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Upper Midwest Association Executives Meet
» Special Feature Section:
• Bank Automation

Convention Reports:
Colorado • Illinois • Minnesota
• North Dakota » Wyoming
Federal Reserve Bank of St. Louis

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"'Providing our customers w ith qual­
ity service demands more from us
than simply a surface response. We go
deeper. Take overline and liquidity
loans, for example.
"At MNB, we act decisively on all
overline loan requests. But first, our
qualified experienced loan specialists
study the situation and apply fresh,
innovative thinking in tailoring a loan
package to your bank and your bor­
rower's individual needs."
An opportunity to serve.
"We believe a loan request is an op­
portunity to serve — not only the bor­

rower but the respondent bank and
the community it serves. So, the close
working relationship we create and
m aintain w ith each of our respondent
banks and their overline customers
assures continued growth, stability
and quality in their loan portfolios
and ours."
If quality service is im portant to
you, too, call 319/398-4320, or call, toll
free, 1-800-332-5991 and talk to Jerry or
MNB Correspondent Banker John E.
Mangold, Stan R. Farmer, Terry M.
Martin or Dale C. Froehlich.

Merchants National Bank
C edar R apids, Iow a 52401

Member F.D.I.C.

i: i


Northwestern Banker (USPS 397-620), June 1981,88th year, No. 1414 is published monthly by the Northwestern Banker Co., 306 Fifteenth St., Des Moines, IA 50309. Second
postage paid at Des Moines and at additional mailing office. POSTMASTER: send form 3579 to 306 Fifteenth St., Des Moines, IA 50309.
Federal Reserve Bank of St. Louis


Some safekeeping advice:
Go Mid-west,
young man.

That advice holds for m ature men. And ladies
of all ages. You see, some bankers think there’s only
one city for Safekeeping. They need good reasons to
consider Safekeeping w est of the Hudson River.
At Continental Bank, w e’ve got the reasons.
Good ones. And lots of them. Take something that
can affect your P&L. Like maturing securities. Other
banks make a big hoop-de-lah about next-day cash
availability. We skip the hoop-de-lah. And give you
immediately available funds... 90% of the time. Your
funds can be reinvested before most banks even
pay out.
How about sub-accounting? Your bank offer
that? We do. Our correspondents get one main

account. And 999 sub-accounts to assign to custom­
ers or other bank departments. An important extra
that saves time and headaches come audit time.
W ant more good reasons? How about quality
transaction service at a penny price? Or an imme­
diate response to inquiries that’s hard to find
Maybe it’s time to start thinking Big Onion...
not Big Apple. Call John Tingleff in Chicago. At
(312) 828-2191. W e’ll work to get your Safekeeping
business. And w e’ll work to keep it.
It’s w hat you expect from a top correspondent
At Continental Bank, it’s reality.

Continental Illinois National Bank and Trust Company of Chicago
231 South LaSalle Street, Chicago, IL 60693
Federal Reserve Bank of St. Louis

N orthw estern Banker, July, 1981

Selling travelers cheques is good business.
But if handling travelers cheques results in
administrative hassles, harried employees
and disgruntled customers, then it’s bad
That’s w h y you should carry BankAmerica
Travelers Cheques. We’ve spent over fifty
years perfecting our sellers’ program so that
today it’s a model of convenience, efficiency
and personal service.

When you handle BankAmerica
Travelers Cheques, w e
handle time-consuming
chores like record
keeping and data process­
ing. We also keep careful watch
over your inventory so your supplies can
be automatically replenished before they get
too low. In addition, w e have flexible
remittance methods so there may be no
need to change your remittance scheduling
to fit ours. And finally, should you be audited
and require reconcilement or other informa­
tion, you can expect a timely response.
Federal Reserve Bank of St. Louis

O ur 24-hour toll-free number
provides direct access to our
account and sales representa­
tives. So if any problems or
questions arise, you don’t have
to w ait for the next day. O r the
next week. You get action when
you need it. Now.

Whether it’s w ith personal touches like
cheque wallets and travelers’ handbooks or
major media advertising and point-ofpurchase materials, BA Cheque Corporation
is behind you 100%.
^ \C X

With our new purchase agreement, your
customers can sign their cheques away
from the teller station. So you w ind up
with shorter lines, more efficient
tellers and happier

To do their job right, your
employees should be
more than just informed,
they should be interested.
So w e provide you w ith a
personalized training program
that includes a first-rate film, printed materials,
and our new ly expanded annual teller
incentive sweepstakes.

You’ll be surprised just how quickly and easily
you can become a BankAmerica Travelers
Cheque seller. Just call Frank Hyzdu,V.R
Domestic Sales, toll-free at 800-227-3333
(in California, Alaska and Hawaii, call collect
415-622-4721). He’ll tell you everything you
need to know about our first-class service.
Right dow n to the last detail.

A b an k am er ic a c om pany

B a n k A m e r ic a
Were going a long way for you.
Federal Reserve Bank of St. Louis


JULY 1981 • 88th Year • No. 1414


Officers from six of the 12 midwestern state banker associations who met
recently in Minneapolis to discuss projects of mutual interest are shown in this
special Northwestern Banker cover photo. From left to right, they are:
Seated—Edward L. Tubbs, president, Iowa Bankers Association, and chairman,
Maquoketa State Bank, Maquoketa; Robert J. Welle, president, Minnesota
Bankers Association, and chairman, First National Bank, Bemidji; and Nels E.
Turnquist, president, South Dakota Bankers Association, and chairman and
chief executive officer, National Bank of South Dakota, Sioux Falls.
Standing— Donald R. Lovett, 1st vice president, Illinois Bankers Association,
and president, Dixon National Bank, Dixon; J.F. Kundert, president, Wisconsin
Bankers Association, and president, Commercial and Savings Bank, Monroe,
and Wm. W. Cook, Jr., president, Nebraska Bankers Association, and president,
Beatrice National Bank & Trust Co., Beatrice.



EFT nationwide exchange?

Regional system operators look at interchange possibilities


Using communications electronics

Bell System describes equipment to control costs


Check safekeeping pilot

Long-awaited project goes ‘live’ at 8 major banks


High-speed microfilming

Eastman Kodak unveils new recording, retrieval equipment


Electronics and bank marketing

ABA National Marketing Conference looks at effects


New processing system

Brandt currency handling system improves service


North Dakota


Bank Promotions
Corporate News
What’s New
Twin Cities
South Dakota


Des Moines

30615th Street, Des Moines, Iowa50309

Phone (515) 244-8163


E ditor

Business Manager

Malcolm K. Freeland

Ben Haller, Jr.

Mike Freeland

A ssociate E ditor
Louise Ritchhart

A uditor

Field R epresentative

Field R epresentative

Debbie Hibbert

Glen Hicks

Paul Masters

No. 1414 Northwestern Banker (USPS 397-620) is published monthly by the Northwestern Banker Company, 306 Fifteenth Street, Des
Moines, Iowa 50309. Subscription $1.50 per copy. $15peryear. Second class postage paid at Des Moines, Iowa and at additional mailing office.
POSTMASTER: Send all address changes to Northwestern Banker, 306 Fifteenth Street, Des Moines, Iowa 50309.
Digitized Nfor
estern Banker, July,
Federal Reserve Bank of St. Louis



“I carry enough parts on
every service call to handle
almost any service problem.
Mosler thinks ahead!’
Every Mosler service vehicle
is a mini-warehouse on wheels.

Kenneth Mayberry
Sr. Service Technician
Saginaw, Michigan

On a service call, our technicians don’t have to waste val­
uable time making extra trips to one of our major distribution
warehouses for parts— most of the time all it takes is a trip to
the van or truck. Each of our over 1,000 custom vehicles is
equipped with thousands of dollars worth of replacement
parts and tools. Available right then.
In addition, our more than a thousand expert techni­
cians are factory trained in every aspect of service,
including installation and preventative maintenance on all
makes of security products. In fact about 20% of a Mosler
service technician’s career is spent in training, staying
current with the newest innovations and techniques.
We want our service to be as good as any of our
products. From start to finish. Because twenty-four
hours a day, seven days a week, the integrity of our
service is as important to Mosler as it is to you. That’s
why we think ahead. So you can stay ahead.

An American-Standard Company
Hamilton, Ohio 45012

Where quality service is the
product of quality people.
Federal Reserve Bank of St. Louis

N orthw estern Banker, July, 1981


Award Winner

Convention Calendar
ABA—American Bankers Association
AIB—American Institute of Banking
BAI —Bank Administration Institute
BMA—Bank Marketing Association
IBAA—Independent Bankers Association
of America
NABW—National Association of Bank
Women, Inc.
RMA—Robert Morris Associates

Paul Andrus, district manager for
Wisconsin and a resident of Grafton,
was presented
Certificate of Achievement at the
American Express Travelers Cheques
annual sales meeting held recently in
Scottsdale, Ariz. The award is
presented annually to American
Express Travelers Cheque district
managers who demonstrate superior
service, both to financial institutions
and the many retail extablishments
that accept the American Express
Travelers Cheque. Above, presenting
the Certificate of Achievement to Mr.
Andrus (center) are Karl Malden,
advertising spokesman for American
Express Travelers Cheques, and
Edward O’Hare (left), senior vice
president - U.S. sales and marketing.



For Installment Loans


• Aut om at ed
• Manual

Bank of Chicago,
through Federated Cash M an­

call or write:


" G.D. VAN

orthw estern Banker, July,
Federal Reserve Bank of St. Louis


State Conventions & Schools
Sept. 16-17—IBA Agricultural Crée®
Conference, Ramada Inn, Champaign,
Oct. 28-30—BMA Marketing in a Communi­
ty Bank Seminar, Dallas, Tex.
Nov. 8-11—BAI 57th National Convention,
Sheraton Waikiki, Honolulu, Hawaii. ®
Nov. 8-11—IBAA Seminar/Workshop on
Bank Ownership, Hyatt Regency, Atlan­
ta, Ga.
Nov. 8-11—ABA National Agricultural
Bankers Conference, Sheraton Washing­
ton, Washington, D.C.
Nov. 15-18—ABA National Correspondent
Banking Conference, Hyatt Regency
Kansas City, Kansas City, Mo.
March 14-18, 1982—IBAA 52nd annual
convention, Sheraton Waikiki Hotel,
Honolulu, Hawaii.
July 16-18—Iowa Independent Bankers
10th Annual Convention, Lake Okoboji.
Sept. 20-22—95th annual IBA convention,
Des Moines.
July 26-31 — MBA Midwest Bkng. Inst.,
Univ. of Minn., Morris.
Aug. 13-16—Independent Bankers of Minn,
annual convention, Arrowwood ResorU
Alexandria, Minn.
July 12-17—The Schools of Bkng., Trust
School, Nebraska Center for Continuing
Education, Lincoln.
North Dakota:
Sept. 16-18—Independent Community
Banks of North Dakota annual conven­
tion, Holiday Inn, Dickinson.

Drovers Offers MMFs to Community Banks


1678 N orthw estern Bank Bldg.
M inneapolis, MN 55402
(612) 333-2261

National Conventions & Schools
July 12-17—ABA Natl. Adv. Ag Bkng.
School, la. State Univ., Ames, la.
July 25-Aug. 7—BAI School for Bank
Administration, University of Wisconsin,
Madison, Wise.
Aug. 9-14—Central States Conference,
Graduate School of Banking Post­
graduate Course, Univ. of Wise.-Madi­
son, Madison, Wise.
Aug. 9-14—ABA Bank Personnel Graduate
School, Univ. of Colo., Boulder, Colo.
Aug. 9-15—ABA Business of Banking
School, Univ. of Colo., Boulder, Colo.
Aug. 9-22—Central States Conference,
Graduate School of Banking, Univ. of
Wise.-Madison, Madison, Wise.
Aug. 20-23—IBAA seminar/workshop on
bank ownership, The Broadmoor, Colo.
Springs, Colo.
Aug. 30-Sept. 11—ABA Natl. Installment
Credit School, Univ. of Okla., Norman,
Sept. 13-16—ABA National Personnel
Conference, Loews Anatole, Dallas, Tex.
Sept. 13-16—BMA 66th Annual Conven­
tion, Washington, D.C.
Sept. 27-30—National Association of Bank
Women’s annual convention, Hyatt Re­
gency, Chicago.
Oct. 3-7—ABA Annual Convention, San
Francisco, Cal.
Oct. 18-20—ABA International Banking
Conference, Grand Hyatt, N.Y., N.Y.
Oct. 18-21—BMA Commercial Marketing
Conference, Boston, Mass.

Oct. 18-22—IBAA 22nd Bank Executive
Development Seminar, Ball State U niv*
Muncie, Ind.
Oct. 25-31—ABA National Compliance


agem ent System s, P ittsb u rg h , will
assist comm unity banks throughout
Illinois to build deposits through
recycled money m arket fund assets.
This program is the first of its kind to
be offered by an Illinois correspon­
dent bank.
Under the Illinois program ,
Federated will purchase up to
$10,000,000 in 90-day negotiable
certificates of deposit, in units of
$100,000. The subscription date will
be June 8 , 1981. The certificates
will be priced based on the Federal
Reserve Bank of New York composite
secondary CD rate on the day
preceding the subscription date.


Drovers Bank
will serve as coor­
and will oversee
the acquisition
and safekeeping
of the certifi­
Jam es J . Carmody, D rovers’
m aking the announcem ent said®
“Through the recycling of these CD ’s
issued by the com m unity banks, they
will be given access to the national
money m arkets and be able to obtain
deposits at rates approaching thos®
paid by m ajor money center b a n k s.’’

American Express Travelers Cheques

Every year, lots of things are lost or stolen with
people’s travelers cheques.
Like credit cards, cash, and identification.
That’s why American Express ®Travelers Cheques
has introduced 5 special services designed to help
protect your customers during those times when
they may need more than a travelers cheque refund.
Extra vacation protection at no extra cost
throughout the U.S. and Canada. Only from
American Express Travelers Cheques.

08 «

/G O


Check Cashing

Credit Card Cancellation
If your customers lose credit cards with
their travelers cheques, we’ll help them cancel
their cards. W hen they call our Refund
Center to report their travelers cheque loss,
they simply tell the refund representative
that their credit cards are also missing. No
matter what time it is, they’ll be switched
to someone who will assist in cancelling
all their U.S. and Canadian-issued cards.

Temporary ID Card


If they lose all their iden i S AWlf3Ftii#AH EMWRisSi
tification with their
travelers cheques, we’ll t m m s • issue them a temporary i l
ID Following verification,«
they can pick up the ID
at an American Express
Travel Service office in
the U.S. or Canada
during business hours. It’s
an ID with their name
and our name on it, so
they can use us as a refer­
ence wherever they go.

If they need extra cash any of our Travel Service or
Representative offices in the U.S. or Canada will,
following authorization, cash a U.S. or Canadian
check for up to $200 during business hours.

24'H our Travel
Service Hotline
If they need to change
travel plans because of their
travelers cheque loss, one of
our refund representatives
can transfer them to the
American Express Travel
Service Hotline which
can help arrange air­
line, car and hotel

Message Service
If, following their travelers cheque loss, they
need to notify someone of a change in travel plans
and they’re having trouble reaching them on
the phone, we’ll send a Mailgram® for them
at no charge, anywhere in the U. S. or
Canada. At any hour of the day or night.
Federal Reserve Bank of St. Louis

Now we protect m ore than just their money.
Now we help protect their vacation.



Bank Promotions

ROMOTIONS and other an ­
nouncements have been m ade by
the following banks:
American National Bank and
Trust Company of Chicago: Richard
P. Andersen and Charles V. Cruz
have been elected vice presidents.
Mr. Andersen, division m anager of
tru s t
adm inistration,
joined the bank in 1949. Mr. Cruz
joined the foreign departm ent in 1947
and retired in 1974. He rejoined the
bank early this year as m anager of
international services.



Seven officers have been prom oted
to second vice president: Alan S.
Acker, tru s t developm ent division;
John R. Brinkm an, m anager funds
m anagem ent; Michael J . Clawson,
correspondent banking; Robert D.
Holman, bank operations; Louis A.
Holub, m anager, loan operations;
M aria Kuechm ann, m anager, A m eri­
can National educational corporate
operations, and Christopher Payne,
commercial banking.
Howard J . W einer was appointed a
correspondent banking officer.
Bank of America, San Francisco:
Robert G. W ade, J r., was appointed
executive vice president in his new
posts as head of tru s t investm ent
m anagem ent and as president of BA
Investm ent M anagem ent Corpora­
tion, a wholly owned subsidiary of
BankAmerica Corporation. He suc­
ceeds Jack H. Leylegian II, who
resigned in M arch to establish his
own firm.
Named to head B of A ’s
W ashington representative office
was Senior Vice President P eter M.
Nelson, 49, who has headed
BankA m erica’s strategic planning
activities and operations of its
nonbanking subsidiaries the past
four years.
New senior vice presidents are:
Stephen T. McLin, 35, who succeeds

N orthw estern Banker, July, 1981
Federal Reserve Bank of St. Louis

Mr. Nelson as head of strategic
planning; John O. W ilson, 43, who
continues as director of economics
and policy research, and Jam es P.
M cD erm ott, J r ., 49, who becomes
head of the b a n k ’s central Europe
area office in F rankfurt, Germany.
Central National Chicago Corpora­
tion: Bruce L. D ahltorp, 44, has been
elected president and chief operating
officer of the holding company and its
principal operating unit, Central
National Bank in Chicago. Jackson
W. Sm art, J r., 50, continues as
chairm an and chief executive officer
of the holding company and the bank.
He had also held the position of
president since joining the corpora­
tion in 1977. Mr. D ahltorp also was
elected a director of the company and
the bank, effective June 15.
Mr. D ahltorp has been executive
vice president-com m ercial banking at
LaSalle N ational Bank of Chicago,
having joined th a t bank in 1974.
Commerce Bank of Kansas City:
George W. Porter, vice president, has
been named m anager of the
agribusiness departm ent. He joined
the bank in 1973 after receiving his
MBA at Drake U niversity in Des
William J . Sprenger, who joined
the b an k ’s correspondent bank
departm ent in 1979 and has
responsibility for southern K ansas,
was prom oted to vice president.
Prom oted to assistan t vice presi­
dent were: Price B. Blackwell,
national accounts departm ent; M ich­
ael R.
departm ent operations m anager, and
M arilyn G. Snyder, assistan t m an­
ager-commercial credit departm ent.
In addition, Patricia K. Briggs was
prom oted to senior tru s t officer.
Continental Bank, Chicago: Daniel
T. Zapton, vice president, has been
named head of the b an k ’s Illinois
division, according to John B.
Tingleff, vice president and head of
the financial institutions group. Mr.
Zapton will be responsible for all of
C ontinental’s correspondent banking
relationships in Illinois. He succeeds
John N. Fix, who was earlier named
head of global cash m anagem ent in
the financial services departm ent.
Mr. Zapton has been with Continen­
tal since 1967 and holds an MBA from

the U niversity of M ichigan.
William F. Sanford, vice president,
has been appointed m anager of
C ontinental’s new securities lending
division, providing services associ­
ated w ith the lending of securities %
brokers. He joined the bank in 1970
and has an MBA from the U niversity
of Chicago.
First Midwest Bancorp, Inc., Si*
Joseph, Mo.: Jacob M. Ford, II,
chairm an, has announced the prom o­
tion of Jo h n V. Giddens to executive
vice president of the affiliated F irst
Stock Yards Bank of St. Joseph. M ^
Giddens formerly was vice president
for data processing at F irst N ational
Bank, which is F irst M idw est’s lead
bank. He joined F irst N ational in
1964 in the ag loan and corresponder^|n
departm ent, then transferred to data
processing in 1967.



Mr. Ford also announced tht
Jam es Michael Cox recently joined
F irst N ational Bank as vice
data processing,
succeed Mr. Giddens. A native of
Lawrence, K an., and a graduate
the U niversity of K ansas, “ M ike”
Cox served seven years w ith
Columbia Union N ational Bank in
K ansas City, M o., and the p a st two^
and one-half years at F irst Nation^
Bank and T ru st Company, Salina,
First National Bank of Arizona,
Phoenix: Jim Gullyes, vice presider
in charge of the national accounts’
division, has been elected vice
chairman-finance for the American
Economic Development Council,
Inc., the oldest association




your asset/liability management.
We have a proven record of
excellent growth since our
founding in 1929. We
respond to today’s
changing market
conditions with
sound judg­
ment and all
the attention
your individ­
ual portfolio

Chances are you’ve
been paying less
attention to your
portfolio than it
Considering how
much of your bank’s
assets are in your
investment portfolio,
don’t you agree a
thorough analy­
sis is in order?
Let our Invest­
ment Division give
you a complete
analysis. We’ll
show you how
your portfolio can
work harder in gap
management, spread
management, and
attain an optimum
balance of short- and
long-term maturities in

We’re the
Quality Con­
trol Depart­
ment. Just
call or
write. Your
information will
be kept in the
strictest confidence.

United we grow. Together. BANK OF KANSAS CITY, N .A.

M em ber F D IC
Federal Reserve Bank of St. Louis

10th and Grand, Kansas City, Missouri 64106, (816) 556-7200
N orthw estern Banker, July, 1981

act as division head of public funds.
Present public funds relationship
m anagem ent personnel will remain
Mr. King, a graduate of the
U niversity of N otre Dame, joined
F irst National B ank in Ja n u a ry , 1968,
serving as vice president/central
United S tates territory head, then
assum ed his new responsibilities in
the public funds division. Prior to
joining F irst National he served in
the correspondent bank departm ent
professional economic developers.
at LaSalle N ational Bank of Chicago
Two newly appointed senior vice from A ugust, 1960, until resigning as
presidents are Leon O. Stava, assistan t vice president to ioin The
division head, world banking divi­ First.
sion, and Douglas R. Metcalf,
Mr. Ballantine joined F irst N ation­
departm ent head, financial planning al in 1970 in corporate banking, then
group. Mr. S tava heads the world served in the tru s t departm ent from
banking division under the direction 1971-74, at which time he joined the
of Robert Duckworth, executive vice corporate banking division as vice
banking president.
group. Mr. M etcalf will report to
M&I Marshall & Ilsley Bank,
Edw ard M. Carson, president and
Jam es B. W igdale has
chief executive officer of F irst
and a director,
National, and be responsible for the
bank investm ents division and succeeding John A. Puelicher, who
will remain chairm an and chief
financial planning.
W ebb Todd was appointed vice executive officer. Mr. W igdale
president and assistan t to the formerly was an executive vice
president in the executive d ep art­ president.
William N. Godfrey and Michael J.
m ent. He will assist Mr. Carson with
have been elected executive
comm unity affairs and other duties.
vice presidents.

appointed head of the economic
research departm ent. He replace®
Robert G. Dederick, who had been
senior vice president and chief
economist before moving to W ash­
ington to become assistan t s e c re ta ry
for economic affairs in the U.S.
D epartm ent of Commerce.
Jeffrey B. Early and Frank M.
Lockhart have been prom oted to
commercial banking officers.
The two new officers continue to
share responsibilities for Iowa. Mr.
Early also has responsibility for the
state of K ansas. Mr. Lockhart covers
Both men entered the b ank’s
m anagem ent training program in
1978. A fter completing th a t program
and prior to joining the central
division, Mr. Early served a ^
supervisor in the financial analysis
division and Mr. Lockhart joined the
b an k ’s leasing subsidiary, NorLease,

Zions First National Bank, SalP
Lake City: Nick C. Nackos has been
elected vice pres­
ident and will
continue in his
assignm ent
business devel­
opm ent officer for
First National Bank of Chicago:
Northern Trust Company, Chica­ U tah offices of
J.W . Ballantine, vice president of the go: Robert A. W illiams, J r., has Zions F irst N a­
United S tates banking institutions returned to the bank as senior vice tional Bank, ac­
division, is transferring to the president with executive responsibil­ cording to Roy
m ultinational division of the world­
wide banking departm ent where he
will assum e responsibilities for a new
relationship m anagem ent team .
Continental Will Seek
Thomas M. King, vice president
Bank Charter
public funds division, governm ent
Continental Illinois N ational Banlw
health and services group of the
and T rust Company of Chicago has®™
United S tates banking departm ent,
been selected by the Canadian
is transferring to the United S tates
governm ent as one of four U .S. banks
banking institutions division to
granted permission to seek approval
succeed Mr. Ballantine.
to open a banking subsidiary m
For the imm ediate future, Clark
Burrus, senior vice president and ity within the tru s t departm ent for Canada.
Under the Canadian Bank A ct
group head of the governm ent health real estate services, special invest­
and services group of the U nited m ents and agricultural investm ents. passed last year, foreign banks would
S tates banking departm ent will also In addition, he will serve as the chief be allowed to open a bank in Canada
executive officer of N ortrust Farm for the first tim e since 1932. Only 12i
M anagem ent, Inc. Mr. W illiams non-Canadian banks have been
joined N orthern T rust in 1964 as invited to apply for banking statu s so
assistan t secretary and became far.
senior vice president in 1973. From
W ith the perm ission of the
1974 to the present, he served as Canadian M inister of Finance^
president and a director of The Continental Bank will formally seek
N orthern T rust Company of Arizona, approval for a subsidiary to be called
a subsidiary of The N orthern T rust Continental Illinois Bank (Canada).
Company, Chicago.
Continental is requesting an initial
Donald L. Raiff, vice president and capitalization of Canadian $40 m illion
senior economist, recently was for the new banking subsidiary.

N orthw
estern Banker, July, 1981
Federal Reserve Bank of St. Louis


Venture Capital Firm
ormed in Cedar Rapids
Robert W. Allsop recently a n ­
nounced the form ation of R.W .
Allsop & Associates, a $20 million
0 /enture capital limited partnership
headquartered in Cedar Rapids with
regional offices in K ansas City, St.
Louis, and Milwaukee.
The fund will invest in and provide
A ssista n c e to small and medium sized
companies across the midwest which
are well m anaged, conservatively
valued and exhibit unusual growth
| The fund’s investm ent strategy
includes focusing on both emerging
grow th companies and m anagem ent
buyouts of later stage companies in
m anufacturing, services or health
|care related fields. The fund also
seeks to identify outstanding m an­
agem ent persons and assist them in
analyzing, negotiating and financing
a business acquisition. M ost investIn en ts will be between $300,000 and
$1,500,000. Allsop will participate
with other venture capitalists when
com m itm ents in excess of $1,500,000
are required.
I Joining with Mr. Allsop as
founders and general partners of the
fund are four men who were officers
with Mr. Allsop of M orAmerica
Capital Corporation, which head­
q u arters in Cedar Rapids and is a
subsidiary of M orAmerica Financial
Mr. Allsop served as president of
M orAmerica Capital Corporation
Irom 1977 to 1980 and was the firm ’s
chief operating officer from 1971 until
P aulD . Rhines, Cedar Rapids, was
elected executive vice president of
M o rA m erica Capital in 1978. Larry
C. M addox, K ansas City, had eight
years of experience with M orAmerica
Capital and established the K ansas
City office, where he served as
Regional vice president.
Robert L. Kuk, St. Louis, opened
M orA m erica’s office in th a t city and
was regional vice president there.
Gregory B. Bultm an, Milwaukee,
S im ilarly established the office in th a t
city and was regional vice president
the p ast three years.



"Accepted Sale Registers by Bank
Clerks Everywhere"
ror in fo rm a tio n w ri te

O akland, Iowa
Federal Reserve Bank of St. Louis

Astronauts Visit Economics Display

FAMOUS VISITORS - Space shuttle co-pilots Robert Crippen (second from left)
and John Young (right) paused recently at the Chicago Museum of Science and
Industry’s Money Center exhibit with Mayor Jane M. Byrne, David G. Taylor (left),
executive vice president of bond and treasury services at Continental Bank and
Victor J. Danilov, president and director of the museum (second from right). The
visit to the computerized exhibit of economics in action, which is sponsored by
Continental, was part of aday of festivities welcoming the astronauts to the city.

Mr. Allsop said present limited
partner investors include m ajor
insurance companies, corporate pen­
sion funds, bank tru s t funds, a
college endowment fund, and an
educational foundation fund. They
have invested in am ounts ranging
from one to three million dollars each.

Bob Brenton Seeks Office
As ABA President-Elect
C. Robert B renton, president and
co-executive officer of B renton
Banks, Inc., Des
m ulti bank hold­
ing company, has
candidacy for the
office of presi­
dent-elect of the
Am erican B ank­
ers Association
for the election to
take place at the
ABA convention in A tlan ta in
October, 1982.
Mr. B renton’s announcem ent was
made at a recent m eeting of ABA
leaders at The Greenbrier when
members of Region 5 endorsed him.
Region 5 includes Iowa, M innesota,
W isconsin, N ebraska, South D akota,
N orth D akota and M ontana.
If elected, M r. Brenton would

succeed to the ABA presidency in
1983, the position held by his father,
W. Harold B renton, in 1952-53.
Bob Brenton joined his father in
the family banking business in 1956
and became president of B renton
Banks, Inc., in 1968. Mr. B renton
was president of the Iowa Bankers
Association in 1976-77, a post his
father held 30 years earlier.
M r. B renton’s older brother,
William H. B renton, is chairm an of
Brenton Banks and his other brother,
J.C . (Buz) Brenton, is executive vice
president and treasurer.

Mercantile Trust Selling
Mortgage Co. to Citicorp
M ercantile T rust Company N .A .,
St. Louis, has reached tentative
agreem ent to sell
substantially all
assets of its who­
lly-owned sub­
sidiary, M ercan­
M ortgage
Company, to C it­
icorp Person-toPerson,
(CPTP), St. Louis, an indirectly
wholly-owned subsidiary of Citicorp,
New York.
N orthw estern Banker, July, 1981


The board of Deluxe has voted to
call a special shareholders m eeting
A ugust 6 to consider increasing the
authorized shares of the company
from 20 million to 50 million shares.
executive vice president, w estern
If the increase is approved and ^
division. Both men will have
current m arket conditions c o n tin u ^
responsibility for all m arketing and the board intends to declare a 100%
operations in their divisions.
stock dividend.
Mowdy was previously
Westcap Corporation, Houston,
executive vice president-adm inistra­
tion. Mr. Peterson was m ost recently Tex.: Lea S. Novak has been n a m e #
vice president, general counsel and
a senior vice president.
corporate secretary, it was announced
Brandt, Inc., Watertown, Wise.: by Clifton Iver­
William F. Kraemer, vice president­ son, J r ., presi­
m anufacturing,
has been named
Prior to join­
ing W estcap, Ms.
and general m an­
Novak was staff
ager of B ra n d t’s
attorney of A m ­
newly establish­
ed Coin Products
Capital M anage­
Division, accor­
m ent, Inc. and
ding to Lawrence
corporate secret­
E. Johnson, pres­
ary of its subsidiL.S. NOVAK
ident and chief
ary companies. She is a graduate o #
executive officer.
W F- k r AEMER
Bates College of Law, U niversity of
The new division produces equip­ H ouston.
m ent for coin paying and changing,
coin sorting, counting and packag­
Minnesota Banker Named
ing, and autom atic coin w rapping at
m anufacturing plants in W atertow n AIB Region 5 V.P.
and Pell City, Ala.
M innesota banker Daryl Standafer
Mr. Kraemer, who is responsible has been
for all operations of the new division, In stitu te of Banking regional vice
joined the firm in 1955 as purchasing president for Region 5 by newly-elec#
m anager. He was appointed vice ted AIB President Ron Wilson. Mr.
president-m anufacturing 11 years Wilson, assistan t vice president of
Valley N ational Bank, Phoenix,
made the announcem ent at the 1981
LeFebure, Cedar Rapids, la.: National AIB Conference here to d a y #
Richard D. Tucker has been
Mr. Standafer, assistan t vice
appointed a sales
president of F irst Bank System , Inc.
engineer to oper­
Minneapolis, assum ed responsibility
ate out of the
as regional vice president Ju n e 1.
Region 5 includes M ontana, Io w a #
M innesota, N ebraska, N orth D akota
bure recently an ­
and South D akota. His appointm ent
was ratified unanim ously by each
area of concen­
AIB chapter and study group in
tration will be the
Region 5.
counties in south
central M inneso­
Quigley Joins Tampa S&L
ta. Mr. Tucker
Daniel N. Quigley has been elected
brings considerable sales experience
executive vice president of t h ^
to his new position.
Freedom Savings & Loan A ssocia­
Deluxe Check Printers, Inc., St. tion in Tam pa, Fla. Mr. Quigley
Paul: Officer appointm ents recently began his banking career with
announced include: Peter R. Hinsch M anufacturers Hanover T rust Com­
to senior vice president and chief pany in 1961, serving 14 years th e r(||
financial officer; Jerry K. Twogood to before joining N ational Boulevard
vice president and controller; K en­ Bank in Chicago. He resigned from
neth J . Chupita to vice president- the Chicago bank June 1, 1979, as
corporate developm ent and strategic executive vice president to become
planning, and Charles M. Osborne to president of the Long Island Trust||i
vice president-finance.
Co., Garden City, N.Y.

ROMOTIONS and other an­
nouncements have been made
by the following firms:
Associates Commercial Corpora­
tion, Chicago: David F. Herrick has
been appointed
senior vice presi­
dent of the busi­
ness loans divi­
will have respon­
sibility for all
m arketing
development ac­
tivities in his di­
vision. He will
report to Russell B. Donahue,
executive vice president, who head
the division.
Mr. Herrick, 33, was vice president
of Barclays American Business
Credit of H artford, Conn., before
joining the Associates. He graduated
from L afayette College in Pennsyl­
vania w ith an AB degree in economics
and earned an MBA from American
International College in Springfield,
M ass.
Collateral Control Corporation, St.
Paul: D arryl G. H orsm an has been
named president
of this collateral
m anagem ent and
Horsm an, an a t­
torney and CPA,
was formerly cor­
porate counselfor
the corporation.
He succeeds MalD.G. HORSMAN
colm W . M cDon­
ald, who has been named vice
Also named were Jam es D. Mowdy
to executive vice president, eastern
division, and Delwin P. Peterson to



N orthw
estern Banker, July, 1981
Federal Reserve Bank of St. Louis


Northwestern Bankers,
M eet T he Associates
Money-For-Business Team.
People W brth Knowing.
You’ll like d o in g business with T h e Associates.
For over sixty years, o u r fin an cin g profes­
sionals have b e en h e lp in g business people
— m a n u fa ctu rers, processors, w holesalers—
acquire the w orking capital they n e ed for
so u n d grow th a n d expansion.
T h ro u g h T h e A ssociates’ p articip atio n
p ro g ram s, we have h e lp e d bankers m aintain
a n d e n h an ce th e ir re la tio n sh ip with th e ir
custom ers. Loans a re frequently m ade to
b an k custom ers th a t w ould n o t ordinarily
be possible w hen the b an k is o p eratin g
in d ep en d en tly . W ith T h e A ssociates M oneyFor-B usiness Team , bankers a re assu red

th e closest businessm an-to-businessm an
co o p eratio n , co m bined with decisiveness
an d professionalism .
For in fo rm atio n a b o u t o u r b an k ers’
p articip atio n p ro g ram s, call T h e Associates,
Business Loan Division. People w orth know ing.

T he Associates
55 E. M onroe S treet— Suite 3600
Chicago, IL 60603
® (312) 781-5800

Business Loan O ffices in A tlanta, Boston, C harlotte,
C h erry Hill, NJ, C hicago, Dallas, D etroit, H ouston, Los Angeles,
M iam i, New York, St. Louis, San Francisco, Tulsa.
Associates C om m ercial C orp o ratio n is a subsidiary o f Associates C orp o ratio n o f N orth A m erica, a G ulf + W estern Com pany.
Federal Reserve Bank of St. Louis

N orthw estern Banker, July, 1981






BMA Proposes Officers
In accordance with the bylaws o
the Bank M arketing A ssociation, t 9
nom inating committee has selected
the following individuals as nominee
for election to the respective office
President: Leonard W. H u e #
Valley N ational Bank, Phoenix.
F irst vice pres.: Richard M.
Wells Fargo Bank, N .A .,
American Express Company’s Worldwide Operations and Communications Center for its
Travelers Cheque division is now under construction in Salt Lake City and is scheduled to San Francisco.
Second vice pres.: B arry #
open in the third quarter of 1982.
Mellon Bank,
N .A .,
P ittsburgh.
Treasurer: Jam es W. W entling,
M ERICA N Express Company complex, training facilities and Flagship Banks Inc., Miami.
has released plans for its new records retention center.
Worldwide Operations and Com m un­
The main building is four stories Joins Wisconsin Bank
ications Center for its Travelers high with 350,000 square feet of office
Directors of F irst Bank of Apostle
Cheque Division, now under con­ space. W ithin the lobby is a Islands, W ashburn, W is., have
struction in Salt Lake City and tw o-story atrium , rising to a announced the election of John ^
scheduled to open in the third quarter skylight. Continuous bands of W osepka as president and director™
windows surround each floor, provi­ Mr. W osepka m ost recently served as
To be constructed at an estim ated ding full panoram ic views of the vice president and cashier at the F irst
cost of $35 million, the new facility W asatch M ountains.
National Bank of Crookston, Minn.
will handle all world-wide processing
E xpress’ Travelers Both banks are affiliates of the O tl^
of American Express Travelers Cheque Operations and Com m unica­ Bremer Company, a 29-bank holding™
Cheques. In addition, the Worldwide tions Center has been housed company with affiliates in M inneso­
Operations and Communications prim arily in rented offices in New ta, N orth D akota and W isconsin.
Center will house the Travelers York City.
Cheque Telephone Refund Service
Thomas Elected Chairman #
Center, which receives and services
Of Holding Company Assn.
all incoming telephone calls concern­
ing American Express Travelers Nominated by ABA Council
Richard L. Thom as, president,
Cheque refunds in the U .S ., Canada
Nom inations for 1981-82 American F irst Chicago Corporation, Chicago,
and parts of the Caribbean, as well as Bankers Association officers took has been elected
lends support in issuing refund place at the A B A ’s annual spring chairman of the
authorizations to other locations m eeting at the Greenbrier in W hite Association
around the world.
Sulphur Springs, WV.
According to Michael E. Lively,
The 186-member ABA Council, Companies. The
president of American E x p ress’ acting as the nom inating committee, election
Travelers Cheque Division, the new has designated the following as place
site will contain state-of-the-art candidates:
during the A sso­
com puter hardw are and data capture
• For president, Llewellyn J e n ­ ciation’s 23rd an ­
system s designed to process more kins, current ABA president-elect nual m eeting at
than one billion transactions a year. and vice chairm an of the board, the W aldorf-As­
“As a consequence,” he explained, M anufacturers H anover T rust Co., toria Hotel in
“ American Express will be able to New York;
New York City
Mr. Thom as
provide banks and other selling
• For president-elect, William H. succeeds Paul M ason, president,
outlets of our Travelers Cheques w ith Kennedy, J r., chairm an of the board, F irst United Bancorporation, Inc.,
‘on-line’ inform ation regarding T rav­ National Bank of Commerce, Pine F ort W orth, Texas.
elers Cheque inventory and Cheques Bluff, AR;
The Association consists of 176
in the encashm ent pipeline.”
• For chairm an of the ABA bank holding companies registered
The Travelers Cheque Worldwide Council, Lee E. Gunderson, current with the Federal Reserve Board
Operations and Communications ABA president and president, Bank pursuant to the Bank Holding
Center will be located on a 52-acre site of Osceola, W I;
Company Act. The member compaqg
at 4315 South 2700 W est in Salt Lake
• For treasurer, A lbert R. Pike, ies have over 1,500 subsidiary banks
City. It will be a complex of three chairman of the board and chief and more than $1 trillion in assets.
buildings, joined by a corridor-like executive officer, Lake National
Richard L. Thom as, 50, is
walkway and an aerial bridge, Bank, Painesville, OH.
president and a director of F irst
housing offices, a cafeteria, a
Election of 1981-82 officers will Chicago Corporation and its principal
com puter and d ata processing take place at the association’s annual subsidiary, F irst National Bank.

American Express Is Building in Salt Lake


Digitized N
estern Banker, July,
Federal Reserve Bank of St. Louis




When you come
to Harris Bank for
an overloan, you’ll
find we know ex­
a c tly w h a t you
need. And exactly what
you don't need.
We know you need an
answer. And you d o n 't
need six or seven days
of sitting a roun d the
telephone waiting for it. That’s why we’re mak­
ing this statement: we’ll give you an answer
in three days. Or less. Or else.
Or else what? Or else we’ll explain what the
reasons were over a free lunch. And not at a
hot dog stand, either.
Quite frankly, we don’t expect to be paying
for many lunches. Because quick turnaround

is one of the things we
do best at Harris. In
c re d it m atters, and
in every oth er kind
of problem solving,
from investment couning to asset m a nag e­
ment to economic advising.
And we re able to make
those q u ick tu rn a ro u n d s
with a minimum of error.
So, if you need an overloan, call your Harris
representative. Or call 312-461-2744. But don't
expect a free lunch. Expect an answer within
three days.


A -

B A N K ,

f t

H a rris Tru st a nd S a ving s B ank, 111 W. M o n ro e St., C h ica g o , III. 6 0 6 0 3 . M e m b e r F.D.I.C., Federal Reserve System .
Federal Reserve Bank of St. Louis

N orthw estern Banker, July, 1987



What’s New


v_____ ______ J
H E Mosler Safe Company
announces the new American
Safe Deposit Box System (AD
Series). Economical, die cast, and of
compact m odular design, the new line
is of M osler-patented construction.
Doors are practically maintenancefree w ith a recessed plate of satin
finish stainless steel. Door fram es are
powder-sprayed using an electrosta­
tic technique; then baked, creating a
black semigloss tough epoxy finish.
Doors provide a precision fit and rear
flanges interlock behind the jam b
section for a secure anchor.

w ritten for the average person to
understand current economic trends.
It is tim ely, informative, current and
thought provoking.
Financial institutions th a t are now
subscribing have found th a t it fulfills
a need by the commercial departm ent
of a bank to give their custom ers a
better understanding of current
m arket conditions. I t shows their
custom ers a better understanding of
current m arket conditions. I t shows
the commercial custom er he is cared
about by your firm, and it can be used
for prospecting, reactivating dor­
m ant accounts, and keeping current
with active accounts.
The editorial staff is headed by two
well-known professors and others
including w riters and advisors in the
financial comm unity.
For a free copy and details on how
your institution can receive an
exclusive in its m arket area contact
ABC Associates, P.O. Box 247, Lake
Forest, Illinois 60045 in care of M rs.
Nicole Lewis. Phone 312/433-0954.

at $595., and complete system s s ta rt
as low as $800.
AMCARD produces an extensive,
integrated line of I.D . and Access
Control system s designed to satisfy
every requirem ent from simpl
identification cards to sophisticate «
security and data collection system s
EX A S Instrum ents In co rp o r^
ated has introduced an innova­
tive approach to providing personal,
imm ediate access to electronic
inform ation system s. The first in a
new family of Personal In fo rm a tio n
Terminals from T I, the IN SIG H T ^
Series 10 has a design unique to the

N A LL-N EW access control sys­
tem capable of individually
perm itting or voiding 16, 32, or 64
NEW American Safe Deposit Box System uniquely coded m agnetic cards has
introduced by AMCARD Insight Series 10 Personal Information
(AD series) introduced by the Mosler Safe been
Terminal by Texas Instruments.
System s, Inc., of Hudson, M ass.
The V anguard Series 1 Access term inal m arket. Standing only 12
Each American box section is Control Reader reads both a facility inches high with a ôVà-inch swivel
10-7/8” wide x 22-Va ” high x 24” code and the individual card code, display screen the new Personal
deep. Five basic sizes are available assuring complete security. A uth o r­ Inform ation Terminal is easy to u s ^
ranging from 3” x 5” to 10” x 10” . ized personnel can easily update card and occupies minimal desktop s p a c e r “
Three sections equal the accepted sta tu s to protect from losses by
To access up-to-the-m inute infor­
B-width (32-5/8” ). M axim um vault disgruntled former employees. N on­ m ation from a v a st num ber of
flexibility is possible w ith the new volatile memory eliminates having to commercial data bases or a selected
re-program after a power failure. Up host com puter, the user simply diala
mini-section design.
For quick delivery, the Mosler to four separate time zones are a telephone num ber, types in the
American boxes are all stocked available, and the V anguard Series 1 log-on sequence, and is instantly
w ithout num bers so th a t a custom er’s is completely upgradable to larger on-line. Inform ation can be retrieved
specific num bering sequence can be V anguard system s. Photo cards and from such areas as news, law,
quickly applied. The Am erican’s high custom printing are also available. commodities, banking, insurance ancj^
visibility num bering system is of an The basic V anguard Reader is priced the stock m arket. The Series 10 is
exclusive rectangular vinyl w ith a
also a convenient m ethod for sending
M ylar protective cover over a white
and receiving inter/intraoffice com­
num ber on a black, non-glare
m unications through a common host
For further inform ation write The
Designed for the non-technical
Mosler Safe Company, D epartm ent
user, the Series 10 has a built-in
PR-209, 1561 G rand B lvd., H am il­
modem th a t provides for easy set-up
ton, Ohio 45012.
and installation. The operator simply
plugs the term inal into a s ta n d a rd ^
m odular wall telephone jack and into
the telephone for comm unications to
new publication edited for
the host com puter. The user can
financial institutions to distribute to
activate the ta lk /d a ta switch when
their corporate custom ers.
normal telephone use is required for<
Easy to read, the publication is



N orthw
estern Banker, July, 1981
Federal Reserve Bank of St. Louis


Every time money orders leave
your institution they leave paperwork be­
hind. So do official checks and interest
and dividend checks.
Think of all the reconciling, filing
and storing. The tracing and refunding.
Then think of what those jobs cost in
time and money.
If you use American Express®programs for these items, handling them takes less time and costs
less money. Because we do the paperwork for you.
The Financial Institution Money Orders (FIMO®) are
printed with your name and supplied at no cost. You pay a modest
fee for each money order sold, but you control the profit because
you decide what to charge.
The Official Checks are tailored to your design and also
supplied free of charge. W hat’s more, your unlimited-amount
checks guarantee you substantial monthly income from the re­
mittance options we offer.
The Continuous Form Checks are tailored to your design
as well. And while there’s a modest fee for each, you’ll find it a
small price to pay for the interest and dividend check paperwork
that’s eliminated.
Remember, you’re in business to make money, not paper­
work. So send us the coupon for more information. It could be
the last piece of paperwork you handle for a long time.

Money Orders
SSjUIIS Official Checks
Continuous Form Checks
Please send me more information on
Mr. Gil Rosenwald
□ Money Orders □ Official Checks
V.R—Marketing and Sales Operations
D Continuous Form Checks
Travelers Cheque Division
American Express Company—37 th Floor
American Express Plaza, New York, NY 10004
-T itle -

N a m e _____
In s titu tio n A d d ress___
I__ C ity -----------
Federal Reserve Bank of St. Louis

-S ta te -


N orthw estern Banker, July, 1981


N o rth w estern Bell has th e equipm ent,
th e sy stem s, the experience, th e knowhow
and the people to m ake your com m uni­
cations dollar work h ard er and go further.
To tra n s m it and receive d a ta , for
exam ple, N o rthw estern Bell introduces the
la te s t in our line of d a ta term in als: The
D ataspeed® 4540 d a ta com m unications
term inal. Toned down in price, with
new functional styling, th e D ataspeed
4540 term inal featu res extensive L SI
technology and m icroprocessor control for
g rea ter reliability. This m odular term inal
fits readily into ex istin g sy stem s and
offers faste r speeds and expanded in te r­

N orthw estern Banker, July, 1981
Federal Reserve Bank of St. Louis

connecting capabilities. D esigned
for either bisynchronous or certain A D C C P
protocol tra n sm issio n s on m u ltipoint
p riv a te lines, th e D ataspeed 4540 term inal
is on th e leading edge of com m uni­
cations technology.
The D ataspeed 4540 term inal. A nother
exam ple of how we can help you get the
m ost o u t of your com m unications system .
W hatever th e size of your business.
W hy not com m unicate w ith N orthw estern
Bell rig h t now? C all toll-free: 1-800

328-4535, ext. 503 (in M innesota: 1-800
752-4225, ext. 503)

Northwestern Bell

ALKS to discuss the first steps aimed at developing
a nationwide interchange for electronic funds
transfer system s were held in New Orleans last m onth.
The m eeting was held during the ABA Bank
A utom ation and Operations Conference, although it
was strictly an informal one and was not conducted
^hrder ABA auspices.
Participants were a half dozen executives from m ajor
E FT system s across the nation. Dale Dooley, executive
director of the Iowa Transfer System , Des Moines,
which is a subsidiary of the Iowa Bankers Association,
^ a id he discussed the need for such a prelim inary
m eeting with Joe Wolfson, president of M etro Teller
System s, Inc., of Buffalo, N.Y ., and Mr. Dooley then
asked four other E F T executives to exchange ideas. “ We
decided to move on this now ,” Mr. Dooley said,
^ b ecau se such a m eeting was not yet being held
anyw here.”
The group discussed m ethods for developing
necessary standards th a t would be essential for
constructing a truly nationwide, interchange E FT
S ystem . I t would be vital, Mr. Dooley said, to do this in
cooperation with the American N ational S tandards
In stitu te. A N SI is made up of all types of organizations
and through it, standards of all kinds are prom ulgated.
M r. Dooley is chairm an of A N SI X9E7, a working group
of A N SI, and a subcom m ittee of X9E, which is bank
Six Regional System s
Four other high-volume E F T system s had
(fll^presentatives participating in the informal discussion
with Mr. Dooley and Mr. Wolfson. They were: TYME of
Milwaukee: M aryland Switch, Inc., Baltimore; Boeing

Diebold’s off-line TABS 9000 Series ATMs were designed for
smaller and medium sized financial institutions. The
Thirough-the-Wall configuration shown here is available with or
without the TABS camera. A drive-up installation with or without
the TABS camera provides customer convenience and security.
Jobby units, manned or unmanned, relieve teller line congestion
during hours, as well as 24-hour service at remote locations.
Federal Reserve Bank of St. Louis

Regional EFT operators
look at
nationwide interchange

E ditor

Com puter Services, Seattle, and Banking System s,
In c ., Dallas. There are a num ber of other active switches
around the nation, such as N ETS in N ebraska and
several system s in Illinois, and Rocky M ountain Bank
Card System in Denver, a proprietary non-shared
switch, which serves several states. All are on a
comparable basis functionally w ith the previously
m entioned switches and will have a sim ilar interest in
later discussions of a national interchange if th a t
possibility develops further.
The im portance of the num erous regional system s,
which essentially have spent the considerable money
and tim e th a t has made present-day E F T system s
possible, should have a critical bearing on any national
development, Mr. Dooley feels. Since some m ajor card
issuers, like M asterC ard, Visa and American Express,
have been voicing opinions lately about national
electronic exchanges, it is essential, he believes, th a t
current operational system s have a voice in development
of any potential national interchange. The national E FT
concept was an original goal cited by E F T pioneers and
now th a t possibility is nearing rapidly with the
accelerating pace of comm unications and electronic
transm ission advances.
System s like TYM E, ITS and M etro Teller have
proven th a t statew ide and m ulti-state operations can be
handled sm oothly. Their volumes continue to increase,
along w ith those of other processor switches. W hat is
highly essential, these groups state, is th a t any national
standards take into account the grass roots work already
accomplished, and build on w hat has been achieved,
rather than “ creating the wheel” all over again.
“ We don’t care who has the national interchange,”
Mr. Dooley stresses, “ju st so we have access to it. We
w ant to m aintain the same level of flexibility for our
members on a national scale as we have on a state scale.
We w ant to extend this flexibility for small banks to the
national system ; for example, having equal opportunity
(Turn to page 31, please)
N orthw estern Banker, July, 1981


electronics to

Dimension Communications System is an electronic PBX with a
stored program control, offering over 100 features.

e r e g u l a t io n

, coupled w ith a tig h t money

Dm arket and economy, is spawning a breeding
ground for fierce competition in the finance com m unity
“ The outcom e,” John Carlson predicts, “ will be
dependent on how quickly the ‘players’ adapt to the new
environm ent. W h at’s required is sheer agressiveness
and true m arketing innovation. A t the same time,
institutions m ust find new and better ways to control
costs, improve productivity and render services m ost
profitably. If they don’t, they will not survive.”
Mr. Carlson is an account executive for N orthw estern
Bell in Fargo, N .D ., who has spent the last 12 years
working w ith banking institutions both large and small.
He knows his business. In addition to the training he
has in both voice and data comm unications, M r. Carlson
has also attended AT&T’s Advanced School of Finance.
As a result, he’s confident he and others like him in the
Bell System can help the banking industry through this
period of transition. “ We know and understand your
problem s,” he says. “And we know how comm unica­
tions can help you solve th em .”
Mr. Carlson sees banking institutions as being highly
paper and labor-intensive organizations. “ T h a t’s where
communications can make its biggest contribution—in
reducing costs and increasing p roductivity.”
Internal Communications Requirements High
For example, he says, banking institutions have
heavy departm entalization and high inter-com m unica­
tions requirem ents. “ Find th a t better, faster and more
efficient way to tie your work force together, and you’ve
got a good s ta rt in m eeting the com petition.”
He m entions two phone system s produced by the Bell
System th a t are especially suited for the banking field.
One is the Horizon comm unications system , which is
designed for small bu t growing organizations. I t offers
options rarely available except on larger PBX units.
Among them: call coverage (the ability to cover phones
in a particular office from one location); restrictive
calling (restricting specific phones from m aking any
unnecessary calls, including W ATS or regular long
distance); five-party conferencing; and paging
DigitizedN orthw
estern Banker, July, 1981
Federal Reserve Bank of St. Louis

Still another option w ith the Horizon is a Customer
Access U nit, which enables banks to m ake m any
program m ing changes in the telephone sy s te i#
them selves. “ In banks where th ere’s a lot of internal
m ovem ent,” Mr. Carlson says, “ this can be a real tim e
and m oney-saver.”
For larger banks, Bell offers w hat it calls the
Dimension communications system , an electronic PBT#
with a stored program control. It offers over 100
different features, including:
• Three-way conferencing - Available for both
incoming and outgoing calls.
• Automatic Call Back - If a line’s busy, the
Dimension autom atically “ calls” you back when the line
is open.
• Trunk Queueing - If a W ATS line is busy, the
person’s call is pu t in queue, or on a “w aiting lis t.” Th^|,
Dimension then calls back when a line is open and
autom atically dials the num ber.

Comm-Stor II communications storage unit (at right below) car#
be used to store messages received on-line or prepared locally for
latertransmission. It can be used in small applications for storing



control costs


VuSet terminal, available without special wiring wherever there’s
a phone, expedites 80% of customer inquiries.

• Customer Administration Panel - This enables
banks to make m any program m ing changes in the
#im ension them selves.
Still one other “ plus” to make a Dimension, Mr.
Carlson says, is th a t Bell continuously m aintains and
tests it from a remote location. “ If any problems arise,
# ie y can be fixed quickly, often before a custom er even
realizes th ere’s som ething w rong.”
Controlling Energy Bills
One new Bell offering th a t operates off the Dimension
memory and is draw ing considerable national attention
% an energy m anagem ent system called the Energy
Communications Service (ECS). I t ’s designed for those
with annual energy bills of at least $150,000, Mr.
Carlson says, and can cut energy costs by as much as 15
to 20 percent.
® The ECS does essentially three things. F irst, it
enables plant engineers to command individual energy
devices to tu rn on and off on a program m ed, time-of-day

inventory, payroll, accounts payable and receivable and the
general ledger. It is compatible with the Dataspeed 40/2 Terminal
(left) and the 43 Teleprinter (pictured below in right picture).
Federal Reserve Bank of St. Louis

schedule. Second, it perm its autom atic program m ed
cycling of equipm ent. L ast, it sheds lower priority
equipm ent as a system approaches a pre-determined
energy peak.
Controlling Long Distance Costs
Like other institutions, M r. Carlson says, m any
banks have difficulty in controlling long distance costs.
One service th a t’s available through the Dimension and
Bell’s Comm-Stor II comm unications storage unit (a
versatile diskette system) is S tation M essage Detail
Reporting (SMDR). I t ’s a cost-allocating system th a t
enables banks to charge back long distance calls to
individual departm ents and provides hard copy
printouts on everything from extension num bers,
num bers called, and the date the calls were placed to the
time of day, length of call and cost.
“ One of the m ost efficient ways to use th is ,” Mr.
Carlson says, “ is to place a hard copy term inal in the
controller’s office. This allows banks to m onitor long
distance calling on a daily basis and to zero in on any
possible calling ab u sers.”
Data Terminals: Another Aid to Productivity
Banks, Mr. Carlson says, spend endless hours
handling custom er requests. He cites, for example,
current procedures for handling inquiries into savings,
checking and NOW accounts and loan balances.
“ Usually, the teller has to wade through reams of
print-outs or microfiche to get to the figures — it ’s a
tim e-consum ing process.”
One solution, he says, is a V uSet term inal, a desktop,
data base access system . A lthough they register up to
eight lines of information (a total of 128 characters), 80
percent of custom er inquiries could be handled in this
way, Mr. Carlson believes. “ Plus, they cost far less than
full-scale CRTs . . . and they don’t require a special
conduiting and cabling — they can be placed anywhere
there’s a phone.”
Tellers aren’t the only people who could benefit from a
VuSet, according to M r. Carlson. In fact, one
organization he knows of plans to use them in a num ber
(Turn to page 28, please)
N orthw estern Banker, July, 1981


Check safekeeping pilot
goes ’live’ at 8 banks
with no hitches

GROUP of 43 of the top 100 banks in the United
States were invited to participate in the American
Bankers Association pilot program on check
safekeeping. E ight of the 43 began live production of the
program April 1 and are currently reporting good
Their participation is p art of Phase 1 of the pilot
program , according to Donald Hollis, chairm an of the
ABA Operations and A utom ation Division. M r. Hollis
recently joined F irst N ational Bank of Chicago as senior
vice president. Previously, he was at Chase M anhattan
Bank in New York, where he developed th a t b an k ’s
NOW account procedures and also designed the
handling by Chase of credit union share drafts.
Mr. Hollis pointed out th a t this operations procedure
is identified as check safekeeping, rather than
truncation. To facilitate this procedure in the pilot
program of the ABA Task Force on check safekeeping,
Mr. Hollis said the National A ssociation for Check
Safekeeping was formed. This national clearing house
effectively extends the m idnight deadline for custom ers,
and avoids all the individual legal agreem ents th a t
m ight be associated with the UCC.
The pilot program , Mr. Hollis states, set standards,
rules, testing of transm issions and retrievals, and
selecting a carrier. T hat p art of the pilot commenced
more than a year ago and resulted in the live production
testing begun April 1 by eight banks. M r. Hollis said a
Task Force m eeting was held during the ABA
Operations and A utom ation Conference in New Orleans
last m onth. It is anticipated th a t the num ber of live
testing banks will be expanded by Septem ber.

N orthw estern Banker, July,
Federal Reserve Bank of St. Louis


Mr. Hollis said check safekeeping will benefit a r ^
kind of financial institution com m itted to a high degree
of service to custom ers, and with a quality retrieval
system . In the pilot program , each bank agrees to
truncate and retain its custom ers’ item s. A Task Force
evaluation comm ittee checks out each p a rticip a tir^
bank for performance capability. If a bank already offers
account reconciliation, as m ost large banks do, then no
new equipm ent would be needed.
Mr. Hollis said a principal value of the check
safekeeping pilot is th a t it enhances accoufll
reconciliation service, and it can be expanded.
“ The key te s ts ,’’ Mr. Hollis states, “ are account
reconciliation and retrieval capability.”
Mr. Hollis told other bankers at the ABA N a tio n ^
A utom ation and Operations Conference in New Orleans
last m onth th a t “ This sum m er we’ll focus on official
checks, including counter checks, money orders, gift
checks, cashier’s checks, etc., m any of which appear to
meet at least two of the criteria; i.e ., low dollar value ar^i
infrequent need to be reexamined . . . This fall, w ell
examine other present users of autom ated reconciliation
services and segm ent them into categories . . . In the
winter, we’ll tu rn our attention to payable-through
drafts. The volume here is quite large. W ithjp
payable-throughs are share drafts and, related to these,
truncated NOW account items.
“ And, in early ’82 we’ll focus on travelers’ checks.
Beyond these, w e’ve identified four other longer-term
categories for study:
T reasury
item s,
o th 0
governm ental issuers, payroll checks and annuity
checks. Finally, we have the very large group of
business-to-business paym ents —nearly eight tim es
dividend check volume, yet virtually ’untouched’ by the
ACH netw ork.”
This current pilot program is a result of several ABA
studies of how best to handle paper checks. As early as
1965, the ABA N ational A utom ation Conference had a
session on truncation. Research surfaced again in 1970,
b u t technology at th a t time was not good enough #
Then, in 1976 a Task Force research found th a t very
reliable microfilming was vastly improved and large
num bers of corporate accounts were already beiner
handled by a check safekeeping program a t some l a r ^
Gerard Milano, director of A B A ’s office of
productivity and technology, says ABA researched a
proposal to determ ine w hat would happen if banks agren
not to send checks to each other. “ M any people,” he
says, “ believe postal costs are uncontrollable. This is
not true! Postal rates are uncontrollable, b u t costs can
be controlled; e.g., the num ber of tim es checks are
mailed, or no mailing of checks at all-safekeeping. W ^
have discussed all these and more as service options.
This immediately enters the arena of pricing and gives
the custom er various options for service desired.
“ Retention of checks in one way is a value to a
corporation,” Mr. Milano points out, “ because it is £
safekeeping service. So, it may cost more to get checks
back than to have them sto red .”
New equipm ent to make check safekeeping truly
functional has been developed. In a separate article, the
equipm ent developed by one m anufacturer, Eastm a®
Kodak Company, is discussed.

ROVIDING the custom er w ith fast, efficient
retrieval of inform ation or actual photo
reproductions from stored docum ents is the key to any
successful program for safekeeping of checks and other
docum ents a t either large or small banks.
| | In keeping w ith this need, E astm an Kodak Company
unveiled an advanced line of high-speed microfilm
retrieval equipm ent last m onth in New Orleans at the
A B A ’s N ational Operations and A utom ation Confer­
ence. This new microfilm technology relates to efficient
||check processing and NOW account transaction
retrieval and autom ated retrieval of loan files,
installm ent loans, m ortgage loans, telephone bill
paym ents and bank card application files.
E astm an Kodak dem onstrated this equipm ent at the
||N ew Orleans conference:
• Recordak Reliant 750 microfilmer.
• Kodak IMT-150.
• Kodak Oracle.
• Kodak Starfiche.
• A Kodak spokesm an explained how the integration of
com puters and m icrographics has resulted in highly
productive, cost-efficient m ethods of m anaging
inform ation th a t offer significant benefits to large and
small banks, as well as other businesses and
^governm ent. Here are outlined details of the above listed
equipm ent:
Recordak Reliant 750 microfilmer. This high-speed
^ ro ta ry microfilmer is equipped w ith sequential
im printer, so th a t each original is assigned a sequential
ELECTRONIC FILING - The Kodak IMT-150 microimage terminal
location num ber (address) which corresponds to the
(front) provides hands-on access to virtually millions of
location of its microfilmed image in the 215-foot roll
microfilmed records in seconds. The high-speed Recordak
Reliant 750 microfilmer (rear), with expanded image mark (EIM)
microfilm magazine. Thus, incoming docum ents and
accessories, provides the indexing capability to coordinate with
^correspondence can be microfilmed in random sequence;
computerized data entry. When operator wishes to retrieve a
th a t is, precise sorting of docum ents prior to
specific document coded on the 750 and display it on the
microfilming is not required. Provides coding by
IMT-150, the filing “ address” and supporting information can be
called up on a CRT terminal (left).
batches. By using a new expanded image m ark
capability available from Kodak, three different-size
s p a r k s th a t relate to the indexing of the docum ents are
exposed on the microfilm. These m arks are
m achine-readable by a Kodak IMT-150 microimage
Eastman Kodak
term inal, providing extremely rapid retrieval of desired
IP 2. Kodak IMT-150. D esignated by Kodak as
com puter assisted retrieval (CAR) equipm ent, the
IMT-150 microimage term inal is compact, easy to
operate, and is designed for typical office operation. It
has three optional modes of operation. I t can be used
U pstream by totally incorporating microfilming,
encoding, indexing and retrieval using the existing
the print button on the IMT-150 and get a dry copy1 in
com puter. It can be used also as a distributed option;
seconds. In addition to the keypad accom panying the
i.e., by downloading to a separate minicom puter, which
IMT-150 which enables the operator to call up the
is available in m any smaller and larger banks today. The
requested image, a CRT a t the side can directly
Ujihird option, stand-alone, utilizes a m inicom puter or
interrogate a com puter system and display on the screen
intelligent coding device to index and store the
any stored information.
inform ation in an off-line mode from the mainframe.
3. Kodak Oracle. This microimage term inal for larger
W hen an operator wishes to retrieve a specific
usage retrieves coded data at 280 documents per second
document, the appropriate “ address” and supporting
and his random accessibility. Equipped with image
^Information can be called up on a CRT term inal. This
rotation and up-front controls, it also will deliver
leads to the proper microfilm m agazine which is inserted
ready-to-use prints in seconds w ith an integral printer.
in seconds in the IMT-150 microimage term inal. The
4. Kodak Starfiche. This reader-printer has the ability
readable image m arks spot the requested document
to simplify and speed location of information on
alm ost instantly. The operator then can give the
C ustom er needed inform ation by phone or, if a paper
copy of the docum ent is required, the operator can press
(Turn to page 28, please)

Unveils high-speed
microfilming, retrieval
Federal Reserve Bank of St. Louis

N orthw estern Banker, July, 1981


Leonard L. Berry, professor at Mclntire School of Commerce,
University of Virginia, Charlottesville, and Richard A. Kirk, chmn
of the conference planning committee and pres., United Bank of
Denver, N.A.

Larry Edwards, chmn. ABA mktg. div. and sr. v.p., Lincoln First
Bank, N.A., Rochester, N.Y.; Tom Pickering, dir. of ABA mktg.
div., and Donald R. MacKay, Jr., member of conference planning
comm, and v.p., Merchants Natl., Cedar Rapids, la.

Electronics, life style
affect bank marketing

E d ito r

H E RA PID pace of change in
electronics and regulation is
having a profound effect on plans for

feels technology in the banking field
lags behind th a t of other fields and
says technology is driving product
the m arketing of bank services, decisions when the reverse should be
according to various speakers who true.
addressed the 1981 N ational M arket­
Luncheon speaker Richard G.
ing Conference of the American Merrill (no relation to the previous
Bankers Association in Denver last speaker), president of F irst City
m onth. The presentations at general National Bank of H ouston, noted
sessions and in a variety of interest th a t “ custom er lifestyles are chang­
sessions were in tune with the ing and we m ust change to meet
conference them e, “ Changing Forces th em .”
in the M arket P lace.”
John A. Russell, vice president and
A fter Conference Chairm an Rich­ director of m arketing for Bank One
ard A. Kirk welcomed the m arketing Corporation, Columbus, Ohio, gave a
executives from across the nation, “ Buck R ogers” look a t electronic
the registrants were addressed briefly developm ents th a t are im pacting
by Larry O. Edw ards, chairm an of bank delivery system s for products
the ABA m arketing division and and services. His film on this subject
senior vice president of Lincoln F irst is a favorite with banking groups and
bank, N .A ., Rochester, N.Y. Mr. needs to be viewed in detail to get the
Kirk, who is president and chief full effect. It includes telephone
executive officer of U nited Bank of access to one’s bank account,
Denver, N .A ., then introduced the in-home com puter banking and
keynote speaker, P eter Merrill, of access to bank records and other
Peter Merrill Associates, Inc., services.
Dr. Leonard L. Berry, professor at
the M clntire School of Commerce,
Strategic Plan Needed
Mr. Merrill stressed the im por­ U niversity of Virginia, C harlottes­
tance of smaller banks having a ville, in his talk, “ How Consumers
strategic plan ju s t as much as the Look a t B an k s,” said there are three
need for large banks to do such distinct custom er orientations today:
1. The “ Get My M oney’s W orth ”
planning. “ In fa c t,” he said, “ the
large bank can get by w ith less group.
2. The “ Time B uying” group.
planning than the small b a n k .” He

N orthw estern Banker, July, 1981
Federal Reserve Bank of St. Louis

The “ I Am an Individual”
The first group, he stated, results
from 10 years of inflation. The k ey |
here is th a t the custom er doesn’t
necessarily w ant the “ cheapest” cost,
b u t places growing emphasis on total
use cost. The response to this
custom er, who seeks investment*
advantage over the previous tra d i­
tional savings approach of custom ­
ers, is three-fold: 1. Banks have
devised innovative funds gathering
instrum ents. 2. They are offering^
personal financial m anagem ent assis­
tance. 3. They are working tow ard
the custom er need for a “ financial
q u arterback.”
The “ Time B uying” group, in |
looking for ways to conserve tim e for
activities more im portant to the new
breed today, will find the m ost
significant change he is bringing
about is in electronic banking.
In discussing the “ I Am an
Individual” group, Dr. Berry said
“ people are waging war to retain their
individualism. Custom er contact is
becoming more crucial. ” The custom-1
er w ants evidence you are glad to
have his business, he said, adding
th a t as banks get larger and E FT
continues to expand, and as people
reach for personal identification,!
“ then personal service and treatm ent
become more im portant. The best
banks will use E F T as a device to
improve their personal service, not as
a replacem ent for it. The account!
representative will be a key person
who needs to be accessible and acts as
a confidant. They will convert their
custom ers to clients. I t is im portant
to think of this —people as clients,!
not custom ers.”

LEFT - At Greeley National Bank Brandt Model 873 does all the counting and math necessary to balance accounts. RIGHT - At Cache
National Bank in Greeley, a special commercial window was opened to serve customers having their deposits processed while they wait.

New Processing System Improves Service, Cuts Costs
Exclusive to
N orthwestern B anker

from B randt, Inc.
WO banks in the northern Colorado city of Greeley
have discovered a simple new production tool th a t
reduces the cost of handling commercial custom ers’
deposits by more than one-third, while providing
im portant operational benefits.
Called a currency processing system , the Model 873,
m anufactured by B randt, Inc., W atertow n, W is.,
combines state-of-the-art currency counting features
with the m athem atical wizardry of a microprocessor.
“ The 873 is like a computerized teller,” says Lali
# H e rre ra , assistan t cashier for Cache N ational Bank. “ It
counts up to 1,500 bills per m inute, assigns dollar values
to the count and autom atically prints out a convenient
audit trail, and it extends subtotals, bags totals and
grand totals for easy balancing. You can even key-in
• c o in and identification data and check for counterfeits.”
According to LaRue M ondt, vice president of Greeley
N ational Bank, “ There’s no longer any need to count
large volume currency by hand. This B randt innovation
tu rn s a highly skilled, highly labor-intensive operation
• i n to a simple, autom ated production. W e’re saving
b etter th an 30 percent on labor costs alone, we’ve
minimized our balancing problem s and we’ve improved
employe morale and flexibility.”
As difficult as it m ay be to pu t a dollar value on
•o p e ra tio n a l im provem ents, both bank representatives
agree this factor is becoming the m ost im portant feature
of the B randt system . B ut they also adm it they weren’t
nearly so optim istic a t the beginning.
Cost Justifying
Says Ms. H errera, “ Cost justifying this equipm ent is
Federal Reserve Bank of St. Louis

the easiest thing in the world because of the tim e-saving
factor. B ut I ’m more concerned about how the deposits
are handled. I t doesn’t do you any good to save money if
you end up creating new problems th a t tu rn your
custom ers away.
“ Our situation is a little different than m ost. W e’re a
small b u t growing suburban bank w ith high volume
commercial depositors, such as gas stations, fast food
operations and discount departm ent stores. They’re all
located fairly nearby. A nd we have a very close, personal
relationship w ith them.
“ M ost of our deposits,” she continues, “ are
hand-carried into the bank by the depositor. We seldom
receive money by arm ored courier. I was afraid we m ight
dam age the personal relationship by having a machine
working the money. As it turns out, we provide better
service now and the machine m erchandises our service.”
A t Cache, commercial deposits used to be handled
right at the teller line. Smaller bags were hand-counted
while the custom er waited, and the larger bags by the
next business day. This necessitated extra staff and
overtime a t peak periods, such as M onday m ornings.
Since the B randt equipm ent was installed, however, a
separate commercial window has been created, and the
Model 873 is used right at the window to process all
deposits, usually while the custom er w aits.
Can Verify Position
“ The first thing you worry about with autom ated
equipm ent is errors,” says M s. Herrera. “ B ut the 873
counts in dollar values, so when you do have an error, its
much easier to find than ever before. If th ere’s a
N orthw estern Banker, July, 1987

discrepancy between the depositor’s statem ent and our
count we can use the audit trail print-out to verify our
position, and if necessary run the currency through the
machine again, right in front of the custom er’s eyes.
“ We explain to them how the machine works and they
can see we’re not cheating them . W e’ve heard many
favorable comm ents about the accuracy of our sy stem ,”
she adds.
Across town a t Greeley N ational, Ms. M ondt says,
“The 873 has speeded-up our commercial services and
reduced our commercial balancing errors. W e’re a much
larger bank than Cache, and m ost of our deposits do
come in by arm ored courier. We handle them in the
traditional m anner, down in the vault.
“ Our custom ers never really see the benefit of this
machine, unless th ere’s a discrepancy between their
count and ours. Then the audit trail gives us a leg to
stand o n ,” she notes.
“ B ut the big benefit operations-wise is in staffing. We
can now get the big jobs done w ithout worrying about
overtime, sick leave, term inations, peak periods,
whatever. The B randt equipm ent can handle the work.
And since it fixes your costs and your volume capability,

you can always add another machine if your o p e ra tio n
“ A nother nice benefit,” says Ms. M ondt, “ is employe
flexibility. We get our deposits done a lot earlier than
before, so now our tellers can get back up on the line
more often. T h a t’s really where th ey ’re m ost valu ab le^
because they know the custom ers and th e y ’re capable o f
cross-selling the services we offer.
Personnel Flexibility
“ So now instead of taking our m ost experienced
people and m aking them do one of the m ost m u n d a n #
and boring jobs in banking, we have a machine th a t’s
going to count 1,500 per m inute no m atter w ho’s running
it. And i t ’s going to check for bogus bills regardless of
the experience of the operator,” she adds.
Ms. Herrera underscores Ms. M ondt’s a p p re c ia tio n
for personnel flexibility. She says it ’s even more
im portant in small towns where availability of
experienced people is relatively small.
‘‘H aving an 873 is like having two or three experienced
tellers,” she says. “ It keeps our tim e and overhead c o s t ^
down and helps us improve the efficiency of commercial
deposit services as a whole.
□ ■

(Continued from page 23)

m aster file. U pdated m aterial would immediately b e ^
sent back, and any inquiries the following day could be®
made directly to the Com m -Stor.”
“ W hat it boils down to is th is ,” Mr. Carlson says.
“ We can tailor our products, services and program s to
fit m any banking needs . . . needs th a t m ust be m e t^
quickly to survive in the new environm ent. ”

of locations, including personnel, loan and tru s t offices,
bookkeeping, etc. Conceivably, he adds, banks could
even make them available to custom ers, thus
elim inating much of the work for tellers.
Obviously, in areas such as back offices (where banks
w ant on-line entry and retrieval of large am ounts of
information), a full-scale CRT is advisable, and the Bell
System has them . One th a t’s receiving much attention
is Bell’s new D ataspeed 4540 data communications
term inal, which is compatible w ith m ost popular host
com puters and operates a t speeds ranging from 2,400 to
9,600 bps. Its new m icroprocessor-based control can
connect up to 32 devices, eight of which can be printers.
Among other things, the D ataspeed 4540 can be used
for account history; for tru s t m anagem ent information;
for providing correspondent and corporate custom ers
with on-line cash m anagem ent reporting capability; for
providing respondents w ith on-line access to
information from its correspondents; and for quick
transm ission of inform ation concerning irregularities to
area banks or branches.
In addition to CRTs, the Bell System offers various
hard copy printers th a t will p rint up to 320 lines per
m inute and are compatible with m ost com puters.
Finally, th ere’s the Comm-Stor II communications
storage unit, which can be used for storage of messages
received on line or prepared locally for later
transm ission. In addition to providing banks w ith a cost
allocating system for long distance calls (see long
distance heading), it can be used in small applications
for storing inventory, payroll, accounts payable and
receivable and the general ledger.
For example, Mr. Carlson envisions a small bank
utilizing the Comm-Stor II comm unications storage
unit for overnight batch processing of daily deposits and
withdrawals. “ All transactions would be stored on the
floppy disc. Then at night, the time share com puter
would ‘call u p ’ the information and incorporate it into its
for estern
N orthw
Banker, July, 1981
Federal Reserve Bank of St. Louis

(Continued from page 25)
microfiche, offering brilliant screen viewing and precise
focusing of images. It will deliver prints in seconds. ®
The sm allest banks (under $10 million deposits)
utilizing microfilming of checks and other documents,
normally would use the Reliant 450, which r a n g e ^
around $4,000 to $5,000, w ithout endorser. Banks of
about $10 million deposits up to around $50 million
traditionally use the Reliant 550, which costs about
$8,800 w ithout endorser ($1120 additional). Banks in the
range of $50 million deposits and up to more than $W
billion are using the top of the line Reliant 750, described
earlier, a t a cost of $ 11,000 w ithout endorser or stacker.
Banks in the higher billion dollar deposit brackets use
high-speed cam era-sorters m anufactured by such firms
as Recognition Equipm ent, Burroughs and IBM , which®
process as m any as 1,400 items per m inute on Kodak
Recordak film in rolls of up to 2,400 feet. T hat film then
is separated into the standard 215 foot rolls for use on the
IMT-150 retrieval units and tied in w ith the large bank
com puters.
Small banks have two choices of reader-printers with
Kodak. The Trim lite for lower volume is $2,400. Bigger
volume may w arrant the Starvue, w ith its totally dry
print capability, a t $4,600. I t is a self-threading
machine. The IMT-150 piggy-backs on the Starvue®
construction by adding the capability of reading the
“blips” or expanded image m arks. This sophistication is
needed for truncation and for retrieval capability. The
IMT-150 currently is $13,195 with work station, and
$15,685 with attached CRT unit for CAR interface w ith®


Continental Files $100
Million Note Offering
Continental Illinois Corp., parent
of C ontinental Illinois National Bank
and T ru st Company of Chicago, filed
a registration statem ent last m onth
with the Securities and Exchange
Commission for a proposed public
offering of $100 million of money
m arket notes, a new type of floating
rate debt security. The notes will be
due June 1, 1988.
The notes will be offered in
denominations of $1,000 and m ultip­
les thereof. The interest rate on the
notes will be adjusted weekly and be
equal to the one-m onth commercial
paper rate, quoted on a bank discount
basis by the Federal Reserve Board.
Mosler’s COMSEC represents the state-of-the-art in security to financial institutions, their In terest will be paid m onthly. The
C orporate headquarters and branch networks.
notes will be redeemable in whole or in
p art a t C ontinental’s option a t any
time on and after June 1, 1983, a t 100
percent of their principal am ount plus
accrued interest and will not have a
IT H T H E rising crime rate b ank’s security center. I t uses highly sinking fund.
against financial institutions, a complex, coded, digital signals which
Continental President John H.
high quality alarm system protecting incorporate a random p attern and are Perkins said th a t the notes are
autom ated tellers, vaults, etc. is extremely difficult to interpret and designed to more closely meet current
extrem ely im portant. The Mosler therefore virtually impossible to offerings in to d ay ’s money m arkets
©Safe Company m anufactures a compromise.
and are available in smaller
• M osler’s CLS Coded Line denominations.
variety of alarm system s for financial
institutions w ith varying degrees of Security system supplies the next
risk potential - from small, one-office best level of telephone line security.
com m unity banks to large, m ulti- CLS exceeds UL Grade AA security
requirem ents for financial in stitu ­
®branch operations.
• Mosler m ost recently introduced tions when connected to a UL Grade
its m ost sophisticated, state-of-the- A alarm system .
• Internal Line Security (ILS) is an
art two-way security com m unica­
tions system - COMSEC.
A internal system between the night
^pro p rietary system , COMSEC is so depository or door switches and
advanced it works with a com puter or alarm control. This system offers
w ithout. COM SEC’s m odular design, supervision for internal alarm circuits
com puter independency and in­ linking high-risk areas.
• W ith its m odular design, M os­
creased line security make it possible
• t o provide the highest degree of ler’s Century 21 alarm system can
security for any size operation. The grow w ith an organization. I t ’s an
system ’s m odularity gives the exceptionally versatile alarm system
obvious economic advantage of being featuring plug-in electronic flexibil­
able to add components as they ity. Century 21 enables banking
^becom e necessary. W ith COM SEC’s facilities of virtually any size to have
design sim plicity, one guard can levels of protection com m ensurate
actually survey from eight to 256 with their specific risk requirem ents.
rem ote locations and review their The system is program m able by the
^ s ta tu s w ithin seconds. A Remote custom er and integrates proxim ity,
^T erm inal U nit (RTU) can be placed at vault, depository, autom ated teller
any desired location - anywhere protection, and audio sensors all w ith
a variety of attractive options.
m onitoring is necessary.
Mosler recommends th a t alarm
• A nother quality Mosler security
^ s y s te m is its HiLine Security system s should, at the minimum,
^designed to protect large deposit and meet Grade A U nderw irters’ L abor­
asset risk locations at reasonable atories requirem ents for bank vault
cost. HLS is a two-way in terrogate/ protection. Alarm coverage should be
response system which transm its reviewed frequently and replaced
P.O. Box 52978
^inform ation to and from police with up-to-date system s as they
New Orleans, LA 70152
rnonitors, central stations, or a become available.

Mosler Safe’s Quality Alarm Systems
Protect Both Small and Large Banks
Federal Reserve Bank of St. Louis

N orthw estern Banker, July, 1981


Western Bancorp. Is Now
First Interstate Bancorp


W estern Bancorporation, head­
quartered in Los Angeles, the
nation’s largest m ultistate bank
holding company, has changed i t #
name to F irst In te rsta te Bancorp,
according to Joseph J . Pinola,
chairman and chief executive officer.
On June 1, the com pany’s 21 affiliate
banks in 11 w estern states c h a n g e #
their names to F irst In te rsta te Bank.
The company has 877 dom estic
H E Omaha N ational Bank will
offices in 450 communities, including
significantly expand its Bankthe 21 largest m etropolitan m arkets
In-A-Billfold network in July with
and all m ajor port cities in the 1#
the opening of seven free-standing
western states. F irst In te rsta te
electronic banking centers around Lexington, also offer the Bank-In-A- assets are $32.1 billion.
Omaha, Board Chairm an John D. Billfold service.
F irst In te rsta te ’s lead bank is the
Woods has announced.
Two more m etropolitan banks, former U nited California Bank of Los
“ The opening of the centers, which American National Bank and D oug­ Angeles —now F irst In te rsta te B a n #
we call Money M ats, will come near las County Bank, will begin offering there. The holding company has nine
the sixth anniversary of the the Bank-In-A-Billfold service in banks in the m ountain states —three
introduction of our Bank-In-A-Bill- early summer, Mr. Woods noted. each in M ontana, W yoming and
fold service,” said Mr. W oods. N orth Side Bank, which is issuing Colorado.
“ Bank-In-A-Billfold has been an cards under the “ Checkm ate” name,
integral p art of our efforts to provide also is using the Bank-In-A-Billfold
custom ers w ith the banking conven­ electronic network.
Heller Earnings a Record
ience they dem and today. And our
“ W ith the banks on our system
W alter E. Heller International
new M oneyM at centers will offer an now, Bank-In-A-Billfold potentially Corporation, Chicago, reported first
im portant new level of convenience can reach one-third of the families in quarter earnings from its w orldw id#
for Bank-In-A-Billfold cardholders.” m etropolitan Omaha w ith checking financial services reached an all-time
Customers will be able to handle accounts,” Mr. Woods said. “ Be­ high, with both finance and banking
m ost of their everyday banking cause of increased usage of Bank-In- operations achieving record income
transactions using teller machines at A-Billfold among our own custom ers levels.
the electronic banking centers. Six of and the addition of the other banks to
the centers will be located on parking the system last year, transaction Cole,
lots adjacent to B aker’s Superm ar­ volume increased by 36% in 1980, chairman,
kets in the Om aha area, Mr. Woods and volume this year is running net income rose
said. The seventh M oneyM at will be significantly ahead of last y e a r.”
8.7% to a record
located at the Town & Country
Omaha N ational currently as 37 high of $10.6
M arket, 530 N orth Saddle Creek Bank-In-A-Billfold
point-of-sale million
term inals located a t m erchant $9.8
The Money M ats will be round custom er service counters th rough­ earned in 1980.
brick buildings, 15 feet in diam eter. out the m etropolitan areas. M er­ After preferred
Of the initial seven M oneyM ats, six chants participating include Hinky dividends, com­
will be walk-in facilities and one will Dinky, Richman Gordm an, Food mon share earnbe a drive-up.
City, Louis M arket, Central Park ings for the first quarter were up
In addition to the off-site centers, Pharm acy, Kohll’s Drug, the Half- 8.5 % to a record level of 89 cents from
Omaha N ational has been replacing Price Store and M illard Lumber.
82 cents for the comparable 1980
existing autom ated teller equipm ent
The new M oneyM ats will be open period.
at its main bank downtown and two day and night, seven days a week,
Mr. Cole said earnings for the three
suburban offices w ith new m achinery including holidays.
m onths ended M arch 31, 1981, were
this spring. These on-site facilities
The first five M oneyM ats were to derived as follows:
also carry the M oneyM at name and open about July 1 outside B aker’s
From finance (commercial finance^
offer the same services.
stores at B aker’s Square (132nd and and factoring provided by W alter E.
There now are five m etropolitan W est Center Road), Frederick Square Heller & Company and W alter E.
Omaha banks, in addition to Omaha (84 th and Frederick), Brentwood Heller Overseas Corporation), an all
National, issuing Bank-In-A-Billfold Square (84th Street and Giles Road), time high of $9.3 million, up 21.4
cards: Ames Bank, F irst N ational of 90th and F ort and 72nd and Blondo. percent from $7.7 million last year. .
Omaha S tate
Bank, The M oneyM ats outside B aker’s at
From banking (American National
Ralston Bank and Southw est Bank. 50th and Ames and Town & Country Bank and T rust company of
Three o u tsta te N ebraska banks, M arket will open about July 15.
Chicago), a record $6.0 million both
Commercial N ational of Grand
Mr. Woods said Omaha N ational is before and after securities tran sac­
Island, Gering N ational Bank and negotiating for additional Money- tions, up 13.0 percent from $5.3|
Farm ers S tate Bank and T ru st of M at sites.
□ million in 1980.

Omaha National
expands its
ATM network


N orthw
estern Banker, July, 1981
Federal Reserve Bank of St. Louis


POS terminal to be
tested in Des Moines


IELD TESTIN G OF the first fully
autom ated, electronic debit Point-ofSale term inal in the United S tates is
scheduled to begin within 60 days in a Des
Moines, la ., superm arket. The pilot program
has been worked on for m any m onths through
the joint effort of the Iowa Transfer System ,
which is a subsidiary of Iowa Bankers
Association serving all IB A m em bers, and
the NCR Corporation.
W hen the after-hours field testin g is
completed, the system will be available to any
Iowa bank and its retail store custom ers who
w ant it, according to Dale Dooley, ITS
executive director in Des Moines, and NCR’s
district m anager in Des Moines, Jam es
Schulte, who has worked on the developm ent
of the program closely with ITS and NCR
headquarters since the inception of the POS
An exclusive, in-depth feature will be
presented to readers in a later issue by the

Docutel’s Lobby 2300 ATM is a compact, cost-effective,
istand-alone teller machine specifically designed for indoor use. It
is designed for financial institution lobbies but is also ideal for
supermarkets, shopping malls, airport lobbies and other
high-traffic locations.

(Continued from page 21)
of initial entry a t a stipulated fee so as not to be a t a
com petitive and financial disadvantage la te r.”
A followup m eeting to the New Orleans session was
scheduled for Ju ly 7 in Chicago. Mr. Dooley said some
additional E FT switch operators were being invited to
take p art in the followup m eeting, at which continuing
^plans would be discussed.
Regional Interchange Coming
The com patibility of one regional system with another
may be tested soon, it was learned. ITS has been looking
for a long tim e at an experim ental interface w ith TYME
(|F»f Milwaukee, and possibly w ith M etro Teller in Buffalo.
Mr. Wolfson and Mr. Dooley feel this is now feasible and
their two system s will pursue this experim ent
vigorously. TYME w ants to do the same, so it is possible
it will interface either w ith ITS or M etro Teller, or both,
fll^within the near future on the experim ent. The success of
such a pilot would have considerable influence on a
nationwide development.
It was pointed out th a t across-state-lines E F T would
be lim ited to w ithdraw als and transfers, and th a t

N orthwestern B anker .

acceptance of deposits would be restricted by state
statu tes.
“ B asically,” Mr. Dooley pointed out, “ grass roots
banks w ant the ability to issue their own cards for use in
their own communities; then, the next step is
availability for their custom ers to use their cards on a
state or regional basis, and then nationally. There could
conceivably be a national logo. I t is my opinion th a t
outside of the m arketing advantage of telling people you
can do this (use cards anywhere in the nation on a
national interchange), we still have to determ ine how
real the advantage is in actual practice. One incentive to
develop nationally would be to reduce or eliminate float
by instant p aym ent.” (See accom panying brief story
about IT S ’ forthcom ing pilot experim ent in Des Moines
with a superm arket POS sy stem .)

Ronald Wilson Named AIB President
m p h a s iz in g

th a t education is

E a lifelong process and pledging
th a t the American In stitu te of
Banking (AIB) will continue to meet
the changing educational needs of the
country’s full service bankers during
the deregulation process, Ronald G.
W ilson was elected president of AIB
for 1981-82 during the American
Bankers A ssociation’s N ational AIB
Conference in K ansas City, Mo.
M r. W ilson is assistan t vice
Federal Reserve Bank of St. Louis

president of Valley N ational Bank,
William C. Wheeler, vice president
and auditor of the U nited Counties
T rust Co., Linden, N .J ., was elected
1981-82 president-elect of the AIB
during the N ational Conference in
K ansas City, Mo.
As president-elect, M r. Wheeler
will play an instrum ental role in the
reorganization of A IB. The reorgani­
zation, approved by delegates at the

1980 conference, will more closely
align A IB ’s structure w ith th a t of its
parent organization, the ABA.

Chicago Fed Promotion
William A. Bonifield, J r., 37, has
been named assistan t vice president
of the Federal Reserve Bank of
Chicago. His new responsibilities will
include supervision of all check
processing operations, conducted
around the clock a t the Chicago Fed.
L ast year alone, the Bank processed
over two billion checks totaling some
1.2 trillion dollars.
N orthw estern Banker, July, 1981

We take the foreign intrigue
out of international banking.
We’ve simplified international banking
services for our correspondent banks and their
customers. For example, instead of dealing
with one person when you open a letter of
credit, and a different person the next day,
you deal with one individual. An international
specialist who handles your letters of credit
and collections from beginning to end.
Our bankers make every aspect of

international banking easier. They untangle
the complexities of trade finance, foreign
payments and money transfers, foreign
exchange, and more for you and your
Take the mystery out of international
banking. Call Bob Sherman, Correspondent
Banking Division or Jerry Langley, International
Banking Division at (312) 661-5000.

National Bank
and Trust Company of Chicago
33 N.

LaSalle 60690/LaSalle at Wacker/222S. Riverside Plaza/(312)661-5000

Branch offices in London and Cayman Islands. International offices in Argentina, Brazil.
Colombia, Germany, Holland, Hong Kong, Mexico. Peru and Singapore.

Member F.D.I.C.
Federal Reserve Bank of St. Louis


NEW OFFICERS—Donald R. Lovett, first v. p., and James A. Fitch, pres, (seated). Thomas
F. Bolger, treas., and William J. Hocter, exec. v.p. (standing).

IBA Elects James A. Fitch;
Multi-Bank Bill Passes
IT H a change in banking
structure im m inent, mem bers
x>f the Illinois Bankers Association


held their 90th annual convention in
Chicago last m onth, electing Jam es
A. Fitch as president. Mr. Fitch is
resident of the South Chicago
avings Bank, and he replaces Jack
Lem merm an, president, National
Bank of M onm outh.

Despite IBA opposition for more
than a decade, the Illinois legislature
approved the m ulti-bank holding
company bill on June 18, ju s t two
days following the convention. The
legislation was backed by the
Association for M odern Banking, a

group of 275 banks th a t had split w ith
the Illinois Bankers Association over
the issue. The bill would divide the
state into five regions and would
allow banks to acquire banks in their
own region and in the contiguous
region. The bill also allows a third
limited banking office in their home
county, or if outside the county, no
further than 10 miles away.
Structure Issue
A nticipating passage, members of
the IBA adm itted the structure issue
has taken a m assive am ount of time.
They expressed the feeling th a t in the
future IBA will be able to devote
more tim e to other legislation,
broaden other areas of endeavor, and
focus on m em bership. IBA now has
1,011 banks as m em bers. William J .
Hocter, executive vice president,
emphasized th a t IBA does not intend
to be “ pushed aside by any other
banking gro u p .” He adm itted th a t
IBA has some very aggressive
enemies th a t w ant to be the dom inant
banking group in Illinois. While he
did not m ention A M B I, it was
evident th a t he was referring to this
Elected to assist Mr. Fitch were:
first vice president, Donald R.
Lovett, chairm an and president of
the Dixon N ational Bank; second vice
president, K enneth A. Skopec,
president, The M id-City National
Bank of Chicago, and treasurer,
M cHenry S tate Bank. William J.
Hocter continues as executive vice
New Powers
New powers were granted the

HllSPEAKERS included, from left: Paul Harvey, ABC commentator; Dr. James Boren, Int. Assn, of Prof. Bureaucrats, and Gerald Lowrie,
exec, dir., govt, rel., ABA.
Federal Reserve Bank of St. Louis

N orthw estern Banker, July, 1981


Illinois News

Illinois Bankers Convention Pictures

LEFT—Sidney J. Taylor, c.e.o., and John Crotty, sr. v.p., Drovers Bk. of Chicago; Jean Altepeter, Bridgeview Bk. & Tr. Co.; Janet anP
Jack Ramey, pres., Mt. Greenwood Bk., Chicago. RIGHT—Andy Ruments, v.p., Drovers Bk. of Chicago, and wife, Barbara; Bettie and
L.E. McKee, pres., Bk. of Pecatonica.

LEFT— IBA Pres. James Fitch, and wife, Marilyn; Past Pres., Jack Lemmerman, and wife, Dorothy, and ABA Pres.-Elect Lewellyn
Jenkins, and wife, Doris, at first night reception. RIGHT—Jon Noll, pres., American St. Bk., Springfield, and wife, Pinky; Bob Sherman,
sr. v.p., American Nat’l. Bk. & Tr., Chicago, and Howard Weimer, corr. bk. off., American Nat’l. Bk. Tr. Co., Chicago.

LEFT—John A. Hunter, pres., Bk. of Edwardsville; Jerry Fleschner, v.p., Mercantile Bk., St. Louis; Ralph Taake, pres., First Bk. & Tr.,
Cairo; Michael Breen, e.v.p., Hamel St. Bk., and Bill Hummer, partner, Wayne Hummer & Co., Chicago. RIGHT—Howard K. Smith, ABC
news commentator, New York, and William J. Hocter, exec, v.p., IBA.

Council of A dm inistration of the
IBA, and in the future the Council
will be able to take action on a variety
of issues w ithout sending a mail
ballot to the mem bership.
New program s started during the
past year, including the W omen in
Banking sem inar and the D irectors’
seminar will be continued by IBA.

N orthw
estern Banker, July, 1981
Federal Reserve Bank of St. Louis

The Association bank call program
will also be continued, whereby each
member bank receives at least one
personal call by an IBA staff member
over a three year period.
Outside speakers included Llewel­
lyn Jenkins, president-elect of the
ABA; U .S. Representative Dan
Rostenkowski, chairm an of the

House W ays and M eans Committee;
Charles L. Schultze, senior fellow,
Brooking In stitu te; U .S. Senator®
Charles Percy; ABC Newsman
Howard K. Sm ith, and Paul H arvey,
ABC radio com m entator.
The 90th annual convention
concluded with a G aslight Gala, the®
general banquet reception.




By joining hands we can do a lot better for our
customers and ourselves.
National Boulevard can help augment
your banking operations, expanding the scope
of existing services and im plem enting new
ones for your respondent customers.
Our “One-On-One” correspondent bank­
ing professional works closely w ith his coun­

terpart at your bank. His job: to coordinate
financial resources, facilities and capabilities
for maximum benefit.
At National Boulevard there’s only one
way—the One-On-One way—for us to work
together. And when we do, we make a combi­
nation that’s practically irresistible—and
highly profitable.


The Bank for the New Downtown.
Federal Reserve Bank of St. Louis

400-410 N. M ICH IG AN AVE., C H IC A G O , IL 60611
ONE ILLINOIS CENTER (111 E. W acker), C H IC A G O , IL 60601
(312) 8 3 6 -6 5 0 0 • MEMBER FDIC

N orthw estern Banker, July, 1981


Old Second National Plans Major Addition

Blackhawk State Bank Opens<
Branch in Rock Island

Lil’ Hawk, “ son of” Blackhawk
State Bank of Milan, opened recently
at Blackhawk Road and 38th Street
in Rock Island. Lil’ Hawk is a 52 by
48 foot branch bank which will extend
services to Blackhawk S ta te ’s m any
custom ers in Rock Island, according
to W. Gerald H uiskam p, president.
The branch celebrated its opening
with an open house, at which visitors
were able to purchase Susan B.
A nthony dollars for 50 cents and
register for a chance on a trip to
Lil’ Hawk has a 24-hour teller
SKETCH of 12,000 square foot lobby enlargement to be constructed by Old Second machine, and officials are planning an
National Bank of Aurora.
additional electronic banking facility
to be named “ The Chief.” Under
AM ES E. Benson, president of will provide new and more efficient Illinois law, loan services are not
the Old Second National Bank, space for tellers, new accounts and perm itted a t branch offices.
The name Lil’ Hawk was chosen
has announced the approval of the commercial loan departm ents. The
b ank’s board to construct an second floor will provide another after an employe’s contest. Mr.
addition to the main bank building at 12,000 square feet for use by other H uiskam p noted th a t the branch
River and Downer in A urora. This is bank departm ents and rental space. office is located near the original Sauk
the first m ajor lobby enlargem ent
The present bank lobby will be and Fox Indian tribe sites. Black­
since the existing structure was built remodeled and used by the expanded hawk S tate was first opened by a
in 1924.
consumer credit and real estate group of Milan businessm en in 1961.
The 12,000 square foot addition departm ents.


Deposit Program Presented
Springfield Bank Offers
New Investment Account
W alter R. Lohm an, chairm an and
chief executive officer, has announ­
ced th a t F irst N ational B ank of
Springfield has introduced a new
investm ent account th a t allows
custom ers to autom atically invest
funds a t high current short term rates
in either a variety of money m arket
funds or in a fixed rate repurchase
agreem ent.
W ith an initial investm ent of
$15,000 a custom er can select one or
more variable rate, taxable or
tax-exem pt money m arket funds or a
fixed-rate repurchase agreem ent with
a m aturity of 30, 60 or 89 days. The
account, called “ F irst Money M arket
A ccount,’’ FM M A, also includes the
convenience of w riting a check for a
minimum of $500 against the account
at anytim e and has an autom atic
$5,000 Reserve Cash line of credit.

Heads Marketing
At O’Hare Bank
The board of directors of O ’H are
International Bank has announced
the appointm ent of Jack D. H ubbard
as vice president of m arketing. Mr.

N orthw estern Banker, July, 1981
Federal Reserve Bank of St. Louis

H ubbard,
a lifetime suburban
Chicago resident, began his banking
career a t Union N ational Bank of
Elgin, holding positions in both
instalm ent loan and m arketing.
In 1979 he assum ed the duties of
m arketing officer at M erchants
N ational Bank in A urora, developing
the first formalized m arketing effort
in th a t b a n k ’s history.
Mr. H ubbard earned a B.A . degree
in 1973 from N orthern Illinois
U niversity in DeKalb and received a
graduate certificate from the Illinois
Bankers School in 1978. He has also
taken and instructed several courses
through the American In stitu te of

Naperville Appointment
The Naperville National Bank and
T rust Company has announced the
appointm ent of Paul V. Davis as vice
president in charge of real estate.
Mr. Davis began his career in 1968
with the A rth u r Rubloff Company,
was also associated with the real
estate departm ent of New York Life,
and in 1980 joined the LaSalle
National Bank of Chicago as an
assistan t vice president in the real
estate advisory division.

Carson R. Yeager (second from right), vice
president of the First Security Bank of Oak
Brook, answers questions about the bank’s
Direct Deposit of Social Security Checks
program after a special bank-sponsored
conference at the Mayslake Senior Citizen
Center in Oak Brook. With Mr. Yeager are
Mayslake residents (from left) Frank Kiefer,
Frank Meehan and John Kaveny. Program
topics included estate planning, wills,
investments for the senior citizen and the
direct deposit programs.

Worth Bank Opens New
Palos Heights Facility
W orth Bank and T rust recently
celebrated the official grand opening
of its new Palos H eights facility at
119th Street and Harlem Avenue.
The main office is located at 6825
W est 111th Street, W orth.
M anager of the new Palos H eights
office is vice president and cashier
Robert S. Straz, who has been with
the bank since 1973.



These are uncertain
times. W e have been
in a serious recession,
but w e’re not sure
how deep it has been
or how fast we are
climbing out. Money
rates reached
unheard of heights,
but we don’t know
how much they will
drop or if they will drop
back to normal. Some of our
large, basic industries are in
trouble. Our economic stability is
dependent on a steady flow of
petroleum im ports which may or
may not prove dependable.
All of this uncertainty makes
business lending very difficult.

However, SLT can
eliminate some of the
uncertainty th a t lenders
face by guaranteeing
your custom ers’ inventory
as pledged collateral.
For over 5 0 years, we
have worked with
s and commercial
lenders to collateralize
loans and make lending
safer and more profitable.
Give us a call; we can eliminate
uncertainty from your
loan portfolio.

P 0 Bo* 242, St. Louis, Mo 63166 • 314 /2 41 9750 • Offices in Maior Cities
Federal Reserve Bank of St. Louis

N orthw estern Banker, July, 1981


Bob Welle Elected
President by MBA
E ditor
OFFICERS of the Minnesota Bankers
Association for 1981-82 are pictured left to
right. Front: Pres. —Robert J. Welle,
chmn., First Natl., Bemidji; 1st Vice
Pres.—John P. Ingebrand, pres., Kanabec
State, Mora; 2nd Vice Pres. — Herbert A.
Lund, pres., Security State, Albert Lea, and
Treas. (reelected) —Don A. Sirek, pres.,
State Bank of New Prague. Back: Immed.
Past Pres. — Richard E. Gandrud, pres.,
Pope County State, Glenwood, and Exec.
Vice Pres.—Truman L. Jeffers, exec, v.p.,

IT H IN hours after three devastating tornadoes
ripped into small segm ents of M inneapolis and St.
Paul on Sunday, June 14, more than 1,200 persons
began assem bling a t the Radisson South in
Bloomington for the 91st annual convention of the
M innesota Bankers Association. The storm s had
skipped th a t imm ediate area, although one touched
down ju st five miles north, and the convention
proceeded w ithout a h itch —the beneficiary of clearing
skies th a t followed the unfortunate weather of the

leading the activities of the MBA in the coming year.
The bankers who were elected a t district m eetings last
Septem ber to serve three year term s on the MBA board
of directors also were installed in office. John A. Berg,
president of W ayzata Bank and T rust C o m p a n y ,#
W ayzata, succeeds Galen T. P ate as D istrict Three
representative. R. Jam es Gessell, president of Cherokee
S tate Bank, St. Paul, completed the term of Thom as H.
Bartholom ay, and will succeed him as D istrict Four
representative in the next term . John M. L u n d s te n ,#
president of Buffalo National Bank, Buffalo, completed
the term of John P. Ingebrand and will succeed him as
D istrict Six representative in the next term .

MBA Election
D uring the convention, Robert J . Welle, chairm an of
the F irst N ational Bank in Bemidji, was elected
president for 1981-82 to succeed Richard E. G andrud,
president, Pope County S tate, Glenwood, who presided
in outstanding fashion over the sessions at this
convention. Mr. Welle is pictured above with Mr.
Gandrud and his team of fellow officers who will be

ABA Election
The ABA member m eeting was conducted by Leslie
W. Peterson, ABA state vice president for M innesota
and president of Farm ers S tate Bank, Trim ont, Retiring
MBA President Dick G andrud was elected to a
three-year term on the ABA Council, effective at th e ®

Three of the 50-year award recipients were Dick Weyrauch, 1st
Natl., Minneapolis; Milt Dwyer, Bank of Elk River, and Dick
Myers, Security Natl., Amboy.

Three young people from Minnesota 4-H group made a brief but
impressive appearance before the convention as they thanked the
MBA for its continued support of 4-H activities for many years.

N orthw estern Banker, July, 1981
Federal Reserve Bank of St. Louis


As owner of a bank you’re in quite
a unique position. And quite a
precarious one.
Because, on one hand, your
ingenuity, creativity, and foresight can be
one of the driving forces behind the
bank’s success. And on the other hand,
as a financial generalist, you may not be
as knowledgeable as you’d like on
certain intricate aspects of banking.
Holding companies for example.
You may have heard a lot about them
recently. And how they can be used as
a “debt shelter” or for estate planning.
But for an individual who owns a bank,
forming a holding company may be one
of the best opportunities available.
Here are just a few of the ways to

L T h e cost of funds
When you look toward increasing
the profitability of your bank, one of your
natural choices is to increase the
spread. But in today’s economy, that’s
not always easily accomplished.
And that’s where a holding
company has the advantage. Because
as a much more far-reaching and
broad-based entity, it has access to a
great deal more financing than either
you or your bank alone.
Different kinds of financing. And
most importantly, more flexible kinds of
So that, through your holding
company, you’re able to make the type
of adjustments to your spread that best
fit your financial goals and objectives.

2. Capital retention
Almost every bank can use more
working capital at one time or another.
For new business, for profitable
investments, for whatever reason. But
as more and more capital is tied up,
more and more opportunities must be
A holding company can solve that
problem in a number of different ways.
For example, because it has certain tax
advantages individuals don’t, a holding

company frees up more funds. And
what were once taxes can be turned
into profits.
A bank can also borrow funds from
its holding company to increase its
capital to asset ratio.
These are just two ways a holding
company can help its affiliate banks turn
opportunities into realities.

3. Inflation
Is there any other financial problem
so widespread? As costs go up,
everyone suffers. Businesses,
individuals, banks. But how do holding
companies stop inflation?
They don’t stop it — few things do.
But they can take some of the burden
of inflation off your shoulders. All
because of the simple economies of
scale. And to banks, that means
financial power in numbers.
Auditing is just one example of how
a holding company can significantly
reduce individual costs. There are many
more. And just as two people can ride
more cheaply than one, two banks may
be able to exist together more profitably
than one.

4. Estate planning
When planning your financial
future, all variables have to be
accounted for. Including the fate of your
estate and welfare of your heirs after
your death.
It’s at that time when your financial
foresightedness could pay off the most.
Because, unless your heirs have the
funds to pay the estate taxes, they’ll
have to borrow. And without the needed

collateral, that could be difficult.
Should they secure the loan, only a
certain percentage of the interest they
pay can be deducted from personal
A holding company can remedy
both problems. Because its assets can
be used to secure the loan. What’s
more, the company can deduct all the
interest as a business expense.
Then, a holding company can
continue further, to provide benefits like
preferred stock to your heirs.
During your lifetime, after your
death, a holding company can be a very
important financial tool.

So is a holding
company for you?
Certainly we’ve painted a rather
rosy picture of holding companies here.
And in reality, they really are extremely
beneficial for some banks.
But just as with most things, what’s
good for one may not be so good for
another. And that’s especially true of
holding company formation.
So how can you tell? Ask the
experts. Ask us. We’ve helped over 100
clients successfully form holding
companies. And as financial advisors,
we can sit down with you and your bank
to sort out the pluses and minuses. We
can help you determine if a holding
company is right for you — or if not,
what is. We’re on your side.


Correspondent Banking



Of Minneapolis
Federal Reserve Bank of St. Louis

______ o t o

- i l l

oo oo

R iiu n n £


Minnesota News

Rollie Danielson, v.p., 1st American State, Sergeant; Don
Lindeman, a.v.p., 1st Natl., St. Paul; Joe Nordlund, pres., 1st
State, Apple Valley; Jim Russell, a.v.p., 1st Natl., St. Paul, and
Don Nordlie, pres., Mid America Natl., Cottage Grove.

Don Pederson (left), sr. v.p., Northwestern Natl., Minneapolis,
presents a plaque of engraved federal duck stamps to retiring
MBA Pres. Dick Gandrud.

Ernie Pierson, exec, v.p., Midland Natl., Minneapolis; Bob Welle,
chmn., 1st Natl., Bemidji; Wayne Blackmarr, chmn. exec,
comm., Wayzata B&T Harry Benson, pres., and Gordy Spartz,
a.v.p., both with Midland Natl., watch as Shari Rhodi, mktg. off.,

First Edina Natl., Edina, takes aim in the “ Midland’s Masters”
putting tournament.
Elaine and Stan Peterson, v.p., Midland Natl., Minneapolis, and
Clarice and Steve Vagasky, exec, v.p., Citizens State, Fairfax. ®

close of the ABA convention this fall. He will succeed
Mr. Peterson. The other two members of the ABA
Council from M innesota are Jam es T. Gowan, president,
F irst N ational Bank of Chaska, and Roland Nordlund,
president, Hillcrest M idAmerica Bank, St. Paul. Their
term s expire in 1983.
50-Year Members
Six M innesota bankers were inducted into the MBA
Pioneer Club for 50 years of service to banking.
Presented plaques were; M ilton J . Dwyer, Bank of Elk
River; F .J . Poepl, Vermillion S tate Bank; R .P. Howe,
Citizens S tate Bank, Fulda; M .A. Rogness, S tate Bank
of Lake Park; Richard O. W eyrauch, St. Louis Park;
and Cecilia Wilcox, G rand Rapids S tate Bank.
President’s Address
In his president’s report to the convention, Mr.
Gandrud reviewed the accelerated pace of competition
for banks th a t took place in the p ast year, especially
from non-banking firms. He said, “ L e t’s not forget th a t
we are the professional money m anagers w ith years of
experience and a high degree of expertise in providing all
financial services. I t may be a new type of ball game, bu t
we’ve been playing the game longer and are more

familiar with the bounces of the ball th an anyone else. So
long as we recognize th a t y esterd ay ’s image of a
financial services business bears very little relationship®
to to d ay ’s reality, our internal ‘know-how’ is bound to
give us a huge com petitive edge. We are the pros-we are
the ones who can respond to change-if given the
“ In order to take advantage of our built-in®
com petitive edge, we are cetainly going to need heads-up
m anagem ent in our banks, who can look forward
realistically rather than backw ard rom antically.’’
Mr. G andrud said further, “ it is essential th a t we
know the cost of the services which we plan to provide®
and th a t we then have the courage to price these services
properly. We m ust know and define our m arket place;
perhaps we can ’t be ‘all things to all people.’ We m ust
understand and appreciate our com petition.’’ He urged
the members to take advantage of the n u m e ro u s^
educational and inform ation services offered by MBA
th a t help member banks be better informed to meet such
com petition and make the decisions necessary in to d ay ’s
m arketplace.

N orthw
estern Banker, July, 1981
Federal Reserve Bank of St. Louis

MBA Executive vice President Trum an Jeffers






Minnesota Protective Life Insurance Company
Federal Reserve Bank of St. Louis

TELEPHONE (61 2) 9 4 4 -3 9 0 0

N orthw estern Banker, July, 1981


Howard Luick, exec, v.p., Oakley Natl., Buffalo, and his wife Jan,
and Gail and Dick Storlie, v.p., Northwestern Natl., Minneapolis.
David Larson, cash. & Mgr., State Bank of Lake Park, and his

wife, Mary Ann; Earl Himle, pres., Citizens State, Hayfield, and
his wife, Gloria; Paul Lindholm, sr. v.p., Northwestern Natl.,
Minneapolis, and Joan and Don Pederson, sr. v.p, Northwestern
Natl., Minneapolis.

Floyd Erickson, pres., Erickson Enterprises, Wadena, monitors
theelectronic blood pressure measuring equipment sold to banks
by his firm while Paula Pettit, 1st Natl., Wadena, reads her blood
pressure and pulse rate.

Front—Virgil Hempker, pres., Freeport State, and his wife, Lola,
and Renee Reagan. Back—Joanna and Don Johnson, v.p., and
Jim Reagan, pres., all with American Natl., St. Paul.

announced th a t the MBA has developed a w orkers’
compensation insurance plan for M innesota banks
which sta rts A ugust 1 and will be available to all
member banks. He said, “ A fter careful study of
alternatives, and feasibility study to determ ine the best
approach, a group plan and M BA-sponsored
reinsurance company was determ ined to be the m ost
beneficial for M innesota b an k in g .” M r. Jeffers said this
is “ a m ajor undertaking for the association which
promises considerable cost savings for the m em bers.”
The reinsurance firm, now in the process of organization,
will be called MBA Insurance, L td.

Lt. Gov. Lou V/angberg was to address the
convention Tuesday m orning bu t made his appearance^
instead on M onday night a t the MBA dinner party at the
Carlton Celebrity Theater since he was filling in for extra
duties in the absence of Gov A1 Quie from the state.
Noted speaker A rt H olst of Peoria, 111., a well-known
N FL football official, filled in the Tuesday m orning spotm
on a few d ay s’ notice and im pressed his audience again
with his inspirational talk on “ How to Respond to
Change in the ’80s.” He stressed the im portance of
learning to be a problem solver, using knowledge at the
right tim e and place to help custom ers w ith th e ir#
In addition to the excellent F irst N ight P arty at the
Carlton Celebrity Theater, featuring “ The K ingston
T rio,” registrants attended the closing banquet at the
Radisson South Hotel where they were entertained b y #
singer Sharon Carnes, a native of St. Paul and now a
well-known nightclub and TV singer in California, and
then by the comedy team of Skiles and Henderson, who
did their usual job of knocking the audience out of their
chairs. Dancing to the fine music of the Jerry M ayeron#
O rchestra concluded the convention.

A series of 11 resolutions dealt in great m easure with a
call for equity in regulation and laws for banks w ith their
competition and on behalf of savers.
ABA President Lee Gunderson, president of the Bank
of Osceola, W is., was the concluding speaker. He
reviewed A B A ’s efforts to have the DIDC take steps to
provide an instrum ent with which banks can compete
with M M Fs and to have M M Fs brought under similar
regulation as th a t required for banks in order to provide
equity of com petition.

N orthw estern Banker, July, 1981
Federal Reserve Bank of St. Louis

If you think your correspondent
bank is stringing you along
maybe its tim e you severed the ties.
Sometimes, getting the answers you need from
your correspondent banker can be a frustrating
experience. One that consumes too much of your
valuable time. And one that could contribute
to your loss of a customer.
At Midland National Bank, we won’t string
you along. Because most of our business
as a bank comes from dealing with businesses
and other banks. So, frankly, we’re willing
to put a lot of effort into making
our relationship with you work.
We’v e organized our bank
in a way that allows you to
deal directly with a decision
maker, rather than having
to go through several review
committees. Our correspondent
team is dedicated to responding to
your needs quickly. And, our
expertise with small and mid-sized
businesses puts us in a unique
position to understand your
customers’ needs.
So the next time you feel like
your correspondent bank is giving
you the business, call the Midland
National Bank correspondent team,
toll free at l-800-752-4200f And see
how the bank for business can
go to work to improve yours.
*In North and South Dakota, call 1-800-328-8678.

Midland nahonal
Bank Of Minneapolis B


401 Second Ave. So., 55480 Member FDIC
Federal Reserve Bank of St. Louis


Mary Jayne and Dennis Evans, pres., 1st Natl., Minneapolis;
Margie and Pete Ankeny, chmn., 1st Natl., Minneapolis, and
Marce and John Ingebrand, pres., Kanabec State, Mora.

Con Freeman, pres., Morris State; Martin Haar, pres., Alexandria
B&T, and Leo Hermes, v.p., Collateral Control Corp., St. Paul.

Bob Anderson, exec, v.p., 1st Natl., Minneapolis; Jerry
Choromanski, pres., Crystal State; Thora Allen; Ken Wales, sr.
v.p., 1st Nat., Minneapolis, and his wife, Patti, and Pete Allen, 0
pres., 1st Natl., Milaca.

Opsahl, a.v.p., Minnesota Protective Life, and Bob Bauer, pres.,
Community State, Bloomington.

Gen and Erv Kurth, pres., American State, Mankato; Joan
McCarthy, secy, in corr. dept., and Dick Holmes, a.v.p.,
Marquette Natl.
Carol and Bill Addington, v.p., Marquette Natl., Minneapolis;

Curt Neumann, pres., 1st Natl., Middle River; Jo Ann Krueger,
inv. cons., Marquette Natl.; Bill Klein, a.v.p., Marquette Natl.,
and his wife, Jane, and Lowell Pogatchnik, pres., 1st State,

Sue and Cy Evenson, pres., Lakeside State, Isle; Jack Campion,
v.p., Marquette Natl., and Louis Nelson, Security State, Cannon

John Ingebrand, pres., Kanabec State, Mora, and Jim Gowan,
pres., 1st Natl., Chaska, look on while speaker Art Holst
autographs books for some MBA members.

N orthw estern Banker, July, 1981
Federal Reserve Bank of St. Louis

Vfe w ant
your business,
Because we are independent, we
are sensitive to the changing needs,
pressures, and problems faced by
independent community banks.
We view our role as being your part­
ner and helping you solve whatever
problems you face. We believe in
cooperation, not competition for
your customers.
It’s easy to put an American corre­
spondent banker to work for your
bank today. Just call (612) 298-6331.

Am erican National
Bank and Trust C om pany
Federal Reserve Bank of St. Louis

N orthw estern Banker, July, 1981


N orthw estern N ational Bank of
Minneapolis has announced the
following promotions and appoint­
Elected senior vice presidents
were: Peter Poolos, commercial loan
operations; Richard D. Schneider,
domestic banking group, and John E .
Lindahl, m idwest departm ent II,
domestic banking group. David W.
Cost, senior vice president, was
named executive m anager of the
Nicollet-Lake branch.





Mr. Poolos joined N orthw estern in
1978 and is a graduate of Purdue
U niversity. Mr. Schneider graduated
from the U niversity of M innesota and
joined the bank in 1963. Mr. Lindahl
has been w ith the bank since 1968 and
has business and economics degrees
from the U niversity of M innesota.
Mr. Cost is a graduate of D artm outh
College and joined N orthw estern in
1963. He succeeds Samuel B.
M orison who has been elected
president and chief executive officer
of Second N orthw estern National

N orthw
estern Banker, July, 1981
Federal Reserve Bank of St. Louis

Elected vice presidents were:
M edora S. Perlm an, individual
special services; Todd L. Parchm an,
energy and natural resources, and
Gerald A. Vande Garde, system s,
tru s t group.
Recently elected to the board of
N orthw estern was C. A ngus W urtele,
chairm an and chief executive officer
of the V alspar Corporation, a post he
has held since 1973.
Named assistan t vice presidents
were: E rnesto F. Moreno, Mexico
City office; Michael J. Sadak and
Peter J. Carr, international finance;
Cheryl W. Newell, m idwest d e p a rt­
m ent II; Richard C. Olson and
Clifford A. Taney, consumer b ank­
ing; Thom as G. Grace, investm ent
services; Wallace D. Stukel, opera­
tions and finance; Jack J . Randall,
tru s t investm ent services; Terrance
J . Borreson, tru s t finance; Eric F.
Kwiecinski, capital m anagem ent;
Jennifer A. Freem an, asset-liability
m anagem ent, and Lawrence E.
Nolan and M ary A. Shefland,
controllers departm ent.
Gaining officer sta tu s were: David
L. Isackson, tax m anagem ent; R uth
Hammel, operations; Carrolyn I.
Anderson, governm ent affairs; Ja n et
Dudrow, social policy and program s;
Susan A. Brock and Helen Getzkin,
hum an resources; Cheryl Peterson,
R. Elaine D uFresne, M ary B arrett,
Patricia Kojetin, W alter S troth,
Lorraine Skom ra and Jean ette
W herry, tru st; Lynn F. Hebei, dealer
finance; M ary Ann Binner, consumer
Robert J .
investm ents; Bryn C. Bjella and
Steven R. Dean, commercial b an k ­
ing, and Evelyn O. Oyen, interna­
tional banking.
* * *
Arlen Nissen has been prom oted to
senior vice president and Steve
Johnson to assistan t vice president,
according to H arry C. Benson,
president and chief executive officer

of M idland N ational Bank of
Mr. Nissen began his banking®
career a t F irst N orthw estern N ation­
al Bank of A lbert Lea. He joined
M idland as vice president and
m anager of the real estate le n d in g ^
departm ent in 1975. In his new ®
responsibility he will m anage M id­
land Consumer Banking Services.
Mr. Nissen is a graduate of Drake
U niversity.
Mr. Johnson began his banking
career in 1974 when he joined
M idland Bank as an analyst in the
credit departm ent. In 1977 Mr.
Johnson was elected a c o m m e rc ials
banking officer. He is a graduate of
the U niversity of N orth DakotaGrand Forks.
Also at M idland, Kenneth A.
K rajsa has joined the m o rtg a g e f
departm ent and M ary K usske has
been elected an operations officer.



Mr. K rajsa was m ost recently vice ®
president at D akota Bank & T rust
Co. in Fargo, N.D. He has a BA
degree in finance from M oorhead
S tate College.
M rs. Kusske joined M idland in ®
1978 and in 1980 was transferred to
the operations departm ent. She has a
BA degree in finance from St. Cloud
U niversity.
* * *
F irst B ank Plym outh, M inneapo­
lis, has elected John M. W arder
chairman and chief executive officer 0
and Terry T. P ra tt president and

Kenneth A. Cain, Northern Minnesota, Eastern North Dakota (612) 291-5576

‘T il bring the full resources
o f the hank right to your desk.
“ The most valuable asset I can offer my
Correspondents is the strength and experience
of First Bank Saint Paul.
“All it takes is a phone call to me to
have the full resources of the bank brought to
your desk.
“ If you have questions about overline
participations, acquiring a bank, financial
regulations, check clearing or any other need
. . . contact me.
“ My job is to stay on top of the fast­
changing developments in banking today, by
frequently attending banking workshops and
seminars. Add to that the years of experience
I’ve acquired in banking. That’s the kind of
experience it takes to bring the full resources
of our bank right to your desk.
Federal Reserve Bank of St. Louis

“ In today’s competitive banking world,
First Bank Saint Paul, could be one of your
strongest assets. Give me a call and I’ll put it
to work for you.”

First Bank
Saint Paul
Correspondent Bank Division

We do our job.
You get the credit.
The First National Bank of Saint Paul «Member FDIC

N orthw estern Banker, July, 1981
Federal Reserve Bank of St. Louis
Federal Reserve Bank of St. Louis

chief operating officer.
Mr. W arder has served as
president of F irst Bank Plym outh
since the bank opened in 1969. Prior
to th a t tim e, he served as vice
president of Litho Supply Depot,
Inc., Minneaolis. Mr. W arder is a
graduate of the U niversity of K ansas
and holds a BA degree in sociology.



Mr. P ra tt joined F irst Bank
Plym outh in 1979 as executive vice
president and chief operating officer.
He began his banking career in 1958
at F irst Bank M erchants, St. Paul,
and was prom oted to assistan t
cashier in 1971. In 1977 he was
elected vice president of m arketing.
Prior to joining F irst Bank P ly­
m outh, Mr. P ra tt served as vice
president and cashier a t F irst Bank
N orthtow n, Blaine.
* * *
N orthw est Growth Fund, Inc., the
venture capital subsidiary of N orth­
west Bancorporation,
elected Douglas
E. Johnson vice
president in its
Minneapolis of­
Prior to joining
N orthw est
Growth Fund in
Mr. Johnson had been vice presidentcorporate finance with Dain Bosworth, Inc., M inneapolis, since 1977.
For the preceding 11 years he was
with IBM in Minneapolis.
Currently among the top five small
business investm ent companies in
the United S tates,
N orthw est
Growth Fund provides capital to new
or emerging businesses. Founded in
1961, N orthw est Growth Fund was
acquired by Banco in 1979.



N orthw estern N ational Bank of
Saint Paul named Larry D. Buegler,
43 , m ost recently senior vice

N orthw
Banker, July, 1981
Federal Reserve Bank of St. Louis

president of N orthw estern of M inne­
apolis, to succeed G. Richard Slade,
who resigned as president and chief
executive officer. In addition to
electing Mr. Buegler chairm an and
CEO, the board named Richard A.
Klingen, 48, executive vice president
of the Saint Paul bank, to be
president and chief operating officer.
Mr. Buegler, also elected a
director, heads up the domestic
banking group of N orthw estern
National Bank of Minneapolis and
serves on the ten-m em ber m anage­
m ent policy committee, the b an k ’s
senior m anagem ent team .
Mr. Slade, 50, has been president
and a director of the St. Paul bank
since 1974. He has been affiliated
with N orthw est Bancorporation since
1955 when he joined N orthw estern of





Mr. Buegler has been with
N orthw estern of Minneapolis since
1959, when he joined the b an k ’s tru s t
departm ent. In 1968, he was elected
assistan t vice president and in 1972,
vice president and head of the b an k ’s
national accounts departm ent. In
1976, he was named senior vice
president. He is a graduate of the
U niversity of M innesota,
received an LLB from the William
Mitchell College of Law in St. Paul.
Mr. Klingen joined the St. Paul
bank in 1976 as executive vice
president and a director. He had been
with N orthw estern National BankW est in Hopkins since 1960, serving
as president, CEO and a director from
1968 until 1976.
Also a t N orthw estern, Paul H.

Mertensotto was prom oted
to ^
assistant vice president from opera­
tions officer. Mr. M ertensotto, a
graduate of the College of St.
Thomas, joined N orthw estern in
Barbara L. Schmidt was promoted
to assistan t vice president from
m arketing officer. A graduate of the
U niversity of M innesota,
Schm idt joined N orthw estern in a
* * *
Diane L. Thormodsgard has been
elected senior vice president and
treasurer of the Corporate Support
Group of FBS Financial, Inc.,
M inneapolis, according to Phillip L.
Hendershott, president.
Ms. Thorm odsgard began her
career w ith FBS Financial in A ugust
1978 as assistan t treasurer and
controller. In October 1979 she was
promoted to vice president and
treasurer of the Corporate Support
* * *
The board of directors of F irst
Bank System , Inc. has elected John
R. Baker vice president of cost
accounting and operations analysis.
Mr. Baker has been associated
with FBS since 1965 when he joined
F irst Bank A ustin. He joined F irst
Com puter Corporation, the data
processing subsidiary of FBS, in 1967
in the custom er services division. In
1978 he was promoted to assistan t
vice president and bank group
m anager. Mr. Baker joined F irst
Bank S ystem ’s cost accounting and
operations analysis departm ent as
departm ent m anager earlier this
* **
Second N orthw estern National
Bank of M inneapolis has elected
Samuel B. Morison
chief executive
officer and a dir­
ector. He suc­
ceeds Don W.
Zollars, who died
April 22, 1981.
Mr. M orison
joined N orthw es­
tern N ational in
1948 and in 1951
became assistan t m anager at the
Lake Street office (now the Nicollet Lake office). He was elected vice
president and m anager in 1968. Mr.
Morison is a graduate of the
U niversity of M innesota.










C a p ita l
F in a n c ia l C o r p .

C a p ita l
N orthw est





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increase sales. Or money for buy-outs, mergers
and acquisitions. Bank participations.
Banco Financial Corporation can help get your
company off to a great future with Asset Money.
Contact John Olson, Lee Mork, Robert Olson or
Paul Weingart, (612) 372-7988, 780 Northstar
Center, Minneapolis, Minnesota 55402. Or Jack
Hart, (303) 571-0515, One Denver Place, Suite
1512, 999 18th St. Denver, Colorado 80202.

Clients with considerable working capital may wish
to conserve it by leasing needed equipment.
Decide on a Lease Purchase Contract wifh a
guaranteed purchase option at the end of the term.
Go with a leverage lease or purchase
equipment outright.
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equipment they need-Lease Northwest, Inc. has
the financing options that put it to work.
Contact Dave Michael in Minneapolis at
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(402) 536-2310, Jim Sheedy in Des Moines at
(515) 245-3392, Chris Hoss in Fargo at
(701) 293-8136, or Jim Fetzerin Billings at
(406) 657-3581.

An Affiliate of Northwest Bancorporation



Affiliated with Northwest Bancorporation



B anco
Federal Reserve Bank of St. Louis

N orthw estern Banker, July, 1981
Federal Reserve Bank of St. Louis


W hen farm ers,
feeders and ranchers
have to produce,
so do you.
F a rm e rs , m e r c h a n ts , m a n u f a c tu r e r s , a lm o s t a ll
of y o u r c u s to m e rs . T h e ir w o rk c a n ’t w a it fo r g o o d
tim e s. A n d g o o d tim e s o r b ad , th e y a ll d e p e n d
o n y o u fo r h elp . So w h e n y o u n e e d a c o rre s p o n d e n t,
y o u n e e d o n e y o u c a n d e p e n d on.
Y ou n e e d F ir s t M in n e a p o lis.
F ir s t M in n e a p o lis g iv e s y o u o n e sim p le
c o m m itm e n t. W h e n y o u n e e d u s, w e’ll b e th e re .
P e rio d . I t ’s o ffic ia l policy.
So w h e n y o u r c u s to m e r s a r e r e a d y to p ro d u c e
a n d y o u fin d y o u n e e d a c o rre s p o n d e n t w h o c a n
p ro d u c e , w e’ll b e read y .
If y o u h a v e q u e s tio n s a b o u t a n y of o u r
C o rre s p o n d e n t S e rv ic e s, c a ll K en W ales, S e n io r
V ice P re s id e n t, (612) 370-4687. Y ou’ll g e t a n s w e rs
a n d a c o m m itm e n t y o u c a n c o u n t on.


F ir s t B a n k M in n e a p o lis

" W h e n yo u n e e d u s ,w e ll b e th e re .”
F ir s t N a tio n a l B a n k of M in n e a p o lis , 120 S o u th S ix th S tr e e t • M in n e a p o lis , M N 55402 • M e m b e r FD IC .
Federal Reserve Bank of St. Louis

N orthw estern Banker, July, 1981

American National Bank & T rust
Co. of St. Paul has announced the
following promo­
Buck to vice
and operations,
Gary M. Senn to
Ellen C. Janson
to m ortgage loan
officer. Staff ad ­
ditions include:
Susan M. Peters

She is a graduate of the College of St.
Benedict at St. Joseph, M inn., with a
BA in business adm inistration.
A t press tim e, American N ational
announced th a t C. Richard McCabe
has joined the bank as vice president
and senior tru s t officer. Mr. McCabe
earned a BS deg­
ree in business
adm inistration
from the Univer­
sity of M innesota
and an MS from
Roosevelt U ni­
versity in Chi­
cago. Prior to
joining American
he was vice pres­
ident in a Chica­
go area banking group.
* * *

are: MarciaS. Hanson, assistan t v ice ^
president in the hum an resources
division of F irst Bank System ; Anne
Rutherford, assistan t auditor at F irst
Bank Southdale, Edina; Diane L.
Thormodsgard, senior vice p re sid e n t#
and treasurer of FBS Financial, Inc.,
and Barbara K. Wheeler, personnel
officer at F irst Bank Hopkins.
The YWCA Leader Lunch P ro­
gram began in 1977 as a vehicle f o r#
Minneapolis area companies and
organizations to publicly recognize
the accom plishments of women
employes. Recipients of the award are
selected on the m erits of th e i r #
business and civic achievements.
* * *

F&M Savings Bank of M inneapolis ^
has elected James W. Ladner v ic e ^
Carl R. Pohlad, president of president
M arquette National Bank of M innea­ Margaret Hagen
polis, has prom otions of Michael F. and Linda AnDaly to senior vice president-opera­ droff banking of­
tions, and Christopher M. Rye to ficers .
Mr. Daly has
joined F&M in
held various of­
April of this year
ficer positions in
and was elected
vice president of
area since 1966
m arketing.
and was appoin­
ted vice presi­
joined F&M in 1969. She started as a
dent in 1973.
p art time clerk and is presently q
Mr. Rye joined
m anager of transaction processing.
Bank Shares, In ­
Ms. Androff joined F&M in 1970 as
corporated, the
a teller. She now serves as m anager of
M arquette parcounseling services.



as m anager of m arket research,
Francis W. Wong as operations
officer, James G. Plewacki as
accounting officer and Charles F.
Mahnke as assistan t vice presidentcredit, correspondent banking divi­
Mr. Buck joined the bank in 1975
as a ssistan t controller. He has a BS in
accounting from the U niversity of
M innesota.
Mr. Senn joined the bank in June
1980 as assistan t controller, and has a
BS in business adm inistration from
the U niversity of W isconsin.
Ms. Janson joined American
in 1979 as a m ortgage loan counsellor.
for estern
N orthw
Banker, July, 1981
Federal Reserve Bank of St. Louis



ent holding company, in 1978 as audit
m anager.
Deborah G. Rist was also
appointed m arketing director for
Bank Shares, Incorporated. She
previously had been a M arket
M anager for N orthw estern National
Bank of Minneapolis.
* * *
Four employes associated with
F irst Bank System , Inc. were
selected as recipients of the YW CA’s
Leader Lunch Award for 1981. They

In partnership w ith the 29 banks of
the Bremer group, the O tto Bremer
Foundation of St. Paul recently
initiated a com m unity scholarship
and service award program which will
annually recognize young people who
dem onstrate exemplary citizenship
through scholarship and service to
their communities.
The awards will be made to high
school seniors from each of the
communities in M innesota, N orth
D akota and W isconsin where there is
located a participating Bremer
affiliate. In each comm unity, a local
independent comm ittee will select
one or two winners of the awards
which range from $250 to $500.
Funds for the awards are being
provided jointly by the O tto Bremer
Foundation and its participating
affiliates which together are contribu­
ting up to $28,500 toward the
program .








New North St. Paul Bank Plans Announced

commercial loan officer for National
City Bank. He has a BBA and MBA
from the U niversity of W isconsin at





NEW First Bank Merchants facility will include 3,000 square feet of space.

IR ST Bank M erchants has an­
nounced the construction of a
new bank at M cKnight Road and 11th
Avenue in N orth St. Paul, according
to David Waddington, president.

The new bank will be a one-level,
3,000 square foot facility. There will
American Bancorporation, Inc. of
St. Paul recently elected James W.
Reagan president
and chief execu­
tive officer. He
had been vice
president since
1976. In addition
to his new res­
ponsibilities, Mr.
Reagan will con­
tinue as presi­
dent, chairm an
and chief execu-



^ tive officer of American National
Bank and T ru st Company, St. Paul.
Mr. Reagan succeeds Stanier E.
Mason who is retiring. Mr. M ason
has been president and chief
0 executive officer of American Bancor­
poration since 1976.
Two persons also were named vice
presidents of American Bancorpora­
tion. They are George B. Benz, vice
| | president and director of economic
developm ent, American N ational
Federal Reserve Bank of St. Louis

also be a 24-hour teller facility. This is
the first full service bank to be located
away from F irst Bank M erchants
main Seventh Street location since
the b an k ’s inception in 1919, w ith the
exception of a drive-up facility near
the main office. Completion is
scheduled for late fall of this year.
Bank and T ru st Company, St. Paul,
and Victor P. Reim, president,
chairman and chief executive officer
of the Commercial State Bank, St.
Paul. Both will continue in their
present capacities.
* * *
Philip M. Harder, president and
chief operating officer of F&M
Savings Bank of M inneapolis, chose
early retirem ent effective June 1.
Succeeding him is Henry S.
Kingman, Jr., chairm an and chief
executive officer.
Mr. H arder has been active in the
Twin Cities’ financial com m unity for
over 30 years. He was employed by
the F irst National Bank of M inneapo­
lis from 1950 to 1971, when he retired
as senior vice president and director.
He was elected trustee of F&M
Savings Bank in 1972, and in 1976
was elected president and chief
operating officer.
* * *
The following staff changes at the
National City Bank of Minneapolis
have been announced by C. Bernard
Jacobs, chairm an and chief executive
officer: W. Randall Pay ant to
assistan t vice president-commercial
banking; Mark S. Campbell to
accounting officer; William T. Lewis
to system s officer, and Connie G.
Weinman to tru s t officer.
Mr. P ayant was m ost recently

Mr. Campbell received a BA from
the College of St. Paul, and
previously served as senior cost
analyst for National City.
Mr. Lewis graduated from the
U niversity of M innesota in M innea­
polis with a degree in business
adm inistration. He joined the bank in
Ms. W einman received a BS from
Capital U niversity in Columbus,
Ohio and a JD from Hamline
U niversity in St. Paul.
* * *
FBS Business Credit, Inc. has
elected the following officers, accor­
ding to an announcem ent by John E.
McCauley, president:
Donald L. Matthes elected senior
vice president. Mr. M atthes was
previously associated with Century
Financial, a M inneaolis-based con­
sulting firm.
Richard A. Briand elected assis­
ta n t vice president and loan officer.
He was m ost recently an assistan t
vice president at Banco Financial
Thomas D. Wadding elected
assistan t vice president and senior
analyst. Mr. W adding formerly was
an analyst a t Banco Financial
FBS Business Credit, Inc. is the
newly-formed commercial finance
subsidiary of F irst Bank System ,
N orthw estern Banker, July, 1981


First National Bank of Buhl Breaks Ground

OFFICIATING are Phil Blott (left), architect; Cliff Sjogren, builder; Steve Weisz, bank
president; Paul Heles, board chairman; Buhl Mayor Milt Radjenovich; Bill Betzler, bank
director; Dennis Freden, Buhl councilman; Gerald Anderson, city clerk; Michael Zakula
and Rick Kasner, bank directors.

ROUND breaking ceremonies
were held at the F irst National
Bank of Buhl recently at p art of an
expansion project th a t will include a
1,239 square foot addition to the
present building and remodeling of
the existing facility.
The new modern addition will
provide new office space and a
bookkeeping departm ent. In addi­

tion, a night depository will be
installed. A survey of the b an k ’s
depositors conducted last winter
indicated an overwhelming prefer­
ence for expansion a t the present site
as opposed to building a new at
another site. Construction of the
project was awarded to Sjogren
Construction of Chisholm w ith
completion expected by A ugust.

Crosby Management Change

First Natl.-GlencoeSold

R.O. Lee, 65, president of the F irst
National Bank of Crosby, has retired
from active m anagem ent of the bank.
He will continue to serve as a director
and vice chairman of the board.
Kit B . Svee was prom oted to
president and chief executive officer.
Mr. Svee joined the bank in July,
1980, and was named executive vice
president and director. He was
previously associated with the Public
Finance D epartm ent of Piper Jaffray
and Hopwood in M inneapolis and the
F irst National Bank of St. Paul.

Controlling interest in the F irst
National Bank of Glencoe has been
sold to Lowell G. W akefield of
W aconia and W inton Jones of
W ayzata.


New Waseca Vice President
Glenn M. Thom pson, president of
F irst Bank W aseca, has announced
the election of Robert A. N ystuen as
vice president and senior lending
Mr. N ystuen has a BS degree in ag
economics from N orth D akota State
U niversity. He joined F irst Bank
W ahpeton, N.D. in 1975. He
transferred to Havre, M ont, in 1977,
and in 1980 became assistan t vice
president-commercial loans.
N orthw
Banker, July, 1981
Federal Reserve Bank of St. Louis

Minnesota Delegation Meets <
Washington Legislators
The largest delegation ever of
M innesota bankers m et w ith legisla­
tors and banking regulators recently
in W ashington D.C. According to (
Richard E. G andrud, president of the
M innesota Bankers Association, the
delegation of 80 M innesota bankers
from throughout the state traveled to
W ashington to press the im portance
of retaining the strength of the
banking com m unity on M innesota
congressmen and the banking
Mr. G andrud, president of Pope
County S tate Bank, Glenwood, and
the 80 delegates had the opportunity
to meet and visit with Vice Chairm an
Frederick A. Schultz of the Federal
Reserve; Irvin H. Sprague, chairm an
of the FD IC , and representatives of
the office of the Comptroller of the
The delegation also was briefed by (
the American Bankers Association
staff, headed by Willis Alexander, on
current national legislation affecting
banking and the national associa­
tio n ’s position on various banking (
The group m et with M innesota
Senators Rudy Boschwitz and David
D urenberger and with R epresenta­
tives Arlen Erdahl, Tom Hagedorn, ,
Bill Frenzel, Bruce Vento, M artin
Sabo, Vin W eber, Arlan Stangeland
and Jim O berstar in their offices and
then again with them and their staff
at the annual reception and dinner ,
honoring the M innesota congression­
al delegation at the H y a tt Regency
Hotel in W ashington.
While in W ashington the delega­
tion had a joint m eeting with the (
Oregon Bankers Association and
were addressed by Senator M ark
Hatfield, chairm an of the Senate
Appropriations Committee, to review
President R eagan’s economic plan
and the budget proceedings.


Russell B. Bacon, the b an k ’s
president and chairm an, announced
the sale at special m eetings of the
stockholders and directors.
M ssrs. Wakefield and Jones,
principals in the F irst National Bank
of W ayzata, also recently purchased
a controlling interest in the Exchange
S tate Bank in St. Paul.
A t the board m eeting, Mr.
Wakefield was elected president and
chairm an and Mr. Jones was elected a
vice president and board member.

Joins Montevideo Bank
Lee Sorenson has joined F irst Q
National Bank in M ontevideo’s loan
departm ent as a vice president. Since
1975, Mr. Sorenson had served as an
agricultural loan representative and
assistan t vice president at F irst #
N orthw estern S tate Bank of Thief
River Falls.
He holds both bachelor of science
and m aster of science degrees in
agricultural economics from N orth #
D akota S tate U niversity.


«Minnesota Bank Statistics Released
INNESOTA Commissioner of
Banks Michael J . P int has re­
leased figures on the size and earnings
^ o f sta te banks for the year ended last
December 31. The 556 state-char­
tered banks and 110 detached
facilities reporting a t year end
showed record total resources of over
^ $ 1 0 .4 billion, a 9.9% increase from
December 31, 1979. Mr. P int pointed
out th a t there was a net increase of
two banks as a result of conversions
from national to state charters and 22
^ n e w detached facilities in 1980.
Of the $940.9 million increase in
j total resources last year, investm ent
securities accounted for $596.2
million, up 23.6% , and federal funds
<|sold (overnight loans to banks)
accounted for $253.4 million, up
93.4% .
Mr. P int said th a t the state b an k s’
m ajor
||in c re a se d to $5.89 billion, up by only
$32 million or 0.55% over 1979. The
commissioner said the relatively flat
loan grow th last year was directly
attributable to credit controls
D implemented by the Federal Reserve
System and high interest rates,
tem pered
throughout the year. He added th a t
the resulting shift in asset composi­
t i o n has improved the liquidity
position of m ost state-chartered


Joins Ridgedale State
Dean E. Nelson has been named
assistan t vice president a t Ridgedale
S tate Bank of
^ M innetonka. The
p ast 14 years
Mr. Nelson has
m anager for ITT
® Consumer F inan­
cial Corporation
in the Twin Cities
area. He a tte n ­
ded S tout S tate
® U niversity and
Rochester Comm unity College. The
announcem ent was made by Fred
W inston, president.

• Advanced at Willmar
Leola Erickson has been elected
personal banking officer and B rant
M assm an has been elected agriculf tural loan officer a t F irst Bank
W illmar, according to N. Thom as
Federal Reserve Bank of St. Louis

Total deposits also reached a new
high of $9.35 billion, up by $834.7
million or 9.8% . Time and savings
deposits of individuals, partnerships
and corporations increased by $819.9
million, up 14.6% ; however, demand
deposits from those same groups
declined by $57 million or 2.7% .
Short-term , interest-sensitive tim e
deposits (money m arket certificates
of $10,000 or more and certificates of
deposit over $100,000) increased by
o v er$ l billion and represented 28.9%
of total deposits and short-term
borrowings a t year end. Mr. P int said
this reflects the increased popularity
of these m arket rate instrum ents and
the fact th a t depositors have sought
out these new types of financial
instrum ents which offer su b stan tial­
ly higher yields.
E quity capital increased 13.6% ,
prim arily through retained earnings.
Net operating income increased to
$119.8 million in 1980 from $105.5
million in 1979. P int indicated with
the weak loan demand, banks were
able to take advantage of high
interest rates paid on short-term
investm ents during 1980. This
allowed banks to improve net
earnings and capital ratios, despite
the fact th a t interest expenses
increased at a greater rate than
interest income.

W iedebush, president.
Ms. Erickson joined F irst Bank
W illmar in 1965 as a receptionist. In
1975 she became supervisor of the
custom er service departm ent.
Mr. M assm an joined the bank in
1980 as a m anagem ent associate. He
has a BS degree in agricultural
business from Iowa S tate University.

Elected Ag Loan Officer
Catherine E. Adamec has been
elected ag loan officer a t F irst National Bank in W or­
Adamec holds a
degree in ag bu si­
ness from Iowa
S tate U niversity
in Ames. She
began her b ank­
ing career in
June, 1980, as a
m anagem ent a s­
sociate w ith F irst
Bank W orthington.

MBA Sponsors 4-H Trip
For the 33rd consecutive year, the
M innesota Bankers Association has
sponsored a trip for four M innesota
4-H delegates to attend the National
4-H Conference in W ashington, D.C.
Prior to departure to W ashington,
the delegates m et and discussed the
national conference w ith Trum an
Jeffers, MBA executive vice presi­
dent. While in W ashington, the
delegates visited with members of the
House and Senate and had a chance
to visit Capital Hill and other federal
Mr. Jeffers reported th a t M inneso­
ta banks have contributed over
$6,800 in 1980 to the operation
budget of the
National 4-H

Advanced in Edina
John C. Landree has been named
commercial loan officer at F irst Bank
Southdale in Edina. His previous
position was sales finance officer.
Mr. Landree attended the U niver­
sity of M innesota, receiving both a
bachelors and m asters degree.

Doris Kennedy Retires

Doris Kennedy, assistan t vice
president at the F irst Bank of Blue
E arth , has re­
Holding Companies Approved tired from b ank­
The Federal Reserve Bank of ing. An open
Minneapolis has approved the house
following applications for the form a­ was held in her
tion of holding companies through honor alm ost 37
the acquisition of the stated banks: years to the day
Holding Company,
Inc., from when she
T rim ont—Farm ers S tate Bank, Tri- joined the bank
mont; Almelund Bancshares, In c .— as an assistan t
Farm ers S tate Bank, Almelund; bookkeeper
Bovey Financial C orporation—F irst 1944.
Through the years she progressed
National Bank, Bovey; Faribault
Bancshares, Inc. —S tate Bank of through several positions to elected
Faribault; B&M Bancshares, Inc., assistan t vice president in Jan u ary ,
Fairm ont —S tate Bank of Fairm ont. 1981.
N orthw estern Banker, July, 1987


Warren Bank Announces Addition Plans

First Bank Luverne Elects
New Chairman, President

The board of F irst Bank Luverne
has elected Norm an R. Blount
chairm an and T. Donald Cashin
president, m anaging officer and a
Mr. Blount began his banking
career in 1939 at the Huron branch of
the National Bank of South D akota.
In 1962 he was elected president o f 1
F irst Bank Sauk Centre. Mr. Blount
has held his m ost recent position as
president of F irst Bank Luverne since
Mr. Cashin began his banking ®
career in 1947 as a m essenger a t F irst
STATE Bank of Warren is undergoing alteration program to be completed in December. Bank A ustin. He joined F irst Bank
A lbert Lea in 1953 and was prom oted
AROLD B ustrack, president of become a p art of the main lobby to cashier in 1959. He was elected a ^
the S tate Bank of W arren, has during regular banking hours.
vice president in commercial loans in
announced a m ajor addition and
Included on the mezzanine level 1966 and a senior vice president in
alteration program . Dykins Associ­ will be a new bookkeeping room, 1980.
ates, Inc. of Minneapolis is the employe lounge and comfort facilit­
architect and Adam sen Construction ies, board room and open space for Bank Marketing Association ^
Co. of Grafton, N.D. is doing the future desk and waiting areas.
Elects Officers, Board
construction work.
Com m unity displays for the public
The M innesota Chapter of the
The addition consists of 3550 also will be available on this level.
Bank M arketing Association has
square feet of basem ent, 3550 square
The existing bank will be converted elected, by unanim ous vote, the
feet of first floor and 3035 square feet
of mezzanine th a t opens to the main to new offices and open officers’ following officers and board of*
banking floor. The new addition on desks, insurance departm ent with directors for the 1981-82 year. Offi­
first floor will house a new vault w ith separate entrance for extended hour cers: Elizabeth B ennett, president
safe deposit boxes and lobby, cash use, library, conference room and (Northw est Bancorporation); Robert
Koenke, first vice president (National
vault, a new teller line and main drive-up teller area.
lobby, elevator, book vault and
Exterior m aterials will be m atch­ City Bank); Lucille Stoffels, second*
all-purpose room.
ing brick and wood complemented by vice president (First Bank Grand);
Two additional lobbies are also bronze colored window frames and Michael Riley, treasurer (Signal Hills
provided, one a 24-hour lobby panels, all to blend the new with the S tate Bank), and Deborah Rist,
(M arquette
providing access to the ATM s and old. The initial phase is scheduled to secretary
depository and one lobby for be completed by A ugust 1, 1981,
extended banking hours providing which allows the banking room to be Pitner (First Bank Minneapolis),
access to two walk-up windows. A operating from its new location in the Bonnie Hugeback (Security S tate
unique feature designed into the addition. The final phase is scheduled Bank of M ankato), Joseph B runner
walk-up facility allows this space to for completion by December 10, 1981. (American National Bank of St.
Cloud) and Rodger Bense (State
Bank of Long Lake).
only financial facility presently
Brainerd Promotions Told
located within the corporate lim its of
Named AVP in Richfield
Citizens S tate Bank of Brainerd the comm unity.
recently announced the following
M artin Chorzempa, president of O
promotions: Susan Olson to auditor,
the Richfield Bank & T rust Co., has
Karen Owen to head of the real estate
announced th a t
loan departm ent and Diane Runberg
Robert O ’Brien
to comptroller.
has been named
Ms. Olson has an accounting
assistan t
degree from Southw estern A dventist
president- com­
College in Keene, Tex. M rs. Owen
mercial loans.
has been with the bank for the past
Mr. O ’Brien is
six years. Ms. Runberg began her
a graduate of the
banking career in 1974 and m ost
U niversity
recently served as auditor.
M innesota with a
S tate
BSB in finance
celebrated the grand opening of its
Gerald A. Benson, vice president and economics.
new B axter office. It will serve of the bank, is the new office He was previously employed by F irst
custom ers with three drive-in lanes m anager. Darlene Bandem er is Bank Hopkins as a commercial ®
and three teller windows, and is the assistan t office m anager.
banking officer.


for estern
N orthw
Banker, July, 1981
Federal Reserve Bank of St. Louis


Citibank Opens Credit Card
Facilities in Sioux Falls


South Dakota
N. E. T u rn q u is t, c h m n . , Sio ux Falls
J. M. Schwartz, exec. m g r . , Pierre

First Bank Highmore Celebrates Opening

Citibank of New York City
officially dedicated its new credit card
division facility in Sioux Falls last
m onth. Citicorp Chairm an W alter B.
W riston headed the New York
delegation present for the historic
event th a t saw a New York bank
opening a national bank charter in the
The South D akota legislature last
year removed usury rate ceilings and
Citicorp elected to move its credit
card division there because of
restrictive interest rate ceilings in
New York State. The national bank
charter authorizes Citibank only to
conduct its credit card business and
loan production services in the state.
The complete move of the credit
card division is expected to take more
than two years. Locating the credit
card center in Sioux Falls could create
as m any as 2,500 additional jobs in he
the city, it was estim ated earlier when
original announcem ents of the plan
were made.

Northwestern Promotions
The following officer elections at
N orthw estern Bank of Sioux Falls
OPEN HOUSE was held recently by First Bank Highmore to afford area bankers and have been announced by C.P.
community residents the opportunity to view the new bank and facilities. First Bank
opened for business in Highmore as First National Bank in 1981. Bank president is L.U. “ B uck” Moore, president: Donald S.
Hooper to vice president-asset and
liability m anagem ent, adm inistra­
tive group, and Jeffrey G. Platek to
banking officer, downtown branch.
Mr. Hooper has a degree in
business personnel m anagem ent
from the U niversity of M ontana-M issoula and an MBA from the
U niversity of South D akota. He
began his banking career at
N orthw estern National Bank of
G reat Falls, M ont. In 1970 he
transferred to F irst National Bank of
Aberdeen as a vice president and in
1978 became a vice president of
N orthw estern National Bank of
Mr. Platek has a m asters degree in
economics from South D akota State
U niversity and joined the Sioux Falls
bank in 1978 as a m anagem ent
trainee. He was promoted to
m ortgage loan officer in 1980.


Over 400 Attend Northwestern Reception

Branch Application Denied
FOLLOWING the Guthrie Theater’s presentation of “ The Tavern” over 400 invited guests
attended the second annual Guthrie Reception held at Northwestern Bank in Sioux Falls.
The western art of 12 area artists was viewed by the guests Pictured are, from left: C.P.
• “Buck” Moore, pres., Northwestern Bank; Mrs. Moore; Mrs. Parker, and Paul Parker, exec,
v.p., General Mills. Mrs. Parker is on the Guthrie board.
Federal Reserve Bank of St. Louis

An application to the D epartm ent
of Commerce by D akota S tate Bank
of Colman to establish a branch bank
at M adison was disapproved by the
N orthw estern Banker, July, 1981


Company of B ottineau; W .T. D<#
Puy, director, W alsh County Bank &
T rust Company, Grafton; Merlin W.
M unson, vice president and cashier,
State Bank of Lakota, and Harold M .
Orm seth, vice president, F ir s #
National Bank & T rust Company of
A P resident’s Reception the first
night was followed by dinner and
dancing. The first full day of t h ^
convention started early w ith a
Peayer B reakfast th a t started
prom ptly a t 7:30 a.m . —with approx­
imately 240 people in place for the
OFFICERS of the North Dakota Bankers Assn, for 1981-82 are,
Bruce Laingen, former Charge
from left: Immed. Past Pres. —C.N. Davis, sr. admin, off., First
d ’Affairs of the U nited S tates
State Bank of Cando; Pres—Tom A. Roney, pres. Foster Co.
B&T, Carrington; Exec. Dir. —Harry J. Argue (back), Bismarck;
Em bassy in Iran, the senior member
Pres.-Elect—John M. McGinley, pres., American State B&T,
of the hostages held 440 days by the®
Williston, and V.P.-Treas. — Darold Petersen, pres., Lakeside
Iranian terrorists. Speaking of the
State Bank, New Town.
strength th a t kept the 52 hostages
going for more than one year of
captivity, Mr. Laingen said, “ Our
strength came from deep convictions®
th a t our nation was behind us, and
from the deep inner strength of our
religious lives.’’ He paid special
by BEN H A LLER , JR .
tribute to three staunch allies—S w it-^
E ditor
zerland, Algeria and Canada, giving®
T T H E IR 96th annual conven­ Council and will be NDBA state vice special thanks to the Canadians and
tion held in Fargo, members of president the next year, the post Mr. Algerians for their daring th a t
brought several hostages secretly
the N orth D akota Bankers A ssocia­ Lessard has held.
tion advanced Tom A. Roney to
A.M . Eriksm oen was inducted as a home via Canadian help and th e ^
president of the NDBA. Mr. Roney is member of the NDBA 50-Year Club. balance through persistent Algerian®
president of the F oster County Bank He is former president of D akota negotiations.
& T rust Company in Carrington. He Bank and T rust Company of Fargo.
Am ong the positive aspects of their
succeeds C.N. Davis, senior adm inis­
Plaques were presented to five new im prisonm ent, Mr. Laingen cited
trative officer of The F irst S tate Bank members of the 40-Year Club. They these: 1. The nation conducted its e lf#
of Cando.
are: Vida F. Braisted, assistan t internationally in a way of which it
John M. McGinley was moved up cashier, F irst S tate Bank of Hope; can be proud. 2 . The nation is now
to succeed Mr. Roney as president­ Alex G. Brusven, vice president, united as never before. 3. Iran stands
elect of the association.
Mr. F irst National Bank and T rust condemned. 4. President Reagan has
McGinley is president of American
S tate Bank & T rust Company of>
W illiston. Darold Petersen, president
of Lakeside S tate Bank in New Town,
was elected vice president and
treasurer. H arry J . Argue continues
as NDBA executive director, with
offices in Bismarck.
Carlyle P. A ustinson, president of
the Northwood S tate Bank, who was
NDBA president in 1976-77, was
elected to a two-year term by state
ABA members on the ABA Council.
He will take office following the ABA
convention next October in San
Francisco. In th a t post he will
succeed Dan Lessard, president of
the W alsh County Bank & T rust
Lee M. Stenehjem, pres., 1st Internati. Bank in Watford City, is
Company of G rafton. Daniel P.
pictured with his sons, Lee M. Stenehjem, Jr. (center) newly
Schorsch, president of F irst National
appointed N.D. commissioner of banking and financial
Bank of Jam estow n, continues as
institutions, and Steve Stenehjem, comm. In. off., Dakota
N orth D akota’s other member of the
Northwestern Bank, Bismarck.

Tom Roney Named President of NDBA


N orthw estern Banker, July, 1981
Federal Reserve Bank of St. Louis


let it be known th a t if there is a
^ rep etitio n of this anywhere, retrib u ­
tion will be swift “ and I support
th a t.” He feels the United S tates
m ust learn to identify international
^ ch an g es more quickly and also m ust
strengthen itself internationally—in
intelligence gathering and in m ilitary
strength as a deterrent to other
nations, using the latte r peacefully.
^ John J .
Dem ocrat U .S. Congressm an from
N ebraska and now an Omaha
attorney, discussed banking issues in
the Congress. He sees one-half of the
^ c u rre n t 42,000 financial depositories
disappearing in coming years . . .
‘‘the local bank will be an anachronism
ju st as Mom and Pop stores and local
hardware sto res. ’’ He sees no controls
^forthcom ing on M M Fs, not much
change in banking legislation this
year, then expansion by 1982-83 for
banks and holding companies to
acquire troubled institutions across
^ s ta te lines, followed by interstate

authorization for E FT , repeal of the
Douglas Am endm ent by 1985 and
substantial changes in the M cFadden
Act by 1990.
A t the business session, Donald C.
Miller, chairm an of N D B A ’s LongRange Planning Task Force, said the
association will hold a series of
20-Club m eetings across the state
later this year to share concerns and
areas of greatest interest. More
20-Clubs (groups of 20 banks) are
under development, he said.
Dr. Earl L. Butz, former U .S.
Secretary of A griculture and dean
em eritus of agriculture of Purdue
U niversity, spoke the day after the
governm ent announced its charges
against him for understating his
income several years ago. A week
later he pleaded guilty to the charges.
D uring his talk, Dr. Butz discussed
the pervasive problem of family
farms —how to cope with current tax
laws in an effort to pass the farm
along intact from father to son

Dennis Evans, pres., 1st Natl., Minneapolis; Harlan Klefstad,
pres., Sargent County Bank, Forman; Jack Quitmeyer, a.v.p.,
and Fred Squires, v.p., both with 1st Natl , Minneapolis, and Ron
Brandvold, pres., Merchants Bank, Rugby.

• North Dakota Gov. Allen I. Olson, is flanked by C.N. Davis (left),
retiring NDBA pres., and Tom Roney, new NDBA pres.
Federal Reserve Bank of St. Louis

w ithout having to em asculate w hat
has been built up by hard work for so
m any years.
The final portion of the formal
program was a panel of state
legislators m oderated by NDBA
Executive Director H arry Argue.
P articipants were three state bankers
—Rep. Kelley Boyum, assistan t vice
president and tru s t officer, Foster
County Bank & T rust Company,
Carrington; Sen. William Parker,
vice president and ag rep, Citizens
S tate Bank, Rugy, and Sen. Rolland
Redlin, vice president, F irst W estern
Bank, M inot. They discussed various
bills considered in the recent
legislative session.
In addition to the traditional golf
and bowling tournam ents for men
and women, the convention featured
a dinner both evenings. A fter the
annual banquet the second night, the
Fargo - Moorhead Community The­
atre presented the play, “ Stop the
World - 1 w ant to Get O ff.”

Ollie Hagen, pres., 1st Bank of N.D.-Fargo; Patti and Ken Wales,
sr. v.p., 1st Natl., Minneapolis, and Kathy Quitmeyer, 1st Natl.,

Wm. H. Kennedy, Jr., ABA pres-elect designate and chmn., Natl.
Bank of Commerce, Pine Bluff, Ark.; C.N. Davis, pres, of NDBA,
and Dr. Earl Butz, dean emeritus of agriculture at Purdue
N orthw estern Banker, July, T981


Marie Hoerner, NDBA staff, gets autograph of banquet speaker
George Blanda.
Legislative panelists were, from left: Rep. Kelley Boyum, tr. off.

& a.v.p., Foster County B&T, Carrington; Sen. Rolland Redlin,
v.p., First Western Bank, Minot, and Sen. Wm. Parker, v.p. & a g #
rep., Citizens State, Rugby.

Brad Benzick, cash mgmt. repr., 1st Natl., Minneapolis; Ruth and
Gerry Anderson, pres., Bank of Tioga, and Roger Raina, a.v.p.,
1st Natl., Minneapolis.

Virg Hegeholz, v.p., Goose River Bank, Mayville, and his wife,
Evelyn, with Bernice and Gordon Weber, pres., Farmers S tate#
Bank of Lisbon.

Dan Lessard, pres., Walsh County B&T, Grafton and his wife,
Alice, with Joanna and Don Johnson, v.p. American Natl. B&T,
St. Paul.

Dick Wold, pres., 1st Natl., Grand Forks, and his wife, Jeanne;^
Tom Roney, new NDBA pres.; John Thomson, a.v.p., and Dick
Storlie, v.p., both with N.W. Natl., Minneapolis.

Stan Peterson, v.p., Midland Natl., Minneapolis; George
Johnson, pres., 1st Natl., Minot, and his wife, Norma; Mike
Hoffman, exec, v.p., 1st State, Munich, and Millie and Jim

Deibert, sr. v.p., 1st Natl., Minot.
Tom Dawley, v.p., 1st State, Munich, and his wife, Janice, w ith ®
Jim Dawson, pres., Dawson Hail Ins. Co., Fargo.

N orthw estern Banker, July, 1981
Federal Reserve Bank of St. Louis


Harry Argue, NDBA exec, dir., and John J. Cavanaugh, former
U.S. Congressman from Nebraska and now an Omaha attorney.

A.M. Eriksmoen, former pres., Dakota B&T, Fargo, receives his
50-year plaque from NDBA Pres. C.N. Davis.

Wm. M. Sanger, pres., 1st Bank of N.D., Wahpeton, and Bob
Caudel, sr. v.p., Bank of N.D., Bismarck.

John Cook, pres., Valley B&T, Grand Forks, and his wife, Aggie,
with Nancy and Herb Thorndal, pres., Bank of North Dakota,

Dick Carey, corr. bk. repr., 1st Natl., St. Paul; Dan Lessard, pres.,
Walsh County B&T, Grafton; Ken Cain, corr. bk. repr., 1st Natl.,
St. Paul, and Bill Amundson, pres., Dakota B&T, Fargo.

Jack Campion, v.p., Marquette Natl., Minneapolis, and his wife,
Mary; Ed Richter, cash., Bank of Glen Ullin; Bill Klein, a.v.p.,
Marquette Natl., and Paul A. Richter, pres., 1st State, Regent.

Handling registrations were, from left: Seated— Pam Colby,
Dakota B&T, Fargo; Marie Hoerner, NDBA staff, Bismarck, and
Bonnie Beaton, Union State, Fargo. Standing—Audrey
Markuson, Fargo Natl, and Barb Nelson,State Bank of Fargo.

Patti Wales has her blood pressure taken electronically at booth
of Erickson Enterprises, which markets this equipment to upper
midwest banks as a customer service. Mrs. Wales husband, Ken,
is sr v.p., 1st Natl., Minneapolis.
Federal Reserve Bank of St. Louis

N orthw estern Banker, July, 1981


Bank of N.D. Promotions

New Minnewaukan President

Grand Forks Addition

H .L. Thorndal, president of the
Bank of N orth D akota,
announced two
promotions w ith­
in the bank. A r­
lene Olson was
elected assistant
vice president,
and Ja n ette Melby was elected
assistan t cashier.
The comptroller
departm ent also

Bill W eber has been elected
president and a director of Farm ers
State Bank in M innewaukan. Mr.
W eber was m ost recently cashier at
Farm ers S tate Bank in Lisbon. He
received a BS in accounting from the
U niversity of N orth D akota in Grand
Forks, and joined Farm ers State
Bank in 1974.

F irst N ational Bank in Grand
Forks has announced the addition of
Randy Newman
to the staff. Mr.
work in the credit
and investm ent
areas of the bank.
Prior to joining
F irst National,
he was employed
as an instructor
in the m anage­
m ent departm ent
at the U niversity of N orth D a k o ta .#
Mr. Newman has a BSBA degree in
m anagem ent from the U niversity of
N orth D akota.

Elected to Mandan Board
J. E. Noonan, president, F irst
N orthw estern Bank of M andan, has
announced the election of William C.
Kelsch to the board. Mr. Kelsch fills
the vacancy created by the retirem ent
of R .E . Chase. He is currently in the
general practice of law at Kelsch Law

Increases Capital Stock
Bismarck Staff Elections


promotion of Joyce W elder to
com puter coordinator II.
Ms. Olson joined the bank in 1972
in the student loan division, and was
promoted to assistan t cashier in
1979. Ms. Melby joined the student
loan division in 1978. M s. Welder
joined the bank in 1974 and was
promoted to assistan t comptroller in
May 1979. She has an AS debree from
the N orth D akota S tate School of

Bob W estbee, president, F irst
Bank Bismarck, has announced the
promotion of Stan Foss to senior vice
president and the election of Lyle
W eism antel
senior vice presi­
dent and Jam es
Hilgers to cash­
Mr. Foss be­
gan his banking
career in 1967 at
F irst
Jam estow n. He
F irst Bank Biss - FOSS

Bank Underwrites Bonds
The Bank of N orth D akota has
underw ritten $3 million of M unicipal
Industrial Development A ct Bonds
(MIDA Bonds) for the City of
Bismarck. The bonds will finance the
construction of a two story, 45,076
square foot facility in south Bismarck
for the D akota M ental H ealth and
R etardation Foundation.

Advanced in Fargo
George W. Schwartz, president of
F irst National Bank of Fargo, has
announced the election of Thom as E .
Hansen to vice president and
m anager of the commercial loan
departm ent.
Mr. Hansen has a BS degree from
the U niversity of N orth D akota at
Grand Forks. He worked for
N orthw est Bancorporation prior to
joining F irst N ational in 1976. Mr.
H ansen m ost recently served as
commercial loan officer.

N orthw
estern Banker, July, 1981
Federal Reserve Bank of St. Louis


The S tate Bank of Kenmare has
amended its articles of incorporation
to increase capital stock from
$400,000 to $600,000 by s to c k #

American Express Offers
Express Pac in Europe


American Express Company re­
cently announced the European
introduction of its U.S. Dollar
Travelers cheques in a tri-lingual £
Express P a c —a pre-packaged a sso rt­
m ent of Travelers Cheques w orth up
to $1,500 in denominations of $10,
$20, $50, $100 and $500. All usage
and refund inform ation in t h e ^
European Express Pac is in French,
German and English.
According to Michael E. Lively,
president of American E xpress’
Travelers Cheque Division, f o u r ^
countries will begin selling Express
Pac Travelers Cheques by early
sum m er—The N etherlands, G er­
m any, Switzerland and the United
Kingdom. A 12-month roll-out £
throughout the rest of Europe is also

marck in 1975. Mr. Foss holds a
m asters degree from N orth D akota
MHT Trust Division
S tate U niversity.
Mr. W eism antel joined F irst Bank Directs Edie Investments
Aberdeen, South D akota, in 1965.
M anufacturers H anover T rust
Since 1974, he has been a vice Company, New York, has announced
president of F irst Bank M adison, a th a t its tru s t division will assum e
branch of the National Bank of South direct responsibility for investm ent £
D akota.
activities at Lionel D. Edie &
Mr. Hilgers began his banking Company, a move designed to
career in 1969 a t first Bank enhance investm ent decision m aking
M innehaha, M innesota. He tra n s ­ at th a t subsidiary and expand the
ferred to the N ational Bank of South resources available to its institutional #
D akota in 1976.
and individual clients.


• n e w OFFICERS— M. Clare Mundell, exec, dir.; Henry A. Hitch, 1st v.p.; David R.
Wassenberg, pres.; George E. Cooke, past pres., and Donald Babbitt, second v.p.

Donald R. “Buzz” Wassenberg
Heads Wyoming Bankers
ONALD R. “ Buzz” W assenberg,
president, S tate Bank of Big
Piney, was elected president of the
W yoming Bankers Association a t its
^ 3 r d annual convention held at
TJackson Lake Lodge last m onth. He
succeeds George E. Cooke, director of
American N ational Bank, Powell.
Elected to assist Mr. W assenberg
jv e re : 1st vice president, H enry A.
uditch, president, F irst N ational
Bank of Casper; 2nd vice president,
Don H. B abbitt, president, Stockgrowers S tate Bank, W orland. M.
^Claire M undell continues as executive
Looking to the future, a task force
hs been established to study the role
of the Association. According to
^P resident Cooke, W yoming bankers
may soon establish a full-time office


and staff in Cheyenne. Currently,
Mr. M undell headquarters in L ara­
mie, and a Cheyenne legislative office
is m aintained and staffed by bankers.
Several new innovations were
made under President Cooke. The
Association revised its bylaws and
started an annual conference for
Key Speaker
David S. Broder, political colum n­
ist for the W ashington Post, told
bankers th a t a basic and fundam ental
change may be going on in
W ashington. He based his reasoning
on three forces. One, inflation, which
has threatened our value system th a t

LEFT— Pres. George E. Cooke, dir., American Nat’l. Bk., Powell;
A. Edward Kendig, pres., First Nat’l. Bk., Wheatland, and M.
Clare Mundell, exec, dir., WBA. Speakers included David S.
Federal Reserve Bank of St. Louis

we all grew up under. Two, loss of the
U.S. position as the leading world
power, and three, social conservatism
brought on largely by the significant
m inority who are disturbed by the
radical changes made in the last 20
years. He concluded th a t the mood in
W ashington is more hopeful than it
has been for a long time.
C.C. Hope, p ast president of the
American Bankers Association, told
delegates th a t ABA is pressing for
repeal of FIR A and the Com m unity
R einvestm ent A ct, along with
deregulation in some 12 other areas,
including interest rate ceilings.
On the subject of banking
structure, Mr. Hope said th a t there is
a wide variance of opinion am ong the
400 bankers th a t make up the ABA
Leadership Conference. A t this
point, ABA does not support repeal
of the M cFadden or Douglas A cts,
according to Mr. Hope, and he does
not feel th a t any changes will be made
either this year or next year unless
som ething drastic happens.
Discussing interstate banking,
Mr. Hope said th a t troubled financial
institutions m ay now be merged with
like institutions either within or
w ithout a given state. He reminded
delegates th a t no Federal legislation
is required for holding companies to
cross state lines. All th a t is needed is
a reciprocal agreem ent between
states. A laska, Maine, and Delaware
favor such action.
The Honorable Alan Simpson,
U.S. Senator from Cody, and B.
LaRae Orullian, president of The
W omen’s Bank N .A ., Denver,
completed the speakers program .
As is custom ary, the annual golf
tournam ents, fishing derby, and
tennis m atches dom inated the social

Broder, Washington Post, and C.C. Hope, past pres., American

Bkrs. Assn.

N orthw estern Banker, July, 1981


More Pictures from the Wyoming Convention

LEFT— Bart Smith, pres., Western Nat’l. Bk., Casper, and wife,
Pat, and Jack Bennick, sr. v.p., Stockmen’s Bk. & Tr. Co.,
Gillette. RIGHT—George L. McFadden, mkt. off., First Nat’l. Bk.,

Omaha; John Martin, pres., First Wyoming Bk., Hannah, and Bill
Tumelty, v.p., Central Bk. & Tr., Denver.

LEFT— Robert E. Lee, pres., First Nat’l. Bk., Denver; John
Guthrie, chmn., Bank of Laramie, and wife, Pat. RIGHT—Joe
McChristian, a.v.p., Correspondent Resources (Citicorp),

Minneapolis; Mrs. Homer [Pill] Scott, and Homer Scott, dir.,
Bank of Commerce, Sheridan.

LEFT— Robert Anderson, dir., Stockgrowers St. Bk. Worland;
John Edmiston, sr. v.p., Denver Nat’l. Bk., and Jay Bordewick,
pres., First Wyoming Bk., Casper. RIGHT— John Long, sr. v.p.,

American Nat’l. Bk., Riverton, and Larry Hansen, v.p., United
States Nat’l. Bk., Omaha.

N orthw
estern Banker, July, 1981
Federal Reserve Bank of St. Louis

and has a BS degree in accounting Wilson to vice president and G.
Wyoming Bancorporation
Robert Jourgensen to the m arketing
Brigham Young U niversity.
^Announces Changes
Two new additions to the board of departm ent, and the additions of
J . W illard Merrill has been W yoming Bancorporatoin have also Douglas W. M artin as operations
prom oted to vice president and been announced. F. Peter Zoch, officer and Jam es R. Belcher as a vice
treasurer of W yoming Bancorpora- president of N etter International president-com m ercial loans.
®tion, it has been announced by David L td., a financial services holding
Ms. Wilson has been w ith the bank
R. Johnson, president and chief company, and Glenn W. Nielson, eight years and is a loan officer in the
president of Nielson Enterprises In c ., commercial loan departm ent. Mr.
executive officer.
Mr. Merrill will assum e responsi­ an oil and gas exploration and Jourgensen joined the bank in
bilities as chief financial officer for the production company, expanded the November 1980 in commercial loans
^corporation, after previously serving board to 14 members.
and now is vice president of
as controller. Prior to joining
m arketing. Mr. M artin was previous­
W yoming Bancorporation, he was
ly a loan officer and operations
First Wyoming Promotions,
vice president and accounting officer
supervisor for the Citizens Bank of
for F irst H ardin N ational Bank and Robert Bryans Honored
Elma. Mr. Belcher was m ost recently
^ T ru s t in Elizabethtow n, Ky.
Ja y F. Bordewick, president, F irst vice president-com m ercial loans with
Mr. Merrill is a certified public W yoming Bank-Casper, has announ­ the Pueblo Bank & T rust Co. in
accountant, a chartered bank auditor ced the prom otions of Paula J. Colorado.

Convention Report
The M ontana Bankers Association
annual convention was underw ay as
^ th is issue was being printed. A
complete report w ith pictures is
scheduled for the following issue.
Robert L. Reiquam, president F irst
N ational Bank in Miles City, was
^ s la te d to succeed Jerry B. W allander,
president, F irst S tate Bank of Froid,
as MBA president.

Two Helena Promotions

F irst Bank Helena has prom oted
Georgene Kemp to auditor and
Steven L outtit to instalm ent lending
officer, according to Earl W.
Johnson, president.
Ms. Kemp joined F irst Bank
Helena in M ay, 1975 in the general
operations departm ent and has
recently served as acting auditor.

^First Bank Havre Forms
Junior Board of Directors
Gordon Clarke, president of F irst
Bank H avre, has announced the
form ation of a Junior Board of
^ D irectors. The board will consist of
ten students from eight area high
schools. Selection of board members
was based on academic records,
—school involvement, integrity, a tti­
t u d e and leadership potential.
Federal Reserve Bank of St. Louis

According to Mr. Clarke, the
purpose of the F irst Bank H avre
Junior Board will be to introduce
students to bank m arketing, opera­
tions, lending, and general banking
principles. In addition, students will
participate in discussions with
representatives from corporate enti­
ties, sole proprietorships, agricul­
ture, energy production, investm ents
and education.
Junior board members will repre­
sent the bank as Junior Directors at
official bank events. Regular activi­
ties include eight m onthly m eetings
during the school year beginning in
Septem ber. Participation will be
recognized as an extra curricular
activity of those participating

Miles City Co. Approved
The Federal Reserve Bank of
M inneapolis has announced its
approval of the application by
Security BancShares of M ontana,
Inc. to acquire F irst Citizens B ank of
Miles City.

First Northwestern Bank
Offers Prime Cash Fund
F irst

N orthw estern



Billings has introduced to investors
an alternative to money m arket
m utual funds.
According to A1 W eingardner,
president, the Prime Cash Fund
combines the high yield of a 26-week
savings certificate of deposit with the
accessibility of a checking account.
An initial deposit of $10,000 or more
is required, which purchases the
Prime Cash Fund Certificate. Cus­
tom ers may then access a line of
credit equal to the initial deposit level
via checks or telephone.

Bank of Montana System
Reports Stock Purchases
Bank of M ontana System reported
in its proxy statem ent th a t a group
headed by M innesota businessm an
Stephen Adam s has boosted its share
in the company to 352,600 shares, or
about 44% of the common o u tsta n ­
Stodk purchases were made on the
open m arket or from individuals from
October 1980 through April 1981,
said the bank holding company. The
$388,000 of subordinated debentures
th a t were converted into 23,044
common shares, Bank of M ontana
Mr. Adam s, 43, who has holdings
in a num ber of other banks in
Colorado, South D akota and M inne­
sota, said he has an option to buy an
additional 30,000 shares th a t would
increase the group’s stake by about
another 4 %. The purchases are
prim arily for investm ent purposes,
he said. The group, which holds two
directors’ seats, doesn’t plan any
changes in bank m anagem ent, Mr.
Adam s said.
N orthw estern Banker, July, 1981

appointed to the ABA Council t ( ^
replace Don Farm er, whose term o ir
the Council expires in October, 1982.
Mr. Farm er resigned recently as
president of Rocky Ford National
For Don A. Childears, executive
m anager of the CBA, the convention
will be a memorable one. F irst, an
all-time high of 1,100 persons were
registered and a record num ber o ^
nearly 1,000 attended the annual
banquet and entertainm ent. Then, as
a topper, Don and his bride of less
than one year made a hurried trip to
Denver early on the last m orning o j^
the convention (Saturday) where
both received their Ju ris Doctor
degrees from the U niversity of
Denver Law School. Don previously
received a BSBA in m arketing degree^
from Colorado S tate U niversity at
F t. Collins and had been attending
night law school to earn his law
degree. His wife, Dinah Lewis,
received her BS degree in accounting^
OFFICERS of the Colorado Bankers Association for 1981-82 are, from left: Pres.—W.W. from the U niversity of Denver, her
[Peter] Grant, pres., Colorado National Bank, Denver; Chmn. & immed. past pres.—James
from the U niversity of
J. O’Dell, pres., Platte Valley Bank, Brighton, and vice pres.—Allen R. Koeneke, chmn. & MBA
Colorado at Boulder and has passed
pres., First Natl., Rifle.
the exams as a Certified Public
A ccountant.
Following the convention them e of
F irst N ational Bank, Rifle. He won “ Horizon ’81 —Unify for Fair Compe­
on a close ballot count, 114-100, over titio n ,” opening speaker C.C. Hope,
E ditor
John L. Pieper, chairm an and J r., chairm an of the ABA Council,
LECTED president of the president of Farm ers S tate Bank in said he doesn’t believe Congress w ill#
Colorado Bankers Association at Calhan. Of the other 115 banks in the change the M cCarran A ct or the
the 80th annual convention a t The state, four are non-members, and 111 Douglas A m endm ent “ until bankers
Broadmoor in Colorado Springs last member banks did not vote.
call for it with a unified voice.” He
m onth was W .W . (Peter) G rant,
Colorado will have two new said the ABA Task Forces on
president and chief executive officer representatives on the ABA Council. deregulation and inflation are s till#
of Colorado N ational Bank, Denver. J. Robert Young, ABA state vice pursuing their interest on behalf of
He succeeds Jam es J . O ’Dell, president, is completing his second bankers and the public with
president of P latte Valley Bank in year on the Council and will be appropriate federal officials.
succeeded after the ABA convention
Richard M. Scammon, director of
Following a paper ballot election this fall by Mr. O ’Dell for a two-year the Elections Research Center i n #
between two candidates, it was term . Mr. Young is chairm an of W ashington, D .C., said he believes
announced th a t the new CBA vice Valley Bank & T rust in Glenwood the Senate in 1982 will rem ain
president for 1981-82 is Allen R. Springs. N orm anM . Dean, president Republican since tw o-thirds of the
Koeneke, chairm an and president, of United Bank of Greeley, was seats up for reelection are occupied


W.W. [Peter] Grant Heads Colorado Bankers


Dinah Lewis and Don Childears, CBA exec, mgr.; CBS’ Andy
Rooney; Pete Grant, new CBA pres., and his wife, Rhondda.

CBA Pres. O’Dell (center) presented 50-year plaques to George E.

N orthw
estern Banker, July, 1981
Federal Reserve Bank of St. Louis

McClelland, First National Bank of Southglenn (left), and Leland
L. Reinecker, vice chmn., Bank of Burlington. A third recipient,
Donald T. Carney, was not present. He was with A ffilia te d #

Bankshares until retiring recently.

At United Bank of Denver we have
the best Correspondent Bankers
in the Rockies and Eastern Plains.
And to stay out in front, we’re
always trying to find ways to serve
our customers better.
In the field of Correspondent
Banking that means seeing our
customers more often. Getting to
know their banks and their needs.
In short, we believe the best
service comes from knowing the
customer best.
That’s why our nineteen Corre­
spondent Bankers are going to be
spending up to 40% of their time

D on'tc a ll
We're callin g on you.
Federal Reserve Bank of St. Louis

on the road calling on you. Not sit­
ting behind their desks. The phone
company may not like our style,
but we’re sure our customers will.


8$United Bank of Denver
Correspondent Banking Group
1740 Broadway
Denver, Colorado, 80217
(303) 861-8811
National Association,
Member FDIC


Colorado News

Darcy Myers, comm. bkg. off., United Bankof Denver; Donna and
Conrad Kern, pres., Mountain Financial Services, Inc., Denver,
and Jan Campbell, a.v.p., United Bank of Denver.

Bill Vanden Eynden, v.p., Aurora Mountain Bank; Dennis
Nowfel, pres., Aurora Mountain Bank, and his wife, Janis; Bob
Dressel, sr. v.p., United Bank of Denver, and Del Arnold, v.p.,
Citadel Bank, Colorado Springs, and his wife, June.

Don Farmer, Rocky Ford; Bob Lee, pres., 1st Natl., Denver, and
his wife, Page; Frankie and Bill Tutt, pres, of The Broadmoor and
dir., 1st Natl., Denver.

Whit Eastman, exec, v.p., 1st Natl., Gunnison, and Peg; T e rr^
Tangen,v.p., 1st Natl., Denver; Janie and Joe Sylvan, sr. v.p., 1st

RoyceClark, pres., 1st Natl., Greeley, and his wife, Alma; Cappy
and Walt Orr., chmn. & pres., Lakeside Natl., Denver, who were

Mary Cloonan, 2nd v.p., Continental Bank, Chicago; H o b ar^
Knight, pres., 1st Natl., Paonia; Jennifer Montgomery, bkg®
assoc., Continental Bank, Chicago; Harry Devereaux, a.v.p., 1st
Natl., Denver, and his wife, Debbie.

celebrating their 33rd wedding anniversary.

Natl., Denver.

now by Dem ocrats. He doubts th a t and economist for A ubrey G.
Republicans will win the House. “ The Lnaston & Co., Inc., New York,
best to hope for is some gain s,” he spoke at the second general session
added. He believes also th a t if the next m orning and took issue w ith
President Reagan is healthy in 1984 Mr. W anniski, contradicting his
at the age of 73 he will have no assessm ent of the value of supply side
difficulty in winning reelection. economics.
Ju d e W anniski, President Rea­
Dr. Jones says p art of the F ed’s
g an ’s economic advisor and president trouble is Beryl Sprinkel, Treasury
of Polyconomics, Inc., M orristown, U ndersecretary for M onetary Affairs,
N .J ., gave a strong case for the “ telling Chairm an Volcker he’s not
A dm inistration’s supply side econo­ p u ttin g the screws on
tig h t
mics . He feels strongly enough about enough—he’s a dedicated Friedm an
it th a t he stated, “ Supply side m onetarist. Two weeks ago Mr.
economics will dom inate not only the Volcker sent a m essage to the W hite
United S tates b u t the rest of the free House to get Sprinkel off his back, or
world the balance of this cen tu ry .’ he’d quit. The W hite House told
Dr. David M. Jones, vice president Volcker to s ta y .”

N orthw
estern Banker, July, 1981
Federal Reserve Bank of St. Louis

Two workshops were presented.
Time and Stress M anagem ent w e r ^
offered by John Allen, former banker.
“You M ake the Difference” in good
custom er relations was given by
Tommy G arrett.
Two television personalities also
appeared on the CBA program . Andy
Rooney, best known for his brief
vignettes of hum or on the “ 60
M inutes” Sunday night show o r ^
CBS, displayed his usual charm and
dry hum or at the noon luncheon.
H ugh Downs was the final program
speaker, looking a t “ A N orm ative
F u tu re .” He is host/com m entator oIa
“20/20” on ABC television.


to service is
your Source of
strength in
Federal Reserve Bank of St. Louis

First of Denver is the source you can
depend on
for prompt, decisive answers and
action on your loan participation requests,
for the newest, most comprehensive
cash management systems,
for an availability schedule which sets
the standard in the Rocky Mountain
for highly skilled bankers who make it
their business to anticipate changes in the
agri-business and metro markets that can
affect your bank and customer needs.
And we respect and protect the
integrity of your customer
So consider the Source.
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think First. First of Denver

N orthw estern Banker, July, 1981


Colorado News

Don Echtermeyer, sr. v.p.; Jim Fallon, a.v.p., and Rick McElroy,
corr. bk. off., hosting the reception line for Central Bank of
Denver’s annual breakfast.

Larry Mathes, pres., Central Bank, Aurora, and his wife, Ginny,
and Tina and John McLaughlin, v.p.-cash., Central Bank, Aurora.’

John Clements and Jim Allen, both v.p.’s, Omaha Natl., Omaha^
and Carol and Dave Hamill, pres., Independent State Bank o f
Colorado, Denver.

i iwAiuii wwi i hi lui il iy uai i r\, oieve ou I 1UM,
Lincoln Benefit Life Ins. Co., Lincoln, Nebr., and Lavelle Craig!
In. off., Alamosa Natl.

i \ v i ti i i v i l a i c y ,

Gene Foncannon, sr. v.p., 1st Natl., Kansas City, and his wife,
Harriet, and Cathy and Sam Addoms, pres., Denver Natl.

Bob Boldig, pres., University Natl., Ft. Collins, and his wife, Sue,
and John Edmiston, sr. v.p., Denver Natl.

Byron Thompson, vice chairman, and Jeannie; E.L. Burch, exec,
v.p., and Anita; Dick King, pres., and Judy, and Dick Muir, v.p.,
all with United Missouri Bank of Kansas City.

Bill Morr, exec, v.p., First State, Idaho Springs; Karin and B obA
Gibbs, dir., Bank of Evergreen, and Dick Muir, v.p., United W

N orthw estern Banker, July, 1981
Federal Reserve Bank of St. Louis

Missouri Bank of Kansas City.

Colorado News



More Pictures from the Colorado Convention

HenryCzerwinski,1stv.p., Federal Reserve of Kansas City; Gene
Stringer, v.p., Shearson Loeb Rhoades inst. funds dept., Denver,
and Ed Lichtwardt, sr. dist. mgr., American Express, Denver.

>Named V.P. in Lakewood
A. Dean Lund has been appointed
vice president of U nited Bank of
cording to Thom’as K. Courson,
senior vice presi­
dent. Mr. Lund
will be m anager
of the commercial
’banking d ep art­
m ent. He is a
graduate of State
U niversity
Iowa, and for the
p ast 19 years has served in various
capacities at the U nited Bank of

Steve Anderson, a.v.p., 1st Natl. Lincoln, and his wife, Verona;
Steve Patrick, pres., 1st Natl., Estes Park, and his wife, Norma,
and Linda and Gary Bieck, v.p., 1st Natl. Lincoln.

recently filed an application for a
national charter for a new bank at
B attlem ent M esa on Colorado’s
W estern Slope. B attlem ent Mesa,
located 16 miles west of Rifle, is a
town being developed by Exxon in
conjunction with their oil shale

Tech Center Promotion

N ational Bank of Center. The
combined assets of the six banks
totalled approxim ately $170 million.
The aggregate consideration was
approxim ately $30 million. Paym ent
consisted of slightly less than half in
cash and the rem ainder in 9 %
preferred stock, convertible into
Affiliated common stock at $36 per

G arth Thom as, president of
Colorado Bank - Tech Center in Bruce D. Alexander Retires
Denver, has announced the recent
Bruce D. Alexander has retired as
election of Mayo S. (Corky) Dodd to vice chairm an of the F irst National
vice president.
Bank of Denver
after 32 years of
Advanced in Lakewood
service. He will
William R. Forgge I II, president of continue as a
Lakewood Colorado National Bank, director of the
has announced the elections of F irst
• Elected at Boulevard
B ancorporation,
M rs. Jerry Sheely, president of
Inc., parent com­
Boulevard Colorado N ational Bank in president and Charles A. Telles to pany of F irst of
Denver, announces the election of adm inistrative officer.
Mr. Page joined the bank in Denver, b u t will
Charles R. Frederickson to chairm an
Mr. Telles joined the retire from the B.D. ALEXANDER
® o f the board.
b ank’s board. He
Mr. Frederickson is president of
also will devote a portion of his time
Village Inn Pancake House, Inc.
to his post as chairm an of Property
Also announced were the elections Affiliated Bankshares
Investors of Colorado, a publiclyof two assistan t vice presidents — Acquires Six More Banks
held real estate investm ent tru st.
® N atalie Failing and Joseph WolkensAffiliated Bankshares of Colorado,
Inc. has announced the completion of
the acquisition of six banks located in Fed Approves Charter
CBI Elects Directors,
w estern Colorado.
An application for a charter by the
^ Files for New Charter
The joint announcem ent was made F irst National Bank of Lakewood has
Donald D. Hoffman, chairm an, by Thom as S. Moon, chairm an of been approved by the Comptroller of
Central Bancorporation, Inc., has Affiliated Bankshares, and by the Currency .
announced the addition of two Ronald L. Moore and Jam es H.
directors to the board;
A.L. Oliver, representing the shareholders
United Bank Advancements
• Feldm an, president and chief execu­ and directors of the banks.
United Bank of Denver has
tive officer of C ontinental Airlines,
The six banks involved in the
and Joseph R. Lincoln, president of transaction are M offat County State announced the appointm ents of
Bank, Craig; Colorado Bank & T rust Dennis S. Blum, Richard B. W igton
Central Bank of Denver.
Mr. Hoffman also announced th a t Co., Delta; F ruita S tate Bank; and Donald M. Quinn to vice
• CBI, a Colorado holding company M ontrose S tate Bank; Chaffee president. Alvin K. Lutz was named
owning 13 banking establishm ents, County Bank, Salida, and F irst vice president and security officer.
Federal Reserve Bank of St. Louis

N orthw estern Banker, July, 1981



t » v * s " 1"’
„ t i O ^ Vr H Í ' *
iS e ^ ^ Ä l
■ 5 l& l v . a . 3LtV » ^ « >, Mo
< #o ^■ t l ^ - 13

tV ie

t í^ C
estern Banker, July,
Digitized Nfor
Federal Reserve Bank of St. Louis


c C e^ e ' 4o2?) 47

^ V


Moines, la ., and will
headquartered in Norfolk.


Joins Staff at Holdrege

W. W. C o o k, J r . , p re s ., B e a trice
R .M . B everage, exec. v . p . , L in co ln

MBHC Law Is in State of Suspension
than one m onth after it
was enacted into law, then
^ s ig n e d by N ebraska Lt. Gov. Roland
Luedtke on June 1, the m ulti-bank
holding company law appears to be in
a sta te of limbo. Legalities surround^ in g the actual passage of the bill and
Wits signing by the Lt. Governor in the
absence from the state of Gov.
Charles Thone have throw n a cloud
over the law th a t apparently will be
^reso lv ed only by the highest court.
LB 376 authorizes m ulti-bank
holding companies to acquire up to
nine banks with deposits equal to no
more than 10% of the deposits of
^ b a n k s and savings and loans
combined in the state. Each bank also
could have up to four full-service
offices within its comm unity. The bill
was opposed by the N ebraska
^ B a n k e rs Association and the N ebras­
ka Independent Bankers A ssociation,
b u t supported by several of the
largest banks in the state.
A t press tim e, there was no
^indication of when or how the new law
would be contested.


Independent Bankers Association of
America. He has served on several
national com m ittees of the American
Bankers Association and was head of
the Installm ent and Correspondent
Committees of the N ebraska Bankers

Louis T itus, president of the F irst
N ational Bank of Holdrege, has an ­
nounced the ad ­
dition of Ron
S terr to the staff.
Mr. S terr has
been an assistan t
vice president of
Commercial Fed­
eral Savings and
L oan’s Holdrege
branch for the
p ast five years.
He is a graduate
of the U niversity of N ebraska at

Bank of Millard Elects

Directory Correction!

The Bank of M illard in Omaha has
elected Lowell E . Boetger as a senior
vice president. He will continue to
serve in commercial loans and
investm ents.

The 1980 year-end figures for the
N orth P latte S tate Bank were
inadvertently om itted from the 1981
N ebraska Bank Directory. Directory
subscribers m ay attach the following
information to page 107, where the
N orth P latte S tate Bank listing is

New Bank Examiners
David C. Melena and Daniel T.
McKee, both assistan t national bank
examiners since 1976, have been
commissioned as national bank
examiners. Mr. Melena is a graduate
of the U niversity of NebraskaLincoln and will remain headquar­
tered in Omaha. Mr. McKee is a
graduate of Drake U niversity in Des

Directors - Richard Coleman, Samuel Gillette, Hugh
Hansen, C.F. Heider, Jr., Homer Loutzenhelser, Gary
Meyer, Robert Phares, Zane Scheer, E.H. Shoemaker,
Jr., Ronald L. Schwlndt.
Cash & Due
$ 2,736,000
U.S. Securities
2,464,000 Capital
Other Securities
6,566,000 Surplus
FF Sold
2,650,000 P&R
Natl. B. of Comm., Lincoln; First N.B., Lincoln;
United Bk. of Denver; Continental Bk., Chicago.

Siouxland National Holds Grand Opening

Joins First of Omaha
The executive comm ittee of the
First National Bank of Omaha an ­
nounces the ap ­
pointm ent
Charles R. Leffler, Sr. as adm in­
is tr a tiv e officer.
He will m aintain
an office in Lin­
M r.
►owner of three
comm unity
banks in N ebras­
ka and K ansas,
N ebraska banker will work from his
^Lincoln office assisting F irst N ation­
al Bank with general business in
Lincoln, as well as in the commercial
and correspondent banking business
fcof the bank.
9 He is currently on the faculty of the
Federal Reserve Bank of St. Louis

NEW South Sioux City Bank features unique design and earth-toned colored interior.

IOUXLAND N ational Bank in
South Sioux City held a grand
opening attended by approxim ately
3,000 recently. Num erous drawings
were held and Tom Osborne, head
football coach of the N ebraska
Cornhuskers, greeted those a tte n ­

The bank opened in a tem porary
facility in December 1980 while
aw aiting the completion of the new
4,000 square foot building. Fran
Palmersheim, president, reported
th a t within the first m onth of
operation over $1 million in deposits
were received and assets doubled.
N orthw estern Banker, July, 1981




Mr. Thrasher joined the bank in
1980, and is a graduate of Bellevue
College w ith a degree in business.

Donald J. Murphy, chairm an of
the United S tates National Bank, has
announced th a t Robert A. Harris has
been named second vice president
and Susan C. Wintroub has been
elected credit officer and m anager of
the credit departm ent.

conducts through her company, Geil
Browning and A ssociates of Omaha.
Election of these officers followed
the presentation: President-Evelyn
Schafer, Douglas County Bank &
T rust Co. of Omaha; Vice President Debra Kraft, U.S. N ational B ank of
Omaha; Secretary-Diane Piccolo,
F irst W est Side Bank of Omaha, and
Treasurer-Vickie Neuhaus, Bank of

Several officer appointm ents have
been announced by John D. Woods,
board chairm an and chief executive
officer of the Omaha National Bank..,




Mr. H arris joined U .S. N ational in
1979 as a correspondent banking
officer after four years
N orthw estern National Bank of
The topic of another recent Mid
Norfolk, Nebr. He received a degree
in business m anagem ent from the Plains NABW m eeting was “ People
Em bry-Riddle Aeronautical U niver­ Problems Equal Personnel.” Panel
members included Alice Weimer,
sity in D aytona Beach, Fla.
Ms. W introub joined the bank in personnel officer, F irst National
1980 as a regional credit trainee. She Bank of Bellevue; Anne Jensen,
personnel officer, Center Bank;
graduated from Boston U niversity.
Vickie Neuhaus, personnel officer,
* * *
Bank of M illard, and Joann Hagerty,
American N ational Bank has personnel officer, Ralston Bank.
elected Michael R. Marsh as an
* * *
assistan t cashier and m anager of data
processing. He has been active in the
data processing field since 1968. He
Edward A. Kohout, president,
joined American National in 1980.
N orthw estern N ational Bank, has
* * *
announced the promotion of James
E. Stewart to assistan t vice
A pproxim ately 60 members and president-commercial
guests of the Mid Plains Group of the Michael Thrasher to real estate loan
National Association
of Bank officer.
Women attending a recent m eeting
Mr. Stew art graduated from the
heard Dr. Geil Browning speak on U niversity of N ebraska w ith a BS
“ Six Steps to M ature Sim plicity.” degree in banking and finance. He
The presentation is a portion of a joined N orthw estern p art tim e in
two-day seminar, “ Up the Leader­ 1971 and became a full time m anager
ship L adder,” which Dr. Browning in 1976.
DigitizedN orthw
estern Banker, July, 1981
Federal Reserve Bank of St. Louis


Leonard Olsen was named a vice
president. Mr. Olsen, who joined the
bank in 1962, appointed second vicq^
president in 1975 and currently heads
loan operations.
Prom oted to second vice president
was Carl F. Nielson. Mr. Nielson
joined the bank in 1977 as a r ^
attorney. He was appointed an officer
in 1979.
O ther officer appointm ents in­
clude: Rodney Kinman, control
officer; Richard Martin, tru s t o ffic e r^
Marilyn Dillon, assistan t tru st
officer; Gary Rowe, assistan t loan
officer; Patricia Selk, assistan t
m arketing officer, and James Turner,
assistan t investm ent officer.
* * *
Ronald Reiser has been appointed
an officer and assistan t secretary to
the board of directors of Realbanc ^
Inc., according to Keith Morphew,
Realbanc board chairm an and
Mr. Reiser joined the legal staff of
Realbanc, an Om aha-based m ortg ag e^
banking firm, last year. Prior to th a t
he worked in the Omaha N ational
B ank’s legal departm ent. Realbanc
and the Om aha National Bank are
both subsidiaries of Omaha N atio n al^

Jim Flodine, George McFadden, Fred Kuehl, Don Ostrand, Ralph Peterson.

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president, chief operating officer ancL
a mem ber of the board. Prior to bein®
with the F irst N ational Bank of
Bellevue, he was a vice president at
the Ralston Bank in commercial
Mr. H offm aster is a graduate of th ®
U niversity of N ebraska a t Lincoln.

Robert B. Moyer Joins
Staff of Stromsburg Bank

Karen Kleman of National Bank of
Commerce has been elected president
of the Lincoln chapter of the
American In stitu te of Banking, Inc.
for the 1981-82 year. She succeeds
Stan Maly of F irst National Lincoln.
O ther officers elected are Helen
Adams of Gateway Bank & T rust
Co., first vice president; Ava Beeman
of F irst N ational Bank, second vice
president; Denise Otto of Havelock
Bank, secretary, and Bob Kment of
Gateway Bank, treasurer.
* * *
Three National Bank of Commerce
T rust and Savings employes were
elected officers
Carlson was elec­
ted tru s t tax
officer. Ms. Carl­
son has a businness degree from
N ebraska W es­
leyan U niversity.
She was a senior
Peat, Marwick, Mitchell & Company
before joining NBC in 1980.
Stan Foster was elected credit
adjustm ent legal officer. Mr. Foster
has been NBC consumer division
legal counsel since 1979. He holds a
law degree from the U niversity of
N ebraska College of Law.
Jan Spale was elected money



orthw estern Banker, July, 1981
Federal Reserve Bank of St. Louis

position officer. Ms. Spale has held
the position of investm ent secretary
and assum ed the position of the
money position desk in 1978.

Hoffmaster Named President
Of First National-Bellevue
Jo n D . H offm aster has been named
president and chief executive officer
of the F irst National Bank of
Bellevue. M r. H offm aster joined the
bank in July, 1980 as executive vice


Robert B . M oyer joined the staff of
the Strom sburg bank as assistan t
vice president on Ju ly 1. For the past
two years he has been a ban]^
examiner w ith the Federal Deposit
Insurance Corporation.
Mr. M oyer received his bachelor of
science degree from the College of
Business A dm inistration at t h ^
U niversity of Nebraska-Lincoln in
1979. He is a native of Wood River,
N ebr., and attended schools there.
A fter he moves to Strom sburg,
Mr. M oyer will be m arried on O c to b e r
17 to Ju d y Sapp of Millard.
His father, Charles E. M oyer, is
chairm an of the Strom sburg Bank
and president of the Bank of Wood

Visa Will Introduce a Premium Card
H E Visa International board of
directors has set November 1,
1981, as the date for the introduction
of V isa’s new prem ium card services,
subject to final approval of a formal
business plan, Dee W. Hock,
president of Visa International, said
recently in San Francisco.
The board also authorized a m ajor
study, due within three m onths, to
identify all the technical problems
and service issues th a t m ust be
resolved in order to inaugurate a
worldwide system of shared ATM s.
Charles T. Russell, president, Visa
U .S .A ., noted th a t the Novem ber 1
start-up date for the Visa prem ium
card would m ark the second
anniversary of the launching of the
Visa Travelers Cheque.
“ Our goals for the premium card
are the same as they were for the
travelers cheque—to become the
dom inant force in the m arket within
five y e a rs,” Mr. Russell said. “ We
expect to capture 15% of the m arket
in the first year and 50 % within five
y e a rs.”
“ The use of a shared network of
ATM s will help smaller institutions
become com petitive on a worldwide
basis w ith the m ulti-national finan­

cial in stitu tio n s,” he said.
Jam es M. G rant, general m an ag er
for product developm ent, said the
Visa prem ium card program will
introduce improvem ents in the Visa
system th a t will benefit all V i s ^
Mr. G rant added th a t a key feature
planned for the prem ium card
program would be extensive use of
shared ATM s for electronic access t<^
currency and travelers cheques.
Mr. G rant noted th a t V isa’s
planned alternative to money m arket
funds and cash m anagem ent type
accounts would also be available tqp
premium card-holders whose in stitu ­
tions participate in the program .
He said the prem ium card would
provide a wide variety of other
features. These include:
• V isa’s worldwide acceptance at
more th an three million m erchant
• Personal check cashing p riv ile g e ^
at selected T & E locations.
• Corporate Card services.
• Prestige line of credit.
• G uaranteed hotel reservations.
• Travel insurance services.
• Card registration and replacem ent.


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13th & M Sts. • P.O. Box 81008 • Lincoln, NE 68501
Phone: (800) 742-7462
Member, F.D.I.C.
Federal Reserve Bank of St. Louis

N orthw estern Banker, July, 1981


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That's w h y so m a n y Iowa
bankers rely on Bankers Trust for
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We h a v e the resources — both
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all of your EDP a n d c a sh letter
activities from our Des M oines of­
fice or our n e w C edar Rapids
rem ote location, serving Eastern
Iowa banks.
For co m p lete inform ation on
Bankers Trust EDP services, c a ll
our Correspondent Banking D e­
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Member: FDIC/
Federal Reserve System

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Use our toll-free WATS line:

N orthw estern Banker, July,
Federal Reserve Bank of St. Louis



lowansTeam Up for Florida Bank Project
perm its have color scheme will include white tile in
been obtained to proceed w ith the heavy traffic areas, and shades of
development of new banking facilities bright green carpet with cane, oak,
for the F irst National Bank in Lake chrome and yellow accent colors.
City, Fla., according to President
K.C. Trowell. The owners are Iowa American Trust of Dubuque
^ b a n k e rs Paul Dunlap, W .A. Krause
and A.C. Benton. The Kirk Gross To Sponsor Pops Concerts
American T rust & Savings Bank of
Company of W aterloo is in charge of
the project, and estim ates completion Dubuque, in cooperation w ith the
Music Performance T ru st Fund and
in approxim ately 10 m onths.
^ The site, at U .S. Highway 41 and the Dubuque M usicians Association,
M adison Street, will be cleared and have anounced the second season of
the existing vaults and columns will “The American T rust Pops Concert
be reused as supports of the one B an k .’’ As in its inaugural season
story, 8,000 square foot building. The last summer, the 30-member band
^ la y o u t provides for three lanes for will be directed by Dan Fairchild,
drive-up traffic, night deposit and director of bands a t the U niversity of
W isconsin- P latteville.
ATM usage.
The eight free outdoor concerts will
The entrance of the building will be
designed with radius m aterials of tile, begin in May and will be held
^ g la ss and plaster. Six tellers and two throughout the summ er m onths. In
note tellers will be accommodated. A addition, there will be a special free
circular double reception station will C hristm as concert on M onday,
direct custom ers to loan officers. December 21, 1981 in the Five Flags
Private conference rooms will be Theater.
^available, as well as coupon booths
for safety deposit box inventories. Sac City Controlling
Five hundred additional safety
Interest May Be Sold
deposit boxes will be added.
A m ulti-purpose board room,
George H. Pingrey, president, Sac
^em ploye lounge and rest room City S tate Bank, has announced th a t
facilities and storage areas round out the G arst family of Coon Rapids has
the space allocation. The interior made an offer to purchase the Jones
o n s t r u c t io n


family interest in the bank. The sale
is subject to regulatory approval.
A.W . Jones organized the bank in
1926, and upon his death the
controlling interest passed to his son,
Robert V. Jones. Robert Jones died
in Jan u ary , 1973, and since th a t time
their interest has been held in tru st.
The sale of the Jones interest will end
some 55 years of bank ownership by
th a t family.
Mr. Pingrey said if the acquisition
is completed, no personnel changes
are anticipated. Mr. Pingrey has been
president for the p ast 19 years. Larry
L. Reding serves as executive vice

Marion Officer Changes
President Morris F. Neighbor of
Farm ers S tate Bank, M arion, has
announced the following officer
changes and new officers:
David D. Etzel, vice president and
business developm ent officer.
Robert K. Wilhelm, vice president.
Allen Shedek, assistan t cashier
and personnel officer.
Eula Wood, teller supervisor.
Dorothy Gabriel, drive-up super­
M arlene M. Koppes, and Dorothy
Grenis, executive secretary.

Named SBA Banker Advocate
Robert Scott, senior vice presidentcommercial loans at American T rust
& Savings Bank in Dubuque, has
been named as the Small Business
A dm inistration’s
Banker Advocate for E astern Iowa.
The announcem ent was made by
Arnold Feldman, SBA district
Mr. Scott studied a t the U niversity
of N orthern Iowa, the U niversity of
Iowa and John Hopkins U niversity.
He served as an Iowa state bank
examiner for 21 years.
Mr. Scott was cited for his
“ exemplary services which have
contributed to the success of the
small business com m unity.’’

Muscatine Manager Elected
The F irst National Bank of
M uscatine has elected Clair E. York
m anager of the new South Side office
of the bank located at 608 Grandview
Avenue. Mr. York joined the bank in
January, 1981, and has been involved
in an extensive training program . He
• A RCHITECT’S drawing of the First National Bank in Lake City, Fla. to be developed by was previously employed as p o st­
three Iowa bankers and the Kirk Gross Company.
m aster of the M uscatine Post Office.
Federal Reserve Bank of St. Louis

N orthw estern Banker, July, 1981


Iowa News

NEW OFFICERS for Gr. 5 are Secy. Donald L. Curry, pres., Farmers Sav. Bk., Massena, and Chmn. David N. Walthall, pres., State Bank &
Trust, Council Bluffs. RIGHT— O. JayTomson, chmn. of Gr. 3and pres., Citizens Nat’l. Bk., Charles City; Karl A. Scheld, sr. v.p. and dir.
of research, Federal Reserve Bk. of Chicago, who spoke at Gr. 3, and DonSabbann, pres., Corwith St. Bk. Mr. Sabbann moves up as chmn.
of Gr. 3, and Fred Hagemann, pres., State Bk. of Waverly, was named secy.

New Iowa Group Officers
H R E E groups in the Iowa
Bankers Association elected new
officers at the annual m eetings
recently. They are:
Group 3: Chairm an, Don Sabbann,
president, Corwith S tate Bank, and
Secretary, Fred H aggem an, presi­
dent, S tate Bank of W averly.
Group 5: Chairm an, David N.
W althill, president, S tate Bank &
T rust, Council Bluffs, and Secretary,
Donald Curry, president, Farm ers
Savings Bank, M assena.

Dunlap Board Changes
John Heller and Robert E . Jackson
have been elected to the board of
directors of Dunlap Savings Bank,
according to Richard Randall,
president. Mr. Heller is an oil dealer
in Dunlap. Mr. Jackson is superin­
tendent of Dunlap Comm unity
V ernW . Howe and Glen H. M illard
have retired from the bank board.
Mr. Howe served as a director for 25
years. Mr. M illard joined the bank
staff at age 16 in 1921, and was
named chief executive officer in 1934.
He retired from active m anagem ent
in 1961, bu t for the past 20 years
continued to serve on the board.

Bankers Trust Providing
New Processing Service
Bankers T ru st Company is now
providing a new service for its
correspondent bank custom ers in
eastern Iowa. A new D ata Processing
Center is now in operation in Cedar
The completely self-sufficient sy s­
tem includes a full range of

N orthw
estern Banker, July, 1981
Federal Reserve Bank of St. Louis

11. They are:
Group 1: Chairm an,
Group 7: Chairm an, William J . H arm s, president, F irst S tate Bank,
Beohm, president, Tam a S tate Bank, Brunsville, and Secretary, Bruce
and Gordon Wold, president, Powe­ Kolbe, president, Valley S tate B a n k ,^
shiek County Savings Bank, Brook­ Sioux City.
Group 11: Chairm an, William
In addition, Group 2 elected a new Logan, president, The S tate Central
secretary to replace Paul Gergen, Savings Bank, Keokuk, and Secre­
who has left his position as president tary, John F. O ’Neill, p resid en t,£
of the U niversity Bank, Ames. He is F irst N ational Bank, Burlington.
M cDerm ott,
Election will be held by Groups 4,
Home S tate Bank, Jefferson.
6, and 8 at the annual m eetings in
Previously announced were the 1982. The new officers take office at
new officers for Group 1 and Group the convention in Septem ber.
autom ated services and also has the
ability to handle conversions.
According to John M urano,
assistan t vice president of autom ated
custom er services a t Bankers T rust,
“The new system will provide
correspondents with another alterna­
tive for their processing needs. The
center will increase the b an k ’s ability
to serve its correspondent custom ers
while cutting transportation c o sts.’’
Joseph Goedken has joined the
Cedar Rapids staff as m anager and
program m er of the Center, along with
W alter J . A stor, who is serving as the
sales and service representative.

Council Bluffs Savings
Celebrates Anniversary
Council Bluffs Savings Bank
celebrated its 125th anniversary with
a week long open house recently.
B irthday cake was served to all
visitors, and m any exhibits and early
Council Bluffs memorabilia were on
Featured exhibits included U .S.
M int Congressional and Presidential
medals on loan from the Byron Reed
collection owned by the City of

Omaha. O ther num ism atica was on
special loan from the Boys Town
PhilaM atic Center. Several cases of
19th and early 20th century Council
Bluffs memorabilia collected by^
historian A rthur J . Rogers were
Council Bluffs Savings Bank is the
oldest bank in Iowa th a t continues to
operate in an unbroken line from its^
beginning in 1856 to the present. The
bank began when Grenville M. Dodge
and a partner, John T. Baldwin,
opened a bank named Baldwin &
Dodge Co., Bankers & Land A gents.
The bank became known as Council
Bluffs Savings B ank in 1870 under
the leadership of N athan Dodge. The
bank still has a Dodge family memberon its b o ard—Grenville’s great, great*
nephew, N .P . “ Sandy’’ Dodge of

Common Stock Increases


The following banks have increased
common stock by transfer from
undivided profits: Rock Rapids State
Bank, from $400,000 to $800,000,
and Hudson S tate Bank, from^k
$100,000 to $300,000.


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N orthw estern Banker, July, 1961


Iowa News






MB Expects 500 at Lake Okoboji
ORE TH AN 500 persons are expected to attend the
1981 convention of the Iowa Independent Bankers
at The New Inn a t Lake Okoboji Ju ly 16-18. IIB
President Herm an C. Kilpper, president of Bankers
T rust Company, Des Moines, will preside a t the opening
general session Friday, July 17. IIB Vice President
William J . Beohm, chairm an and president of Tam a
S tate Bank, will preside at the second general session
the following morning. Serving as treasurer during the
past year was Don W. Heineking, president, Security
S tate Bank, H ubbard.
Mr. Kilpper and Richard W. Berglund, IIB executive
vice president and legal counsel, released the following
preliminary program for the convention:

S. Lodwick
Noon Golf T ournam ent—Brooks Golf Course.
Ladies’ Luncheon—New Inn Lakeview Dining Room.
A ddress —Jam es P. Thom as, executive m ana­
ger, Independent Bankers of Colorado, Denver.
Saturday, July 18
A.M .

Thursday, July 16
P.M .

R egistration—Lobby of The New Inn (until 6:00
p .m .).


A.M .

Couple’s Golf T ournam ent—BrooksGolfCourse.
Tennis T ournam ent—The New Inn Tennis
Young People’s G athering—Picnic, Disco
M ania M arathon, Tournam ents, Relays, Social
E vents (with a social director).
Carnival (adults only) —New Inn Poolside (until
7:30 p.m .) —Super “ Snow Cones’’, Peanuts,
Popcorn, No Cracker Jacks, U niversity of Oko­
boji D ram a D epartm ent, Clowns, & M uch More.
Friday, July 17
F irst General Session—New Inn Convention
Call to O rder—H erm an C. Kilpper, president,
Iowa Independent Bankers; president, Bankers
T rust Company, Des Moines.
Keynote A ddress—President Kilpper.
Report of the Executive Vice President & Legal
Counsel—Richard W. Berglund.

DigitizedN orthw
estern Banker, July, 1981
Federal Reserve Bank of St. Louis

Symposium on A griculture & A g rib u sin e s s-^
Farm ing is Everybody’s Bread & B utter:
B .J. (Jerry) O’Dowd, president, A G R I-Industries, Des Moines.
Jo h n L . H uston, president, National Live Stock
& M eat Board, Chicago.
Roy B. Keppy, chairm an, Pork In d u stry Coun­
cil, D avenport.
Jam es Mullins, chairm an, Beef In d u stry Coun­
cil, Corwith.
Jack C. Pester, chairm an of the board, Pestei^
Corporation, Des Moines.
Discussion w ith S peakers/P articipants.
“ Banking Under the Reagan A dm inistration’’—
The Honorable Jake Garn (R-Utah), United
S tates Senator, chairm an, Senate Committee o i^
Banking, Housing & U rban Affairs.
Telephone Hook-up


P.M .

Second General Session—New Inn Convention
Call to O rder—William J . Beohm, vice presi­
dent, Iowa Independent B ankers, and chairm an
and president, Tam a S tate Bank, Tam a.
“ W ashington U pdate and F uture Outlook” —
The Honorable Jim Leach, U nited S tates Hous<^
of Representatives, F irst D istrict of Iowa. Ques­
tion/A nsw er Session.
“ Spread M anagem ent for Banks in the 1980s” —
William C. Handorf, P h.D ., George W ashington
U niversity and financial consultant, W a sh in g ^
ton, D.C., and Richard L. Sharpnack, partner in
Des Moines office, Deloite, H askins & Sells, and
Certified Public A ccountant, Des Moines.
“ Promises and Performance-Ronald R eagan’s
F irst Six M onths’’—Steve Bell, News A n c h o r^
A B C’s Good M orning America, based in W ash­
ington, D.C.
Annual Business M eeting—H erm an C. Kilpper,
Report of the Public Relations C om m ittee—£
Chairm an Fred W. H agem ann, president, State
Bank of W averly, W averly.
Report of the Resolutions Com m ittee—Chair­
m an K eith W. Campbell, president, Citizens
S tate Bank, Sheldon.
Report of the N om inating Com m ittee—Chair­
m an Richard W. Buxton, president, Peoples
T rust & Savings Bank, Indianola.
Election of Officers.
Announcem ents.
A djournm ent.
W om en’s Golf Tournam ent —Brooks Golf
R eg istran ts’ Luncheon—New Inn Lakeview#
Dining Room.
(Turn to next page, please)


C h a n c e s a re y o u a lr e a d y k n o w h im . M o s t
e v e r y b a n k e r in I o w a d o e s . H e ’s M a x Roy.
M a x h a s b e e n t r a v e l in g th e s ta te f o r o v e r
25 y e a rs . . . h e l p i n g c o r r e s p o n d e n t b a n k e r s
in j u s t a b o u t e v e r y w a y y o u c o u l d t h i n k of.
I t ’s n o t p r e s u m p t u o u s t o s a y t h a t t h i s m a n
k n o w s as m u c h a b o u t f a r m i n g in Io w a , a n d
t h e n e e d s o f b a n k e r s th e r e , as a n y b a n k e r
w h o c o u ld k n o c k on y o u r doo r.
Y o u see, M a x R o y i s n ’t j u s t a b a n k e r . H e ’s
a f a r m e r - r a n c h e r . H as h is o w n f a r m j u s t
o u t s id e o f B lo o m f ie ld , Io w a . 7 00 a c re s .
R u n s o v e r 3 0 0 h e a d o f c a ttle . L ik e y o u , h e ’s

b e e n t h r o u g h t h e u p s a n d d o w n s o f d if f e r e n t
c a t t le c y c le s . W h e n y o u t a lk to M a x a b o u t
f a r m i n g , fe e d , c a t t l e . . . th e n e e d s o f y o u r
c u s t o m e r s , he k n o w s w h a t y o u ’re t a l k i n g
a b o u t ... firs t h a n d !
M a x R o y is t h e k in d o f p e r s o n y o u ’ ll f i n d
in D r o v e r s C o r r e s p o n d e n t B a n k i n g D e p a r t ­
m e n t. W e ’ re p r o u d t o h a ve h im w i t h us, a n d
t o o f f e r y o u t h e y e a rs o f b a n k i n g k n o w - h o w
he r e p r e s e n ts .
If y o u ’ re o n e o f t h e f e w Io w a b a n k e r s w h o
d o e s n ’t k n o w M a x , y o u o u g h t to ! H e ’ ll p ro v e
t h a t D r o v e r s s h o u l d be y o u r b a n k — a n d t h a t
M a x R o y s h o u l d b e y o u r m a n in Io w a.
M em b e r Federal Reserve System

Drovers Bank

o f C h ic a g o

47th S treet & A sh lan d Avenue, C hicago, IL 60609
Federal Reserve Bank of St. Louis


N orthw estern Banker, July, 1981


Iowa News

The Honorable M aurice E. Baringer, Treasurer,
S tate of Iowa, Des Moines.
The Honorable Thomas H. H uston, superinten­
dent of banking, Iowa Banking D epartm ent,
Des Moines.
O. Ja y Tomson, Class A director, 7th Federal
Reserve D istrict, Federal Reserve Bank of Chic­
ago, Illinois, and president of Citizens National

Bank, Charles City.
Richard W. Buxton, ABA Council Iowa r e p r ^
sentative, and president of Peoples T rust and
Savings Bank, Indianola.
W .C. Bennett, president, Independent Bankers
Association of America; chief executive officer,
A rthur S tate Bank, Union, S.C.
M en’s Golf Awards.
6:00 Social H our—New Inn Beach. Rythm A ires for
an evening of dancing before and after the barbe­
B arbecue—New Inn Beach.

Iowa Bank Deposits Gain 8.15% in 1980

ASED on inform ation contained
in the 1981 Iowa Bank Directory,
which was mailed last m onth by
T h e N o r t h w e s t e r n B a n k e r , Iowa
$17,074,841,000 at 1979 year-end to
$18,465,886,000 at 1980 year-end.
This is a gain of 8.15% statewide.
The figures were obtained from the
Iowa departm ent of banking in Des
Moines and the regional adm inistra­
tor of national banks in K ansas City.
Loans for the 657 banks in the state
were down 3.2% , decreasing from
$11,466,333,000 at 1979 year-end to
$11,040,051 at 1980 year-end.
Based on the Iowa law th a t perm its
a m ulti-bank holding company to
hold no more than 8 % of the deposits
in commercial banks in the state, a
holding company now may have total
deposits of up to $1,477,270,800.
N orthw est Bancorporation of M inne­
apolis, with 11 banks, comes closest
to th a t total, reporting Iowa deposits
at year-end of $1,322,087,319. The
second highest total is reported by
Banks of Iowa, In c ., and its 10 banks
The 99 Iowa national banks had
deposits of $5,576,269,000, up 6.27%
over a year earlier. The 554 state
banks fared better, increasing 8.98%
to $12,889,617,000 deposits. The 99
national banks, representing 15.7%
of all 657 Iowa banks, held 30.2% of
the s ta te ’s bank deposits. The 554
state banks, representing 84.3% of
the total banks in Iowa, held 69.8%
of the deposits. (There are four
private banks in Iowa.)
For all 657 banks, Iowa averages
$28,106,000 deposits per bank.
$56,326,000 deposits per bank, while
state banks (554) average$23,266,000
per bank.
L oan/deposit ratios dropped from
67.1% at 1979 year-end to 59.8% at
estern Banker, July,
Digitized Nfor
Federal Reserve Bank of St. Louis


1980 year-end for all 657 banks in
Deposits per person in Iowa, based
on 2,800,000 people, were $6,595 at
1980 year-end, up $500 per person
from a year earlier.

and will assum e general m anagem ent
responsibility for association activi­
ties. He is a graduate of Buena V istfr

Randy Steig Joins IBA
Randy P. Steig, bank exam ination
supervisor for the Iowa D epartm ent
of Banking, has joined the Iowa
Bankers Association as executive
m anager, according to Neil Milner,
IBA executive vice president. Mr.
Steig, 34, has been with the banking
departm ent for 12 years and is
presently responsible for the exam in­
ation of 554 sta te chartered banks
which includes the inspection of
budgets, bank holding company
applications and changes of control­
ling interest.
As executive m anager, Mr. Steig
also becomes a staff vice president



Mr. Steig succeeds Dave M cN icl?
ols, vice president, who recently
accepted a position w ith the New
H am pshire Bankers Association to
become th a t association’s top s t a ^
Mr. McNichols became education
director of IBA in 1974 and executive
director in 1977. He was made a staff
vice president in 1979.

Iowa Investment Bankers Field Day

MEMBERS of the Iowa Investment Bankers Association took part in their annual Field Day
recently at Wakonda Club in Des Moines. Pictured during the day were, left to right: Mike
Reilly, Field Day chmn., Shearson Loeb Rhoades, Inc.; Jim Weiser, pres. MBA and v.p^
United Central Bank of Des Moines, and BobKirkendall,1 stv.p. MBA, E.F. Hutton & Co., Ina








‘‘ B u y a n d

g o o d -b y e *



i ... ' :



"" H

Som e insurance sales
people seem to think they
I can disappear after the sale.
Not us.
Our representatives will
be there when you need
them. With as much
¿lterest and enthusiasm as
the day they sold your bank
its insurance coverages.
Why? Because Iowa
Oanks are our only
1 customers. And our

company shareholders. So
the last thing we want is an
angry shareholder.
And because we sell
only to banks, we make
sure our representatives
know them inside and out.
(In fact, we have over 100
years of combined banking

insurance expertise at your
It all adds up to better,
tailored insurance programs
for your bank. From better,
service oriented people.
How long has it been
since you last saw your
insurance representative?
Maybe you should call
one of ours. At 5152 8 6 -4 3 0 0 or toll-free at

4 3 0 Liberty Building, Des Moines, Iowa 5 0 3 0 8
Federal Reserve Bank of St. Louis

Providing insurance protection just to banks.


Iowa News

LEFT— Holmes Foster, pres, of Banks of Iowa, Inc., addresses stockholders at the annual meeting. To the right are F. Forbes O lb e #
chmn., and John E. Ganoe, v.p. and chief financial officer. RIGHT— R. Dudley Conner, director; David A. Shern, pres., First Trust and
Savings Bank, Davenport; C. Bernard Jacobs, director; James E. Coquillette, pres., The Merchants National Bank of Cedar Rapids and

Mr. Foster.

tional, Inc. in St. Louis, Mo.
Recent BICS promotions include
Brian C. Scott to vice president and
HE phrase ‘unprecedented BICS Names New President
director-m arketing and account m an­
high and highly volatile
interest rate s’ has been said
Brian R. Phillips has been named agem ent, and David Adelsperger to
repeatedly by the banking industry president and director of Banks of vice president and d ire c to r-o p e r^
but it best describes th a t which Iowa Com puter
Mr. Scott joined BICS in 1975 and
happened in 1980,” said Holmes Services,
was m ost recently assistan t vice
Foster, president of Banks of Iowa, Holmes Foster,
president-m arketing and account
Inc., a t the bank holding com pany’s president,
m anagem ent. He is a graduate
annual m eeting of shareholders at the announced. Mr.
M issouri S tate Teachers College in
M arriott Hotel in Des Moines.
Phillips succeeds
Kirksville, Mo.
‘‘In spite of general economic Joseph F. PherMr. Adelsperger joined BICS in
conditions,” Mr. Foster stated, netton, who re­
1979 as production planning director.
‘‘1980 was a very good year for Banks signed to accept
He gained nine years of experience
of Iowa, Inc. Income before securities a position as
with F irst Chicago D ata Corporation.
transactions at nearly $14 million was senior vice presi­
BICS also announced the following
up I 8 V2 % over 1979. N et income was dent of F irst N a­
up $2.4 million or 23V2 % . The return tional Bank in Denver.
Steven A. Rominger to vice
on average assets was a very
Mr. Phillips joined BICS in 1977
respectable 1.07% . The return on and has since held various m anage­ president-system s & development. #
To assistan t vice presidents:
average equity capital at 15.6% m ent positions. He was named vice
exceeded the 15% benchm ark for the president in 1980. Mr. Phillips Lawrence D 'Souza,
first time in the history of Banks of attended the U niversity of Colorado
Iowa, In c .”
and Illinois Benedictine College.
Mr. F oster concluded, ‘‘The best
Mr. Phernetton joined BICS in
position for Banks of Iowa, Inc. to 1964 as head of the data processing
assum e is to go about the business of division of the M erchants National
preparing itself for operating in a Bank in Cedar Rapids. He was named
very changed environm ent. We m ust president in 1973.
look to the future with confidence —
Also announced was the resigna­
for the next several years m ay be the tion of William C. McCormick,
m ost interesting in which to observe executive vice president. Mr. M cCor­
developm ents in the financial stru c ­ mick, who joined BICS in 1972, is
ture of this co u n try .”
now with Com puter Sales In te rn a ­

Banks of Iowa Net Income Climbs 23.5%



N orthw estern Banker, July, 1981
Federal Reserve Bank of St. Louis






“ H ey, s e e th a t c u te lit t le b a n k a c r o s s th e
s t r e e t ? B o y a r e h e r b r ic k s s t a c k e d / '
"Yeah, me and the other stores on the street really like the looks of her . . . kind of adds a little
class to the whole block . . . y ’know what I mean7
“ Somebody named Kirk Gross Co. came in, started with her Foundations an ’had her put
together in no time at all. Boy, they took care of everything from the bottom up . . . a real turn key
operation. Why, it was just a matter of weeks and there she stood . . . her big beautiful self.
“And believe me, I watched Kirk Gross put her together . . . Boy is SHE BUILT!”

(See Kirk Gross Co. if your new bank plans call for "a little class”)
Federal Reserve Bank of St. Louis

N orthw estern Banker, July, 1981


Iowa News

Sally A. Eggleston, education;
Darrell E. Elkins, Sioux City branch;
Uraina Evans, personnel; Ronald E.
H unter, deposit system s; Jerry R.
Nagel, central computer; operations;
Anna Lee Scott, account m anage­
ment; H. Phillip Snitkey, production
planning, and Richard E. W arner,

teleprocessing and operating systerns.
In addition, the board announced
the transfer of Keith R. Grimm from
the parent company, Banks of Iowa,
Inc., to BICS as assistan t vice
president—system s planning.
Michael K. Hollinger, vice presi-

Richard C. Hare, executive v ic ^
president. Mr. H are has accepted the
presidency of the Comm unity State
Bank in Princeton, Minn.
Also announced was the promotion
of Tim N euroth from vice president t ^
senior vice president. Mr. N euroth
joined the bank in 1976, after serving
as a state bank examiner for seven

Joins Brenton Bank in Adel



Rick Caudle has joined the B renton
Bank and T rust Company in Adel as
a trainee, accor­
ding to W ayne
H. Geadelmann,
Caudle is a grad ­
uate of Iowa
S tate U niversity
d e n t—operations, Banks of Iowa, with a degree in
In c ., was elected to serve on the BICS agricultural busi­
ness. He will join
Mr. Rominger m ost recently the staff at the
served as assistan t vice president —
system s software, system s and ter a training period at Adel.
development division.

Webster City E.V.P. Resigns


F irst S tate Bank of W ebster City
has announced the resignation of





aAflfltfOf 0TÏ1T

We are still committed to
making your bank stand apart
from the rest. Our good name
depends on it.

"Designers and Builders
o f Financial institutions''



P.O. BOX 808
Federal Reserve Bank of St. Louis

W aterloo, Iowa 50704 (319) 234-1221

First Chicago Trades One
Million Ounces of Silver


The F irst N ational Bank of
Chicago has traded more th an one
million ounces of silver since adding
the m etal to its Precious M etals
Program last Septem ber, re p o rtP
Patrick J . Hurley, vice president and
product m anager a t the bank.
A participant in the program need
not take delivery of the m etals, which
eliminates storage, security, m intin®
and assaying costs, as well as certain
taxes. Yet, all purchases are backed
by the actual product which is stored
in Delaware bank vaults.

Conducts Seminars on
Telephone Bill Payments
A nationwide series of 15 one-day
seminars was conducted last m o n tl#
and early this m onth by Telephone
Com puting Service, Inc., Seattle,
W ash., to acquaint bankers further
with inform ation on “ A utom ating
Receipt of Paym ents Initiated bjO
Leading the workshops was
George C. W hite, former vice
president of Chase M anhattan Bank
in New York.
Telephone Com puting Service,
Inc., reports th a t more than $3.4
billion in telephone paym ents were
processed in 1980. Over 65% of the
paym ents went to large regional andH
national firms.
N orthw estern Banker, July, 1981

Iowa News


Hills Bank and Trust
Claris Iowa City Office
John R. H ughes, president of Hills
Bank & T ru st Co., Hills, said last
m onth th a t plans are being draw n for
£ n office of the bank to be located at
the intersection of South Gilbert
Street and Highway 6 in Iowa City.
Iowa City architect Roland W ehner
and bank designer W alter Becker of
^ .lt a are preparing the proposed
building and site plan.
The town of Hills, population 517,
earlier annexed the old railroad
right-of-way connecting Hills w ith
fo w a City, along with some adjacent
farm land, thus linking the two
comm unities which were three and
one-half miles apart. Under Iowa
banking law authorizing offices in
#on tig u o u s comm unities, the bank
applied for and received approval for
the Iowa City office. Hills Bank &
T rust has approxim ately $74 million
deposits at mid-year.

Elected to Iowa Trust
Association Board
^ Robert J . Donovan, tru s t officer of
American T rust & Savings Bank,
recently elected
to the board of
^ h e Iowa T rust
Thelow a T rust
Association, with
over 90 member
^ a n k s in Iowa,
sponsors schools
throughout the
state to keep its members informed
0 n current developm ents of interest
to tru s t departm ents. The A ssocia­
tion also participates in related
legislative review and advertising
which promotes the tru s t industry in
# o w a.
Mr. Donovan has been associated
with American T rust since 1969 and
specializes in estate adm inistration
and operations for the b a n k ’s tru st
•tep a rtm e n t.

New Mapleton Director
^ Thomas S. M artin, president of the
^ i r s t S tate Bank of M apleton, has
announced the election of Lloyd
Aronson to the board of directors.
Mr. Aronson is owner of the
A Japleton Livestock Auction Com­
Federal Reserve Bank of St. Louis

W ere interested in m aking
profitable investm ents.
For you.

t Security Bank we’re peo[ pie with an interest in
your success. People you can
turn to for investment service
and all your correspondent
banking needs.
Security people are expe­
rienced professionals who
know how to represent your
interests and get the most for
your investment dollars. They
know their business...and
Start corresponding with
Security. For investment serv­
ices, data processing, ag lend­
ing and overlines. W e’re
people with an interest in you.


Security Correspondent Bankers
Top to Bottom
Jim Hongslo
Steve Hatz
Ken Roeder
Wilma Weeks
Jim Young

People with
an interest
in you.


Western Iowa’s Largest
7 1 2 / 277-6554 MEMBER F.DJ.C.

© 1 9 8 0 Security National Bank

N orthw estern Banker, July, 1981

Des Moines News

Mr. W ayne recently joined the
Iowa-Des Moines N ational Bank e#
vice president-com m ercial banking.
* * *

U N ITED Central Bancshares, Inc.
has activated a wholly-owned
data processing
subsidiary to be
known as UCB
System s,
which, subject to
proval, will a s ­
sume the func­
tions presently
being provided
by the data pro­
cessing dep art­
m ent of United Central Bank of Des
Moines, N.A. The purpose of this
new company will be to provide more
effective data processing services to
the subsidiaries of the holding
company, including United Central
Bank of Des Moines and its
custom ers
throughout the state.
The president of UCB System s,
Inc. is William F. Dawdy who joined
the company in February
anticipation of the activation of the
new company. Mr. Dawdy formerly
was with Peat, M arwick, M itchell &
Co., certified public accountants, in
their K ansas City, Mo. office, where
he was charged w ith the m anagem ent
responsibility for the K ansas City
data processing consulting practice.
Others who have joined the
company are William D. Heinzig,
controller, and Evva Kintz, executive
secretary, who transferred from the
lead bank. The present personnel of
the b an k ’s data processing d ep art­
m ent will transfer to the new
* * *
Steven E. Haley, son of Mr. and
Mrs. Harold Haley of Carlisle, was
estern Banker, July, 1981
DigitizedN for
Federal Reserve Bank of St. Louis

President Robert D. McKee has
announced two prom otions
Brenton National Bank of Des
M oines’ Valley W est Mall office.
Diana Daniels has been named
adm inistrative assistant. An em ­
ploye of the bank since October 1 9 7 ^
Ms. Daniels has m ost recently been
senior teller a t the bank office. She
was an original employe of the Valley
W est Mall office dating back to July
1974, when Brenton National opene^
in a tem porary location while the first
phase of the mall was under
B etty Murillo has been named
recently chosen as a recipient of a senior teller a t the Valley W est M a ^
scholarship awarded by N orthw est office, giving her responsibility for all
teller operations. M rs. Murillo, an
The scholarship program is de­ employe of B renton N ational Bank
signed to help children of Banco since Septem ber 1974, has served as
employes meet their educational head teller of the main bank. She h a ^
goals. M rs. Haley is an employe of been located at the Valley W est office
the Iowa-Des Moines National Bank, since October 1978.
an affiliate of BANCO, and her son
* * *
was one of 30 scholarship recipients
J. Locke Macomber, president
chosen this year. A pplicants were
m easured on their educational Valley N ational Bank, has announ­
ced the election of Waldo O.
performance and leadership ability.
Bargmann to the Valley National
* * *
Bank board of directors. Mr.
argm ann is the general m anager o ^
G. Kurt Wayne, vice presidentcommercial
Iowa-Des the John Deere Des Moines W orks.
* * *
Moines National Bank, has been
named as the
The Iowa-Des Moines National
Small Business
Bank is now offering a new retaiL
A dm inistration
investm ent instrum ent designed to
banker advocate
meet the dem ands of investors who
for Iowa, accord­
perceive the need for high yield and
ing to SBA D is­
cash liquidity as key factors in
m aking investm ent decisions — t h ^
Conrad Lawlor.
Prime Cash Fund.
aThe Prime Cash Fund is a 26-week
wards are made
money m arket certificate of deposit
annually by SBA
th a t has a built-in line of credit which
can be accessed autom atically b ^
who have done an outstanding job in check or telephone.
advocating the cause of small
* * *
businesses during the p ast year. A
certificate award was presented to
Paul W. Leming II has recently
Mr. W ayne May 6 by the SBA joined the Iowa-Des Moines N a tio n a l
director and the m ayor of Des Bank as vice president in th ®
Moines, Pete Crivaro.
commercial banking division.
Mr. W ayne began his banking
Mr. Leming m ost recently served
career in October, 1957, at Bankers as assistan t vice president of
T rust Company in Des Moines as a commercial lending w ith the Shaw-^
messenger. In 1969 he joined Iowa m ut F irst Bank and T rust Company,
S tate Bank and T rust Company in Springfield, M ass. He has also held
Iowa City as assistan t vice president- positions with the Irving T rust
commercial loans. He joined Capital Company, New York, and as a
City S tate Bank in July, 1971, where national bank examiner.
he became executive vice president.
He received a bachelors degree inW



Seated: Eddie A. Wolf, Sr. Vice Pres.; Left to Right: William B. Greaves, Vice Pres.; Raymond Schneider, Corsp. Bk. Officer-. Cyrus D. Kirk, Vice Pres.

B A N K O F DES M O IN E S ', N .A .
You may recognize these faces.
They’re the same correspondent
bankers w ho served you so well
when we w ere Central National Bank.
But now w e ’re United Central Bank
o f Des Moines, one o f eleven United
Central Banks across Iowa. We changed

our name to help communicate the
strength and unity in our eleven bank
holding company.
When you need correspondent
services, fa rm departm ent services, o r
data processing services, call
the professionals at United Central
Bank o f Des Moines, Toll-FREE,
1-800-362-1615 o r 245 -7 26 1.



Security State Bank (Algona) ....................................................U N IT E D CEN TRA L B A N K & TR U S T C O M P A N Y OF A L G O N A
Cresco National Bank (Cresco) ....................................................................................U N IT E D C EN TRA L B A N K OF CRESCO, N .A .
Central National Bank (Des Moines) ................................................................U N ITE D CEN TRA L B A N K OF DES M O IN E S , N .A .
Iowa TY-ust & Savings Bank (Estherville) ........................ U N ITE D CEN TRA L B A N K & TR U S T C O M P A N Y OF ESTHERVILLE
Union TY-ust & Savings Bank (Fort Dodge) ......................U N ITE D C EN TR A L B A N K & TR U S T C O M P A N Y OF FORT DODGE
Adair County State Bank (Greenfield) .............................U N ITE D C EN TRA L B A N K & TR U S T C O M P A N Y OF GREENFIELD
Kalona Savings Bank (Kalona)......................................................K A L O N A 'S U N ITE D CEN TRA L B A N K & TR U S T C O M P A N Y
Iowa County Savings Bank (Marengo) ..................................U N IT E D C EN TR A L B A N K & TR U S T C O M P A N Y OF M A R E N G O
United Home Bank & TY-ust Company (Mason City) . . . . U N ITE D CEN TRA L B A N K & TR U S T C O M P A N Y OF M A S O N C IT Y
First TYust & Union Savings Bank (Sigourney)..................U N IT E D CEN TRA L B A N K & TR U S T C O M P A N Y OF S IG O U R N E Y
Spencer National Bank (Spencer) ............................................................................U N ITE D C EN TR A L B A N K OF SPEN CER , N .A .

Federal Reserve Bank of St. Louis

N orthw estern Banker, July, 1981


Iowa News

economics from Syracuse University
and then received a masters degree
from Western New England College.
Mr. Leming also attended the
Banker’s School of Agriculture at
Cornell University.

Attorneys, CPAs Attend Trust Seminar


New Marion Ag Officer
Craig W. Symons has joined the
F irst N ational Bank of M arion as
agricultural loan officer. He formerly
held the same position a t Citizens
National Bank in D arlington, Wise.
The announcem ent was made by Phil
M orris, president.

Joins Staff at Albia
Charles J . W ray has joined the
Peoples N ational Bank of Albia as
loan officer a t the
Eddyville office.
Mr. W ray has 21
years experience
with the Corydon
State Bank, m ost
recently as vice
Corydon he was
involved in all
aspects of bank

Directory Correction!
The 1980 year-end figures for the
F irst National Bank in Clarion were
om itted inadvertently during the
makeup process of the 1981 Iowa
Bank Directory. Directory subscri­
bers may wish to attach the following
information to page 66, where the
F irst N ational of Clarion listing
appears at the bottom of the page:
Cash & Due
U.S. Secur.

$ 2,099,000



Cont. III. N.B.,Chic.; Mer. N .B., Cedar Rapids; lowaD.M. N.B., Des Moines; Mfrs. Han. Tr., N.Y.; United
Central N .B ., Des Moines; 1st N .B ., Mason City; Bkrs.
Tr., Des Moines.

Joins Gibson Savings
Craig A rendt has joined the Gibson
Savings Bank as an officer trainee
and as m anager of the b an k ’s
insurance departm ent, according to
Larry L. A rendt, president. Craig
A rendt is a graduate of the
U niversity of Iowa.

Promoted at Emerson
A t Em erson S tate Bank, Lieselotte
Curtis has been prom oted to
assistan t vice president from assis­
ta n t cashier, and Alvin Nelson has
estern Banker, July,
Federal Reserve Bank of St. Louis


MORE THAN 100 attorneys and certified public accountants attended an Estate Planning
Seminar hosted in Des Moines recently by United Central Bank of Des Moines. Guest
lecturer was Roy M. Adams, a well-known Chicago attorney who has authored books a i^
papers on estate planning. Other speakers came from the staff of the host bank. P ictu re d *
the opening of the seminar are, from left: Ray Johnston, pres., United Central Bank; Mr.
Adams, and Jack R. Schreiber, v.p. & sr. t.o. of United Central Bank.

been prom oted to assistan t cashier.
The announcem ent was made by
K eith H. W arrelm ann, executive vice
rpesident and cashier.
Ms. Curtis has been with the bank
since 1967. Mr. Nelson joined the
bank in October 1980 and was
previously with the H arlan County
Bank of Alma, Nebr. He has a
business adm inistration degree from
Chadron S tate College.

Named Cashier in Luana
Dale A. Linderbaum has been
named cashier of the Luana Savings
Bank. Mr. Linderbaum joined the
bank in February 1979, and was
promoted from assistan t cashier.

July, 1981
Acorn Printing Co........................................................... 94
American Express Co. Money O rd ers.......................... 19
American Express Co. Travelers C heques.................. 9
American Nat’l. Bk. &Tr. Co., Chicago........................ 32
American Nat’l. Bk. &Tr. Co., St. P a u l........................ 45
Associates C om m ercial................................................ 15
Banco Financial..............................................................51
Bank of America Travelers Cheques............................ 4-5
Bankers Trust Co., Des M o in es.................................... 80
Continental Illinois Nat’l. Bk. &Tr. Co......................... 3
Douglas G uardian..........................................................29
Drovers Bank of Chicago .............................................. 85
First Nat’l. Bk., Denver.................................................71
First Nat’l. Bk., Lincoln ...............................................79
First Nat’l. Bk., Minneapolis...................................52-53
First Nat’l. Bk., Omaha.................................................77

United Missouri Offers
Personal Banking Service
United M issouri Bank of K ansas
City, N .A . is introducing Personal
Financial Services, a new departm ent
designed to provide personalize#
banking assistance.
Two specially trained officers will
coordinate services of all d ep art­
m ents in the newly formed division,
offering clientele total b a n k in g
assistance operating from one
centralized location.
Supervising the new departm ent is
Leone Park, senior vice president.
Ms. Park also will coordinate t h #
estate planning division of the tru s t
departm ent.
First Nat’l. Bk., St. Paul
Gross, K irk ...................


Harris Bank, C h ica g o .................................................... 17
Iowa Bankers Ins. & Services........................................ 87
Iowa-Des Moines National Bk........................................96
Manufacturers HanoverTrustCo., New York
Merchants Nat’l. Bk., Cedar R a p id s ............
Midland Nat'l. Bk., M inn eap olis..................
Minnesota Protective Assn...........................


Nat’l. Bk. of Commerce, L in c o ln .................................. 74
Nat’l. Bk. of W a te rlo o ....................................................83
Nat’l. Boulevard Bank, Chicago.................................... 3 5
Northwestern Bell Telephone ...................................... 20
Northwestern Nat’l. Bk., Minneapolis ....................... 3 0
Office Concepts.............................................................. 90
Omaha Nat’l. B ank....................................................48-49
SLT Warehouse Co......................................................... 37
Security Nat’l. Bk., S io u x C ity ...................................... 91
United Bank of Denver....................................................69
United Central Bank, N.A., Des M o in e s ...................... 93
United Missouri Bank, Kansas C ity ............................. 1#
VanWagenen, G .D .& C o...............................................



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Another plus of going through MHT is th at your local
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Find out all about the new MHT Casualty Insurance
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National Division. 3 5 0 Park Avenue, New York, N.Y. 1 0 0 2 2


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Member FDIC
An Affiliate of Northwest Bancorporation
7th & Walnut • Des Moines, Iowa 5 0 3 0 4 • (5 1 5 )2 4 5 -3 1 3 1

First in Iowa, by putting Iowa first.

Lance Davenport

Bernie Kersey
Federal Reserve Bank of St. Louis

Bob Buenneke

John Rigler

Linda Collins

Garry Frandson

Mark Conway

Dorothea Wolfe