Full text of The Northwestern Banker : January 2, 1967, No. 1010

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No, 1010________________________
à

Des Moines, Iowa

Little Effect Seen in 7 Per Cent R u lin g
A poll of presidents of small
to medium sized banks in north
central states by the Northwestern
Banker shows that they anticipate
little effect among their customers
from suspension of the 7% invest
ment credit during 1967.
Most of the bank officers re
port that since the suspension
applies only to equipment pur
chases over $20,000 and to the cost
of plant and buildings over $50,000,
there will be little or no retrench
ment of purchases and building in
their areas for this reason.
In addition, few of the bankers
expect the investment credit sus
pension to have much effect on
purchases within their own banks.
The president of one bank
related in a humorous vein that
such conjecture for “ the smaller
farmer and businessmen of this
area is rather academic, as these
particular groups do not seem to
have much of a tax pi’oblem- - their
problem is centered more on achiev
ing an income of sufficient stature
to be taxable.” Regarding his own
bank’ s position, this officer stated,
“ Relating the suspension to our
own show —we recently went over
board to the delight of Burroughs,
IBM, National Cash, et. al., and
will sweat it out for awhile di

gesting an overdose of expensive
iron.”
BU LLETIN S...
DAYTON, IOWA: Purchase of con
trolling interest in the Iowa State
Bank and Trust Co. by Dr. Eric M.
Swanson, Ft. Dodge eye specialist,
has been announced. Roscoe Leon
ard will retire as president, and
DeVere Freeman, FDIC examiner
from Sioux City, has been hired as
executive vice president.
IOWA CITY, IOWA: George Nagle,
66, chairman, First National Bank,
died last Wednesday following a
heart attack. He was president of
Nagle Lumber and prominent in
eastern Iowa business circles.
DENVER, COLO.: HaroldE. Angelo
has been advanced to senior vice
president and cashier from vice
president and cashier at Colorado
National Bank.
DENVER, COLO.: New vice pres
idents at American National Bank
are Jack L. Panter and Lee Van
Deren.
GREELEY, COLO.: Frank W. Peter
son has retired as vice president
of First National Bank after 25
years of service.

January 2 , 196T

NEWCASTLE, WYO.: Gordon V.
Swanson has been named executive
vice president of the First State
Bank. He has been vice president
and cashier at the Exchange Bank,
Glendive, Montana.
RIVERTON, WYO.: Robert Vanderwort has advanced to vice pres
ident of First National Bank.
WASHINGTON, D.C.: The Federal
Reserve Bank here said Thursday
that it had approved the merger of
the Farmers & Merchants State
Bank of Roslyn, South Dakota, and
the Security Bank of Webster,
South Dakota.
According to the terms of the
merger, the single office of Farm
ers & Merchants State Bank at
Roslyn will become a branch of
Security Bank. After the merger,
Security Bank will have a consoli
dated capital of $200,000, surplus
of $150,000, and undivided profits
and reserves of over $135,000,
based on June 30, 1966 statements
of the two banks. On the same
date, total deposits of the two
banks were $5,061,282.
G. L. Hill of Aberdeen, South
Dakota, president of Security Bank,
stated that present plans would
probably call for the merger to
become effective February 1, 1967.

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cashier; and Harlan D. McCaw
moves from assistant cashier and
auditor to assistant vice president
and auditor.
New assistant cashiers are
Stephen L. Allison, Donald J.
Melichar and David Paxton, Jr.

IN IOW A
Bernie Miller
represents

CLARENCE: Wayne Saunders, ex
ecutive vice president of the
Clarence Savings Bank, will retire
February 1. Succeeding him will
be J. Robert Bunn, presently vice
president of the Farmers State
Bank of Marion.

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CLINTON: The Iowa State Bank
has begun an extensive expansion
and remodeling project which will
add more than 3,000 square feet
to the bank. Completion is expected
about June 1.

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OF CHICAGO
IOWA NEWS
ADEL: James Angstead and David
Morris have been elected assist
ant cashiers at the Dallas County
State Bank.
AUDUBON: Gay S. Thomas, 84,
retired cashier of the First State
Bank here died recently.
BETTENDORF: Directors of Bet
tendorf Bank & Trust Company have
declared an increase in the regu
lar semi-annual dividend plus
a special dividend. Total annual
dividend for 1966 is $4.15, up
from $3.65 for 1965.
CEDAR RAPIDS: At Peoples Bank
& Trust Company, James A.Corell,
assistant vice president, was
named vice president; Melvin J.
McC alley was promoted to assist
ant vice president .from assistant

COUNCIL BLUFFS: Jack B. Con
ley has been named assistant vice
president of the State Savings
Bank. He joined the bank in Aug
ust and was previously with the
North Side Bank of Omaha.
COUNCIL BLUFFS: Ora Moller, 56,
manager of agricultural properties
for the First National Bank, died
recently.
DALLAS CENTER: Tom Scott, ex
ecutive vice president and cashier
of the Brenton State Bank, has
been named president. Kenneth R.
Heisler, vice president, has been
named cashier. Glenn R. Erickson
is a new assistant cashier.
DAVENPORT: Northwest Bank and
Trust Company has received ap
proval for a parking lot office at
38th and Brady.

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I0 W A -D ES M OINES
NATIONAL BANK
M em ber F e d e r a l D e p o s i t In s u r a n c e C o r p o r a tio n

DES MOINES: Plaza State Bank
has opened a new farm department
with Lloyd T. Hall as agricultural
representative. He has farmed in
Polk County for 20 years.
DES MOINES: Thomas K. Killion,
assistant trust officer of Central
National Bank and Trust Company,
is president of the newly formed
Polk County Estate Planners.
Jack R. Schreiber, estate adminis
trator for Central National Bank,
is secretary and Richard E. Ram
sey, assistant vice president and
trust officer for the National Bank
of Des Moines, is treasurer of the
group.
DES MOINES: James A. Drysdale,
assistant vice president of the
National Bank of Des Moines, has
been named vice president in
charge of operations. Philip W.
Hall moves from assistant cashier
to assistant vice president, and
Richard E. Ramsey has been named
assistant vice president and trust
officer.
DES MOINES: James G. Friesz has
been named assistant cashier at
the South Des Moines National
Bank.
DeWITT: Harold Smith, chairman
of the board of DeWitt Bank and
Trust Company, died last week
in Florida. Mr. Smith was active
in the management of the Iowa
Mutual Insurance Company in
DeWitt.
MALVERN: Edward Mulholland,
assistant cashier at the Malvern
Trust & Savings Bank, has been
advanced to cashier.
MANCHESTER: Archie Lyman, 84,
vice president and director of the
Farmers and Merchants Savings
Bank, died last month.
MANNING: John R. Hansen, com
pleting his term as congressman
from the 7th District, is reportedly
in line for appointment to the Iowa
Highway Commission. Mr. Hansen,
who was on the House Banking
and Currency Committee, has also
been discussed in connection with
the National Savings Bond Direc
tor’ s post.

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Waterloo, Iowa

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RICKETTS: Farmers Savings Bank
is constructing a new building to
be completed in April.
Holland

WEST LIBERTY: Dr. N. W. Black
man has been elected a director
of the West Liberty State Bank to
fill the vacancy created by the
death of long-time Director R. S.
Kirkpatrick.
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ALBION: A. F . Coulter, vice pres
ident and cashier of the Albion
National Bank, was honored re
cently in recognition of his 44
years of service to the bank. He
retired December 31.
BRAINARD: Work has begun on a
new building for the Bank of
Brain ard.
ELKHORN: Funeral services were
held recently for Mrs. Stella M.
Wyatt, 91. Her husband was John
N. Wyatt, former president of the
Elkhorn State Bank who was killed
by bank bandits in 1927.

OMAHA: The new officers of the
Omaha Bankers Association are:
president-Ray E. Stanley, pres
ident, Center Bank; 1st vice pres
ident-John F. Davis, chairman,
First National Bank; 2nd vice
president-Perry S. Francis, pres
ident, the Southwest Bank; and
secretary-treasurer - Harris V .Osterberg, executive vice president,
Nebraska Bankers Association.
O’ NEILL: Open house was held
recently at the new building hous
ing the First National Bank.
ST. EDWARD: The Bank of St. Ed
ward has increased both capital
and surplus by $25,000. Each now
totals $75,000.

LINCOLN: Donald Kelley, vice
president and cashier of the Have
lock National Bank, has been
elected president of the Havelock
Businessmen’ s Association.

SIDNEY: George W. Barlow, ex
ecutive vice president of the
American National Bank, retired

OGALLALA: In changes at the
Keith County Bank, Melvin H.
Adams has moved from president
to chairman of the board and ex
ecutive officer. Mel Adams, Jr.,
former executive vice president

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OMAHA: The Education Committee
of the Nebraska Bankers A ssoci
ation is proceeding with plans to
produce a color, sound film en
titled “ Inside Nebraska Banks.’ ’

GIBBON: Donald E. Harms has
been named vice president of the
Exchange Bank.

Always the
o ia im

and cashier has been named pres
ident and cashier. Larry McCormick
was promoted from assistant vice
president to vice president and
Jack Scott was moved from assist
ant cashier and agricultural repre
sentative to assistant vice pres
ident.

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December 31. His banking career
dates back to 1914 when he joined
the First State Bank of Lodgepole.
TAYLOR: James L. Wiley, assist
ant cashier of the Bank of Taylor,
has resigned to enter the insur
ance business.
VALENTINE: F. W. Grace has
been advanced from cashier to
assistant vice president of the
First National Bank.
MINNESOTA NEWS
HIBBING: New auto bank of the
First National Bank of Hibbing
was opened recently.
LONG PRAIRIE: L. G. Palmgren,
president of Hart Press, Inc., has
been elected to the board of direc
tors of the First National Bank.
He succeeds J. H. Rud, who re
tired recently.
MINNEAPOLIS: Minneapolis Fed
eral Savings and Loan has changed
its name to Midwest Federal.
MINNEAPOLIS: Ernest C. Pierson,

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assistant vice president at Mid
land National Bank, has been
promoted to vice president in
charge of business development.
Robert C. Rood has been named
auditor.
MINNEAPOLIS: First Minnehaha
National Bank has elected four
new directors. They are: Johan M.
Larsen, president of Bar’ s Prod
ucts of Minnesota; Clifford L.
Larson, president of Northwestern
Electronics Institute; John R.
McFarlane, president of McFarlanes’ Inc.; and Don Peterson,
president of Peterson Motors, Inc.
MINNEAPOLIS: J. Homer Thomp
son has been named vice president
and cashier of the First Hennepin
State Bank.
MINNETONKA: Walter L. Young quist has been elected a director
of the Glen Lake State Bank. He
is a member of the investment
banking firm of Craig-Hallum, Inc.
of Minneapolis.
NORTH DAKO TA NEWS
DRAKE: Executive Vice President
H. M. Rossebo, First National
Bank in Drake, retired January 1.
He has been with the bank since
January, 1927. He has been a
director of the Drake bank, and

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also a director of the First National
Bank of Bottineau and the First
National Bank of Fessenden.
SOUTH DAKO TA NEWS
FORT PIERRE: Karl Goldsmith,
legal counsel for the South Dakota
Bankers Association, died recently.
He was also president of the Fort
Pierre National Bank for many
years.
HURON: For the 30th time, the
South Dakota Bankers Association
has received special recognition
from the American Bankers A ssoci
ation for its work with agriculture.
SIOUX FALLS: T. Stephen Everist
and W. Roy Laird, Jr., have been
added to the advisory board of the
Colonial Branch of the Northwest
ern National Bank. Mr. Everist is
secretary-treasurer of the L. G.
Everist Company and Mr. Laird
is vice president of the Sioux
Falls Rendering Company.
SIOUX FALLS: Glen Gedstad, as
sistant cashier at the East Branch
Bank of The National Bank of
South Dakota, has been elected
president of the Sioux Falls chap
ter of the Society for the Preser
vation and Encouragement of Bar
bershop' Quartet Singing of Amer
ica, Inc.

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MONTANA NEWS
BILLINGS: George M. Selover last
week was appointed a director of
the First National Bank and Trust
Company. He fills a vacancy
created by the recent death of
Frank Sauer. Mr. Selover is pres
ident and owner of Selover Buick,
Inc. of Billings.
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306 15th S t., Des Moines, Iowa

HELP WANTED
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NORTHWESTERN BANKER, 306 15th St., Des Moines, Iowa 50309.
FOR SALE
Modem three-station teller counter
like new, mahogany wood. Will
remodel to fit your requirements.
Will send photos on request.
P & H Fixture Co., Box 253,
Spencer, Iowa 51301.
FOR SALE
Time lock safe, constantly under
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unit 15 boxes, good condition.
First National Bank, New Hampton,
Iowa 50659.
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No. 1010 Northwestern Banker is published five times monthly by the Northwestern Banker Company, 306 Fifteenth Street, Des
Moines, Iowa 50309. Subscription 50tf per copy, $4 per year. Second c la s s postage paid at D es Moines, Iowa. Address all mail
subscriptions, changes of address (Forms 3579), manuscripts, mail items to above address.

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Full text of The Northwestern Banker : January 2, 1967, No. 1010

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