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Vol. 12 No. 14

Des Moines, Iowa

Two Top Nebraska Banks Seek Merger
PROPOSED merger that would
A create
a $1.78 billion asset hold­

ing company is being discussed by
the two largest bank holding com­
panies in Nebraska.
John D. Woods, chairman and
chief executive officer of Omaha Na­
tional Corporation and its whollyowned subsidiary, Omaha National
Bank, and William C. Smith, presi­



dent and chief executive officer of
First National Lincoln Corp. and its
wholly-owned subsidiary, First Na­
tional Bank & Trust Company of
Lincoln, jointly announced July 19
their respective Boards have author­
ized further discussions to form a
new Nebraska-based multi-bank
holding company to acquire, through
a consolidation of the two one-bank
holding companies, the ownership of
both Omaha National Bank and
First National Bank & Trust Com­
pany of Lincoln, and their other sub­
Mr. Woods and Mr. Smith stated:
“ There are no assurances that these

discussions will result in any defin­
itive proposals. However, if an
agreement is reached, approval of
the Federal Reserve Board and a
two-thirds favorable vote of the
shareholders of both of the present
holding companies would be re­
Any consolidation would be on a
no-premium basis. Shareholders of
each of the existing holding com­
panies would receive stock in the
new multi-bank holding company,
which would be named Firstier, Inc.
(pronounced First-teer'), based on a
tax-free exchange at a ratio to be
determined after a receipt of reports
of independent financial consultants
for each of the parties. Firstier
would have a board of directors of an
even number, with one-half of the di­
rectors being from the present
Omaha holding company and the
other one-half from the present Lin­
coln holding company. Mr. Woods
would be chairman and chief ex­
ecutive officer and Mr. Smith would
be president and chief operating of­
ficer. The two banks would be oper­
ated separately under their existing
names and with their present direc­
tors and officers.
The two executives stated: “ The
bringing together of these two
strong financial organizations
should enable Firstier to better
serve the communities of Omaha
and Lincoln and the State of Nebras­

July 25,1983
ka as a whole. The increased finan­
cial strength would greatly enhance
our ability to finance Nebraska
businesses and agriculture as well as
to develop expanded services for
residential mortgage financing, in­
vestment services for individuals
and businesses, and provide a sound
base for future growth. We are confi­
dent that Firstier would be able to
exert a cohesive influence to bring
the two metropolitan communities
and the State as a whole together in
a common effort to better meet their
combined credit demands and finan­
cial requirements.“
Until the 1983 Nebraska Legisla­
ture authorized multi-bank holding
companies, Nebraska banks were
unable to form companies of a size
that would make them more competitve with out-of-state banking or­
ganizations such as the multi-bank
holding companies of Minnesota,
Iowa, Missouri and Colorado, and
the national giants such as Amer­
ican Express, Sears, Citicorp, Bank
of America and Merrill Lynch, all of
whom have been increasingly active
in soliciting Nebraska business. For­
mation of Firstier, Mr. Woods and
Mr. Smith said, would provide the
base for a larger and stronger
Nebraska financial institution to
compete favorably with these out of
staters in serving most segments of
the Nebraska economy.
At June 30, 1983, the assets of
Omaha National Corporation were
$993,223,000 and First National

Loan participation through us can help
improve your bottom line
For that reason, banks in Iowa depend on
Correspondent Banker Dick Flesvig
Federal Reserve Bank of St. Louis


First Bank Saint Paul
Member First Banki System
Correspondent Banking Division
332 Minnesota Street
Saint Paul, Minnesota 55101 (612)291-5577


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Salaries are in the $20-80,000 range. Clients
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Member FDIC


one of the reasons
we're first in Iowa.
Anna Belle Sheets

Lincoln Corp.’s were $786,730,000,
and shareholders’ equity was
$71,130,000 and $58,367,000 respec­
tively. The proposed holding com­
pany would have pro-forma assets of
$1,779,953,000. Deposits at 1982
year-end were $714,596,000 at
Omaha National and $534,195,000
at First National Lincoln, for a total
of $1,248,790,000.

Iowa News
BETTENDORF: Bettendorf Bank
and Trust recently announced the
appointments of Thelma Ehredt as
vice president, cashier and manager
of the State Street Office; Elaine
Bartholome, vice president in retail
banking, and Sue Willman, loan ser­
vicing and support officer. Ms.

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

National Bank 151

Member F.D.I.C


Call (515) 245-3131 or toll-free (800) 362-2514


Federal Reserve Bank of St. Louis

W alt Heyne, Dunhill of Fayetteville
Box 1570, Rogers, Arkansas 72756
Phone: 501/636-8578

Cyndi Watkins

Ehredt joined the bank in 1954.
Both Ms. Bartholome and Ms. Willman have been with the Bettendorf
bank since 1977.

Michael Yanney. The application to
purchase has been filed with the
Federal Reserve Board. Mr. Yanney’s
company owns three other Iowa
banks—Nevada National, Valley
State Bank at Rock Valley, and Se­
curity Savings Bank in Williams­

BLAIRSTOWN: Richard G. Wedeking, 36, assistant vice president of
Benton State Bank, died July 6 fol­
lowing a long illness. Mr. Wedeking
joined the bank in January of 1981
and was appointed assistant vice
president later that year. Prior to his
affiliation with the bank he was an
examiner in the small loan division
of the Department of Banking. Mr.
Wedeking became ill in February of
this year.

HOLSTEIN: Daniel B. Engler has
been named president of the Hol­
stein State Bank, succeeding Wayne
Hettinger who has been named pres­
ident of the Bethany Trust Com­
pany, Bethany, Mo. Mr. Engler had
been serving as executive vice presi­
dent of Hawkeye Bank and Trust,

FOREST CITY: An agreement in
principle has been signed by John
Witmer, president of Forest City
Ltd., which owns Forest City Bank
& Trust Co., to sell the holding com­
pany and its bank to Rainwood Co.
of Omaha, whose principal owner is

WINTERSET: Farmers and Mer­
chants State Bank has announced
the appointment of Robert C. Duff
as assistant vice president, agricul­
tural loans. Mr. Duff formerly held a
similar position with United Central
Bank of Estherville.

IOWA CITY: Luella J. Feldman
was recently elected vice president
of Iowa State Bank & Trust Com­
DUBUQUE: William D. McGeehan pany. Ms. Feldman has been with
was elected president and a director the bank over 14 years.
of American Trust & Savings Bank
by directors at their July 15 meet­ SIOUX CITY: Daniel G. Augustine
ing. He succeeds Christy Arm­ and Douglas Rice have been elected
strong, who announced prior to the senior vice presidents at Security
meeting his retirement following a National Bank. Mr. Augustine will
48-year banking career. Mr. McGee­ serve in bank opérations with re­
han has more than 22 years banking sponsibilities to include data pro­
experience in New Jersey and New cessing, bank operations, informa­
England states, most recently as tion systems and building manage­
principal in McGeehan Associates. ment. Mr. Rice joined the bank in
Prior to that he was executive vice 1975 and was most recently pro­
president and director of The Bank moted to vice president and général
of New Hampshire, N.A., Man­ auditor in 1980. He is in the finance

Professional ...
Call Mark Christen for
any correspondent service.
Call toll free (800) 622-7262

Valley National Bank «■


M e m b e r FD IC

where comm on transactions are handled uncommonly well.
13th & M S tre e t • L in c o ln . N ebraska 68501 • M em ber, F.D.I.C.

Illinois News

Nebraska News
HUMBOLDT: John F. Kotouc,
president of Home State Bank &
Trust Company, has announced the
appointment of Randal J. Burns as
executive vice president and chief
executive officer.
OMAHA: Three appointments were
recently announced at American Na­
tional Bank. Thomas H. Dunham
was elected vice president-com­
mercial loan officer; James W.
Burns was named an assistant vice
president, and Kenneth L. Nelson an
assistant cashier.

Minnesota News
ST. PAUL: A corporate name and
symbol change has been announced
by the Otto Bremer Company, effec­
tive August 15. On that date The
Bremer Company will be renamed
Bremer Financial Corporation and
all 29 Bremer banks and the cor­
poration’s 37 bank-related business­
es, which include insurance agencies
and ag credit companies, will be
identified under one common name,
“ First American.” The new symbol
is an eagle in flight with the Bremer
name placed within a blue square.
Bremer employs aobut 1,200 per­
sons in 51 offices and has assets ex­
ceeding $1.3 billion.
SHELLY: Parnell Thorson has been
appointed executive vice president
of the State Bank of Shelly. Since
1978, Mr. Thorson has been presi­
dent and general manager of the
Lake Region Credit Union at Devils
Lake, N.D.

Ag Banking Personnel
Let us help you. Call the ag lending personnel
specialists without cost or obligation. Confi­
dential. Employers pay us to hire the best.

The Illinois Bankers Association
board of directors recently approved
the dates and locations for the 1983
Annual Meeting and the 1984 An­
nual Convention.
The 1983 Annual Meeting will be
held November 17 at the Holiday
Inn O’Hare Kennedy, in conjunction
with the IBA Bank Management
Conference. At this time election of
association officers will be held
along with other business the board
determines necessary.
The 1984 Annual Convention will
be held June 13-15 in Peoria. The
Hotel Pere Marquette will serve as
convention headquarters, with all
meetings, general sessions and ex­
hibits to be located in the Peoria
Convention Center.
CHICAGO: On July 8, Union Na­
tional Bank of Chicago was closed
by Doyle Arnold, Acting Comptrol­
ler of the Currency, and the FDIC
was named receiver. An attempt to
arrange a merger of the failed bank
was unsuccessful, requiring the
FDIC to pay off depositors up to the
insurance limit. The FDIC elected to
make insured deposits available to
their owners by transferring their
accounts to Seaway National Bank
in Chicago, with the sole office of the
closed bank reopening July 11 as a
facility of Seaway National. This re­
presented the first use of a pro­
cedure authorized by Section 11 (f) of
the Federal Deposit Insurance Act.
Insured deposits in Union National
amounted to $23.5 million in 13,400
accounts. Approximately $1.5 mil­
lion of the bank’s deposits exceeded
the insurance limit of $100,000.
The FDIC Board indicated that if
the payment of insured deposits

czdfoCdz% an d czdhioaLatz±
Bank Consultants
Specializing in Bank Acquisitions
P.O. Box 450 405 Main Ames, Iowa 50010
D o n a l d E. H o l d e r , Principal

through a transfer of accounts to
another bank satisfactorily mini­
mizes disruption of the bank’s cus­
tomers and to the community, the
procedure may be used in future
deposit payoffs.

South Dakota News
SIOUX FALLS: First Bank of
South Dakota recently elected one
officer and advanced four others.
Steve Gerlach was named vice presi­
dent, Sioux Falls; Russ Stone was
named president, Presho; Victor
Harwood was named vice president,
Rapid City; Loren Podoll was named
vice president and Tim Carr was
elected agricultural loan officer,
Aberdeen, and E. Norman Kostboth
was named vice president, Get­
TORONTO: Harold Heidemann
joined the Bank of Toronto in its
agricultural loan department. Mr.
Heidemann formerly was with Uni­
ted National Bank in Castlewood.
YANKTON: L.B. “ Bernie” Moore
has been named vice president and
manager of the United Natinal Bank
in Yankton, announced Hurley Wil­
son, president. Mr. Moore’s banking
career has included positions as
chief executive officer for Dakota
County State Bank of South Sioux
City, Neb., and vice president for
Columbia Heights State Bank in

An important new profit center
for your bank:


Leroy Bell or
Linda: 515/394-5827
Jeannie: 515/263-9598 if
New Hampton, la. 50659 no answer, 712/779-3567
Massena, Iowa 50853

3011G4REH&, INC.

Federal Reserve Bank of St. Louis

a com pu terized
local billing/credit service

Milt Hennick
31 9 -2 9 1 -5 4 1 2

N a tio n a l B a n k o f W a te rlo o
315 East 5th St. • Waterloo, IA 50704

,MmoerM ^



AUDIT AND COMPLIANCE OFFICER fo r $60 million south­
east Iowa bank; some personnel duties. Salary commen­
surate w ith experience, plus excellent benefits. Send
resume, salary history and requirements to file UBP, c/o
Northwestern Banker.
two position. Several years lending experience required.
Real estate, insurance, and computer experience a plus.
Salary commensurate with experience. Send resume and
salary history in strict confidence to file UBI, c/o North­
western Banker.
AG LENDER for central Iowa bank. Several years lending
experience desirable. Operations and/or computer exper­
ience a plus. Send resume and salary history in strict con­
fidence. Salary commensurate with experience. Write file
UBH, c/o Northwestern Banker.
Progressive $51 million central Iowa independent bank
has an opening for second person in AGRI-LENDING
DEPARTMENT. Installment lending experience beneficial.
Salary compensated with experience. Write file UBJ, c/o
Northwestern Banker.
First National Bank of Clarion is interviewing for the posi­
tion of COMMERCIAL LOAN OFFICER. Need strong ex­
perience in agricultural lending. Send resume to Mr. R.B.
Bartholomaus, c/o First National Bank of Clarion, P.O. Box
268, Clarion, la. 50525.
INSURANCE SALES MANAGER—At least two years banking experience desired - not necessary. Base salary plus
commission. Send resume to Frank Osowski/EVP, Na­
tional Bank of Canby, P.O. Box 70, Canby, MN 56220.
MARKETING SALES PERSON— Knowledge of bank products and sales oriented essential. Marketing experience
helpful. Outside calling required. Salary plus commission.
Write file UBL, c/o Northwestern Banker.
Locally owned independent bankseeking SENIOR LOAN
OFFICER. Experience in ag and commercial lending. Op­
portunity for professional growth. Send resume and salary
history to file UBO, c/o Northwestern Banker.
The National Bank of Waterloo, Iowa, has opening for a
ience in lending and operations. Send resume to Diane
Good, National Bank of Waterloo, 100 E. Park Ave., Waterloo, Iowa 50704.__________________________________(PA)

A major eastern Iowa bank has an immediate re­
quirement for an individual to assume responsibil­
ity for the management of a full service branch o f­
fice. The successful candidate is fam iliar with
consumer lending, w ill have had previous man­
agement level responsibility in a financial institu­
tion and can demonstrate the ability to handle the
operation, profitability and marketing aspects of
this position. Please forward a resume, w ith earn­
ings history, in complete confidence to: File UBK,
c/o Northwestern Banker.

LOAN OFFICER—eight years experience. Assistant vice
president level. Desires relocation. Recent commercial lend­
ing emphasis. Write file UBN, c/o Northwestern Banker. (PW)

Why Not a Higher Paying Position?
Call us and lets talk about your banking career.

R.E.B. & Associates
Executive Search Consultants
13625 C. St., Omaha, Nebraska 68144
Phone: 402/333-8248 or 333-6604

Banking, Financial & Business Personnel
Iowa and Nationwide

714 U.C.B. Building, 515-283-2545
Des Moines, Iowa 50309

15-5th Ave. S.E.



All positions are in Missouri, Iowa, Kansas, Arkansas or Oklahoma
Three PRESIDENT positions in banks of $5mm, $30mm, and

Our fast growing Bond Department has an im­
mediate need for a head trader and underwriter to
help us maximize our potential. We offer a good
salary and bonus plan and excellent benefits. This
is an excellent opportunity for an experienced
muni-trader to run their own department. Call Jan
Nolander at (612) 341-6578 for more information.

tions in city.
Three AGRICULTURAL LENDER positions, all in small
towns, one suburban.
MENT, both city.
CASHIER both city.
Positions available change as more openings become avail­
able or as positions are filled. If you are interested in making
an advancement or change in your present situation, as a
candidate registered w ith me, you w ill be informed as posi­
tions come available that would appeal to you based on
what YOU want In a bank, in salary, in location, and in size
of town or city, i do not reveal your name to a client bank un­
til you are interested in interviewing.
Eighteen years of banking service as President of both rural
and metropolitan banks enables me to find the right bank­
ing environment for you. Phone or send resume to: Don W.
Schooler, 901 A. West Jackson, Ozark, Missouri 65721.
Phone (417) 485-6020.

ex)n <Schooler T



"Successful Banking is Quality Personnel"
______________ Banking Employment Service_____________

Senior Ag Lender w ith college degree and minimum of 5
years bank lending experience needed by major midwest
bank. Some travel. ..................................... Salary to $40,000

Commercial Lender for multi-bank holding company in
bank located in city over 100,000. Requires 3 or more years
bank lending experience............................. Salary to $30,000
Ag Lender w ith sales and promotional ability for bank in
outstanding northwest Iowa com m unity of 3,000. Requires
m aturity......................................................... Salary to $28,000
Ag Lender for central Iowa bank. Requires 3 or more years
experience in a com m unity bank...............Salary to $26,000
Sales/Operatlons person for major bank supplier. Quad
cities location. Car furnished..................... Salary to $30,000
W rite or call Malcolm Freeland, Freeland Financial Ser­
vice, Inc., 1032 Carriers Bldg., Des Moines, la. 50309.
Phone 515/282-6462. Employer pays fee.

At Pre-Construction Prices
With 121/2% * Financing
Paradise Properties
B ox S Dillon, Colorado 80435
Phone 1-800-922-2590
•Subject To Change

$10 million east central Iowa bank needs AG LENDING
OFFICER. 2 to 3 year banking or equivalent experience.
Write file UBM, c/o Northwestern Banker.

Two AUDITOR positions, one in small town, one in city.

Commercial Lender to head commercial loan department
and supervise installm ents in $60 m illion bank. Requires 5
or more years bank lending experience... Salary to $40,000

We are professional truck people w ith over 30
years experience dealing w ith repossessed
trucks, semi tractors and trailers. No obligation
for our advice.

Three OPERATIONS positions in banks from $20mm to

Number Two Person for $30 m illion com m unity bank. Re­
quires ag background and proven executive ability. .Salary
to $45,000

Commercial Lender for com m unity bank in town o f 15,000.
Requires 5 or more years experience in a bank of at least
$40 m illion..................................................... Salary to $35,000

THe National Bank of Waterloo has opening for an AUD­
ITOR. Need CPA plus two to three years audit experience.
Banking experience would be helpful. If interested, please
send resume to Diane Good, National Bank of Waterloo,
100 E. Park Ave., Waterloo, Iowa 50704.

Seven COMMERCIAL LOAN OFFICER positions in banks
ranging in size from $25mm to large Metro banks.

Commercial Lender for $300 m illion bank in Upper
Midwest. Requires college degree and demonstrated lend­
ing ability...............................................................Salary open

Sixth and Marquette
Minneapolis, MN 55480
Affirmative Action Employer


CEO w ith proven high performance record in community
bank seeks new opportunity......................... Salary $45,000
Commercial Lenders w ith experience ranging from three
to 20 years.................................................. Salary to $50,000
Senior Ag Lenders w ith experience ranging from 5 to 20
years............................................................Salary to $40,000
Junior Ag Lenders w ith one to five years experience.
..................................................................... Salary to $25,000
Administrative Officers w ith major banking experience.
..................................................................... Salary to $50,000
Installment Lenders w ith over five years banking ex­
perience......................................................Salary to $25,000
Operations people w ith over five years experience.............
..................................................................... Salary to $30,000
If you are considering an additional officer, we have
dozens of qualified applicants listed in most job cate­
gories. W rite or call Malcolm Freeland c/o Freeland Finan­
cial Services, Inc., 1032 Carriers Bldg., Des Moines, IA
50309. Phone 515/282-6462. Employer pays reasonable fee.

Buy * Sell * Lease
All IBM Systems and Peripherals
We specialize in Banking Equipment
Immediate Availability
Guaranteed M/A
1255-1, II, III
S/34, 38
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3624-All Models
NCR 1780
Diebold 910
Contact: Tom Garlie



A s s o c ia te d C o m p u te rs , Inc.
P.O. Box 120 • Rogers, M N 55374-0120 • (612) 428-2285

AGRILOAN—manage Ag department in $50MM communi­
ty bank. Prefer degree and 4 yrs. + experience.
COMMERCIAL LOAN— large suburban bank affiliated
w ith multi-bank holding company seeks addition to staff.
W ill supervise junior officers.
INSTAL. LOAN—handle all Consumer loans and some
Commercial lines for $25MM com m unity bank in central
OPERATIONS OFFICER—responsibility fo r all operational
departments plus regulatory reports. $55MM bank.
PRESIDENT—medium size com m unity bank needs strong
CEO w ith Commercial and Ag background. Degree de­
REAL ESTATE LOAN—generalist Real Estate loan back­
ground and some experience w ith secondary market. Man­
agement position.
Resume' and salary inform ation requested.

of Kansas City
2024 Sw ift - Box 12346
North Kansas City, MO 64116
“ Serving the Banking Industry Since 1970”

Vol. 12 No. 14 Northwestern Banker Newsletter (USPS 873-300) is published weekly by the Northwestern Banker Company, 306
Fifteenth Street, Des Moines, Iowa 50309, (515) 244-8163. Subscriptions $1.00 per copy, $18.00 per year. Second class postage paid at

Des Moines, Iowa. Address all mail subscriptions, changes of address (Form 3579), manuscripts, mail items to above address.
Federal Reserve Bank of St. Louis