Full text of The Northwestern Banker : July 18, 1966, No. 981

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Oldest Financial Journal West o f the Mississippi

No. 981

Des Moines, Iowa

Secretary of the Treasury Henry
H. Fowler shifted the administra
tion’ s position last week and urged
Congress to enact a temporary
statutory ceilin g on interest rates
that both banks and savings and
loan associations can pay on time
deposits of up to $100,000.
Mr. Fowler specified no rate,
but it is understood the Treasury
would find a ceiling of 4%% or 5%
acceptable.
It was reported that the House
Banking committee would take up
the question o f “ rate war” legislation again the last week of this
month.

Current Date for Coins
>

McEldowney, acting state finance
commissioner.

Urges Ceiling on CD Interest Rate

House
Banking
Committee
Chairman Wright Patman (D .-T ex.),
who made the announcement, also
revealed that beginning January 1,
1967, the Treasury will adopt the
1967 coin designation and expects
to continue normal coin dating
procedures thereafter. He said that
1966 special Mint sets will be put
into production in August.
On August 1, the United States
Mint will begin production of coins
bearing a 1966 date. Pennies, nick
els and new alloy coins previously
produced during 1966 bear a 1964
or 1965 date, a move designed to
reduce the numismatic value of

the coin and lessen the chance of
coin hoarding.
In the early phases of the coin
shortage, the Mint used a 1964
date on all coins but switched to a
1965 designation when the new
composition coins were minted.

Farmers Home Admin.
Adds Interest Charge
An interest charge of one-half
per cent has been added on top of
the 5%% rate which the Farmers
Home Administration charges for
rural housing loans to borrowers
with above-moderate family income.
Previously the insurance charge
was deducted from the interest
charge. This remains the case
with respect to 5%, insured rural
housing loans which the Depart
ment of Agriculture’ s FHA makes
to borrowers with low or moderate
family income.

N A T IO N A L NEWS

BOISE, IDAHO: Idaho Savings and
Loan A ssociation has closed its
four o ffice s in the state due to
“ a combination of tight money and
the interest rate battle that’ s going
on nationwide,” according to Tom

CHICAGO: Eight new v ice presi
dents of Harris Trust and Savings
Bank were appointed by the bank’ s
board of directors last week.
Those named were Hugh K.
Brower, Richard L. McAuliffe,
and B. Kenneth West in the bank
ing department; Robert F . King,
building serv ice s; John L. Ste
phens, personnel; William Flory,
marketing; and William E. Welch,
Jr., operations. A ll had served
as assistant v ice presidents with
the exception of Mr. Welch, who
recently joined the bank.
CHICAGO: John M. Case and R ich
ard E. K elley have been elected
vice presidents at The First Na
tional Bank of Chicago. Thomas M.
Ware, chairman, International Min
erals & Chemical Corporation, has
been named to the bank’ s board of
directors.
CHICAGO: John P. K elley, director
of data processing, has been e le c
ted a vice president at Central
National Bank in Chicago. Phil
Bakakos has been named second
vice president and Adorea S. Good
man has been elected assistant
trust officer. David H. Reimers,
chairman of the bank’ s agricultural
advisory committee, has retired,
ending a 50-year banking career.
(Continued, to back page)

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IOWA NEWS
BOONE: John H. Goeppinger, 95,
first president and chairman of the
board of Citizens National Bank
here until his retirement in 1952,
died recently at Madrid, where he
had resided for the past year.

MODALE: Bennie M. Stave, who
has purchased a substantial portion
of the stock in Modale Savings
Bank from Edgar A. Sears, has
been named executive vice pres
ident. Mr. Sears will continue as
vice president for an indefinite
time.

DES MOINES: Iowa-Des Moines Na
tional Bank is now paying 5% on
3-month CD’ s with a $1,000 mini
mum. The rate was formerly 4%%.

MONTICELLO: Louis Morf, vice
president, has been elected a
director of Monticello State Bank,
succeeding Charles Luett, whose
death was reported earlier.

DES MOINES: Iowa Banking Board
will hold its annual meeting here
on Thursday, July 21.

NEVADA: Nevada National Bank
is now paying 5% on C ertificates
of Deposit held for s ix months or
longer in minimums of $1,000.

DIAGONAL: E. M. (D oc) Watson,
president, First State Bank, has
announced his candidacy for state
representative for Ringgold and
Taylor counties. M. I. Roberts, for
mer chairman of the board, died
recently at the age of 86 years.
FONTANELLE: Ruford Bower, 72,
vice president, State Savings Bank,
died recently. He had been a s s o c i
ated with the bank for 48 years.
HAMPTON: Mrs. Charles W. Nolte,
has resigned her position as a s
sistant cashier at Hampton State
Bank and has announced her can
didacy for the nomination for
Franklin county recorder in the
September Republican primary.
LEON: Wayne B. Rowland has re
signed as executive vice president
of Decatur County National Bank
to join Federal D eposit Insurance
Corporation as senior loan exam
iner, headquartering in Des Moines,
effective August 15.

PRINCETON: Glen H. Suiter, ex
ecutive vice president o f the
Farmers Savings Bank recently
announced that Eugene R. Holst
has joined the bank as assistant
cashier. Mr. Holst is a recent Loras
C ollege graduate and served as a
computer programming instructor
in the army.
RED OAK: A. C. Thiel has been
promoted from vice president and
cashier to executive vice president,
and Winfield G. Mayne, assistant
cashier, has been named cashier
at Montgomery County National
Bank.
SHEFFIELD: Grand opening will
be held by the Sheffield Savings
Bank in its new building tomorrow,
July 19.

N E B R A S K A NEWS
CLEARWATER: Mrs. Rena Wattles,
Oakdale, has accepted a position
with the Citizens State Bank here.

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IOWA-DES MOINES
NATIONAL BANK
Bob Buenneke

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She had been employed for 10 years
at the National Bank of Neligh.
Guy Miller, 76, chairman of the
board, died recently.
FIRTH: FDIC approval has been
granted to State Bank of Firth.
LESHARA: Paul S. Christensen and
Don Hinds, Fremont businessmen,
have purchased the Leshara State
Bank from H. P. H aessler. Mr.
Hinds will continue to operate the
D&D Investment Company and the
All Makes Sewing Store in Fremont,
with which both men have been
associated. Mr. Christensen will
be president of the bank. Mr. Haes
sler, president and cashier for the
past 45 years, will continue as an
executive officer.
MARTELL: Open house will be
held by the Martell State Bank in
its new building on Saturday, Aug
ust 6, according to Mary Wunderlich,
cashier. The bank moved to its
new quarters on June 26.

Hey, A
NEED
Souih
of m
Bordé

George
Harris

Keep this uni
brero, but her;
MAYWOOD: Merle Roach, 73, who of gringos 4?rh
headed the Farmers State Bank with correspoj1
here for 30 years prior to moving of any kind.

to Fort C ollins, Colorado, in 1962,
died at Fort C ollins early this
month.

OMAHA: The Packers National
Bank has become the second bank
to file a petition in Lancaster
County District Court seeking to
dissolve the order granting a state
bank charter to the proposed Southroads Bank of Omaha. A hearing
was held last Wednesday on the
Bank of B ellevue’ s request for a
reversal of the state’ s conditional
approval of the charter.
OMAHA: FDIC has granted approval
to Center Bank to establish a de
tached teller facility at 1918 South
40th.
PLATTSMOUTH: FDIC has granted
approval to Plattsmouth State Bank
to establish a detached teller
facility at Fourth and Chicago
Avenues.

Si! These<cabt
riding your
often so look

If you have cl
lems, check wj
clearings, or
overline si&ua
ing you froml
larger custom
gricultural o>
visit with u^.

TRENTON: John A. Exstrom has
joined the staff of the State Bank
of Trenton as assistant vice pres
ident. He had been auditor of the
National City Bank of Denver.

PUT A “ FA,
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NOW!
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ADIOS!

WACO: Mrs. Axie Bouslough, as
sistant
cashier,
Farmers
and

PHONE 314
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BANK PLANNING
Waterloo, Iowa

Member Feî

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M IN N ESO T A NEWS
EAST GRAND FORKS: Arvy J. Lar
son has been elected assistant
cashier and agricultural represent
ative at First National Bank of
East Grand Forks.
EDINA: Emmanuel R. Jacobson
has been elected assistant ca sh
ier and auditor at First Southdale
National Bank, rejoining the bank
after two years as cashier of Moor
head State Bank. President Don
ald W. Judkins has also announced
plans to remodel and enlarge the
quarters of the 10-year-old bank.

der your somb are a couple
> v^ll help you
sident services EYOTA: D. E. Morrison, cashier,

blleços will be
[territory more
[for them soon.

Farmers State Bank, has been e le c
ted to the bank’ s board of direc
tors. He was also elected a mem
ber of the board of Elgin State
Bank, of which he is executive
vice president.

to su cceed Walter
term has expired.

Willy whose

VERMILLION: The Tabor branch
of the Citizens Bank of Vermillion
has occupied its new, quarter-round
building on Tabor’ s Main street.

NORTH D A K O T A NEWS
HARVEY: Henry Polkinghorn, P e l
ican Rapids, Minnesota, attorney,
has been elected chairman of the
board of Harvey National Bank.
Fred Kwako, former Pelican Rapids
druggist, is president of the bank
and his brother, Stanley Kwako, is
executive vice president.
WILLISTON: C .O . (Owen) Harding,
vice president, American State
Bank of Williston, retired recently,
ending a banking career which
spanned more than a half-century.

M O N TA N A NEWS
Albert Brubaker, Terry,

MINNEAPOLIS: Services were held
recently for Clarence Lodahl, 70,
acting Minnesota banking commis
sioner from the fall of 1965 until
last month. He had been a member
of the state banking department
staff for 35 years.

Äbllection prob-

VIRGINIA: Terrence Roszak has
been elected an assistant cashier
at the newly-opened Northern State
Bank of Virginia.

ifch us for fast
if excess or
SOUTH D A K O T A NEWS
ion^ are keepI helping your
brs, either ag- BELLE FOURCHE: William Hannah
r commercial, has been advanced from assistant

cashier to assistant vice president
and Gerald Keil has been elected
assistant cashier at the Belle
BT GUN” ON
Fourche office of the First Nation
jVrite or phone al Bank.
PIERRE: Tom Brisbine, executive
y
vice president, Sanborn County
Bank, Woonsocket, has been ap
pointed to serve on the South
6A 1-1850
Dakota Banking Commission. He
¥
was named by Governor Nils A. Boe
4

Heads Montana Bankers
Albert S. Brubaker, president,
State Bank of Terry, has been e le c
ted president of the Montana Bank
ers A ssociation at the organiza
tion’ s 63rd annual meeting held
this year at Banff Springs, Alberta,
Canada. John E. Tenge, president,
Midland National Bank, B illings,
was elected vice president. J.Dew
ey Street, president, Security Bank
& Trust Company, Bozeman, was
named second vice president and
Robert Wallace was re-elected
secretary-treasurer.
BILLINGS: Richard H. Spalding has
been elected an assistant trust
officer and Eddie Bert Leuthold
has been advanced to assistant
cashier at Midland National Bank.

:zJ\/[urpliyCo.
(Woody) Haines, vice president,
First National Bank of Laramie,
had been named the new secretary
of the Wyoming Bankers A ssociation .
The item was inadvertently
placed in the Montana News section
under a headline stating that Mr.
Haines had been named secretary
of the Montana Bankers A ssociation.

S B IC Inquiry Delays
Cease and Desist Bill
A new inquiry on the small
business investment company pro
gram and consideration of pending
housing legislation are expected
to delay for two weeks or so fur
ther action by the Senate Banking
Committee on the Administration
bill (S.3158) concerning cease and
desist and officer removal author
ity for Federal bank and S & L
supervisory agencies.
The cea se and d esist bill is
before the Committee’ s Financial
Institutions Subcommittee, where
the outlook still appears good that
a bill with modified officer removal
authority can be approved.
The SBIC inquiry, which began
last Friday before the Committee’ s
Small Business Subcommittee, is
the result of a question raised by
Chairman William Proxmire of Wis
consin over an upcoming SBIC
probe by the Senate Permanent
Investigations Subcommittee. One
reason for Congressional interest
in SBIC- is that Richard K elley,
SBA deputy administrator for invest
ment until June 30, d isclosed b e
fore his resignation that about
one-third of the nation’ s 700SBIC’ s
are considered “ problem companies’ *
by-SBA. Senator Proxmire contends
that probably as much as $18 mil
lion to $20 million is likely to be
lost and that capital of a number
of SBIC’ s has been seriously im
paired.
“ SERVING BANKS AND BANKERS SINCE 1948”

Haines Named Secretary
Of Wyoming Bankers Assn.
It was reported last week, under
a misleading headline, that E. J.

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CHICAGO: Rufus C. Dawes, a ss is t
ant vice president and assistant
secretary, has been named to head
the business development division
of the trust department at La Salle
National Bank.
CHICAGO: Lester A. Gohr, a s s is t
ant cashier, will retire at the
Federal Reserve Bank of Chicago
August 1, after 47 years of service.
Adolph J. Stojetz has been ap
pointed assistant cashier, e ffe c
tive August 1, to su cceed Mr. Gohr.
CHICAGO: Samuel D. Addoms, Syl
van L. Franklin, John T. Leatham,
John C. Nyhan, Roger E. Schield,
David J. Spengler, Robert T. Stev
enson, Jr., and William T. Wood
ward, Jr., have been elected as
sistant cashiers in the commercial
banking department at Continental
Illinois National Bank and Trust
Company. In all departments, 31
new officers were elected.

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DALLAS: Gil Hooper has been
named southwest division manager
for the bank division of Diebold,
Incorporated. His new assignment
will include the states of Texas,
Oklahoma, Colorado, and parts of
New Mexico, Wyoming, Kansas and
Nebraska,
HOUSTON: A. G. M cNeese, Jr.,
president o f Bank of the Southwest
announced recently that Robert
Stewart, Jr., has been advanced
from senior vice president to ex
ecutive vice president with duties
as ch ief operating officer.
NEW YORK: Henry J. Langworthy
and Douglas J. Weare have been
elected assistant vice presidents
in the personal trust department at
Manufacturers Hanover Trust. Ben
S. Gilmer, v ice president, American
Telephone and Telegraph Company,
has been elected a member of the
bank’ s board of directors.

NEW YORK: Merrill Lynch, P ierce,
Fenner & Smith, Inc. has moved
Michael W. McCarthy from the
position o f chairman and chief e x
ecutive officer to the newly created
post of chairman of the executive
committee. He is su cceeded by
George J. Len ess, whose pres
ident’ s post goes to James E. Thom
son, formerly executive vice pres
ident.
SAN FRANCISCO: The o fficia ls in
charge of liquidating the assets of
defunct San Francisco National
Bank, have reported that depositors
will probably not get all their
money back. The FDIC is still
attempting to co lle ct nearly $32 mil
lion from borrowers.
WASHINGTON,D.C.: John deLaittre,
whose term as a member of the
Federal Home Loan Bank Board
expired June 30, has agreed to

Proud of our heritage of service to
Iowa banks, we re building at 6th & Locust
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join the Mortgage Bankers A s s o c i
ation of America September 1, and
to assume the office of executive
vice president November 2. Prior
to his FHLBB appointment, Mr.
deLaittre was president of the
Farmers and Mechanics Savings
Bank of Minneapolis.

L A T E NEWS...
LINCOLN: First NationalBank and
Trust Company will sponsor its an
nual Correspondent Bank Confer
ence September 16-17. Business
session s will be held on Friday,
and again on Saturday until noon.
Bankers and their wives will then
be guests of the bank at University
of Nebraska’ s opening football game
on Saturday afternoon. The opponent
will be Texas Christian University.

WANT A D S
Rates 25 cents per word per
insertion. Minimum: 12 words.
NORTHWESTERN BANKER
306 15th St., Des Moines, Iowa
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For immediate action call Max Roy
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STate 2-5200 (Area Code 312).
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No. 981 Northwestern Banker is published five times monthly by the Northwestern Banker Company, 306 Fifteenth Street, Des
Moines, Iowa 50309. Subscription 50^ per copy, $4 per year. Second class postage paid at Des Moines, Iowa. Address all mail

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