Full text of The Northwestern Banker : July 25, 1966, No. 982

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Oldest Financial Journal W est o f the Mississippi
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No. 982________________________________ Des Moines, lowa

Robertson Defeat May Delay S.3158
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The Administration bill (S.3158),
which would give Federal bank and
Savings and Loan regulatory author
ities cea se and desist and officer
removal powers, maybe in jeopardy.
Chances for passage of the bill
this year were lessened with the
apparent defeat in the Virginia
primaries o f Chairman A. Willis
Robertson o f the Senate Banking
Committee. O fficial vote tabula
tions are now being made in Vir
ginia.
Senator Robertson’ s committee
had been expected to consider the
numerous amendments that have
been offered to S.3158 and report a
modified version of the b ill.
With the adjournment of Conr
gress expected in about two months,
reluctance on the part of Senator
Robertson and his committee to
continue work on the proposed
legislation would stall the bill for
another year. The House Banking
Committee would not normally con
sider the legislation until Senate
action had been completed.
In the event final vote tabu
lations show that A. Willis Robert
son has been defeated for his bid
for re-election to the Senate, Sena
tor John Sparkman (D .-A la.) would
be next in line for chairman of the
Senate Banking Committee. He is
also up for re-election this fall.

N A TIO N A L NEWS
¥

BELLEVILLE, N .J.: Plans for a

joining of forces o f Walter Kidde &
Company, Inc., and Dura Corpo
ration have been announced by
Fred R. Sullivan, president of
Kidde, and H. Lynn Pierson, chair
man, and J. Thomas Smith, pres
ident, Dura Corporation.
BOSTON: Andrew F. Brimmer, new
est member of the Federal Reserve
Board, said last week that “ serious
consideration should be given to
removing temporarily the stimulus
provided by the investment tax
credit’ ’ as a means of restraining
business expansion without further
inflationary pressure. He also urged
banks to restrain loan expansion
to both stem inflationary pressure
and to assure preservation of a
sound banking system.
CHICAGO: Funeral services were
held last Wednesday in Barrington,
Illin ois, for Charles W. Newhall,
vice president in charge of the
correspondent bank division of the
First National Bank of Chicago.
Death was attributed to cancer.
CHICAGO: William A. Ryan has
been promoted from assistant cash
ier to assistant vice president at
La Salle National Bank. Mr. Ryan
will continue to head the program
ming and processing division of
the automation department.
KANSAS CITY: John Fowler has
resigned as v ice president of the

July 25,1966
Commerce Trust Company to join,
the First National Bank here. He
will travel Kansas, Arkansas and
parts o f Oklahoma.
KANSAS CITY: A plan for Commerce
Trust Company stock to be trans
ferred to a holding company was
announced last week by the bank’ s
board o f directors and management.
James M. Kemper, Jr., chairman and
ch ief executive officer, stated that
such an ownership transfer would
allow the best economic utilization
of the bank’s investments. Com
merce Trust, with resources of
$542 million as of June 30, is
Kansas C ity’ s oldest and largest
bank. Execution of the plan to ex
change two shares of proposed
holding company stock for each
share of Commerce Trust stock
would be contingent upon tax
ruling$ and approval from regulatory
agenc/ies.
NEW YORK: The Chase Manhattan
Bank, N .A ., last week opened a
full-service
commercial banking
office in Saigon, thereby becoming
the first American bank to operate
in South Vietnam.
NEW YORK: Fred N. Shepherd, ex
ecutive manager of the American
Bankers A ssociation from 1922 to
1937, died recently at the age of
87, following a brief illn ess.
NEW YORK: Mosler Safe Company
has elected John Mosler chairman
of the board. Martin S. Coleman
(Continued to back page)

SOUTH OMAHA
STOCKYARDS
BANK

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IO W A -D ES M O IN ES

NATIONAL BANK

Chrystal Urges Boost
In Bank Loan Limits
John Chrystal, Iowa superin
tendent of banking, says that he
will recommend that the next Iowa
legislature
raise the maximum
annual interest rate on regular
bank loans from 7% to 8% and on
bank installment loans from 6% to
7%. He states that Iowa’ s banks
have been thrown into what could
be a dangerous business position
by the imbalance between the
rates they can charge and the
rates they can pay.
“ If you let one side of the
sca le move through a restricted
area,’ ’ he said, “ it seems logical
you should let the other side get
in balan ce.’ ’
AMES: Clyde McEntire, represent-

OVER
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financial institutions
across the country
buy our equipment and
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N E BR A SK A NEWS

ative for DeLuxe Check Printers
from Marshalltown, won third place
in the Iowa Masters Golf Tournament
with a score of 219 over the rugged
Iowa State University course.
CLUTIER: Mrs. Marvin (Helen)
Cherveny, formerly associated with
the Chelsea Savings Bank, has
joined Clutier State Bank.

EXETER: Work is progressing on
the new building being constructed
by the First National Bank of Exeter.

DIAGONAL: E. M. Watson, president
of the First State Bank of Diagonal,
will be the speaker at the banquet
August 5 in conjunction with the
second annual Iowa Inventors Con
gress to be held in Creston.
FONDA: J. W. Cusack will leave
his position as vice president,
National Bank & Trust Company,
Chariton, to join First National
Bank, Fonda, on August 15 as vice
president and cashier.
LEON: Ward Kilgore is joining the
Decatur County State Bank as ex
ecutive vice president August 15.
He is resigning as vice president
of the Ida County State Bank at
Ida Grove. At Leon he will replace
Wayne B. Rowland, whose resigna
tion to become senior loan examiner
in Des Moines for FDIC was an
nounced in last week’ s issue.

WHEATLAND: John R. Crowley is
now serving as vice president of
the First Trust and Savings Bank
here. He was formerly assistant
cashier of the DeWitt Bank and
Trust Company. The Comptroller
recently denied his application to
start a new national bank in DeWitt,

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PHONE 515-244-3113
DES MOINES, IOWA 50309

BEATRICE; Twelve foreign stu
dents recently visited the Beatrice
National Bank and were guided on
their tour by Walt Braun, assistant
vice president, who explained the
institution’ s relationship to agri
culture.

TREYNOR: R. J. Gronstal, cashier
of the Treynor State Bank, has been
elected chairman of the Pottawat
tamie County Zoning Commission.

CEDAR RAPIDS, IOWA 52406

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IOWA NEWS

Bankers Senke

GERING: Roy Yaley, v ice president
and trust officer at Gering National
Bank, has resigned his position to
join the National Bank of Commerce
in Lincoln.
NORFOLK: The Norfolk Daily News
recently presented a feature article
honoring J. J. DeLay for his 61
years in the banking profession.
He is chairman of the DeLay First
National Bank here. Two of his
sons are also bankers. Bernard
DeLay is president of the local
institution and Jay DeLay is pres
ident of Huron V alley Bank, Ann
Arbor, Michigan.
NORTH BEND: Stan Vala has joined
the staff of the Platte Valley Bank
as cashier, succeeding Fred Zinnert
who resigned earlier this month.
OGALLALA: A detached parking
lot office has been approved by
the Comptroller for the First Na
tional Bank here. It will be located
at 305 East A street.
OMAHA: Frank Sibert, a member of
the correspondent department at
The South Omaha Stockyards Na
tional Bank, has been promoted
from assistant vice president to
vice president. Wanda V osik has
been elected assistant vice pres
ident, A1 Drake has been named
controller and Dan Dutch has been
advanced to auditor. E lected a ssist
ant cashier, effective August 1, is
John Farrell, presently in the
credit department of Northwest
Bancorporation, Minneapolis.
SYRACUSE: Eugene A. Pratt, 74,
former president of the First Na
tional Bank here, died recently. He
had been associated with the bank
since 1917 and had retired in 1962.
WAYNE: L. B. McClure has re
signed as vice president of the

First National Bank here after
having been associated with the
bank for 49 years. He will remain
on the bank’ s board of directors.

IN SIOUX C IT Y . . .

FOR
PERSONAL
SERVICE

MINNESOTA NEWS
ALBANY: Stearns County National
Bank and First State Bank have
merged under a national charter.
The name Stearns County National
Bank will be retained.

_____

SECURITY NATIONAL BANK
Member Federal Deposit Insurance Corporation

BARRETT: H .B . Johnson of Elbow
Lake has purchased control of the
Citizens State Bank here. He will
serve as president. I. L. Quist, also
of Elbow Lake, has been named
vice president and Luther Quist
has been elected cashier.

ation will hold its annual summer
session here August 4. Member
bankers who wish to have an item
placed on the agenda may write
their respective executive councilmen or the association o ffice,
Box 1257, Huron.

MINNEAPOLIS: Mrs. Louise Hagstrom has been elected auditor of
the First Produce State Bank of
Minneapolis. Mrs. Hagstrom joined
the bank as an administrative a s
sistant in 1960.

SIOUX FALLS: Several promotions
have been announced at Northwest
ern National Bank. Clyde Fischer
has been elected assistant vice
president. The following were e le c
ted assistant cashiers: John R.
Burkholder; Sid Allen B ostic; Max
E. Miner; Arthur Wilbur, and Gary
Olson. Dave Armstrong, assistant
vice president, has moved from
the Madison Office to Sioux F alls.
Dennis D alziel, assistant vice pres
ident, will move from the Huron
Office to assume .duties as assist
ant manager at Madison. William T.
Larson, assistant vice president,
will become assistant manager at
Huron.

MONTGOMERY: Gene LaFrance has
assumed his duties as executive
vice president of the Citizens State
Bank of Montgomery. Leonard J.
Ouradnik, assistant cashier, has
been advanced to cashier of the
institution. Mr. Ouradnik will be
graduated next month from the
Graduate School of Banking at the
University of Wisconsin.
ONAMI A: It was recently reported
that Houlton Benzie, president of
First State Bank here, would soon
retire and s e ll his stock in the
bank to his brother, Charles Benzie,
who will subsequently assume the
presidency. Succeeding Charles Ben
zie as cashier will be Albert Young,
a resident of Onamia since Febru
ary, 1965, and a former FDIC
examiner.
ST. PAUL: Hearing will be held
tomorrow (Tuesday) on an appli
cation for a proposed Skyline State
Bank at Albert Lea.
ST. PAUL: The new 500-room St.
Paul Hilton Hotel opens its doors
today (Monday).

SOUTH DAKOTA NEWS

WEBSTER: Ervin R. Bollinger will
join the Security Bank here Aug
ust 1, serving in the installment
loan and insurance departments.
Mr. Bollinger had been assistant
cashier at Bowdle State Bank.

bank in the Denver metropolitan
area, opened for business last
Tuesday at Stapleton International
Airport. Walter A. Woods, previously
president of Guaranty Bank & Trust,
is president of the new bank, an
affiliate of Guaranty Bank & Trust.

Interest Rate Regulation
Announced by Fed and F D IC
An Administration drive for
more strict controls over ■interest
and dividend rates may have been
eliminated by actions of the Fed
eral Reserve Board and the Federal
Deposit
Insurance
Corporation,
lowering the maximum rate which
commercial banks may pay on time
deposits having more than one
maturity date.
E ffective July 20, no member
of the Fed or FDIC shall pay inter
est accruing at a rate in ex ce ss of
5% per annum, compounded quar
terly, regardless of the basis upon
which such interest may be com
puted, on any multiple maturity
time deposit, which is payable
only 90 days or more after the date
of deposit or 90 days or more after
the last preceding date on which
it might have been paid. The rate
was formerly 5J4%*

NORTH DAKOTA NEWS
BISMARCK: William J. Daner, s e c
retary, North Dakota Bankers A sso
ciation, has been elected first vice
president of the Central States
Conference of Bankers A ssociation.
E xecutives. The conference this
year was held at Bellaire, Michigan.
Newly-elected president of the
conference is Roland W. Blaha, ex
ecutive v ice president, Illinois
Bankers A ssociation.

COLORADO NEWS

HURON: The executive council of
the South Dakota Bankers A s s o c i

THE
BANR

DENVER: The Guaranty Bank of
Stapleton, the 66th commercial

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BANKERS TRUST COMPANY
Member Federal Deposit Insurance Corporation

GORDON DODGE

Largest Locally-Owned Bank in Des Moines

su cceed s Mr. Mosler as president
and William A. Marquard, Jr., senior
vice president, will su cceed Mr.
Coleman as executive vice pres
ident. Edwin H. Mosler, Jr., who
has been chairman of the board , is
retiring from active management
but will continue as a director and
chairman o f the finance committee.
NEW YORK: Edgar W. Davy and
Wheeler T. Dell have been elected
v ice presidents of The Chase Man
hattan Bank, N.A. Mr. Davy is in
the bank’ s international department
and Mr. Dell serves in the trust
department.
NEW YORK: Landon Peters, vice
president, The Bank of New York,
has been elected to the additional
post o f treasurer, succeeding the
retiring William E. Bachert as treas
urer.
NEW YORK: Plans are reported to
be complete for the 7th annual s e s
sion o f the National Trust School
to be held August 15-27 on the
campus o f Northwestern University,
Evanston, Illinois.
ROCK ISLAND, IL L .: The Illinois
Banking Division has announced
receipt of an application for a per
mit to organize a new state bank
in Rock Island. Applicants are
J. Robert Larson, Stanley H. Coin,
Howard H. Cohn and Kermit H.
Schroder, all o f Rock Island, and
John Lingris of Moline. The pro
posed bank — the Bank of Rock
Island — would have capital of
$500,000.
SAN FRANCISCO: E. Herrick Low,
executive vice president, United
California Bank, has been elected
to the bank’ s board of directors.

WASHINGTON, D .C .: William M.
Moroney, formerly general counsel,
has been appointed special a ssist
ant to the chairman and board of
directors of the FDIC. John F .L e e ,
formerly assistant to the chairman,
has been named general counsel;
John L. Flannery, formerly admin
istrative assistant to the chairman,
has been designated assistant to
the chairman, and L eslie H. Fisher,
formerly assistant general counsel,
has been appointed* deputy general
counsel.
WASHINGTON, D .C .: John W. Shaf
fer has been appointed regional
administrator of national banks for
the Fourth National Bank Region,
headquartered in Cleveland, Ohio,
according to James J. Saxon, comp
troller o f the currency.

LA T E NEWS...
BETTENDORF, IA.: Paul Knowles,
former state representative and
now president of First Iowa-Illinois
Mortgage Company, and Jack Schroeder, 16-year veteran of the Iowa
legislature and chairman of General
L ife of America Insurance Company,
have been elected to the board of
directors of Bettendorf Bank and
Trust Company. They su cceed
Joseph C. Glickman and M. M. Gold
man, both of Minneapolis, who
served prior to the transfer o f bank
ownership to local control early
this month.
CEDAR RAPIDS, IA .: Top execu
tive promotions were announced at
Merchants National Bank last week.
S. E. Coquillette, formerly chair
man o f the board, is now chairman
o f the executive committee. John T.
Hamilton, II, has moved from pres
ident to chairman o f the board. He

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NATIONAL BANK AND TRUST COM PANY
M em ber Federal Deposit Insurance Corporation

is su cceeded as president by
James E. Coquillette, formerly sen
ior v ice president. Elected to the
new position in the bank of ex
ecutive vice president is F.Forbes
Olberg, formerly senior vice pres
ident.

CHAPMAN, NEBR.: An application
for a state charter for the proposed
Bank of Chapman, Inc., has been
denied, according to Byron Dunn,
Nebraska director of banking.

Y
HERSHEY, NEBR.: An application
for a proposed Hershey Valley State
Bank, Inc., has been denied by the
Nebraska department o f banking.

MINNEAPOLIS: National City Bank
last Thursday named Patrick W. C o l
bert, Jr., vice president in charge
o f its correspondent bank division.
Mr. Colbert, formerly assistant vice
president, has been with the bank
since it opened in 1964.

WANT ADS
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Minimum:
12 words.
NORTHWESTERN BANKER
306 15th S t., Des Moines, Iowa

POSITION DESIRED
Family man (45) desires move to
southern Minnesota, Iowa or v icin
ity. Twenty years business manage
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insurance experience. Box LYM,
c / o NORTHWESTERN BANKER,
306 Fifteenth Street, Des Moines,
Iowa 50309.
FOR SALE
Late model NCR Postronic with
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FOR SALE
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ers working with farmers, ranchers
and dairymen. Farm Business Coun
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Illinois 61801.
POSITION WANTED
Employer o f energetic, experienced
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E xcellent references. Write, wire,
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Code 312).

ublished five times monthly by the Northwestern Banker Company, 306 Fifteenth Street, Des

No. 982 Northwestern Banker is p

50^ per copy, $4 per year. Second c la ss postage paid at Des Moines, Iowa. Address all mail
Moines, Iowa 50309. Subscription
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