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July 19,1982 Des Moines, Iowa Vol. 11 No. 13 which owns 10 Iowa banks. That contract, reported earlier, took out a major stockholder and his 20% share of BofI stock, gave F B S non 2. Provisions giving management of the voting stock and a 15-year contract bank whose shares are being acquired the to purchase the balance of the stock right to “call” (buy back) equity investments “when interstate banking enables and options and warrants, so as to eliminate ownership of Iowa banks by First any restrictions on its policies, thus making these agreements similar to loans whose Bank System.” restrictive covenants can be discharged by Tom Huston, Iowa superinten repayment. dent of hanking, has requested a rul 3. Agreements involving rights to less than 25 percent of the voting shares of a ing from the Fed as to whether this bank that require a widely dispersed public agreement between F B S and BofI offering in the event of sale by the investing violates the Fed’s holding company bank holding company. regulations. He contends that it The Board indicated certain pro does violate existing law. The Fed visions that are nevertheless to be has delayed for six months now any avoided regardless of other provi response to that request. These sions: guidelines were issued following A. Agreements that enable the investing that request and similar holding bank holding company (or its designee) to company activity in other states. direct in any manner the voting of more than Mr. Huston said last week, “The 5 percent of any class of the voting shares of guidelines accomplish what we a hanking organization: B. Agreements that allow the investing saw—control can be contracted company to direct the use of its investment away; that is, you don’t have to be for certain ends, such as the purchase and the manager, or be there every day, redemption of voting shares: and C. The acquisition of more than 5 percent or even be in the state, to have effec of the voting shares of a bank holding com tive control.” He said he is still pany that simultaneously with their acquisi awaiting the Fed reponse to his in tion by the investing company become non itial request for ruling. □ For Out-of-State Holding Company Purchases- Fed Issues Awaited Guidelines HE Federal Reserve Board on I Ju ly 8 issued a policy statement setting forth its concerns and pro viding guidance with respect to in vestments by bank holding com panies in nonvoting shares of other bank holding companies or banks. The statement notes considerations the Board will take into account in determining whether such invest ments are consistent with the Bank Holding Company Act, and de scribes the general scope of ar rangements to be avoided in these agreements. The Board’s statement resulted from actions by a number of bank holding companies which have made substantial equity investments in banks or bank holding companies lo cated across state lines, in expecta tion of statutory changes that might make interstate banking permissi ble. The Board statement points to a number of provisions that might shares, remain nonvoting shares while avoid control questions, by preserv voting held by the investor, and revert to voting ing the discretion of management shares when transferred to a third party. over the policies and decisions of a A number of the current cases banking organization. under study are in southern and These provisions, spelled out in southeastern states. The one of most the Board’s statement, are: importance to upper midwest bank 1. C ovenan ts to th ese in v estm en t agreements that are not restrictive, and ers is the contract by First Bank leave management free to conduct hanking System of Minneapolis to purchase and permissible nonbanking activities. Banks of Iowa, Inc., Des Moines, Iowa News If any reader is aware of an old fashioned Iowa bank building from about 1885 or earlier years, please contact the N o r t h w e s t e r n B a n k e r editor. At one time, there were 2,400 banks in Iowa, so some of the old buildings may still be available in ASK TERRY MARTIN to make MNB work for you. Toll free: 1-800-332-5991 Merchants National Bank isi M em ber F.D.I.C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A ‘BANKS O F IOW A’ BANK □ I would like to sell my majority bank stock. □ I would like to buy ma jority bank stock. W Ë H M M Bemie Kersey KDWA-. Team w ork: One of the reasons we re first in Iowa. nesMOines E Æ M NATIONAL (n a t io n a l BANK bank Please C o ntact: J. M ason Henry Charles E. Walters Co., Inc. Jan Townsend Collections Hawkeye-Capital Bank & Trust, Des Moines. Both banks are mem Call (515) 245-3131 or toll-free (800) 362-2514 bers of Hawkeye Bancorporation. Mr. Jorgensen succeeds Leo Carl assets of $50 million and First Na son, who resigned to pursue other in tional Bank in Lenox, with assets of terests. $35 million. Also announced was the proposed merger of the Farmers THURMAN: Mike L. Keim, presi Savings Bank of Stratford, with as dent of the Thurman State Bank, sets of $11 million, into the Citizens has announced that Martin L. Mc National Bank of Boone, a Hawkeye Cartney has joined the bank’s staff subsidiary bank, with assets in ex as agri-business officer. Mr. McCart cess of $60 million. The combined ney is a native of Thurman and has banks will be named Citizens Na been involved in banking and farm tio n al B an k , B oo n e-S tratfo rd . ing since 1963. Seymour State Bank in Wayne Nebraska News County, with assets of $15 million, will be acquired by merger into SOUTH SIO U X CITY: D. Thomas Centerville National Bank, which Curry has joined the staff of Dakota has assets of over $54 million. It is County State Bank as an ag lender. anticipated the two banks will He formerly was with Security Na change their name to Hawkeye tional Bank in Laurel. Bank & Trust, Centerville-Seymour. ° i Northwest Bancorporation Member FD ic smaller or abandoned Iowa com munities, preferably from one of 200 to 250 population. Furniture and fix tures of the same banking period also are being sought. Pictures of the buildings or fixtures or bankers of the era would be helpful. D ES MOINES: United Central Bank has named Dale L. Klauss, vice pres ident in commercial services, to manager of metro retail banking, with responsibility for supervision of customer service representatives, MasterCard/VISA and clerical sup port in the main bank. He will also be responsible for the coordination of commercial and instalment loans at the bank’s three branch offices. D ES M OINES: Scott D. Frudden, senior internal auditor for Brenton Banks, Inc., has resigned to accept a position with Peat, Marwick & Mitchell in San Jose, Calif. Mr. Frudden is a former examiner with the Iowa Department of B anking. Banco EA RLY: Harry R. Motter, director emeritus of the Early Savings Bank, passed away June 30 at the age of 92. Mr. Motter had been an Early Savings Bank employe since 1929, serving as cashier and vice president in an active roll until 1957. At that D ES MOINES: Hawkeye Bancorpor time he retired from full-time bank ation has announced four proposed ing, but remained as an active direc bank acquisitions representing total tor until the last few years, when he new assets in excess of $110 million. was named director emeritus. This is in addition to $102 million in new bank assets acquired in the first IDA GROVE: Jam es A. Holst has half of 1982. Banks to be acquired recently joined the staff of the Ida include State Bank of Vinton, with County State Bank in Ida Grove in the bank’s agricultural department. Mr. Holst previously was with PCA in Harlan. Don't gam ble when choosing o correspondent bank. Com e to the professionals. MOTH) CENTRAL BANK OF DES MOINES. N A ■ MEMBER FDIC ■ (S15) 245-7111 AFFILIATED W ITH UNITED CENTRAL BANCS HARES. INC. TOLL FREE NUMBER (800) 362-1615 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 39 Ginger Woods Road, Valley, Nebraska 68064 Phone: (402)553-6400 S IB L E Y : John P. Jorgensen was elected president of First National Bank, effective Ju ly 12. He was for merly executive vice president at Minnesota News E. Peter Gillette, chairman and chief executive officer of the North western National Bank of Minneap olis, has been elected to a four-year term on the Princeton University board of trustees. He is one of three new trustees elected recently. The others are Malcolm S. Forbes, editorin-chief of Forbes magazine, and Joel Achenbach, a 1982 graduate. * * * The sixteenth annual session of the Midwest Banking Institute will he held July 25-30 at the University of Minnesota, Morris, providing bank agricultural officers an exten sive program in the management of the agricultural lending function of the bank. Supplement to Northwestern Banker Newsletter 7-19-82 Carleton D. Beh Com pany Investment Bankers / Financial Consultants 1300 Des Moines Building / Des Moines, Iowa 50309 5 1 5 /2 8 8 -2 15 2 MOODY’S: Aa NEW ISSUE We own and offer subject to prior sale and change in price and subject to our attorney’s approving opinion: $8,375,000 CITY OF WATERLOO, IOWA General Obligation Corporate Purpose Bonds DATED: August 1,1982 DENOMINATION: $5,000 Both principal and semiannual interest (May 1 and November 1; first coupon due May 1,1983) payable at the of fice of the City Treasurer, Waterloo, Iowa. IN THE OPINION OF COUNSEL INTEREST ON THESE BONDS IS EXEMPT FROM ALL PRESENT FEDERAL INCOME TAXES. MATURITIES $ 250,000 $ 250,000 $ 475,000 500,000 500,000 600,000 900,000 $ 900,000 10.40% May 1, 1984 10.60% May 1,1985 11% May 1, 1986 May 1, 1987 May 1, 1988 May 1, 1989 May 1,1990 10.80% May 1,1991 8.30 $ 900,000 8.70 $ 900,000 9.00 9.25 9.50 9.75 10.00 $ 900,000 $1,000,000 300,000 10.40% May 1, 1992 10.60% May 1, 1993 10.80% May 1, 1994 91/2% May 1,1995 May 1, 1996 10.40 10.60 10.80 11.00 10.00 10.20 LEGALITY TO BE APPROVED BY AHLERS, COONEY, DORWEILER, HAYNIE & SMITH, ATTORNEYS, DES MOINES, IOWA The City of W aterloo is located in the northeast section of the state approximately 108 miles northeast of Des Moines and 267 miles west of Chicago. The City is the fifth largest City in the State of Iowa and it serves as the trading and manufacturing center for a rich agricultural area encompassing 14 counties plus parts of two other counties with a combined population of 400,000. The agricultural sector of the local economy has remained consistently strong, and agricultural values have been regularly higher than the state averages. There are an estimated 100 manufacturing firm s in the City. Some of the largest include: John Deere (farm tractors, engines, etc.); Rath Packing Company (meat processors); Waterloo Industries (tool boxes, cases & display equipment); Chamberlain Manufacturing Corp. (refrigerator shelves, ord nance research) and Construction Machinery Co. (truck mixers, pumps, refrigerator equipment). Transportation is furnished by U.S. Highways 218,63 and 20, State Highways 21,57,281 and rail transportation is provided by The Chicago and North Western, Illinois Central Gulf Railroad and the Iowa Northern Railroad Company. Waterloo Municipal A irport is the third busiest airport in the State in terms of commercial passenger boardings. There are three banks in Waterloo w ith combined assets of $569,877,321 and four savings and loan associations w ith combined assets of $498,784,846. The current population is estimated at 75,985. These bonds are being issued for the purpose of improvements for streets, sanitary sewers, a culvert, bridge repair, and for the expansion and renovation of a parking ramp, construction of a parking lot for the recreation center and the expansion of a metropolitan bus barn. FINANCIAL STATEMENT Assessed Valuation, 1981 Actual Valuation, 1981 estimate Net Direct Debt, including this issue Net Direct Overlapping and Underlying Debt Net Direct Debt: $515.68 per capita Combined Net Debt: $567.57 per capita $1,392,838,980.00 1,778,559,127.00 39,184,000.00 43,127,017.00 The inform ation 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 still be available or may now be available at a price or yield different from that indicated above. Division of https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ! I Hutton & Company Inc. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Supplement to Northwestern Banker Newsletter 7-19-82 HAVE YOU NOTICED? T H E Y ’R E T A L K IN G A B O U T U S! “Robert T. M ullin has come up with a marketing scheme called Idle Assets that promises happiness for investors and financial institutions..." THE WALL STREET JOURNAL - MARCH 8, 1982 NEW YORK— “Insurance companies are proving to be a treasure chest o f new deposits for the banking industry. In a new program called "Idle Assets Certificate o f Deposit“, Robert T. Mullin, President ..." AMERICAN BANKER JUNE 8, 1981 “Idle Assets puts policy cash values to work. Two New Orleans area banks are selling customers on the idea of increasing their life insurance - but for the benefit of the banks and policy holders, not the insurance company's...“ "Spokesmen for financial institutions offering Idle Assets who were contacted by this publication were enthusiastic about the concept and all report good customer acceptance...“ THE TIMES PICAYUNE - MARCH 14, 1982 MID CONTINENT BANKER - APRIL, 1982 HERE’S WHAT IDLE ASSETS® CAN DO FOR YOU! JsL JS¿ js L :SL SUBSTANTIAL NEW DEPOSITS. Most of the financial institutions participating in the Idle Assets program have added new deposits equaling between 1 % and 3% of their footings (annual rate). This is not surprising in view of the fact that there is over 120 billion dollars of unborrowed cash value available to policyholders in the United States today. For every dollar that has been borrowed from insurance cash value, nearly three dollars are still available. NEW SOURCE OF FUNDS. The new deposits that the Idle Assets program will generate for your institution come from the cash value your customers have accumulated in their life insurance policies. It is truly new money to you - not a rearrangement of existing accounts. STABLE DEPOSITS. W hen one of your customer's Idle Assets Certificate of Deposit matures, it will either be renewed, or the funds returned to his insurance company to repay his cash value loan. W e believe that a high percentage of your customers will elect to renew the C.D. NEW CUSTOMERS. You may qualify for the exclusive right to offer the Idle Assets program in your market area. You are therefore able to offer a truly unique financial product to the people in your community. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis IDLE -ASSETS For more information, call or write: William Whitehouse, General Agent 154 W. Main St., P.O. Box 359 Whitewater, Wise. 53190 Phone: 1-800-558-0153 In Wl 1-800-242-9512 Supplem ent to Northwestern Banker N ew sletter 7-19-82 Idle A ssets, Inc., puts life policy cash values to work as CDs PROGRAM to bring in new deposit money to commercial banks in the midwest is being mar keted to banks by Idle Assets, Inc., headquartered in Zionsville, Ind. The product was conceived by a 21-year veteran agent of the life in surance industry and offers a vehicle through which customers may invest the cash values of their life insur ance policies in bank certificates of deposit at a far greater rate than those values are currently earning. When Robert T. Mullin first be gan test marketing his program in 1981 he met with opposition from life insurance agents and companies, but with great interest from an in creasing number of banks. Plagued by the outflow of their deposits to non-depository institutions who can legally offer market rates, more than 60 banks in 18 states so far have adopted the Idle Assets program. Basically, with the assistance of the local banker, any person may pull the cash values of his or her life insurance policies, place that total in a higher earning CD at the bank and net more money than is presently being earned from the insurance company. The accompanying example shows that if a person with a $15,000 face value life insurance policy has $5,000 in cash value, that amount invested in an Idle Asset CD at 11% will earn $550 per year, or a total of $1,375 on a 30-month CD (plus com pounding, if available). Interest paid to the insurance company at an as sumed rate of 5% (standard in many existing policies) would be $625, leaving the customer with a net in crease in income of $725. This procedure reduces the face value of the customer’s life insur ance policy by $5,000, so the Idle Assets program, through the bank, furnishes the customer with a term life policy in an amount equivalent to the cash value invested—in this case, $5,000. Consequently, the custom er retain s the original amount of insurance—$15,000—and A https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis also has a $5,000 CD, for a total new value of $20,000. In other words, the savings accumulated in the whole life policy is put to work for the customer at a higher earning rate, while retaining the original amount of insurance. Participating banks pay a fee to Idle Assets, Inc., for installing the program. In return, they receive staff training by a representative of Idle Assets and exclusive rights in their trade area to the program for a period of six months, and possibly longer if a renewal provision is granted. The basic startup fee is $2,000 for a financial institution with assets up to $25 million, $2,500 up to $50 million, $4,000 up to $100 million, $5,000 up to $250 million, $6,000 up to $500 million, $8,000 up to $750 million, and $10,000 up to $1 billion. Cost beyond that is negoti ated. The above costs are in unit bank ing states. In branch banking states, the startup fee is set at $1,000 per institution plus $500 for each branch with a minimum of $2,000 per bank. In addition, the term insurance provided, with a minimum of $1,000 and a maximum of $10,000, is $.625 per $1,000 of coverage per month and the operative expense is $.215 per $1,000 per month, for a total of $.84 per $1,000 per month. Although it is felt that the sophis ticated borrower already has drawn down on whole life cash values and put those dollars to work at higher rates, Mr. Mullin contends there is in excess of $100 billion in cash val ues still available. One bank repor tedly had an elderly customer who had $93,000 in cash values that he could borrow at 5%. However, Mr. Mullin states, the average age of the Idle Assets customer is 42, and the average CD is $6,853. Experience at most of the partic ipating banks appears to show the best prospects for new deposits are individuals in the 49-50 age bracket. Individual banks report varying experiences, although all report new deposit dollar inflow. At one St. Louis savings and loan, staff mem bers pledged about $100,000 of their own cash values before the program was made known to the public. An Indiana bank had pulled in $785,000 by March of this year, while a Loui siana bank reported a gain of $400,000 in such deposits in six months. Idle Assets has been adopted pri marily in banks from Mr. Mullins’ home state of Indiana to the east and south, although some new programs are being signed now in states to the west of that area, in cluding Illinois and Minnesota. In Iowa, William Keith of Carroll, is marketing the Idle Assets program to banks and savings and loans. Supporters of the program main tain that Idle Assets improves the customers earning power, brings new deposits and a profit to the banks, retains the insurance agent’s commission on the whole life policy, and keeps the customer’s insurance coverage at the face value of the original policy. As the battle for the consumer’s deposit dollar continues, Idle Assets becomes another viable alternative for commercial banks. □ WO R K SHEET Life insurance face v a l u e .................. $15,000 Estimated cash value of your life policy . $ 5,000 Current Idle Assets rate 11% or $550 yr.. $ 1,375 2% yrs, Less policy loan rate of 5% or $250 yr.. $ 625 2^ y r s , Idle Assets at work earn you ........... $ 750 2% y r s , Should death occur prior to maturity of the Idle Assets Certificate of Deposit, your beneficiary will receive: plus Certificate of Deposit $ 5,000 int. Idle Assets Insurance Certificate $ 5,000 Original insurance policy minus loan $ 10,000 Total $20,000 # # • ® ^ ® ^ ® ^ ® ^ W ^ m. P A 1 1 A k l T U E T » D C D C n D M A M r C T E A M » 1■UNII where common transactions are handled uncomm only well. FIRST NATIC)NALLINCOILN 13th & M Street • Lincoln, Nebraska 6£Ì501 • Member, F.CI.I.C. • Montana, North and South Dakota, First Bank System since 1956. and Wisconsin bankers associations, ST. PAUL: Lee Goderstad has been the two-year program provides a promoted to vice president and sen course of study in a broad range of ior credit officer of First Bank Mer agricultural topics effecting banks. chants, according to David Wad® Student enrollment is limited to dington, president. Mr. Goderstad, 90 students. Graduates of the In who previously held the position of stitute must successfully complete assistant vice president of credit the two one-week resident sessions. review, has been employed with The instructors for the Institute various First Bank System affiliates • are prominent agricultural bankers, since 1970. educators, agriculture finance econ Illinois News omists and others from throughout the country. EVANSTON: The Evanston Bank has elected Michael J . McGreal pres • FER G U S FA LLS: The Security ident and chief executive officer, ac State Bank recently held an open cording to an announcement made house to celebrate the grand opening by the bank’s board of directors. Mr. of its newly remodeled and expand- McGreal recently has served as pres ^ ed facility and the bank’s 25th an ident and chief operating officer of niversary. The new facility offers ex the bank. He succeeds Richard panded customer service and loan Christiansen, who has served as department areas, a new conveni both president and chairman. Mr. ence teller area and a walk-up teller Christiansen remains a member of ^ window for after hour deposits. the board and remains as chairman and president of EVCO, the bank’s M INNEAPOLIS: Michael Frye has holding company. Mr. McGreal, who been elected a senior vice president started his banking career in 1954, of Northwestern National Bank. Mr. joined the Evanston bank in 1975, ^ Frye, who most recently had served was elected executive vice president as senior vice president-financial and director in 1976 and named planning for Texas Commerce Banc- president in February, 1981. shares, will head up the bank’s plan ning and control group with respon- ROCKFORD: David W. Knapp, pres 0 sibility for strategic and financial ident and chief executive officer of planning and serve as a member of American National Bank and Trust the bank’s management policy com Co., has announced the formation of Americorp Financial, Inc., to oper mittee. ate as a multi-bank holding com ^ OWATONNA: Luther N. Mag- pany. Agreements in principle have elssen has been elected president been reached with the boards of the and managing officer, effective American National Bank and Trust August 1, of First Bank Owatonna. Co. and Colonial Bank of Rockford He succeeds Allan C. Chaffee, who to become wholly owned subsid ^ has accepted a position with the iaries of the new holding company. Bank of Breckenridge, Colo. Mr. The proposed reorganizations are Magelssen has been associated with subject to the execution of definitive agreements, approval by the share holders and approval by the appro priate banking and regulatory au thorities. North Dakota News The North Dakota Bankers Asso ciation is conducting a series of in formational sessions on the new fi nancial management account, devel oped by MABSCO Financial Ser vices and the Fidelity Group of Boston, now available for use by North Dakota Banks. The last two informational ses sions will be held at the Ramada Inn, Minot, on Thursday, July 22, and at the Ramada Inn, Jamestown, on Wednesday, August 11. Each session will run from 10:00 a.m. to 4:00 p.m. Any member banker may attend the sessions, which will pro vide an in-depth look at the financial management account through a ser ies of video tapes and group discus sions. For more information contact the NDB A office in Bismarck, telephone 701-223-5303. "O p p o rtu n ity C o lls..." Leo Kane, Correspondent Danker American Trust & Savings Dank The Dank of Opportunity Town Clock Plaza, Dubuque, lowo CALL 319-582-1841, COLLECT , SPRENGER ROWLAND AND Getting MESSINA it done for you. ^ 0 Bill Sprenger Frampton Rowland John Messina 234-2625 234-2485 234-2486 Commerce Bank of Kansas cityN https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MEMBER FDIC T e lf» n h r» n p Telephone 3 4 -9 0 0 0 (816) 9234-2000 W 4 BANKERS AVAILABLE Senior Ag Lender, age 35, ISU grad., currently number two Provider of Executive Perquisites to Officers of Financial Institutions man in $50 million com m unity bank, seeks growth situa tion in progressive bank. File 202 dent in charge of $28 m illion loan portfolio in community bank. Ready to move up. File 303 If the banking giants were to move into your town tomorrow, how would you fare? Call us to learn how to take care of you and your future...no matter who owns the bank! Operations Person with 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 The Coughlin Organization William J. Coughlin F.L.M.I. ^ Number Two Person, age 36, currently senior vice presi ™ Ag Lender with ISU degree and PCA experience. Farm 913 Midland Financial Bldg., Box 1296, Des Moines, IA 50305 Phone 515-244-0856 Iowa WATS 1-800-532-1145 background. $16,000 Ag Lender with ISU degree and three years experience seeks job in central Iowa. Salary $25,000 ^ CEO with outstanding track record in small community Does the appearance of your em ployees reflect the success of your bank? If not, call us today and find how only $ 1 .0 0 per day per teller will help. MeAMoekk-^ CAREERAPPAREL 523 N. M ain St.. Carroll, la., 51401 712-792-2748 | POSITION AVAILABLE bank seeks new situation at under $35,000. Handles in vestments and ag loans. FOR SALE 1975 Burroughs L5000 posting machine with autom atic card reading and software. $2,500.00 or best offer. Contact John Glandt, National Bank of Neligh, Neligh, NE 68756. Phone 402/887-4143. (FS) POSITIONS AVAILABLE million eastern Iowa bank. Contact Citizens State Bank, Box 190, Postville, IA 52162. (PA) AGRi OFFICER— Im m ediate opening, experienced ag. loan officer to head departm ent in $23 million bank located in resort area. Excellent benefits. Subm it resume and salary requirements to First National Bank, Pine City, M N 55063. (PA) Write or call Malcolm Freeland, Freeland Financial Services, Inc., 1032 Carriers Bldg., Des Moines, Iowa 50309. Phone 515/282-6462. Employer pays a reasonable fee. area. Must have solid lending experience and some opera tions knowledge.......................................................Salary open. CEO needed by southern Illinois bank. Imm ediate opening for the right person. Must have proven track record.............. ............................................................................Salary to $40,000 Cashier wanted by $30 million North Dakota bank. Im m ediate opening. Prefer person residing in either North or South Dakota............................................................ Salary open. ...................................... ..................................Salary to $18,000 Insurance agent for bank agency located in eastern Nebraska. Bank experience a plus......................Salary open. W rite or call M alcolm Freeland, Freeland Financial Ser vices, Inc., 1032 Carriers Bldg., Des Moines, Iowa 50309. Phone 515/282-6462. Employer pays reasonable fee. SENIOR VICE PRESIDENT To manage all lending functions of $50 million bank located in eastern M ontana. Must have ex tensive lending experience, including commercial and ag, as well as proven managem ent ability. Career opportunities available in this 11-bank holding company. Please send resume and salary requirements in strict confidence to: (PA) Personnel Officer Montana Bancsystem, Inc. 400 Securities Building Billings, MT 59101 TIME TEMPERATURE 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) • Steel Tubular Frame • Pole Optional • Remolt Control Immediate opening for manager of bank insurance agen cy. Experience in banking helpful. Contact Ed Buerkle, President, Farmers and Merchants State Bank, New York Mills, MN 56567. Phone (218) 385-2300. (PA) $2895 Position open for second man for $8 1/2 million bank. Re quires two to five year lending and operations experience. Located in southwestern Montana. Phone 406/684-5678. (PA) K lm y i An experienced COMPTROLLER AND/OR CPA for $95 million bank. Expected that person filling this position will become the chief financial officer of the bank. Salary open. Contact John Hughes, Hills Bank and Trust Com pany, Hills, Iowa 52235. (PA) POSITIONS AVAILABLE All positions are in Missouri, Arkansas, Kansas or Oklahoma. EVP, $70mm bank, controller and operations. To $45,000. President, CEO, $30mm bank. P rogressive bankers pay us to find the people they need. Ag. Loans/lns......................... SD . .$17-20,000 Ag. Lend. O ff..............................IL. .$16-20,000 Ag. Lend. O ff........................... W l. .$16-20,000 2nd. Man (2).............................. IA . .$20-25,000 Loan O ffs.................................IA . .$15-20,000 Cred. Sprv................................M D . .$22-26,500 Ask the ag banking specialists what’s available without cost or obligation. open #2 Man, $35mm Bank, country lender. To $30,000 #3 Man, $60mm Bank, Ag lender. To $30,000 #2 Man, $25mm Bank, Country lender. To $30,000 President, CEO, $60mm Bank. To $40,000 #2 Man, $50mm Bank, Commercial/Ag Lender. To $30,000 Eighteen years of banking serving as President of both rural and m etropolitan banks enables me to find the right banking environment for you. I assure your confidentiality. Phone or send resume to: Don W. Schooler & Associates, 901 A. West Jackson, Ozark, Missouri 65721. Phone (417) 485-6020 (9am - 5pm). (417) 883-3713 (Evenings). NEW HAMPTON. IA 50659 MASSENA. IA 50853 1(515 )3 94 -3 14 5 (712)779-3744 dqnCXRBRS, INC. the original agricultural recruiter P.O. Box 263 Grand Island, Nebraska 68801 (308)384-0111 SENIOR COM MERCIAL LO AN— supervise all lenders in $100MM bank with m ajority of portfolio in com mercial and ag credits. $40,000 POSITIONS A VA ILA BLE When it conies to agriculture, banking and pe rsonne l. . . go to the specialists — go to AGRIcareers, Inc. ® Number Two Person wanted by $40 million bank in resort Dairy-oriented ag man needed by eastern Iowa bank............ WANTED— Executive Vice President for $20 Installment Lender with solid bank experience, now employed, wants to join a progressive com m unity bank. Salary range $24,000 D O N -ficH O Q LE R In AND m ASSOCIATES "S u cce ssfu l Banking is Q uality P e rson nel" CO M MERCIAL LENDER— for $50MM Nebraska bank. Han dle com mercial and some ag loans. Advancement possible. $35,000 0 OPERATIONS—Two-three years’ experience with opera tions and reports. Position will lead to cashier of $40MM bank. $20,000 REAL ESTATE LO AN— experience in com mercial real estate and construction lending required. Could head dept, in $100MM bank. $30,000 £ AGRI LO AN— addition to staff of $20M M rural Iowa bank. Handle ag loans and conduct inspections. $24,000 CASHIER— handle all internal operations and reports for $30MM suburban bank. Lending experience a plus. $25,000 AUDITOR— accounting degree and some bank audit experience would qualify for training position as cashier of $35MM bank. $20,000 A ™ Several senior com mercial loan positions available in Iowa, Nebraska, Kansas and Missouri. Submit resume' and salary requirements in confidence to: TOM HAGAN & ASSOCIATES of Kansas City Box 12346 - 2024 Swift North Kansas City, MO 64116 816/474-6874 “Serving the Banking Industry Since 1970” Vol. 11 No. 13 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 0
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