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Voi. 9 No. 12

July 14,1980

Des Moines, Iowa

Minnesota Studies Bank Structure
O BRANCH or not to branch is
the question being studied by
the Bank Struc­
ture Study Com­
mission appoint­
ed by Minnesota
G o v e r n o r A1
Quie. The com­
mission met again in the state
capitol on July 10
for another hear­
ing to discuss
publicly the vari­
ous facets of this thorny problem
that has come up repeatedly in
banking circles and the legislature
for a number of years. The Governor
finally appointed the Study Com­
mission last March composed of six
bankers and six representatives
from the public sector.
Gov. Quie asked Jack F. Nash,
president of John F. Nash Associ­
ates, St. Paul, to be chairman of the
commission. Mr. Nash is a former
president and chairman of the
American National Bank & Trust
Co., St. Paul, and a former presi­
dent of the Minnesota Bankers
Of the six banker members, three
are chief executives at banks that
are part of multi-bank holding com­
panies. The six bankers are:
• James H. Claypool, president,
Northern City National Bank,

Duluth (First Bank System).
• R. P. Sankovitz, president, The
First National Bank of Waseca.
• Stephen Schmidt, president
State Bank of Anoka.
• Gene Sipe, president, First Na­
tional Bank, Crookston (Otto
Bremer Co.).
• Donald E. Stein, president,
First State Bank of Spring Lake
• William D. Wilkening, presi­
dent, Northwestern National BankWest of Hopkins (Northwest Bancorporation) .
In addition to Mr. Nash, the
public members are:
• George Benda, farmer, Alpha.
• Audrey Eickhof, housewife,
Edgewood, Crookston.
• Daniel F. May, executive vice
president, Republic Airlines, Min­
• Marie Slawik, businesswoman,
St. Paul.
• Jerry Thompson, assistant pro­
fessor, ag and economic depart­
ments, University of Minnesota, St.
In his announcement that he
would meet initially with members
of the committee and Banking Com­
missioner Michael Pint, Governor
Quie stated the commission is re­
sponsible for reviewing the struc­
ture and performance of the state’s
banking system and making recom­

mendations to him regarding possi­
ble legislation. The goal is to have
any recommendations finalized
after the November 4 election, but in
the Governor’s hands in time for
him to present any legislative re­
commendations deemed feasible to
the legislature when it meets early
next year.
Although the meetings are public,
the discussions to date are limited to
commission members and have not
yet been opened for public testi­
mony. Among the topics discussed
is how bank structure affects the
makeup of financial services offered
the public and their effect on the
economy of Minnesota. The com­
mission has been reviewing the re­
cently enacted federal bill HR 4986
(Federal Depository and Financial
Institutions Deregulatory Act) and
how the six-year phase-out of Reg Q
will affect Minnesota banks.
Inclusion of public representa­
tives is believed to offer the commision an opportunity to look at
whether consumers have been
denied the access to improved finan­
cial services under existing state law
which prohibits branching. Another
factor public members are interest­
ed in is whether they can improve
the delivery mechanism for im­
proved financial services to the
public and at what cost.
The next meeting date for the
commission was to be announced at
the July 10 meeting.

where com m on transactions
are handled uncomm only well.

Federal Reserve Bank of St. Louis

13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C.

Grow with a

Call 1-800-362-1688, toll-free in Iowa

LYNNVILLE: The First State
Bank hosted an open house the
evening of July 11 celebrating the
opening of their new building here.
PRAIRIE CITY: The Comptroller
of the Currency recently approved
the acquisition of 97% of the out­
standing stock of the First National
Bank here by four investors, includ­
ing Prairie City businessm en
Joseph L. McKlveen, Henry S.
Ostin and Jerry R. Rhodes, and
Knoxville banker William W. Bur­
rell. No personnel changes are plan­
ned. Acquisition assistance was
provided by Donald E. Holder of
Holder and Associates, Ames.
SIDNEY: James H. Pullman, form­
er president of the Fremont County
Savings Bank, died recently. Mr.
Pullman was a past president of the
Iowa Bankers Association.

Prime Rate Reduces
A prime rate of IIV2 % became
widespread recently as many banks
lowered their lending charge from
12 %. Spurring the moves was Fed
plans to phase out the remaining
elements of its credit restraint pro­
gram, and sluggish loan demand.
Many analysts see further rate re­

Iowa News
CLINTON: The First National
Bank has opened a new office at 266
Burrows Court here.
DES MOINES: Steven T. Schuler
has assumed the duties of controller
for Brenton Banks, Inc. Mr. Schu­
ler, who was recently promoted to
audit manager, is a CPA has been
with the Brenton organization since
DUBUQUE: The First National
Bank has filed for permission from
the regional administrator of na­
tional banks to locate a CBCT unit
at 3355 Asbury here.
EVERLY: R. M. Cuttell, president
of the Everly State Bank, has an­
nounced that an agreement has been
signed for the purchase of Everly
State by Wayne P. Johnson, sub­
ject to regulatory approval. Mr.
Cuttell will continue to serve as
chairman and Mr. Johnson will join
the bank as president. Mr. Johnson
was most recently senior corre­
spondent bank officer at Security

National Bank, Sioux City.
Federal Reserve Bank of St. Louis

applicant for a proposed bank filing
later for the same town is better
qualified. The proposed Southwest­
ern Bank & Trust Co. here filed suit
after the state banking department
granted a charter to American State
Bank in 1978. Southwestern’s appli­
cation was filed 14 days before
American’s filing date. American
opened in 1979.
OMAHA: J. M. Hart, Jr., presi­
dent of North Side Bank, has an­
nounced the promotion of Mrs. Joan
Larson to assistant vice president
and manager of the Florence facil­
ity, and the promotion of Daris
Gillespie to cashier.
OMAHA: The Nebraska State
Bank of Omaha has received con­
sent from the FDIC to open a tellers’
facility at 1622 Harney St. here.

Nebraska News

Illinois News

COLUMBUS: The state depart­
ment of banking and finance has
denied an application for a charter
for the proposed new Farmers &
Merchants Bank of Columbus. In­
corporators had planned to locate
the bank at 3221 23rd St.

CHAPIN: The Chapin State Bank
has received consent from the FDIC
to exercise limited trust powers.

GRAND ISLAND: The Overland
National Bank has filed for permis­
sion from the regional administrator
of national banks to locate a CBCT
unitat Highway 281 and 13th Street
KEARNEY: David Henricksen has
been elected cashier and chief oper­
ations officer of the First National
Bank & Trust Co. here. Most re­
cently he served as comptroller.
LINCOLN: A federal lawsuit over
the interest-bearing checking ac­
count at First Federal Savings and
Loan, the MoneyNow plan, has
been dropped by an agreement
among the parties. The suit was
filed by the Nebraska Bankers
Association and several local banks
before the law approving NOW ac­
counts was passed by Congress,
which will be effective December 31.
LINCOLN: The National Bank of
Commerce has filed for permission
from the regional administrator of
national banks to open an office at
66th and O Streets here. The bank
also has received consent to open a
CBCT unit at 17th and Court.
McCOOK: The Nebraska Supreme
Court has upheld a lower court’s de­
cision that the first applicant to file
for a state charter will not necessar­
ily receive the charter if another

CHICAGO: Charles B. Melby has
been elected vice president-legal
affairs at the National Boulevard
Bank of Chicago. He was most re­
cently counsel at the First National
Bank of Chicago.
tional Bank of Crystal Lake has re­
ceived consent from the adminis­
trator of national banks to open a
facility at McHenry Avenue and
Barlina Road.



names of all debtors in the
county recorded during the
What: name of secured party
When: the date the loan was filed
with the Secretary of State
Where: location where loan made



Supplement to Northwestern Banker Newsletter 7-14-80

Electronic Teller Machine



N ew est
T e lle r
M achine
• Dot matrix printer permits 4-character settings for
BANK ID and other code settings for departments.
• Electronic circuitry system (CPU’s, LSI’s) used to
improve reliability even more.
• 5 categories of transaction Daily Totals e.g. Deposit,
Cash Check, Cash-In, Cash-Out, Net Cash.
• Batch Totals (4 categories) called out as a group or
•Totals indicate transaction counts as well as Dollar
• Validation printing (1 line 35 digit capacity).
• “ Card-free” type printing eliminates need to select
slip type.
• Slip detection function (light sensor) assures
required form insertion.
• High-speed printing impression (2.4 lines per second).
Readable through 3 ply slip and 2 ply journal.

• Easy-to-read green fluorescent display (13 digits:
Amount 11 digits, Symbol 2 digits).
• Error-warning system which prevents .overflow and
other mis-operation.
• Memory protection system retains data input even in
the event of power failure.
• Batch totals and daily totals can be read without
• Mode control: REG (register), PGM (program), BTL
(batch total) and Z (daily totaling).
• Light-touch keys for simple fatigueless operation.
• “Two-key roll-over” function makes for faster
• Compact size for counter-top use.
• Separate supervisor and operator keys.



PGM: For presetting of
operator number,
date & machine
number and
reading of batch
totals without
BTL: For reading batch
For normal operation and reading of daily
totals without resetting.

Reading and correction of
Federal Reserve Bank of St. Louis

resetting of daily totals and
entered data.


Data B usiness E quipm ent, Inc.
Des M oines, Iowa Cedar R apids, Iowa
(515) 288-3000
(319) 366-6000

S & S C a s h R egisterC o.
Omaha, Nebraska
(402) 734-4221

L inco ln Cash R egiste rC o.
L in co ln , Nebraska
(402) 477-2506

M idw est O ffice E quipm ent
N orth P latte • M cC ook • O gallala
(308) 532-4553

Central O ffice E quipm ent
Kearney, Nebraska
(308) 234-2515

□ Send me information on the BE-3500.
□ Set up a demonstration.
Company-----------------------------------------------------------------------Street_______________________ City-----------------------------------State________________________ Zip------------------------------------Phone.
(Area Code)
Federal Reserve Bank of St. Louis


Single System Banking

tached facility at 7790 E. Arapahoe- 3
Road, near the main office, here.

Montana News

Bank Data Processing Professionals

National Bank o f W aterloo
W a te rlo o , Io w a 5 0 704

DUNDEE: The First Bank of Dun­
dee has received consent from the
FDIC to establish a facility in the
Spring Hill Mall in Carpentersville.
ROCK ISLAND: The American
Bank of Rock Island has received
permission from the FDIC to open
an office at 322 16th St. here.

Minnesota News
ELK RIVER: Elk River Bancshares, Inc. has received consent
from the Federal Reserve Bank of
Minneapolis to become a bank hold­
ing company by acquiring the First
National Bank of Elk River.
HENNING: Henning Bancs hares,
Inc. has received consent from the
Federal Reserve Bank of Minne­
apolis to become a bank holding
company by acquiring the First Na­
tional Bank of Henning.
Rogers, former senior vice president
at Northwestern National Bank,
died of cancer recently. Mr. Rogers,
54, was with the bank for 27 years
and headed the trust investment
department when he retired in 1973.
He since was self-employed as an
investment consultant.

North Dakota News



Phone Dick Jung
at 1-800-772-2411.
New York City by the Comptroller
of the Currency on the application of
Citibank of New York to relocate its
credit card headquarters in Sioux
Falls from the present headquarters
in Long Island. It is possible
another hearing would be held a few
days later in Sioux Falls. The
Comptroller’s office received a total
of four comments criticizing the
move—two from midwestem bank­
ers and two from New York individ­
uals, one of whom apparently has a
running debate with Citibank and
its credit card practices. Citibank
has petitioned to charter Citibank
(South Dakota) N.A. in Sioux Falls,
with the unanimous approved of the
South Dakota banking commission.
Citibank’s parent, Citicorp, has
applied to the Fed for permission to
acquire the bank as a subsidiary and
the Fed apparently is moving on
that application favorably, despite
the Comptroller’s intent •to hold

M e m b e r FD IC

Wyoming News
SHOSHONI: Barbara Kenyon has
been promoted to assistant operat­
ions officer at the First State Bank
at Shoshoni. She joined the bank
shortly after it opened last July.

South Dakota News

Colorado News

SIOUX FALLS: A public hearing is

scheduled for tomorrow, July 15, in
Federal Reserve Bank of St. Louis

BOZEMAN: F. James Volk has
been named executive vice president
of the Montana Bank of Bozeman.
He had been senior loan vice presi­
dent at the Montana Bank of Circle
since 1976.
BOZEMAN: The First National
Bank in Bozeman has opened a
CBCT branch in Buttrey’s Shop­
ping Center here known as
Buttrey’s Fastbank.

Nevada Bankers
Elect New Officers
At their annual convention at
Lake Tahoe, members of the Nevada
Bankers Association elected Wayne
N. Condon as association president.

TIMBER LAKE: The Federal Re­
serve Board has determined that the
Dewco Agency Company here, a
bank holding company, does not
control Ziebach County Abstract
Co., Inc., Dupree, the transferee of
the assets of Dewey County Title

VALLEY CITY: David Johnsen
has been promoted from assistant
vice president to vice president at
the Farmers & Merchants Bank of
Valley City. He works with agricul­
ture and commercial lending.

BROOKINGS: The Brookings
Bank, a branch of the Bank of Tor­
onto, opened last month. The man­
ager is Bruce K. Newman and
assistant manager is Scott Steen.
The full service facility features a
drive-up and walk-up window.

BILLINGS: Promoted recently at
the First Northwestern Bank were
Dennis Hanneman, elected a vice
president in commercial loans, and
Margo Phares, personal banking
officer. Nancy Hanson was promot­
ed to vice president, and Les Jimmerson and Doug Kraft were pro­
moted to assistant vice presidents.

DENVER: C. S. “Mike” Milligan
has been named the first chairman
of the newly-opened Colorado BankTech Center. Mr. Milligan recently
retired as general manager of the
Denver Container Plant, Packaging
Corp. of America.
ENGLEWOOD: The Arapahoe
Bank and Trust has received con­
sent from the FDIC to open a de­

to make MNB
work for you.
Toll free

1- 800- 332-5991
M erchants
National Bank ISI
Member F.D.I.C.



He is president of Security National
Bank of Nevada, Reno. He succeeds
George E. Aker, president of Neva­
da National Bank, Reno. Richard A.
Etter, president, Valley National
Bank of Nevada, Las Vegas, was
named president-elect. Raymond R.
Grove, senior vice president at
Nevada National Bank, was elected
treasurer. Jordan J. Crouch, con­
tinues as executive vice president
and secretary.

Thomas G. Labrecque Is
Chase President-Elect
Appointment of Thomas G.
Labrecque, 41, to become president­
elect and chief operating officer of
Chase Manhattan Corp. next April
1 was announced in New York last
week. He would succeed Willard
Butcher as president of Chase hold­
ing company and Chase Manhattan
Bank when Mr. Butcher becomes
chairman to succeed David Rocke­
feller, who plans to retire.
Mr. Labrecque’s appointment
was announced one day after the
announcement that Barry F. Sulli­
van, 49, was resigning as Chase
executive vice president to become
chairman and chief executive officer
of First Chicago Corp. and First
National Bank of Chicago. Both
men were contenders for the Chase

CASHIER— Four to six years operational experience
needed. Excellent location, good opportunity.

#2—Generalist needed for new charts. Want an ag­
gressive go-getter. $27,000
OFFICER—W ill have total and complete responsi­
bility for industrial bank. All types of lending. $18,000
TRUST OFFICER— Experience needed. W ill event­
ually take fu ll responsibility fo r department. $21,000
VICE PRESIDENT: $35 m illion northwestern Illinois
community bank, located near major city, has excell­
ent opportunity for country banker experienced in
loans and operations. Write file KBR, c /o Northwestem Banker.________________________________ (PA)
Field Representative, Iowa College Aid Commission.
Seeking college grad w ith two years minimum install­
ment loan experience, preferably in student loan area.
Travel 20 eastern Iowa counties serving participating
lenders in GSL program. Salary in mid-teens, car pro­
vided. Contact B. Patón, 904 Grand Avenue, Des
Moines, IA 50309. Provide resume and references.
Deadline for applications is July18.____________(PA)
Eastern Iowa bank—cashier, operations supervisor,
three facilities—$35 m illion. Send complete resume,
including salary history, in confidence to file KBM,
c /o Northwestern Banker.___________________ (PA)
Small bank in rural community needs a manager. Pre­
ferably with loan and agricultural experience. Write
file KBS, c /o Northwestern Banker.
Installment Loan Manager for $25 m illion bank located
in northeast Nebraska.

Banking, Financial & Business Personnel
Iowa and Nationwide

714 Central National Bldg. 515-283-2545
Des Moines, Iowa 50309

Bank Division


of iowa, inc.

317 6th Ave.
Des Moines, IA 50309
(515) 244-4414

AG LENDING R E P ...Io w a ..........................$17-18,000
CREDIT M A N A G E R ...O hio........................$23-25,000

Commercial Loan Officer with ag experience needed
by Iowa community bank.

CREDIT SUPERVISOR... Ohio ................$17-21,000

W rite or call Malcolm Freeland, Freeland Financial
Service, Inc., 306 Fifteenth Street, Des Moines, IA
50309. Call (515) 244-8163. Employer pays fee.

Since 1968, banks and other ag-related employers
have been paying us to find the personnel they need.

LOAN OFFICER... Io w a ..............................$15-20,000
AG LOAN REP... Iowa ................................$20-25,000

For more information, give Linda (our banking spec­
ialist) a call today.

Operations Officer with extensive experience; will re­
locate in upper midwest.


1979 Nebraska Law Grad, with accounting experience,
seeks junior trust position.

(515)294-3145____________ New Hampton, IA 50659

Commercial Loan Officer, with real estate experience,
seeks new opportunity w ith bank in city over 25,000.


Used cash storage chest at least 25x25. Valley State
Bank, Sioux City, IA 51102. Phone (712) 252-0577—
Bruce K olbeorB ill Ellis.___________________ (WTB)

OPERATIONS—Ag bank in Minnesota. Oversee ail
operations. EDP experience a plus. $15,000

AG LENDING OFFICER...SE M inn.......... $16-18,000

W rite or call Malcolm Freeland, Freeland Financial
Service, Inc., 306 Fifteenth Street, Des Moines, IA
50309. Call (515) 244-8163. Employer pays fee. (PW)

________ WANT TO Bay________

VP—Commercial lending. Must have strong lending
and supervisory experience. $28,000

Trust Officer with experience wanted by eastern
Nebraska bank.

Two ISU Grads, with banking experience, wish to relo­
cate in central Iowa.

One Olivetti P-603 posting machine w ith a BRD disc.
$1,800. Call (515) 245-7222.__________________ (S/L)
Saxon Bond Copier. $800. Call (515) 245-7222. (SI L)

AG OFFICER—Two years experience needed. Be#1 in
department. Must be able to work with little super­
vision. $22,000

Burroughs L9000 computer; under Burroughs service
contract. Also, Xerox 660 copy machine; under Xerox
service contract. Contact Russell Perry, president,
Iowa Savings Bank, Dike, IA 50624. Phone (319)
989-2474._________________________________ (FS)
12’x40’ mobile home converted for use as temporary
banking facility. Night drop and drive-up window in­
stalled; good teller counter. Furnace with central air;
available immediately. ALSO, 6’x9’ remote drive-up
building with heat and air conditioning. Call (319)
291 -5429 or (319) 291 -5468.__________________ (FS)
AVAILABLE IMMEDIATELY: 12x60 mobile bank facil­
ity and attached two-window drive-up unit. Features
walk-in lobby, private office, two inside teller win­
dows, storage room, heat and air conditioning— plus
more. Contact The Dakota Bank, P.O. Box 5009,
Grand Forks, ND58201. Phone(701)746-1313. (FS)
Burroughs TT-102 electronic on-line teller machine;
1-3 years old. $1790 each (original cost $3400).





Independent Management Services
Specializing in Bank Acquisitions
By Independent Investors
No Broker Fees
Call 515-223-1044
Homer Jensen
3737 Woodland Ave.
Executive Suite 120
West Des Moines, Iowa50265

AGRI LOAN—Addition to staff of $100MM midwestern bank. Prefer degree in Ag with two to three years
experience................................................................. 20K
ership in $10MM rural Minnesota bank. Must have
strong ag and commercial loan background......... 30K
PRESIDENT—$25MM rural-orlented Iowa bank. W ill
start as #2 with advancement to president in one or
two years....................
JUNIOR OFFICER—Third officer in $20MM Iowa
bank. Prefer degree and one to two years ag lending
background............................................................... 16K
TRUST INVESTMENT— Head department fo r a major
midwestern bank. Prefer CFA and five to seven years
of investment experience......................................... 35K
OPERATIONS— Excellent opportunity for advance­
ment. Position requires solid background in transit
and proof procedures for large bank........................ 22K

Burroughs TR-102 electronic teller machines. Upgrad­
able to on-line; 2-3 years old. Guaranteed. Freight
paid. $995 each (original cost $2100).

SECOND OFFICER—$10MM rural western Missouri
bank needs an ag / operations officer.......................20K

NCR 152-70 teller machines. Completely recondition­
ed; 15 days free trial. Guaranteed. Freight paid. $775

Many other fine opportunities available for experi­
enced bankers. Salary history and resume requested.

NCR 490 desktop check encoders. Full-field. Guaran­
teed. Freight paid. $875 each.


NCR 775 proof machine; 12 pockets. $10,900. Main­
tenance w ill transfer.
______________ Call (214) 757-7760___________(FS)

P.O. Box 12346 / 2024Swift
North Kansas City, Missouri 64114
Phone (816) 474-6874

Voi. 9 No. 12 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.
Federal Reserve Bank of St. Louis