an k s m u st consider. A n o th er im m ediate sugges^ tio n com es to o u r m ind—‘c u t costs.’ F o r som e banks th is m ay n o t be possible to an y degree. R egardless of size, m an ag em en t m u st analyze th e th re e m ajor areas > of operatio n expense—perso n n el policies, physical p ro p erties, and prod u ctio n procedure. W e m u st know our > costs and p rice our p ro d u ct accordingly. T his is an individual th in g for each b an k and needs to be deter* m ined by m anagem ent. Some b an k s hav e cost accounting system s to d eterm in e easily th e expenses of in d i vidual d e p a rtm e n ts and ev alu ate th e profitability of th e ir A various services. T his p lan is u su ally n o t used in sm aller banks w h ere th e m a tte r of costs can be resolved less for4 m ally. H ow ever, th e basic prin cip les used b y m anage m en t rem ain th e sam e. No m a tte r how sm all th e bank, > projections are im p o rta n t to and influence profit. F o r th e larg er ban k , profit p la n n in g is n o t effective unless ^ all levels of m an ag em en t recognize th e seriousness of , satisfacto ry profit projections. “W e should look at o u r deposits and tr y to project v w h a t is lik ely to happen. In p lan n in g our loans, perhaps w e can be m ore selective and a little firm er on o ur rates > and m ore know ledgeable in k eeping our loans u n d er a stric t su p erv isio n of m anagem ent. C harts are alw ays f helpfu l in v isualizing th e changes in our deposits, the source of o u r loaning ability. L arge accounts fluctuate m ore w idely th a n sm all accounts, and w e need to tak e ^ th is into consideration in our loaning policy. P lan n in g th e use of o u r deposits, therefo re, is th e first step in v d eterm in in g our profits in 1971. “G ettin g and keep in g our sh are of th e m a rk e t for th e * v ariou s ty p e loans and d eterm in in g or id en tify ing our h ig h er yield ty p e of business are m ost im p o rtan t. Con c e n tra tin g and developing these loans in th e te rrito ry our b an k serves is an im p o rta n t second step for b etter profits in 1971. T his m ay m ean exten d in g our loans into »- areas w e are n o t in a t th e p re se n t tim e. T his m ig h t be by direct loans or p articip atio n w ith som e correspondent x bank. T hese could include th e following: aircraft, lease financing, m obile hom es, bu sin ess equipm ent, commer^ cial bu ild in g im p ro v em en t or m odernization loans and v m any others. “A ny b an k th a t m akes profits its p rim e goal w ith o u t y consideration for its p erso n n el and its public m ay defeat its p rim e purpose. A n aw aren ess on th e p a rt of th e em ir ployees th a t a close check is m ain tain ed on all operating resu lts c e rta in ly serves as a n incentive to a g re a ter effort y to th e ir v ario u s tasks. B usiness objectives a re accom^ plished th ro u g h people, and w e m u st devise and m ain tain m ethods to tra in and develop a staff to be profit conscious. * T his is ju s t as im p o rta n t in a b an k of a few em ployees as it is fo r a larg er bank. S enio rity and th e m ere pas> sage of tim e do n o t n ecessarily m ake a person a m ore valuable m em ber of our staff.” MILTON F. DARR, JR. C hairm an of the B oard and C hief E xecutive Officer LaSalle National Bank Chicago, Illinois OR several y e a rs w e have been ing th e policy of “M anagem ent X A ssessm ent b y R esu lts.” In 1971 we plete bank-w ide philosophy of th is F https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis actively im p lem ent by O bjectives and p lan to have a com concept fully-im ple m ented at all levels of atta in m e n t so th a t each individual supervisor, officer, d ep artm en t head, group, and th e en tire b an k has adopted attain ab le goals for th e year. T he p rim a ry responsibility for achievem ent of goals rests, of course, w ith top m anagem ent and w ith our plan n in g com m ittee w hich is com posed of each of our six m ajor group heads. “I t w ould seem th a t each progressive b ank should adopt goals for deposits, deposit-mix, earnings, in v est m ents, loans, and services in order to p ro p erly c h a rt its course for grow th and profitability. “The effective control of m ajor expenses is, of course, an on-going objective. T hese include th e costs of funds, full u tilization of personnel at optim um individual capa cities, and co n stan t review of o th er m ajor o perating costs. “I t should be th e p rim a ry responsibility of each m em ber of each b a n k ’s staff to develop a cost-benefit philos ophy. B efore an y exp en d itu re is authorized, th e ques tion should be asked, ‘Does th e cost ju stify th e benefit or end-result to be achieved?’ “H aving experienced th e deposit stra in of 1970, a t trib u tab le to th e m o n etary re s tra in t program to control inflation, w e believe w e should stress g reater liquidity via sh o rte r m atu rities of both loan and inv estm en t p o rt folios. The Tax-Reform Act of 1969 and elim ination of capital gain advantages for com m ercial banks prom pts each of us to co n tinually search for o pportunities to re view in v estm en ts for b e tte r re tu rn s, and to, in effect, be come m ore active ‘tra d e rs,’ ra th e r th a n longer-term in vestors. “E ach of our full-service banks has a trem endous con tin u a l o p p o rtu n ity to m ake all of our custom ers m ore fully aw are of all of our services. ‘Cross-selling’ should be th e nam e of th e game, w ith th o ro u g h m a rk e t re search for new opportunities. W e should striv e to develop new sources of fee incom e and co n stan tly assess th e level of charges for c u rre n t services and com m it m ents. “E ach d e p artm en t should be ‘profit-center’ oriented and co n stan t effort be exerted to elim inate or m inim ize loss or loss-leader d ep artm en t operations. “R ecognizing th a t our business of b an k in g is a lowyield, high-volum e service-oriented risk business, w e m u st co n stan tly ex ert ev ery effort to m ake our m oney w ork m ost effectively and to stim u late th e fulfillm ent of a bank-w ide cost-benefit philosophy.” DONALD M. GRAHAM Chairm an of the B oard Continental Illinois National Bank and Trust Co. Chicago, Illinois O M A TTER if a b an k is large, sm all, or in-between, N we recognize th a t im proved perform ance by its in dividual staff m em bers co n trib u tes a g reat deal to th e im proved perform ance of th e b an k as a w hole. J u s t as no tw o ban k s are exactly alike, no tw o b an k staff m em bers are exactly alike. B u t I th in k w e have settled upon six points th at, w hen adopted as specific goals, w ill help any b an k to m axim ize its profit perform ance. T here is no th in g p artic u la rly new or sta rtlin g about them : 1. Serve existing custom ers w ell w ith p re se n t services. 2. Cross-sell p re se n t services to existing custom ers. 3. Sell new services to existing custom ers. Northwestern Banker, January, 1971 24 4. Sell existing services to new custom ers. 5. Sell new services to new custom ers. 6. S upport y o u r b a n k ’s efforts to im prove and rein v ig orate th e com m unity w h ere you do business and w h ere you gain y o u r livelihood. “T he k ey w ords are th e first w ords of th ese points: serve, sell, cross-sell, and support. “We p u rsu e th ese goals as p a rt of our over-all staff p lan n in g a t C ontinental. I recom m end th em to any o th er bank, no m a tte r its size. I also recom m end them to any b an k staff m em ber, no m a tte r his o r h e r position. How w ell each of th ese six poin ts is coordinated and applied w ill have m easu rab le im pact on th e success of y o u r profit p lan n in g for 1971.” say a w ord of caution to ourselves about give-aways, w aived service charges, ra te cutting, and o th er devices w ith w hich we are all too fam iliar w hich have th e n e t effect of red u cin g our statu re, u n d erm in in g our ow n inte g rity and have v ery little, if any, long-range benefit to anyone, including th e custom er.” MICHAEL J. WHELAN * r f. r A P residen t The Drovers National Bank Chicago, Illinois V ALLEN P. STULTS Chairm an of the B oard American National Bank and Trust Co. Chicago, Illinois N A R T IC L E on th e subject, “H ow to Im prove P ro f its in 1971,” should probably be expanded to read, “How to Im prove Profits in 1971 W ith o u t H u rtin g P ro f its T h e re a fter.” I t is obvious th a t profits can be im proved 1. By raisin g loan ra te s in d iscrim in ately across th e board. 2. By pay in g below m a rk e t ra te s on savings. 3. By elim inating ad vertising, contact personnel, all re search. 4. By elim in atin g ev ery unprofitable service no m a tte r how im p o rta n t to y o u r custom ers. I t is equally obvious th a t th e foregoing w ould be in creasin g c u rre n t profits a t th e expense of fu tu re earnings. “Increasin g incom e or red u cin g expenses are th e only available m eans of im p ro v in g profits. On b o th sides th e re are su b stan tial areas beyond o u r control. Those of us w ho o perate large b an k s in th e m oney cen ters of th e c o u n try are faced w ith som e q u ite different circum stances th a n those faced by th e co u n try b an k s or even large ban k s in non-m oney cen ter cities. Our daily oper ations are sensitive to and affected b y c o n stan tly chang ing ra te stru c tu re s w hich are c u rre n tly low ering quite sh arp ly th e cost of borrow ed funds, w h e th e r th e y be th ro u g h m oney m a rk e t certificates of deposit, th e Fed F u n d m ark et, E u ro dollars, com m ercial paper, or th ro u g h repos in both g o v ern m en t and m unicipal bonds. “The effect of prim e ra te fluctuations also v aries w idely from large m oney cen ter b an k s to co u n try banks, depend ing on th e percentage of p rim e ra te loans and sensitiv ity of o th er bo rro w ers to th e prim e rate. “The several m anagem ent-controllable areas to w hich u n u su ally close a tte n tio n m u st be given in o rd er to “im prove profits in 1970 w ith o u t h u rtin g profits th e re a fte r” are 1. R ealistic p ricin g of ra te s and services predicated on all-inclusive know n costs; 2. E lim in atio n of u n n ecessary re p o rts and activities; 3. Im proved efficiency in all areas of operations, p ri m arily th ro u g h th e b e tte r su pervision and utilization of personnel. “T he m ost im p o rta n t in g red ien ts in th e earn in gs of an y b an k are deposits, b u t th e in d u stry as a w hole w ill not, in m y opinion, ‘p roduce’ additional deposits in 1971. T he b an k th a t can get m o re th a n its p ro p o rtio n ate sh are a t a cost below th e re tu rn at w hich th e deposits can be em ployed w ill fare b e tte r th a n its com petitor, a n d w e should all be dedicated to th a t end, b u t each of us should A Northwestern Banker, January, 1971 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T A PPE A R S to m e th a t th e b est w ay to im prove ^ profits is to first determ ine w hich w ay one feels in te re st rates w ill go, and th en tak e definitive action based ^ on y o u r conclusion. “G enerally, our opinion here is th a t rates w ill soften d u rin g th e first q u a rte r and th a t as funds are utilized in * th e co n stru ctio n in d u stry th ey w ill again be going up su b stantially. We, as I am su re m any ban k s did, p u rch ased < some bonds in our m unicipal account d u rin g 1969 and 1970 w hich are show ing m a rk e t values su b stan tially ^ above our cost. I t is c u rre n tly our th in k in g to tak e some of these bond profits, hold th e funds in vario u s * short-term in v estm en ts th ro u g h th e first h alf of th e year, „ and som etim e in th e la tte r h alf of th e second q u a rte r or early su m m er buy back into th e m unicipal m ark et. W e <r feel th a t prices a t th a t tim e w ill be su b stan tially low er th a n th e y are now. T his is about th e only positive th o u g h t we have concerning im proving our incom e in 1971. “N ineteen seventy-one, a t least in th e first half, w ill „ n ot be as good a gross earn in g y ear as in 1970. W e are th erefo re anticip atin g tak in g a good h a rd look a t some + of our expenses. E xpenses u n fo rtu n a te ly go u p w h en earnings are exceptional, w hich has been th e case for th e < last couple of years. “In m y opinion, th e n ex t th re e to six m onths w ould n o t be a good tim e to m ake m an y long-term commitm ents. I t looks as th o u g h rates w ill move u p and ty in g up funds now, a t w h a t appears to be a good m a rk e t rate, T m ay p u t a b an k in a position of hav in g some su b stan d ard earnings assets in th e n ex t y ear.” r I 4 CARL POHLAD < P residen t Marquette National Bank Minneapolis, Minnesota * *»E have w itnessed an econom y in 1970 th a t has sp u rn ed classical rem edial corrective m easures and rem ains lackluster, w ith its in h e re n t problem s of u n em ploym ent and inflation intact. T he m ark ed red u ctio n in m oney m ark et rates experienced in recen t w eeks m ay w ell foster som e corrective m easures in th e econom y as a whole. T his dow nw ard m ovem ent in yield has, how ever, left th e com m ercial b an k er w ith th e inescapable re a lity th a t he is sim ultaneously faced w ith low er yields fro m his portfolio assets and increasingly h ig h er labor, occu- W a 4 * ^ * 25 4 -4 ¥ > > > 4 > > ► V pancy, supply, professional services expense, and other m ajor o p eratin g costs. In o rd er to show an y profit im pro v em en t in th e com ing year, I w ill review som e of th e fu n d am en tal m an ag em en t practices th a t have been know n to us for som e tim e, b u t p erh ap s could stan d being reiterated . “W e need to d eterm in e th a t o u r b an k s a re organized w ith resp o n sib ilities being w ell defined and set forth. A clear u n d e rsta n d in g of w ho is responsible for w h a t needs to be backed u p b y a n accounting system th a t w ill m eas u re re su lts an d m atch th em ag ain st th e plan. R em em ber th e pitfalls of estab lish in g u n re a listic goals, failing to provide good follow-up techniques, an d allow ing shortran g e goals to o verride long-range p lans w hich h arb o r definite objectives of th e bank. “B ank in g is m ost definitely a fa st changing business. W e need to m ake a sound ap p raisal of th e m a rk e t place in w hich o u r resp ectiv e b an k s operate an d develop new services on an in tellig en t basis. In v e stm e n t a ltern ativ es need to be evalu ated n o t only from th e stan d p o in t of yield an d ris k b u t also from th e stan d p o in t of fu tu re potenial grow th. W e need to pay p a rtic u la r a tte n tio n to th e cost of co n v ertin g available fu n d s to th e v arious ty pes of incom ing pro d u cin g assets available to us. “I t w ill be th e a le rt b a n k e r w ho w ill g en erate profit im p ro v em en t in 1971 and th e a stu te b a n k e r w ho w ill rise above th e day-to-day operations of his in stitu tio n , look to th e fu tu re , reflect u p o n en v iro n m en tal change and d eterm in e how his b an k can b est grow and prosper w ith in th e fram ew o rk of co n stan t change.” * D. J. MURPHY P residen t Northwestern National Bank Omaha, Nebraska ANK profits in 1971 w ill n o t show th e increase a t tain ed in 1970 for th e follow ing reasons: 1. L oan dem and and ra te s w ill be low er for a t least th e first tw o q u arters. 2. Tim e deposits w ill continue to in crease m ore rapidly th a n dem and m oney. 3. T he effective ra te for tim e m oney w ill rem ain high. 4. E xcess reserv es w ill n o t ea rn as well. 5. S alary costs and o th er expenses w ill show little or no decline. “I t is going to be difficult to show an y su b sta n tial in crease in gross incom e because of th ese reasons. I t w ill be a good tim e to again review our charges to determ ine w h e th e r our services are p ro p erly priced. “As loan ra te s soften w e should review b o rro w ers’ deposit balances on an individual basis. B orrow ers w ith little or no deposit funds should be expected to pay h ig h er ra te s th a n those w ith fair to good balances. In o ther w ords, th e cu sto m er’s e n tire relatio n sh ip w ith th e b an k should be analyzed. “C ontrol of expenses w ill offer one of th e g re a test op p o rtu n itie s for in creasin g incom e. A t th e begin ning of th e y ea r m an ag em en t should carefully rev iew p rojected expenses and d eterm in e w h ere an y red u ctio n s can be made. Of course, th e re are c ertain expenses th a t are v irtu a lly uncontrollable. H ow ever, th e re are m any o th ers th a t w e can do som eth in g about. “S alary costs can be controlled or even reduced if we B r V- > k A * A A https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis really approach th e problem in a positive m anner. N or m al a ttritio n freq u en tly w ill afford th e op p o rtu n ity to reduce staff and before replacem ents are h ired w e should determ ine th a t th e y are absolutely needed. “As w e proceed th ro u g h th e y ear w e should check fre q u en tly to determ ine th a t th e expense projections are being followed. If not, w e should find th e reasons for deviating and determ ine w here our projections w en t w rong. GEORGE H. DIXON P residen t First National Bank Minneapolis, Minnesota HOUGH differing in detail, a m ajo rity of econom ists foresee a gradual resu m p tio n of real economic grow th in 1971, and continuing inflation. I t is expected th a t real grow th w ill come m ostly from h ig h er consum er spend ing for ho u sin g and durable goods, including autom o biles. G enerally, corporate cash flows, n e t of dividends, are estim ated to be adequate to finance relativ ely slack capi tal spending and th e additional w o rk in g capital th a t in flation w ill require. All levels of g overnm ent w ill have v ery large dem ands for funds. F ed eral go v ern m en t dem and w ill be h eaviest in th e sh o rt and in term ed iate m oney m arket, state and local governm ents in th e long-term m oney m arket. F o r com m ercial b an k ers th is course of events, if it oc curs, can m ean an increase in consum er loan dem and to finance housing and th e purch ase of durable goods, and a slack dem and for business loans p a rticu larly in th e first half of th e year. I t can m ean a fu rth e r m odest reduc tion in sh o rt-term in te re st rates, including th e prim e rate, rem em bering th a t th e am ount of any red u ctio n w ill be m oderated by th e influence of th e stro n g presence of th e F ed eral governm ent. A sm all red u ctio n in long-term in te re st rates is also a possibility. I t can m ean risin g o perating costs and an increase in th e m oney supply sm aller th a n th e sum of real and inflationary grow th. To m ain tain and build profits, com m ercial b an k ers m u st w o rk h a rd e r in 1971 th a n a t an y tim e in recen t years. T he sam e basic principles still apply. H ere th ey are: T 1. Increase n e t in te re st incom e—th e difference betw een to tal in te re st earned and to tal in te re st paid. T his req u ires an intensive effort a t tw o tasks. One is w idening th e cost-price differential of specific lend ing-investing tran sactions. T he o th er is an equally in ten siv e stu d y of th e relatio n sh ip betw een risk as sets and capital and th e consequent ability, if any, to expand risk assets. 2. Increase th e p roportion of fee incom e to gross in come. 3. Im prove profit m argins on existing and new services by a really solid u n d erstan d in g of costs of all cus tom er services. 4. Im prove o p eratin g efficiency and productivity. IMPROVE PROFITS . . . (T u rn to page 62, please) Northwestern Banker, January, 7977 A First in B anking B usiness M agnetic Tape to M icrofich e E lim in ates Printouts P a p e r Tam N E W technique in electronic com puter p rocedures has been d e v e l o p e d by th e Iowa-Des M oines N ational B an k of Des Moines. I t is th e use of M icrofiche (micro-fish) in a w ay th a t is believed to be th e first of its k in d in th e U nited States in banking. M icrofiche is a process originated by E astm a n K odak in recen t y ears th a t p erm its th e c ap tu re of docum ents on film in m icroscopic size. By red u c tion of an average size page of type m an y tim es beyond th e red u ctio n ca pacity of co nventional m icrofilm ing m achines u sed in b an k s and other kin d s of businesses, m icrofiche can hold several h u n d re d pages or docu m ents on one sm all sh eet of film. W orkin g from th is principle, Dale Luckow , vice p resid en t of th e IowaDes M oines N ational B ank, and R ich a rd F asten au , p re sid e n t of N ational M icrom ation of Des Moines, Inc., de veloped a new system for b an k s th a t tra n sfe rs com puter-produced in fo rm a A tio n directly to m icrofilm a t com puter speeds. “AVhat Happened to Print-Out?” T he first question asked by ev ery one is “W h at h appens to print-outs?” T he an sw er is v e ry sim ple—th e Mi crofiche bypasses th e p ap er w o rk and th e valuable in form ation goes directly from m agnetic tape to microfilm. If a p rin t-o u t is necessary, th e readerp rin te r can supply it. Some of th e obvious advantages of th is service are: • high-speed inform ation tra n sfe r • fa st re trie v a l • g reatly reduced storage needs The developm ent of Microfiche has m ade som e needed changes available to custom er banks. T his has been done th ro u g h th e use of a retriev al system on a piece of m icrofilm ap p ro x im ately 4 by 6 inches in size. The m icrofilm h as coordinates on it sim ilar to a m ap, i.e., le tte rs are along th e v ertical colum n and nu m b ers are along th e horizontal colum n. On th is piece of m icrofilm have been placed 207 com puter pages plus an index w hich is alw ays located in th e low er rig h t h an d corner. U s e of V ie w e r T he m icrofilm is placed in a view er th a t m agnifies th e size to th e original 11 by 14 inch com puter page. T he in dex w ill list th e account n u m b er and sh o rt nam e of th e first account show n on each page of the tria l balance. In addition, it w ill list by coordinates, i.e., H-3, th e location of each of th e daily reports. E ach fiche is im p rin ted on th e top in readable copy w ith th e date, th e b an k nam e and location of fiche num ber. T his m eans all of th e inform ation on th e tria l balance an d all rep o rts are readily available to anyone using th e view er. T he b ank using th is system w ill not MICROFICHE . . . (T u rn to page 52, please) NATIONAL MICROMATION’S Roma Frank is fe a tu re d a t th e D a ta g ra p h ix M icrofilm R ecorder w hich can record 2 pages of d a ta per second on film. One 4" x 6" F IC H E contains over 1,736,000 ch aracters of d ata. R IG H T : Pam H eggen of F ir s t Federal S ta te B ank, Des Moines, sits a t a “M icrofiche” re a d e r/p rin te r e x am in in g th e c u rren t custom er accounts fo r th e hank. A t h er dis posal is any custom er account fo r review in less th a n seven seconds. Northwestern Banker, January, 1971 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 27 nm oho’c Mn 1 Q n ^ c CAREER GIRL fashion ap p arel has won th e h e a rts of these a ttra c tiv e ladies of th e C enter B ank, Omaha. M odeling th e complete line of new fashions a t the b an k (from le ft to rig h t) are: Doris J. Capps, Jan Costanzo, Rhea Melichar, Deanna Gove, Debbie Cortese, Susie Neneman, Dee Barkdoll and Barbara Nielsen. They have a different style for every w orking day. 54 Happy Girls at Center Bank DREAM com e tru e m ig h t w ell have been th e th em e of the C enter B ank of O m aha’s f a s h i o n > show ing a t th e H ilto n H otel th is m onth. E ig h t a ttra c tiv e em ployees of th e b a n k m odeled clothes th a t fu l filled th e hopes and anxious m om ents th e ladies h ad since th e idea first ^ cam e into being in 1969 w hen b an k uniform s w ere first d i s c u s s e d at > C enter B ank. D w ayne C atron, assis ta n t cashier, found a v ersatile outfit A w hich w as m odeled and th e 48 w o rk ing girls voted on th e uniform ques tion. T hirty-six w ere in favor of u n i form s, b u t tw elve w ere ag ain st th e idea. The tw elve opposing th e u n i form s w ere so vehem ent, th a t th e subject w as dropped. Then, in Ju ly of 1970, B ernie Engels, executive vice president, appointed Mr. C atron to head a uniform com m ittee for th e w om en in th e bank. Mr. C atron chose eight w om en, from 14 NOT TO BE overshadow ed by th e w om en’s ap p arel are th e C enter B a n k ’s officers who are fe a tu re d here in th e ir s trik in g red an d gold blazers w hich are w orn on a lte rn a tin g days an d special occasions. G athered a t th e Sports C enter are (le ft to r i g h t ) : Richard J. Ward, a.v.p.; Patrick McPherson, asst, loan off.; Ray E. Stanley, pres.; Ronald L. Nollette, a.v.p.; Bernard L. Engles, exec, v.p., and D. Dwayne Catron, a.c. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis v arious dep artm en ts, sh ifts and age groups. T he b an k girls shopped lo cally a t d ep a rtm e n t stores, shopped for p a tte rn s and m aterials and had tw o outfits tailo r m ade. T he tim e and cost for th ese w ere prohibitive. T h ey b ro u g h t back prospective uniform s, w h ere th e com m ittee m odeled an d dis cussed them . A t th is point, th e com m ittee ra n into problem s: 1. C enter B ank em ployees size ran g e w as from a p etite 5 to 2 2 ^ . T hey found th a t certain lines are cu t for c ertain sizes and th e re w as no supplier th a t could provide th e size ran g e needed. 2. T he m aterials w ere n o t d u rab le enough for th e h ard w ear th ey w ould be receiv ing. 3. T here w as no c o n tin u ity of styles. If som eone w as h ire d a fte r th e clothes w ere ordered, th e re w as no g u aran tee th a t th e sam e style w ould be available later. T he com m ittee m em bers obtained several catalogs from com panies spe cializing in u n ifo rm s and it w as from one of these catalogs th a t th e contact w as m ade w ith th e local re p re se n ta tive, B illy Noble of C areer G irl M anu factu rin g Com pany, Dallas, Texas. L a rry C. Talley, natio n al sales an d m ark etin g d irector and H om er Y ar brough, factory designer, show ed th e ir line of garm en ts to th e w om en’s com m ittee and Mr. C atron. T he com m it tee liked th e line and chose a red w eskit, tw o w h ite long sleeves over blouses, n av y blue A-line sk irt, n av y polka dot tie for one outfit and a gold and w h ite basic dress for an o th er. D uring th e previous shopping ex p e ditions, th e girls liked th e new p a n t su its and w ondered if m an agem ent w ould approve of them . Mr. Stanley, th e b an k president, w as on vacation, and w h en he retu rn ed , th e com m it tee ch airm an asked for his opinion on th e p a n t suits. H e approved. The girls liked th e ease of caring for th e garm ents, all 100% polyester knit, specifically engineered for d u r ability, color fastness, snag resistance, and w ash and w ear. A schedule w as set up for th e week: red p a n t su it w ith w hite blouse on M ondays, F r i days, and S aturdays; th e gold dress on T uesdays and T hursdays; and th e n av y sk irt, w h ite blouse and red w esk it on W ednesdays. T he outfits are varied by accessories of ev ery girl; scarves, jew elry, etc. The custom er acceptance h as been enthusiastic. No one h as h e a rd any derogatory rem ark s about them . A t th e tim e th e w om en w ere look ing for uniform s, th e m e n ’s com m it tee, head by R o bert A nderson, asst, vice president, and R o b ert Caffarelli, vice president, w ere b u sy looking HAPPY GIRLS . . . (T u rn to page 62, please) Northwestern Banker, January, 1971 28 WhenShould B a n k D irectors R etire? B y LEWIS E. DAVIDS H ill P r o f e s s o r o f B a n k M a n a g em en t U n iv e r s ity o f M isso u ri C o lu m b ia , M isso u ri * Dr. Davids is well-known to most readers of NORTHWESTERN BANKER through his monthly series of articles that ap peared on these pages for some time. This arid e on "Bank Director Retirement" is the first in a new series he is writing for our readers. NE of th e m ost, if n o t th e m ost, sen sitiv e topics th a t can appear on the agenda of th e board of a b an k is d irecto r retire m e n t. Im plicit in it being listed fo r board discussion and decision is th e conno tation th a t a p eer b oard m em ber or tw o—or m ore—should n o t stan d for re-election. In fact, an y directo r of over 63 years is likely to subconscious ly think the intro d u ced subject is spe cifically d irected a t him . Recognizing this possibility, th e ch airm an, w ho m ay also be advanced in years, is fre quently p ro n e to b ru sh th e problem O Northwestern Banker, January, 7971 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis u n d e r th e p roverbial room ru g and postpone any action, sim ply by n o t in cluding th e controversial topic on the agenda. L im ited b u t reliable statistical data show s th a t less th a n one-in-eight b anks have a m an d ato ry re tire m e n t age for directors. A sm aller p ro p o rtio n of b an k boards, w hile n o t h aving m anda to ry retirem en t, have policies w hich m ay p a rtly accom plish it. F o r exam ple, som e b an k boards, as a m a tte r of optim izing th e ir relation w ith existing accounts, call for an outside director w ho re tire s from active m anagem ent in a m ajo r com pany to step aside, u su ally w ith in tw o years, so th a t his suc cessor in th a t com pany m ay be elected to th e b a n k ’s board. I t is in te re stin g to note th a t m any b an k s th a t have com pulsory re tire m e n t for em ployees and officers do n o t apply th e sam e policy to th e board, alth o u g h th e board au thorized th a t policy for its bank. A nalysis of data over a period of y ears does indicate th a t th e re is a de cidedly slow b u t su re tre n d in establishing form al policies for d irecto r retirem ent. B an k ers’ associations and groups indicate th e y have been receiving an increasing n u m b er of req u ests for inform ation on th e subject. T his article attem p ts to b rin g to geth er th e statistical data on d irector retirem en t, th e several plans w hich have been adopted and, hopefully, a few co n structive suggestions based on discussing th e topic w ith h u n d red s of b ank directors. The Law State, n ational and F ed eral R eserve b an k sta tu te s and reg u latio n s are, w ith o u t exception, silen t as to the m an d ato ry age for d irector retirem en t. One m u st look elsew here for authority. I t may, a t tim es, be found in the m in u tes of board m eetings, in board resolutions, in historical, trad itio n al practices—or in th e bylaw s of the bank. B u t m ost banks do n o t as y et have form ally w ritte n re tire m e n t pol icies. Technically, m inutes, resolutions and th e b a n k ’s historical practices do n ot have th e necessary legal im pact to p re v e n t a m ajor stockholder from possibly electing or re-electing a re tire d director. T his is especially tru e in n a tional banks, since th ey are req u ired to use cum ulative voting. E v en if th e b an k su p erv iso r’s confidential re p o rt of exam ination singled out advanced directo rs’ age as being a problem area, th e stockholders p re rogative to being rep resen ted w ould hold. W hile n ot legally binding, th e board resolutions, m in u tes and em pirical policy probably w ill suffice in all b u t th e m ost u n u su al cases. H ow ever, several banks, d u rin g th e last few years, w ould have p re fe rred to have had th e bylaw s to fall back upon in view of changed control of th e ir banks. Of course, w ith changed contro l it is possible for the bylaw s to be am ended—b u t such an action w ould b rin g th e situ atio n before all the stockholders and w ould call for pro m p t conciliatory and p ru d en t action or else th ere w ould be bad publicity. F o r th is reason, it is ap p ro p riate for banks considering adoption of a m an d atory age for directors to carefully w eigh b rin g in g th e topic before stock holders and to incorporate th e ir mandate in th e b a n k ’s bylaw s. I t should, how ever, be recognized th a t once in th e bylaw s an am endm ent BANK DIRECTORS . . . (T u rn to page 47, please) * t a ¥ ^ 4 * ^ y ft * i ^ *r „ A < ^ x * ^ 4 * ^ A d * ^ * A 29 * ËAHjal Questions and A n sw ers à4 "* ** * * > ** r 1 ^ * y ± «*. * * * Q. Are there any recent cases u nd er account ag reem ent w hich operated for an indefinite period, allow s a custom er the Uniform Commercial Code w ith to m ake n um erous p urchases on one which hankers should be fam iliar? account, provides for single m o n th ly A. Cases are b eg in n in g to ap p e a r in billings and im poses a charge on th e g re a te r num bers. M ost of th em affirm u n p aid balance of th e en tire account. th a t th e UCC actu ally m eans w hat it T he one and one half p ercen t m o n th ly says. I t has even been n ecessary to charge w as adm ittedly often in ex say again and again th a t th e Financing cess of th e 12% p er an n u m m axim um S tatem en t is no th in g b u t a notice re ra te p e rm itted by th e W isconsin u su ry fe rrin g th ird p arties to a security statutes. T he W isconsin co u rt rejected th e ag reem ent w hich is too often, non-ex co n ten tio n th a t th is ag reem ent w as in istent. form an d substance a “tim e-price” A Septem ber Iow a case is instruc sale so th a t th e charge rep resen ted tive. A b u y er purch ased some cattle th e differential betw een th e cash price o u t of state over th e telephone. The and th e credit price ra th e r th a n in seller shipped them , on invoices w hich terest. T he finding w as th a t th e retain ed title in th e seller, to a live ag reem ent reso rted to th e form of a stock com m ission firm w hich sold the sale as a cloak for a u su rio u s loan. The cattle a t th e b u y e r’s o rd er and paid co u rt found a t least th re e “facto rs” Q. W hat do you think about joint p re se n t to indicate th a t it w as n o t a th e buyer. W hen he w a sn ’t paid, the seller sued th e livestock com m ission tenancy bank accounts? tru e “tim e-price” sale. T hese w ere firm because th e b u y er no longer had A. Jo in t tenancies w ith rig h ts of s u r (1) an insufficient disclosure of th e th e m oney. T he co u rt held that the vivorsh ip tak e th e place of a w ill as tw o different prices, (2) th e seller’s reserv atio n of title in th e seller w as specific agreem ent to finance th e p u r only th e reserv atio n of security in to th e p ro p e rty involved w h e re th ey chases, and (3) th e credit price w as te re st so fa r as th ird p a rtie s w ere con are p erm itte d by law. U sually, w h ere calculated in term s of in te re st or p e r th e jo in t te n a n ts are h u sb an d and w ife cerned and th a t th e seller h ad not com th e re is no tro u b le un less an u n d e sir centages. plied w ith A rticle 9 of th e UCC. There able estate or in h e rita n c e ta x re su lt Q. WThen do we have to worry about fore, no recovery. is achieved. or do anything about the financing Such b an k accounts cause tro u b le statem ents we have on file? Q. I have lost a stock certificate. w h en th ey are established so th a t a Do I have to get a bond to h a v e it A. A ny filed financing statem en t is son, dau g h ter or o th er relativ e m ay replaced? conduct th e business affairs of a dis- good for five years unless it has an ear A. So far as I know th is is a uni abled person. W h en th e son, d au g h lier m a tu rity date, in w hich case it is form req u irem en t by stock transfer good for 60 days after th e m a tu rity te r or o th er relativ e ends up w ith th e agents. T he price of th e bond cer m oney, th e o th er sons, or dau g h ters, date. A co n tinuation statem en t m ay tain ly e n c o u r a g e s m ak in g a real be filed (good for five years) w ith in six or oth er re la tiv e s alm ost in v ariab ly search for y o u r certificate. The prin contend th a t th e jo in t ten an cy re su lt m o n th s before and 60 days afte r a m a cipal risk seem s to be that you m ay tu r ity date stated or w ith in six m onths w as not th e tru e in te n tio n of th e otherp rio r to th e ex piration of th e five-year be a crook and som ehow contrive to now-dead-j oint-tenant. sell y o u r stock twice. T he case of a T he p ersons d esirin g a jo in t ten an cy period on financing statem en ts w ith p ro m in en t b usinessm an c o m e s to out m a tu rity date. should co n su lt th e ir law y er before th e m ind. H e pledged th e stock certificate D epending upon th e effective date of fact. If th e convenience of p aying in question at a b a n k as se c u rity for th e U niform C om m ercial Code in yo u r bills is d esired in th e m eantim e, th e a loan. G iving him th e benefit of the au th o rizatio n of an additio n al signa- state, it is perh ap s tim e to s ta rt re doubt, he forgot about th e pledge and view ing y o u r files and p rep arin g con tu re on th e account is a sim ple m atter. th o u g h t th a t th e certificate w as lost. tin u a tio n statem ents. T his because a H e secured a rep lacem en t certificate Q. AVhat is this about usury in g re a t m an y financing statem en ts w ere and sold th e stock. H e probably would W isconsin? filed sh o rtly afte r th e effective date of A. T he W isconsin S uprem e C ourt th e UCC. In Iowa, th is w as Ju ly 4, LEGAL QUESTIONS . . . (T u rn to page 58, please) considered a d e p a rtm e n t store charge 1966. ■ This material is intended for general in formation. It may or may not apply in specific cases and your own counsel should be consulted in all instances. Wendell B. Gibson General Counsel, Iowa Bankers Association. General Practice oi? Law— 26 years. Member— Advisory Committee, Su preme Court of Iowa. Former Secretary — Iowa State Bar Association — National Confer ence of Judicial Councils — Special Commit tee, American Bar Association on Im pro vin g the Administration of Justice. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, January, 1977 30 THE OLD AND THE NEW—Walter R. Bimson (le ft) and his b ro th e r Carl A. Bimson (right) re tire d a t year-end as chairm an and vice chairm an resp ectiv ely of V alley N a tional B an k of A rizona in Phoenix. They are shown co n g ra tu la tin g th e new chairm an, James E. Patrick (second from le f t) , on his 25th an n iv e rsa ry w ith V alley N atio n al, as Earl L. Bimson (second from rig h t), presid en t, joins in w ith his co ngratulations. W alter and Carl Bimson B etire To End Empire Building E ra A L T E R R. BIMSON, ch airm an of th e board, an d Carl A. Bim son, vice ch airm an , p lan to re tire a t yearend from th e ir active, history-m aking careers a t th e V alley N ational B ank of A rizona. T h eir plans w ere disclosed a t an in form al, tra d itio n a l pre-holiday g a th e r ing of th e b a n k directors an d th e ir w ives a t th e P h o en ix C ountry Club. T he an n o u n cem en t w as m ade public a fte rw a rd by E a rl L. Bim son, VNB p resident, w ho said th a t b oth m en w ill contin u e to have a v ital p a rt in V alley N atio n al’s fu tu re, serv in g in em eritu s positions. W alter Bim son, 78, an d his b ro th er, Carl, 70, are closing day-to-day careers w hich tra n sfo rm e d a fa lte rin g b an k situ a te d in a depression-eroded d e se rt tow n in to to d ay ’s $1.7-billion asset, 120office financial in stitu tio n , 34th larg est com m ercial b an k in th e nation. Val ley N ational, in tu rn , is credited w ith giving m ajo r im p etu s to A rizona’s phenom en al g ro w th since W orld W ar W II. Jam es E. P atrick , v e te ra n of a q u a r ter-cen tu ry in b an k in g and a prom i n e n t A rizona civic leader, h as been elected ch a irm a n of th e V alley N a tional to succeed W alter Bim son. Mr. P atrick , 63, m oves u p from vice ch a ir m a n of th e board, a post he h as held since 1967. P rio r to th a t he w as p re si d e n t of th e b a n k for five y ears and Northwestern Banker, January, 7977 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis executive vice p resid en t seven years. H e joined V alley N ational in 1945. W alter B im son w as elected ch air m an in 1953, after serv in g 20 y ears as p re sid e n t of th e V alley B ank organiza tion. P rio r to th at, he w as an officer of H a rris T ru st & Savings B ank in Chicago for 12 years. E a rlie r, he sp en t seven y ears w ith th e B erth o ud (Colo.) N ational Bank, w h ere he h ad sta rte d as ja n ito r a t th e age of 19 and rose to th e post of as sista n t cashier. He is a n ativ e of B erthoud, a W orld W ar I N avy veteran , an d grad u ate of th e U n iv ersity of Colorado. H e also com pleted special studies in economics a t th e U n iv ersity of Chicago and post g rad u ate w o rk in finance and econom ics a t th e School of B usiness A dm inis tratio n , H a rv a rd U niversity. W alter B im son has been a m ajor u n d e rw rite r of A rizona’s grow th since J a n u a ry 1, 1933, th e day he becam e p re sid e n t of th e V alley Bank. A lthough th is w as th e low est depth of th e depression, Mr. B im son lifted his em ployees’ m orale to a new high by p u ttin g into effect th e then-new idea of loaning m oney to create capi ta l and “w o rk in g d o llars” w hich p er colated u p w ard th ro u g h th e economy. “T he m ore m oney w e p u t into cir culation, th e sooner w e’ll climb out of th is depression. T h a t and faith in our fu tu re w ill do it.” W ith in th re e y ears of his presidency, b an k deposits had increased from $6.7 to $25.2 m illion; loans h ad risen from less th a n $3 m illion to m ore th a n $8.6 million. Carl B im son studied a t Colorado A. & M., now Colorado S tate U n iv er sity. He sp en t six y ears w ith M oun ta in S tate Telephone and T elegraph Com pany in Colorado, and tw o y ears in real estate p ro p erty m an ag em en t in D enver before m oving to P hoenix and jo in in g V alley B ank in 1933. H e w as nam ed a vice p resid en t in 1940, elected to th e b oard of d irectors in 1941, advanced to executive vice p resi d en t in 1949 and elected p resid en t of th e b an k in 1953. H e has been vice ch airm an of th e board since 1962. D uring th e nine y ears of C arl Bimson’s presidency, V alley B ank re sources increased from $328 m illion to $750 m illion and n u m b er of offices jum ped from 33 to 74, b rin g in g VNB service d irectly to every A rizona county and every m ajor com m unity. V al ley B ank becom e one of th e 50 largest am ong th e n atio n ’s 14,000 com m er cial banks. * ^ * A *» ^ * ,» h * ^ * y: * A cquires Two M ore Banks F irs t N ational C h arter C orporation r of K ansas City, Mo., last m o n th ac qu ired its th ird and fo u rth ban k s in ^ th e recen tly form ed holding com pany, w hose p rincipal b an k is F ir s t N a tional B ank of K ansas City. More th a n 99 p er cent of th e out stan d in g sh ares in N ational B ank of ^ Boonville, Mo., w ere exchanged in th e offer ten d ered by F irs t N ational < C h arter C orporation. G ordon E. W ells, p resid en t of th e holding com pany, said ** th e exchange offer w as declared effec tive w ith th e close of business Decernb er 15. T he Boonville B ank h as to tal resources of about $10 m illion. On D ecem ber 18 th e holding com- * p an y announced th a t app ro v al had been received from th e F ed eral Re- * serve System B oard of G overnors for F irs t N ational C h arter to acquire th e $40 m illion deposit W ebster Groves T ru st C om pany of W ebster Groves, Mo. « Central N ational Increases D ivivend i The board of directo rs of C entral N ational Chicago C o r p o r a t i o n in- A creased th e q u a rte rly dividend to $.30 p er sh are payable J a n u a ry 15, 1971, * to sh areholders of record D ecem ber 31, 1970. T his rep resen ts an increase of 20 p er cent over th e $.25 previously paid. The directors also voted to tra n sfe r k $2,500,000 on th e books of its subsidi ary, C entral N ational B ank in Chicago, * from undivided profits to surplus. 31 holding com pany for C entral N ational B ank of Chicago, th e six th larg est com m ercial ban k in Chicago and in th e state of Illinois. In T ravelers Check C ontest . $ 2 0 Million in terest Free * Deposits Given bp 1st Citibnnk * # ^ > # * ^ r r > y, > v > » t r v > ^ % * „ IN E T Y -T H R E E financial in s titu tions in 32 states h av e w on prizes totalin g $20 m illion in in terest-free de posits for th e ir sales perfo rm an ce in th e F ir s t N atio n al C ity T rav elers Check B ank B onus P la n contest. A ccording to J o h n P. Dowd, vice p resid en t in charge of F ir s t N ational City T rav elers Checks, th e sales p ro m otion contest re su lte d in “su b stan tial increases b o th in sales and th e n u m b er of sales o u tlets.” All b an k s an d savings in stitu tio n s w hich offer F ir s t N atio n al C ity T ra v elers Checks w ere eligible to participate in th e program , w hich ra n from N ovem ber 1, 1969, th ro u g h O ctober 31, 1970. E ach in stitu tio n w as ra n k e d w ith o thers in its ow n size category. The top prize, an in terest-free deposit of $2 m illion to a b a n k w ith over $500 m illion in deposits, w e n t to th e B an k of H aw aii, H onolulu. A m ong th e institu tio n s w ith $100-$500 m illion in deposits, Seattle T ru s t and Savings, Seattle, W ash., ra n k e d first an d w on a $1.5 m illion deposit. T he N ew port N ational B an k of Newp o rt Beach, Calif., ra n k e d first am ong b ran ch b an k s w ith $50-$100 m illion deposits and w ill receive a $1 m illion interest-free deposit. B everly B ank, Chicago, 111., led th e list of u n it b an k w in n ers w ith over $100 m illion in de posits and w o n a $1 m illion deposit. In th e $50-$100 m illion deposit cate gory, B roadw ay N atio n al B an k of San A ntonio, Tex., w on th e top deposit aw ard of $600,000. The N ational B an k of F o rt B enning, Ga., com peting in th e category of b ran ch and u n it b an k s w ith deposits of $10-$50 m illion, g arn ered th e first prize of $500,000 in deposits. In th e u n d er $10 m illion category, S ecurity B ank of Boulder, Colo., w on th e top aw ard of $100,000. The follow ing list show s b an k s from N o r t h w e s t e r n B a n k e r area w ho w ere am ong th e 93 w in n e rs of interest-free deposits. T he size classification of th e ir b a n k and th e am o u n t of th e deposit also is noted: N „ Branch banks with deposits of $100,000,000 to $500,000,000 F irst N ational Bank of the Black Hills, Rapid City, S. D ............$ 130,000 * Unit Banks with Deposits over $100,000,000 * 4 Beverly Bank, Chicago ............ $1,000,000 F irst N ational Bank, Spring- https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis field, 111........................................ N orth W est Federal S&L, Chicago ..................................... U nity Savings Assn., C hicago.. Suggests A utom ation For Sm aller Banks 500,000 150,000 100,000 Unit Banks with Deposits of $50,000,000 to $ 100, 000,000 American T&S, Dubuque, I a ...$ 150,000 Illinois Natl., Springfield, 111. .. 40,000 Branch & Unit banks with deposits of $10,000,000 to $50,000,000 E astern H eights St. Bk., St. Paul, M inn..................................$ 400,000 Boulevard Natl., Chicago . . . . 200,000 Bank of Aspen, Aspen, Colo. . .$ 125,000 South Des Moines National Bank, Des Moines, ................ 100,000 E ast Side Bank, Chicago......... 85,000 1st Natl., W estm inster, Colo. .. 65,000 Southw est State Bk., Denver .. 50,000 Alameda Natl., Denver ............ 40,000 N orthtow n Bk., D ecatur, 111. .. 25,000 1st Natl., Iow a City, la ... 20,000 Branch & Unit banks with deposits under $ 10,000,000 W heat Ridge Natl., W heat Ridge, Colo................................ $ Bank of Fountain Valley, Secur ity, Colo....................................... 1st Security Bk., W est Yellow stone, M ont................................. Mid States Bank, Denver . . . . W estern Natl., Colorado Springs ....................................... Summit County Bk., Frisco, Colo.................................................... M idway Bank & T rust, Cedar Falls, la ....................................... N orth Tow ne Natl., Rockford, 111..................................................... 75,000 45,000 25,000 25,000 “C om puters and b an k ers have con sum m ated a m arriage and it looks like divorce is out of th e question,” ac cording to C harles F. B ates, Jr., assist a n t vice p resid en t of th e Roselle State Bank, Roselle, 111. A ddressing a technical session a t the T en th F o ru m for P resid en ts of Sm all er B anks, sponsored by th e B ank A d m in istratio n In stitu te , Mr. B ates said th a t th e n atio n ’s sm aller ban k s m u st carefully consider th e ir role in th e fu tu re of banking, including autom ation, if th ey are to survive in th a t fu tu re. He pointed out th a t new com puters exist and new techniques ex ist w hich have driv en dow n th e cost of h a rd w are. “P robably th e m ost significant changes,” he said, “are in th e storage u nits. M em ory is now available a t m uch less cost th a n before, th u s m ak ing larg er m em ories available a t th e low er end of th e m a n u fa c tu rers’ lines at g re a te r speed.” Mr. B ates stressed th e need, w h en en te rin g a com puter program , for con tin u al review of its use. 25,000 25,000 20,000 20,000 Buys Factoring Firm C entral N ational Chicago C orpora tio n has executed a le tte r of in te n t w ith B ank of In d ian a N.A. in G ary to acquire th e assets of B ank of In d i a n a ’s w holly ow ned subsidiary, Rawleigh, Moses & Com pany, Inc., 11 E a st A dam s S treet, Chicago, according to C entral N ational P resid en t F ra n k E. B auder. T he purch ase is subject to final confirm ation by all p arties con cerned and approval of b an k reg u la to ry au thorities. R aw leigh, Moses offers a com m ercial facto rin g service to com panies in a 15sta te m a rk e t area, p rin cip ally in th e m idw est, so u th and southeast, and is orien ted to th e fu rn itu re and needlec ra ft in d ustries. T he com pany w as founded in 1948 by H am ilton Moses, Jr., w ho w ill co n tin u e as p resid en t and chief op eratin g officer after the acquisition is com pleted. C entral N ational Chicago C orpora tion, w hose consolidated to tal assets are in excess of $500 m illion, is th e Northwestern Banker, January, 1971 32 H o f A N a n te s N etv 1 h a i rin a ti N A R E A L IG N M E N T of top execu tiv es la st m onth, B ank of A m erica nam ed a new directo r and chairm andesignate, a senior vice chairm an, a new vice c h airm an and senior finan cial officer, and an executive vice p resi d e n t for loans. T he election of C hauncey J. Medb erry , 53, as a d irecto r and his desig n atio n as th e n e x t ch airm an of th e b oard of both B ank of A m erica and B ankA m erica Corp w as announced by A. W . Clausen, p resid en t and chief ex ecutive officer. Sam uel B. S tew art, 62, has been nam ed sen io r vice c h airm an of both th e b an k and th e holding com pany. E lected to th e new post of vice ch airm an and senior financial officer as w ell as a d irecto rsh ip is C larence I C. J. M E D B E R R Y S. B. S T E W A R T Chica 250 DELIGHTFUL ROOM INN ON LAKE MICHIGAN NEXT TO THE DOWNTOWN LOOP and "on top" with hotel lu x u ry / motel informality and convenience! SIMPLY REGISTERING GETS YOU: • FREE INSIDE PARKING — FREE ALL-DAY STATION W AGON SER V IC E TO AN D FROM LOO P/ • SWIM MING POOL & TERRACE (IN SEASON) e FREE RADIO & TV. FREE ICE DISPENSERS e A U T O M A T I C DIALING T E L E PHONES. INDIVIDUALLY CO N TROLLED ROOM A IR -C O N D I TIO N IN G AN D HEATING EXCELLENT CUISINE MID FRIENDLY SURROUNDINGS IN THE LAKE TOWER RESTAURANT & C O C K T A IL LO U N G E , S E R V IN G BREAKFAST, LUNCHEON AND DIN NER. M E E T IN G A N D BANQUET SPACE. IN THE T O W E R w m i Northwestern Banker, January, 1971 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis H. B aum hefner, w ho w ill have respon sib ility for all deposits, m oney m ar k et in v estm ent, cashiering, and loan activities of th e $28 billion in stitu tio n on a w orldw ide basis. A lready a d irector of B ankA m erica C orporation, th e b a n k ’s one-bank hold ing com pany, Mr. B aum hefner also w as elected vice chairm an of th e board of B ankA m erica C orporation w ith re sponsibility for th e holding com pany’s financial affairs. In n am ing Mr. M edberry for th e chairm an ship, th e b a n k ’s board of di recto rs also elected A lvin C. Rice, 47, to succeed Mr. M edberry as executive vice p resid en t for loans. Mr. M edberry’s election as ch air m an-designate, Mr. C lausen said, is in p re p a ra tio n for th e re tire m e n t of C. H. B A U M H E F N E R A. C. R ICE C hairm an Louis B. L undborg. Mr. L undborg, elected ch airm an in 1965, w ill reach th e m an d ato ry re tire m e n t age of 65 n ex t M arch and w ill re tire on A pril 1. “Upon becom ing chairm an, Mr. Med b e rry also w ill assum e Mr. L undborg’s responsibilities as chief executive offi cer for S o uthern C alifornia activities of th e b an k,” Mr. C lausen said. Mr. M edberry w ill become th e nu m b er tw o officer of th e w o rld ’s larg est com m er cial bank. Security Safe D ep osit To S p onsor G olf T ourney A $10,000 a m ateu r in v itatio n al golf to u rn am en t, sponsored by S ecurity Safe D eposit Box C orporation, S anta Ana, Calif., w ill be held M arch 27, 1971, in conjunction w ith th e M arch 28-30 W estern R egional C onvention of B ank A d m inistration In stitu te in Phoenix. T he rich to u rn am en t, th e F irs t A n n u al S ecu rity BAI W estern In v itatio n al, w ill be played on th e cham pion ship A rizona B iltm ore course, accord in g to A ndy J. B arber, S ecurity’s m ar k etin g director, w ho w ill act as to u r n a m e n t director. T he p rize list w ill include a Cadil lac convertible to be aw arded for a hole-in-one a t one of th e club’s chal lenging greens, said Mr. B arber. Special program s have been arran g ed v to e n te rta in w ives of th e com petitors k including riding, law n bow ling, p u t tin g and bocce contests. Sw im m ing * and poolside h o spitality cabanas w ill also be provided. * W inners w ill be honored a t a poolside cocktail aw ards p a rty at 5:30 p.m. * w ith a w estern steak fry, dancing to w estern m usic and sq uare dancing e n te rta in m e n t and in stru ctio n w inding up S ecu rity ’s salute to m em bers of BAI. * M innesota C om m ercial M en’s Changes Com pany N am e 4 ^ A m erican B enefit In su ran ce Com pa n y is th e new nam e of th e M innesota « C om m ercial M en’s A ssociation, accord ing to an an n ouncem ent by P au l Clem- ** ent, chairm an, and Jam es C. W hite, president. * The business w as founded in 1905 , by a group of trav elin g salesm en w ho w ere th en know n as “C om m ercial a Men ” at a bull session in th e Saulp augh H otel at M ankato. T he hom e ^ office w as in New Ulm, Minn., b u t in 1911 it w as m oved to M inneapolis. '* O riginally, th e purpose of th e com p an y w as to provide tra v e lin g m en * w ith incom e w hen th e y w ere disabled x by eith er sickness or accident because w h en th is happened, th e ir commis- y sions stopped. A ccording to th e offi cers, th e com pany is one of th e oldest in A m erica devoted exclusively to th e field of personal disability incom e in- ’ surance and hospitalization. ^ F ro m th is start, th e com pany ex panded its services and began to in- < su re oth ers besides salesm en. F o r m an y years, how ever, it re stric te d its - * expanded activities to p referred risk s consisting of business and profession- T al m en. Today th e com pany’s horizons have broadened. W om en and children are «■ in su red in addition to m en, and p ro tection is offered to v irtu a lly ev ery ** type of occupation. Its policyholders reside all over A m erica. F o r these reasons th e com pany nam e has been changed. The m anagem ent rem ains th e same. P rim e Kate M oves Down D uring 1970 th e prim e rate, w hich sta rte d last Ja n u a ry 1 a t 8% per cent, dropped a to tal of 1% p ercentage points, w in d in g up th e y e a r a t 6% p er cent. T he 8 V2 p er cent m ark, th e hig h est in th e n atio n ’s h isto ry , had been reached Ju n e 9, 1969, and prevailed a t th e s ta rt of th e year. T he first ra te cut, led b y Irv in g T ru st Com pany of New York, w as to 8 p er cent in late M arch, 1970. T he n e x t c u t w as also by one-half p er cen t to 7 V2 p er cen t in th e th ird w eek in * * M > * * 33 Septem ber. T he n e x t th re e cuts of one-fourth p ercen tag e p o in t each tim e took place in m id-N ovem ber, late No> vem ber and D ecem ber 22. T he last one m oved th e ra te dow n to 6% p er ^ cent. T hree of th e last four ra te decreases w ere led by Chase M an h attan B ank * of New York. a New M onthly Statem ent ^ > The Chase M an h attan B ank, N.A., announced th a t it is in tro d u cin g a new consolidated m o n th ly sta te m e n t for its perso n al custom ers w hich w ill provide in fo rm atio n on th e ir checking, Checking account transactions Cash Reserve loan information 14 m illion o u tstan d in g shares of com m on stock (par value $15 p er share) into 28 m illion shares (par value $7.50 p er sh a re ), w ill becom e effective w ith th e filing of th e necessary c h a rte r am endm ents sh o rtly after th e stock h o ld ers’ m eeting. T he board also raised th e c u rre n t a n n u a l dividend ra te from $2.80 per sh are to $3.12 p er sh are by increasing th e q u a rte rly cash dividend, payable J a n u a ry 25, 1971, to stockholders of record J a n u a ry 4, 1971, from $.70 to $.78 p er share. Follow ing th e stock sp lit th e equivalent an n u al cash divi dend ra te w ill be $1.56 per share. In addition, su rv ey s show that con su m er in ten tio n s to b u y automobiles are rising, and as business activity im proves “continued gains in personal incom e and spending are likely to stim ulate auto sales fu rth e r,” the R e v i e w observes. T he R eview cautions, however, that th e new U. S. econom y cars m ay not c u t into im p o rt sales as sharply as expected, w ith prices on the new en tries “allow ing im p o rters to m aintain th e m ajo r selling p o in t in their port folio-price su p erio rity ,” and prospects th a t th e strik e settlem en t could w iden th e price gap. O pens Branch in Ireland The F ir s t N ational B ank of Chicago last m o n th announced th e form al opening of its new b ran ch in D ublin, Ireland. Corporate News I-: New RMA Officers In stalled Saving account balances and interest paid to date ( up to four accounts) ^ savings and cash reserv e loan accounts in one sim ple statem en t. •y T he new service, called One S tate m en t B anking, records on a m o n th ly basis and on a single sta te m e n t all + checking account tran sactio n s, all cash reserv e loan in fo rm atio n and r sum m aries of u p to fo u r savings ac counts, inclu d in g in te re s t credited, ' according to T hom as W. McMahon, executive vice p re sid e n t in charge of th e b a n k ’s m etro p o litan d ep artm en t, vD evelopm ent of th e One S tatem en t B anking system , w h ich w as th e re su lt c- of extensive research, w ill expand in th e fu tu re w ith th e inclusion of inform ation on additional b an k services on the statem en t. U nder consideration for inclusion on th e sta te m e n t are: * P ersonal in sta llm e n t loans, hom e m o rt gages, UNI-CARD (Chase M an h a tta n ’s * retail charge card ), C hristm as Clubs accounts and high in te re st n e st egg * savings accounts. * * * P rop oses 2 fo r 1 Split D irectors of M an u factu rers H anover C orporation, N ew York, an nounced a 2 for 1 stock split, su b ject to stock holder appro v al a t the an n u a l m eeting called for A pril 13, 1971. T he split, w hich w ill re s u lt in co n v e rtin g th e https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis H ow ard W. R athbun, president, The F irs t N ational B ank of San Jose, Calif., assum ed th e presidency of R obert M orris A ssociates at th e association’s A n n u al F all C onference recen tly in Boston, Mass. Mr. R ath b u n succeeds T hom as F. Duffy, vice president, The N o rth ern T ru st Com pany, Chicago, 111. RMA’s new ly in stalled first vice p re sid e n t is Dow O stlund, senior vice presid en t, The V alley N ational B ank of A rizona, P hoenix. Jo h n J. Faw ley, president, U nited V irginia B a n k /F irs t & Citizens N ational, A lexandria, w as in stalled as RMA’s second vice p resi dent. F o u r new directors w ho w ill serve th ree-y ear term s w ere installed. T hey are F ra n k R. D yer, Jr., executive vice p resident, T he P hiladelphia N ational Bank, P hiladelphia; M aurice E. R obin son, vice president, P ittsb u rg h N a tio n al B ank, P ittsb u rg h ; R o bert A. Young, president, E v e re tt T ru st and Savings B ank, E v erett, W ash., and C hester G. Zim m erm an, vice p resi dent, A m erican N ational B ank & T ru st Com pany, Chicago. ......................... ............................................................................................................... ORPORATE p rom otions an d a n C n o u ncem ents of special interest to read ers of th e N orthw estern B anker include th e following: Bank B u i l d i n g Corporation, St. Louis: M ajor changes in the architec tu ra l and en g in eerin g operations, in cluding th e prom otion of five individ uals to new ly es tablished p o s i tions w ere an nounced last month. N e w appoint m ents include: K. James Ferguson, A.I.D., w as pro moted to interior d e s i g n director; H enry M. Grich, K. J. F E R G U S O N Jr., w as promoted to m an ag er of th e construction docu- P redict A uto Sales Increase A fter Strike R ecoveries follow ing p ast auto in d u stry strik es “suggest th e possibility of a Jtro ng auto pickup in 1971 as th e auto m ak ers striv e to rebuild in v en to ries,” according to T he F irs t N ation al B an k of Chicago’s c u rre n t B usiness and E conom ic R eview , published re cently. A fter th e 1967 F o rd strike, produc tio n rose to 8.8 m illion vehicles w hich w as second only to th e record 9.3 m il lion u n its produced follow ing th e m a jo r au to strik e in 1964, th e R eview notes. H. GRICH, JR. E. M. P L U T H H. J. SC HR E I Northwestern Banker, January, 1971 34 m e n t services; C harles F. J o st w as named executive architect; E. M ahlon P lu th w as nam ed a rc h ite c tu ra l design director, and H aro ld J. Schrei w as named m an ag er of en g in eerin g se rv ices. These individuals w ill coordinate, review an d evalu ate th e engin eerin g and a rc h ite c tu ra l w o rk being p e r formed at division levels, an d in su re that co n sisten t stan d ard s of value are maintained th ro u g h o u t th e com pany. Bank B uilding P re sid e n t W illiam F. Cann also an nounced last m o n th th a t earnings p e r sh are a t th e end of fiscal 1970 w ere $1.42, re p re se n tin g a 16.4 per cent in crease over 1969 earn in g s of $1.22. N et incom e totaled $1,220,989. Earned rev en u e of $41,928,322 w as up 12 per c e n t over th e 1969 figure of $37,438,146. New b u siness continues at record highs, reach in g $50,600,000. CMI Investm ent Corporation, Mil waukee: F. P e te r O berliesen has been appointed chief u n d e rw rite r of CMI Credit In su ran ce, a w holly-ow ned su b sidiary. H e w as fo rm erly w ith F o re m ost In su ra n c e C om pany as an an alyst in cre d it in su ran ce for m obile hom e dealers. DATA 100 Corporation, Minneapolis: A new sales office h as been opened in Pittsburgh w ith th e ap p o in tm en t th e re of R o b e rt E . K elton as area sales manager. H e w ill m a rk e t in th e P itts b urgh/W e ste rn P e n n sy lv an ia area th e firm’s rem o te com puter control sys tems. Delta Corporation of America, Mi ami, Fla.: T he firm w as ad m itted De cember 21 to tra d in g on th e Pacific Coast Stock E xchange. Its b u siness is arranging an d serv icin g m obile hom e loans for ap p ro x im ately 300 com m er cial banks and hav in g s and loan asso ciations th ro u g h o u t th e U nited States. Delta’s n e t incom e th e first nin e m onths of 1970 soared to $834,295 on gross incom e of $9,996,285, com pared to $529,130 on gross of $5,377,488 for 1969. The com p an y ’s com m on stock also became listed on th e A m erican Stock Exchange on O ctober 15. Dem pesy & Fredericks, Chicago: This firm h as been appointed ad v ertis ing agency re p re se n ta tiv e for D raper & Kramer, Inc., of Chicago, one of th e m idw est’s leading re a l esta te m anage m ent and m ortgage b an k in g firms. C. T h o m a s F red erick s, p re sid e n t of D em pesy & F red erick s, said th e $200,000 acco u n t w as reassig n ed to h is firm w h en the p rio r agency m erged w ith another a d v ertisin g firm w ith a re sulting account conflict. Eastm an Kodak Company, Roches ter, N. Y.: E d m u n d R. King, a ssista n t treasurer since 1959 an d chief s ta tisti cian since 1940, re tire d a t year-end. Northwestern Banker, January, 1971 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis J. Donald F ew ster, K odak tre a su re r, announced th e ap p o in tm en t of R obert O. W elk as d irector of statistical serv ices, in charge of th e statistical d ep art m ent. Eaton Yale & Towne, Inc., Cleve land: R ay E. D illenbeck has been nam ed general m anager of th e L enoir City, Tenn., plant, according to an an n o u n cem ent by Leo J. P antas, vice p resid en t, lock and h ard w are group. He succeeds O. B. Crouch, w ho has b e e n appointed m anager of engi neering. Mr. Dillenbeck, w ho joined E ato n in 1958 as a sales re p re s e n ta tiv e , has w on a n u m b er of executive p ro m o tio n s R. E. D I L L E N B E C K th ro u g h th e fields of sales and m arketing. Two y ears ago, he w as appointed g eneral m an ager of th e D etroit-based E ato n Spring division. Mr. D illenbeck served in th a t capacity u n til assum ing m an ag er ship of th e L enoir City plant, one of fo u r m a n u factu rin g facilities of th e U. S. A. lock and h ard w are division. E ato n designs, m an u factu res and m a rk e ts p r o d u c t s w orldw ide for tru ck s, off-highway vehicles and pas senger cars; m aterials h an d lin g equip m e n t and system s; in d u stria l pow er tran sm issio n system s, b u ild ers’ h a rd w are, locks and secu rity system s. The com pany’s sales for th e first nine m o n th s of 1970 w ere $746,864,000, w hile n e t earnings w ere $33,901,000, or $1.90 p er com m on share. Hach Chemical Company, Ames, Iowa: F ra n k Z upan has joined th e com pany as its financial vice p resid en t and tre a su re r. H e w as form erly w ith M otorola, Inc., as assista n t controller for sev eral years. Interstate Brands Corporation, Kan sas City, Mo.: W illiam E. B ush of M em phis, Tenn., has been appointed legal director. Previously, he w as cor p o rate se c retary and legal directo r for Plough, Inc., of M emphis. Kennedy Sinclaire, Inc., Wayne, N. J.: J. K ennedy Sinclaire, ch airm an and tre a su re r, announced a t a D ecem ber 15 b o ard m eeting th a t he plan n ed to re tire from th e com pany J a n u a ry 1, 1971. H e w ill continue to serve on th e board of directors and th e execu tive com m ittee. He founded th e firm in N ovem ber, 1930, in N ew Y ork City to persu ade banks to increase th e ir tr u s t b u siness th ro u g h m ark etin g con cepts th a t w ere at th a t tim e unique. T he firm sta rte d w ith five b an k cus to m ers and now serves over 900 banks and tr u s t com panies and m ore th an 150 educational and charitab le in s titu tions nationw ide. M A t th e sam e m eeting directo rs ad vanced E a rl R. H udson from p resid en t to ch airm an and tre a su re r. H e has been w ith th e firm since 1941. Jam es ** K. Sinclaire, Jr., executive vice p resi dent, w as elected president. H e joined th e com pany in 1952. R alph S. Wallace, senior vice p resid en t and director of th e copy departm ent, also retired a t year-end. Ivayot, Inc., Mankato, Minn.: Eu- ^ gene J. Biedscheid, p resid en t, last m onth announced resu lts of opera- ^ tions for th e fiscal y ear ended A ugust 31, 1970. Sales am ounted to $10,959,000, up from th e $10,296,000 for 1969. , L ow er th a n anticipated sales volum e, com bined w ith su b stan tial o p eratin g "4 losses from th e com pany’s recen tly discontinued D uravac P lastics pro- * gram , resu lted in n e t op eratin g loss ^ before ex tra o rd in a ry item s of $580,000, com pared w ith n et op eratin g earnings of $361,000 for th e previous year. N et n o n -recurring losses in cu rred in con- > nection w ith th e w rite dow n of assets involved in th e discontinued D uravac program am ounted to $274,000. E l l e r be Architects, Minneapolis, ' Minn.: R udolph D ante of Los A ngeles ^ has been appointed vice p re sid e n t and m an ag er of L an d m ark D evelopm ent y* C orporation, th e firm ’s real estate sub sidiary. The North Central Companies, St. Paul, Minn.: Theodore Sanborn, presi- ' dent, has announced th e ap p o in tm en t ^ of S t a n l e y P. K ane as execu- < tive vice presid en t of th e par- * e n t com pany. Mr. S a n b o r n stated * th a t th e directors w ere pro m p ted to th is action to both , clarify an d give recognition to Mr. ^ K ane’s extensive re s p o n s ib ilitie s v for th e sales efforts and a d m in istra tion of T he N o rth C entral Com panies. Mr. K ane also is executive vice pres- „ id en t of N o rth C entral Life and vice p resid en t of M aine F id elity Life in -f P ortland, Me. He w ill continue to serve in these positions w ith th ese * tw o N o rth C entral subsidiaries. A. Pamida, Inc., Omaha: N et earnings for th e nine m onths period ending Oc- » tober 31, 1970, w ere $2,263,000, re p re sen tin g a 33.1 p er cent increase over * th e 1969 figure of $1,700,000. T he firm is ow ner and operator of Gibson Dis count C enters. N et earn in g s increased ^ to $899,000 for a 30.9 p er cen t gain over the 1969 th ird q u a rte r earn in g s * of $687,000. * 35 ‘ Designing Buildings Concern for Handicapped * F or each of and each of or he n e v e r to honor us baum . us is needed . . . us has w o rth . . . w ould have bothered. . . w ith birth.—M artin Bux- V E R trie d to balance yourself in a w h eelch air and fu n ctio n in it for ju s t one day doing all th e th in g s you n o rm ally do? T ry to im agine y ourself ta k in g th e bu s dow ntow n w ith th e steps a good one an d one-half feet ap art. T ry n eg o tiatin g th ro u g h busy shopping crow ds in a dow ntow n or shopping area. T ry clim bing steps into a public office building, bank, or for children, a school. T ry doing all of these th in g s c o n sta n tly rem em bering th a t before you leave y o u r hom e you m u st schedule w h en you m ight have to go to th e restro o m because th e re are none th a t w ill accom m odate you in a w h eelch air—w h e re v e r you are try in g to go. Now you have b u t a slig h t idea of th e m en tally an g u ish in g aspects of w h a t tho se w ho do n o t p hysically functio n n o rm ally hav e to p u t up w ith. E + A* ^ * e* > *r ¿ k> ^ ' w + *■ ^ * Bankers Can Help How are b a n k e rs affected b y this? M any b a n k cu sto m ers and b a n k v isit ors a re handicap p ed an d to d ay th e b an k b u ild in g fev er is in full sw ing as featu re d in th e N ovem ber issue of N orthw estern B anker. A m azingly enough if ad equate th o u g h t fo r th e handicap p ed is m ade p rio r to b uilding d u rin g th e in itia l a rc h ite c tu ra l p la n n in g stages th e cost to m ake buildings functional fo r th e handicapped is less th an one-half of one p e r c e n t of th e to tal b u ild in g cost, according to recen t figures. Y et d u rin g an in terv iew w ith M rs. E v ely n e R. V illines, executive secreta ry for th e S tate of Iow a G over n o r’s C om m ittee on E m p lo y m en t of th e H andicapped, Mrs. V illines dis closed she still gets calls fro m architects asking: “Does th e law say w e have to ?” No it doesnt! T h ere are v ery few, if any, en fo rcem en t law s for m aking public buildings functional for th e handicapped. > A 4 6 Million Handicapped E stim ates p re p a re d b y th e N ational C enter fo r H ealth S tatistics indicate th a t th e re are ap p ro x im ately 6 million phy sically h andicapped w hose m obility is lim ited as a re s u lt of a chronic o r long-term m edical condi tion. T his group is of m ajo r n atio n al in tere st, because im pro v em en ts in th e https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis q u ality of public and p riv ate building accessibility and public tra n sp o rta tio n are likely to re su lt in th e m ost signif ican t changes in th e ir lives. T he larg est segm ent of th e popula tio n th a t consistently experiences dif ficulty w ith public tra n sp o rta tio n is In te rn a tio n a l sym bol in d i c a tin g build in g accessibil ity . th e aging. These 15 m illion citizens are u n iq u e am ong th e handicapped because th e ir disability resu lts as m uch from th e n a tu ra l process of aging as from th e effects of a chronic m edical condition. T here are a t least an o th er 4.6 m illion people at one point in tim e w hose m obility is lim ited by a serious b u t sh o rt-term illness or in ju ry . Still o th ers are excluded from use of n o r m al facilities by over or undersize, or pregnancy. W hen all of these groups are com bined, th e y to tal n early 44 m illion people w ith lim ited social and econom ic o p p o rtunities w ho w ould benefit significantly in tim e savings, com fort an d convenience for th e d u ra tio n of th e ir handicap if facilities w ere provided. Sympathy Not Enough P ay in g lip service to th e dilem m as of handicapped people is n o t going to p hysically help th em overcom e th e b a rrie rs th a t our m odern society has co n stru cted for th em —it tak es action and real concern. W ith a few m oder ate changes in our p re se n t stru c tu re s or, in th e case of draw in g board de signs, good p rio r planning, th e m eans of accessibility can be g reatly im proved by giving serious th o u g h t to th e follow ing featu res th a t w ould help th e handicapped: 3. L evel thresh o ld s to buildings and room s. 4. Sloping ram ps in stead of stairs. 5. Safe p ark in g for handicapped close to buildings. 6. L evel w alks w ith no curbs a t crossw ays. 7. Access by th e handicapped to elevators. 8. R estroom s w ith w ide stalls and grab bars for w heelchair users. 9. H andrails on all stairw ay s—ex ten d in g 18 inches beyond top and bottom steps. 10. Non-slip floors (non-skid floor w ax is available). 11. L ow er d rin k in g fo untains an d public telephones for w h eelchair users. What Is a Handicap? A handicap is a paralyzed v eteran, an elderly g ran dm other, a business m an w ith tw o suitcases, a skiier w ith a b roken leg, a blind student. If th e p resen t situ atio n for th e handicapped looks bad th e fu tu re p ictu re doesn’t help m a tte rs either. The D ep artm en t of T ran sp o rtatio n in W ashington, D. C., con serv ativ ely estim ates th a t by 1985 n e a rly 5.2 m illion chronically handicapped citizens w ill be unable to go up or dow n stairs, or in m an y cases inclines, w ell enough to m ake use of c u rre n t form s of public tran sit. Bleak Future for Disabled T he difficulty of sittin g dow n and stan d in g up w hile in a m oving veh i cle, or of tra n s fe rrin g safely from a sta tio n a ry position to a m oving one (as an escalator) w ill be experienced by some 3.7 m illion chronically h an d i capped in 1985. A n o th er 3 m illion handicapped w ill be unable to lift or c arry packages o r parcels. F o r physi cal or psychological reasons, 4.5 m il lion citizens w ill experience difficulty m oving in crow ds or e n terin g build ings. A t least a m illion people w ill be unable to id entify audio and visual cues, and countless o thers w ill avoid usin g public tra n s it or public and p ri vate facilities because th e y are u n cer ta in about stops, routes, schedules and m eans of ingress and egress for buildings. 1. A t least one building en tran ce a t g round level. Why Barriers E xist I t is bad enough to have a physical disability w ith o u t all th ese b a rrie rs in one’s environm ent. H ow can such b a rrie rs exist in th is day of know l edge, technology and creative arch i te c tu ra l design? T houghtlessness! Com plete lack of 2. T hirty-tw o inch w ide doors th a t open easily. HANDICAPPED . . . (T u rn to page 69, please) Northwestern Banker, January, 1971 36 C O N V E N T IO N S January 20-21-—N orth Dakota Bankers Association B a n k Management Conference, Bismarck. January 21-23—M ontana Bankers As sociation Ag C redit Conference, M ontana State College, Bozeman. January 31-February 2—Bank M arket ing Institute Regional Conference, Royal Orleans H otel, New Or leans. February 1-13—ABA N ational Install m ent C redit School, University of Oklahoma, N orman. February 2 4 —Nebraska Bankers As sociation Installm ent C redit Con ference, New Tower Inn, Omaha. February tute, shop, bour, 7-10—Bank M arketing Insti M arketing P lanning W ork Americana Hotel, Bal H ar Fla. A pril 14—Iowa Bankers Association A nnual State Banking Confer ence, Johnny & Kay’s Hyatt House, Des Moines. A pril 14-17 — NASSB 70th A nnual Convention, B roadm oor Hotel, Colorado Springs. A pril 21-24—ABA Executive Council Spring Meeting, The G reenbrier, W hite S ulphur Springs, W. Va. A pril 27-28—Illinois Bankers Associ ation A nnual T rust Conference, Stouffer’s Inn, St. Louis, Mo. A pril 27-30—N orth Dakota Bankers Association annual trip to Wash ington, D. C. A pril 28-30—Bank M arketing Institute Regional Conference, W ashington Plaza H otel, Seattle. February 14-17 — Colorado Bankers Association Installm ent C redit Conference, Broadm oor Hotel, Colorado Springs. May 2-4—N ebraska Bankers Associa tion 74th Annual Convention, Omaha H ilton, Omaha. May 2-5 — Bank M arketing Institute Officer Call W orkshop, Ambas sador Hotel, Chicago. May 3-5—ABA N ational Autom ation Conference, Americana of New Y ork, New Y ork City. February 17-18—Illinois Bankers As sociation Installm ent Lending Conference, Chicago. May 9-11—BAI 21st N orthern Region al Conference, Statler H ilton H o tel, D etroit. February 18-19 —- Wyoming Bankers Association A nnual Conference, Ramada Inn, Casper. May February 23-24 — Minnesota Bankers Association B a n k Management Conference, St. P aul H ilton H o tel, St. Paul. May 13-15—Association of Registered Bank H olding Companies 11th An nual Meeting, Radisson Hotel, M inneapolis. February 28-March 3—Bank M arket ing Association, Developing De m and Deposits W orkshop, H oli day Inn Riverm ont, Memphis. May 19-22 — American Safe Deposit Association 40th N ational Con vention, Pfister Towers, Milwau kee. March 1-3—ABA 23rd N ational Credit Conference, Chase-Park Plaza H o tel, St. Louis. May 19-21—Bank M arketing Institute Regional Conference, Radisson South H otel, Minneapolis. March 2-3—N ebraska Bankers Associ ation Bank M anagement Seminar, The V illager, Lincoln. March 7-10—Colorado Bankers Asso ciation Ag C redit Conference, B roadm oor H otel, C o l o r a d o Springs. May 20-21 — South Dakota Bankers Association 79th A nnual Conven tion, Sioux Falls. May 23-26—Bank M arketing Institute, M arketing Research Conference, M arriott M otor Hotel, Atlanta. February 8-10—ABA 52nd M idwinter T rust Conference, W ald o rf-A s toria Hotel, New Y ork City. March 7-12—School of Basic Banking co-sponsored by N ebraska, Mis souri and Kansas Bankers As sociations, N ebraska C enter for Continuing Education, Lincoln. March 15-17—ABA Public Affairs Con ference, The W ashington H ilton, W ashington, D. C. March 22-24—ABA N ational M arket ing/Savings Conference, StatlerH ilton H otel, Dallas. March 26-28—Colorado Bankers Asso ciation A nnual T rust Conference, Broadm oor Hotel, C o l o r a d o Springs. March 28-31 — Independent Bankers Association, 41st annual conven tion, Radisson H otel, M inneapolis. A pril 4-6—Association of Reserve City Bankers 60th A nnual Convention, T he Breakers, Palm Beach, Fla. A pril 5-7—ABA N ational Installm ent C redit Conference, H otel Fon tainebleau, Miami Beach. Northwestern Banker, January, 1971 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12-14 — N orth Dakota Bankers Association 86th A nnual Conven tion, Fargo. May 23-26—ABA 11th N ational Mortgage Conference, Radisson Hotel, Minneapolis. May 23-28—ABA International Mone tary Conference, Munich, Germany. May 24-26—AIB N ational Convention, A stroworld M otor H otel Complex, Houston. May 27-29—Colorado Bankers Associ ation 70th A nnual Convention, Broadm oor Hotel, C o l o r a d o Springs. June 2-4—Illinois Bankers Associa tion 80th A nnual Convention, Palm er House, Chicago. June 6-9—M innesota Bankers Associ ation 81st A nnual Convention, St. Paul H ilton Hotel, St. Paul. June 6-12—Bank M arketing Institute, Essentials of Bank M arketing Course, U niversity of Colorado, Boulder. June 6-18—Stonier G raduate School of Banking, 37th Session, The State University, New Brunswick, N. J. June 6-19—Bank M arketing Institute School of Bank M arketing, U ni versity of Colorado, B oulder. June 7-18—Iowa Bankers Association Ag C redit School, Iowa State University, Ames. June 9-12 — NABW Lake - M idw estN orth Central Regional Confer ence, Statler H ilton, Detroit. June 10-12—W yoming Bankers Associ ation 63rd A nnual Convention, Jackson Lake Lodge, Moran. June 17-19—M ontana Bankers Associ ation 68th A nnual Convention, Jackson Lake Lodge, Moran, Wyo. June 23-25—U pper Midwest A gricul tural C redit Council (UMACC) 17th A nnual Conference, East Glacier, Mont. July 11-13—B ank A dm inistration In stitute, 3rd A nnual N ational Con ference on Bank Security, M ar riott M otor Hotel, Chicago. July 17—AIB D istrict X Leaders Con ference, Ramada Inn, Sioux Falls. July 18-21—International Flying B ank ers Association 1971 Convention, Pheasant R un Lodge, St. Charles, 111. July 18-23—Illinois Bankers Associa tion Ag Lending School. July 18-23—Midwest Banking Institute 5th A nnual Session, U niversity of M innesota Campus at M orris, Minn. Septem ber 2-3—Iowa Bankers Associa tion Installm ent Lending Confer ence, H otel Savery, Des Moines. Septem ber 6-17—Illinois B ankers As sociation Bankers School, South ern Illinois University, Carbondale. Septem ber 15-16—Independent Bank ers of M innesota 10th Annual Convention, St. Paul Hotel, St. Paul. Septem ber 22-25—ABA 45th W estern R e g i o n a l Trust Conference, Brown Palace, Denver. Septem ber 26-29—ABA N ational P er sonnel Conference, Century Plaza H otel, Los Angeles. Septem ber 26-30—Bank M arketing In stitute Annual Convention, A m er icana H otel, New York. October 6-10 — NABW 49th Annual Convention, Fairmont-Roosevelt H otel, New Orleans. October 15-16—Association of Regis tered Bank H olding Companies Fall Meeting, Fairm ont H otel, San Francisco. October 16-20—ABA 97th A nnual Con vention, San Francisco. October 23-27—R obert M orris Associ ates 56th Annual Fall Conference, Los Angeles. October 24-27—Iowa Bankers Associa tion 85th A nnual Convention, H otel F o rt Des Moines, Des Moines. October 25-27—ABA N ational Credit Card Conference, The Roosevelt H otel, New Orleans. CONVENTIONS . . . (T u rn to page 52, please) 37 4 - Illin o is NEW S P. W. HEITMANN, JR. President Chicago ROBERT C. SCHRIMPLE Exec. V. P. Chicago > N am ed to B anking Board * ^ * V * r V * ^ * ^ v v y G overnor R ich ard B. Ogilvie has appointed J. Cecil Sullivan of G alatia as a m em ber of th e Illinois board of B anks and T ru s t Com panies. He w as app o in ted to th e u n ex p ired term of N eil E. Sm ith, fo rm erly of M ount V ernon, w ho recen tly m oved to M innesota. Mr. Sullivan w as appointed as a re p re sen tativ e of a b a n k or tr u s t comp an y w ith to ta l assets of $10 to $100 m illion. T he board h as th e pow er to m ake or am end ru les and reg u latio n s re g arding b an k in g m a tte rs and th e g ra n tin g of new b an k c h a rte rs and review s and m akes recom m endations to th e Illinois com m issioner of b anks and tr u s t com panies. Mr. Sullivan, p re sid e n t of th e F irs t S tate B an k of E ldorado, is associated w ith S ullivan E n te rp rise s, m otel de velopers, and is co-owner of th e Mid land D e v e l o p m e n t C om pany and D ow nstate Securities and ow ner of th e Sullivan L oan Com pany. H e is a m em ber of th e Saline C ounty F a rm B ureau, th e Illinois A g ric u ltu r al A ssociation and th e Saline C ounty B ankers A ssociation. T his non-salaried position req u ires Senate confirm ation. Charitable Trust Fund * "" * * 4 In line w ith th e ir long stan d in g pol icy of service to th e com m unity Belleville N ational Savings B ank h as devel oped a new ch aritab le tr u s t fu n d beneficial to b o th th e donor and recipients. A pproval for th e p lan b y th e In te rn a l R evenue Service has been announced by b an k P re sid e n t Jo sep h C. H auser. T his p e rp e tu a l tru s t, to be k n o w n as th e Belleville F ound atio n , w ill aw ard th e e n tire tr u s t incom e d istrib u te d 50 p er cen t to th e Belleville U nited F u n d w ith th e rem ain in g fun d s to be allo cated evenly at 25 p er c e n t each to M em orial H ospital and St. E lizab eth ’s H ospital. T his w ill re p re se n t a recurrin g incom e to th e com m unity ben e ficiaries. D onors to th e B elleville F o u n d atio n w ill be allow ed to deduct th ese co n tri b utions from th e ir incom e, estate, inheritan ce and gift taxes, according to th e In te rn a l R evenue Code. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T he B elleville N ational Savings B ank is the tru ste e of th is newly-es tab lish ed perpetual, non-profit tru st. The original donor-s are H erm an G. W a n g e l i n , W illiam L. Voellinger, C harles I. Young, Jo h n L. W ellinghoff, Joseph B. Reed and Abe Small. A d m in istration of th e Belleville F o u n d atio n will be u n d er th e su p erv i sion of P resid en t Joseph C. H auser, assisted by P au l F. B raner, vice p resi dent, and E m il F. H audrich, tr u s t offi cer of Belleville N ational Savings Bank. R eappoint S ch ool T rustees F re d W. H eitm ann, Jr., p resid en t of th e Illinois B ankers A ssociation, and president, N o rth w est N ational Bank, Chicago, has reappointed five ban k ers to serve as m em bers of th e board of tru ste e s of th e Illinois B ankers School for te rm s ru n n in g to N ovem ber 1, 1971. N am ed to continue as ch airm an of th e board is Clarence J. Lehecka, sen ior vice president, M erchandise N a tional B ank of Chicago. Also co n tin u in g on th e board w ith Mr. Lehecka are: George A derton, president, C iti zens S tate B ank of M ount Morris; D onald M. C arlson, president, E lm h u rs t N ational Bank; L aurence H en ning, president, Y orkville N ational B ank, and T hom as M. Rochford, p re s ident, B ank of Illinois, Cham paign. T he Illinois B ankers School, w hich w as established in 1953, provides y o ung b a n k ers an o p p o rtu n ity to ac qu ire tra in in g in to tal b an k m anage m ent. Sponsored by th e Illinois B an k ers A ssociation, th e tw o-year school is conducted an n u ally a t S outhern Illi nois U n iv ersity in C arbondale by a facu lty d raw n from th e fields of b a n k ing, economics, law and business. To date m ore th a n 1,050 b an k ers have been g rad u ated from th e school. D eclare Stock D ividend T he board of directors of th e F irs t N ational B ank in H arv ey at a recen t m eeting declared a 10 p er cent stock dividend to be payable D ecem ber 26 to sh areh olders of record on D ecem ber 23, 1970. P ay m en t of th e stock divi dend is subject to th e approval of the office of th e C om ptroller of th e C ur rency. T he stock dividend w ould raise the F irs t N ational B ank’s capital stock account from $753,660 to $829,030 and w ould be effected by a tra n sfe r from undivided profits of $75,370. C apital stock ou tstan d in g w ill be in creased by 15,074 sh ares to 165,806 shares. No fractional sh ares w ould be is sued, b u t th e ban k w ould sell and re m it th e cash equivalent to those w hom fractional shares w ould otherw ise be issued. T he cash equivalent shall be based on th e c u rre n t m a rk e t value of th e stock. A q u a rte rly cash dividend of 25 cents p er sh are w as also declared by th e board at th e m eeting. T he divi dend w ill be payable J a n u a ry 30, 1971, to stockholders of record J a n u a ry 14, 1971. Joins Bank T he directors of th e Bloom ingdale S tate B ank have announced th e ap po in tm en t of A lbert E. Radeliffe as executive vice p resid en t and chief ex ecutive officer. Mr. Radeliffe is c u rre n tly em ployed by th e Roselle State B ank and T ru st Com pany as cashier and has been th ere seven and one-half years. H e w ill be leaving his p resen t post on or about F e b ru a ry 1, 1971, to de vote his full tim e to th e new bank. P rio r to com ing w ith th e Roselle Bank, he w as em ployed as financial sales rep resen tativ e for T he B u rro u g h s C orporation for seven years. He is a g rad u ate of th e Illinois B ankers School a t S o u th ern Illinois U n iv ersity and T he School for B ank A dm inistration at th e U n iv ersity of W isconsin. Organize T rust D epartm ent T he F irs t S tate B ank of W orth, W orth, has been given th e a u th o rity to organize a full-scale tru s t d ep art m ent, it w as announced by P au l E. Catt, executive vice president. E ssentially, organization of th e tru s t d e p artm en t gives F irs t S tate B ank custom ers an o p p o rtu n ity to handle both th e ir im m ediate financial b u si ness and th e ir long-term plan n in g all u n d er one roof. “Because w e are close to th e com m unity and its resi dents, w e feel th a t w e can serve th e estate needs of our custom ers in a p er sonal, u n d e rsta n d in g m an n er th a t w ould be lacking w ere th e p ro b ate and in v estm en t functions perform ed by an in stitu tio n located elsew here,” Mr. C att concluded. T o B uild A uto Bank A ccording to an an n ouncem ent by L. W. A ckm an, p resid en t of th e Ma rengo S tate B ank, M arengo, negotia tions have been com pleted for th e Northwestern Banker, January, 1971 38 Illin o is N ew s building of a drive-in auto b an k on th e co rn er of A nn S treet and U. S. 20. T he building w ill be of colonial de sign and w ill be faced w ith red brick. T he m ain b uilding w ill be 40 by 40 feet, plus a canopy over th e drive-in. I t w ill consist of a w alk-in lobby w ith tw o teller w indow s, fo u r ex terio r drive-up u n its, a n ig h t depository and off-street p a rk in g accom m odations for em ployees and custom ers. T he in te rio r w ill be carp eted wall-to-wall and decorated in a color schem e of red, w hite and blue. T h ere w ill be a sm all k itch en u n it and din in g area for th e em ployees. C ustom ers’ convenience w ill be th e keyn o te of th e new q u a r R o b ert C. Schrim ple (le ft) , tru ste e of th e ters, offering fa ste r service and addi IB A In su ran ce T ru st and executive vice p resident of IB A , accepts d ividend p a y tional b an k in g hours. m ent of more th a n $85,000 from R ichard F in al co n tracts w ere signed by b an k H epw orth (rig h t) of F in an cial Insurance officials and B ank B uilding an d E q u ip Service, Inc., ad m in istra to rs of th e plan. m en t C orporation of A m erica, th e con F le tc h e r C. Ransom, chmn., board of m an su ltin g firm w hich b rin g s to th e p ro j agers of th e IB A Em ployee Benefit P lans, and v.p., C itizens N atio n al B ank, D ecatur, ect n e a rly a h alf-century of experi 111., looks on. ence in financial p lan n in g and con struction . F in an cial In su ran ce Service, Inc., ad m in istra to rs of th e IBA Em ployee Benefit P lans, pointed out th a t this C onstruction C om pleted C onstruction has been com pleted on w as th e 4th such dividend paid by F irs t N ational B ank and T ru s t Com P ru d e n tia l In su ran ce C om pany in th e p a n y ’s new E v an sto n drive-in/w alk- p ast five years. D uring th a t period, in fa c ility . a t th e co n rer of Grove m ore th a n $275,000 has been re tu rn e d S treet and E lm w ood A venue in E v a n to m em ber banks in th e form of divi ston. T he new in stallatio n consists dends. D uring th e sam e m eeting, it w as an of six drive-in w indow s plus a w alk-in lobby w ith th re e additional w indow s. nounced th a t th e first dividend had T he new facility w as opened to th e also been rep o rted u n d er th e IBApublic la st m onth. Service a t th e sponsored Pension Plan, u n d e rw ritte n drive-in w indow s includes lobby tell by C ontinental A ssurance Company. T he dividend w ill be apportioned ers and custom er service desks. A ccording to M eredith N icholson am ong th e banks based on total III, ch airm an and p resid en t of F irs t am o u n t of in su ran ce in force and N ational, location of th e facility aw ay length of tim e in th e program . from th e b a n k ’s m ain office is m ade Gray E lected by Board possible by th e Illinois B ank F acility D uncan G. G ray I I I has been elected A ct of 1967. “T his location w ill p ro vide easier access for our custom ers, cashier of th e Glenwood Bank, Glenand w ill gen erally ten d to relieve con wood, by th e board of directors. T his gestion in th e cen ter of E v an sto n ,” an n o u n cem ent w as m ade recen tly by W illiam J. Gordon, p resid en t of th e Mr. N icholson said. T he new drive-in/w alk-in b an k is bank. P rio r to his election as cashier of E v a n sto n ’s largest, w ith three-w ay ac cess and off-the-street space for 30 cars Glenwood Bank, Mr. G ray h ad served ap proach in g th e six covered drive-in nine m onths w ith th e b an k as a m an agem ent trainee. Mr. G ray has a stations. background in th e b an k in g business, h av in g sp ent tim e w ith F in an cial M an D ividends fo r IBA Plans A su b sta n tia l dividend of $85,000 agem ent A ssociates, Inc., w hich pro w as declared by th e board of d irectors vides m an agem ent and advisory serv of th e Illinois B an k ers A ssociation ices to banks. B efore th a t tim e, he Em ployee B enefit P lan s d u rin g th e w as a ssistan t to th e controller at D ecem ber m eeting. T he dividend w ill F e a rn Foods, Inc., and prio r to that, be d istrib u te d to all b an k s p a rtic ip a t w as associated w ith th e E lm h u rst N a ing in th e G roup Life and A ccidental tio n al Bank. D eath and D ism em berm ent Plan. T he dividend, am o u n tin g to alm ost B egin C onstraction 40 p er cent, reflects th e good ex p eri G ro u n d b reaking cerem onies w ere ence of th e pro g ram and re p re se n ts a held recen tly for th e new B ank of p ro p o rtio n ate red u ction in cost for W ood Dale, at th e b an k site a t 372 each bank. W ooddale Road in W ood Dale. The Northwestern Banker, January, 1971 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis new B ank of W ood Dale is scheduled to open to the public n ex t Ju n e 1. A one-story bank building w ill be constructed on the one-acre site. B ank of W ood Dale P resid en t G. W ard S tearns said, “The facility w ill be am ong th e m ost m odern and efficient in th e area, and w ill be a real asset to th e com m unity.” T he bu ild in g w ill be on th e w est side of W ood Dale Road, facing east, w ith drive-up facili ties on th e w est side of th e building, and p ark in g in th e rear. In stalling M essage Center T he B roadview -W estchester S t a t e B ank in B roadview is in stallin g a large new “M essage C en ter’ in th e b a n k ’s m ain p ark in g lot. T he c en ter is designed to serve to boost com m u n ity p rogram s and drives, an d offer com m ents on v arious services offered by th e bank, according to W ayne N. Sum m ers, executive vice president. The “M essage C enter” is th e first of its k ind in Broadview . Mr. Sum m ers stated th a t electric light bulbs com bine to m ake up th e fascin atin g new indicator. E lectronically controlled, th e am azing new sign w ill form letters, num bers, designs and w ords in b rillian t and ever-changing lights. The sign is program m ed in advance w ith several different m essages w hich come on and off rapidly. H eads A lsip Bank Jo h n J. Vax w as elected to th e board of directors and to th e p resi dency of Alsip B ank, Alsip, it w as announced recen tly by A r t h u r A. B a e r , chairm an, and A l b e r t A. Payne, vice chairm an. Mr. Payne, w ho has served as p resid en t since he founded th e b ank in 1967, w ill now assum e th e post as vice chairm an. He w ill con tin u e to w ork closely w ith th e A lsip B ank to assist p resen t custom ers and w ill also be active in business develm en t w o rk for both th e com m unity and the bank. Mr. V ax has been w ith B everly Bank, Chicago, as vice p re sid e n t in charge of com m ercial lending and business developm ent. H e has also been active in assisting firm s in th e ir financial plan n in g and has been in charge of a large com m ercial loan portfolio. IL L IN O IS N E W S . . . (T u rn to page 53, please) * A * v * ^ " y * * ^ \ r -r * ^ 4 - -« * k * M y. * 39 s * <4 >4- He can't insure his crops or liv e s t o c k a g a in s t a d ve rse price changes w ith any kind of conventional insurance policy. B ut w e can often help him accom plish the same thing by hed g in g on the C h ic a g o M e rc a n tile E x c h a n g e . If he produces eggs, cattle, hogs, potatoes or lumber he spends months getting them ready for a market that may be https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis grossly over-supplied w hen he has to sell. That's a risk he may not have to take. This is important to you be cause it is acceptable banking practice to loan up to 90% of the value of hedged com m od ities. That's good for your cu s tomers and it's good for your bank. Every year more people in agriculture are hedging on the C M E . To make sure you're up to date on the advantages of hedging to your custom ers and your bank, send for our free booklet, "P rice Protection and Loan Protection Through Hedging.'' You may order as many copies as you w an t by w riting to us at the address below . CHICAGO MERCANTILE EXCHANGE 110 North Franklin Street, Chicago, Illinois 6 0 6 0 6 Northwestern Banker, January. 197J 40 ¿'i B.< '■ '23? /rom your friends at Northwestern National Bank of Minneapolis -V Northwestern National Bank of Minneapolis Northwestern Banker, January, 7977 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 41 4 M in n e s o t a -1 NEW S JL M. R. CAMPBELL a T. L. JEFFERS President Exec. V. P. Crookston Minneapolis O bserves 2 5 th A nniversary > A * ^ > The Ogilvie S tate B ank, Ogilvie, is observing its 25th a n n iv e rsa ry of serv ice to th e com m unity of Ogilvie and su rro u n d in g area. T he b a n k opened in 1945, and on N ovem ber 30 of th a t y ear had assets of $73,652. In June, 1948, b a n k P re sid e n t D an F ia la assum ed m an ag em en t of th e b a n k w ith assets a t th a t tim e in th e am o u n t of $492,000. T he b a n k h as h ad a steady grow th an d doubled in size in th e last seven y ears to th e p re se n t $4,122,017 on N ovem ber 1, 1970. 4 W erner Join s Bank r r ■' * » * R ichard R. W e rn e r has joined th e staff of th e F irs t N ational B an k and is em ployed in th e in sta llm e n t loan dep artm en t, E a rl G rundei, executive vice p resid en t announced, recently. F o r th e p a st fo u r y e a rs Mr. W e rn e r w as engaged in in stitu tio n a l ath letic sales. A fter g rad u atio n from F erg u s F alls H igh School he atten d ed Bem idji S tate College and for a couple of y ears played w ith th e G reen B ay P ackers and th e H ouston Oilers. R eppe H onored U-, George N. Reppe, long-tim e G rand Meadow ban k er, w as recen tly h onored *T for 32 y ears of co m m unity service at an app reciatio n din n er. S p o n s o r i n g th e din n er in Mr. R eppe’s h onor w as th e G rand M ead ow B ooster Club. Mr. R eppe has been active in th e A m erican Legion, B ooster Club and M asonic Lodge. H e has assisted th e school in m any of its projects and w as ch airm an of th e n u rsin g hom e b u ild in g com m ittee, w hich directed th e b uilding and opening of “Meadow M anor.” H e is a m em ber of th e board of directors of th e G rand M eadow F irs t State B ank. Erdahl Joins Bank T he F irs t N ational B ank, P ine City, announced th e addition of Vic E rd ah l to th e b an k staff. H is p rim a ry re sponsibility w ill be to m anage th e in su ran ce d ep artm en t. Mr. E rd a h l has been in insurance w o rk m ost of his career and he comes to th e P ine City B ank from th e in su r ance d e p artm en t of th e Peoples N a tional B ank of Mora. $ 4 0 M illion fo r H ou sin g N o rth w est B ancorporation banks and a m ortgage b an k in g affiliate have loaned or com m itted alm ost $40 m il lion to assist low and m iddle incom e fam ilies in th e u p p er m idw est obtain b e tte r housing, according to a progress re p o rt issued by th e com pany. L ast M arch, th e com pany’s affiliates pledged $20 m illion in m ortgage loans for low and m iddle incom e fam ilies in terested in single fam ily dw ellings and $10 m illion in in te rim co n stru c tion loans to finance th e building of m ulti-fam ily stru c tu re s for these in come groups. H en ry T. R utledge, Banco p resident, said th e n e a r $40 m illion figure, w hich com bines loans and com m itm ents th a t have been m ade for bo th single and m ulti-fam ily dw ellings, w as reached in th e first full q u a rte r of w h a t had been projected as an 18-month long p ro gram . Increase Capital T he F irs t S tate B ank of W hite B ear Lake, W hite B ear Lake, recen tly re ceived an am endm ent au thorization increasing th e am ount of capital stock from $300,000 to $450,000 by stock divi dend, according to th e M innesota De p a rtm e n t of Commerce, ban k in g divi sion. New Drive-In fo r D ulu th T elevision b an king has come to D u lu th w ith th e opening of th e F irs t A m erican N ational B an k ’s new com b ination drive-in b an k and p ark in g ram p on M ichigan Street. T he new four-floor $1,500,000 facility w as form ally opened recen tly w ith rib bon-cutting cerem onies atten d ed by M ayor B en Boo of D uluth and other civic dignitaries. T he F irs t A m erican new teller-vis ion drive-in b an k consists of a spe cially e n g i n e e r e d com bination of closed circuit television, and p n eu m at ic tubes w hich m akes drive-in ban k in g possible from th e new M ichigan S treet building w hile th e tellers rem ain w ith in th e m ain b an k across th e street. »Duluth Open House Feutuers Vikings9Eller > *- à A ** A ft A w THE ONLY people who don’t like to g et close to th is gentlem an signing auto g rap h s are opposing q u arterb ack s th a t face M inne sota V ik in g s ta r C arl E ller, who joined team m ate John Oltmanns in w elcom ing guests a t th e g ran d opening of th e F ir s t A m erican N atio n al B ank of D ulu th ’s new auto bank. M r. O ltm anns is also a ssista n t vice p resid en t of th e b an k . R IG H T. Officers of the F ir s t A m erican N atio n a l are shown d riv in g th rough a p ap er sign en route to opening th e first “teller-vision” auto b an k in D uluth. D riv in g the car is, of course, S a n ta b eing g reeted by an a ttra c tiv e helper. In th e re a r seat are Emmons Collins (le ft) , chairm an of the board, and D uluth M ayor Ben Boo. Chester Bind, p resid en t of th e bank, is shown in fro n t seat. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, January, 1971 42 H E board of d irectors of T he F irs t N ational B an k of Saint P au l has advanced eight officers to new posi tions and elected one new officer. A n nouncem en t w as m ade b y Philip H. Nason, p resid en t of th e bank. Vice P re sid e n t Russell H. Johnson has been nam ed to th e b a n k ’s m anage m en t com m ittee and given th e addi tional title of cashier. H is fo rm er title w as vice p resid en t and a ssista n t to th e presiden t. In his expanded capacity, Mr. John so n w ill continue to w o rk on special assignm ents for Mr. Nason. William H. Queenan, Jr., form er cashier, w as nam ed vice p resid en t of D ivision J, w hich is concerned w ith special loans and account relatio n sh ip s R. H. J O H N S O N W. H. Q U E E N A N , JR. in th e T w in Cities m etro p o litan area. F o u r m en w ho have been serv in g as com m ercial loan officers have been ad vanced to th e position of a ssista n t vice presid en ts. T hey are: Richard A. Dougherty of D ivision B, headed by Vice P re sid e n t Malcolm W. McDonald. T his division deals w ith loans and account relatio n sh ip s in th e T w in Cities m etro p o litan area and eastern U nited States. Mr. M cDonald h as additional resp o n sib ility as su p er v isor of th e in te rn a tio n a l b an k in g de p artm en t. Norbert J. Conzemius of D ivision D, headed by Vice P re sid en t Dale S. H an son. This division deals w ith loans and account relatio n sh ip s in th e T w in Cities m etro p o litan area and w e ste rn U nited States. Ronald E. Brue and Steven J. John son, both of D ivision E, headed by Vice P re sid e n t J. Thomas Simonet. Northwestern Banker, January, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1977 D ivision E is concerned w ith loans and account relatio n sh ip s in th e Tw in Cities m etropolitan area. Patrick H. McGraw, w ho has been serv in g as m ark etin g officer of Divi sion N—w hich covers m arketing, ad v ertisin g and public relations activi ties for the b ank—has been nam ed a ssista n t vice p resid en t and adm inis tra tiv e officer of D ivision N. John G. Lohmann, a form er real es ta te officer, has been nam ed an assist a n t vice p resid en t of D ivision M, headed by Vice P resid en t Edward J. W elsch. D ivision M is concerned w ith real estate m ortgage loans and real estate developm ent. Mr. L o h m an n ’s resp onsibilities w ill deal principally w ith new constru ctio n loans. Gary R. W oeltge, new ly elected to th e position of com m ercial loan officer of D ivision A, headed by Vice P resi d en t Andrew G. Sail, is a form er divi sion assistant. D ivision A is concerned w ith loans and account relationships in th e T w in Cities m etropolitan area and m id w estern U nited States. * * * F ir s t N ational B ank of M inneapolis has an nounced th e election to its board of David T. McLaughlin, p resid en t and chief op eratin g officer of Toro M an u factu ring C orporation. P rio r to jo in in g Toro last May, Mr. M cL aughlin w as p resid en t of Cham pion P ackages Company, p a rt of th e p ap er and allied products group of U. S. Plyw ood-Cham pion Papers, Inc. Wallace V. Blom quist has been elect ed a vice p resid en t in th e regional b an k in g d e p artm en t at F irs t N ational mf d . T. M cL a u g h l i n w . b l o m q u ist B ank of M inneapolis. He is a m em b er of th e com m ercial b an k in g division w hich serves contractors, m etal i fabricators and processors, and th e * m a n u factu rers equipm ent and supply * industries. Mr. B lom quist g rad u ated from th e v U n iversity of M innesota and th e W il liam M itchell College of Law. In 1955 v he joined F irs t M inneapolis in the in stallm en t ban k in g d ep artm en t and * for th e p ast five y ears has been in com m ercial banking. * * * ^ Gerald L. Gorski and Adolph C. Popp w ere recen tly prom oted to vice v presid en ts du rin g a board m eeting at th e F irs t T ru st Com pany of St. Paul, "f Mr. G orski sta rte d w ith th e com p any in 1962 in th e in v estm en t d ep art m ent. H e w as elected assista n t secre- * ta ry in 1967 and a ssistan t vice p resi den t in 1969. He continues in th e in- * v estm en t d ep artm en t as an in v estm en t officer. < Mr. Popp cam e to th e com pany in 1965 from th e In te rn a l R evenue Serv-*^ ice w h ere he w as an estate exam iner. ^ In 1968 he w as advanced to th e posi tion of tru s t officer. r In o th er prom otions a t th e b an k Paul J. Kelly and Bert J. McKasy * w ere elected tru s t officers. Stephen , P. Gianoli, Thomas N. Monahan and ** Robert V. Straka w ere elected to the post of a ssistan t secretaries. * * * George Fox, p resid en t of P iper, Jaf- * fray & Hopwood Inco rp o rated of Min- -c neapolis, has been elected to th e board of governors of th e A ssociation of r* Stock E xchange F irm s. Mr. F ox is also a m em ber of th e board of gover- * n o rs of th e M idw est Stock E xchange. * * * Dain, Kalman & Quail, In co rp o rated h M inneapolis-based in v estm en t b an k in g firm, has announced tw o prom otions in its M inneapolis m anagem ent org an ization. Fred R. Friswold, vice presi- * dent and director, has been prom oted to vice p resid en t of re ta il adm inistra- f tion. Thomas M. Dale, vice president, has been elevated to vice p resid en t of Minnesota «t -A i- V ♦ ♦ r r > *• * ( r r X «L A re ta il m erchandising. B oth are new positions. Mr. F risw o ld w ill be responsible for d irectin g th e operatio n of all re ta il offices th ro u g h b ra n c h m anagers. As vice p resid en t of re ta il m erchandising, Mr. Dale w ill be responsible for coor din atin g th e process of selection of all m erchan d ise and services m ark eted th ro u g h re ta il salesm en. * * * Galen Schmick, fo rm er T w in Cities area ban k er, h as been nam ed vice p res id en t and cash ier of th e E d in a State B ank by David Flem ing, president. Mr. Schm ick joined th e E d in a State B an k a fte r a y e a r a t th e E v a n sto n B ank, E v an sto n , 111., w h e r e he s e r v e d as vice p resid en t, cash ier and secretary. M r. S c h m ic k w as an officer of th e F ir s t E d in a N atio n al B an k for 10 y ears before going to E v a n ston. H is prev io u s b a n k in g ex p eri ence includes tw o y e a rs as a system s an aly st w ith th e F irs t N ational B ank of M inneapolis and 10 y e a rs in v a ri ous capacities w ith th e F irs t N ational B ank of M adison, W is. * * * Vance DeLong h as been nam ed sen ior vice p re sid e n t an d com ptroller of B ank Shares In co rp o rated , according to Carl R. Pohlad,, p resid en t of th e M innesota - based reg istered b a n k holding com pany. In ad dition to his new duties, Mr. D eLong re m ain s a vice p re s id en t of th e M ar q u e t t e N ational B an k of M inneap olis, one of four b an k s in th e B an k V. D e L O N G S h a r e s system . B ank S hares is th e 49th la rg e st b an k holding com pany in th e U n ited States. O ther b an k s in th e holding com pany are U n iv ersity N atio n al B ank, Chicago-Lake State B an k and Colum bia H eigh ts S tate Bank. Mr. D eLong joined M arquette N a tional B an k in 1962 an d w as elected com ptroller in 1964. P rio r to joining M arquette, he w as chief acco u n tan t a t N o rth w e ste rn H ospital of M inneap olis. A g rad u ate of th e U n iv ersity of M innesota, he also atten d ed th e Stonier G raduate School of B an k in g a t R u tg ers U niversity. * * * C onstruction h as b egun on a $1.5 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis GROUND B R E A K IN G cerem onies were held recently fo r construction of th is $1.5 m illion home of M innesota S ta te B ank at P la to Blvd. and R obert St. in St. P a u l’s R iverview In d u s tria l P a rk . The bank, c h artered in 1945, w ill be a three-story, 400,000-square-foot stru c tu re th a t w ill f a c ilita te five drive-up te lle r sta tio n s and 108,000 square fe e t of p a rk in g space. m illion M innesota S tate B ank w ith com pletion scheduled for a y e a r from now, according to b an k P resid en t Dyer Brogmus. T he M innesota S tate B an k is now located a t R o bert and Concord, about six blocks south of th e new location. T he 400,000 square foot build in g is slated to be a big step for w ard in th e over-all developm ent of th e R iverview In d u stria l P ark . * * * Walter Rasmussen, p resid en t of N o rth east S tate B ank, M inneapolis, w as re c e n tly nam ed a director of Norw egian-A m erican M useum , Decorah, Iowa. Sis * * The M innesota D ep artm en t of Com m erce recen tly au thorized an am end m en t in creasing th e am o u n t of capital stock for th e H ighland P a rk S tate B ank of St. P aul, from $150,000 to $750,000. >ls * s|e T he cause of pollution control in th e T w in Cities m etropolitan area received a big boost in th e annou n cem en t by th e F irs t N ational B ank of Saint P au l th a t its b oard of directors h as allo cated $10 m illion for loans to finance new anti-pollution capital in v estm en t by area in dustries, com m ercial in te r ests and individuals. L oans to in d u stry , announced Philip H. Nason, p resid en t of th e bank, w ill be available at one per cent below th e p rim e rate. P re fe re n tia l rates also w ill be g ran ted to ow ners of p riv ate dw ellings, store and a p a rtm e n t build ings and sm all com m ercial operations. “F irs t N ational is v ery concerned about air and w a te r pollution,” Mr. N ason said, “and w e see th e need for assistin g all those w ho w ill tak e the in itiativ e to com bat th e problem by in stallin g pollution control equipm ent and facilities.” N ews 43 L oans for pollution control w ill be m ade u n d e r sim ple guidelines: F u n d s w ill be m ade available to custom ers of th e F irs t N ational B ank of S aint P au l for facilities in th e metro p litan area. T h ere w ill be a lim it of $250,000 per borrow er. L oan applications w ill be processed th ro u g h th e b a n k ’s reg u lar loan offi cers. N orm al credit stan d ard s to be used and m u tu ally satisfacto ry rep ay m en t term s. Mr. N ason pointed o ut th a t environ m ental pollution in th e T w in Cities m etropolitan area is not as evident as it is in m an y o th er p a rts of th e n a tion. “I t does exist,” he said, “b u t we see no reason to w ait for it to stifle our b re a th in g and clog our w aterw ay s before w e tak en constructive action.” * * * Robert L. Beal, p resid en t of Iow a Securities Com pany, a subsidiary of N orthw est B ancorporation, announced th e successful offering of an issue of G overnm ent N ational M ortgage Asso ciation (GNMA) m ortgage-backed se curities. T his issue w hich totaled $4,000,222.33 and w as com prised of 228 m ortgage loans w as sold to four in stitu tio n al in vestors. GNMA securities c a rry the full faith and credit of th e U nited States G overnm ent and are backed by m ortgages in su red by th e F ed eral H ousing A d m inistration or guaranteed by th e V eterans A dm inistration. The individual loans w ere originated by Iow a Securities and N o rth w est Bancorporation banks. N o rth w estern N a tional B ank of St. P au l is serving as tru ste e for th is issue. Mr. Beal said th is is Iow a Securities first com pleted issue of w h a t he hopes w ill be a large nu m b er of sim ilar GNMA m ortgage-backed securities. Iow a Securities is a m ortgage b a n k ing firm w ith offices in Cedar Rapids, D avenport, Des Moines, D ubuque, Ma son C ity and W aterloo, Iowa; Omaha, Nebr.; M adison, W is., and R ochester, E d in a and St. Paul, Minn. # * 5!« W h y Foreign Trade is th e first issue of N in th D istrict E xp o n en t, a new publication series of th e F ed eral R e serve B ank of M inneapolis. T he series is designed, says Hugh D. Galusha, Jr., p re sid e n t of th e bank, “for th e in tellectu ally curious laym an in th is g reat area know n as th e U pper Mid w est w ho w onders how vario u s eco nom ic issues being debated n atio n ally affect him . T his b a n k w ill n ot be statin g a form al position on any of th e subjects w e’ll be tre a tin g in th is series. Instead, it is our hope th a t w e can p re se n t w ith reasonable objecNorthwestern Banker, January, 7977 44 M in n e so ta News tiv ity and succinctness th e positions of m ajor spokesm an for each side, and let you, th e reader, m ake u p your own m ind.” W h y F oreign Trade review s th e ra tionale for in te rn a tio n a l tra d e and also w hy som e p ersons and organiza tions fav o r lim itin g trade. T he conse quences of tra d e lim itatio n (protec tionism ) also are cited. # # ❖ A new in te rn a tio n a l b an k in g e n te r prise — C om pass F inance, S.A. — has been form ed by N o rth w est Bancorporation, M inneapolis, Minn., and South east B ancorporation, M iami, Fla., ac cording to an an n o u n cem en t issued by th e tw o b an k holding com panies. Henry T. Rutledge, p resid en t of N orthw est, and Harry Hood Bassett, board ch airm an of Southeast, said th e ir com panies are p articip atin g equally in th e form ation of th e L u x em bourg-registered com pany w hich has an in itial authorized capital of $6 m illion. T hey said th e com pany ex pects to raise additional m oney in th e in te rn a tio n al m arket. The com pany has established or ac qu ired su bsidiaries in London and N assau and h as p articip ated in th e form atio n of an affiliate in M adrid, Spain. B oth m en said Compass F i nance, S.A., w ill allow N o rthw est and S outheast to offer su b stan tially ex panded financial services to th e ir cus tom ers. Compass Finance, S.A., has acquired F irs t M iami T ru st Com pany Lim ited, form ed by S outheast in N assau in Dain, Kalman & Quail, Incorporated and Platt,Tschudy & Co., Inc. have joined in the form ation of an expanded investm ent counseling service under the nam e PLATT, TSCHUDY, NORTON & CO., INC. INVESTMENT COUNSELORS now an independently operated affiliate of D ain, K alm an & Q uail, Incorporated. OFFICERS ARE: Stanley K . P latt President & Chief Executive Officer H enry W . N orton, J r. •' y Chairman of the Board R ich a rd H . T sc h u d y Executive V ice President & Secretary Charles M cl. W ebster Vice President & Treasurer Da in , K alm an &Quail, incorporated MEMBER NEW YORK STOCK EXCHANGE/100 DAIN TOWER, MPLS. PLATT, TSCHUDY, NORTON & CO., INC. INVESTMENT COUNSELORS/600 DAIN TOWER, MPLS. Northwestern Banker, January, 7977 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1969, and has changed th e nam e of th is in tern atio n al b an k to Com pass B ank and T ru st Com pany Lim ited. Compass F inance established Compass F inance (U.K.) L im ited in L on don to serve initially in E n g lan d and on th e co n tin en t as a rep re se n ta tiv e of Compass B ank and T ru st, N assau. Compass F inance also p articip ated w ith o th er investors in th e form ation of CO FIBER, S.A., in M adrid. COFIB E R w ill re p re se n t Compass B ank and T ru st in Spain and also w ill engage in in d u strial financing in th a t country. In addition to Mr. R utledge and Mr. B assett, directors of Com pass F i nance, S.A., are Charles J. Zwick, p resid en t of Southeast; James W. Johnson, p resid en t of N o rth w est In tern atio n al Bank, an d Drago Pamucina, chief executive officer of Com pass Finance, S.A. * * * Ralph E. Peterson, 36, controller for th e T heodore H am m B rew ing Company, h as been elected a director of N o rth w estern S tate B ank, St. Paul, * v x -v ^ ^ * * v ir Elect Ferber and Iinm e ^ A t a recen t m eeting of M ortgage B ankers A ssociation of M innesota Jo h n F erb er, a ssistan t vice p resid en t of th e F irs t N ational B ank of M inne apolis, w as re-elected se c re ta ry and H ow ard Im m e, a ssistan t vice p resi den t of F a rm e rs & M echanics Savings B ank of M inneapolis, w as elected to the board of governors. O lson H eads 4-H Campaign M innesota b an k ers a re in th e m idst of th e 1970 statew ide b an k 4-H CamPaign, according to Thom as E. Olson, p resid en t of th e F irs t N ational B ank of Starbuck. Mr. Olson is serv in g as ch airm an of th e cam paign for his second year. Mr. Olson said th a t co n trib u tio n s received to date exceed $4,000 and encouraged b an k ers w ho have n o t contrib u te d to do so as soon as possible. H e explained th a t funds contributed to th e b an k cam paign w ould sup p o rt th e 4-H F o undation in areas of citizenship education, leadership de velopm ent and in tern atio n al program s. Over 20,000 from all 50 states enrolled in courses a t th e N ational 4-H C enter in su b u rb an W ashington, D. C., in 1969. Mr. Olson is one of 35 state b an k ch airm en conducting cam paigns in behalf of A m erica’s 4 m illion 4-H m em bers. E m m e tt G. Soloman, ch airm an of Crocker-Citizens N ational B ank in San F rancisco, is serv in g as natio n al chairm an. A long-tim e p resid en t of Starbuck, Mr. Olson w as p resid en t of th e Minnesota B ankers A ssociation in 1963-64. < \ ^ * r . ^ 4 ^ 1 v ** » M in n eso ta 1stNational Bank of St. . Opens m oney M arket Center A ^ r r i H E d ram a of th e n a tio n ’s everA changing m oney m a rk e t is evident > in th e air at th e new M oney M arket C enter opened recen tly a t th e F irs t > N ational B ank of S aint Paul. M illions of dollars in governm ent, governm ent-agency and m unicipal sex cu rities change h an d s daily th ro u g h the C en ter’s tra d in g facilities. L a te st + prices and yields are posted m in u te by m inute. *■ T he new M oney M arket C enter now consolidates in a single, com pact, effi> cient operation all of F ir s t N atio n al’s ^ u n d e rw ritin g and tra d in g facilities. W hen th e decision w as m ade a few > y ears ago to e n te r in to a m ulti-m illion dollar pro g ram to expand and im prove ^ F irs t N atio n al’s q u a rte rs, th e b a n k ’s m anagem en t took a good h a rd look at all of its operations. T hey discovered th e re w as g reat m e rit in p u llin g to g eth er all d ep artm en ts concerned w ith r m ark etin g of U. S. g o v ern m en t bonds, m unicipal securities, com m ercial par p er and g o v ern m en t agency bonds. Today th ese d ep artm en ts are cen" tered in one com pact space th a t perm its easy cross-consultation betw een F irs t N atio n al’s in v e stm e n t specialists. A co n stan tly changing quo tatio n board keeps everyone concerned w ell aw are * of th e m ovem ent of m oney in th e se cu rities m ark et, w ith up-to-the-m inute statistic s at th e ir fingertips. > O perating like a m in ia tu re stock ex change, th e new M oney M arket C enter •A, offers corporations, state and local governm ents, brokers, corresp o n d en t ban k s and p riv ate in v e stm e n t custom ers im m ediate in fo rm atio n on govern m en t and governm ent-agency secu ri ties and related m a rk e ts and has th e tra d in g facilities to speed th e ir purJ chase or sale. Focal po in t of th e glass-enclosed M oney M arket C enter is th e floor-toceiling blue and w h ite m agnetic quo tatio n board. C onstantly changing m agnetic n u m b ers posted on the board re p o rt la te st p rices and yields of treast u ry bills, m unicipal bonds and n u m erous o th er g o v ern m en t agency is sues. As m ark ets change m in u te by m inute, MMC staff m em bers keep th e q uotatio n board up to date, enabling F irs t N atio n al’s in v estm en t ex p erts— w ith ju s t a quick glance a t th e board —to rela y to custom ers th e im m ediate over-all p ictu re of th e g o vernm ent securities m ark et. N um erous incom ing telephone lines assu re MMC custom ers im m ediate re sponse to th e ir in q u iries and im m edi ate action on p u rch ases and sales. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis P riv a te lines link th e C enter w ith o th er b anks and p rim a ry dealers. T elety p ew riters connecting w ith all m ajo r cities in the nation pour out a co n stan t stream of financial new s de velopm ents. MMC operations are nationw ide in scope, involving the en tire U. S. m oney m ark et. In the space of ju s t one hour, for exam ple, th e C enter m ight handle securities tran sactio n s involving a mu- _ 1 5 N ews 45 m inute, m ore efficient service to in v estm en t custom ers by speeding up re p o rtin g and tra d in g operations. St. P a u l’s M oney M arket C enter is th e only one in the Tw in Cities area com bining both m ark et rep o rts and tra d ing facilities. I t is expected to prove of g reat benefit to th e b an k ’s th o u sands of in v estm en t custom ers. Vice P resid en t Jo h n F. M ullen di rects over-all operations of F irs t N a tio n al’s in v estm en t services d ep art m ent, assisted by Vice P resid en t Jo h n M. W ooldridge w ho heads th e u n d er w ritin g and trad e operations. T O 6 1/4 TO 2 9 6 3 /8 TO 8 9 6 5 /8 CONSTANTLY-CHANGING STATISTICS on U. S. securities m ark et keep investm ent experts cu rren t a t new M oney M ark et C enter opened recen tly a t F irs t N atio n al B ank of S a in t P aul. Vice P re sid e n t Donald C. Badger posts la te st m ark et figures on th e c e n te r’s m agnetic qu o tatio n board. nicip ality in Florida, a corporation in Chicago, a ban k in New Y ork City, a p riv ate in vestor in M ontana and a bond dealer in M inneapolis. L ocated on the 11th floor, E a st Sec tion, of F irs t N ational’s 32-story stru c tu re, th e M oney M arket C enter is headed by Vice P resid en t Donald C. B adger. A ssisting Mr. B adger is a sixm an staff of in v estm en t experts w ho specialize in g overnm ent and agency trad in g , federal funds, m unicipal tra d ing and und erw ritin g , corporate tra d ing and com m ercial paper. Im m ediately adjacent to th e Money M arket C enter is F irs t N ational’s serv ice d e p a rtm en t for in v estm en t cus tom ers. H ere banks, corporations and o th ers w ho desire m ore in-depth advice on th e ir portfolios m ay consult w ith F ir s t N ational’s ten-m an staff of in v estm en t officers. H eading up this d e p a rtm e n t is Vice P resid en t R ichard C. Sw anberg. M oney m ark et centers are a com p a ra tiv e ly new concept in th e govern m en t securities m arket. T h eir purpose is to provide quicker, m ore up-to-the- O pen H ouse The S ecurity S tate B ank of M anka to, form erly th e F a rm e rs State B ank of Rapidan, held an “open house” re cently in its new facilities a t M an kato. The bank, founded in 1913, has a new m odern atm osphere and has facilities and personnel designed to serve th e com m unity effectively. Officers are: A. C. N orland, p resi dent; Q uentin L. Beadell, executive vice president; W illiam W ohlenhaus, vice president; T e rry Enge, a ssistan t vice president, and H elen M. T itrud, a ssistan t cashier. C onstruction B egins W ork has begun on a 40 by 40 foot sp lit level addition to th e F irs t N a tional B ank of Pine City, w hich w ill be com pleted by April. T he new addi tion w ill be utilized for offices for loans, insurance, real estate tran sac tions and o th er m atters relatin g to the official staff. MINNESOTA NEW S . . . (T u rn to page 48, please) Northwestern Banker, January, 1971 46 M in n eso ta N ew s Northwestern Menté Features Wight of Dollars and Ducks B y MALCOLM FREELAND Publisher O M M E N T IN G on th e d rastic C change in th e dem and for funds, Jo h n A. M oorhead, ch airm an of th e N o rth w e ste rn N ational Bank, M inne apolis, g reeted som e 325 area b a n k ers a tten d in g th e Sixth A nn u al N o rth w est e rn M anagem ent C onference and duck d in n er la st m o n th in M inneapolis. Mr. M oorhead suggested th a t b an k s w ill be faced w ith low er in te re s t rates and low er gross incom e in 1971. He added th a t trim m in g costs w ill be dif ficult. P au l Lindholm , vice p re sid e n t in charge of th e co rresp o n d en t d e p a rt m en t for N o rth w e ste rn N ational Bank, served as m od erato r for th e p anel of speakers th a t followed. V ital topics w ere discussed, including “C h artin g th e F a rm e r’s Cash F lo w ”; “W hy Get Involved in P ro m o tio n s”; “B anks and T h eir F a ir C redit R ep o rtin g A ct”; “W h at To Do A bout B ond P rofits” and “C u rren t T echniques in R aising B ank C apital.” Nadler Featured P au l S. N adler, professor of B usi ness A d m in istratio n a t R u tg ers U ni versity, served as th e k eynote speaker, discussing th e vario u s tech n iq u es in raisin g b an k capital. P ro fesso r N ad ler advocated th e use of d ebentures, ra th e r th a n re ta in e d earn in g s or an additional stock issue for th e purpose of adding necessary capital. H e asked, “W hy n o t use o th e r people’s m oney— y o u r custom ers do!” H e w arn ed th a t “if th e re is an y th in g else you can do, don’t dilute y o u r equity.” D escribing deb en tu res as th e b est deal th a t has been developed in b an k in g in 20 years, he suggested a 7 p e r cen t ra te over 20 years. H e indicated th a t d eb en tu res could be issued on th e basis of 25 p er J. A. M O O R H E A D P. L I N D H O L M cent of total capitalization, and th a t now is th e tim e to act. P rofessor N adler also suggested th a t b a n k ers look a t sale-leasebacks on th e p re se n t b an k building. H e indicated th a t a b an k building is th e least liquid asset, and th ro u g h a sale-leaseback it can be replaced on a b an k statem en t w ith capital. K en n eth H. Thom as, extension econ om ist for th e U n iv ersity of M innesota, p resen ted a detailed cash flow plan for farm custom ers. He w arn ed th a t farm ers are going to have to provide b e tte r in fo rm atio n in order to obtain funds. L im ited q u an tities of Mr. T hom as’ p re se n ta tio n m ay be obtained from th e co rresp o n dent d e p a r t m e n t of th e N o rth w e stern N ational Bank. W a rre n G. Goldberg, president, B usi ness Incentives, M inneapolis, spoke on th e use of custom er prem ium s. He w arn ed b a n k ers n o t to get involved w ith a peddler, b u t to do business w ith a recognized firm th a t can provide a com plete p rogram w ith p roduct g u ar antees and exclusive use in th e area. He stated th a t prem ium s w ill not serve as a su b stitu te for a b an k th a t is asleep at th e sw itch. Jim H alls, atto rn e y for th e host bank, explained th e F a ir C redit R e p o rtin g Act. H e advised th a t if local INSTALMENT DEPARTMENT PROFITS More important than ever before! PROTECT THEM Several hundred Upper Midwest banks utilize our single interest coverage, which we originated many years ago. No checking for primary insurance. Instalment lending protection is our only business. Call or Write: G. D. VAN WAGENEN CO. 1006 N.W. Bank Bldg., Minneapolis 55402 (612) 333-2261 Northwestern Banker, January, 1971 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ban k s re stric t credit rep o rtin g to th e ir * ow n personal experience w ith borrow - x ers th ey w on’t be labeled as a cred it re p o rtin g agency. H e suggested th a t -* m ost banks w ill avoid th is label. G. R ichard Slade, vice p re sid e n t in ^ th e host b a n k ’s bond dep artm en t, sug gested th a t th ere w ill be good oppor tu n ities for inv estm en t in late 1971. Á He th o u g h t th a t both sh o rt and long term in te re st rates w ill becom e low er -V into th e second q u a rte r and th e n s ta rt up. H e th o u g h t it best to defer bond v profits u n til late 1971. T he trad itio n al duck d in n er w as held, and v isitin g ban k ers w ere treated to a question and an sw er period w ith Carl E ller and Bobby B ry a n t of th e * M innesota V ikings professional foot ball team . Mr. B ry a n t also serves as V a rep resen tativ e in th e N o rth w estern N ational B an k ’s bond d ep artm en t.— * End. Elect jreters The election of Clifford L. P eters, fo rm erly from R ochester, as farm rep- r resen tativ e of th e A lexandria S tate B a n k w as an- nounced by M ar tin H aar, presi- " dent. Mr. P e te rs w as fo rm e rly fro m R ochester w h ere he w as te rrito ry m an ag er for Jo h n D eere Com pany. * A g r a d u a t e of Iow a S tate U ni C. L. P E T E R S v e rsity a t Am es, * Iowa, Mr. P e te rs received his B.S. de gree and afte r being discharged from A th e arm y as a first lieu ten an t, ta u g h t vocational a g ricu ltu re a t S to ry City, ^ Iowa. f A nnounce Purchase A. W. B recht, ch airm an of th e board of directors, and J. R. T roth, p resid en t V of th e S tate B ank of W o rthington, announce th e p u rchase of a com plete -i block in W orthington, bordered by T en th S t r e e t , S e c o n d A v e n u e , E lev en th S treet, and F irs t A venue in W orthington. I t is hoped th e new location w ill show signs of building in th e n e a r fu tu re and th e bank w ill be able to m ove / into th e ir q u a rte rs by th e end of the com ing year, according to Mr. B recht. * H essevick A ssistant Cashier R obert R. H essevick of M inneapolis has been elected assista n t cash ier and m anager of th e insu ran ce d ep artm en t of th e F irs t N ational B ank of Stewartville. Mr. H essevick is a g rad u ate of th e U n iv ersity of M innesota and has had six y ears of insu ran ce experience. v ** 4 , * * Minnesota News Bank Directo. . . (C ontinued from page 28) "* is req u ire d to m ake an exception. . T h ere a re exceptional m en and w om en w ho, th o u g h advanced in years, could a an d do b rin g m a tu re and v alu ed ju d g m en t to a board. A B ank executives, recognizing this, ^ can have th e b est of possible w orlds by advancing such elder b an k in g X statesm en to h o n o ra ry d irecto r or di recto r em eritu s statu s. "* Advice an d counsel from th e d irec to r em eritu s can still be available to th e board, b u t since he h as no legal ^ vote a t th e b o ard m eetings, he is not liable as if he w ere a re g u la r board ¿ m em ber. H e m ay skip som e board m eetings w ith o u t being considered > derelict in his perfo rm an ce and sub je c t to stockholder su it for m al or * non-perform ance. > H e m ay or m ay n o t receive th e sam e fee as re g u la r directors. T he practices V of h av in g h o n o ra ry or em eritu s di recto rs v aries from sta te to state, r th o u g h it does seem to be m ore com m on in la rg e r b an k s and b an k s in th e r n o rth e a ste rn states. yT he b an k th a t does n o t now hav e a problem of an aging b oard is ideally > situ ated to p re v e n t th e problem from arising. W ith o u t som e aged directors, little opposition is en co u n tered in in^ tro d u cin g th e topic to th e agenda for study, discussion an d decision — w ith bylaw s am ended a t th e stockholders' an n u al m eeting. * H ow ever, m ost b an k s are n o t in j such a fo rtu n a te position and som eone ' on th e board—or in senior m anager m en t of th e b an k —m ust, often out of necessity, tak e th e initiative. T he Nar tio n al In d u stria l C onference B oard stu d y on corp o rate d irecto rsh ip pracv tices show s th a t m ore th a n 52 p er cent 4 of survey ed b a n k d irecto rs w ere aged r 60 to 64. > T here is no single p at solution, such as h a v in g th e board ch airm an sched ule th e topic. I t m ay be th a t th e ch airm an h im self is a likely candidate ' for retire m e n t. W hen all is said and done, one m u st be pragm atic, y e t recognize th a t A some d irecto rs are m ore likely th a n o thers to tak e offense a t board retire* m en t action. M A stu d y m ade by th e b a n k m anage m ent an d research com m ittee of th e v V irginia B an k ers A ssociation review ed about 30 d irecto r re tire m e n t plans. * T he stu d y provides som e carefully thought-o u t guidelines on th e several * approaches to solving th e problem . * I t is th e co m m ittee’s opinion th at, “in th e b est in te re s t of a b a n k ’s fu https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis tu re, a fixed re tire m e n t policy becom es m ore and m ore necessary to provide o p p o rtu n ities for y ounger m en and avoid th e personal im pact of case-bycase h an d lin g of re tire m e n t and the e m b arrassm en t th a t some ban k s have experienced.” T h ere is a stro n g school of th o u g h t th a t p rudence is th e b est p a rt of valor. I t is im p o rtan t to p re v e n t an y in fer ence th a t th e topic is directed at any p re se n t m em bers and th a t it be clearly und ersto o d th a t th e en tire p resen t b oard is exem pt from th e m an d ato ry policy w hich th e board w ill possibly adopt. R eb u ttin g this, some contend th a t such actio n com m its th e board to sev eral y ears d u rin g w hich it w ill not have age balance and th e aggressive th ru s t associated w ith y o unger direc tors. In counter-rebuttal, several experi enced b an k directors p o int out th a t w h en elderly directors are assured th a t th e policy is n o t personally di rected a t them , th e y freq u en tly decide not to stan d for re-election and elect th e d irector em eritu s option w ith its low ered legal liability. I t is also likely th a t n a tu ra l a ttritio n w ill be h ig h er in boards w hose average age is high. A com prom ise th a t some ban k s adopt involves some type of delay in im plem en ting re tire m e n t policy on over-age directors. T he ratio n ale is to p e rm it an evolutionary, n ot revolu tio n ary , m odification of th e age stru c tu re of th e board. Some b an k s try to capitalize posi tiv ely on d irector retirem en ts by g iv ing th e directors scrolls of com m enda tio n or gold pins in th e form of th e b a n k ’s logo. Jew els are in serted in th e pins to show th e n u m b er of y ears of board service. A t least one board adds a touching g estu re—th e p resen tatio n to th e r e tir ing d irector of his p o rtra it w hich had been h u n g in th e board room w ith those of o ther board m em bers. S till other boards schedule one m eetin g a y ear to w hich all retired d irecto rs and som etim es th e ir w ives are invited. Some banks, such as Sullivan Coun ty T ru st, M onticello, N. Y., have a t tem p ted to replace re tire d directors w ith individuals w ho are u n d er 45 w h en elected. 47 one-quarter of th e typical b oard m em bers in th a t d istrict w ere over 65. T hese figures are considered fairly rep resen tativ e of th e natio n and m ay serve as a ben ch m ark or guide. If y o u r b an k has a low er proportion, it probably does n ot have a c u rre n t prob lem in director retirem en t. H ow ever, if m ore th a n one-quarter of y o u r board is over 65, such a condition is prob ably noted in th e confidential section of th e re p o rt of exam ination. T he board should recognize th a t an ap p ro p riate age d istrib u tio n of its m em ber-directors is of concern to b an k supervisors.—E nd. Two Banks Join M issouri Bancsliares R. C rosby K em per, Jr., presid en t and chief executive officer of M issouri B ancshares, Inc., K ansas City based reg istered m ulti-bank holding com pany, has announced th e acquisitions th ro u g h an exchange of stock of th e S ecurity N ational B ank of Joplin and th e C entral N ational B ank of C arth age. T he holding com pany, w hich ow ns all of th e sh ares of City N ational B ank & T ru st Com pany of K ansas City, re cently attain ed its reg istered statu s th ro u g h th e acquisition of th e K em per S tate B ank of Boonville. A fo u rth ex change offer is c u rre n tly pending to th e sh areholders of th e Peoples N a tional B ank of W arrensburg. FRANKLIN NATIONAL BANK N A T IO N A L D IV IS IO N SI 410 MADISON AVENUE at 48th St. New York, N .Y . 10017 ................. Conclusion A R ichm ond F ed eral R eserve B ank stu d y a few y ears ago revealed th a t Northwestern Banker, January, 1971 48 bank, Mr. M unro had been em ployed by th e b ank since 1954. H e is survived by his w ife and seven children. S o n ili D a k o t a MINNESOTA NEWS . . . NEW S (C ontinued from page 45) Joins P lacem ent Firm L. STEELE President Huron NEIL MILNER Secretary Huron L M orrill E lected V ice President S tanley D. M orrill, fo rm erly assist a n t vice president, h as been elected vice p re sid e n t of th e N ational B ank of South D akota, M ain Office, Sioux Falls, according to an announcem e n t m ade b y Don W. W e s tb e e , p re si d en t of th e bank. A n a t i v e of G r a n ite F a lls , Minn., Mr. M orrill g rad u ated f r o m th e U n iv ersity of M innesota w ith a bachelor of sci S. D. M O R R I L L ence degree in anim al in d u stry . Mr. M orrill joined th e N ational B ank of South D akota in 1947 a fte r serv in g as a farm loan a p p ra ise r in South D akota and later as county ag en t in N orth D akota. th e bank, according to an announce m e n t by C harles T. U ndlin. Mr. M alcolm joined th e b an k in N ew ell in 1967 and tra n sfe rre d to S tu r gis in J a n u a ry th is year. Mr. M unson w as em ployed w ith a R apid City finance com pany p rio r to joining th e ban k in S turgis in 1967. Begin P ierre Nat’l A ddition A new 28 by 114 foot addition is c u r re n tly being b u ilt by th e P ierre N a tio n al B ank, P ierre, in order to en large ex isting facilities. T he facility is expected to be com pleted in the spring, according to Com et H araldson, b an k spokesm an. The new addition w ill cost about $155,000. Plans For C onference R obert G underson, cashier in the Citizens State B ank, A rlington, w as nam ed p resid en t of th e b an k a t a re cent m eeting of th e board of directors. Mr. G underson has been w ith th e b ank in th e cap acity of cashier th e p ast 17 years, and succeeds H en ry S err w ho died recently. P re p a ratio n s are u n d erw ay to host th e 1971 D istrict X A m erican In stitu te of B anking L eaders C onference to be held in Sioux Falls, S. D., on Ju ly 17, 1970. C. H. F ischer, controller, N o rth w e ste rn N ational B ank of Sioux Falls and gen eral ch airm an of th e C onfer ence, announced th e selection of com m ittee ch airm en as follows: e n te rta in m ent, W endell Liaboe, U nion B ank and T ru st Company; hospitality, Mrs. L inda M etzger, V alley N ational Bank; housing, Jam es H ausm an, N ational B ank of South Dakota; m eeting room s and food, Mrs. F ra n k M artin, W estern S tate Bank; publicity, B ruce Lemon, N o rth w e stern N ational Bank; re g istra tion, Miss M artha Voss, N o rth w estern N ational Bank; tra n sp o rtatio n , R ich a rd P ru itt, N ational B ank of South D akota, and tre a su re r, Dean Noble, F irs t N ational Bank. W o rk ing sessions w ill be held in th e R am ada In n facilities w ith addi tional h ousing available at th e new H ow ard Joh n so n Motel. The C onfer ence is an an n u al m eeting of AIB ch ap ter leaders from th e eight-state area of South D akota and N o rth Da kota, M innesota, Iowa, K ansas, N e b raska, M issouri, and Colorado. N am ed A ssistant Cashiers K enn eth D. M unro D ies K irk G. M alcolm and B ruce K. M un son, both w ith th e S turgis office, F irs t N ational B ank of th e B lack H ills, have been elected a ssista n t cashiers of K en n eth D. M unro, 44, a ssistan t cashier a t th e W ilm ot State Bank, W ilm ot, suffered a h e a rt attack and died D ecem ber 13. A nativ e of Mil- Increase Capital Stock A sh ift of $1 m illion in th e capital accounts of th e F ir s t N ational B ank of th e B lack H ills has been approved by th e C om ptroller of th e C urrency, b an k P re sid e n t C harles T. U ndlin a n nounced recently. H e said th e action increased th e b a n k ’s cap ital stock and su rp lu s to $6 m illion. Gardner B. Gross G ardner B. Gross, p resid en t of th e Bowdle S tate B ank, died recen tly at th e age of 63. Before becom ing affili ated w ith th e b an k in 1962 Mr. Gross w as an arm y colonel. G underson H eads Bank Northwestern Banker, January, 1977 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ^ Neil E. Sm ith, director, m id w estern region of F in ancial P lacem ent & Consuiting, Savage, Minn., has announced th e ap p ointm ent of W alter G eckler as director of research for th e firm. Mr. Geckler, c u rre n tly p resid en t of his ow n financial research organization, M idw est M arketing of M inneapolis, w ill spearhead developm ents of finan cial m a rk e t studies for F.P.C. th ro u g h out th e country. A 28-year m ark etin g veteran , he has been associated w ith M cCann-Erickson an d Cam pbell-M ithun ad v ertising agencies of M inneapolis. F in an cial P lacem ent is a division of C h arter M anagem ent, Inc., a diversified hold ing com pany specializing in finance. E lect 3 V ice P resid en ts k x ± K < V * ^ w O rlando N orstad, Jack E. E llis and Jo n M. Soucek have been elected vice ^ presid en ts of th e Savage S tate Bank, Savage, as rep o rted earlier in th e A N o r t h w e st er n B a n k er w eekly new s letter. Mr. N orstad w as previously em- ^ ployed by th e F irs t N ational B ank of Cannon Falls. H e has been w ith the Savage B ank for th e p ast seven y ears w here he has served as cashier. o . NORSTAD J. M. S O U C E K J. E. E L L I S Mr. E llis p re viously w as em ployed w ith th e S t a t e B a n k of M edford and w as w ith th e N ational B ank E x am in ers for five years. He has been w ith th e Savage B ank for tw o years and w ill now be in charge o f c o m m e r c ia l loans. Mr. Soucek has been w ith th e bank for tw o y ears and w ill be in charge of all in stallm en t loans. H e w as for m erly affiliated w ith th e C om m unity C redit In d u stria l Loan C om pany in M inneapolis. 49 * ■u N o rth D a k o ta -V NEW S -V R. V. WELLS President Robinson W. J. DANER Secretary Bismarck B ick le To V ice P resident G ordon L. Bickle, fo rm erly of B is m arck, has recen tly been elected vice p re sid e n t of th e B atav ian N ational B a n k in La Crosse, W is. Mr. Bickle w as form e r 1 y affiliated w ith T he F irs t N a tio n a l B an k and T ru s t Com p an y in B ism arck w h ere he w as vice G. l . b i c k l e president. B o t h b an k s are affili ated w ith F irs t B an k System , a reg is tered b an k holding com pany. Frank Grim To Board F ra n k G rim has been elected to th e board of directors of th e F a rm e rs State B ank in Crosby. H e fills th e vacancy created by th e d eath of th e late H er m an M euw issen. Mr. G rim has been affiliated w ith th e b an k for 23 years. U niversity o f W isconsin Offers E xten sion Courses T h ree n o n c r e d i t correspondence courses on effectively usin g com puters are now available from the U n iversity of W isconsin E x ten sio n D epartm ent of B usiness and M anagem ent. N ew ly revised for 1971, th e courses are designed to help businessm en gain a basic know ledge of how com puters can be used, w ith little em phasis on q u a n tita tiv e m ethods and statistics. “In tro d u ctio n to M anagerial Data P rocessing” w hile assum ing no know l edge of E D P or m athem atics, provides m anagers w ith an u n d erstan d in g and w o rk in g vocabulary of th e ideas be hind, potentials of and lim itations in EDP. It provides those in terested in E D P careers w ith a nontechnical in tro d u ctio n to the field. T he course consists of 17 assign- M o n ta n a NEW S E. P. FRIZELLE President R. C. WALLACE Secretary Butte Helena Elect Nym an and Johnson K Jam es A. N ym an has been elected vice p resid en t and m an ag er of Com p u te r C orporation of M ontana and w ill assum e respo n sib ilities in th e areas of personnel, custom er relatio n s and ad m in istratio n , w hile Q ulan Johnson, vice p re sid e n t and secretary -treasu rer, w ill assum e respon sib ilities in th e areas of p ro g ram m in g an d system s analysis. Mr. N ym an is a n ativ e of Geyser, Mont., and a g ra d u a te of G eyser H igh School and College of G reat Falls. He began his com p u ter career in 1967 w orkin g p art-tim e for th e com puter d ep artm e n t of C entral B ank w hile com pleting his stu d ies at th e College of G reat Falls. U pon g raduation, he shifted to fu ll tim e w o rk as a pro- https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis g ram m er and in Ja n u a ry , 1970, w as elected a ssistan t secretary -treasu rer. Mr. Johnson is a n ative of G reat Falls, and a grad u ate of G reat F alls C entral H igh School and College of G reat Falls. Follow ing his college g raduation, he w orked briefly in G reat F alls and th en accepted a position w ith F irs t C om puter C orporation in m ents covering punched card ED P, com puters, basic program m ing, types of com puters, use of m agnetic tape, system s analysis and design. “System s A nalysis for B usiness M an ag ers” offers a com prehensive view of how m anagem ent can use th e com pu te r to develop and use system s for organizing business. T he nin e topics include processing inform ation, sys tem design and organization, system developm ent and operation, and corpo ra te system s considerations. A nontechnical approach to m anage m en t science techniques is given to “M anagem ent Science and A utom atic D ata P rocessing.” T he course covers influences of m anagem ent science tech niques w hen com bined w ith E D P m ethods and devices upon th e deci sion-m aking task, including po ten tial advantages and lim itations. I t as sum es only an elem entary know ledge of algebra and a w o rk in g know ledge of th e functional areas of business. N ine topics cover statistics and oth er analytical tools, lin ear pro g ram m ing, sim ulation and w aitin g line problem s, exponential sm oothing and PE R T /C PM , scientific in v en to ry m an agem ent, job scheduling and m achine loading, and gam e theory. M ore in form ation and en rollm ent form s are availagle from Joseph L. K leiner, D epartm ent of B usiness and M anagem ent, U niv ersity E xtension, 432 N. L ake Street, M adison 53706. H elena, Mont. Mr. Johnson joined th e staff of C entral B anks com puter d ep artm en t in 1967 as a program m er. H e advanced to a ssistan t m anager in 1969 and becam e vice p resid en t and secretary -treasu rer of th e corporation in Jan u ary , 1970. T he advancem ents w ere announced sim ultaneously w ith th e announce m en t of th e resig n atio n of W m. Allsop, p resen t m anager of C om puter Corpo ratio n of M ontana. Mr. Allsop w ill re tu rn , w ith his fam ily, to th e ir n ative state of U tah. Mr. Allsop cam e from Salt L ake in 1966 to join th e com pany. C om puter C orporation of M ontana is affiliated w ith B ancorporation of M on ta n a and has its offices in th e C entral B ank B uilding in G reat Falls. The C orporation handles data processing for all 11 B ancorporation of M ontana banks. New Bank Insured J. A. N Y M A N Q. J O H N S O N T he FDIC has approved coverage for T he Village B ank, G reat Falls, w hich has total capital accounts of $400,000. E. C. Jo slyn is p resid en t of th e bank. P relim in ary approval of th e new b a n k ’s c h a rte r w as granted in N ovem ber, 1969. Northwestern Banker, January, 1971 50 C o lo r a d o N ew s C. GALE SELLENS Wheat Ridge President Colorado Bankers Assn. Colorado N ational Bank P rom otes Seven Officers M elvin J. R oberts, ch airm an of th e board and chief executive officer of Colorado N ational Bank, D enver, has announced th e ap p o in tm en t of four new vice p resid en ts and th re e new as sista n t vice p resid en ts of th e bank. Louis K. Clain, C harles A. DeMerritt, C harles E. H e n ry an d C harles A. Schley have been nam ed vice p re s idents. M oving to assista n t vice p resi dents are N orm an G. B urkepile, G ary B. C unningham , and E d w ard J. G eraghty. Mr. Schley m oves from assistan t controller to vice p resid en t and assist a n t co n troller of th e bank. H e has been w ith CNB since 1953. Mr. B urkepile joined CNB in 1961 a fte r g rad u atio n from Colorado State U niversity. He w as nam ed loan offi cer in 1968. In 1970 he w as prom oted to co rresp ondent b ank officer. Mr. C unningham joined CNB in 1955 and c u rre n tly m anages CNB’s recen tly in stitu te d cash m anagem ent section. Mr. G eraghty sta rte d w ith CNB in 1962. He w as elected real estate loan officer in 1967. E lect New D irector L. K. C L A I N C. A. D E M E R R I T T H ow ard E. Sm ith, m an ag er of th e new E a stm an K odak C om pany’s Colo rado m a n u factu rin g operations has re cen tly been elected a new director of Affiliated B an k sh ares of Colorado, Inc. Mr. Sm ith is also a d irecto r of the G reeley N ational B ank, one of th e 13 ABC banks, exten d in g from A u lt to Colorado Springs. U nder C onstruction C. E. H E N R Y C. A. S C H L E Y Mr. Clain m oves from assista n t vice president-operations d e p a r t m e n t to vice p resid e n t of th a t division. Mr. Clain joined CNB in 1962. A g ra d u ate of th e U n iv ersity of Tulsa, he is c u rre n tly m an ag er of th e processing division of th e operations departm ent. Mr. D eM erritt is a g rad u ate of Clark U n iv ersity and th e G raduate School of M ortgage B anking, N o rth w e ste rn U ni versity. H e joined CNB in 1957. He w as elected a ssista n t vice p resid en t of th e real estate loan division in 1964. Mr. H e n ry m oves from tr u s t officer to vice p resid en t and tr u s t officer. H e w as grad u ated from th e D enver L aw School in 1958. Mr. H e n ry joined CNB in 1956 and w as prom oted to tru s t officer in 1964. Northwestern Banker, January, 1971 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T he F irs t N ational B ank of N o rth glenn is c u rre n tly involved in con stru ctio n of a $1.5 m illion building w hich w ill be six stories. T he build in g now occupied by th e F irs t N ation al B ank of N o rthglenn w ill be tak en over by T ri-State G eneration & T ra n s m ission A ssociation, Inc., as soon as th e new b an k facilities are completed. E lect Pecka to Board W ilb u r J. P ecka has been elected to th e board of th e U nited States B ank of A urora. Mr. Pecka is general m an ager of W estern E lectric C om pany’s service division-west. B alster Joins U niversity N ational E dw in K. B alster, fo rm erly a ssist a n t vice p resid en t of th e in stallm en t loan d e p a rtm en t for S ecurity N ational B ank, has joined th e affiliated U niver sity N ational B ank in th e sam e capac ity, according to W alter M. Orr, Jr., president. B oth banks are located in D enver. Mr. B alster had fo rm erly been asso ciated w ith banks in Chicago, 111., and Tucson, Ariz. Paul N am ed V ice P resid en t * * Rod P au l has been nam ed vice pres id en t and senior loan officer of the N ational B ank of Boulder, according * to an announcem ent by R ein Veerkam p, b an k president. a Mr. P au l began his b an k in g career in C anada before com ing to th e U nited * S tates in 1965 to w ork a t th e CrockerCitizens N ational B ank in Los A nge les. He joined th e staff of N ational ± State B ank of B oulder last May. A D eclare D ivid en d A rch J. Cueny, p resid en t of th e Golden S tate B ank of Golden, recen tly ^ announced a dividend of $5 p er share follow ing a board m eeting. Two Bank Officers R etire A rth u r W. B row n, executive vice p resid en t of th e A m erican N ational, and Leslie H. Cavanaugh, vice p resi V d en t and tr u s t officer of th e Colorado N ational B ank, both of D enver, have a retired. Mr. B row n began his em ploym ent w ith th e A m erican N ational in 1923. H e later served as a teller, bookkeeper and in 1939 w as m ade an assista n t tru s t officer. H e h ad been secretary of th e board of d irecto rs from 1945 u n til 1960 w hen he w as elected to th e V board. Mr. C avanaugh h ad been w ith th e Colorado N ational B ank fo r 48 years, sta rtin g in 1922 as a part-tim e m essen A ger. H e la te r served in th e clearing and bookkeeping d ep artm en ts an d w as nam ed an assista n t tru s t officer in 1951. He advanced to vice p resid en t r in 1962. He is a g rad u ate of th e S tonier School of B anking a t R u tg ers and also w as active in th e A m erican In stitu te Nr of B anking. Ì* New Bank B u ilding For B ou ld er C onstruction of a new b an k building for S ecurity B ank of B oulder has com m enced in th e Table M esa A rea in South B oulder. H. Lee S turgeon said th e new building w ill provide tw o drive-up facilities w ith provision for expansion to five as w ell as 42 parking spaces. T he b an k is expected to be com pleted in June. “ Forecast— 1 9 7 1 ” T en p ro m in en t business leaders p a r ticipated in “F o recast—1971” a t th e fo u rth an n u al Colorado Econom ic Sem inar sponsored by th e F ir s t National B ank of D enver recently. The i JL 51 r „ Some banks are more efficient than others. For example, the United Bank of Denver* is more efficient than the Denver U.S. National Bank. The United Bank of Aurora is more efficient than First Bank of Aurora. The United Bank of Boulder is more efficient than Mercantile Bank and Trust Company. The United Bank of Fort Collins* Is more efficient than the Poudre Valley National Bank. The United Bank of Greeley is more efficient than Weld County Bank. The United Bank of Lakewood* is more efficient than Villa National Bank.* The United Bank of Littleton is more efficient than the Arapahoe Valley Bank. The United Bank of Pueblo is more efficient than the Arkansas Valley Bank. And United» Banks of Colorado is much more efficient than Denver U.S. Bancorporation. We just changed our name. And the names of all our member banks. To make our company more efficient. Easier to administrate. More economical to operate. More economical to promote. And more profitable. We’re already the largest financial institution in Colorado. Now, we may just become the most efficient, too. United Banks of Colorado Full Service Banks https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ^National Association Northwestern Banker, January, 1971 52 C o lo ra d o N ew s luncheon w as held in th e g ran d b all room of th e D enver H ilton w ith ap proxim ately 600 senior b u sinessm en in attendance, according to E ugene H. Adam s, president, F ir s t N ational B ank of Denver. In discussing h is view s on b an k in g and credit, Theodore D. B row n, exec utive vice p resid en t of th e F irs t N a tional B an k of D enver indicated: “A t th is tim e th e econom ic signs are mixed. U nem ploym ent is high; recen tly as high a t 5.6 p e r cent. In spite of th a t, w holesale an d retail prices have been rising. In te rn a tio n ally th e dollar is not u n d e r th e p res sure it w as a y e a r or tw o ago b u t our balance of p ay m en ts can only be de scribed as im proved—th o u g h n o t in our favor. On th e o th er side of th e record hom e b uilding is on th e rise, state and local g o v ern m ent spending is up and consum er saving is up. C onsum er savings seem to be an enigm a. T hey re p re se n t a dam m ed up source of eco nom ic en erg y w hich if allow ed to flow into th e m a rk e t place could do a g reat deal to increase sales of consum ertype goods. T he enigm a lies in th e fact th a t sav ings have increased even th o u g h m ost people still live w ith an inflationary psychology, th a t is, “b e tte r b u y it now because th e price w ill be h ig h er later.” D enver B anker R etires M elvin J. R oberts, ch airm an of th e board of Colorado N ational Bank, D en ver, has announced th e re tire m e n t of Leslie H. C avanaugh, vice p resid en t and tru s t officer. Mr. C avanaugh has been w ith Colorado N ational B ank for 48 years. Mr. C avanaugh began his career w ith th e b an k in 1922 as a p a rt tim e m essenger. Mr. C avanaugh also served in th e clearin g and bookkeeping de p a rtm e n t and w as nam ed a ssistan t tru s t officer in 1951. He w as appointed tru s t officer in 1957 and vice p resid en t in 1962. A g rad u ate of th e Stonier School of B an k in g a t R utgers, Mr. C avanaugh has served on th e board of governors of th e A m erican In stitu te of B an k in g and w as p re sid e n t of the D enver C hap ter of th a t group in 1957. He has also been a d irecto r of Regis College. P rom ote 5 Officers D irectors of T he F irs t N ational B ank of D enver a t a re g u la r m onthly board m eeting prom oted five officers and nam ed five additional staff m em bers to new titles. A dvancing from a ssista n t vice p re si dents to vice p resid en ts are S tephan R. Levy, bond d epartm ent; Jo h n R. Northwestern Banker, January, 1971 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis B. L. S H R A D E R W. G. W E N D T McNeil, com m ercial loans; B etty L. Shrader, operations, and W illiam G. W endt, M aster Charge. K eith B. C arm ichael w as prom oted from operations officer to a ssistan t vice president. Ju n e L. B ern ard w as nam ed assist a n t new accounts officer. She had been new accounts rep resen tativ e. W illiam J. B artle, Jr., and L illian V. L om bardi w ere nam ed a ssistan t op eratio n s officers. T hey had been su p erv iso r and collateral division su p er visor respectively. Ju liu s E. Goebel w as advanced from secu rity m anager in th e M aster C harge d ep artm en t to assistan t M as te r C harge officer. P a tric ia J. K enw orthy, w ho served as com m unications officer, w as as signed to th e accounting dep artm en t as statistical officer. MICROFICHE . . . (C ontinued from page 26) receive any p rin ted reports. T he in fo rm atio n on th e Microfiche is re ceived d irect from th e com puter m ag netic tape and, therefore, req u ires no print-outs. The custom er b an k w ill w o rk only w ith th e Microfiche for an y of its look-up requirem ents. T he M icrofiche fu rn ish ed to th e cus to m er b an k is of tw o types. One is a Silver F iche used for p erm an en t rec ord storage and w ill be placed im m e diately in th e vault. The storage re q u irem en t for th e average b a n k for one y e a r is approxim ately tw o inches or less in a box about th e size of a recipe card file. Besides th e original, each b an k also w ill receive a K alvar Copy for each view er location in th e bank. T he first b an k usin g th is is th e F ir s t F ed eral State B ank in Des Moines. The staff reception to th e new system has been excellent and look-up tim e req u ired is m uch less th a n on th e old system of leafing th ro u g h reports. Com plete in fo rm a tion is available to any of th e officers or bookkeeping personnel. A readerp rin te r has been in stalled w hich w ill produce a p rin ted copy in six seconds or less of an y page on th e Microfiche. T his u n it, how ever, has n o t been used as m uch as originally p rojected and indications are th a t m an y ban k s w ill be able to get along w ith o u t th e p rin ter. T he p rin te r can be modified so it p rin ts from roll film and can be produced on th e sam e m achine. T he b an k no longer has a problem in destroying confidential p rin te d re ports and tria l balances and it now has related eq uipm ent w hich w ill be used v ery little in th e fu tu re. Storage of records is no longer a problem nor is th e re a problem d eterm in in g w hich records or rep o rts should be k e p t and for how long. F irs t F ed eral has avail able such good retriev al procedures th a t m an y old rep o rts can be found in a m a tte r of m inutes. Speed in Processing A m agnetic tape is created each n ig h t by th e Iowa-Des M oines Com p u te r C enter for delivery in th e early m o rning h o urs to th e N ational Microm ation C enter in Des M oines. Two ho u rs later th e processed Microfiche film is re tu rn e d to th e Iowa-Des Moines C om puter C enter for d istrib u tion to its custom er banks. I t is expected th a t m any changes im proving th e operation of th e cus tom er b an k w ill come about th ro u g h th e use of th e M icrofiche R etrieval System . T he Iowa-Des M oines N a tional B ank is experiencing w ide ac ceptance by custom er banks of its new m icrofilm system .—E nd. CONVENTIONS . . . (C ontinued from page 36) October 26-29—Independent Bankers Association of America, 4th A n nual Seminar for Ju nior Bank Officers, Ball State University, Muncie, Ind. October 31-November 3 — Bank M ar keting Institute, M arketing and th e Computer, A m bassador H otel, Chicago. N ovember 7-10 -— BAI 47th A nnual Convention, H otel Fontainebleau, M iami Beach. N ovember 7-12 — N ebraska B ankers Association Interm ediate School of Banking, Lincoln. November 11-12—ABA 40th M idconti nent T rust Conference, The Stat1er H ilton, Dallas. November 14-16—ABA 20th N ational Ag C redit Conference, H otel M uehlebach, Kansas City, Mo. sa r u A W y o m in g N e w s -V FELIX BUCHENROTH, JR. Jackson President Wyoming Bankers Assn. ■J- .A D isplay Captured Firearm s An ex h ib it fe a tu rin g 11 illegal w eap ons seized by th e U. S. T re a su ry ’s divi t sion of alcohol, tobacco an d firearm s w as recen tly on display a t A m erican N ational B ank in C heyenne. > T he display includes sawed-off ri fles and shotguns, a m achine gun, a «4 cane gu n and a silencer for h an d guns. Les E llsw o rth , public inform ation officer for th e division’s eight-state so u th w est region, said all of th e w eap Y ons in th e display, except a h an d > grenade and a 90-m illim eter shell, w ere ta k e n from professional crim i nals, p rim a rily in n o rth Texas. T he display re p re se n ts th e sev en cat r egories of gu n s covered by th e N ation al F ire a rm s A ct of 1968 an d is th e only ex h ib it of its type in a region >- w hich covers W yom ing, Colorado, K ansas, New Mexico, Texas, Okla Y hom a, A rk an sas and L ouisiana. H onored fo r 4-H Support T he F irs t N ational B ank of R iv er ton has qualified for m em bership in th e Silver C lover Club of th e N a tional 4-H Club F oundation. Silver C lover m em b ersh ip is aw ard ed to b an k s su b scrib in g $100 or m ore to th e “Service to Y outh” p ro g ram s of V th e N ational 4-H Club F oundation. The F irs t N ational B ank m ade its con trib u tio n d u rin g th e 1969 N ationw ide Cam paign. M artin H im e, re p re se n tin g th e F irs t 'T*' N ational B ank, received th e citatio n at th e R iv erto n 4-H A chievem ent Program . U pon receiving th e citation, Mr. H im e pledged th e b an k s continued > su p p o rt of th e y o u th b u ild in g 4-H Club program . > l*~ Purchase B onds T he fu tu re of A lbany C ounty’s new hospital w as h elped considerably w h en U nited C alifornia B anks and Associ ates and its L aram ie affiliate, F irs t N ational B ank of L aram ie, purch ased $1.6 m illion in bonds to finance con stru ctio n of th e new stru c tu re a t a highly favorable rate. A nn ou n ce Credit C onference H erb e rt F. McCulla, ch airm an of th e credit conference com m ittee for th e W yom ing B an k ers A ssociation, has https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis announced th e 17th A nnual W BA C redit C onference w ill be held F e b ru a ry 18th and 19th in Casper. Bank H onored B e rt H arris, p resid en t of th e F irs t N ational B ank of G reybull, w as p re sented a citation for th e b a n k ’s sup p o rt of th e N ational 4-H Club founda tio n recently. “ New Face” Program T he F irs t N ational B ank of Pow ell recen tly announced a new program assistin g local business w ith rem odel ings and faceliftings. Called “Face of th e 70’s,” th e program is developed to get b u siness in a b e tte r position to m eet th e com petitive challenges of the 70s. The “F ace of th e 70’s” program is a follow-up on th e p a rt of th e F irs t N a tio n al B ank to its “F irs t Class P ow ell” p ro ject of th e early 1960s. In th e ear lier program , F irs t N ational assisted some half a dozen local businessm en w ith faceliftings. E ssentially, th e p ro gram is th e same. The b an k pays for providing a rch itectu ral ideas on store fro n t rem odeling. The b an k supplies p relim in ary ideas and a m odel of w h at th e b uilding w ill look like if rem od eled. A nnounce New Services S everal new im provem ents have been in itiated a t th e F irs t N ational B ank in L ander. T he new “Tel-Air” drive-in ban k in g w indow s have re cently been opened and new p ark in g facilities have been provided. Cited fo r 4 0 Years Service C larence Schliske, vice p resid en t of th e F a rm e rs S tate B ank at B urns, w as honored a t th e b a n k ’s an n u al C hrist m as p a rty held recently. Mr. Schliske w ho began his career a t th e b ank 40 y ears ago w as p resen ted a plaque by H en ry W eber, b an k president. Joins Bancorporation W ade H. McDowell, w ho retire d re cently as senior ban k in g exam iner of th e W yom ing S tate E x am in er’s office, has joined th e Cheyenne-based W yom ing B ancorporation as su p erv isin g ex am iner for th e holding com pany’s group of banks. Mr. McDowell has been in ban k in g since 1923 an d w as associated w ith several K ansas ban k s and th e F ed eral R eserve B ank of K an sas City before going to W yom ing in 1966. Takes K iw anis Post E. D. (Al) F orem an, a ssistan t vice p resid en t of th e S ecurity B ank & T ru st Company, Casper, w as recently elected d istrict governor of th e Rocky M ountain D istrict of K iw anis In te r national. ILLINOIS NEW S . . . (C ontinued from page 38) A pplication F iled An application for a p erm it to or ganize has been filed by a group of applicants proposing to establish a new Illinois state b an k to be know n as Jackson T ru st and Savings B ank to be located in Chicago. T otal capitali zation is $2,000,000 and th e organizers are R ichard A. W alsh, Oak Park; Jam es T. Igoe, Jr., W innetka; Jo h n J. Cronin, Jr., Jo h n V. Crowe, H insdale; and F ra n k J. O’B rien, Oak P ark . E lected E xecutive V ice P resident I t w as recen tly announced th a t R on ald E. Jones has been elected execu tive vice p resid en t of th e Com m ercial N ational Bank, Peoria. N am e A ssistant Cashiers T he E xchange N ational B ank of Chicago has recen tly nam ed Jam es N. B orth and Sergio M. M ora as assist a n t cashiers. Joins Bank R obert P. H anson has recently joined th e B ank of Glen E llyn, Glen E llyn, as assistan t cashier, according to a recen t announcem ent. H e w as form erly affiliated w ith th e Old Sec ond N ational B ank, A urora. M issouri A cq uisition T he p rincipal sh areholders of The W illard B ank of W illard, Mo., have signed an affiliation co n tract w ith Com m erce B ancshares, Inc., of K an sas City, Mo. A nnouncem ent of th e con tract w as m ade co n cu rren tly by Jam es M. K em p er, Jr., p resid en t of Com m erce Baneshares, Inc., and Tom E. G reenw ade, presid en t of T he W illard Bank. The con tract is co n tingent upon th e hold ing com pany acquiring a t least 80 per cen t of th e o u tstan d in g shares of The W illard B ank and upon F ed eral Re serve B oard approval. Northwestern Banker, January, 797T 54 If you have been doing business with the U.S. National Bank you had a M erry Christm as If you start doing business with the U.S. National you will have a happier New Year! NATIONAL eers ! V____ Northwestern Banker, January, 1971 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANK OMAHA V A +■ d V- v 55 r- 10:45—“The A uto In d u stry Looks at B anking”—K eith A ndresen, ex ecutive vice president, N ebras ka New Car D ealers Associa tion, Lincoln. 11:30 A djournm ent. N e b ra s k a I NEW S À D ism iss P etition H. L. McKIBBIN W. H. OSTERBERG President Gering Exec. Mgr. ^ NBA Seminar Omaha Installment Credit IsFebruary I for th e 1971 In sta ll T m en t C redit Sem inar sponsored by the N ebraska B an k ers A ssociation has -f been announced by C harles R. Leffler, ch airm an of th e NBA com m ittee on in stallm e n t credit. Mr. Leffler is vice presid en t of th e F irs t N ational B ank and T ru st C om pany of Lincoln. R egistratio n for th e an n u al sem inar w ill begin at 4:30 p.m. on M onday, F e b ru a ry 1 a t th e New T ow er Motel, 78th and Dodge Streets, w h ere all ses sions w ill be held. The program com m ences T uesday m o rn in g and w ill con clude by W ednesday noon. The pro gram outline follows: Near C om pletion The F irs t State Bank, G othenburg, is n earin g com pletion of its series of building im provem ents. Pearson Joins Bank C. R. L E F F L E R P.M. 1:30 Monday, February l P.M. 4:30 6:30 7:30 R eg istratio n — N ew T ow er Mo tel. Social H our — F lam ingo and S ta rd u st Rooms. D inner—Palace Ballroom . Tuesday, February 2 A. M. 7:30 8:45 'T* 9:10 10:10 10:30 11:00 12:00 Buffet B reak fast—R iviera and Sahara Rooms. O pening Session—R iviera B all room. P resid in g —C harles R. Leffler, chairm an, NBA C om m ittee on In stallm en t Credit; vice p resi dent, F irs t N ational B ank & T ru st Com pany, Lincoln. W elcom e — H. L. M cKibbin, NBA president; executive vice p resident, B ank of G ering, Gering. “C onsum erism in th e 70’s”—Dr. Ben A. Rogge, W abash College, C raw fordsville, Ind. Coffee B reak. “NBA A ctivities Since W e L ast M et” — W illiam H. O sterberg, NBA executive vice president, Omaha. “M anagem ent Views — In sta ll m en t L en d in g ” — K erm it H an sen, executive vice president, The U nited States N ational Bank, Omaha. L unch — R iviera and Sahara Rooms. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis D istrict Judge B artle tt E. Boyle, Bellevue, dism issed a petition of the Southroads B ank w hich sought to o v ertu rn a F e b ru a ry decision by the State B anking D irector denying the application of a b ank charter. The group is headed by W alter W. Clark of Omaha. 2:30 3:00 4:30 J. D. D O O D Y A fternoon Session—Palace Ball room. P anel D iscussion—“In stallm en t C redit O perations.” Mel Adams, president, K eith C ounty Bank, Ogallala. Jo h n McGinley, vice president, F irs t N ational Bank, H astings. Chet M cGrury, vice president, B eatrice N ational B ank & T ru st Company, Beatrice. Bud Peschel, a ssistan t vice p res ident, F irs t N ational B ank & T ru st Company, Lincoln. Jo h n Peck, Jr., vice president, F irs t N ational B ank & T ru st Company, Columbus. Coffee Break. Discussion Sessions — “O pera tio n s” (room s to be assigned). D iscussion L eaders—NBA Com m ittee on In stallm en t Credit. B reak for the day. No dinner planned. Wednesday, February 3 A.M. 7:30 Buffet B reakfast—R iviera and Sahara Rooms. 8:45 M orning Session—Palace Ball room, Mr. Leffler, presiding. 9:00 “C onsum erism M ovem ent” — Jo h n F. Rolph III, a ssistan t leg i s l a t i v e c o u n s e l, A m erican B ankers A ssociation, W ashing ton, D. C. 10:00 Coffee Break. 10:30 “Your In stallm en t C redit M an u a l” — Jam es D. Doody, vice president, F irst N ational B ank of Omaha. H erm an E. P earson has joined the staff of Stockm ans N ational Bank, H arrison, as vice p resid en t of agricul tu re and com m ercial loans according to A ndrew W. M cMaster, president. Celebrate 2 5 tli Anniversary The F a rm e rs State Bank, Lym an, celebrated its 25th an n iv ersary recen t ly. P rizes w ere given for each year th e bank has been in operation. M cIntyre R esigns Dan M cIntyre, cashier at the C iti zens N ational Bank, St. Paul, has re signed and will accept a sim ilar posi tion w ith th e F a rm e rs and M erchants N ational B ank at W est Point. E ntering 8 2 n d Year The A m erican N ational B ank of Sid ney is en terin g its 82nd y ear of op eration. The oldest bank in th e Ne brask a P anhandle, the A m erican N a tional B ank is also one of the largest. W illiam s Joins Bank Tom W illiam s, form erly of Fairbury, is the new assistan t cashier at th e D akota C ounty B ank in South Sioux City. Begin R em od elin g W ork has begun on an extensive rem odeling of th e Com m ercial State B ank B uilding in W ausa. E xpected com pletion date is n ex t June. McVay R esigns H ow ard McVay, a native of Ogallala, has resigned as a ssistan t cashier at K eith C ounty Bank, w here he has been em ployed four years, to become cashier of th e B ank of R angely in Rangely, Colo. Northwestern Banker, January, 1971 56 a m em bership on the New Y ork Coffee and Sugar Exchange. Mr. T instm an also said th a t Charles J. Burmeister, vice p resid en t of F irs t Mid A m erica, has become an individ ual m em ber of the exchange for th e firm. F irst Mid A m erica already holds m em berships on th e Chicago Board of T rade and th e Chicago M ercantile E xchange. * H= * T T H E conclusion of a recen t m eeting of th e board of directors of T he Om aha N ational Bank, ch air m an and Chief E xecutive Officer Mor ris F. Miller announced th e election of E xecutive Vice P resid en t Thomas C. Quinlan to vice ch airm an of the board of d irectors of th e bank. Mr. Q uinlan w ill also assum e the responsibilities of general legal coun sel and corporate secretary for the bank. These new ly created positions are a re su lt of th e b a n k ’s reorganiza tion plan. A T. C. Q U I N L A N T. N. M O O R E Mr. Q uinlan is a n ative of Omaha, a g raduate of C reighton U n iv ersity and holds his J u ris Doctor degree from C reighton U n iversity School of Law. He w as active in several public offices and a p riv ate law firm before joining The Om aha N ational B ank as a vice presid en t in 1960. In 1964, he w as prom oted to senior vice p resid en t and executive vice p resid en t in 1965. In Ja n u a ry of 1969, Mr. Q uinlan w as elected as a m em ber of th e board of directors of th e bank. A t p resent, he is a m em ber of th e Omaha, Nebr., and A m erican B ar A ssociations, a d irector of the Om aha F ound atio n for Public Giving, Inc., and C reighton Hall, and a tru ste e for th e N ebraska T ax R e search Council. Upon Mr. Q uinlan’s election to vice chairm an of the board, Senior Vice P resid en t Thomas N. Moore w as ad vanced to officer in charge of th e es tate and tr u s t division. Mr. Moore is a grad u ate of C reigh ton Prep, C reighton U n iv ersity and Northwestern Banker, January, 1971 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C reighton U niversity School of Law. He joined the Om aha N ational in 1954 as an a ssistan t tru s t officer, upon th e m erger w ith L ivestock N ational Bank. Mr. Moore advanced to tru s t officer in 1959, vice p resident in 1964, and in 1969 he becam e a senior vice president. He is cu rren tly a m em ber of th e board of C hildren’s M emorial H ospital and U nited C om m unity Serv ices, and w as the G eneral Cam paign C hairm an for this y e a r’s H eart of the M idlands U nited Appeal. He is also a m em ber of the Omaha and N ebraska B ar Associations. C hairm an M iller also announced the prom otion of a ssistan t m ark etin g tra in in g officer, Tom Ripke, Jr., to operations officer, and the appointm ent of Elmer R. Masek as a new loan offi cer. Mr. R ipke w as born in H ot Springs, S. D., and is a g raduate from H ot Springs H igh School. He is also a g r a d u a t e of C reighton U niversity w here he received his B.S.B.A. de gree. He joined th e b ank in 1968 and in Septem ber of the sam e year becam e a business developm ent re presentative. He tra n sfe rre d to the m a r k e t i n g com m u n i c a t i o n s de p a rtm e n t in Sep tem ber of 1969 T. R IP K E . JR. and on to new ac counts in October of last fall. Mr. M ashek is a native of Bowdle, S. D., and is a grad u ate of Bowdle H igh School. He attended N o rth ern State College for tw o y ears and is li censed in real estate. Before joining the ONB in N ovem ber of 1970, Mr. M ashek w as m anager and supervisor w ith M urphy Finance. Dale C. Tinstman, p resident of F irst Mid A m erica Inc., a N ebraska-based in v estm en t b anking firm, has an nounced th a t the firm has purchased ^ V AA 4 v The board of directors of Omaha K N ational C orporation recen tly declared a reg u lar q u arterly dividend of 20 r cents p er share and an ex tra dividend ^ of 20 cents per share, payable Decem ber 11, 1970, to shareholders of record. < It is hoped th a t a q u a rte rly dividend of 25 cents p er share w ill be paid on the C orporation’s com m on stock d u r ing 1971, profits and other circum- * stances perm itting, according to Morris F. Miller, chairm an. * * * ^ Mrs. Clara E. Kizer, w ho helped her husband, T. Leslie Kizer, found th e ** C entral States H ealth and Life Com pany, died recently at th e age of 72 ^ after a long illness. Mrs. K izer w as secretary and a di rector of the insurance com pany at -< the tim e it w as founded in 1932. Mr. K izer is chairm an of the board. T heir * tw o sons, W illiam and Tom, are asso ciated w ith the firm as p resid en t and vice presid en t respectively. * * * P ictu red here is Mrs. Dora Braasch, 4 w hose re tirem en t as a ssistan t secre ta ry of the N ebraska B ankers Asso- * ciation w as announced earlier. Mrs. B raasch is ta k in g '* re tire m e n t u n d er t h e association’s r e t i r e m e n t p ro g r a m a f t e r 21 y ears of service w ith th e NBA. She j o i n e d the'*N* staff in 1949 as an office a s s i s t a n t and has served as a s s i s t a n t secre MRS. BR A A S C H ta ry for th e past several years. H er duties for some y ears have included handling of all the details in the association office connected w ith NBA insu ran ce p ro gram s. She is succeeded as a ssistan t secre ta ry of NBA by Miss Edith Mayes, w ho joined the association staff 11 years ago. Mrs. Kay Kenworthy joined th e staff last Septem ber and w ill take over Mrs. B raasch’s duties handling group insurance. K erm it R. H an sen of Om aha w as ^ nam ed to th e U n iversity of N ebraska 57 We wanted to show Don Ostrand hard at work managing First National s 4 correspondent bank department. -t >> 4 V * I ► >V T 'V' Don wanted to be shown admiring the new First National Bank Building. DON WON. Our new bank in First National Center is something any man would be proud to be part of. And that includes Don Ostrand, Vice President in charge of our Correspondent Banking Department. V FIRST NATIONAL BANK OF OMAHA https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis « Northwestern Banker. January, 1971 58 N ebraska News KIRCHNER, MOORE HAVEA NEW SERVICE FOR BANKERS: HIS NAME IS TERRY WARD Terry Ward is a Kirchner, Moore service to bankers large and small. Backed up by the West’s most authoritative group of municipal bond specialists, heisthe man in your office who is tied into computer ized portfolio evaluation services; who investigates bond issues at first hand (he has ranged as far as Alaska checking out municipal issues) to provide personal evaluation of what you should and should not buy; who has daily, up-to-the-minute accesstonew issueand secondary mar ket information; who is able to provide all bankers, from one source, with com prehensive m unicipal bond services. From Kirchner, M oore’ s new Omaha office, Terry Ward is the man in middle America who can ably assist you with tax-loss trades; who can help you up date your portfolio to increase earnings; who represents a total banker-oriented municipal bond service unique in the ind u s try . One of K irc h n e r, M o o re 's thoughtful initiators, Terry Ward will be at your desk soon. A phone call, or letter, to him in Omaha, however, will speed his arrival. KIRCHNER, MOORE AND COMPANY Specializing exclusively in Tax exempt municipal bonds 1414 WoodmenTower Omaha, Nebraska 68102 Telephone(402)345-0505 Also Denver and San Francisco Northwestern Banker, January, 1971 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Board of R egents by G overnor N orbert T iem ann. Mr. H ansen w as appointed to suc ceed R ichard L. H erm an of Omaha, w ho resigned after his election as N ebraska R epublican national com m itteem an. Mr. H ansen is executive vice p resi dent of the U. S. N ational B ank of Omaha. He w ill serve the unexpired term of Mr. H erm an, w hich ru n s to 1973. * * * The Omaha Chapter of the A1B gave a C hristm as p a rty for the 67 res idents of the L indenw ood n u rsin g hom e on D ecem ber 12, 1970. The AIB ladies in all the Omaha and su rro u n d ing tow n banks distrib u ted the nam es of th e residents and purchased and gift w rapped a p resen t for each resi dent of the home. E n te rta in m e n t w as provided by 18 ju n io r high Y girls. The gifts w ere d istributed by Larry Kinder of the S outhw est Bank, w ho w as dressed as Santa. The banking gals provided cookies and egg nog and coffee. * >1= * One of O m aha’s largest holiday dec orations w as located in th e m ain lobby of The Omaha National Bank. A huge w reath , some 15 feet in diam eter and w eighing 724 pounds, h u n g on th e m arble w all in the ONB lobby. Cre ated by Simonds F low er Shop of Oma ha, the w reath w as believed to be the largest in th e city. T his w as the first C hristm as for The Om aha N ational B ank in its new q u arters, located in the W oodm en Tower. O p e n \ e t r O ffic e A RIBBON-CUTTING cerem ony w as held December 17 to open th e C enter B an k ’s * new detached drive-in fa c ility located a t 4425 C enter S tre e t about th ree blocks from^"* th e m ain b an k a t 42nd and C enter. A s sistin g Ray Stanley, p resid ent of the bank, ▼ in th e rib b o n -cu ttin g w ere A1 Veys of the Omaha City Council and Cleft Nelson, ^ vice p resid en t and board m em ber of the Omaha Cham ber of Commerce. More than 100 persons w itnessed the cerem ony and were th en guests of th e b ank a t a lunch eon on th e top floor of th e new building. ** Mr. S tanley announced th a t Joseph S. Stuczynski has been advanced from assista n t cashier to assista n t vice president and nam ed m anager of th e new facility , s H e also announced prom otions in the m ain b an k fo r Mrs. Marguerite Kerr and Pat- -( rick McPherson to asst, loan officers and Jerome D. Rickerl to asst, auditor. the ONB’s prem ium offer of a hostess warm-o-tray. The prem ium appeared to be a popular C hristm as gift. ^ L eslie B elford R etires ^ Leslie Belford, director and vice presid en t of the Com m ercial N ational * Bank, G rand Island, has retired after being affiliated w ith the bank for 3^* years. A joint C hristm as and retirem en t * p a rty w as held in his honor. Heads C om m ittee Bill A pking, cashier at the State B ank of A lexandria, heads the corner m ittee w hich guided th e tow n to a first place N ebraska C om m unity Im provem ent aw ard. H onor M itchell Dan M itchell w as recently honored " by th e State B ank of H artley for h is ^ 50 y ears of service. A p a rty w as held in his honor. LEGAL QUESTIONS . . . To top off th e C hristm as spirit, an o rg an ist provided C hristm as music, a choir group from N o rth w estern Bell T elephone Com pany sang carols d u r ing a noon hour, and S anta’s helper served hot cran b erry punch to the cus tom ers. C om pleting th e C hristm as sp irit w as (C ontinued from page 29) have destroyed th e original certificate *w hen he paid his note and th e col lateral w as re tu rn e d to him . U nfor tu n ately, h e ju st continued to pay the in te re st on th e note u n til the day he died. T his created a bit of a legal tangle and some people even th o u g h t th a t it w as a schem e to secure virtually double pay m en t for his stock. 59 ► ■U -4 -Y >-V TODAY, 1971. r ► > > r ^ Today. The perfect time to let the National Bank of Commerce help you, Assisting correspondent banks is our specialty. How? In transit service . . . data processing . . . bond analysis . . . trust counselling . . . commercial loan accounting . . . collections and in many, many other ways. Our Correspondent Department is as quick as today in providing you complete service. of National Bank Commerce L in co ln , N e b r a s k a https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, January, 1971 60 AUL J. AMEN has been elected presid en t and chief executive offi cer of th e N ational B ank of Commerce at a m eeting of th e b a n k ’s board of directors. Glenn Yaussi w ill continue as ch air m an of the board of th e b ank and as chief executive officer of NBC Com pany, a one-bank holding com pany th a t ow ns the m ajo rity stock in NBC. P G. Y A U S S I P. J. A M E N Mr. A m en has been p resid en t of the ban k since M arch 15, 1967, th e sam e date th a t Mr. Y aussi w as elevated from p resid en t to chief executive offi- C. H. V E S T M. V A R N E Y We can help you to $5 m illion each, effective on approv- * al of th e C om ptroller of th e Currency. The board also announced these ad- w vancem ents: C. Howard Vest w as elected t r u s t T officer and Matt Varney w as electedyu in v estm en t officer of th e bond d ep art m ent. A F o u r persons w ere elected vice p re s idents. T hey are Gary Aksamit, tru s t 4 departm ent; Hale Kreycik, co m m er-, cial loan departm ent, Donald R. Larson, corporate relations, and John*, Shipferling, depositor’s services. A t a m eeting of the board of direc- ftors of NBC Company, approval w as given for pay m en t of an 11 cents a < share cash dividend to stockholders of record on D ecem ber 17, 1970, payable Ja n u a ry 4, 1971. The board also ap-^, proved p aym ent of a 10 p er cen t stock dividend to sh areholders of record on *■ the sam e dates. This w ill increase the o u tstanding shares of NBC Company from 662,200 to 728,420. The NBC Com pany board set the * annual stockholders’ m eeting in L in -^ coin for Ja n u a ry 18, 1971. T here are approxim ately 800 NBC Com pany t stockholders. cer and chairm an of the board. Mr. A m en w ill assum e full operation of th e N ational B ank of Commerce and Mr. Y aussi w ill devote m ore tim e to the holding com pany. In addition to th e N ational B ank of Commerce, NBC Com pany is affiliated w ith these Ne brask a banks: Lincoln B ank South, F irs t N ational B ank of K earney, F irs t N ational B ank & T ru st Com pany of F rem ont, F irst State B ank of F rem ont, N orth P latte State B ank, and O verland N ational B ank of G rand Island. Mr. A m en joined NBC in 1967 after six y ears as vice presid en t of loans and ad m inistration of the W achovia B ank & T ru st Com pany in C harlotte, Adam s Nam ed Trust Officer Ronald L. Adams, 32, of G rand Is- ^ N. C. A Lincoln native, he earned his land, w as elected as a ssistan t tru s t b achelor’s and m asters degrees from officer of th e F irst N ational B ank o f * the U n iv ersity of N ebraska. He served as an E nglish in stru c to r and athletic G rand Island by th e b a n k ’s board of directors a t its coach a t the U. S. M ilitary A cadem y reg u lar m o nthly -‘r in W est Point, N. Y., and w as head m eeting. T he an football coach at W ake F o rest College n o u ncem ent w a s ' before beginning his banking career m ade by W illiam in 1960. H. Riley, senior Mr. Y aussi started w ith NBC in 1934 tru s t officer of th§iji as a savings teller after atte n d in g NU. bank. He is a grad u ate of the W isconsin Mr. Adam s, a r School of B anking and the E xecutive n ative of Doni B ank M anagem ent School of H arvard. p h a n , g raduated He is a p ast presid en t of both th e L in mm J c f r o m D oniphan coln B oard of E ducation and the R. L. A D A M S H igh School in C ham ber of Commerce. In o th er action, the NBC board 1955, and from Doane College, C r e te ,^ voted to increase capitalization and in 1966, w ith a bachelor of a rts de su rp lu s of th e b an k from $3.6 m illion gree in economics. H e joined th e F irs t N ational B ank in Ju n e of 1969, w o rking in the au d itin g d ep art m ent, and w as tra n sfe rre d to the b an k ’s tru s t d ep artm en t in Septem ber of 1970 p rio r to his election as a n ^ officer of th e bank. Mr. A dam s had previously been associated w ith Tw in R ivers Com pany and Chief In d u stries . . find one th a t suits you. in G rand Island before joining the F irs t N ational. M UTUAL F U N D S W e can explain them fully . E A TO N YALE & TOWNE YALE BANKLOCK SERVICE DIVISION F. E. DAVENPORT OFFICE 2 0 6 6 FARNAM ST. OMAHA, NEBRASKA 6 8 1 0 2 YOUR STATE BANKERS ASSOCIATION SPECIALISTS IN SALES AND SERVICE OF SECURITY EQUIPMENT Northwestern Banker, January, 1971 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W ÊÊÊm orninoli n§action$ rise, yon wont them li«iod led uncommonly well. That's https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, January, 1971 62 N ebraska News Improve P rofits . . . (C ontinued from page 25) PAUL J. AMEN President N ational Bank oí Commerce Lincoln, Nebraska OW to Im prove Profits in 1971 is going to be the m ost pressing problem facing the city and regional banks in our section of th e country. “H ere a t the N ational B ank of Com m erce w e feel th a t we are faced w ith increasin g com petition on both sides of th e balance sheet. The cost of our inventory-m oney is increasing daily and we no longer enjoy th e lu x u ry of tak in g d epositors’ dollars at a low cost and loaning them out at a w ide m arg in over our costs. On th e assets side w e’re going to be m ore innovative as far as our own policies are concerned in an effort to provide loans of every type possible. H HAPPY GIRLS . . . (C ontinued from page 27) for outfits. T hey chose red doublebreasted blazers of polyester and wool, black double-knit slacks, gold single-breasted p o lyester and wool blazers to be w orn w ith olive green double-knit slacks. All 53 m en in th e b ank have th e red blazers w ith black slacks. Only th e officers have th e gold blazers and green tro u sers. T heir schedule is c o o r d i n a t e d w ith the w om en’s uniform s: red on M ondays, W ednesdays, F ridays, and S aturdays and gold on T uesdays and T hursdays. All are w o rn w ith sh irts and ties of th e ir own choice. The non-officer m ale staff w ere th e ir ow n suits on T ues days and T hursdays. One of th e g reat benefits for th e em ployees is th a t th e b ank paid for everything. By doing this, th e bank set certain stan d ard s, also. The w om en cannot w ear th e sk irts or dresses m ore th an five inches above th e knee. The uniform s are to be re tu rn e d to the bank w hen em ploym ent is term inated. All th e jackets, dresses and w eskits have th e C enter B ank em blem on them in a gold “C” on a black back ground “B ”. W hat p rom pted th e b an k to in cu r this expense? F irst, m an agem ent felt it would be a good public relatio n p ro m otion. C enter B ank has been a leader in m any new ideas: longer ban k in g hours, free checkng accounts for Sen ior Citizens, nam e tags, 4y2% in te re st paid on C hristm as Club accounts, and th e largest state ch artered b an k w hich also services th e g reatest volum e of m ortgage loans in secondary m arket. Northwestern Banker, January, 197J https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis “Let me be m ore specific by spelling out exactly w hat we hope to do. 1. W e’re going to cost and price our services and th en expect our custom ers to pay for the ex pertise th a t w e can provide them . Our in vestm ent and in te re st incom e rep resen ts 80 per cent of our total and w e ’re going to do ev ery th in g possible to increase our in come from services provided. This also m eans th a t we w ill offer a broader range of financial services th an recently. 2. We w ill be m ore aggressive in th e m anagem ent of our in v estm en t portfolio. Our secondary reserves will be in v estm en ts w hich w ill give us a h ig h er re tu rn and at th e sam e tim e provide a certain am ount of liquidity. 3. W e plan to expand our loaning services to include leasing, factoring and o ther such services th a t tr a ditionally we have not handled. 4. W e w ill concentrate on a m ore adequate deposit relationship from those custom ers for w hom we do m any, m any things. In other w ords, the sam e bal ances can’t be used for services from every single area of th e bank. 5. Finally, we hope to be m ore efficient in our opera tions and by doing every th in g possible to control costs. This w ill be a ‘belt-tightening’ y ear for us as I suspect it w ill be for m any o th er b an k s.” This w as an o th er “first,” especially th e p an t suits for wom en. Secondly, th e y felt th a t uniform s should be for everyone in th e bank, n ot ju st th e con tact personnel. A ccording to C areer Girl, C enter B ank is th e only b ank in th e m idw est th a t has purchased u n i form s for every employee. T his is quite a m orale booster for the noncontact employees. Third, it should reduce em ployee tu rn o v er. Tim e w ill tell if th is is a v a l i d assum ption. F o u rth , it creates a new im age for th e bank. The atm osphere in the b ank is one of pride and the uniform s co n trib u te to this. The fashion dream of the girls at C enter B ank becam e a reality w hen a show ing of th e b a n k ’s new fashions w as set up by L a rry Talley of C areer Girl. The m em bers of the w om en’s com m ittee m odeled the outfits and had been coached in the m odeling by Mrs. S andra C atron, w ho has tau g h t m odel ing. Mrs. C atron and Mr. Talley w ere com m entators for the style show p resen tatio n of C areer Girl M anufac tu rin g C om pany ensem bles — E n d . B o f A Loans $ 5 0 M illion For M inority Group H ousing The B ank of A m erica rep o rted last m onth it has already loaned over $50 m illion for hom e loans in C alifornia m in o rity areas since launching a spe cial program tw o y ears ago, and hopes to double th a t am ount by late 1971. A. W. Clausen, president, said the b an k has advanced $51,612,000 to 3,187 fam ilies for real estate loans in sec tions such as W atts and others classi fied as disadvantaged. A nother $9,000,- 000 is in process, he said. In addition, th e b ank has com m itted m ore th a n $1,492,000 for hom e im provem ents in m inority com m unities. B ank of A m erica pledged $100 m il lion for w h at it calls th e New Oppor tu n ity Home Loans program in July, 1968. The program got off slowly, accord ing to Mr. Clausen, b u t gained m om en tum after the bank advertised the availability of the funds. Mr. C lausen said the $100 m illion could be com pletely absorbed by the end of n ex t year if the m o n th ly vol um e of loans continues to hold at its p resen t level. The bank took th e funds for th e spe cial program from its higher-yield in v estm ents because of the p ressin g urgency to increase hom e ow nership and hom e im provem ents in g h etto areas, Mr. Clausen said. To help qualify applicants and real estate for financing in m in o rity areas, B of A reduced both its credit and col lateral req u irem en ts for the special loans. N inety-tw o of th e b a n k ’s branches are involved in the effort, and 100 lend ing officers hand-picked for th e job be cause of th e ir wide experience in the m in o rity field. The officers have broader au th o rity to g ra n t loans, and on occasion m any of them have canvassed d isadvan taged com m unities to tell resid en ts about the program . The b a n k ’s $100 m illion pledge is the largest p riv ate com m itm ent to m inor ity housing by a single U. S. bank. 63 ~V FRANK SIBERT Vice President BILL GRAVES Vice President ED PROBASCO Vice President Call Bob Dahl, our Senior Vice President What can he do for you? He can be of assistance on overlines involving commercial customers. Or, he’ll review, at your request, comm ercial loans you may be consid ering, even though an overline may not be involved. Or, he’ll help you set up a com mercial loan for a company or industry with which you’re not fam iliar. Or, he’ll do any number of things to help you...he and the members of our fu ll service corre spondent bank team. Just call 402/734-1234, fo r prom pt, knowledgeable service! JOHN FARRELL Vice President DAN RISHEL Asst. Vice President O Northwestern U\j National Bank • Omaha Member F.D.I.C, • Phone 402/734-1234 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, January, 7977 64 Meet Bill Talen .. . : ■I§g|. ^ our Bankers' banker Bankers Trust recently announced the ap pointm ent of W. C. (Bill) Talen to the newly created position of Executive Vice Presi.dent and election as a m em ber of the bank’s Board of Directors. A native of M innesota, Bill started his banking career over tw enty-five years ago. Prior to his most recent position as Presi dent of the U niversity State Bank in Green Bay and President and ow ner of two rural banks, Talen served as President of Farm ers and M erchants Bank in Watertown, South Dakota, and Executive Vice Presi d e n t o f th e F irs t N a tio n a l B ank in M enom onie, Wisconsin. Both Bill and his wife, June, are grad uates of Calvin College in Grand Rapids, Michigan. He also graduated from the School of Banking, U niversity of W iscon sin (1950), from the School of Bank M ar keting, N orthwestern U niversity (1955) and took graduate work at Stout State University, M enom onie, Wisconsin. Bill h o ld s a S ta n d a rd C e rtific a te fro m th e Am erican Institute of Banking and attend ed the Harvard Sem inar fo r Senior Bank O fficers in 1961. He has served on several State Bankers Association comm ittees. H is fir s t hand u n d e rs ta n d in g o f m idwestern independent banking, encom passes such things as planning new bank building, m oving a bank charter, changing a bank’s name, and selling stocks and debentures. Establishing a one-bank hold ing company, and the actual buying and selling of banks has added to his solid financial background. Truly a “ banker's banker,” Bill knows the p ro b le m s and n e e d s o f c o rre s p o n d e n t banks. He is not only experienced but also enthusiastic and w elcom es the oppor tu n ity to assist the bankers of Iowa. If you d o n ’t know Bill, we hope y o u ’ll meet him soon. Y ou’ll like him! "the pacesetter bank” Bankers Trust SIXTH AND LOCUST DES MOINES Northwestern Banker, January, 1971 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 65 r T h e fin a l e v e n t is t h e n o o n lu n c e o n o n T h u r s d a y , F e b r u a r y 4. A t its c o n c lu s io n t h e p a r ti c ip a n ts w ill re c e iv e t h e i r c e r tif ic a te s of c o m p le tio n f ro m B. L. B a rn e s , d e a n of th e U of I C ol le g e of B u s in e s s A d m in is tr a tio n , a n d B e n S u m m e rw ill. Iowa - N EW S *■ > J. H. REDMAN President _ A. E. LINDQUIST, JR. Exec. V. P. Group M eeting Dates Fort Dodge Des Moines Hank >Seminar Program «i M anag lo a m r w i H E T h ir d A n n u a l Io w a B a n k M anX a g e m e n t S e m in a r s p o n s o r e d jo in t ly ^ b y th e Io w a B a n k e r s A s s o c ia tio n a n d th e U n iv e r s it y of I o w a C o lle g e of Y B u s in e s s A d m in is tr a tio n w ill b e h e ld J a n u a r y 31 to F e b r u a r y 4 o n t h e U n i v e r s i t y of Io w a c a m p u s a t I o w a C ity . t- A n n o u n c e m e n t of t h e p r o g r a m w a s m a d e b y E . N o r m a n B a ile y , d ir e c to r ■*r o f t h e Io w a B a n k M an ag em en t S em in a r , a n d B e n E . S u m m e r w ill, p r e s id e n t, I o w a S ta te B an k and T ru st C om pany, Io w a C ity . M r. B a ile y is a p r o f e s s o r o n th e C o lle g e of B u s in e s s A d m in i s t r a t i o n s ta ff . E. N. B A IL E Y M r. S u m m e r w ill is c h a ir m a n of th e Io w a B a n k e r s A sso* c ia tio n b a n k e d u c a tio n c o m m itte e . 1 T w o c h a n g e s h a v e b e e n m a d e in t h e l * 1971 p r o g ra m . T h e S e m in a r h a s b e e n 1 le n g th e n e d to f o u r d a y s in s t e a d of th r e e , a n d th e f o r m a t h a s b e e n y c h a n g e d h y p r o v id in g m o r e e m p h a s is o n m a n a g e m e n t of a b a n k in s t e a d of > o n c a se s. R e g is tr a tio n is lim ite d to ^ 3 5 s e n io r officers o f I o w a b a n k s w ith ^ a f u r t h e r lim ita tio n of o n ly o n e b a n k e r p e r c o u n ty . T h e r e g i s t r a t i o n fe e t h i s y e a r is $ 2 0 0 , c o m p a r e d to la s t y e a r ’s fee o f $150. T h is c o v e rs a ll e x p e n s e s a t t h e S e m in a r. P a r t i c i p a n t s a r e to a r r i v e o n c a m p u s th e a f te r n o o n of S u n d a y , J a n u a r y ^ 31. A f te r o p e n in g f o r m a litie s a n d a n o r ie n t a tio n d in n e r t h e p a r ti c ip a n ts w ill b r e a k u p in to s m a ll g r o u p w o r k s e s s io n s to d is c u s s a n d d e v e lo p s o lu tio n s to th e c a s e p r o b le m s fo r M o n d a y . S im ila r w o r k s e s s io n s w ill b e h e ld M o n d a y a n d T u e s d a y n ig h ts . O n M o n d a y m o r n in g , P r o f e s s o r P e t e r P . S c h o d e r b e k o f t h e U o f I w ill le a d t h e s e m in a r w ith a p r e s e n ta t io n o n “M a n a g e m e n t b y O b je c tiv e s .” H e w o r k s in n u m e r o u s d e v e lo p m e n t p r o g r a m s in th e U n ite d S ta te s a n d d id o n e in J a p a n in 1969. -4 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis P r o f e s s o r B a ile y w ill h a n d l e th e M o n d a y a f te r n o o n c a se s tu d y s e s s io n . T h e s e w ill d e a l w i t h “B a n k L e n d in g P o lic ie s a n d C a p ita l A d e q u a c y .” P r o fe s s o r B a ile y te a c h e s b a n k i n g a t th e U of I. H e re c e iv e d a n A y re s F e llo w s h ip to a t te n d th e S to n ie r G r a d u a te S c h o o l of B a n k in g in t h e s u m m e r of 1969 a n d th r o u g h t h e c o u r te s y of th e Io w a B a n k e r s A s s o c ia tio n a tte n d e d th e W is c o n s in G r a d u a te S c h o o l of B a n k in g a t M a d is o n th is p a s t s u m m e r. O n T u e s d a y m o r n in g th e “B a n k M a r k e t in g ” s e s s io n w ill b e le d b y P r o f e s s o r S id n e y F e ld m a n , p r o f e s s o r of m a r k e t in g a s w e ll a s c h a ir m a n of th e d iv i s io n of b u s in e s s a d m in is t r a tio n a t I n d ia n a U n iv e r s it y N o r th w e s t. H e h a s t a u g h t a t th e S to n ie r G r a d u a te S c h o o l a n d is w o r k i n g w i t h t h e m a r k e tin g g r o u p of th e A B A . O n T u e s d a y a f te r n o o n P r o f e s s o r " R ic h a r d S te v e n s o n w ill h a n d le th e :a s e s tu d y s e s s io n d e a lin g w ith “B a n k I n v e s t m e n t P o lic y a n d B a n k M e rg e r s .” H e te a c h e s in v e s tm e n ts a n d fin a n c ia l m a n a g e m e n t a t th e U of I. T h e W e d n e s d a y m o r n in g s e s s io n le a d e r w ill b e P r o f e s s o r W illia m E c to n , c h a ir m a n of t h e d e p a r tm e n t of a c c o u n tin g a t t h e U n iv e r s it y of K e n tu c k y . T h is s e s s io n w ill b e “B a n k A c c o u n tin g ,” d e a lin g w ith c a u s e s a n d p r e v e n tio n of d e f a lc a tio n s , b a n k a u d its f o r p u b lic a c c o u n tin g firm s a n d t h e m a n a g e m e n t a s s is ta n c e th e b a n k e r s h o u ld g e t f ro m t h e a u d it. P r o f e s s o r E c to n w a s w i t h a n a t io n a l a c c o u n tin g firm a n d h a s d o n e b a n k a u d its . P r o f e s s o r B a ile y w ill h a n d le th e W e d n e s d a y a f te r n o o n c a se s tu d y s e s sio n s . P ro fe ss o r L a r r y C u m m in g s w ill h a n d le t h e T h u r s d a y m o r n in g s e s s io n o n “ M a n a g e m e n t of th e H u m a n R e s o u r c e in B a n k s .” T h is w ill d e a l w ith p e r s o n n e l m a n a g e m e n t a n d m o tiv a tio n . P r o f e s s o r C u m m in g s is t h e a u t h o r o r c o a u th o r of s e v e r a l m a n a g e m e n t b o o k s a n d p a r ti c ip a te s in s e v e r a l m a jo r e x e c u tiv e d e v e lo p m e n t p r o g ra m s . f H e r e a r e t h e d a te s fo r th e Io w a B a n k e r s A s s o c ia tio n ’s 1971 G ro u p m e e tin g s : G ro u p 1— F e b r u a r y 12, S io u x C ity . G ro u p 11— F e b r u a r y 19-20, B u r lin g to n . G ro u p 6 — M a y 10, D es M o in es. G ro u p 10— M a y 11 (n o s ite y e t ) . G ro u p 7— M a y 12, Io w a C ity . G ro u p 8 — M a y 13, M a q u o k e ta . G ro u p 5— M a y 24, C o u n c il B lu ffs. G ro u p 2— M a y 25, L a k e O k o b o ji. G ro u p 3— M a y 26, C le a r L a k e G ro u p 4— M a y 27, D u b u q u e . Panora Bank Sold B r u c e B a rk s , f o r m e r ly a s e c o n d v ic e p r e s id e n t w ith t h e O m a h a N a tio n a l B a n k of O m a h a , N e b r., w a s e le c te d p r e s id e n t a n d h a s p u r c h a s e d c o n tr o ll in g i n t e r e s t fro m th e P e te r s o n f a m ily in th e P a n o r a S ta te B a n k in P a n o r a , Io w a . T h e p u rch a se w as m ad e on D ecem b e r 18, 1970, a c c o r d in g to D r. C. A. N ic o ll, c h a i r m a n of t h e b o a r d of th e b a n k . B. BA RK S M r. B a r k s w a s b o r n a n d r a is e d in B e ld e n , N e b r. w h e r e h is f a t h e r is p r e s id e n t o f th e F i r s t N a tio n a l B a n k of B e ld e n . A f te r h ig h sc h o o l, h e a t te n d e d a n d g r a d u a te d f ro m C oe C o lle g e in C e d a r R a p id s, Io w a . F o llo w in g g r a d u a tio n , h e s e r v e d in th e A r m y in K o re a a n d r e t u r n e d to g r a d u a te s c h o o l a t t h e U n i v e r s i t y of N e b r a s k a . I n 1957 h e jo in e d th e sta ff of th e O m a h a N a tio n a l B a n k a n d w o r k e d in s e v e r a l d e p a r tm e n t s . F r o m 1964 to 1968 h e w a s e x e c u tiv e v ic e p r e s i d e n t a n d c a s h ie r of t h e W e s t O m a h a N a tio n a l B a n k , w h ic h is a n affilia te of t h e O m a h a N a tio n a l. H e th e n r e tu r n e d to t h e O m a h a N a tio n a l a n d w a s in s t r u m e n t a l in s e ttin g u p its c o m p le te M a s te r C h a rg e s y s te m . R etires at Charles City W . L o r e n P a r r , e x e c u tiv e v ic e p r e s i d e n t of C o m m e rc ia l T r u s t a n d S a v in g s B a n k , C h a rle s C ity , h a s a n n o u n c e d h is r e t i r e m e n t e ffe c tiv e D e c e m b e r 31. H e h a s b e e n w i t h t h e b a n k c o n t in u o u s ly fo r 54 y e a r s a n d d u r i n g t h a t tim e h a s s e e n th e b a n k ’s a s s e ts g ro w f ro m $750,000 to o v e r $11 m illio n . Northwestern Banker, January, 1971 66 I ow a N e w s USA Committee Chairmen Named H A IR M A N of th e c o m m itte e s a n d s u b c o m m itte e s of th e Io w a B a n k e r s A s s o c ia tio n h a v e b e e n a n n o u n c e d fo r 1971 b y J a m e s H . R e d m a n , p r e s i d e n t of th e IB A a n d p r e s id e n t of T h e S ta te B a n k , F o r t D od g e. C T h e A d m in is tr a tiv e C o m m itte e is c o m p o s e d of M r. R e d m a n ; V ice P r e s i d e n t T h o m a s H . H u s to n , p r e s id e n t, C o lu m b u s J u n c tio n S ta te B a n k ; E x e c u tiv e V ice P r e s i d e n t a n d S e c r e ta r y A r t h u r E . L in d q u is t, J r.; T r e a s u r e r W . P. R o n a n , p r e s id e n t, D e c o ra h S ta te B a n k , a n d P a s t P r e s id e n t J. C. B la c k fo rd , p r e s id e n t, U n io n B a n k a n d T r u s t C o m p a n y , O ttu m w a . T h e C o u n c il of A d m in is tr a tio n is m a d e u p of th e A d m in is tr a tiv e C o m m itte e a n d th e c h a ir m e n of th e 1 0 Io w a g ro u p s . T h e S e g r e g a te d F u n d a n d A d v is o ry C o m m itte e is m a d e u p of C h a ir m a n J . W . L ip to n , J r ., e x e c u tiv e v ic e p r e s i d e n t a n d c a s h ie r of Id a C o u n ty S ta te B a n k , I d a G ro v e; E . L. B a llo u , p r e s i d e n t, S e c u r ity T r u s t & S a v in g s B a n k , S to rm L a k e ; O liv e r A. H a n s e n , p r e s i d e n t, L ib e r ty T r u s t a n d S a v in g s B a n k , D u ra n t; D a le C. S m ith , s e n io r v ic e p r e s id e n t, C e n tr a l N a tio n a l B a n k & T r u s t C o m p a n y , D es M o in e s; E d H. S p e tm a n , J r ., p r e s id e n t, C o u n c il B lu ffs S a v in g s B a n k , a n d C. H . W a ls h , p r e s i A iding CAKE Efforts T h e s p r e a d in g d is a s te r of w o r ld h u n g e r a n d e m e r g e n c ie s a r o u s e d b y w a r , flood a n d e a r t h q u a k e h a v e c r e a te d r e lie f n e e d s f o r C A R E t h a t o n ly a n in c r e a s e in lo c a l d o n o r s u p p o r t c a n s a tis f y a n d p r o m o tio n a l a id is b e in g g iv e n in D o n n e lls o n b y th e C itiz e n s S ta te B a n k of D o n n e lls o n . C A R E d o n o r e n v e lo p e s a r e a v a ila b le a t th e b a n k , e m p h a s iz in g n o t o n ly th e n e e d fo r fo o d to s a v e liv e s, b u t f o r C A R E s e lf- a s s is ta n c e ite m s to e n a b le “h a v e n o t ” p e o p le to c a re fo r t h e m se lv e s. Sigourney Bank Nam es D irector T h o m a s S is k o w h a s b e e n n a m e d th e n e w v ic e p r e s id e n t a n d d ir e c to r a t th e F i r s t T r u s t a n d U n io n S a v in g s B a n k a t S ig o u rn e y . M r. S isk o w , w h o w o r k e d fo r a p u b lic fin a n c e c o m p a n y in M a so n C ity , h a s b e e n s e r v in g th e F i r s t S ta te B a n k in T h o r n to n . H e is a v e t e r a n of th e U. S. N a v y a n d a g r a d u a te of M a so n C ity J u n i o r C o lleg e. F idelity Bank Facility Open A n e w d riv e -in f a c ility a t th e F i d e lity S a v in g s B a n k in M a r s h a llto w n Northwestern Banker, January, 1971 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis d e n t, F a r m e r s & M e r c h a n ts B a n k a n d T r u s t, B u r lin g to n . J. C. B la c k fo r d s e r v e s a s c o m m itte e a d v is e r. C h a ir m e n o f th e r e m a in in g IB A c o m m itte e s a r e a s fo llo w s: Agricultural Committee— R. F. Malmberg, presi dent, Centerville N ational Bank, Centerville. A uditing— Rodney A mlie, executive vice presi dent, Commercial State Bank, Pocahontas. B anking A nalysis and Procedures John M. Shanda, vice president, Home State Bank, Jeffer son. B anking Law Research Committee — W illiam Buxton III, president, People Trust and Savings Bank, Indianola. Bank Taxation Committee— W. M. Goodyear president, Lake City State Bank, Lake City. Industrial Expansion Committee— Churchill T. W illiam s, president, Oelwein State Bank, Oelwein. Installm ent Loans Committee— John J. Hilliard, senior vice president, F irst N ational Bank, Ottumwa. Insurance Committee— Obert L. “Roy” Larson president, Farmers Trust and Savings Bank, W illiamsburg. Federal Legislation Committee— Clark Houghton, president, F irst N ational Bank, Iowa City. State Legislative Committee — John Chrystal, president, Iowa Savings Bank, Coon Rapids. Guaranteed Loans Committee — J. G. Leahy president, Pella N ational Bank, Pella. Public Relations Committee — R. W. Buxton, executive vice president, Peoples Trust and Sav-’ ings Bank, Indianola. Banking Education Committee— Ben E. Summerwill, president, Iowa State Bank and Trust Com pany, Iowa City. Tax School Committee— J. I. V andevanter, vice president, Guthrie County State Bank, Guthrie Center. Bank Security Committee— R. M. McGregor, assistant cashier, N orthw estern N ational Bank, Sioux City. Supervisory A gencies Committee W. B. McLuen, president, A nita State Bank, Anita. U . S. Savings Bonds Committee— Ed H. Spet man, Jr., president, Council Bluffs Savings Bank, Council Bluffs. Correspondent Bank Relationships Committee__ James F. Gruenwald, vice president, D avenport Bank and Trust Company, Davenport. h a s b e e n o p e n e d , a c c o r d in g to L e o B a ld w in , v ic e p r e s id e n t of th e b a n k . F r o m o n e to t h r e e te lle r s c a n ta k e c a r e o f th e n e w a u to m a tic tu b e s y s te m f o r d e p o s its a n d w ith d r a w a ls . D ie b o ld e q u i p m e n t h a s b e e n in s t a ll e d a t th e b a n k w h ic h b e g a n c o n s tr u c tio n in A u g u s t. Bankers Elect D augherty T h e J a c k s o n C o u n ty B a n k e r s h e ld t h e i r a n n u a l m e e ti n g in M a q u o k e ta a n d e le c te d T o m D a u g h e r ty , v ic e p r e s id e n t of th e B e lle v u e S ta te B a n k , a s p r e s id e n t fo r th e u p c o m in g y e a r . O th e r e le c te d o fficers w e re : J e r r y M a p le s, v ic e p r e s id e n t o f th e J a c k s o n S ta te B a n k , a s f irs t v ic e p r e s i d e n t; V e r n o n J u n g jo h a n n , c a s h ie r of th e M ile s S a v in g s B a n k , b e c a m e se c o n d v ic e p r e s id e n t, a n d N o rm G e rd e s, a s s i s t a n t v ic e p r e s i d e n t of t h e M a q u o k e t a S ta te B a n k , a s s u m e d th e d u tie s of s e c r e ta r y . Stam ps fo r POW Letters T h e L e M a rs S a v in g s B a n k , L e M a rs , h a s r e c e n tly a n n o u n c e d t h a t i t w ill p a y t h e p o s ta g e o n l e t t e r s o f w a r to th e N o r th V ie tn a m e s e in P a r is . A ll l e t t e r s m a y b e le f t in th e b a n k lo b b y . A lm o s t 15,000 of m o r e th a n 70,000 le t te r s c o lle c te d a lr e a d y h a v e b e e n w rit- L te n b y r e s id e n ts o f n o r t h w e s t Io w a . A ir m a il l e t t e r s to M in is te r X u a n T h u y a t th e P a r is P e a c e T a lk s r e q u i r e 20 c e n ts . P o s tc a r d s m a y b e s e n t f o r 15^* c e n ts . Nam e M ertens Trust Head J o s e p h G. K n o c k , p r e s i d e n t of Io w a S ta te S a v in g s B a n k , C r e s to n , a n n o u n c e d o n b e h a lf o f t h e b o a r d of d ir e c to r s th e es-" ta b l i s h m e n t of a tr u s t d e p a rtm e n t in t h e b a n k a n d n a m i n g H . A. M e rte n s to h e a d it. M r. M e rte n s w a s ' a p p o in te d v ic e p r e s i d e n t and t r u s t officer. T h e d e p a rtm e n t w a s H. A. M E R T E N S f o r m a lly opened la s t m o n th a n d w ill h a v e s e p a r a te offices in th e e a s t p o r tio n of th e b a n k ' f a c ilitie s a t Io w a S ta te S a v in g s B a n k . M r. M e rte n s fo r th e p a s t 18 y e a r s p r a c tic e d a c c o u n ta n c y . H e w a s th e f o u n d e r a n d s e n io r p a r t n e r in t h e firm H . A. M e rte n s , A s s o c ia te s , G r u n d y C e n te r. H e h a s s p e c ia liz e d in ta x e s , e s ta te p la n n in g , f in a n c ia l p la n n in g a n d 1 m a n a g e m e n t c o n s u ltin g . H e a ls o h a s s e rv e d a s a d ir e c to r o n t h e b o a r d of th e F a r m e r s S a v in g s B a n k th e r e . P r i o r to c o m in g to G r u n d y C e n te r, M r. M e rte n s h e ld p o s itio n s w i t h c o r p o r a ti o n s a s c o m p tr o lle r a n d l a t e r a s s i s t a n t to th e p r e s id e n t. M r. M e rte n s h o ld s d e g r e e s in a c c o u n tin g a n d law . H e s e rv e d a s p r e s id e n t o f t h e A c c o u n t- ’ ’ a n t s A s s o c ia tio n of Io w a a n d s e rv e d as g o v e r n o r o n th e b o a r d of t h e N a tio n a l S o c ie ty of P u b lic A c c o u n ta n ts . New P eop les M otor Bank O p e n h o u s e w a s h e ld r e c e n t l y a t ( th e P e o p le s M o to r B a n k , I n d ia n o la , to c e le b r a te th e r e c e n tly c o m p le te d b a n k i n g fa c ilitie s . T h e n e w m o to r b a n k is a n o t h e r in a lo n g lin e o f b a n k e x p a n s io n a n d r e m o d e lin g p r o je c ts c a r r ie d o u t in r e c e n t y e a r s . T h e m a in b a n k b u ild in g w a s c o m p le te ly r e m o d e le d a n d e n la r g e d in 1968. T h e 30-car c u s to m e r p a r k i n g lo t w a s r e s u r f a c e d a n d t h e tra ffic flo w c h a n g e d th i s fa ll to c o n f o r m to th e n e w m o to r b a n k tra ffic p a t t e r n , a c c o r d in g to W illia m B u x to n I I I , b a n k p r e s id e n t. John Baylor J o h n T. B a y lo r, W h a t C h e e r b a n k e r , d ie d r e c e n tly a t t h e a g e o f 55. M r. B a y lo r w a s a life lo n g r e s i d e n t of W h a t C h e e r a n d p r e s id e n t o f t h e W h a t C h e e r S ta te B a n k . H e b e g a n w o r k i n g a t th e b a n k in 1934. Y When it comes to Cattle Overlines WE STEED w SP m h i k H ^l you STRAIGHT the D R O V ER S THE DROVERS NATIONAL BANK O F C H ICA G O 47th and Ashland Avenue Chicago, Illinois 60609 (312) 927-7000 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 68 Iow a News B a n k , D e n v e r, a n d c h a ir m a n a n d di- '* r e c to r of t h e A m e r ic a n S a v in g s B a n k , in T rip o li, d ie d r e c e n tly a t t h e ag e of 70. 4 M r. H a g e m a n n w a s a lso a p a s t p r e s id e n t a n d m e m b e r of th e S ta te B oard*'» of R e g e n ts . H e a lso s e r v e d a s c h a i r m a n of th e b o a r d of r e g e n ts of W a rtb u r g C o lle g e in W a v e r ly . >■>** C om plete E xpansion r A $100,000 e x p a n s io n p r o g r a m h a s PANELISTS w e re ( le f t to r i g h t ) : Mark PocLhajsky, Chuck Stoltz, Quinton Bierman, Harley Buntenbach, Merle Smith, Bon Bowman a n d Ike Rowand. 200 Hear Beef M arketing Bane! L A R G E R th a n e x p e c te d c r o w d of m o re th a n 2 0 0 p e r s o n s w a s o n h a n d r e c e n tly a t t h e D u r a n t C o m m u n i t y C e n te r i n D u r a n t, Io w a , to h a v e t h e i r q u e s tio n s a n s w e r e d o n b e e f m a r k e tin g a f t e r th e C h ic a g o s to c k y a r d s clo sed . M o d e ra to r f o r th e p a n e l of s p e a k e r s w a s O liv e r H a n s e n , p r e s id e n t of L ib e r ty T r u s t & S a v in g s B a n k , D u r a n t, s p o n s o r of t h e m e e tin g . Quinton Bierman, a n official w ith th e P a c k e r s & S to c k y a r d s A d m in is tr a tio n , d is c u s s e d b o n d in g a n d w e ig h ts . H e s u r p r i s e d th e a u d ie n c e b y r e la tin g t h a t th e a v e r a g e liv e s to c k d e a le r in Io w a c a r r ie s o n ly a $10,000 b o n d , i n a d e q u a te f o r e x te n s iv e d e a lin g s . H e a lso s ta te d p a c k e r s a r e n o t r e q u ir e d to b e b o n d e d , p r e s e n tin g a p o te n tia lly d a n g e r o u s s it u a ti o n w ith th e in f lu x of u n h e a r d of e a s te r n p a c k e r s . H e u r g e d th e a u d ie n c e to p a y c lo se a t te n t i o n to s h r in k a g e fa c to rs , do t h e i r p e n c il w o r k a n d b e a l e r t to v a r ia n c e s in w e ig h in g fa c ilitie s . A Meric Smith, I n t e r n a t i o n a l L iv e s to c k E x c h a n g e , p r o v id e d so m e n e w in f o r m a ti o n o n a d if fe r e n t a p p r o a c h to m a r k e tin g . C a ttle a r e b e in g so ld off a b o a r d in C h ica g o , s im ila r to f u tu r e s , b u t w ith th e a c tu a l d e liv e r y ta k in g p la c e . T h is o r g a n iz a tio n is m a d e u p of s e v e r a l of th e o ld c o m m is s io n firm s in C h ic a g o a n d is j u s t g e t tin g s ta r t e d . Ike Rowand, m a n a g e r of th e A tk in s o n -C h ic a g o S to ck y a r d s , d is c u s s e d t h e i r s u c c e s s fu l i n i tia l a u c tio n t h a t w a s h e ld t h e s a m e a f te r n o o n a s th e c o n f e re n c e in D u r a n t. H e e m p h a s iz e d t h a t fo r o n e p a r t i c u l a r p la c e to b e a n e ffe c tiv e m a r k e t, a la r g e n u m b e r of b u y e r s h a v e to b e p r e s e n t a n d c o m p e te fo r a la rg e n u m b e r of c a ttle . A n old C h ic a g o c o m m is s io n m a n h im s e lf, M r. R o w a n d w a s v e r y h ig h o n th e f u t u r e of th e A tk in s o n m a r k e t. Mark Podhajsky, m a r k e t a n a ly s t f o r C a ttle -F a x , p r e s e n te d t h a t p r o g r a m a n d to ld h o w it c a n b e a n e ffe c tiv e Northwestern Banker, January, 1971 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis to o l f o r th e f a r m e r . B y k e e p in g a n a c tu a l c o u n t o n th e n u m b e r of c a ttle o n fe e d a n d t h e n u m b e r m a r k e te d , th e y c a n se e th e t r e n d s d e v e lo p . C a t tle -F a x , d e v e lo p e d b y th e A m e r ic a n C a ttle m e n ’s A s s o c ia tio n , is a v a ila b le o n ly to c a ttle f e e d e r m e m b e rs . Chuck Stoltz, v ic e p r e s id e n t, D u b u q u e P a c k in g C o m p a n y , D u b u q u e , s a id h is firm is lo o k in g f o r m o r e e a s t e r n p a c k e r s to c lo se d o w n t h e i r k illin g o p e r a tio n s a n d c o n v e r t to a c tu a l b r e a k in g d o w n of c a rc a s s e s . T h is r a is e s th e p o s s ib ility t h a t m o r e e a s t e r n jo b b e r s w ill b e p u t t i n g in m a n y m o r e o r d e r s fo r c a r c a s s e s k ille d in th e m id w e s t. H e f e lt t h a t f a r m e r - f e e d e r s w ill p r o b a b ly s t a r t w a tc h in g th e d r e s s e d b e e f t r a d e m o r e c lo s e ly to g e t d a y -to -d a y m a r k e t t r e n d s to h e lp th e m d e t e r m in e a p r ic e f o r t h e i r c a t tle . Harley Buntenbach, I n t e r s t a t e P r o d u c e r s L iv e s to c k A s s o c i a t i o n , e x p la in e d t h e i r c o n t r a c t s e llin g of c a ttle a n d h o w th e y m a r k e t c a ttle fo r a p a r tic u la r in d iv id u a l w h o s ig n s u p w ith th e m to m e r c h a n d is e h is fin is h e d c a t tle . B e in g b a s e d in P e o r ia , h e a lso m a d e th e r e m a r k t h a t s o m e of th e c o m m is s io n firm s n o w in C h ic a g o w o u ld p r o b a b ly m o v e to P e o r ia as th e y d e v e lo p t h a t m a r k e t fo r e a s te r n b o u n d c a ttle . Ron Bowman, a n in d e p e n d e n t o r d e r b u y e r w h o r e p r e s e n ts s e v e r a l d if f e r e n t p a c k in g p la n ts , s ta te d h e is lo o k in g fo r so m e m a jo r c h a n g e s in m a r k e t i n g in t h e n e a r f u tu r e . O bserves 7 5 th Anniversary T h e S ta te B a n k of D u m o n t, D u m o n t, r e c e n tly o b s e rv e d its 7 5 th a n n i v e r s a r y w ith a n o p e n h o u s e . T h e b a n k w a s e s ta b lis h e d a s a p r i v a t e i n s t i t u t i o n in 1895. D. M. H a r r i s o n is c h a ir m a n of th e b o a rd . Harry H. H agem ann H a r r y H . H a g e m a n n , v ic e p r e s id e n t a n d d ir e c to r o f t h e D e n v e r S a v in g s j u s t b e e n c o m p le te d a t t h e M id w a y * ' B a n k a n d T r u s t C o m p a n y in C e d a r F a lls . T h e e x p a n s io n in c lu d e s t h r e e * n e w d riv e -in u n i t s w h ic h e n a b le o n e b a n k t e lle r to h a n d le m o r e t h a n 300 c a r c u s to m e r s a n h o u r , a c c o r d in g to *. P h ilip S. B e rg , p r e s id e n t of t h e b a n k . T h e i n t e r i o r of th e b a n k h a s also*-* u n d e r g o n e r e m o d e lin g . * H onor Bank E m ployees N in e p e r s o n s w e r e h o n o r e d r e c e n tly f o r 2 0 o r m o r e y e a r s of s e r v ic e a t th e ^ D a lla s C o u n ty S ta te B a n k , A d el. H o n o re d e m p lo y e e s w e re : R u s s e ll Horn,'*'* I r e n e D a u g h e r ty , D illo n M e ric a l, W y n e t te W ile s , L o u is e K e lle r, H . B. Ja c o b - * so n , B e tty L e e , G e o rg e M e rr ia m a n d B o n n ie F e ld m a n . R ussell Day R etires R u s s e ll D ay , v ic e p r e s id e n t o f t h e * C o m m e rc ia l S ta te B a n k , M a rs h a llto w n , w a s h o n o r e d r e c e n tly a f te r a n n o u n c in g h is r e t i r e m e n t a f t e r 25 y e a r s of se rv ic e . Stam ps to Savers T h e M a p le to n T r u s t a n d S a v in g s B a n k is n o w o f fe rin g S & H G r e e n y S ta m p s fo r s a v in g m o n e y . J a m e s W h i t in g , p r e s id e n t of th e b a n k , s ta te d t h a t “b y g iv in g o u r c u s to m e r s S & H G re e n S ta m p s , t h e y c a n c h o o s e th e g if ts th e y w a n t in s te a d of o u r t r y i n g to g u e s s w h a t th e y w a n t.” Raid N am ed to Board Np M e lv in E . R a id , p r e s id e n t of R a id Q u a r r ie s C o rp ., h a s b e e n n a m e d a d ir e c to r of F a r m e r s & M e r c h a n ts B a n k a n d T r u s t o f B u r lin g to n , a c c o r d in g to , a r e c e n t a n n o u n c e m e n t b y C h a rle s H . W a ls h , p r e s id e n t. M r. R a id a n d h i s ^ b r o t h e r fo rm e d R a id Q u a r r ie s in 1946. H e is a lso p r e s id e n t of M c L e lla n S to n e C o m p a n y a n d M c L e lla n C o n s tru c tio n C o m p a n y of B o w lin g G re e n , K y. State Bank Ups Capital A t a s p e c ia l m e e ti n g h e ld r e c e n tly ‘ th e s h a r e h o ld e r s of S ta te B a n k a n d T r u s t in C o u n c il B lu ffs a u t h o r i z e d a n in c r e a s e of $500,000 in c a p ita l, r a is i n g its c a p ita l s to c k to $1 m illio n . B a n k P r e s i d e n t J a c k R. E a k i n s a id s u r p lu s a lso is $ 1 m illio n . 69 Forrest R eibsam en H onored At T estim on ial D in n er + v ** ^ „ >. ^ v- F . D. R e ib s a m e n , v ic e p r e s id e n t a n d d ir e c to r of t h e F i r s t S ta te B a n k of B r itt, w a s h o n o r e d la s t m o n th b y a s u r p r i s e te s tm o n i a l d in n e r h e ld a t J e r r y ’s R e s t a u r a n t a n d L o u n g e in C orw ith . I t w a s h o s te d b y th e F i r s t S ta te B a n k a n d th e H a n c o c k C o u n ty B a n k e r s A s s o c ia tio n . M r. R e ib s a m e n , w h o h a s b e e n em p lo y e d b y t h e F i r s t S ta te B a n k fo r o v e r 43 y e a r s , h a d a n n o u n c e d e a r lie r h is in te n d e d r e t i r e m e n t f r o m a c tiv e b a n k i n g a s of J a n u a r y 1, 1971. M r. R e ib s a m e n h a s b e e n a n o fficer a n d d ir e c to r of t h e b a n k lo n g e r t h a n a n y o th e r p e r s o n . S e v e n ty b a n k e r s , w iv e s , a n d f rie n d s , in c lu d in g so m e o f B r i t t ’s w r e s tli n g c o a c h e s, to o k p a r t a n d w a tc h e d as M r. a n d M rs. R e ib s a m e n r e c e iv e d a c a s h g if t f ro m J e r r y H ic k c o c k , p r e s i d e n t of t h e F i r s t S ta te B a n k , a n d a tr o lli n g m o to r fro m J a m e s M a lle n , p r e s id e n t of t h e H a n c o c k C o u n ty B a n k e r s A s s o c ia tio n . Albert City R etirem ent C a rl K in d w a ll, v ic e p r e s id e n t of th e A lb e r t C ity S a v in g s B a n k , r e t i r e d a t r y e a r -e n d a f t e r s e r v in g th e b a n k fo r 46 y ea rs. * I n r e c e n t y e a r s , M r. K in d w a ll s p e n t m o s t of h is tim e h e a d in g th e b a n k ’s in s u r a n c e d e p a r tm e n t . H e a n d h is y w ife , E ls ie , p la n to s p e n d so m e tim e tr a v e lin g . T h is p a s t s u m m e r , th e coum p ie tr a v e le d th e S c a n d in a v ia n c o u n tr ie s . > O pen H ouse fo r the Ladies T h e w o m e n s ta ff m e m b e r s of th e Io w a F a lls S ta te B a n k , Io w a F a lls , s p o n s o r e d a h o lid a y o p e n h o u s e in th e b a n k ’s n e w c o m m u n ity r o o m o n D e c e m b e r 15 f ro m 4:00 to 8:00 p .m . fo r a ll e m p lo y e d w o m e n in Io w a F a lls . A p p r o x im a te ly 200 la d ie s a tte n d e d . I t w a s t h e f irs t s u c h e v e n t, a c c o r d in g to D o ro th y W ils o n , a s s i s t a n t c a s h ie r of th e b a n k , a n d it is p la n n e d to m a k e it a n a n n u a l a ffa ir. id e n t of th e A m e r ic a n S ta te B a n k , M a so n C ity . H e s u c c e e d s A1 K . C ars te n s , w h o h a s r e s ig n e d , b u t w ill re m a in o n th e b o ard o f d ir e c to r s . M r. H o o k h a s b e e n w ith A m e r i c a n S ta te sin c e Ja n u ary , 1960, s h o r tly a f t e r h e and h is f a m ily m o v e d to M a so n B. L. H OOK C ity . F o r t h e la s t s e v e n y e a r s h e w a s v ic e p r e s id e n t. A n a t iv e of S a b e th a , K a n ., h e a t te n d e d K a n s a s U n iv e r s it y a n d w a s g r a d u a te d f ro m th e S c h o o l of B a n k in g in M a d iso n , W is. H e b e g a n h is b a n k in g c a r e e r in 1950 in R o lfe . New Site T h e O sc e o la S ta te B a n k a n d T r u s t C o m p a n y is p la n n in g to b u ild a 48 b y 61 fo o t b u ild in g in O sce o la . Jo h n M e y e r, e x e c u tiv e v ic e p r e s id e n t of th e n e w b a n k , s ta te d t h a t th e y w ill s e rv e a r e a p a t r o n s f ro m t h e i r p r e s e n t t r a i l e r b u ild in g u n t i l th e n e w b u ild in g is c o m p le te d in J u n e . First State Bank to B uild W a lte r W ie w e l, p r e s id e n t of th e F i r s t S ta te B a n k in M a n c h e s te r , h a s a n n o u n c e d p la n s fo r a n e w b u ild in g . T h e b a n k f a c ility w ill h a v e a to ta l of 8 , 0 0 0 s q u a r e fe e t, in c lu d in g a f u ll b a s e m e n t, p a r ti a l tw o -s to ry , w ith d riv e -u p f a c ilitie s a n d c u s to m e r p a r k in g . Tama Bank C om pleted W illia m B e o h m , p r e s id e n t of th e T a m a S ta te B a n k , a n n o u n c e d th e c o m p le tio n of th e r e m o d e lin g of t h e T a m a bank. M r. B e o h m s ta te d t h a t th e T a m a -T o le d o a r e a is s h o w in g s u c h r e m a r k a b le g r o w t h in n e w b u s in e s s th e r e m o d e lin g p r o je c t w a s t h e i r m e a n s of e x p r e s s in g c o n fid e n c e in t h e f u t u r e of th is m id -Io w a c o m m u n ity . T h e T a m a S ta te B a n k p r o je c t w a s h a n d le d b y D e a n C. S c h w e s tk a of U niS e rv ic e , In c ., of B r a d f o r d , Io w a . Dr. R am sey Joins Bank > H ook N am ed P resident B o y d L. H o o k h a s b e e n e le c te d p r e s D r. J. D. R a m s e y h a s jo in e d th e T ip THANK YOU US TO F OR to n S ta te B a n k sta ff a s f a r m r e p r e s e n ta tiv e . D r. R a m s e y r e c e n tly r e ti r e d f ro m v e t e r i n a r y p r a c tic e a f te r s e r v in g t h e T ip to n a r e a fo r 25 y e a r s . H e h a s b e e n a d ir e c to r of th e b a n k fo r s e v e n y e a r s a n d h a s b e e n v e r y a c tiv e in c o m m u n ity a ffa irs, a c c o r d in g to J a m e s E . M o o re, b a n k p r e s id e n t. HANDICAPPED . . . (C o n tin u e d f ro m p a g e 35) th o u g h t o n t h e p a r t of d e s ig n e rs , b u ild e r s , m o n e y m e n , b u ild in g o w n e rs , a ll of u s . A t le a s t so m e a r e t r y i n g to d o s o m e th in g a b o u t it. S ta te le g is la tio n h a s b e e n p a s s e d in v a r io u s s ta te s m a k in g it a la w to m a k e p u b lic b u ild in g s f u n c tio n a l a n d a c c e s s ib le to th e h a n d ic a p p e d . T h e A m e r ic a n I n s t i t u t e of A r c h ite c ts h a s c o n d u c te d n u m e r o u s p r o g r a m s to e d u c a te t h e p u b lic o n th e p r o b e m s of t h e h a n d ic a p p e d . I t ’s u n f o r t u n a t e t h a t m a n y m u s t b e c o m p e lle d b y la w to r e n d e r a s s is t a n c e to 2 0 0 , 0 0 0 p a r a p le g ic s ( p a r a ly z e d fro m th e w a is t d o w n ) f ro m a u to m o b ile a c c id e n ts e a c h y e a r; to 2 m illio n y o u n g s te r s w ith o r th o p e d ic h a n d ic a p s ; a n d so m e 332,00 W o r ld W a r I I , K o re a a n d V ie tn a m v e t e r a n s w h o h a v e p e r m a n e n t d is a b ilitie s f ro m s e r v in g t h e i r c o u n tr y . T h a t n u m b e r , u n f o r tu n a te ly , in c r e a s e s d a ily . Relate To Them P u t y o u r s e lv e s in t h e i r p la c e s. B a n k ers a n d th e b a n k in g in d u s try can m a k e s ig n ific a n t c o n t r i b u tio n s to w a r d s th e a lle v ia tio n of t h e b a r r i e r s h a n d i c a p p e d fa c e — n o t o n ly in b a n k s t r u c t u r e s b u t in th e v ita l c o m m u n ity ro le s t h a t b a n k e r s s e r v e o n b u ild in g c o m m itte e s , sc h o o l b o a r d s , a n d e le c tiv e offices. T h in k a b o u t it! S ta n le y H . C h u r c h o n c e o b s e rv e d : “ B a d a s h a n d ic a p s a re , i t ’s n o t th e la m e leg s, th e s ig h tle s s e y e s, th e b a d h e a r ts , o r t h e o th e r a fflic tio n s t h a t p e o p le s o m e tim e s h a v e to fac e. I t ’s th e m e n ta l p a r a ly s is t h a t h its th e m w h e n th e y think t h e y c a n n o lo n g e r b e u s e fu l. I t ’s th e f e a r of b e in g d e p e n d e n t f o r th e r e s t of t h e i r d a y s . . . —End. HELP I NG GROW EACH YEAR! United States Check Book Company P. O. B OX 3 6 4 4 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis O M A H A , NEBRASKA 68103 Northwestern Banker, January, 1971 70 th e F a r m e r s a n d M e r c h a n ts S ta te B a n k of W i n te r s e t. I t m a r k e d th e c lo se of a b a n k i n g c a r e e r t h a t c o v e re d 64 y e a r s . Geren Heads New Facility R o b e r t G e re n , v ic e p r e s i d e n t a n d c a s h ie r of th e B u r lin g t o n B a n k a n d T ru s t C om pany, h as b ee n n am ed m a n a g e r n i th e c o m p a n y ’s n e w a u to b a n k f a c ility . M r. G e r e n h a s b e e n a ffilia te d e w ith t h e b a n k s in c e 1941. Werner Nam ed Asst. Cashier ATSON W. POWELL, 53, p r e s i W d e n t a n d c h a ir m a n of A m e r ic a n R e p u b lic I n s u r a n c e C o m p a n y , h a s b e e n e le c te d p r e s id e n t of th e D es M o in e s C h a m b e r o f C o m m e rc e fo r 1971. H e is a d ir e c to r a n d m e m b e r of th e e x e c u tiv e c o m m itte e of V a lle y B a n k & T r u s t C o m p a n y , D es M o in e s. A s C h a m b e r p r e s id e n t M r. P o w e ll s u c c e e d s John R. Fitzgibbon, p r e s id e n t of th e Io w a -D e s M o in e s N a tio n a l B ank. O th e r n e w officers in c lu d e Robert J. Sterling, p r e s id e n t of B a n k e r s T r u s t C o m p a n y , w h o w a s e le c te d s e c r e ta ry t r e a s u r e r o f th e C h a m b e r. * * ^ Winfield W. Scott, w h o r e t i r e d as p r e s id e n t of th e V a lle y B a n k a n d T r u s t C o m p a n y o n J a n u a r y 31, 1960, a n n o u n c e d h is r e t i r e m e n t f ro m th e b o a r d of d ir e c to r s o f th e b a n k a t th e e n d of 1970. M r. S c o tt jo in e d th e V a l le y B a n k a s v ic e p r e s id e n t in 1938, a f te r 25 y e a r s w ith th e Io w a -D e s M o in e s N a tio n a l B a n k a n d its p r e d e c e sso r, th e Io w a N a tio n a l B a n k . H e w a s e le c te d a d ir e c to r of th e V a lle y B a n k in 1938, s e n io r v ic e p r e s id e n t in 1945, a n d p r e s id e n t in 1952. L o n g a c tiv e in c iv ic a n d b a n k i n g a ffa irs , M r. S c o tt is a p a s t p r e s id e n t of R o a d s id e S e ttle m e n t a n d a p a s t m e m b e r of th e C o m m u n ity C h e s t b o a rd . H e w a s p r e s id e n t of th e G r e a t e r D es M o in e s C h a m b e r of C o m m e rc e in 1950. A g r a d u a te of th e A m e r ic a n I n s t i t u t e o f B a n k in g , h e w a s p r e s id e n t of th e D es M o in e s C h a p te r in 1921. Jay E . Tone, S r., 97, r e t i r e d c h a ir m a n of T o n e B ro s, a lso r e t i r e d fro m th e b o a r d of d ir e c to r s of th e V a lle y B a n k an d T ru s t C o m p an y a t th e end of 1970. H e h a s b e e n a d ir e c to r of th e b a n k f o r a lm o s t 36 y e a r s . * =)= * C a rl W. Moody, c a s h ie r a t t h e Io w a S ta te B a n k , d ie d r e c e n tly a f te r a s h o r t illn e s s a t th e a g e of 6 8 . M r. M o o d y h a d b e e n w ith Io w a S ta te B a n k s in c e 1942. H e w a s f o r m e r ly a ffilia te d w ith Norf/iwesfern Banker, January, 1971 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Io w a -D e s M o in e s N a tio n a l B a n k fo re jo in in g Io w a S ta te B a n k . * * * be I t w a s r e c e n tly a n n o u n c e d b y th e Io w a -D e s M o in e s N a tio n a l B a n k t h a t Imo Duden, h e a d of t h e a n a ly s is d e p a r tm e n t, a n d Mert W illemssen, c o m p t r o lle r s d iv is io n , w e r e r e c ip ie n t s of h o n o r s c o n f e r r e d u p o n th e m fo r t h e ir 25 y e a r s ' s e rv ic e w ith th e b a n k . * * * Verlyn R. Tuers, a s s is ta n t c a s h ie r, B a n k e r s T r u s t, r e t i r e d D e c e m b e r 31 a f te r 35 y e a r s in t h e b a n k i n g b u s in e s s . M r. T u e r s w a s h o n o r e d D e c e m b e r 16 a t th e b a n k ’s C h r is tm a s p a r t y h e ld a t th e H o te l F o r t D es M o in e s. Rob ert J. Sterling, p resid en t of B a n k e rs T r u s t, M r. aw arded T u e r s a g if t f ro m th e b a n k and la u d e d h is lo y a lty a n d c o n t r i b u tio n s to th e b a n k o v e r th e y e a r s . M r. T u e r s , a n a t iv e of N e b r a s k a , jo in e d t h e D es M o in e s B a n k a n d T r u s t in 1935. H is a s s o c ia tio n w ith B a n k e r s T r u s t b e g a n in 1953 w h e n th e tw o b a n k s m e rg e d . H is b a n k i n g c a r e e r e n c o m p a s s e d a v a r ie ty of d u tie s . M o st r e c e n tly h e w a s in th e g e n e r a l a c c o u n tin g d e p a r tm e n t . A lso h o n o r e d a t t h e b a n k ’s C h r is t m a s p a r t y fo r 1 0 y e a r s ’ s e rv ic e w e r e Robert W. Lemon, a s s is ta n t v ic e p r e s i d e n t, a n d Mrs. Doris Cerretti, te lle r. E a c h w a s g iv e n a g if t to c e le b r a te th e o c c a sio n . T h e a n n u a l C h r is tm a s p a r t y w a s a t te n d e d b y a ll th e b a n k o fficers, e m p lo y e e s , a n d t h e i r h u s b a n d s a n d w iv e s . J. W. M cKee R etires O n e of th e lo n g e s t b u s in e s s c a r e e r s in th e h is t o r y of W i n t e r s e t c a m e to a c lo se r e c e n tly w ith t h e r e t i r e m e n t of J. W . ( B e r t) M c K e e, v ic e p r e s id e n t of J o h n L. W e r n e r w a s e le c te d a s s is t a n t c a s h ie r o f th e P o w e s h ie k C o u n ty "t N a tio n a l B a n k , G rin n e ll, a t a r e c e n t b a n k b o a r d m e e tin g , i t h a s b e e n a n n o u n c e d b y M a x A. S m ith , p r e s i d e n t s of t h e b a n k . M r. W e r n e r jo in e d th e sta ff of th e v b a n k in O c to b e r of 1969 a s a n e x e c u tiv e a s s is ta n t. * A 1968 g r a d u a te of I o w a S ta te U n i v e r s ity , M r. W e r n e r s p e n t t h e fo llo w in g y e a r a s a y o u th w o r k e r w i t h th e I n t e r n a t i o n a l F a r m Y o u th E x c h a n g e in N ic a r a g u a . H is a s s is ig n m e n t w a s •< w o r k i n g w ith 4-S C lu b s ( s im ila r to 4-H C lu b s ) in n o t h e r n N ic a r a g u a . s New A ddition A n e w a d d itio n is b e in g c o n s tr u c te d ^ a t t h e M a q u o k e ta S ta te B a n k , M aq u o k e ta , w h ic h w ill a b o u t d o u b le th e p r e s e n t flo o r sp a c e , a c c o r d in g to M a q u o k e ta S ta te B a n k p r e s i d e n t E d A T u b b s . T h e a d d e d c o n s tr u c tio n w ill in c r e a s e t h e a r e a of t h e b a n k b y 250 s q u a r e fe e t. M r. T u b b s e x p la in e d t h a t th e n e w f a c ility w ill c o n s is t p r i m a r i l y o f lo a n ‘ < offices. T h e c u r r e n t lo b b y w ill b e r e m o d e le d a n d e x te n d e d in to th e a r e a o f th e offices. A n in d iv id u a l h e a tin g a n d a i r c o n d itio n in g p l a n t w ill b e c o n s t r u c t e d in th e n e w fa c ility . R em od elin g Project V T h e m a j o r r e m o d e l i n g p r o je c t p la n n e d a t th e A lta V is ta S ta te B a n k g o t u n d e r w a y r e c e n tly w h e n w o r k m e n b e g a n th e jo b o f e n c lo s in g t h e f ro n t. T h e c o n t r a c t h a s b e e n le t to U niS e rv ic e of B r a d f o r d , Io w a , a firm s p e - ^ c ia liz in g in b a n k r e m o d e llin g . E s t i m a te d c o st, a c c o rd to P a u l H e n tg e s , c a s h ie r, w ill b e a p p r o x im a te ly $42,000. P r o f e s s io n a l D e sig n , a lso of B ra d f o r d , s u b m i tte d t h e a r c h i t e c t u r a l p la n s . W h e n th e w o r k is c o m p le te d th e b a n k w ill h a v e a n e w f a c a d e w i t h th e s t r e e t e n t r a n c e a t th e n o r t h e n d . T h e s te p s a n d e n t r a n c e a r e a w ill b e e n c lo s e d b e tw e e n tw o d o o rs a n d le a d in to th e lo b b y a n d r e c e p tio n ro o m . T h is w ill a d jo in a n e n c lo s e d f r o n t office. 71 We keep bankers hours. Today it takes hard work to provide the services we want to provide our correspondent banks. And long hours. If that means our men have to put in extra hours, travel extra miles, then that’s what they do. Gladly. Otherwise they wouldn’t be around long. And, neither would you. If that’s the kind of service you want from a correspondent bank, call. Then we’ll call on you. Day or night. Ybu don’t need us. We need you! Central National Bank & Trust Company LOCUST AT SIXTH AVENUE, DOWNTOWN DES MOINES, PHONE 243-8181 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MEMBER F.D.I.C. Northwestern Banker, January, 1971 72 Iowa News M oving to New ton WANT ADS Rates 25 cents per word per insertion. Minimum: 12 words. NORTHWESTERN BANKER 306 15th St., Des Moines, Iowa W ould like to b u y m a jo rity stock in sm all b an k in n o rth e rn Iow a o r so u th e rn M innesota. W rite F ile KMT, c/o N O R T H W E S T E R N B A N K E R , 306 F ifte e n th S tre e t, Des M oines, Iow a 50309. FO R SALE Tw o N C R re b u ilt P o stro n ic A c c o u n tin g M achines p u rc h a se d in N ovem ber a n d D ecem ber of 1969. O toe C ou n ty N a tio n a l B an k , N e b ra s k a C ity, N e b ra sk a 68410. T elephone 402— 873-3388. C A SH F L O W S H E E T S M onthly cash flow incom e an d ex pense fo rm s — so h elp fu l in p la n n in g b u d g e t loans fo r f a rm e rs and ra n c h e rs. S am p les av aila b le . F a rm B usiness C ouncil, Inc., 1300 H a g a n S tre e t, C h a m p a ig n , Illin o is 61820. YALE BANKLOCK SERVICE D IV ISIO N F. E. DAVENPORT O FFICE 2 0 6 6 FARNAM ST. OMAHA, NEBRASKA 6 8 1 0 2 Y O U R S TA T E B A N KER S A S S O C IA TIO N S P E C IA LIS T S IN SALES AN D S ER V IC E OF S E C U R IT Y EQ U IP M EN T L E G A L FO R M S A n y fo rm you need we stock, or will p r in t. Special fo rm s th e n stocked f o r p ro m p t sh ip m e n t on re-o rd e rs. IO W A L E G A L B L A N K & P R IN T IN G CO. Box 238, W e b ste r C ity, Iow a Registers "Accepted Sale Registers by Bank Clerks Everywhere” For information write THE ACORN PRINTING CO. Oakland, Iowa E le c te d p r e s id e n t of th e g r o u p is G a ry S h o rt, a s s i s t a n t v ic e p r e s id e n t, S e c u r ity S ta te B a n k of In d e p e n d e n c e , a n d A lb e r t D u ro e , c a s h ie r a t F a r m e r s S ta te B a n k of J e s u p is t h e n e w v ic e p r e s id e n t. S e c r e ta r y a n d t r e a s u r e r of th e a s s o c ia tio n is J o h n S h e e le y , P e o p le s S ta te B a n k of W in th r o p . M r. S h o r t s u c c e e d s L e e B o sso m , c a s h ie r o f P e o p le s S ta te B a n k , W in th r o p , a s p r e s id e n t. GENERAL UNITED LI FE I N S U R A N C E “O L oj* Don Nachtman Eastern Iowa P.O. BOX 1302 • Northwestern Banker, January, 7971 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis H onor D irectors M rs. C. B. T o y a n d G e o rg e R. C all, b o th of S io u x C ity , r e c e n tly received'*"* a w a r d s f o r 36 y e a r s of s e r v ic e a s di- ^ r e c to r s of th e T o y N a tio n a l B a n k . S io u x C ity . T h e p r e s e n ta t io n s w e r e m a d e b y J . W illia m V a n D y k e , c h a ir m a n of th e b o a rd , a n d C. C. V a n D y k e ,» p r e s id e n t of t h e b a n k . A lso , s e rv ic e a w a r d s w e r e p r e s e n te d to th e fo llo w in g : H e n r y L a r s e n of S io u x C ity , v i c e " p r e s id e n t, 40 y e a r s ; E lm e r K o e h le r of a. A lta , a s s i s t a n t c a s h ie r, 30 y e a r s ; L e s lie O lso n o f S io u x C ity , v ic e p r e s id e n t,* “ 25 y e a r s ; W a lte r S t e r r e t t o f A n th o n . v ic e p r e s id e n t a n d c a s h ie r, 15 y e a r s ; ^ J a m e s T r itz of S io u x C ity , v ic e p r e s i d e n t, R o b e r t G r o th a u s o f S io u x C ity , * a s s i s t a n t t r u s t officer, L o r e n e S ch u el- ^ k e of A lta , a ll 10 y e a r s . N e w o ffic ers o f th e B u c h a n a n C o u n t y B a n k e r s A s s o c ia tio n w e r e e le c te d a n d in s ta lle d r e c e n tly a t th e H o te l P in ic o n in I n d e p e n d e n c e . K e r n d t B r o th e r s S a v in g s B a n k , L a n s in g , h a s n o w m o v e d to its n e w lo c a tio n o n M a in S tr e e t of L a n s in g . F o r m o re th a n a c e n tu ry th e b a n k h as b e e n lo c a te d in th e s a m e b u ild in g o n th e c o r n e r of M a in a n d 4 th S tr e e t a n d d u e to th e n e e d f o r m o re ro o m , r e c e n tly r e m o d e le d c o m p le te ly th e in t e r i o r a n d e x t e r io r o f th e f o r m e r L a n s in g C o m p a n y office b u ild in g . T h e n e w lo c a tio n f e a tu r e s th e la te s t a n d m o s t m o d e r n e q u i p m e n t to s e r v e its c u s to m e rs . F o u n d e d in 1858 b y M o ritz K e r n d t, S r., th e b a n k h a s b e e n m a n a g e d b y t h e K e r n d t f a m ily fo r t h r e e g e n e r a tio n s . T h o m a s M. K e r n d t is n o w p re s- S P E N C E R , IOWA 51301 id e n t a n d T h e o d o r e A. K e r n d t is v ic e 4 p r e s id e n t. > Install Officers New L ocation BOX 87 PH. 1-712'2621499 ACORN P ic tu r e d h e r e is D o n a ld R. H u n g e r, w h o s e a p p o i n tm e n t e ffe c tiv e F e b r u a r y 1, 1971, a s p r e s id e n t of t h e J a s p e r C o u n ty S a v i n g s B a n k in N e w to n , w a s a n n o u n c e d in a n e a r l i e r is s u e . H e w ill s u c c e e d A. E . P e te r s , w h o w ill b e c o m e c h a i r m a n of th e b o a rd . R o b e rt E . V ance, c u r r e n t l y t he b a n k ’s b o a r d c h a ir m a n , w i l l D. R. R U N G E R b e c o m e f irs t offic e r of t h e b o a r d a n d c o n tin u e as c h a ir m a n of th e t r u s t c o m m itte e . M r. R u n g e r is p r e s e n t l y v ic e p r e s i d e n t a n d s e n io r t r u s t o fficer a t F i r s t N a tio n a l B a n k of D u b u q u e , w h e r e h e h a s s e r v e d s in c e 1958. (c r e d it COMPANY *3¡n â u ra n c e Jim Vande Kamp Western Iowa DES MOINES, IO W A 50305 E xpansion at O skaloosa P la n s w e r e a n n o u n c e d b y E x e c u tiv e V ice P r e s i d e n t R u s s e ll S. H o w a r d , J r ., fo r e x te n s iv e lo w e r le v e l r e m o d e lin g of th e M a h a s k a S ta te B a n k . T h e d a t a A p r o c e s s in g d e p a r t m e n t h a s b e e n m o v e d to t e m p o r a r y q u a r t e r s j u s t e a s t o f th d « m a in b a n k b u ild in g . W h e n c o m p le te d t h e lo w e r flo o r a r e a w ill h o u s e m o r e s p a c io u s lo a n o fficer q u a r t e r s a n d a r e d e s ig n e d c o n f e r e n c e ro o m . T h e s e re m o d e le d a r e a s w ill o ffe r b o th s ta ff a n d c u s to m e r s g r e a t e r c o n v e n ie n c e a n d p r iv a c y . % M r. H o w a r d a lso a n n o u n c e d t h e p u r c h a s e of th e f o r m e r E a r l M a y b u ild in g a d j a c e n t to th e p r e s e n t M SB M o to r B a n k . P la n s f o r th is a c q u is itio n c a ll fo r e n l a r g in g th e m o to r f a c ility 4 a s w e ll a s p r o v id in g p e r m a n e n t h o u s in g fo r th e d a ta p r o c e s s in g d e p a rt--* m e n t, in c lu d in g th e r e c e n tly in s ta lle d H o n e y w e ll 115 c o m p u te r s y s te m . S ta ff a d d itio n s w e r e m a d e in s e v e r a l a r e a s a t M a h a s k a S ta te B a n k t h i s p a s t y e a r . R o b e r t C o o p e r, a r e c e n t g r a d u a te of th e U n iv e r s it y of N o r t h e r n Io w a , h a s jo in e d t h e lo a n d e p a r tm e n t . M r. C o o p e r’s f a t h e r is s e n io r v ic e p r e s id e n t o f W a te r lo o S a v in g s B a n k . J o e M c C u rd y is a fu ll-tim e c o m p u te r p r o g r a m m e r a t t h e M a h a s k a B a n k , in a d d itio n to s t u d y i n g g e n e r a l b u s in e s s a t W illia m P e n n C o lleg e. 73 * “A s I say, our Loan C om m ittee can’t see an E quipm ent Loan for you right now . . . . A n oth er an gle of approach w ou ld be to get in touch w ith L easeA m erica C orporation, in Cedar Rapids. “N ow w h a t? ’ > W e’ve had good ex p erien ce w ith them . B y leasing, you can get the eq u ip m en t now w ith out rea lly tou ch ing your w ork in g cap ital.” % «à cT r ♦ ' ‘4 m . ,, • * A» y- V LeaseA merica Corporation Home Office: 200 American Building Cedar Rapids, Iowa 52401 Free Call https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1-800-772-2051 Northwestern Banker, January, 1971 74 In the DIRECTORS7 R Call the Doctor Nutritious A w o m a n r e t u r n e d a h a m to th e s u p e r m a r k e t b e c a u s e s h e s a id i t w a s b ad . “W h y , t h a t h a m ’s a ll r i g h t , ” th e m a n a g e r sa id . “ I t c o u ld n ’t b e sp o ile d . I t w a s c u r e d la s t w e e k .” “ I t m ig h t h a v e b e e n c u r e d la s t w e e k ,” th e w o m a n sa id , “b u t i t ’s s u r e h a d a r e la p s e .” T h e r e is a n e w b r e a k f a s t fo o d on th e m a r k e t m a d e of y e a s t a n d s h o e p o lis h . I t ’s fo r p e o p le w h o w a n t to r is e a n d s h in e . Pollution M o th e r: B e tty , h a v e y o u g iv e n th e g o ld fish f r e s h w a t e r to d a y ? B e tty : N o, th e y h a v e n ’t fin is h e d w h a t I g a v e th e m la s t w e e k . D o w n to Earth A s in g le g al D o e s n ’t m o o n o r sig h W h e n th e y la n d a m a n O n th e m o o n so h ig h T h e p r o g r a m s h e th in k s Of f a r m o re w o r t h I s la n d in g a m a n R ig h t h e r e o n e a rth ! Heated Discussion O u t of h is C a d illa c s ta g g e r e d a s w e l te r in g T e x a n a n d c o lla p s e d in h is liv in g ro o m . “W h y d id n ’t y o u r o ll d o w n th e c a r w in d o w , s il ly ? ” a s k e d h is w ife . “W h a t,” h e r e p lie d , “a n d le t e v e r y o n e k n o w I d o n ’t h a v e a n a i r c o n d i tio n e d c a r ? ” Author U n k n o w n T h e A r m y to p s e r g e a n t, a f t e r g iv in g h is s q u a d a r o u g h tim e o n th e lin e , a n n o u n c e d t h a t th e o r ie n ta tio n officer w a s g o in g to g iv e a le c tu r e o n K e a ts . A s t h e m e n g a v e a s ig h o f r e lief, th e s e r g e a n t s n a rle d , “O f c o u r s e I d o n ’t s u p p o s e a n y o f y o u d u m b b e lls k n o w w h a t a k e a t is. Fast Learner A 5 -y ear-o ld , a f t e r h e h a d s p e n t h is f irs t d a y in sc h o o l, w a s a s k e d h o w h e lik e d k in d e r g a r t e n . “ I d o n ’t t h i n k of i t a s a k i n d e r g a r te n ,” h e r e p lie d d is d a in f u lly . “ I lik e to th i n k of it a s a n in s t i t u t i o n of lo w e r le a r n in g .” Calling in Loans A m a n w a s r e l a t i n g h is h u n t i n g e x p e r ie n c e a t th e c lu b . “A s I c a m e a r o u n d t h e t u r n in th e m o u n ta in ro a d , I c a m e fa c e to fa c e w ith a h u g e g r iz z ly b e a r . I n a fe w m in u te s , a h u n d r e d p ic tu r e s o f m y life ra c e d b e fo re m y m in d !” “T e ll m e ,” a lis te n e r b r o k e in , “ d id y o u h a p p e n to se e m e lo a n in g y o u t h a t 50 b u c k s b a c k in 1963?” i) INDEX OF a d v e r t is e IIS JANUARY, 1971 A c o r n P r i n t i n g C o m p a n y .................................72 A m e ric a n S ign a n d I n d ic a to r C o r p o r a t i o n ............................................................ 12 D a i n , K a l m a n & Q u a i l , I n c ................................. 45 D e L u x e C h e c k P r i n t e r s , I n c ...............................18 D r o v e r s N a t i o n a l B a n k ................................... *67 F F i r s t N a t i o n a l B a n k — C h i c a g o ........................9 F i r s t N a t i o n a l B a n k — O m a h a ........................57 F ir s t N atio n al B an k and T ru st C o m p a n y — L in co ln ............................ 61 F i r s t N a t i o n a l C i t y B a n k — N e w Y o r k . . .11 F o l e y M a n u f a c t u r i n g C o m p a n y .................. 6 F r a n k l i n N a t i o n a l B a n k ............ 35 l o w a - D e s M o i n e s N a t i o n a l B a n k .......... 76 I o w a L e g a l B l a n k & P r i n t i n g C o .................. 72 K C en tral N ational B an k and T ru st C o m p a n y — D e s M o i n e s .................. 71 C h e m i c a l B a n k .................................................. " | 4 C h i c a g o M e r c a n t i l e E x c h a n g e .......... 39 C o m m e rc e B a n k of K a n s a s C ity .. ’ ’l3 C o n tin e n ta l Illin o is N a tio n a l B a n k a n d T r u s t C o ....................................................... 7 Northwestern Banker, January, 797/ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis s ta n d in g a lo n e in th e lo b b y of a h o te l a f t e r d e liv e r in g a le c tu r e th e r e . Im - A p u ls iv e ly , s h e w e n t u p to te ll h im of t h e p le a s u r e s h is le c tu r e a n d h is w r i t in g s h a d g iv e n h e r. “ A n d ,” c o n fe s s e d th is la d y w h o w a s o b v io u s ly p a s t 70, “ I w a s e n c o u r a g e d to s p e a k to y o u be- ^ c a u s e y o u s a id y o u lo v e d o ld la d ie s .” “Y e s,” d e c la re d W o o llc o tt, “ I do. B u t t I a ls o lik e th e m y o u r a g e .” W h e r e to Get Off O n a b u s o n e e v e n in g a w o m a n w a s b o th e r i n g t h e d r iv e r e v e r y fe w m in u te s to r e m i n d h im w h e n s h e w a n te d to g e t off. “ H o w w ill I k n o w w h e n w e g e t to m y s tre e t? ” sh e asked. H e c o u ld n ’t r e s is t th a t, r e p ly in g , “B y th e b ig s m ile o n m y fa c e , la d y .” Alivays R o o m for M o r e T h e c la n g in g n o is e m a d e b y th e g a r b a g e c o lle c to r s a r o u s e d th e fa m ily . T h e h o u s e w ife s u d d e n ly r e m e m b e r e d ,K s h e h a d f o r g o tte n to p u t o u t th e g arb a g e . W ith h e r h a i r in c u r le r s a n d h e r fa c e s h in y w ith v a r io u s c r e a m s s h e s le e p ily le a n e d o u t th e w in d o w a n d c a lle d to th e c o lle c to rs , “A m I to o la te fo r th e g a r b a g e ? ” “C e r ta in ly n o t,” r e p lie d t h e c o lle c to r, “h o p r i g h t in .” M M e r c h a n t s M u t u a l B o n d i n g C o ......................31 M erchants N atio n al B an k — C e d a r R a p i d s ..................................................... 2 M obile H o m e s M a n u f a c t u r e r s A sso ciatio n ..............................................................15 N a t i o n a l B a n k o f C o m m e r c e ...........................59 N o r t h e r n T r u s t C o m p a n y B a n k .................. 3 N o rth w e ste rn N atio n al B an k — M i n n e a p o l i s .........................................................40 N o r th w e s t e r n N a tio n a l B a n k — O m a h a ..6 3 (i G e n e r a l U n i t e d L i f e I n s u r a n c e C o ............... 72 I B a n k e r s T r u s t C o m p a n y — D es M o in es ..6 4 B a n k S e r v i c e s I n c o r p o r a t e d ......................... 12 Diplomat A w o m a n s a w A le x a n d e r W o llc o tt K e n n e d y S i n c l a i r e , I n c .......................................... g K i r c h n e r , M o o r e a n d C o m p a n y ..................... 58 K o o k e r , E . F ., A s s o c i a t e s .................................. 72 L L a k e T o w e r I n n ......................................................... 32 L a S a l l e N a t i o n a l B a n k .................... ’ 75 L e a s e A m e r i c a C o r p o r a t i o n .............................. . 7 3 T T a l c o t t , J a m e s , I n c ..................................................... 1 7 U U n i t e d B a n k s o f C o l o r a d o .................................. 51 U n i t e d S t a t e s C h e c k B o o k C o m p a n y . . . .7 3 U. S. N a t i o n a l B a n k — O m a h a ...........................54 V V a n H o r n e I n v e s t m e n t s , I n c ............................... 60 V a n W a g e n e n , G. D., C o .........................................46 Y Y a l e B a n k l o c k S e r v i c e D i v i s i o n .............60, 72 -4 For fast service on credit, talk directly to the "Inside Men” (O U R NEW PHONE NUMBER IS (312) 443-2774) PHIL BUTLER RICK ANDERSON TOM ROTH The “Inside Men” of La Salle’s Correspondent Banking Division have to be experts in all forms of credit, and they are. Call any one of them directly when you need help in the Overline Area or have questions about unusual credits. Each “Inside M an” is authorized to handle all participations, bank carry loans, and per sonal loans to bankers. You don’t have to wait while your call is switched to an officer you never heard of so that you can explain the problem all over again. You get direct, fast action so you can give your customers faster service. Call Tom Roth, Jack Ramey, Rick Anderson or Phil Butler, and find out how fast action on your loan requests can be. Our new phone number is (312) 443-2774. T he “ Inside M en” help these “ Outside M en” serve you better CY KIRK MAX ROY LaSalle National Bank © A FULL\ SERVICE BAN K, —your fast moving friend on the financial Main Street of Mid-America L A S A L L E BANK BUILDING, 135 SOUTH LA S A L LE STR EET, CHICAGO, ILLINOIS 60690 • PHONE (312) 443-2774 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Today’s banker is faced with problems that never existed a few years ago. Often times, he needs the help of a bigger bank. A bank like IowaDes Moines National Bank. We use computers, inventiveness and experience to come up with solutions to cope with problems that never existed a few years ago. With us, new ideas are old hat. If you think your bank could use more imaginative banking, come to us. Call now, there’s no reason to wait till you have a problem. Phone: 284-8686. The Yes Bank IOWA-DES MOINES Î * NATIONAL BANK Correspondent Banking Department: Clarence Sullivan • Vice President Robert Buenneke • Asst. Vice President George Harnagel • Asst. Vice President Brock Hessing • Asst. Vice President John Sayles • Representative * # m https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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