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Non-Bank Issue Now Up to Congress
HE bouncing ball issue o f
whether non-bank banks are le­
gal was settled January 22 when the
United States Supreme Court ruled
by an 8-0 vote that the Federal Re­
serve System Board o f Governors
does not have the authority to regu­
late those institutions. The ball is
now back in the court o f Congress,
which will have to decide whether to
make a ruling on whether the ball it­
self is legal.
The Supreme Court said the Fed
exceeded its authority when it ex­
panded the definition o f a bank be­
yond the parameters o f current law.
The Court said it was sym pathetic
to the Fed’s line o f reasoning, but
said it had to rule in favor o f Dimen­
sion Financial, a subsidiary o f
Valley Federal Savings & Loan
Association o f Hutchinson, Kan.,
which had been seeking since 1983
to open 31 lim ited-service banks in
25 states. Dimension Financial had
obtained a favorable ruling from a
federal appeals court in Denver in
its effort to circum vent federal laws
governing the banking system . B y
using a technicality o f either not
taking deposits, or not making com ­
mercial loans, such a non-bank bank
could be operated outside the
reaches o f federal regulation o f the
financial industry.
Chief Justice W arren Burger
stated in the opinion, “ W ithout

T

January 27,1986

Des Moines, Iowa

Vol. 14 No. 41

doubt there is much to be said for re­
gulating financial institutions that
are the functional equivalent o f
banks.” However, the opinion add­
ed, it is “ a problem for Congress,
and not the board or the courts, to
address.”
And the banking leaders in the
House and Senate both immediately
said they will initiate action to ad­
dress the problem. Im m ediacy is
needed, because a federal court in
Florida has barred the Comptroller
from approving 300 such applica­
tions in that state, and with the im­
pact o f the Supreme Court’s ruling,
it is feared that staying action will
be cancelled.
Legislation to stop the chartering
of additional non-bank banks was
passed by the House Banking Com­
m ittee last year (H.R. 20). Rep. Fer­
nand St. Germain, chairman o f that
committee, said the ruling opens the
door for a plethora o f new organiza­
tions in the financial industry, yet
unregulated, and in com petition
with traditional institutions that are
regulated. He said it is “ o f para­
mount importance for Congress to
m ove quickly.”
Senate B anking Committee chair­
man Jake G am reacted in like man­
ner. He said that although the ruling
would have “ lim ited effect” he in­
tends to m ove on the previous con­
trol bill that would make illegal any

non-bank banks that were opened af­
ter July 1,1983. Sen. Garn and Rep.
St Germain served notice early in
1983, when the first measures for
controlling non-bank banks were
discussed, that any legislation they
considered would grandfather only
those institutions that had been
chartered prior to the July 1, 1983
date. They said any institution seek­
ing a charter or opening a charter
after that date would do so “ at its
own risk,” because they intended to
enact legislation that would force
any such institutions to be unravel­
ed.
Donald G. Ogilvie, executive vice
president o f the Am erican Bankers
Association, state follow ing the
Supreme Court’s ruling, “ The deci­
sion re-emphasizes the need for Con­
gress to com prehensively address
the inequities o f current banking
law. Failure to do so insures the con­
tinued com petitive advantage that
non-depository institutions enjoy
over the n a tio n ’ s com m ercial
banks.”
Steve Verdier, legislative counsel
(H ou se) fo r th e In d ep en d en t
Bankers Association o f America
said “ Our position, as it has been all
along, is that we want to close the
loophole. W e welcome those court
decisions that favor this goal, but
this latest decision underscores the
need for Congress to take action. W e
need to m ove H .R. 20 without the
trigger.”
□

ASK TERRY MARTIN
to make MNB work for you.
Toll free: 1-800-332-5991

Merchants National Bank i : i
Member F.D.I.C.


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

A 'BANKS OF IOWA' BANK

has been executive vice president for
commercial lending, treasury and re­
tail banking.

Nebraska News
GOTHENBURG: Terry O. Jensen
has been hired as senior vice presi­
dent o f the First State Bank, G oth­
enburg. In addition, Marion Tatum
was prom oted to executive vice
president and Loyal Reinhard to
vice president.
LINCOLN: A t the National Bank o f
lege in Storm Lake. Registration is Commerce, recent staff changes in­
Iowa News
cluded six new vice presidents. John
The Iowa Bankers Association at 9:30 a.m. with the morning tele­ Sable was elected to senior vice pres­
conference
from
10:00
to
noon
and
will sponsor an evening seminar at
ident of finance, secretary and trea­
four locations entitled “ Building the afternoon session from 1:00 to surer o f First Commerce BancPositive Relationships.” The semi­ 3:00. Fee includes lunch, breaks and shares, Inc. R oy Otte was prom oted
nar will focus on strategies for build­ handout material and is $115 for to senior vice president, bank invest­
ing the banker/borrower relation­ members, $145 for subscribers and ment division. Brad Korell was pro­
ship during these difficult financial $175 for nonmembers, with $20 ad­ m oted to senior vice president, cor­
times. Instructor will be Ruth I. ditional at the door. R egister porate banking division. Mike Ja­
Harmelink, individual and fam ily through the IB A office.
cobson was prom oted to senior vice
extention specialist in the Depart­ CED AR FALLS: A t Norwest Bank president, correspondent hanking
ment of Family Environment at Cedar Falls, N .A., Mark A. Long division. Stuart Bartruff was elected
Iowa State University. Fee is $20 has been prom oted to vice presi­ vice president, loan service adminis­
for m em bers, su bscribers and dent-com m ercial banking. He will tration. Jo Kinsey was prom oted to
spouses, and $30 for nonmembers. be assuming the duties o f Henry vice president, business develop­
Dates and locations are as follows: Dion, who has accepted a position in ment for the corporate banking divi­
Feb. 10, Storm Lake, Siebens Rochester, Minn. Mr. Long has been sion.
Forum, Buena Vista College; Feb.
with Norwest since 1981 and with O G ALLALA: Regulatory approval
11, Creston, Southwestern Commu­
the Cedar Falls bank since 1984, to merge the five banks owned by
nity College; Feb. 12, Ottumwa, In­
m ost recently as assistant vice the Adam s fam ily under the name o f
dian Hills Community College; Feb. president.
Adams Bank & Trust was received,
13, W aterloo, Hawkeye Institute of
Technology. Register through the DES M OINES: George F. Milligan, effective January 20, according to
Mel Adams, chairman. Mr. Adam s,
IB A office.
51, has been advanced to chairman
a
third generation banker and cur­
* * *
and CEO o f Norwest Bank Des
rent president o f the Nebraska
The IB A and the A B A will co­ M oines, N .A., succeeding Harry C.
sponsor the second annual Bank Benson, who continues as president Bankers Association, said the five
Compliance Symposium on Feb. 6. o f Norwest Region IV and group banks are Bank o f Brule, Chase
It will be held at Des Moines Area manager. Mr. M illigan had been pre­ County Bank & Trust, Imperial;
Community College in Ankeny, sident and chief operating officer First Security Bank, Sutherland; Se­
Kirkwood Community College in since 1981. He is succeeded in that curity State Bank, Madrid, and
Cedar Rapids and Buena Vista Col­ position by H. Lynn Horak, 39, who Keith County Bank & Trust, Ogallala. Approval came from the Nebras­
ka department o f banking, the Fede­
ral Reserve and the FDIC.

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Federal Reserve Bank of St. Louis

Ben E . Marlenee
Coins
913 Locust
Des Moines, Iowa 50309
515-243-8064

Supplement to Northwestern Banker Newsletter 1-27-86

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Federal Reserve Bank of St. Louis

310 South Floyd
Sioux City, Iowa 51101
(712) 258-6328

_ - i——

Supplement to Northwestern Banker Newsletter 1-27-86

ARTHUR ANDERSEN & CO. -M c DERMOTT, WILL & EMERY-THE CHICAGO CORPORATION

Don't buy or sell a midwest bank
before February4,1986!
For on that date, we are sponsoring a special
conference at the O 'H are Westin Hotel in
Chicago:

REGIONAL INTERSTATE BANKING:
The Time for Decision is Now.
Regional interstate banking is now a fact of life,
and is affecting banking in each of the compact
states: Illinois, Indiana, Iowa, Kentucky, Michigan,
Missouri, O hio and Wisconsin. At the conference,
accountants, lawyers and investment bankers
w ill interact w ith experienced, deal-making
commercial bankers.
Conference topics w ill include:
• The effect of interstate banking on
competition: positioning your bank to
be a winner
• Identification of likely buyers and sellers of
midwest banks
• Determining the value of a bank in the new,
expanded marketplace
• Transaction strategies:
offensive and defensive
Seating for this event is limited. The registration
fee of $150 includes continental breakfast,
lunch and a reception after the conference.
You may register by calling Annie McAdoo,
Conference Coordinator, at (312) 372-2000.
She w ill be happy to answer any questions.

ARTHUR ANDERSEN

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

& CO.-MCDERMOTT, WILL & EMERY-THE CHICAGO CORPORATION


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Call on the “Experienced Professionals”
^FirsTier Banks

Ready to m eet your
correspondent needs.
Illinois News
CHICAGO: Lane Banks has an­
nounced the election o f new presi­
dents at two o f its unit banks. Rich­
ard K. Pearson has been named pres­
ident and CEO o f Northbrook Trust
and Savings Bank and Michael Pol­
anski has been named to these posi­
tions at Pioneer Bank & Trust Com­
pany. Mr. Pearson, who had been
president o f the Pioneer Bank, re­
places Larry G. Gillie, who resigned
to pursue personal business inter­
ests but will remain a consultant to
Lane. M r. Polanski previously
served as vice president o f loan ad­
m inistration for the Lane Bank
group.

First National Lincoln

o f activities the 18th and 19th. Re­
gistration is $100, and $50 for
spouses. W hite House tours are op­
tional on request, if available. Regis­
ter with the N D BA office.
M ITCHELL: A t Commercial Trust
& Savings Bank, M itchell, James D.
Hopkins was elected senior vice
president and senior loan adminis­
trator. He form erly served as presi­
dent and CEO at Central Bank,
Great Falls, M ont. Lance Koth, a
seven year employee o f the bank,
was prom oted to vice president.
Michael Beyer, who joined the bank
in June, 1985 in the ag lending de­
partment, was prom oted to assis­
tant vice president.

W ATFORD CITY: A t First Inter­
national Bank, W a tford C ity,
Minnesota News
Stephen L. Stenehjem was pro­
M ANKATO: John T. Cashin has m oted to executive vice president.
been elected president o f Security He joined the bank in 1982 as vice
State Bank of Mankato. He has been president. David A . Brendsel was
executive vice president since 1984, prom oted to senior vice president.
and prior to that was senior vice He has been with the bank for 13
president o f First Bank in Fairmont and a half years and will be in charge
for 17 years. He succeeds A.C. Nor­ o f the ag loan department. Anita
land, who will continue as the bank’s Quale was prom oted to cashier.
chairman o f the board and will
spend more time in the real estate
Wyoming News
business.
CHEYENNE: First W yom ing BanST. PAU L: Staff changes at Ameri­ corporation has announced a variety
can National Bank o f St. Paul in­ o f appointments throughout the
clude two prom otions to vice presi­ First W yom ing system. John Hom e
dent in the correspondent banking has been named executive vice presi­
department. They are Paul Eckblad, dent in North Cheyenne. Marshall
who joined the bank in 1982 as assis­ Jay Alexander has been named vice
tant vice president in correspondent president and cashier in Kemmerer.
banking, and Richard Flesvig, who Donald R. Schulz has been named
joined in the same position in 1985. executive vice president in Hanna.
C. Mike Long has been appointed
president and CEO in Green River.
Sally L. Fernau has been named vice
North Dakota News
president
and cashier in Gillette.
The North Dakota Bankers A sso­
David
Shadrick
has been appointed
ciation will sponsor a W ashington
president
and
CEO
in Saratoga.
Legislative and Adm inistrative Con­
ference on March 17-19. There will G ILLETTE: Stockm en’s Bank &
be a reception for NDB A and SDBA Trust Company has announced sev­
members at the JW M arriott Hotel eral additions to their staff. John C.
the evening o f the 17th and a variety Cromwell joins as senior vice presi­
Capital improvement plans
and other management services

S W O R D S A S S O C IA T E S . IN C .
P R O FESSIO N A L B AN K IN G CONSULTANTS

4900 OAK


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Memberfdic

13th & M Streets, Lincoln, Nebraska 68501

SUITE 301 KANSAS CITY, MO 64112
(816) 753-7440

dent—operations. John C. Muller
has been named vice president—loan
review. John L. Piesik has been
named vice president—commercial
loans. Douglas R. Newland joins the
bank as assistant vice president—fi­
nance.

The
financial
problem
solvers.

W hen you have problems
streamlining operations, building
profitability in your bank, meeting
your needs for bankcard services
and loan participations or recom­
mending quality investment
portfolios, United Missouri Bank
can help you.

UNITED MISSOURI BANK
Memberfdic Qf Kansas City, n.a.
10th and Grand • P.O. Box 226
Kansas City, Missouri 64141
(816) 556-7200

POSITIONS AVAILABLE
$55MM Northeast Iowa Bank needs an experienced EX­
ECUTIVE VICE-PRESIDENT. Send resume to WEA c/o
Northwestern Banker.
(PA)
FARM LOAN OFFICER—$300M Iowa bank. Must have 1015 years experience in AG lending. Excellent opportunity.
Send resume and salary requirements
to
Northwestern Banker.
(PA)
ASSISTANT DATA PROCESSING MANAGER— Large Iowa
financial Institution is seeking an individual for the posi­
tion of Assistant Data Processing Manager. Must have
strong DP background with minimum of 10 years experi­
ence, excellent communication and supervisory skills.
Send resume with salary requirements
to
Northwestern Banker.
(PA)
CORRESPONDENT BANK OFFICER for one of Iowa’s 10
largest banks. Must have strong lending background and
operations experience and excellent communication
skills. Send resume with salary requirements to box WEE
c/o Northwestern Banker.
(PA)
LOAN OFFICER— Northwest Montana Independent Bank
20MM. Direct and indirect consumer lending, and/or real
estate, FHA, VA, and Board of Housing/lnvestment experi­
ence preferred. Salary commensurate with experience.
Send complete resume In confidence to: Tom Weaver President, First Security Bank, P.O. Box 609, Kalispell, MT
59901._________________________________________ (PA)
BANKING OFFICER— Positions available in the Rocky
Mountains, southwest and midwest. All fees employer
paid. Contact Dunhill of Fort Collins, 2120 South College
Avenue, Fort Collins, CO 80525. Phone: (303) 221-5630. (PA)

Serving bankers quietly and efficiently.

C APITAL PERSO NNEL SERVICE
714 First Interstate Bank Building
Des Moines, Iowa 50309
515-283-2545

BANKING OPPORTUNITIES
SrLO— In $40mm bank; Central NE

COMMERCIAL LOAN MGR—$60mm IA bank $45K.
COMMERCIAL LOAN MGR—$120mm dept $45K.
ATTORNEY—run small Trust Dept, IA

$35K.

Contact Barbara J. Ritta at
PROFESSIONAL RECRUITERS, INC.
P.O. Box 24227
Omaha, NE 68124
1-800-225-2885, In NE (402) 397-2885

POSITIONS AVAILABLE
LOAN OFFICER - MW two bank holding co needs no-nonsense lender with cash flow, documentation and mgmt
skills. 5-10 yrs of lending in row-crop, feeder areas and
some understanding of farm mgmt. High visibility, direct
work with CEO and 6 months salary review.
$30-35K.
SR COM’L LENDER - $100m+ bank in beautiful 10K +
communlty offers good salary, profit sharing In high quali­
ty of life area. 6 + yrs com’l exp will have strong portfolio
and well developed account base.
$45K.
#2 • Small ag bank in rural community seeks hardnosed,
cleanup person with developed lending skills and desire
for a piece of bottom line. Well capitalized but in need of
some leadership.
328-32K.
FOR FURTHER INFORMATION
FOR THESE & OTHER POSITIONS
RESPOND IN CONFIDENCE TO:
KURT ROSENCRANTS AT (515) 244-4414
WORLD’S LARGEST BANKING, DATA PROCESSING &
FINANCIAL SPECIALISTS

1
w—

®

Presents*

“TEAMING UP FOR THE FUTURE”
• CHANGING TIMES timely
boxAWEC
c/o seminar that addresses the issue of
Farmer-Banker relationships and how your Ag
Loan Officers can effectively and profitably com­
municate with today’s financially stressed
farmers.
ON: February 11,1986 at 9:00 a.m.
AT:
Marina Inn, South Sioux City, NE
COST: $150 ($50 RSVP reservation fee by 2-4-86)
boxWED c/o
$200 at door if space available
FOR MORE INFO. CONTACT:
Julie A. Langerman
VP Operations
P.O. Box 2742
Sioux City, IA 51106
(712) 277-5143

FOR SALE
GLIDE FILE—CHAIR MODEL. Capacity 4,000 accounts.
Average activity, 35 items. Has 36 trays, 3 levels. Contact:
Jean W. Anderllk or Barbara Odell, Hawkeye Ankeny Bank
& Trust. (515) 964-8800
(FS)

R O B E R T MffBLF
317 6th Ave, Ste. 650
Des Moines, IA 50309
(515) 244-4414
ALL FEES COMPANY PAID

POSITIONS AVAILABLE
EVP for eastern Iowa bank ...................... Salary to $40,000
TRUST OFFICER for northern Iowa bank Salary to $35,000
SENIOR CREDIT ADMINISTRATOR for Minnesota bank ..
.....................................................................Salary to $35,000
EVP for $60M Iowa bank .......................... Salary to $50,000
VICE PRESIDENT AG LENDING OFFICER, possible #2 per­
son ...............................................................Salary to $40,000
EVP for community bank in northwest Iowa ......................
.......... .......................................................Salary to $35,000
AG LOAN OFFICER, for eastern Iowa b a n k .........................
.....................................................................Salary to $25,000
TRUST OFFICER for central Illinois bank .. Salary $35,000
EVP for eastern Iowa bank ........................... Salary $40,000
COMMERCIAL/RE OFFICER for majorbank holding com­
pany
Salary open
VICE PRESIDENT RETAIL BANKER for major holding com­
pany bank ....................................................... Salary $35,000
VICE PRESIDENT AG LENDER for major holding company
b a n k .............................................................Salary to $38,000
AUDITOR for major banking group, Illinois & Io w a ............
.....................................................................Salary to $30,000
SENIOR COMMERCIAL LENDER for major Iowa bank . . . .
............................................................................... Salary open
CEO for $50 million asset bank, m idw est........ Salary open
CEO for$15 million asset community bank .. .Salary open
CEO for $40 million asset community bank .. .Salary open
AG LENDER for $40 million asset community bank ..........
............................................................................Salary $25,000

BANKING PROFESSIONALS

Please call Malcolm Freeland or Cy Kirk in care of:

Strong midwest banking group seeking qualified
applicant to fill position in recently acquired Ag
and Commercial banks: Pres/CEO commercial
lender (Including real estate and secondary mar­
keting), Ag lending (including workout) and cashier/operations. Only forward looking team mem­
bers need apply. Send resume to File no. WEG, c/o
Northwestern Banker.

Freeland Financial Service
1010 Equitable Bldg. Das Moines, IA 50309
515/282-6462
Employer pays fee.

POSITIONS AVAILABLE

BANKING

$40-50K.

AG LENDER—Solid holding company oppty, Cen­
tral NE
$35K.

N►
N►
M►

BANKER-FARMER
CHANGING RELATIONSHIPS
Join us: MUIR FINANCIAL CONSULTANTS

SR. VICE PRESIDENT OF LENDING. $150 + mm
bank needs seasoned commercial loan officer with
loan workout skills. Tremendous upward mobility!
Excellent benefit package ...................... To $55,000.
SR. AG LOAN OFFICER. Oversee ag loan portfolio
with Executive Vice President spot potential in near
future. Credit analysis skills and proven track record
for this excellent Holding Company. Benefits..........
.....................................................................To $35,000.
A.V.P.-COMMERCIAL LOAN OFFICER. $175 + mm
profitable bank needs enthusiastic person with
credit analysis and loan review skills. Outstanding
benefits .....................................................To $33,000.
TRUST OFFICER. $160 + mm bank in nineteen bank
holding company wants generalist with law degree.
Supervise staff of two. Great environment and staff
to work w ith!...............................................To $32,000.
COMMERCIAL LENDER. Be The Commercial
Lender in $70mm bank! Diverse commercial port­
folio with large firms being handled. Excellent bene­
fit program................................................. $35,000 + .
PRESIDENT. Take charge of this high rated small
holding company bank! Potential to double loan
volume. Get up and go a ttitu d e ...............$40,000 + .
COMMERCIAL LOAN OFFICER. Go for your goals!
Bank Is expanding their loan department. Great op­
portunities In this major holding company bank. Use
your marketing and credit skills wisely . . $30,000 + .
CREDIT ANALYSTS. Use your analytical skills to ad­
vance in this $57mm bank! Work with customers
r and loan officers with chance to do direct lending in
near fu tu re ....................................................... $24,000.
VICE PRESIDENT-AG LENDER. Bank system that
has made a commitment to agriculture. #2 spot with
definite chance for advancement................. $45,000.
ASSISTANT VICE PRESIDENT. Large metro bank
wants person to “take off” in commercial credits.
Work with diverse portfolio. Definite advancement
possibilities............................................... $25-30,000.
Toll Free #1-800-638-1996-025757

(personnel Search

SENIOR AG LENDER - 5 years or more - manage­
ment experience - East Iowa. To $40K.
COMMERCIAL LENDER • 3-5 years. East Iowa.
$30-40K.
AG LENDERS - 3 years experience. West and Cen­
tral Nebraska. To $30K.
All fees are paid by our client employers.
Richard L. Beam, CPC
GUMBERT EXECUTIVE EXCHANGE, INC.
11246 Davenport Street
Omaha, NE 88154
Phone: 402/330-3260
Member National Personnel Associates
We’re Nationwide

POSITIONS WANTED
PRESENTLY EMPLOYED, energetic and professional
banker desires management team opportunity In midwestern $50 million or larger community bank. Experienced in
administration, loans, cost control and strategic planning.
Box WEH, c/o Northwestern Banker.
(PW)

POSITIONS AVAILABLE
REAL ESTATE LOAN - manage dept, for large suburban
bank. Construction lending experience a must.
$35,000
LOAN REVIEW • assist senior loan review officer of
$200MM bank. Prefer degree.
$24,000
COMMERCIAL LOAN - junior position with $200MM subur­
ban bank. Requires degree and experience with large
credits.
$28,000
AGRI-LENDER - senior position which requires strong
background in financing of cattle operations.
$35,000
TRUST OFFICER - manage small dept, for $40MM subur­
ban bank. Does not require Law Degree.
$24,000
INQUIRIES ARE CONFIDENTIAL
RESUME’ REQUESTED.

TOM HAGAN & ASSOCIATES

1126 So. 72nd St. Omaha, Ne. 68124

2024 Swift - Box 12346
North Kansas City, MO 64116
816/474-6874

,402-397-2980.

“ Serving the Banking Industry Since 1970”

Vol. 14 No. 41 Northwestern Banker Newsletter (USPS 873-300) Is published weekly by the Northwestern Banker Company, 1535 Linden
Street, Suite 201, Dee Moines, Iowa 50309, (515) 244-8163. Subscriptions $1.00 per copy, $18.00 per year. Second class postage paid at

Dee Moines, Iowa. Address all mall subscriptions, changes of address (Form 3579), manuscripts, mail Items to above address.
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