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T

O ldest Financial Journal W est o f the M ississippi

Des Moines, lowa

NO. 1045

July 24,1367

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Federal Charters for Mutual Savings Banks?

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Both pro and con testimonies
over a bill concerning the Federal
chartering of mutual savings banks
were given before a subcommittee
o f the House Banking and Currency
Committee last week. The bill,
pending before the Subcommittee
on Bank Supervision and Insurance,
is designed to encourage formation
o f the lending institutions which
now operate in only 18 states under
state charters.
Speaking before the subcommit­
tee, John E. Home, chairman of the
Federal Home Loan Bank, recom­
mended the proposed legislation.
“ The development of federal mutual
savings banks can make a sign ifi­
cant contribution towards improv­
ing the allocation of resources
within this country,’ ’ Mr. Horne
said.
Opposition to the bill, how­
ever, was expressed by Jack T.
Conn, president of the American
Bankers Association and chairman
of the Fidelity National Bank and
Trust Company of Oklahoma City,
Oklahoma. Mr. Conn, also speaking
before the House subcommittee,
outlined three basic reasons why
he and the A.B.A. opposed the
bill.
First, he said, the measure
“ would create an anomalous system
o f quasi-banks supervised and in­
sured and paying taxes not like
banks but like savings and loan

a ssociation s, and yet having far
broader powers than most savings
and loan s.’ ’
Second, Mr. Conn pointed out
that the bill “ would violate certain
basic principles of the dual bank­
ing system, both by permitting
branching by Federal institutions
where state laws prohibit similar
state institutions from branching,
and even more fundamentally by
permitting the chartering of these
new quasi-banks in states which
do not want them.’ ’
Third, Mr. Conn stated that “ no
evidence has been shown that the
creation of this new system of
so-called banks would in fact
provide a needed service, either
from the point of view of savers
looking for deposit-type institu­
tions, or from the point of view of
homebuilders and homebuyers seek­
ing mortgage funds.’ ’
Mr. Conn further expressed
strong reservations concerning the
designation of the Federal Home
Loan Bank Board as the chartering
and supervising agency of the
proposed new system, sin ce that
agency is oriented toward the
peculiar problem of *thex savings
and loan industry.
He also questioned the advisa­
bility o f replacing “ a large seg^
ment of the savings and loan s y s ­
tem —traditionally and legally ori­
ented to thrift and home owner-

ship —with a system of thrift insti­
tutions that could make loans and
investments for almost any con ­
ceivable purpose. Mr. Conn rejected
the notion that broad investment
powers for the proposed mutual
savings banks will increase funds
available for home financing.
Although the bill appears to be
headed for much opposition from
banking quarters, supporters of the
measure believe the full House
Banking Committee will send the
bill to the House floor, provided
the bill survives the subcommittee.
Legislation for federal chartering
of the mutual savings banks never
went beyond committee consider­
ation in the last Congress.

N ATIO NAL NEWS
NEW YORK: Ronald G. Ancker and
Richard C. Borella have been e le c ­
ted vice presidents of Chase Man­
hattan Bank. Mr. Ancker is in
charge of the bank’ s check proc­
essing operations, and Mr. Borella
serves in the international depart­
ment.
URBANA, IL L.: Approximately 50
examiner-students are expected at
the fourth annual session of the
School for State Bank Examining
Personnel at University of Illi­
n o is ’ Urbana campus July 23-28.
The sch ool is co-sponsored by the
University and by the National
A ssociation
of Supervisors of
State- Banks.

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CEDAR RAPIDS, IOWA 52406

IOWA NEWS
ALGONA: F. L. (Roy) McMahon
was honored at a party given for
him by the officers and directors
o f the Iowa State Bank on the
occasion of his 50th anniversary
as a banker. Mr. McMahon has been
with the Iowa State Bank since its
incorporation in 1928.
BOONE: The Boone State Bank &
Trust Company has been granted
permission by the FDIC to estab­
lish a branch office at 1326 So.
Story Street in Boone.
CENTRAL CITY: Ground was bro­
ken recently for a new bank build­
ing for the City State Bank. Com­
pletion is slated for late 1967.
FORT DODGE: John M. Peters
was elected trust officer of The
State Bank last week. Mr. Peters
has been an attorney in Fort Dodge
sin ce 1952.
HARLAN: Dick O’ Bryan recently
joined Harlan National Bank as
assistant
v ice
president.
Mr.
O’ Bryan was previously assistant
cashier at the First National Bank
o f Winona, Minnesota.

HAWARDEN: Nearly 1,000 persons
attended the recent open house at
the Farmers State Bank, celebrating
its 50th anniversary this year.
INDIAN OLA: Richard W. Haldeman,
vice president and loan officer of
the Peoples Trust and Savings
died recently at the age of 47. Mr.
Haldeman had been with the bank
sin ce 1943.
KNOXVILLE: Joy C ollins, 82, died
recently in Knoxville. Mr. Collins
was president of Iowa State Sav­
ings Bank from 1933 until his re­
tirement in 1959, and was active
in civ ic affairs in Knoxville.
MELBOURNE: Melbourne Savings
Bank’ s application for limited trust
powers was recently approved by
the FDIC.
PILOT GROVE: Bernard J. Holtkamp, 79, director of P ilot Grove
Savings Bank for the past 50 years,
died recently in a Fort Madison
hospital.
SAC CITY: Harry Best, cashier of
C itizens Savings Bank, resigned
recently to accept a position as
cashier of the Community National
Bank in Galesburg, Illinois.
SIOUX CITY: George A. Johnson,
prominent professional farm and
ranch management executive in the
Sioux City area, has joined the

First National Bank in Sioux City
to head the new farm management
department.

NEBRASKA NEWS
BELLEVUE: Robert J. Strachan
has been advanced from assistant
vice president to vice president of
the First National Bank of B elle­
vue. Mr. Strachan came to the bank
in 1964 from the National Citizens
Bank, Mankato, Minnesota.
NORFOLK: Bernard M. DeLay,
president o f the DeLay First Na­
tional Bank, spoke recently at the
Livestock Market Congress in
Great F alls, Montana.
OGALLALA: C. R. Hilderbrand,
assistant vice president, was re­
cently promoted to vice president
of the First National Bank. Ad­
vanced from assistant cashier to
assistant vice president was Dar­
rell Bassett, and Jerry Johnson,
agricultural representative, was
also
named assistant cashier.
Darrell Pierce was elected an
assistant cashier.
OMAHA: Robert Harding has re­
signed as v ice president of the
Security National Bank to join
First Nebraska Securities in Omaha
August 1.
ST. PAUL: Services were held
recently for Fred R. Haggart,
former v ice president of the First

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WEEPING WATER: Charles V. Wallick retired recently after 49 years
in banking. Mr. Wallick has been
with the Nebraska State Bank
sin ce 1950.

CnrresponsiMe Æ
tanking v l

MINNESOTA NEWS
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BLUE EARTH: Clinton
has been elected a vice
o f the Blue Earth State
Kurtz has been in the
business for three years.

D. Kurtz
president
Bank. Mr.
insurance

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DULUTH: G. J. Maier, vice pres­
ident and director of the Northern
City National Bank, was recently
advanced to senior vice president.
Clark Crowell, assistant cashier,
was promoted to assistant vice
president. Mr. Crowell manages the
bank’ s installment loan department.
John Hagberg and Kenneth Olson
were elected assistant cashiers.
Both men started at Northern City
National in 1960.
MINNEAPOLIS: Clinton Morrison,
vice president of the First Nation­
al Bank of Minneapolis, has been
designated chairman of the commu­
nity development advisory panel of
the United S tates Chamber of
Commerce.
NEW ULM: Peter Kitzberger, 88,
died in New Ulm recently. Mr.
Kitzberger was a former v ice pres­
ident at the S tate Bank of New
Ulm, which he served from 1903
to 1960.
ST. PAUL: Hess Kline, president
of Kline Oldsmobile, Inc., of St.
Paul and Norman C. Mears, vice
president of Buckbee-Mears Com­
pany, have been elected to the
board o f directors of the First
Security State Bank of St. Paul.

NORTH D AKO TA NEWS

cashier of the Northwestern State
Bank in St. Paul.
FARGO: Marvin J. Swan has joined
the Merchants National Bank and
Trust Company as trust adminis­
trator in the tax and farm manage­
ment division. Mr. Swan had been
with the First National Bank of
St. Paul.
GREGORY: Mrs. Sophia Harder
has retired after 20 years with the
Northwestern National Bank.
MANDAN: A1 Lennick, auditor and
assistant cashier o f Mandan Secu­
rity Bank, has left the bank to
assume management of the RuralE lectric Co-operative o ffice in
Clements, Minnesota. He served at
the Mandan bank from 1961 to
1963 and rejoined the bank last
year.
MINOT: Robert Turner has been
advanced from assistant vice pres­
ident to vice president of the Union
National Bank. He joined the bank
in 1959 as assistant cashier.
WASHBURN: Don Peterson has
joined the staff of the Farmers
Security Bank of Washburn.

SOUTH DAKOTA NEWS
ABERDEEN: Dean Webb has been
elected assjs-tant cashier of the
First National Bank. He has served
at the Milbank branch of the bank
sin ce 1965.

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OMAHA

e m b e r f .d . i . c

.

ABERDEEN: El Agena has been
elected cashier o f the Farmers and
Merchants Bank of Aberdeen. He
joined the bank in 1964 as an
auditor, coming from the Mercantile
Bank and Trust Company o f Boul­
der, Colorado.
ALEXANDRIA: The FDIC has ap­
proved Security State Bank’ s ap­
plication to establish a branch at
Spencer, South Dakota.
EDGEMONT: Don W. DuToit of
Edgemont has been elected to the
board of directors of the Southern
H ills Bank.
IPSWICH: J. S. Holdhusen, pres­
ident of the Ipswich State Bank,
has been named a member o f the
South Dakota Banking Commission
for a three-year term. Mr. Hold­
husen is immediate past president
o f the South Dakota Bankers A s­
sociation.

COLORADO NEWS
BRIGHTON: Application has been
filed with the regional adminis­
trator of national banks in Denver
for the establishment of a new
commercial bank, the Adams Coun­
ty National Bank of Brighton.
The new bank would be affiliated
with the Greeley National Bank.
Suggested
capitalization
is
$150,000 in capital, $100,000 in
capital,
$100,000
in
surplus
and $102,500 in undivided prof­
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FARGO: Roger D. Tasler has been
elected assistant vice president
at the First National Bank and
Trust Company for operations and
personnel. Mr. Tasler had been

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DENVER: A week-long open house
was held last week at the newlyremodeled and enlarged National
City Bank. The $250,000 project
includes a 40-foot lobby addition,
a landscaped sunken garden with
fountain, refurnishing, redecorating
and expanded vault area. Robert K.
Hudson is president of the bank.
DENVER: David W. Knapp has
joined the Mountain States Bank as
a trust officer. Mr. Knapp was pre­
viously associated with a Denver

WANT ADS
Rates 25 cents per word per
insertion.
Minimum:
12 words.
NORTHWESTERN BANKER
306 15th St., Des Moines, Iowa

POSITION WANTED
Married man, age 30, seeking posi­
tion in installment loan department.
6 years experience as manager of
credit bureau and collection agency.
Must make change in employment
before September 1, 1967. Write File
MDN, NORTHWESTERN BANKER,
306 Fifteenth Street, Des Moines,
Iowa 50309.
CASHIER WANTED
Well established bank in small
western Nebraska community has

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law firm.
VAIL: The newly-chartered Bank of
Vail will open November 1, in time
for the skiing season at this resort
town, according to R ogerL . Reisher,
president. Mr. Reisher, also pres­
ident of the First Westland National
Bank in Westland Center, said the
operating officer and executive vice
president and cashier of the bank
will be J. Robert Young, now vice
president of First Westland Na­
tional.
Cashier’ s position available. Sala­
ry to be negotiated. Good future,
with p ossible stock purchase avail­
able. Write Box LF B , in care of the
NORTHWESTERN BANKER, 306 15th St,, Des Moines, Iowa 50309.
COLORADO OPPORTUNITY
Senior or retiring banker and insur­
ance man for newly chartered bank
in the heart o f the rockies. Must
be able to handle operations and
general insurance department. R e­
ply to Box SCF, in care of the
NORTHWESTERN BANKER, 306 15th St., Des Moines, Iowa 50309.
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Man for all phases o f country bank­
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Experience not necessary but help­
ful. Location eastern North Dakota.
Give full information and salary
requirements. File HIB, in care of
NORTHWESTERN BANKER, 306 15th St1., Des Moines, Iowa 50309.
HEAD TELLER WANTED
Suburban metropolitan area bank;
$8 million in a ssets; eastern Iowa.
Need to fill vacancy now. Younger
individual preferred, but all appli­
cations will be considered. F ile
VTC, NORTHWESTERN BANKER,
306 Fifteenth Street, Des Moines,
Iowa 50309.
POSITION WANTED
Specialist in overlines and cattle
loans desires work. Offers years of
banking experience. Intense desire
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specia lists in all phases of bank­
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(Area Code 312) STate 2-5200.

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POSITIONS WANTED
AG. LOAN OFFICER - farm and
bank background, 48 years old;
Iow a-N ebr. location preferred;
will consider substantial invest­
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MANAGING OFFICER - 49 years
old, wants purchase opportunity,
general banking and examiner
experience, BS Degree; Iow a Missouri preferred . . .
CASHIER-35 years old, 10 years
banking; desires small town lo ­
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LOAN OFFICER - 32 years old,
5 years experience, BA Degree,
$7,500 salary brack et.........
These are only a few of the
experienced and qualified appli­
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bank employment. If you need
personnel we would appreciate
an opportunity to serve you.
Bankers Service Corporation
1301 Register & Tribune Building
Des Moines, Iowa 50309
Phone 515 244-31 13

No. 1045 Northwestern Banker is published five times monthly by the Northwestern Banker Company, 306 Fifteenth Street, Des
Moines, Iowa 50309. Subscriptions 504 Per copy, $6 per year. Second cla ss postage paid at Des Moines, Iowa. Address all mail
Digitized forsubscriptions,
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