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4 Voi. 9 No. 12 July 14,1980 Des Moines, Iowa Minnesota Studies Bank Structure O BRANCH or not to branch is T 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 Association. 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 Park. • 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 neapolis. • Marie Slawik, businesswoman, St. Paul. • Jerry Thompson, assistant pro fessor, ag and economic depart ments, University of Minnesota, St. Paul. 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. □ CALL ON THE “PERFORM ANCE TEAM ” where com m on transactions are handled uncomm only well. FIRST NATIONAL LINCOLN Pf https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C. Grow with a BANKERS’ BANKER 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 ductions. 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 1977. 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. https://fraser.stlouisfed.org 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 here. 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. CRYSTAL LAKE: The First Na 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. Bankers Sew,c® 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 W FAST SERVICE -2463 Supplement to Northwestern Banker Newsletter 7-14-80 SHARP BE-2500 Electronic Teller Machine The » N ew est Sharp T e lle r M achine FEATURES • 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 individually. •Totals indicate transaction counts as well as Dollar amounts. • 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 resetting. • 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 operation. • Compact size for counter-top use. • Separate supervisor and operator keys. MODE SWITCH REG: PGM: For presetting of operator number, date & machine number and reading of batch totals without resetting. BTL: For reading batch totals. For normal operation and reading of daily totals without resetting. Z: Reading and https://fraser.stlouisfed.org correction of Federal Reserve Bank of St. Louis resetting of daily totals and entered data. SHARP ^ 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. Name__________________________________________________ Title___________________________________________________ Company-----------------------------------------------------------------------Street_______________________ City-----------------------------------State________________________ Zip------------------------------------Phone. (Area Code) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis H A Single System Banking tached facility at 7790 E. Arapahoe- 3 Road, near the main office, here. Montana News NOW ACCOUNTS Now! 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. MINNEAPOLIS: John DeCoster 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 * 4 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 hearings. 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 y scheduled for tomorrow, July 15, in https://fraser.stlouisfed.org 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 Company. 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 ASK JOHN MANGOLD to make MNB work for you. Toll free 1- 800- 332-5991 M erchants ^ National Bank ISI Member F.D.I.C. A 'BANKS OF IOWA’ BANK 4 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 presidency. PARTIAL LIST OF AVAILABLE POSITIONS CASHIER— Four to six years operational experience needed. Excellent location, good opportunity. $21,000 #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. (PA) Installment Loan Manager for $25 m illion bank located in northeast Nebraska. SERVING PROFESSIONALLY Banking, Financial & Business Personnel Iowa and Nationwide CAPITAL PERSONNEL SERVICE 714 Central National Bldg. 515-283-2545 Des Moines, Iowa 50309 FOR FURTHER INFORMATION RESPOND IN CONFIDENCE TO: Bank Division ROBERT HALF of iowa, inc. 317 6th Ave. Des Moines, IA 50309 (515) 244-4414 AG BANKING CAREERS 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. (PA) 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. POSITION WANTED Operations Officer with extensive experience; will re locate in upper midwest. acjri CAREERS, INC. 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. FOR SALE 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). m j AGRICULTURAL PERSONNEL RECRUITERS Independent Management Services Specializing in Bank Acquisitions By Independent Investors No Broker Fees Call 515-223-1044 Homer Jensen — DickBuenneke 3737 Woodland Ave. Executive Suite 120 West Des Moines, Iowa50265 POSITIONS AVAILABLE AGRI LOAN—Addition to staff of $100MM midwestern bank. Prefer degree in Ag with two to three years experience................................................................. 20K EXECUTIVE VICE PRESIDENT—Opportunity for own 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.................... 28K 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 each. 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. TOM HAGAN & ASSOCIATES OF KANSAS CITY 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. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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