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* Vol. 4 No. 36 Des Moines, Iowa January 5,1976 t Announce IRA Disclosure Rules To conform to Individual Retire (c) Term of years over the ment Account (IRA) disclosure life expectancy of a person and his requirements, issued by the Interor her spouse. k nal Revenue Service, Collin W. (d) A sum-certain number * Fritz, banking consultant, has of years not to exceed the life developed the following informa expectancy. tion in cooperation with the Iowa B. Upon death the account is k Bankers Insurance and Services paid to named beneficiaries or the Corporation, Des Moines. Banks estate. throughout the NORTH WESTC. Upon complete disability a | ERN BANKER area will find the person may withdraw the account information useful: regardless of age. 1. Eligibility to participate in D. All withdrawals are subject IRAs requires that a person is not to regular income taxes. presently covered by a qualified 4. IRAs are non-forteitable. pension or profit sharing plan now, 5. Actions resulting in disqualifi and has not been covered at any cation and subject to penalty taxes. time during the calendar year. A. Early withdrawal prior to » 2. C ontributions to IR A are age 591/2--10% penalty tax. limited to 15% of earned income or B. Over-contribution in excess $1500.00 per year, whichever is of 15% of earned incom e-6 % less, i.e.: Earned income is defined penalty taxi ¥ as wages, salaries, fees, commis C. B orrow ing against the sions, bonuses and tips. Also amount or pledging the account for «L income from self-employment, i.e.: a loan. I farming or other business. 6. An IR A is on a calendar year. 3. The benefits of your IR A may 7. Investments are limited to be taken upon reaching age 59 lA Savings Accounts or Time Certifi and a person must begin taking the cates of Deposit. benefits upon reaching age 70%. 8. Certain prohibited transactions A. Four methods are available between participant or his benefi ► for taking the benefits. ciaries with respect to an IRA may (a) Lump sum upon re cause the participant to loose his tirement. tax exemption. (b) Over a period of years A person has seven days from the * determined by a person’s life above stated date to notify us if he expectancy. or she does not wish to continue the For straight talk on corre spondent banking, talk with Homer Jensen at CCB. We do your kind of banking. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis program. Form 5498, statement of account must be furnished by the IRA trustee or issuer to the individual on or before January 31 and with IRS on or before the last day of February. Form 1099, information return, is not to be filed for an IRA because it would duplicate the data on Form 5498. The tax consequences of revok ing a 1975 IR A on or before April 15, 1976. In connection with the last point, IRS said the regulations w ill provide in general that revocation of an IR A will be treated for tax purposes as if it had not been established in the first place. Formal IR A disclosure forms, together with a detailed interest rate table are available through the Iow a Bankers Insurance and Services, 430 Liberty Building, Des Moines, Iowa 50309. Fed Reduces Reserve Requirements The Federal Reserve Board has announced that it is reducing from 3% to 2.5% the amount of reserves that banks must maintain for deposits that mature from 180 days to four years. The action will increase the nation’s money supply by an additional $340 million. The new reserve requirement for deposits of 180 days to four years applies to new deposits effective the week of December 25, 1975. CfIPITfiLCITY Des Moines’ second largest independent bank. Main Bank East Fifth and Locust, Des Moines, Iowa 50309 515/244-5111 Gary Stevenson i )d Qaiy SMvwiMfi, Vic* PrasMtont Your Man on the First Team. Christy Armstrong Leo Kane Bob Scott ‘WE HAVE WHAT YOU WANT in a correspondent bank’ American Trust FIRST NATIONAL BANK i n S io u x C ity and Savings Bank 712/277-1500 9TH AND M A IN , DUBUQUE, IOW A lowa News DES MOINES: District Court Judge Harry Perkins on December 30 denied a temporary injunction that would have halted point-ofsale EFT operations in Iowa after January 1. The injunction was sought in a suit by Rep. Arthur Small (Dem., Ia. City). Defendant was Iowa superintendent of bank ing Thomas H. Huston. The Iowa Bankers Association was an amicus curiae defendant. Judge Perkins said no proof was given that harm w ould result from continuing current operations until the legisla ture makes any revisions in the law, if it chooses to do so. Mr. Huston said banks approved for experimental programs prior to January 1 could continue to operate, with each bank limited to 5 outlets, and no further outlets approved after January 1. As of December 30, 1975, 27 banks were approved with a total of 58 outlets. DES MOINES: Simon W . Casady has been elected a director of Central National Bank and Central National Bancshares, Inc., and C. Frederick Beck has been elected a director of Central National Bank. Mr. Casady, member of a noted pioneer Des Moines family, last month purchased the stock war rants held by International Bank, Washington, D.C., of which Gen. George Olmsted is chairman. The warrants acquired by Mr. Casady have been transferred to Central National Bancshares, Inc., and have been retired and cancelled. A bank spokesman said the warrants were acquired “ as part of a package stock acquisition under which Mr. Casady has an option which he intends to exercise in the next few days. These options allow Mr. Casady to acquire stock presently owned by International Bank and Financial G eneral Bankshares, Inc., both of Washington, D.C. Together this amounts to 10% of the outstanding shares of Central National Bancshares, Inc. This acquisition by Mr. Casady will make Central National even more locally owned.” Mr. Beck is a director of Central National Bancshares, partner in a Mason City law firm, and a director of United Home Bank & Trust, Mason City, which is a subsidiary of Central National Bancshares. M A R S fiA L L T O W N : Tom R. Smith, president, Fidelity Bank, has announced the election of Charles Nichols as senior vice president and head of the loan division. Others promoted are: Steve Kirkham, vice president & trust officer; Janet Daters, vice p r e s i d e n t - p e r s o n n e l ; D e n n is h h o h m ■'ÆÊÈÊSÊÈk https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MEMBER FDIC-FRS Henning, cashier; Karen Freese, Thelma Kelly and Jane Lewis, assistant vice presidents, and Dwight Conover, assistant cashier-ag loans. Nebraska News LAUREL: Security National Bank has announced the follow in g promotions: Bernard Pehrson, vice president and cashier; Deloris Morten, and Maureen Schuster, assistant cashiers. LINCOLN: Thomas J. Norris, F S A , has been elected v ice president and actuary at Lincoln Benefit Life, it was announced by Robert H. Rydman, chairman and president. W AUNETA: Wiley Green, presi dent, has announced plans for interior remodeling and refurbish ing of the bank. Minnesota News ANOKA: Donald H. Gregerson, 59, president of the First National Bank, died recently of a coronary occlusion. He had undergone major surgery two weeks earlier in Rochester and had just returned home. Mr. Gregerson was president of the Minnesota Bankers Associa tion in 1965-66. Illinois News CHICAGO: Central National Chi cago Corp., holding company for k Service innovations are our business. Why not make them yours? iowa-Des M oines National Bank Dorothea Wolfe 313 MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION Send Your News Today to the NORTHWESTERN BANKER TELL US ABOUT. . . 306 Fifteenth Street DES MOINES, IOWA 50309 Staff Changes Business Campaigns Mergers, Consolidations New Departments at the Bank Remodeling or New Building BANK ......................................................................................... OFFICER ........................................ ............................... TITLE CITY https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis STATE Open Houses Anniversary Parties Deaths or Retirements Speeches Made by Bank Officers Special Announcements to the Public JL -A https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CALL ON THE “PERFORMANCE TEAM” where comm on transactions are handled uncomm only well. FIRST N A T IO N A L L IN C O L N 13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C. f• The GROSS-FEIBEL COMPANY . £ 4 *- * * w -, * , Standard and Custom Bank Equipment Since 1909 See Classifieds - Page Four Central National Bank in Chicago, has announced that its major shareholders have approved a one-month extension on the options held by several Chicago investors to obtain control of the holding company and the bank. .The investors are headed by Donald M. Graham, form er chairm an o f Continental Bank of Chicago. The options extend to January 31 a previously announced plan to put $10 million into the capital funds of the bank through purchase of voting preferred stock and subor dinated debt. CHICAGO: Continental Bank an nounces that three of its Chicagoarea correspondent banks will soon be sharing its electronic check authorization technology at 200 National and Dominick’s super markets in Chicago and suburbs. Avenue Bank and Trust plans to issue its cards to 7,600 customers in January, followed in February by National Security Bank with 5,000 customers and Glenview State Bank with 7,000 customers. 4 MARION: The Peoples Bank’s application for Federal deposit insurance has been approved. The b an k ’ s capital accounts tota l l $1,200,000. 4 F STERLING: Ned M. Swanson has been promoted to vice president, consumer credit department, and Patrick H. McDonnell to assistant vice president, bank vault operations, at Central National Bank. Wyoming News CASPER: Henry A . Hitch, presi dent, First National Bank, has ^’ announced the following promo tions: Clifford E. Kirk, senior vice president and cashier-finance division; Donald J. Swanton, senior vice president-administration divi sion, and Lloyd M. Fordyce, senior https://fraser.stlouisfed.org vice president-banking division; Federal Reserve Bank of St. Louis Don Rainer, Agricultural Representative . . . wants to build a solid co rrespo n dent banking relationship with you. Bankers Trust Use our toll free WATS line: 800-362-1688 William G. Kern and Finn P. McCarthy, vice presidents, and John A . Milliken, loan officer. Norville Currence, 64, who was due to retire at the end of December from F irst N ational, died in mid-December of a heart attack. CHEYENNE: Roy Stoddard, Jr., has joined the American National Bank as senior vice president and senior trust officer. Mr. Stoddard moved to Cheyenne from Oskaloosa, la ., where he was a practicing attorney for many years. THERMOPOLIS: Laramie County District Court Judge Joseph Maier has upheld State Bank Examiner Dwight Bonham in the latter’s approval of a state charter for First State Bank of Thermopolis. Colorado News AURORA: Gary D. Whitlock has been elected president and a director of Aurora Mountain Bank, a subsidiary of Mountain Banks, Ltd. He replaces W . Ray Durrance who has resigned to accept a 6th & Locust/ Des Moines, Iowa 50309 position with a bank in Florida. Mr. Whitlock formerly was vice presi dent of the parent organization. DENVER: Charles L. Flierl has been advanced to senior vice president of operations at Univer sity National Bank. Named cashier to succeed Mr. Flierl in that position is Stephen T. Witcher. South Dakota News LETCHER: The Live Stock State Bank of Artesian has announced an expansion program for its branch office here. The concrete block addition will be 16 x 54 feet and will include a drive-up window. SIOUX FALLS: Orrin Anderson has been named assistant vice president and assistant manager of the Western Mall branch and Paul Esser has been named loan officer of the main office of The First National Bank. Heard the latest? Talk to a man from Drovers Bernie Miller Dick Griffth Mike Brady Bob Corey Joe Valenti Experienced help for all your correspondent banking needs Call 312/927-7000 ’'"Druvnrs Personal Attention to All Your Co r re s p o n d e n t Needs NEBRASKA CALL TOLL FREE 800 642-9917 800 228-9511 - ADJACENT Chicago, III. 60609 Member F.D.I.C. CALL TOLL FREE - National Dank of Chicago 47th and Ashland Ave. ST AT ES M em ber F.D.I.C. US National Bank Omaha, Nebraska A good correspondent bank relationship is still built by good people. Yours and ours. Call me toll free . . . 800 332-5991 - Merchants A National Bank IS I George Adams Corres. Banking Rep. Cedar Raods Iowa 52401 A BANKS OF IOWA BANK S IO U X F A L L S : N orthw estern National Bank has announced the following promotions: Gerald S. Acheson, assistant vice president and assistant manager at Huron; Gary G. Johnson, assistant vice president and assistant manager at Madison; Richard J. Miller, per sonal loan officer at Chamberlain. FOR SALE Two Burroughs Sensimatic accounting machines, F-1212 with typewriter and F-6212 without typewriter. First State Bank of Maple Park, Maple Park, 111. 60151. Phone: 815/827-3289._______ FOR SALE Two NCR 482 - 16 pocket proof machines. Both machines under com plete maintenance and in good working condition. Brandt Countess Model 810 document and check counter. Practically brand new. All above equipment very reasonable priced. Tom Thurnau, St. Charles National Bank, St. Charles, 111. 60174. Phone: 312/584-5500.___________ WANT ADS Rates 35 cents per word per insertion. Minimum: 12 words NORTHWESTERN BANKER 306 15th St., Des Moines, Iowa SALE OR LEASE Bank building, two section 38’ x 24’, complete with bank equipment and furniture, suitable for temporary or permanent office. Will deliver to your site. For additional information, call 515/277-4427._________________________ BE YOUR AREA S LEADING AG BANK Send Doane's newsletter. Farming for Profit, to your farm customers each month. Over 8 0 0 banks do. It's filled w ith facts to help farmers boost in come. They appreciate the information and the bank that sends it. Your bank heading on every issue. For six sample issues free, write: D. R. Gorr, Manager, Bank Services. D U U /M Doane Agricultural Service, Inc 8 90 0 Manchester Road i»— St Louis, Mo 63144 N t (3 1 4 )9 6 8 -1 0 0 0 WANTED Banker with farm lending experience and ability to stimulate additional agri business in central Iowa. Write Box VOV, c /o NORTHWESTERN BANK ER, 306 15th St., Des Moines, Iowa 50309. When your customer owns equipment but needs cash, perhaps a “Leaseback” is the answer. Fees for you and loss-free, high yield loans if you want them. Investigate teaAeplam by Ç j'fab t tfnòubed ty&imceb, $ n c . “DICK” SELLON 545 - 31 st Street • 282-5008 Des Moines, Iowa 50312 When you need a little help call us on our toll free wats number 8 0 0 - 362-1615 EDDIE A. WOLF WILLIAM B. RUSSELL G. GREGORYS. GERALD B. GREAVES PLAGER WOLFE MURPHY Correspondent Bank Department Central National Bank S-Trust Company DES MOINES (515)243-8181 MEMBER FDIC LOCUST AT SIXTH/FIFTH & GRAND / 35TH & INGERSOLL / WEST DES MOINES V il if .In c . IS A SERVICE COMPANY • We do verifications, inventories, lease in spections, floor plans. 3011Alngersoll Des Moines, Iowa 50312 515/274-2121 POSITION AVAILABLE Second person in $16MM central Iowa county seat town. Background in all phases of agricultural banking desired. Excellent advancement potential. Write Box V LV , c / o NORTHW ESTERN BANKER, 306 15th St., Des Moines, Iowa 50309. SITUATION WANTED Seasoned bank executive available! Qualifications: 5 years as CEO of small Chicago area bank plus over 18 years in all other areas. BAI graduate. Seeks opportunity with progressive bank. Write Box X AX, c /o NORTHWEST ERN BANKER, 306 15th St., Des Moines, Iowa 50309. BANKING SERVICES: As your agent, we can: 1. Sell yqur bank stock. 2. Acquire Bank stock. 3. Appraise bank stock. 4. Prepare stock financing proposals. “Ray E. Reents,” Consultant, 2730 S. MacArthur, Springfield, 111. 62704. SERVING PROFESSIONALLY Banking, Financial & Business Personnel Iowa and Nationwide CAPITAL PERSONNEL SERVICE 20 4 Securities Bldg. 515— 283-2 545 Des Moines, Iowa 5 0 30 9 Dealer inquiries are invited for the sales and service of bank equipment in Iowa and Nebraska. Interested parties apply: The Gross-Feibel Company, Hillsboro, Ohio 45133 - Thomas Wilson (513) 393-3496. BANKERS AVAILABLE PRESIDENT— Several places open Missouri and Kansas, suburban and metro. One needs good industrial area lending and marketing experience. Also, CEO for Northwest Nebraska town under 10,000 people. TRUST OFFICER— To eventually head department, over $100 million. Prefer degree and large bank experience. COMMERCIAL LOAN— Formal analysis and 3-5 years experience in metro area preferred. EXECUTIVE VICE PRESIDENT— Metro Missouri area. Must be good marketing, administrator, loan officer. SECRETARY—With shorthand. Several good places in Kansas City area open. NEBRASKA BANKERS— Interviews are planned for January. If you are an experienced banker, unhappy In present position, send resume at once. Confidentiality respected. “IT TAKES A BAN KER TO KNOW ON E” TOM HAGAN & ASSOCIATES Box 12346, N.K.C., Mo. 64116 (816)474-6874 Vol. 4 No. 36 Northwestern Banker Newsletter is published weekly by the Northwestern Banker Company 306 Fifteenth Street, Des Moines, Iowa 50309. Subscriptions 25 cents per copy, $6 per year. Second class postage paid at Des Moines, Iowa. Address all https://fraser.stlouisfed.org mail subscriptions, changes of address (Form 3579) manuscripts, mail items to above address. Federal Reserve Bank of St. Louis
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