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July 12,1982 Des Moines, Iowa Vol. 11 No. 12 An Open Letter to President Reagan The Hon. Ronald Reagan President o f the United States Washington, D.C. Dear Mr. President: A growing frustration and resentment to ward the Depository Institutions Deregulatory Committee, which was ordered by Con gress to be formed from among federal regu lators of financial institutions, is driving a number of state banker associations and state banking departments to concocting various types o f approaches to counteract the refusal o f DIDC to take affirmative action in getting on with the business o f deregulating the depository institutions. Specifically, the DIDC has mickey-moused for months now with proposals that would provide the regulated financial depository in stitutions with an interest-free instrument; one that will allow them to compete with nonfinancial institutions which have arbitrarily thrust themselves into the deposit-taking bus iness without having to abide by the same federal regulations imposed on the regulated institutions. As a consequence, the M oney Market Mu tual Funds, operated by firms such as Merrill Lynch and Sears, Roebuck, have successfully drained away more than $200 billion from the public into their M M M Fs, much o f it by tak ing deposits away from the banks and savings and loans which are forbidden b y the D IDC to compete with them. These M M M Fs can offer current money market rates and offer any customer what he or she is entitled to —-the growing market rate on their funds which they are willing to invest or deposit. The failure o f the DIDC to respond to this need, to say nothing o f the mandate o f Con gress to expedite the deregulation of financial institutions, is a gross miscarriage o f justice on the part of the federal government. It is the epitome of what you expressed so succinctly and with great vigor when you told me and others at the Montana Bankers Association annual convention at Big Sky, Mont., in June, 1977: •Excessive interference of government in the marketplace, through an overlay o f regula tions, is stifling trade and business. •Government is an alimentary canal with an appetite at one end and no sense o f respon sibility at the other end. •Government has no source o f revenue ex cept 70 million people in the private sector. D on’t count government employes—they’re merely returning with taxes part o f what was taken from the 70 million to begin with. •One day what will we have to answer our children when they ask, “ Where were you on the day our freedom was lost?” In case you are not aware o f it, Mr. Presi dent, bankers from the nation’s 14,000 banks are fed up with the lack o f action by the ma jority on the DIDC and the crude, rude, selfserving treatment they are receiving by its chairman, Secretary o f the Treasury Donald Regan. In any other position in govern m en t-federal, state or local—he would have to disqualify himself from making decisions as a D IDC member. In fact, most other men would honorably acknowledge that such par ticipation is self-serving and would voluntari ly refrain from the kind o f action he is taking. The hundreds of thousands o f bankers he is under-cutting are the ones who have suppor ted you steadfastly in these trying economic times. It is well-known that he was chairman of the Merrill Lynch investment firm when the Money Market Mutual Fund was developed there. In his present capacity as D IDC chair man he dominates the committee and refuses to take any steps to allow regulated financial institutions to compete with his former em p loy er-oth er than to say that the staff is “ studying” the matter. While the staff has “ studied,” and has come up with ridiculous proposals that are nothing more than addi tional regulations, the M M M Fs have gone from less than $100 billion to more than $200 billion at present. How do you expect the nation’s commercial banks to compete in an even fight with one hand tied behind their backs, and a referee who is a dedicated alumnus of their opponent? A t the June 29 meeting, your appointed cabinet member, Secretary Regan, strode into the meeting room, announced he had one pro posal in his pocket (his proposal), he wanted it voted up or down, made it clear the didn’t want to waste time on discussion and an nounced arrogantly he had an important meet ing in a half-hour. He beat down proposed sen sible discussion by Fed Chairman Paul Volcker and FDIC chairman Wm. Isaac with his take it or leave it demand. What could be more important for the Sec retary of the Treasury than the health of the nation’s banks, and the welfare o f the cus tomers who have trusted them for decades to give them the best return possible on their money? If that is not important to him, he shouldn’t be Secretary o f the Treasury and/or shouldn’t be on the committee! He acceded again to the request o f Federal Home Loan Bank Board Chairman Richard Pratt and railroaded as part o f his proposal that savings and loans would continue to have an advantage over commercial banks of onequarter percent differential in the interest rate they can offer on savings. The S&Ls, their reg ulator, Secretary Regan and others are saying the offering o f a competitive instrument for the banking industry must be held hostage by the DIDC until S&Ls get expanded commer cial banking powers. This, to me, is an as sumed authority—one that belongs with Con gress, not with the DIDC. The DIDC is for de regulation, not forming law or imposing reg ulations. In past years, when their advantage made it possible for S&Ls to raid commercial bank de posits with the quarter percent differential as a tool, and thus have more money to make their long-term mortgage loans that have led to their present problems, S&Ls as much as told banks laughingly, “ We don’t give a hoot in hell about your problem !” Now that they are in trouble with their long-term mortgage loans, they are suddenly appealing to the CALL ON THE “PERFORMANCE TEAM ” where common transactions IIIIÜHII are handled uncommonly well. FIRST NATIONAL LINCOLN 13th & M Street https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • Lincoln, Nebraska 68501 • Member, F.D.I.C. Iowa News Teamwork: One of the reasons we’re first in Iowa. Bob Buenneke Sue Van Dyke Wire Transfer An Affiliate of Northwest Bancorporation Mem ber FDic banking industry, “ Please give a hoot in hell about u s!” The lack o f action by DIDC, and the total indifference o f Secretary Regan to fulfilling his responsibility to all segments o f the in dustry supervised by the DIDC, is leading many banker associations and state banking departments to pursue paths that could lead to trouble. South Dakota’s banking board has enacted a regulation permitting state chartered banks in that state, as of July 28, to offer a no-ceiling instrument to compete with MMMFs. T hey’re tired o f losing millions o f dollars to the M M MFs and then being told by DIDC they can’t fight back. North Dakota, New Jersey, Utah, Georgia, Ohio and other states are planning similar action. Yet, federal regulators have said they will take immediate action against any banker or bank trying to take advantage of such state regulation. This could mean a jail sentence, or up to $10,000 per day per account if bankers try to protect their turf and com pete. Further, it would place bankers in the posi tion of ignoring the federal law and setting a poor example for other segments o f American society who are told to respect the law, even if they don’t like it. May I humbly suggest, Mr. President, that you and your advisors look down the road and ask yourselves if you seriously think that any national firm like Merrill Lynch or Sears, Roe buck is going to have the same interest in financing agriculture in our communities, if they are going to have the same interest in financing Main Street U.S.A. as we have with the banking system that has financed this country through its birth, growth and present maturity? The major problem, Mr. President, is that your Secretary of the Treasury refuses even to think this is a serious problem and will not take action to resolve it. I t ’s time this matter came to a head for the resolution o f the im mediate serious problem and for clarifying his status. Since the regulatory personnel on the DIDC are your responsibility, Mr. President, then when the commercial banking industry is Banco« Call (515) 245-3131 or toll-free (800) 362-2514 weakened further because it is denied the free dom to compete on behalf of its loyal cus tomers and itself, how will you answer we loyal supporters o f yours when we ask you, “ Where were you on the day our freedom was lost?” I earnestly entreat you to take a personal interest in the direction being taken on your behalf by those who have the power to shape the future o f our nation’s financial industry, but are not doing their job. % 0 # # # Sincerely Yours, Ben Haller, Jr. Editor and Publisher T he N orth w estern B anker Des Moines, Iowa General Bank Equipment Notes Telephone Change Tom Sternberg, president of Gen eral Bank Equipment & Systems, Inc., Omaha, has announced that with the consolidation of its sub sidiary, Financial Structures Incor porated, into the parent company, all incoming telephone calls may be made on the GBES main telephone trunk line—402-453-3000. Expanded business offices and plant in the new headquarters in north Omaha now handle greatly increased business from midwestern banks, Mr. Stern berg said. The new facilities serve banks in several states with safe deposit boxes, vault doors, drive-up equipment, security equipment, money pacs and a wide range of of fice systems and supplies. Sales and service of FSI now are handled by the main staff of GBES, he said. Single System Banking With A va ila b ility Availability of funds. . . availability of people... responsive to your needs. National Bank of Viterbo Waterloo, Iowa 50704 Member FDIC https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BODE: Kenneth M. Myers, presi dent of United Central Bancshares, Inc., parent company of United Cen tral Bank & Trust of Algona, and Wilford M. Rood, president of Bode State Bank, have jointly announced that a letter of intent has been executed providing, in substance, for the merger of the assets of Bode State Bank with those of the Algona bank, and for the assumption by the Algona bank of the liabilities of Bode State Bank. It is contemplated that all offices of both banks will continue in operation, with William D. Mullins, president and chief ex ecutive officer of UCB of Algona, serving in the same capacity at the resulting bank which will operate under the UCB name. The transac tion is subject to approval by State and Federal regulatory authorities. Phone Milt Hennick at 1-800-772-2411 v ' DES MOINES: Larry L. Wenzl, president of Hawkeye-Capital Bank & Trust, has announced the election of David N. Walthall, 36, as president of the bank on or before Sep tember 1, 1982. Mr. Walthall is cur rently president of State Bank & Trust in Council Bluffs, a member of Hawkeye Bancorporation. Mr. Wenzl, who has been president of HawkeyeCapital since January of 1981, will remain as chairman and also as a relations officer supervising other banks for Hawkeye Bancorporation. RED OAK: Jerald D. Solberg began his duties July 1 as executive vice president at Montgomery County National Bank, according to Mark R. Mayne, president. Mr. Solberg previously was executive vice presi dent at Citizens State Bank in Postville. SIOUX CITY: Security National Bank in conjunction with the Bank Administration Institute will con duct a seminar on accrual accoun ting and financial reporting at the Sioux City Hilton Inn, July 20-21. The seminar is being held in re sponse to the FDIC and Comptroller of the Currency proposal that all banks over $10 million in size be required to adopt accrual accounting for book and report purposes by January 1, 1983. Featured speakers will be Karl Walewski, program manager, BAI: Bill Wogstad, vice president and chairman of the asset/liability man agement committee, Security Na tional Bank; Bill Kristofek, vice president and controller, Commercial National Bank, Chicago; Zane 0 £ # q ® ^ ^ £ q £ Supplement to Northwestern Banker Newsletter 7-12-82 Carleton D. Beh Company Investment Bankers / Financial Consultants 1300 Des Moines Building / Des Moines, Iowa 50309 515/288-2152 NEW ISSUE MOODY’S: A1 We own and offer subject to prior sale and change in price and subject to our attorney’s approving opinion: $5,000,000 HARLAN, IOWA Electric Revenue Bonds, Series 1982 DATED: June 1,1982 DENOMINATION: $5,000 Both principal and semiannual interest (April 1 and October 1; first coupon due October 1,1982) payable at the office of the City Treasurer, City of Harlan, Iowa. IN THE OPINION OF COUNSEL INTEREST ON THESE BONDS IS EXEMPT FROM ALL PRESENT FEDERAL INCOME TAXES MATURITIES $ 60,000 65,000 70,000 80,000 90,000 100,000 115,000 111/2% October 1, October 1, October 1, October 1, October 1, October 1, October 1, 1983 1984 1985 1986 1987 1988 1989 9.25 9.50 9.75 10.00 10.25 10.50 10.75 $ 130,000 140,000 $ 155,000 $3,995,000 11.25% October 1, 1990 11.00 October 1, 1991 11.25 11.50% October 1, 1992 11.50 11.20% October 1, 2002 10.25*/** (To put option) * Callable on October 1, 1992 at par plus accrued interest. ** Par payment at bondholders option (term bonds): October 1, 1985. LEGALITY TO BE APPROVED BY CHAPMAN AND CUTLER, CHICAGO, ILLINOIS The City of Harlan, the county seat of Shelby County, is located in Western Iowa, approximately 100 miles west of Des Moines and 45 miles northeast of Omaha. Harlan enjoys a unique position in western Iowa being the only community in this county approximately ten times as large as the next sized community. Because of its size and geographic location Harlan has served as the commercial center of Shelby County and the surrounding territory for many years. Although Harlan is a commercial and trading center, industrial development includes Jacobs Tool Company (hammermills and trenchers); Western Iowa Pork (slaughtering and processing pork); Charter Data Service (data processing); Agri Land-FS (steel buildings, farm accessories) and Harlan Manufacturing Company (food processing equipment). Transportation is furnish ed by U.S. Highway No. 59, U.S. Interstate 80 and Iowa primary roads. Air transportation is available in Omaha 45 miles away. There are two commercial banks with total deposits of $84,947,000 as of December 31,1981. In addition to its commercial banks, there are two savings and loan associations with combined assets of $281,000,000. The 1980 population was estimated at 5,357. The Series 1982 Bonds are being issued to refund outstanding Electric Revenue Bonds, Series 1979, Electric Revenue Pledge Orders, and Electric Revenue Pledge Orders, Series 1981, heretofore issued to defray the cost of necessary improvements and extensions to the Municipal Electric Light and Power Plant and System of the City. STATEMENT OF INCOME 1981 Actual $1,709,000 982,000 $ 727,000 4.28 Pro Forma $2,127,000 982,000 $1,145,000 1.43* 1982 $1,884,000 1,072,000 $ 812,000 2.25 1983 $2,352,000 1,140,000 $1,212,000 1.52 1984 $2,447,000 1,343,000 $1,104,000 1.27 *Debt service coverage related to maximum future principal and interest payments of $799,050 on outstanding bonds and the Series 1982 Revenue Bonds. Total Gross Revenue Total Operating Expenses Net Revenue Net Service Coverage 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 are based. Bonds of a particular m aturity may or may not s till be available or may now be available at a price or yield different from that indicated above. Division of [c=ir~ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Hutton & Company Inc. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Blackburn, director of bank accoun ting, Comptroller of the Currency, Washington, D.C.; Joseph Schlemme, senior accountant, Deloitte Haskins and Sells, Des Moines, and Richard Waller, vice president, retail banking, Security National Bank. For registration and cost details contact the Correspondent Banking Departm ent, Security N ational Bank, 712-277-6554. tral Bank in Estherville, Iowa. Mr. Bue joined Banco in 1968 as a loan interviewer at Northwestern Na tional Bank Southwest in Bloom ington. Nebraska News ST. PAUL: Robert J. Hall has joined Bremer Service Company, Inc., as vice president-operations. Mr. Hall served in various capacities at the American National Bank & Trust Company from 1958 to 1981, serv ing most recently as executive vice president at North Valley Bank in Redding, California. O G ALLALA: Keith County Bank & Trust Company recently announced the addition of David L. Christen sen, senior vice president, and Thomas A. Dworak, instalment loan manager. Mr. Christensen formerly was serving as vice president at the Security National Bank at Superior. Mr. Dworak brings with him ten years of consumer credit experience, serving most recently as assistant vice president and regional director of a consumer finance company, while residing in Lincoln. OM AHA: Several officer appoint ments were recently announced by John D. Woods, chairman and chief executive officer of Omaha National Bank. Promoted to vice president were John W. Blacketer, Joseph E. Glover, Ronald K. Hill and Gene W. Selk. Mr. Blacketer has been serving as manager of information resour ces. Mr. Glover previously was se cond vice president, a position he was elected to in 1977. Mr. Hill has been serving as manager of systems and programming since 1979. Mr. Selk is currently senior correspon dent and agricultural loan officer. Minnesota News AUSTIN: Robert L. Bue has been elected president and chief executive officer of Northwestern State Bank of Austin. Mr. Bue, who has been president of Northwestern State Bank in Jordan, succeeds Allyn C. Martinson, who resigned to take a position as president of United Cen ST. CLOUD: Dale Johnson, senior vice president for commercial loans at St. Cloud National Bank and Trust Co., has been named executive vice president of the bank. Illinois News The Illinois Bankers Association has completed its move to new quar ters and now is located at 205 West Randolph Street, in downtown Chi cago, a short distance away from the old offices at 188 West Randolph. The new ZIP code is 60606. The phone number continues to be 312-984-1500. South Dakota VEBLEN: Larry W. Keyes has been named president and a director of Bank of Veblen. Mr. Keyes, a Clark native, has been in the banking field nine years with previous assign ments in South Dakota, Wisconsin and Minnesota. Montana News The Federal Reserve Bank of Min neapolis recently approved the ap plication by Teton Bancshares, Inc., Fairfield, to become a bank holding company through the acquisition of The First National Bank of Fairfield. G REAT FALLS: Samuel R. Noel, former vice president and manager If you're asking a lot, IM N ils B Ii ASK TERRY MARTIN to make MNB work for you. Toll free 1- 800 - 332-5991 Merchants ^ National Bank 151 Member F.D.I.C. A 'BANKS OF IOWA’ BANK of the correspondent bank depart ment of Seattle First National Bank, has been named executive vice presi dent for Bank of Montana System, according to Stephen Adams, presi dent and chairman of the holding company. Mr. Noel, a Missoula na tive, began his banking career in 1956 as a trainee with the First Na tional Montana Bank in Missoula. Wyoming News KEM M ERER: Tom Scranton has been named executive vice president at First Wyoming Bank. He most re cently hails from Cheyenne, where he was vice president of the commer cial loan department of First W yom ing Bank, N.A., from 1980 until the present. ir ICEf mn: m Th e professionals at United M issouri Bank. C19IV IIS « G ivin g you w hat you need, w hen you need it. b UNITED MISSOURI BANK ^ City 11*1. Dick Muir Larry Russell jjjHunf M em ber F D IC United we grow.logether. P.O. Box 226, 10th and G rand, Kansas City, M issou ri 64141 • (816) 556-7000 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Steve Panknin Jeff Goble Dave Dickens 4 WANTADS Rates are $5.00 per line per insertion. Add $3.00 for file letters per insertion. Identity of file letter advertisers cannot be revealed. NORTHWESTERN BANKER 3 06 - 15th Street D es M oines, Iowa 5 03 0 9 Phone 5 1 5 /2 4 4 -8 1 6 3 POSITION AVAILABLE WANTED— Executive Vice President for $20 m illion eastern Iowa bank. Contact Citizens State Bank, Box 190, Postville, IA 52162. (PA) PRESIDENT-CEO $9 m illion bank in Bellevue, Nebraska. Population 28,000. Must have lending and operational ex perience. This position offers excellent opportunities In an aggressive group of six banks. Contact Jerry Anderson (402) 292-4704, or send resume In confidence c/o Affiliated Midwest Banc, 100 American Plaza, Bellevue, Nebraska 68005. (PA) AGRI OFFICER— Immediate opening, experienced ag. loan officer to head department in $23 m illion bank located In resort area. Excellent benefits. Submit resume and salary requirements to First NationalBank, Pine City, MN 55063. (PA) OPERATIONS OFFICER—$23 million bank in lake area has opening for operations person. Knowledge of com pliance and other bank regulations helpful. Excellent benefits. Send resume and salary requirements to file QBL, c/o Northwestern Banker. (PA) F IN A N C IA L SP EC IALIST IN TH E T W IN CITIES A R E A Call Bruce Meyer • 612/835-4466 7 6 2 ^ e t r o Blvd., Suite 350 • Minneapolis, MN 55435 N a tio n w id e The Search and Recruiting Specialists Bankers Service LOAN ACTIVITY BULLETIN Who: names of all debtors in the county recorded during the period What: name of secured party When: the date the loan was filed with the Secretary of State Where: location where loan made fast se*v,ce ¿15-244-2463 ÎjblicrecordS ^ R C H .In c - M O IN E S S T A N S '» » B A N K IN G PLA CE M EN TS “ Successful Banking is Quality Personnel’' Estate Appraisals Eighteen years banking experience serving as president of rural and metropolitan banks enables me to find the “ right” banking position for you as a banker or the “ right” officer for your bank. Purchase of Collections DO N -SC H O O LER In Sale o f Rare Coins A N D i S n y ASSO CIATES 901 A. West Jackson* Ozark, Missouri 65721 417/485-6020 Reliable aijd respected service for over 20 years COMPLETELY CONFIDENTIAL “ Employment Service” Used by bankers throughout the midwest B A N K ERS A V A IL A B L E Senior Ag Lender, age 35, ISU grad., currently number two man in $50 m illion com m unity bank, seeks growth situa tion in progressive bank. File 202 Ben E . Marlenee Coins Number Two Person, age 36, currently senior vice presi dent in charge of $28 m illion loan portfolio In community bank. Ready to move up. File 303 913 Locust D es M oines, Iowa 50309 515-243-8064 Operations Person w ith real estate loan and student loan exp., former examiner. Age 28. Seeks new opportunity under $26,000 Heavy operations person in key Illinois community bank seeks second man position. Former examiner. College grad. $28,000 What does your employees’ appear ance tell your customers about your bank? “We want to please you” or “We don’t really care?” Call us for the look of “Service” and “Success.” Ag Lender with ISU degree and PCA experience. Farm background. $16,000 Ag Lender with ISU degree and three years experience seeks job in central Iowa. Salary $25,000 CEO w ith outstanding track record in small com m unity bank seeks new situation at under $35,000. Handles in vestments and ag loans. Installment Lender w ith solid bank experience, now employed, wants to join a progressive community bank. Salary range $24,000 Æ e À jy w e k ^ CAREER APPAREL Write or call Malcolm Freeland, Freeland Financial Services, Inc., 246 Insurance Exchange Bldg., Des Moines, Iowa 50309. Phone 515/282-6462. Employer pays a reasonable fee. N. Main S t„ Carroll, Ia„ 51401 712-792-2748 | cdroCdsx an d <z^f±ioc.iate,± VICE PRESIDENT COMMERCIAL LOANS Bank Consultants Specializing in Bank Acquisitions 515-232-0814 P.O. Box 450 405 Main Ames, Iowa 50010 $115 million bank In beautiful western Montana is seeking an individual with six years plus commer cial experience. Candidate w till initiate and ser vice a wide variety of commercial loans and should possess workout loan experience. The salary w ill be commensurate with experience and ability. Please send resume In confidence to: Donald E. Holder , Principal POSITIONS A V A IL A B L E Number Two Person wanted by $40 m illion bank In resort area. Must have solid lending experience and some opera tions knowledge............................................................. Salary open. CEO needed by southern Illinois bank. Immediate opening fo r the right person. Must have proven track record............. .....................................................................Salary to $40,000 Kevin W in te r F irst N atio n a l M on tan a Bank D raw er B M is s o u la, M T 59806 POSITIONS A V A IL A B L E Cashier wanted by $30 million North Dakota bank. Im mediate opening. Prefer person residing in either North or SECOND OFFICER— rural Nebraska bank with excellent South Dakota.................................................................. Salary open. compensation program. Operations skills and agri-loan experience desired. $30,000 Dairy-oriented ag man needed by eastern Iowa bank.......... .....................................................................Salary to $18,000 AGRI-LOAN—Iowa $30MM bank has opening for seasoned ag-lending officer. Supervision of junior officers Involved. Insurance agent for bank agency located In eastern $26,000 Nebraska. Bank experience a plus...............................Salary open. EXECUTIVE VICE PRES.—$40MM community bank located Write or call Malcolm Freeland, Freeland Financial Ser within one hour of Missouri resort area. Operational and vices, Inc., 246 Insurance Exchange Bldg., Des Moines, lending expertise required. $35,000 Iowa 50309. Phone 515/282-6462. Employer pays reason COMMERCIAL LOAN—$150MM suburban bank with pro able fee. gressive management team seeks strong commercial lender for second position in department. $40,000 MARKETING OFFICER CASHIER—$35MM Nebraska bank. Prefer accounting degree and five years or more banking. Bank has inhouse computer. $30,000 SERVING PROFESSIONALLY Many other opportunities available for operations officers with ag-lendlng experience and commercial lenders. Please forward resume' and salary requirements. Banking,Financial & Business Personnel Iowa and Nationwide CAPITAL PERSONNEL SERVICE 714 Central National Bldg. 515-283-2545 Des Moines, Iowa 50309 _ ^ OPERATIONS OFFICER—rural $30MM bank with above average earnings record desires cashier/operations officer with some knowledge of ag-credits. $27,000 Experienced in both small and large bank mar keting looking to relocate. Knowledgeable In all as pects of marketing including advertising, promo tional campaigns, planning, communication, staff training, public relations, and more. Bachelor’s degree in Business Admlnstratlon/Marketing and Graduate of 2-year Bank Marketing School. Write file QBK, c/o Northwestern Banker. (PA) LENDING OFFICER—handle all types of credits for $50MM bank with emphasis on commercial. Community located in Rocky Mountain area. $28,000 TOM H AG AN & ASSOCIATES of Kansas City 2024 Swift - Box 12346 North Kansas City, MO 64116 816/474-6874 “ Serving the Banking Industry Since 1970” Vol. 11 No. 12 Northwestern Banker Newsletter (USPS 873-300) is published weekly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309, (515) 244-8163. Subscriptions $1.00 per copy, $15.00 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. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • ^ a “
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