Full text of The Northwestern Banker : July 1, 1968, No. 1105

View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

*■

-V

Federal Chartering Suffers Fatal Blow
It appears that Federal char
tering legislation may have suf
fered a fatal blow as a result
of the House Banking Commit
tee’ s action, eliminating it from
the housing bill and instead
giving the savings and loan
industry certain of the “ char
tering” b ill’ s investment and
fund-raising provisions.
If the major savings and loan
amendments are enacted this
year, much of the reason for
the savings and loan support of
Federal chartering will disap
pear.
Without S&L backing,
chances for enactment of Fed
eral chartering legislation will
be remote. The real hope for
Federal chartering has been
the political pressure which the
S&L industry could put forth.
The new powers which the
House Banking Committee ap
proved are ^important, and they
could mean increasing compe
tition with commercial banks.
They include:
1. Authority for Federal S&L’ s
to accept “ deposits” and pay
“ interest,”
which represents
an important change in termi
nology, and empowering them

to accept deposits for fixed,
minimum or indefinite periods
of time* in the form of pass
books, time certificates of de
posit, and other evidences of
savings accounts. Implementa
tion of these new powers would
be subject to an association’ s
charter and to regulations by
the Federal Home Loan Bank
Board. A lso, no association
could delay payments to savers
for more than 30 days without
specific permission from the
FHLBB.
2. Authority for Federal S&L’ s
to issue notes, bonds, deben
tures or other securities (except
capital stock), again subject
to the specific control of the
FHLBB.
3- Permission
for
Federal
S&L’ s to invest in CD’ s is
sued by FDIC-insured banks.
4. Authority for the financing
of small single-family homes
(vacation homes, etc.) up to
$5,000 as a home improvement
loan.
5. Permission
for
Federal
S&L’ s to make loans for the pur
pose of mobile home financing.
6. Authority for Federal S&L’ s

Special Help in a
Specially Friendly Way

Member FDIC

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

Omaha, Nebraska

to make loans on the security
of loans or investments which
are otherwise legal for Federal
S&L’ s. This would permit Fed
eral S&L’ s to make loans se
cured by governments under socalled repurchase agreements —
a practice which was engaged
in until a ruling by the general
counsel of the FHLBB that
such
transactions were not
legal under the Home Owners
Loan Act.
The committee rejected only
one request of the S&L indus
try — authority to finance home
furnishings.
The commercial
banks have contested any re
quest by the S&L industry for
permission to finance home fur
nishings on the grounds that
this would place the S&L indus
try in the consumer credit busi
n ess. The committee did ap
prove mobile home financing
authority which is usually done
through a chattel mortgage, a
form of consumer credit.
The action now goes to the
House floor. Depending on the
type of rule granted by the
House Rules Committee estab
lishing
the procedure under
which the bill will be debated,
(Continued on page 6)

was previously associated with
the First National Bank o f Minne
apolis and the Red River National
Bank, Grand Forks, N. D., on a
trainee basis before joining the
First National on June 15.

We're here to help
you get what you want

IOWA-DES MOINES
NATIONAL B A N K
Member Federal Deposit Insurance Corporation

Bob Buenneke

BANK
M S I6 N CONSULTANTS
BOX 8 7 PH. I-7 I2 -2 6 2 I4 9 9
S P E N C E R ,IO W A 51301

IOWA NEWS
AMES: Norman W. Heald has been
elected auditor o f the First Na
tional Bank. He is a graduate of
Iowa State University with a
degree in agricultural education
and came to the bank in Decem
ber, 1967.
RED OAK: Hawkeye Bancorporation has filed an application with
the Federal Reserve System for:
(1) prior approval to acquire 69%
or more o f the voting shares of
Burlington Bank and Trust Com
pany (received); (2) prior approval
to acquire 80% or more of the
voting shares of the P ella Na
tional Bank (received), and (3) pri
or approval to acquire 51% or more
of the voting shares of First Na
tional Bank, Clinton (received).
THORNTON: Tom Siskow has been

CHRISTY
ARMSTRONG

LEO
KANE

‘WE HAVE WHAT YOU WANT
in

correspondent

promoted from assistant v ice pres
ident to vice president at the First
State Bank. He has been employed
by the bank since 1964 and was
previously employed by the Pub
lic Loan Company, Mason City.
WASHINGTON: Paul G. Reynolds
has been employed as auditor and
teller at the National Bank of
Washington. For the past 20 years
he has been a field engineer with
Burroughs
Corporation, working
out of Ottumwa.

NEBRASKA NEWS
OMAHA: President Johnson has
announced his intention to nomi
nate C. Everett Spangler, retired
vice president o f the Federal Inter
mediate Credit Bank o f Omaha, to
a six-year term on the Federal
Farm Credit Board. Mr. Spangler
retired from the bank in 1967,
after more than 33 years with the
Farm C redit System.

MINNESOTA NEWS

MANKATO: Michael J. Wang an has
been named assistant cashier at
the First National Bank o f Man
kato, to su cceed Terry Enge, who
resigned from the bank to enter
another field o f work. Mr. Wangen

american trust

and savings bank

m
■'i/cr

MEMBER: FDIC • FRS

1
1 \

g *i

; %

l
T

%
.
...

! :.

>
^

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

JAMES
WRIGHT

NEW BRIGHTON: Romane Kaufmann and Marvin Peterson have
been named assistant cashiers at
the First State Bank. Mr. Kaufmann
joined the staff o f the bank in
1966 as head teller. Mr. Peterson
joined the First State in 1957.
Both men were elected to the
bank’ s board of directors in June.
SAINT PAUL: Daniel Haslerud has
been named a director o f the Min
nesota State Bank, to fill the
vacancy created by the retirement
of Charles B. Wagner. Mr. H asle
rud is the bank’ s ch ief administra
tive officer and has been a sso
ciated with the bank sin ce 1947.
WAYZATA: The Comptroller o f the
Currency has approved the con
version of the North Shore State
Bank of Wayzata to the First Na
tional Bank of Wayzata.

SOUTH DAKOTA NEWS
HASTINGS: Miss Rita E. Truax
and Roger J. Reuter have been ap
pointed cashiers at the North
western National Bank. M iss Truax
has been employed by the bank
for the past 13 years. Mr. Reuter
has been with the bank for two and
one-half years.

bonk*

9TH AND MAIN. DUBUQUE. IOWA

MORA: The Comptroller o f the
Currency reports a transfer of 969
shares o f stock in the Peoples
National Bank. Former owners
were Elmer H olznagel, Leo Anderman and Carlton Waddell. New
owners are Charles E. Peterson,
Robert Gorham, Wilbur Gorham and
F. J. Grahn.

BURKE: The Federal Deposit In
surance Corporation has approved
application o f the Burke State
Bank to convert a limited facility
in B onesteel, S. D ., to a full ser
v ice facility.
HARTFORD: Daniel C. Wood, 46,
president of the Community Banks
of Hartford, Humboldt and Colton,
died suddenly in Las V egas, Nev.
Mr. Wood, who resided in Sioux
F a lls, had recently returned to
Las Vegas where he had spent

Tom Horn
John Diefendorf
Gene Hagen
These men bring the Secu
rity National Bank to their
correspondents. It’s strictly
a m a tte r o f S e c u rity’s
personal service. S ervice
for any bank ing need or
problem.

SECURITY
NATIONAL
BANK
6TH A N D PIERCE STREETS • SIOUX CITY

Send Your News

Today to the

NORTHWESTERN BANKER

Tell Us About

306 Fifteenth Street
DES MOINES, IO W A 50309

Staff Changes
Business Campaigns
Mergers, Consolidations
New Departments a,t the Bank
Remodeling or New Biiilding

Open Houses
Anniversary Parties
Deaths or Retirements
Speeches Made by Bank Officers
Special Announcements to the Public

-A

BA N K..
p.

OFFICER

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

CITY

TITLE...................................................H
STATE

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

LIINICQLIM

...Experts in Mortgage Loans

FIRST NATIONAL BANK & TRUST COMPANY OF LINCOLN
12th & N S tre e t • L IN C O L N , N E B R A S K A • Member: F.D.I.C.

4
some time the past year because
of health reasons.
%

PRESHO: Harold N. Thomson, past
president of the South Dakota
Bankers A ssociation , has joined
Ebin, Robertson and Company, Inc.,
Minneapolis investment bankers.
He will represent the municipal
and government bond department
in Montana and South Dakota. Mr.
Thomson was vice president of
the National Bank of South Dakota
at Presho from 1962 to 1967.
SIOUX FALLS: Donald F. Bertsch
has been named auditor at the
National Bank o f South Dakota,
effective July 15. He will super
vise all auditing procedures for
the bank and its facilities located
throughout the state. Since Jan
uary, 1968, he has been super
vising
examiner of the North
Dakota Regional Audit for First
Service Corporation, the servicing
affiliate o f First Bank System,
Minneapolis.
VERMILLION: Application filed
by the United National Bank of
Vermillion for a detached facility
to be located at the corner of
Cherry and Elm Streets in Vermil
lion has been approved by the
Comptroller o f Currency.
WESSINGTON SPRINGS: The F ed
eral Deposit Insurance Corporation
has approved application by the
American State Bank to convert its
Wolsey o ffice , Wolsey, S. D., to
a full service facility.

NORTH DAKOTA NEWS

LARIMORE: Curtis Cornelius, ex
ecutive vice president of the Elk
Valley State Bank, has been named
president of the bank, to succeed
C. H. Erbele, who retired from the
bank on July 1 after 20 years of
service. Mr. Cornelius was previ
ously vice president and cashier
of the State Bank of Warren, Minn.

ILLINOIS NEWS

BELLEVILLE: Approval has been
given by the Comptroller of the
Currency to an application filed
by the B elleville National Savings
Bank for a detached facility to be
located at 326-30 West Main Street,
B elleville.

CHICAGO: Continental Illinois Nahttps://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

tional Bank and Trust Company has
announced that it will pay 5% an
nual interest to savers who de
posit at least $1,000 to open on,e
of the bank’ s new “ Golden P a ce
setter” accounts. Until now, these
accounts earned 4%% annually.
SPRINGFIELD: Application of the
First National Bank of Springfield
to open a detached facility at the
northeast com er o f Fourth and
Capitol Avenues has been ap
proved by the Comptroller of thé
Currency.

COLORADO NEWS
DENVER: John F. Falkenberg,
Ronald C. Harris and Bryan J.
Williams have been promoted from
assistant vice presidents to vice
presidents at the First National
Bank of Denver. Advanced from
assistant cashiers to assistant
vice presidents were John R.
McNeil, Donald Martin, Robert B.
Spindle and Jerome B. Woods, Jr.
Elected assistant cashiers were
Richard A. DeRusha, Verlyn E.
Wolf, Jerry D. Wrench and Robert J.
Wyatt. Howard T. Alexander and
Kenneth Penland have been named
assistant trust officers.
DENVER: Charles P. Gallagher
has been promoted to vice pres
ident and trust officer at the
Central Bank and Trust Company.
He joined the bank’ s trust depart
ment in 1954 and was currently
serving as trust officer. Richard G.
Lesko has been named assistant

trust officer. He joined the bank
in 1967. Richard G. Lesko also
has been elected assistant trust
officer at the bank.
DENVER: A state bank charter
for the Columbine State Bank, to
be built at E. Hampden Avenue and
S. Oneida Way, has been approved
by the Colorado Bank Board. Head
ing the bank will be Charles H.
Smukler as board chairman and
Sidney S. King as president. Both
are officers o f the Alameda Na
tional Bank.
DENVER: Clay W. Allen, security
analyst with the Colorado National
Bank, has been named investment
officer in the trust department. He
joined the bank in 1964.

CHILES & COMPANY
Member, Midwest Stock Exchange

M U N IC IP A L A N D C O R P O R A T E B O N D S
LISTED, U N L IST E D A N D L O C A L ST O C K S
412 Farm Credit Building, Omaha, Nebraska 68102
Phone 346-6677

Strengthening inter
national banking
connections and services
through City National
Bank’s International
Department has become
quite a custom.

National Bank
& Trust Company
Kansas City, Missouri

Always the First to Serve You!

First National Bank o f Omaha
1STH & FAR NAM - O M A H A , N E B R A S K A
________________ M em ber Federal D eposit Insurance Corporation

/RK Gross Co

BANK PLANNING
Waterloo, Iowa
Federal Chartering.. .
(Continued from Page 1)
an attempt may be made by com
mercial banking interests against
some of the new S&L powers.
A lso, an attempt may be made on
the House floor to restore “ Fed
eral chartering” as an amendment,
but the outlook for such a move
succeeding is not good. In order
to protect their own amendments,
it is unlikely the S&L industry
would support such a move.

NATIONAL NEWS
LOS ANGELES: The Security First
National Bank and P a cific Nation--------------------------------------------------- .

Bank at the
Financial Center
of the
Chicago Stock Yards
B ern ie Miller

al Bank of San Francisco have
jointly announced their intention
to merge on July 1. The merged
institution will be known as Se
curity P a cific National Bank. Head
office o f the new bank will be at
the present headquarters of Se
curity First National. P a cific Na
tional’ s o ffice will become the
northern California headquarters
of the merged institution.
MELBOURNE, FL A .: Howard N.
Hebert, formerly executive vice
president and trust officer at the
National Bank of Melbourne and
Trust Company, has been named
president of the bank. Prior to
entering banking in 1956, Mr.
Hebert practiced law in Montana.
He has been with the Melbourne
bank since 1965.
MILWAUKEE: Philip M. Klutznick
of Chicago, board chairman of
Urban Investment and Development
Company and senior partner in
Klutznick Enterprises, and Howard
J. Tobin of Milwaukee, president
and director of Wisconsin Gas
Company, have been named direc
tors o f Mortgage Guaranty Insur
ance Corporation.
ST. JOSEPH: Larry M. Rogers has
joined the staff o f the First Na
tional Bank as assistant vice
president in the correspondent
banking and agricultural credit
department. He was previously in
the correspondent banking depart
ment of the Bank of St. Louis, Mo.

Iow a R e p re se n ta tive

DROVERS
N A T IO N A L B A N K
o f C h ic a g o
P h o n e (3 1 2 ) 9 2 7 -7 0 0 0
_________________ _

CENTRAL

________________ /

NATIONAL

BANK

SAN FRANCISCO: Walter E. Hoadley, nationally known econom ist,
has been named executive vice
president at the Bank of America.
He will head the bank’ s econom ics
department and will continue as
a member o f the managing com-

AND

TRUST

M e m b e r F e d e ra l D e p o s i t I n s u r a n c e C o r p o r a t i o n

COMPANY

mittee and the advisory council of
the bank’ s board of directors.
A. W. (Tom) Clausen and Chauncey J. Medberry also have been
named executive vice presidents.
Both men are becoming members
of the bank’ s managing committee.
Mr. Clausen, who operates out of
the San Francisco head o ffice ,
also has been appointed vice
chairman o f the bank’ s general
finance committee. He will con
tinue to head Bank of America’ s
commercial lending activities in
northern California. Mr. Medberry
has been named executive officertrust activities and will have
responsibilities
for the bank’s
statewide trust p o licie s and in
vestment activities.

NEW YORK: Frank E. Reed and
Donald J. Kahrs have been e le c
ted vice presidents o f Morgan
Guaranty Trust Company of New
York. Mr. Reed, 33, is assigned
to thè midwestem district in the
bank’ s national group. He formerly
was a vice president of The Bank
of New York. Mr. Kahrs, 38, is
assigned
to the bank’ s Park
Avenue o ffice.

W ANT ADS

Rates 25 cents per word per
insertion. Minimum: 12 words.
NORTHWESTERN BANKER
306 15th St., Des Moines, Iowa
700 BANKERS 700
Desire position to serve as your
Chicago correspondent. Offer full
range of skills and fa cilities. Serve
you with plenty of personal atten
tion. Agents in your area full time.
For immediate action call Max
Roy in Iowa City at 338—5224 or
Cy Kirk in Rockford, 111. at
398—9521. Or ca ll LaSalle National
Bank, 135 South La Salle Street,
Chicago, Illinois 60690. (Area
Code 312) STate 2 -5 2 0 0 .
ADVERTISING HELPS
For the ' agricultural banker —ads,
mats, editorials and newsletters
that s e ll full service banking to
farmers. Samples available. The
Farm Business Council, Inc., P.O.
Box F, Urbana, Illinois 61801.

No. 1105 Northwestern Banker is published five times monthly by the Northwestern Banker Company, 306 Fifteenth Street, Des
Moines, Iowa 50309. Subscriptions 50tf per copy, $6 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.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

«■

Full text of The Northwestern Banker : July 1, 1968, No. 1105

FRASER