View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

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
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
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
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
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
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
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
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

to make MNB work for you.
Toll free: 1-800-332-5991

Merchants National Bank isi
M em ber F.D.I.C.
Federal Reserve Bank of St. Louis


□ I would like to sell my
majority bank stock.
□ I would like to buy ma­
jority bank stock.


Bemie Kersey


Team w ork:
One of the
reasons we re
first in Iowa.



(n a t io n a l BANK

Please C o ntact: J. M ason Henry

Charles E. Walters Co., Inc.
Jan Townsend

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.


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.
OF DES MOINES. N A ■ MEMBER FDIC ■ (S15) 245-7111

(800) 362-1615
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

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



We own and offer subject to prior sale and change in price and subject to our attorney’s approving opinion:

General Obligation Corporate Purpose Bonds
DATED: August 1,1982


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.
$ 250,000
$ 250,000
$ 475,000
$ 900,000

May 1, 1984
May 1,1985
May 1, 1986
May 1, 1987
May 1, 1988
May 1, 1989
May 1,1990
May 1,1991


$ 900,000


$ 900,000


$ 900,000

May 1, 1992
May 1, 1993
May 1, 1994
May 1,1995
May 1, 1996



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.

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


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
Federal Reserve Bank of St. Louis

! I Hutton

& Company Inc.
Federal Reserve Bank of St. Louis

Supplement to Northwestern Banker Newsletter 7-19-82

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..."

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 ..."

“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

"Spokesmen for financial institutions offering Idle
Assets who were contacted by this publication were
enthusiastic about the concept and all report good
customer acceptance...“







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
Federal Reserve Bank of St. Louis


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
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

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
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
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.

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:
Certificate of Deposit $ 5,000 int.
Idle Assets Insurance Certificate $ 5,000
Original insurance policy minus loan $ 10,000
Total $20,000













A 1 1

A k l


» D C D C n D M


r C

T E A M »


where common transactions are handled uncomm only well.

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
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

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
For more information contact the
NDB A office in Bismarck, telephone

"O p p o rtu n ity
o lls..."
Leo Kane,
Correspondent Danker

American Trust
& Savings Dank
The Dank of Opportunity
Town Clock Plaza,
Dubuque, lowo
CALL 319-582-1841,


AND Getting
it done for you.


Bill Sprenger

Frampton Rowland

John Messina




Commerce Bank of Kansas cityN
Federal Reserve Bank of St. Louis


e lf» n h r» n p

3 4 -9 0 0 0
(816) 9234-2000



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 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


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

523 N. M ain St.. Carroll, la., 51401 712-792-2748 |


bank seeks new situation at under $35,000. Handles in­
vestments and ag loans.

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.


eastern Iowa bank. Contact Citizens State Bank, Box 190,
Postville, IA 52162.

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.

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.

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:

Personnel Officer
Montana Bancsystem, Inc.
400 Securities Building
Billings, MT 59101


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.

• 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.


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.


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.


#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).

1(515 )3 94 -3 14 5

the original agricultural recruiter

P.O. Box 263
Grand Island, Nebraska 68801

SENIOR COM MERCIAL LO AN— supervise all lenders in
$100MM bank with m ajority of portfolio in com mercial and
ag credits.


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
"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.


OPERATIONS—Two-three years’ experience with opera­
tions and reports. Position will lead to cashier of $40MM
REAL ESTATE LO AN— experience in com mercial real
estate and construction lending required. Could head
dept, in $100MM bank.


AGRI LO AN— addition to staff of $20M M rural Iowa bank.
Handle ag loans and conduct inspections.
CASHIER— handle all internal operations and reports for
$30MM suburban bank. Lending experience a plus.
AUDITOR— accounting degree and some bank audit experience would qualify for training position as cashier of
$35MM bank.


Several senior com mercial loan positions available in
Iowa, Nebraska, Kansas and Missouri. Submit resume'
and salary requirements in confidence to:

of Kansas City
Box 12346 - 2024 Swift
North Kansas City, MO 64116

“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.
Federal Reserve Bank of St. Louis