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Vol. 8 No. 37
Des Moines, Iowa
How New Fed Policy Affects Banks
By DR. L. W AYN E DOBSON
Abbott Professor of Banking
University of Nebraska-Lincoln
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S A T U R D A Y , O ctober 6,
O N1979,
the Federal Reserve
Board called a
late hour news
conference to
announce that
the System was
in s t it u t in g a
fu n d a m e n t a l
change in the
way in which it
conducts mone-
.
JT I
|
L. WAYNE DOBSON
•4
1
had become ob
vious to everyone that the Federal
Reserve was not pursuing policies
consistent with its stated objective
of curbing the rate of inflation.
In addition, officials of the Fed
had just concluded a meeting with
representatives of foreign govern
ments and central banks, during
which it was apparently made clear
that the U .S . dollar was losin g
ground relative to other key curren
cies and that this condition would
deteriorate further if we refused to
make a more serious attempt to con
trol the rate of inflation. As a result,
the chage in the way in which policy
will be conducted was announced
along w ith a package o f other
changes.
*r
Three policy changes were an
nounced on the above date. First,
the discount rate was raised from
11% to 12%, the highest rate ever.
Second, marginal reserve require
ments were im posed on certain
types of nondeposit liabilities over a
specified level. Third, in the future
the Federal Reserve will attempt to
control directly the growth in bank
reserves and abandon its policy tar
get of short term interest rates. It is
this change in the policy target that
is most important for banks and the
economy and to which the com
ments in this brief article will be
directed.
In recent years the Federal Re
serve had focused its primary atten
tion on controlling short term inter
est rates by establishing a target
federal funds rate. This had the
effect of limiting the fluctuation in
the federal funds rate, and since
other short term rates typ ica lly
move with the fed funds rate, the en
tire cluster of short term rates would
be controlled, or at least their range
of fluctuation would be constrained.
That the Federal Reserve has
close control over the fed funds rate
through the use of open market
operations has never been quest
ioned. The level of the rate is readily
known at any time during the day
and if it penetrated the desired tar
get, the managers of the open mar
January 7,1980
ket committee account at New York
would simply buy or sell U.S. G ov
ernment securities to change the
volume of bank reserves.
For example, if the target federal
funds rate were 12% and suddenly
jumps to \2 Vi % this suggests that
the supply of federal funds is short
at the target price relative to the de
mand at that price, i.e. 12 %. This
would be assumed to have been
caused by an increase in demand by
banks for funds with which to settle
reserve deficiencies. In this case, the
manager of the account would pur
chase securities in the open market,
thereby increasing bank reserves by
enough to push the federal funds
rate back to the desired level; i.e.,
from 1 2 V2 % to 12%.
Thus, when the Federal Reserve
has interest rates as its policy tar
get, it no longer has close control
over the volume of bank reserves,
bank credit or the money supply.
That is, the Fed must supply or re
duce bank reserves in w hatever
quantity necessary to bring the fed
eral funds rate back to the desired
level.
While the actual techniques and
procedures for con du ctin g p olicy
changes are the same, with this new
policy the Federal Reserve has com
m itted itself to con trollin g the
supply of money and bank credit
rather than attempting to control
the price of credit (interest rates).
This means that fluctuations in in-
ASK TERRY MARTIN
to make MNB work for you.
Toll free: 1-800-332-5991
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Federal Reserve Bank of St. Louis
Merchants National Bank i l i
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A
B A N K S O F IO W A ’ B A N K
give your com m unity a
lot of help for its
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Voldy Vanags
nesMpines
Member FDIC An Affiliate of Northwest Bancorporatioo
terest rates will be primarily the
result of market determined shifts in
the demand for credit rather than
deliberate policy-oriented changes
in the supply of credit.
It may be assumèd that there will
be a tendency for short term interest
rates to be more volatile than under
the former policy. There may also be
less propensity for various short
term rates to move in close unison;
they will continue to move up and
down together but with greater dis
persion relative to the federal funds
rate and with greater time lags.
This will be primarily the result of
the greater difficulty in anticipating
changing market conditions; i.e.,
For
availability
of funds,
knowledgeable people
and professional service,
call our correspondent
bank department.
TOLL FREE
1- 800- 362-1615
fti,
C
Jf
Central National Bank
& Trust Company
LOCUST AT 6TH/DES MOINES, IA 50309
MEMBER FDIC
^
AFFILIATED WITH CENTRAL NATIONAL BANCSHARES. INC '
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Federal Reserve Bank of St. Louis
„ Don
C arm ody
BANKERS’
BANKER
■■
our service,
the Federal Reserve will no longer be
neutralizing the effects o f market
conditions. Such policies will make
bank portfolio adjustments more
d ifficu lt and m anagem ent errors
more costly; this is especially true in
management of the maturity struc
ture of the investment portfolio.
Economists have speculated for
m any years about the probable
effects on the money market of a
serious attempt by the Federal Re
serve to control the money supply
rather than the rate of interest. As
expected, there have been radical
differences in opinion. Some observ
ers have argued that it would create
an injurious degree of instability
and that the market would be much
less efficient; others have maintain
ed that since there will be less inflat
ion the market will be more stable,
with generally lower short term in
terest rates.
It will be many months, or per
haps years, before we are able to de
pict the nature of the changes occur
ring in the money market. However,
it is probable that there will ulti
mately be lower interest rate levels
because of less inflation and greater
fluctuation around this lower rate
because of shifts in the demand for
bank credit.
There is far less uncertainty about
the ultim ate effects o f this new
policy on long term interest rates.
During the last few years, longer
term rates have been dominated by
inflationary expectations, and few
serious observers believe that there
can be any significant reduction in
long term interest rates without a
persistent decline in the rate of in
flation.
Consequently, if the new policy is
successful in curbing inflation it will
lead to reductions in the longer term
interest rates. However, this result
should not be expected immediate
ly; it should begin to become effect
ive within a few months but the pro-
ComeCrow
With us
m
m
Bankers Thist
D es Moines, Iowa 5 0 3 0 4
■
cess will continue for several years.
It must be remembered that this in
flationary process has existed for
almost 15 years and its reversal can
not be expected for at least a few
years.
□
Iowa News
The Iowa Junior Bankers Associ
ation will sponsor the 1980 bank
staff training seminars, “ The W in
ning Team,” at various locations in
the coming weeks. Seminar leader
will be Tricia Faulkender, vice presi
dent and director of training serv
ices for Financial Shares Corp., a
Chicago-based marketing and train
ing consulting firm.
Dates and locations : January 14,
Best Western, Council Bluffs; Jan
uary 15, Hyatt House, Des Moines;
January 16, Elks Club, Ottumwa;
January 17, Stouffer’s Five Sea
sons, Cedar Rapids; January 21,
Holiday Inn, Fort Madison; Janu-
Supplement to Northwestern Banker Newsletter 1-7-80
Carleton D. Beh Co.
Investment Bankers/Financial Consultants
4
NEW ISSUE
MOODY’S: Aa
$560,000
OTTUMW A, IOWA
General Obligation Corporate Purpose Bonds
«
Dated: December 1,1979
-
*
Denomination: $5,000
Both principal and semiannual interest (June 1 and December 1 , first coupon due June 1,1980) payable at the
Office of the City Treasurer, Ottumwa, Iowa.
IN THE OPINION OF COUNSEL INTEREST ON THESE BONDS IS EXEMPT FROM ALL PRESENT FEDERAL
INCOME TAX, IOWA FRANCHISE TAX, AND ALL PROPERTY TAXATION IN THE STATE OF IOWA.
«
M
**
it
fH
'wL
*41
MATURITIES
$10 ,0 0 0
25,000
25,000
25,000
30,000
30,000
30,000
50,000
6.75%
J u n e l,1981
J u n e l,1982
J u n e l,1983
J u n e l,1984
J u n e l,1985
J u n e l,1986
6.25%
J u n e l,1987
6 .0 0 %
J u n e l,1988
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6. 00%
J u n e l,1989 6.00
6 .1 0 %
50,000 J u n e l,1990 6 .10
50,000 J u n e l,1991 6 .10
6 .2 0 %
55,000 J u n e l,1992 6 .20
6.25%
60,000 J u n e l,1993 6.25
6.30%
70,000 J u n e l,1994 6.30
$50,000
LEGALITY TO BE APPROVED BY AHLERS, COONEY, DORWEILER, HAYNIE & SMITH, ATTORNEYS
DES MOINES, IOWA
*
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fci
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*
m
The City of Ottumwa, ranking eleventh in population in the State, is the county seat of Wapello County and is located about 90 miles
southeast of Des Moines. Ottumwa is the largest city within a radius of 90 miles and serves as a trading center fo ra large part of southeast
Iowa, as well as the northeast area of Missouri. Retail sales in Ottumwa as of June 30, 1978 were in excess of $113,400 000. Major
employers in the City include: John Deere Ottumwa Works (agricultural implements, employs 2,400); George A Hormel & Co (pork
processors, employs 630); Everco Industries, Inc. (automotive parts, employs 325); Tenco Workshop, Inc. (pallets, shipping frames
wooden toys and craft items, employs 200); and Wausau Homes, Inc. (factory built homes, employs 200). Six planes, twenty-six trains’
eight buses and two hundred fifty-six motor carriers are in and out of Ottumwa every weekday. Four railroads, the Burlington, Milwaukee’
Rock Island, and Norfolk and Western serve the area. There are three banks in Ottumwa with total deposits as of December 31 1978 in
excess of $174,800,000.
’
These bonds are being issued under the provisions of Chapter 384, Code of Iowa, 1979, as amended, for the purpose of improving various
streets; park and recreational development; sanitary equipment; repairs to the City Hall; and acquiring additional land for cemetery
purposes. In the opinion of counsel, these bonds are legal and binding general obligations of Ottumwa, Iowa, and all taxable property
located therein is subject to the levy of sufficient taxes to pay the principal of and interest on the bonds without lim it as to rate or amount
FINANCIAL STATEMENT
Actual value taxable property, 1978
Assessed value taxable property, 1978
Direct debt, including this issue
Total direct and overlapping debt
$282,178,252
241,501,124
5,645,000
6,408,749
Population, 1979estimate: 30,250
Direct debt per capita: $186.61
Total debt per capita: 2 1 1 .8 6
Tax collections have averaged 100.89% of taxes levied for the past five years.
We own and offer subject to prior sale and change in price and subject to our attorney’s approving opinion:
The information contained herein is not guaranteed, but is derived from sources we deem reliable
and is that on which our purchase of these bonds was based. Offered subject to prior sale and change in price.
Des M oines B uild in g • Des M oines, Iowa 50309 • 515-288-2152
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
607 M a rq u e tte Ave. • M in ne a p o lis, M in ne so ta 55402 • 612-332-8825
Supplement to Northwestern Bankers Newsletter 1-7-80
— NEW GENERATION —
CANON
SV-20
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— EASY TO OPERATE —
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" The Canon SV-20 Financial System is the successor to our very successful SV-10 Loan System. The
SV-20 system’s powerful features enabled me to develop an extremely complete, easy-to-operate loan dis
closure and audit system that can be utilized in any bank in Iowa to great advantage.’’ *
Here is a list of the valuable features contained in the Canon
SV-20 Financial System:
• Ease of operation was the number-1 priority
in the development and design of the SV-20
Financial System.
• The ability to audit existing loans, including
balloon loans, and disclose the true APR.
• Computes the date of the last payment, or
any payment.
• Complete tape audit trail of any disclosure
—easy-to-read.
• Computes even-dollar payment loans with
an adjusted final payment.
• Balloon Payment Loans (with insurance):
• Compute payment given balloon
• Compute balloon given payment
• Computes rebate on interest and insurance
premiums—actuarial on interest, rule of
78’s on premiums.
• Installment loans (with insurance):
• weekly
• quarterly
• semi-monthly
• semi-annual
• monthly
• annual
• A 200 year built-in actual calendar—retains
today’s date all day, even if the unit is
turned off or unplugged.
• Commercial single-payment notes (with
insurance)
• Long-term Real Estate loan, ballooned at
any payment point, with points and true
APR.
• Complete amortization of any loan dis
closed, with a single touch of the “AMORT”
key.
• All Iowa insurance rates built-in.
• Computes dealer reserve quickly and accur
ately.
• Given the desired payment, APR, and term:
computes the cash advance (principal).
• Variable-Payment amortization.
• You may change any part of the loan w ith
out starting over and reprint the entire dis
closure in seconds.
• Direct access to the outstanding balance at
any payment p o in t, and to ta l interest
accrued to date.
• All loans are disclosed with the true com
puted APR: automatically adjusts for loan
fees, service charges, etc.
[OVER]
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Federal Reserve Bank of St. Louis
You will be pleased at the proficiency, flexibility, and accuracy the Canon SV-20
Financial System will provide your bank’s installment loan department, commer
cial loan department, mortgage loan department, and internal audit department.
Here is a truly comprehensive, integrated loan audit and disclosure system
designed specifically for Iowa Bankers by an Iowan.
For a personal demonstration and names of Iowa Bankers now using this
system contact:
Tom Weaver, President
Don Leonard, Financial Systems Representative
Midwest Calculator, Inc.
1012 Grand Avenue
Des Moines, iowa 50309
515/283-2513
*
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Federal Reserve Bank of St. Louis
Tom Weaver—designer and programmer of the Canon SV-20 Financial System.
W r e Committed.
For ag overlines, data processing, investment ser
vices and all your correspondent banking needs,
think o f your Security
Banker. We’re committed
to helping you!
Wilma Weeks
Correspondent Banking
Operations Officer 712/277-6517
SECURITY N A TIO N A L BANK
SIO UX CITY, IO W A 51101
ary 22, Jumers Castle, Bettendorf;
January 23, Julien M otor Inn,
D ubuque; January 24, Conway
Civic Center, Waterloo; February 4,
Hilton Inn, Sioux City; February 5,
Iow a Lakes Com m unity C ollege,
Emmetsburg; February 6, Starlite
Village, Fort Dodge, and February
7, H oliday M otor L odge, Clear
Lake.
ALBERT CITY: The Albert City
Savings Bank recently held an open
house observing their 65th anni
versary featuring g ifts and a
draw ing, a ccordin g to John W .
Hopkins, president.
MEMBER F.D.I.C.
THEDFORD: Thedford Banshares,
Inc. has received consent to become
a bank holding company from the
Federal Reserve Bank of Kansas
City by acquiring the Citizens State
Bank here.
W EST POINT: J. R. Knievel has
retired as president of the Farmers
& Merchants National Bank here.
He joined the bank in 1949 after
graduating from Creighton Univer
sity. M r. K nievel w ill remain a
member of the board.
Minnesota News
A L B IO N : Funeral services for
Lawrence J. Fox Sr., 83, chairman
of the First National Bank of A l
bion, were held last month. He be
gan his banking career in Albion in
1914 and was president of First Na
tional from 1950 until 1962, when he
became chairman of the board.
BANKERS PARTICIPATING
I
L e a s e P la n , In c .
545 - 31st Street
Des Moines. Iowa 50312
R. L. “DICK” SELLON • P.D. “DUANE” DEVAULT
Correspondent Danker
The Bonk of Opportunity
Town Clock Plaza,
Dubuque. Iowa
CALL 319-562-1841,
COLLECT
H uey, auditor and officer, and
James W. Burns, assistant cashier.
The maximum lawful interest rate
for con ven tion al hom e m ortga ge
loans for the month of January will
be 13%, according to Michael J.
Pint, commissioner of banks. This is
down one-half percent from the rate
set for December at 13.50%.
O M A H A : D ennis C. R ob ey has
been prom oted to assistant vice
president-commercial lending divi
sion at the A m erican N ational
Bank. A lso named were Sharon
Leo Kane,
American Trust
& Savings Dank
© 1979 S N B
Nebraska News
LINCOLN: Promotions announced
recently by Gateway Bank & Trust
Co. include Alan O. Austin, vice
president and controller; Harry Se
ward III, vice president and trust
officer, and Kris Riggs, assistant
vice president-operations.
"Opportunity
Colls../'
BOYD: Keith Williams has joined
the State Bank of Boyd as vice pres
ident. He comes to Boyd from Scotsdale, A riz., and was formerly on the
sta ff o f the F irst S tate Bank,
Okabeha.
HOFFMAN: Hoffman Bancshares,
Inc. has received consent from the
Federal Reserve Bank of Minne
apolis to become a bank holding
company by acquiring the Farmers
State Bank here.
W A YZA TA : Lowell G. Wakefield is
the new president of the First Na
tional Bank of Wayzata succeeding
Joseph Clemons. Mr. Wakefield had
served as president of the First Na
tional Bank of Waconia and as a
director of Klein Bancorporation for
the past six years.
Illinois News
The A ssocia tion for M odern
Banking in Illin ois has selected
Hughes, Martindale & Associates
to conduct a series of workshops
throughout the state on automated
teller machine banking. The oneday workshops will cover how to
plan and im plem ent A T M p ro
grams. Locations and dates are:
Rockford, Clocktower Inn, Janu
ary 15; Chicago, Hyatt Regency
O’Hare, January 16; Rock Island,
Sheraton-Rock Island, January 22;
Peoria, Continental Regency Hotel,
January 23; C am paign-U rbana,
University Inn, January 29, and St.
Louis, M o., January 30.
SCHAUMBURG: Thomas Lamoureaux has been appointed cashier of
Suburban National Bank of Woodfield here. He was formerly assist
ant cashier of Suburban Bank of
Rolling Meadows.
Colorado News
DENVER: Four individuals have
been elected to the position of senior
vice president at United Bank of
Denver. They are David E. Bailey,
M ichael J. F ow les, W illiam P.
Lober and Thomas W . Swanson.
Montana News
BILLINGS: Promoted recently at
S ecurity Bank here were A gn es
H offm an, vice president; Connie
Marshall and Frank E. Hemphill,
assistant vice president, and Sheila
Sharkey and Terry Lee, personal
banking officer.
CALL ON TH E “PERFORMANCE TEAM ”
where com m on transactions are handed uncom m only well.
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Federal Reserve Bank of St. Louis
FIRST NATIONAL LINCOLN
13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C.
PARTIAL LIST OF
AVAILABLE POSITIONS
Comprehensive Packages
1.
2.
3.
4.
5.
Blanket Bonds
Automobiles
Single Interest
Fire & Liability
SERVICE
fiUTDmfiTEO SVSTEÍTIS
□F Éffiflinçl
MANAGEMENT—Strong experience in commercial
lending with large bank needed. Position is head of
commercial lending for large midwest bank. Salary
$40,000.
301 N. Ankeny Blvd., Suite 220
Ankeny, la 50021 515-964-1358
AG LENDING— Major north central Iowa bank has
ground floor opportunity in ag department. Ag back
ground w ith lending experience needed. Salary
$17,000.
INSTALLMENT—Some lending experience a must.
Good opportunity for advancement. Salary $15,000.
W ANT ADS
Rates 50 cents per word per insertion.
Ad $2 for file numbers. Identity of file
number advertisers cannot be revealed.
Payment in advance, please.
NORTHWESTERN BANKER
306-15th St., Des Moines, Iowa 50309
GENERAL SERVICES
REDUCE CREDIT LOSSES. We collect your overdue
bills nationwide without charging collection agency
fees. Results guaranteed. Free sample kit. Handcraft,
Dept. 010-1, Box32536, Jamaica, NY 11431.
(GS)
FOR SALE OR LE ASE
FOR SALE OR LEASE
Available for immediate delivery. Instant modular
drive-in teller units. Ideal for expansion or to establish
a remote drive-in. Prebuilt, ready to install on your site
— requires only electrical hookup. Includes all equip-,
ment needed—electric heat and air conditioned, con
duit for alarm and phone. W rite.for brochure of other
size drive-in systems, branches and modular auto
matic teller machine buildings.
FINANCIAL PRODUCTS, INC.
P.O.Box 1035
Eau Claire, Wisconsin 54701
_____________ Phone:(715)835-8160
FOR SALE
Five-window teller counter, walnut and marble, excel
lent condition. Farmers Savings Bank, Kalona, la.
52247. Phone (319)656-2265.
________
(FS)
Complete mini-bank, 10 years old. Must be moved.
PhoneJim McDonough, (319)582-3126. Plaza20, Inc.,
2600 Dodge St., Dubuque, la. 52001.
(FS)
12x40 Hillcrest mobile home remodeled for use as
temporary bank. Fitted with drive-up window, lobby
area, night drop, fu ll alarm system, furnace and air
conditioning. Currently in use at National Bank of
Waterloo, la. Available after 1 /1 /80. For further information call Mr. Wackerbarth (319)291 -5429.
(FS)
□ I would like to sell my
majority bank stock.
P I would like to buy ma
jority bank stock.
I
Please Contact: J. Mason Henry
Sale of Rare Coins
Reliable and respected service
for over 20 years
Used by bankers
throughout the midwest
I
I
P.O. Box1313, Omaha, Nebraska68101
Phone: (402)553-6400
LENDING—Ground floor opportunity; 1 + years ex
perience needed. Handle majority of lending fo r ag
bank and learn all areas of banking. Salary $13,000.
I
ALL FEES PAID BY MANAGEMENT
FOR FURTHER INFORMATION
RESPOND IN CONFIDENCE TO:
I
I________________________________ I
W ANTTOBUY
NCR Class 31, 32, 33 or 36 posting machines. Call
(512)836-5864.__________________________ (WTB)
Burroughs L2000, L3000, L4000, L5000, L6000, L8000
or L9000 computers. Call (512)837-6783.______ (WTB)
Investor wants to purchase $20 m illion (approx.) de
posit bank in live community. Long term investment.
Need good management. No brokers. Write file FBX,
c /o Northwestern Banker.__________________ (WTB)
POSITION W ANTED
C.E.O. position in rural Iowa bank. Partial ownership
preferred. Write in confidence to file IBV, c /o Northwestern Banker. ___________________ ______ (pw )
POSITION AVA ILABLE
$14 m illion northeast Iowa bank looking for second
man. Prefer loan and operations background. W rite to
file IBU, c /o Northwestern Banker. ________ (PA)
Bank service corporation needs a customer service
representative to join their team of professionals.
Must have at least two years of bank operation experi
ence, strong background in accounting or finance.
Submit resume in confidence to Banks of Iowa Com
puter Services, Inc., 222 Second Ave. S.E., Cedar
Rapids, la. 52401, Attn: Uraina Evans, Personnel
Manager.
(PA)
An Equal Opportunity Employer_________
Agricultural and Commercial Loan Officer: new posi
tion. Excellent northeast Iowa location with new
modern facilities. One to three years experience re
quired. Bank management seeking aggressive indi
vidual looking for responsibility and opportunity.
Send resume in confidence to file IBT, c /o Northwestern Banker._______________________________ (PA)
AG CREDIT CAREERS
AG LENDING OFFICER . . . Southeastern Minne
sota ................................................... $15-$20,000.
AG LENDING OFFICER . . . Northwest Illinois
..............................................................$17-$20,000
ASSISTANT CASHIER. . . Central Io w a ..............
.............................................................$14-$16,000
ASSISTANT V P . . .P C A. . .Io w a ___$17-23,000
AG LOAN OFFICER. . . Northern Iowa ..............
...........................................................$15-$17,000
CREDITSUPERVISOR. . . Major Equipment Firm
. . . two openings:
1.IA 2. M N &W I .................. $15-$20,000
Since 1968, employers have been paying us to find
the people they need. For details, call Linda, our
banking and credit specialist.
Ben E. Marlenee Coins
913 Locust
Des Moines, Iowa 50309
515-243-8064
OPERATIONS— Be responsible fo r tellers and book
keeping for $30MM Iowa bank. Handle all reports.
Heavy supervisory responsibility. Salary $17,000.
Charles E. Walters Co., Inc.
Estate Appraisals
Purchase of Collections
OPERATIONS—Good opportunity to move up in this
large bank. W ill be cash 1er for branch location. Salary
$16,000.
3 O r i G4REERS, INC.
•
m J
AGRICULTURAL
(515)394-3145
PERSONNEL RECRUITERS
New Hampton, IA 50659
Trust Administrator with law degree and 3-5 years ex
perience wanted. Send resume in complete confi
dence to Diane Good, Personnel Office, National
Bank of Waterloo, Waterloo, la. 50704. We are an
equal opportunity employer.
_____________(PA)
Agricultural Loan Officer— Position available due to
promotion of ag loan officer; experience preferable.
Our officers know of this opening. A growing $18
m illion bank in west central Nebraska. Contact E.D.
Niedan, Chairman, American Security Bank, North
Platte, Neb. 69101. Phone(308)534-9300._______ (PA)
Ag Loan Officer for $25 m illion deposit bank in south
central Iowa. Experience necessary. Write to file IBS,
c /o Northwestern Banker.
(PA)
Person approx. 30-40 to fill #2 position this year, lead
ing to #1 position as soon as ability proven. Salary
equal to ability and willingness to work. Contact Rae
Heiple at Abingdon Bank, Abingdon, III. 61410. Phone
(309)462-2222.______________________
(PA)
Ag Rep. for$20 million bank in good agricultural area;
three to five years experience necessary. Excellent
salary and benefits. Write to file IBQ, c /o Northwest
ern Banker._____________
(PA)
BANKERS WANTED
EXEC. V .P .— S m all fa m ily-o w n e d Kansas
bank. Good o p p o rtu n ity fo r stab le
person with ag loan background in rural
area ................................... ............... ..... 16/20
INSTALLMENT LOAN— P refer good d ire ct
loan experience for this small Iowa
bank. Ag background.............................. 13/15
LOANS—General platform officer for small
Kansas bank; must haveag background 16/20
AUDITOR—Takecharge of audit fo r$40 million
Kansas bank. Prefer degree and bank
experience................................................ 20/25
AGRI LOAN—3-5 years experience fo r western
Nebraska bank. W ill also supervise ag
lending foranother company.................. 20/25
Several other JR and SR positions in central part of
*U’.S. Send resume and salary history in complete
confidence.
TOM HAGAN & ASSOCIATES
Linda Blue Smith, President
P.O. Box 12346 / 2024 Swift
North Kansas City, Missouri 64116
________________ (816)474-6874________________
Vol. 8 No. 37 Northwestern Banker Newsletter [USPS 873-300] is published weekly by the Northwestern Banker Company, 306
Fifteenth Street, Des Moines, Iowa 50309. Subscriptions 25 cents per copy, $8.00 per year. Second class postage paid at Des Moines,
Iowa. Address all mail subscriptions, changes of address [Form 3579], manuscripts, mail items to above address.
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