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Vol. 10 No. 14 Des Moines, Iowa “ A ll Savers” Bill Moves Ahead FTER a session that lasted until A 2:00 a.m. the morning of July 22, the House Ways and Means Committee approved its version of the All Savers Certificate. The same legislation had been approved a few days earlier by the Senate on an 86-10 vote. The bill in its present form has drawn strong opposition from the American Bankers Association, which objects to the targeting of the funds and creating a credit allocation piece of legislation. The bill presently requires any financial institution offering the All Saver Certificate to figure the lesser of: 1. Total dollars collected by All Savers Certificates in that institu tion, or 2. Net growth of retail deposits in the institution. Then, 75 % of that amount would have to be allocated for housing or agroculture. Up until the final hours of debate in the Senate, the bill zeroes in strictly on housing, but agriculture was added at the last minute in broad terms in order to buy off the farm lobbies. Sen Jake Gam offered an amendment on the floor that would have included small business loans, auto loans and student loans, but his motion was defeated. The bill specifically lists the following as eligible for “ housing” loans from this 75% pool of funds: • Housing loans, including mort gage loans on residential real estate and including second mortgages. • Home improvement loans. • Government insured and guaran teed mortgage loans. • Mobile home loans. • Construction loans for residential construction or rehabilitation. • Purchase of mortgage loans in the secondary market. • Purchase of Fannie Mae, Ginny Mae or Freddie Mac securities. However, when agriculture was introduced at the last minute, there was no definition of ag loans as outlined above for housing. If enacted now, the bill would authorize financial institutions to offer the All Saver Certificate starting with the last quarter of 1981 and each quarter thereafter for a period of 15 months, then this temporary legislation would cease. Regulators would be obligated to review each institution at the end of the quarter and if they found an institution did not meet the credit allocation test, that institution would July 27,1981 not be authorized to offer it for the next quarter. Among other things, A B A points out this would be an administrative nightmare. A B A feels the key to the whole thing is the role of the Reagan Administration, which has been basically to roll over and play dead and A B A , which had committed itself to supporting efforts of the new Administration to cut costs, taxes and balance the budget, backed the Administration. Then, the Adminis tration backed off and said it would not oppose the bill. A B A contacted Treasury Secretary Regan to deter mine Treasury’s position and was told Treasury would accept the bill and not oppose it after looking at the tax income tradeoffs. A B A then wrote Congressman Rostenkowski it would support the bill, but Congress came back by then writing in the credit allocation clause. A B A President Lee Gunderson issued a hard-hitting statement after that: “ We are especially disappointed that the Reagan Administration has stood mutely by while this convoluted credit allocation plan was incubated and hatched. Surely, the Administration is not in such a weak position that it must watch helplessly while an otherwise excellent tax bill is tarnished by the addition of this government designed boondoggle.” An A B A spokesman pointed out that among the worst aspects of the bill is that it would change the assets ASK STAN FARMER to make MNB work for you. Toll free: 1-800-332-5991 Merchants National Bank ■§■ M e m b e r F .D .I.C . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A B A N K S O F IO W A ' B A N K Team w ork: One of the reasons we re first in Iowa. Gary McClimen IOW A . nesMOines M m NATIONAL BANK I Des Moines. Iowa 50312 R. L. “ DICK” SELLON Bemie Kersey An Affiliate of Northwest Bancorporation side of an institution to meet the 75 % requirements. Since it is an assets test, he stated, this would cut back the new purchase of municipal bonds and Treasury bills. The spokesman said the Senate vote and House concurrence to date has come after a massive campaign by the national home builders association to get the 75% linkage included in the All Saver legislation. S&Ls didn’t favor this at first, he said, but did accept it later in order to get the new certificate. The home builders group apparently blitzed Congress with thousands of phone calls by encouraging every staff member of their members to call long distance to Congressmen. It was reported that each employe who made the most calls each day was given a $25 bonus that day, and the one who made the most calls in a week was given a larger bonus. The All Saver Certificate is authorized only for 15 months. It would be offered in increments of $500. There would be no tax on the first $1,000 of interest income for an individual and no tax on $2,000 interest income for a joint filing. A B A feels this helps only those in tax brackets of 30% and above, while the S&Ls claim it will help their passbook rate savers. After the House Ways and Means committee approved last week, the bill went to the House Rules committee, which would have taken a day, then it was to be taken by the full house, possibly late last week. It was LeasePlan.Inc. 545 - 31st Street BANCO1 " Call (515) 245-3131 or toll-free (800) 3 62-2514 Member FDic BANKERS PARTICIPATING will continue as chairman of Lyon County State Bank, Rock Rapids, and is succeeded there as president by Jack Hoogeveen, who was executive vice president and trust officer. Keith D. Engquist, president of Hawkeye Insurance Services, Inc., and Central Hawkeye Life Insurance Co., will assume new corporate responsibilities dealing with state wide farm real estate services. James M. Earley, senior vice president and senior trust officer at United State Bank, Cedar Rapids, has been appointed vice presidenttrusts for Hawkeye. expected that a motion might be made to adopt the Senate language. In that event, if the House passes the bill it would go directly to the President for signature. If the House keeps its own language, the bill would have to go to a conference committee, then any agreement would have to be ratified by both the House and the Senate before proceeding to the President. □ MR. A Y R: Security State Bank stockholders have voted to become Iowa News the 28th affiliate bank of Hawkeye DES MOINES: Paul D. Dunlap, Bancorporation. The bank has over president of Hawkeye Bancorpora $34 million assets. The transaction is tion has announced the appointment subject to regulatory approval. of six officers to new positions. Donald R. Runger has been named OKOBOJI: Fred Hagemann, pres., senior vice president of Hawkeye, State Bk. of Waverly, was elected with responsibilities for corporate pres, of the Iowa Ind. Bkrs. at the administration of the 26 affiliate 10th annual convention here. Jim banks. He has been named chairman Lipton, pres., Ida Co. St. Bk., was of Jasper County Savings Bank, named vice pres., and Don HeineNewton, and will be succeeded there king, pres., Security St. Bk., as president by Denis G . Wilcox, who Hubbard, was named to another year has been executive vice president in as treas. A complete report will be Newton. □ I would like to sell my Lewis L. Lowe has been named majority bank stock. I senior vice president at Hawkeye □ I would like to buy ma headquarters. He will work with jority bank stock. Myron Weil, executive vice president Please Contact: J. Mason Henry and chairman of the loan committee, in supervision of loan reviews and Charles E. Walters Co., Inc. revenue bond financing. Mr. Lowe 39G ingerW oods Road, Valley, Nebraska 68064 Phone: (402)553-6400 cdrotdex and cz/f±±oaLat£.± Bank Consultants Specializing in Bank Acquisitions 515-232-0814 P.O. Box 450 405 Main Ames, Iowa 50010 Donald E. Holder , Principal Estate Appraisals Purchase o f Collections Sale o f Rare Coins Single System Banking R e lia b le and respected service fo r over 20 years W ith U sed b y bankers th rou gh out the m idw est A va ila b ility Ben E . Marlenee Coins Availability of funds. . . availability of people. . . responsive to your needs. National Bank of Waterloo https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Waterloo, Iowa 50704 M em ber FDIC Phone Bill Rickert at 1-800-772-2411. 913 L ocu st D es M oines Iowa 50309 515-243-8064 , Supplement to Northwestern Banker Newsletter 7-27-81 Carleton D . Beh Company Investment Bankers / Financial Consultants 1300 Des Moines Building / Des Moines, Iowa 50309 5 1 5 /2 8 8 -2 1 5 2 We own and o ffer subject to prior sale and change in price the follow ing Pledge Orders: AMOUNT MUNICIPALITY $ 300,000 BURLINGTON, IOWA Sewer Revenue Pledge Orders Interest: 3-1 and 9-1 9.50% 9-1-82 $ 200,000 DENISON, IOWA Sewer Revenue Pledge Orders Interest: 6-1 and 12-1 9.50% 9-1-82 $ 600,000 GLENWOOD, IOWA Sewer Revenue Pledge Orders Interest: 6-1 and 12-1 9.75% 12-1-83 KEOKUK, IOWA 9.50% 6-1-82 $1,100,000 YIELD MATURITY Water Revenue Pledge Orders Interest: 6-1 and 12-1 $ 200,000 ROLAND, IOWA Electric Revenue Pledge Orders Interest: 6-1 and 12-1 9.50% 12-1-82 $ 300,000 SANBORN, IOWA Sewer Revenue Pledge Orders Interest: 6-1 and 12-1 9.50% 12-1-82 $ 400,000 TIPTON, IOWA Electric Revenue Pledge Orders Interest: 6-1 and 12-1 9.50% 6-1-82 $ 500,000 WAVERLY, IOWA Sewer Revenue Pledge Orders Interest: 6-1 and 12-1 9.50% 6-1-82 $ 600,000 WEBSTER CITY, IOWA Sewer Revenue Pledge Orders Interest: 6-1 and 12-1 9.50% 6-1-82 IN TH E OPINION OF COUNSEL INTEREST ON THESE PLEDGE ORDERS IS EXEMPT FROM ALL PRESENT FEDERAL INCOME TAXATION AND ALL PROPERTY TAXATION IN THE STATE OF IOWA. Pledge Orders are issued in accordance with the provisions of Chapter 384, Code of Iowa, 1981, as amended, to provide funds necessary for the construction of improvements to municipal utilities. In the opinion of counsel, Pledge Orders are subject to the first lien of outstanding debt, if any, and together with such outstanding debt are payable solely and only from the future net revenues of the respective municipal utilities. The information contained herein is not guaranteed, but is derived from sources we deem reliableand is that on which our purchase of these bonds are based. Bonds of a particular maturity may or may not still be available or may now be available at a price or yield different from that indicated above. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Division of H u tto n & Company Inc. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C A L L O N T H E “P E R F O R M A N C E T E A M ” where com m on transactions are handled uncom m only we//. FIRST N A T IO N A L LIN C O LN 13th & M Street • Lincoln, Nebraska 68501 • M em ber, F.D.I.C. published in the August magazine. SIOUX CITY: The Federal Reserve of Chicago has approved the application of United Central Bancshares Inc of Des Moines to acquire the Perry Development Co., which owns Valley State Bank here. This is UCB’s 12th affiliate bank. The Justice Department has 30 days to review the transaction. South Dakota News Minnesota News Nebraska News ELGIN: Richard K. Draper, Sr., chairman of the Bank of Elgin, died July 11 at the age of 84, after 64 years as an active banker. Survivors include his son, R.K. Draper, Jr., president of Bank of Elgin. Senator Richard Maresh, long time legislator from Milligan, has resigned his post to accept a position as Deputy State Agricultural Direc tor. Shari Apking has been appointed by Governor Charles Thone to succeed Mr. Maresh as Senator from the 32nd district. Ms. Apking and her husband Bill are officers at the State Bank of Alexandria. LEXINGTON: M. Douglas Zoerb has been elected vice president of the Lexington State Bank & Trust Co. He previously served as vice president and loan officer at The Farmers and Merchants Bank in Milligan. PIERCE: Frank Gilmore has joined Cones State Bank as senior vice president. Mr. Gilmore was formerly with a bank in Standish, Mich., and has 23 years of farm finance experience. succeeds her as cashier. CANTON: Clair E. Gard has joined Montana News First American Bank as assistant vice president and manager of the BILLINGS: Michael J. Hickey has bank’s branch office in Worthing. been elected assistant vice president —commercial loans at First Bank PIERRE: First National Bank held Billings. grand opening ceremonies recently at its new branch office in the Pierre Wyoming News MaU. SHERIDAN: Mary Lee Corley has ST. PAUL: Gary R. Rohlfsen has joined American National Bank & Trust Co. as an assistant vice president-corresondent banking. Mr. Rohlfsen was formerly a correspon dent banker with an Iowa bank. WINGER: Farmers State Bank has promoted Earl R. Sjoblom to executive vice president. He succeeds Raymond Marr, who resigned in January. Illinois News CHICIGO: Marvin Kolvitz, manager of the executive banking center of The Mid-City Bank, has been appointed a vice president. Ronald A. Stewart has been advanced to assistant vice president. been named assistant cashier at Bank of Commerce, where she has worked since September, 1979. CHEYENNE: The Federal Reserve Board on July 8 authorized the Wyoming National Corporation, Casper, to acquire First Bankshares of Wyoming, Cheyenne, which has three banks. GET THE COMPETITIVE EDGE over savings and loan, credit unions, etc. This “ on-premise” system gives you complete inde pendence, competitive flex ibility and control. North Dakota News NEW TOWN: Zinie Peterson has been advanced to senior vice president at Lakeside State Bank; Marlene Pennington has been moved to vice president, and Dorothy Miller SERVING PROFESSIONALLY Banking, Financial & Business Personnel Iowa and Nationwide CAPITAL PERSONNEL SERVICE 714 Central National Bldg. 515-283-2545 Des Moines, Iowa 50309 W e’re people who can help with ag lending. For ag lending, data processing, overlines, and investment services . . . we’re the people who can help. Get tighter instantaneous reporting in every phase of yo u r o p e ra tio n . A t the sam e tim e reduce you r operating costs. A program for your every need — and m ore. The best banking system in the industry. We’re more than western Iowa’s largest bank. We’re people. Ken Roeder Correspondent Bank Officer 712/277-6580 4P SECURITY N ATIO N AI. BANK IN SIOUX CITY. IOWA. MEMBER F.D.I.C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis © 1980 Security National Bank Modern Banking Systems, Inc. 6818 G ro v e r St., O m a h a , N e b ra s k a 68106 (402) 392-0151 B A N K IN G PLA CE M EN TS “ Successful Banking is Quality Personnel” AU C TIO N ! Eighteen years banking experience serving as president of rural and metropolitan banks enables me to find the “right” banking position for you as a banker or the “right” officer for your bank. Saturday, August 1 — 1:00 P .M . Bank moved to new building—the following is available: DO N -S C H O O L E R In AND I P ASSOCIATES 901 A. West Jackson* Ozark, Missouri 65721 417/485-6020 COMPLETELY CONFIDENTIAL _____________ “Employment Service”______________ BANK PLACEMENT SPECIALISTS (Our33rdyear) Call experienced professionals to locate the right candidate for your vacancy . . . or the right “move-up” for yourself. CORPORATE RECRUITERS MIDWEST BANKING DIVISION 525 Commercial Tower 402/393-5515 Omaha, Nebraska 68124 WANTADS Rates are $5.00 per line per insertion. Add $3.00 for file letters per insertion. Identity of file letter advertisers cannot be revealed. NORTHWESTERN BANKER 306 -1 5th Street Des Moines, Iowa 50309 Phone 515/244-8163 FOR SALE OR LEASE PERMANENT OR TEMPORARY Sale or lease financial facilities. Available immediately: 14’x60' in Nebraska, 14’x50’ with 2 DUWs in Illinois and in Missouri, and 12’x50’ in Minnesota. Phone SON CORPORATION, Box 684, W ichita, KS 67201, (316) 942-8167, call collect.___________________________________ (FSorL) POSITIONS W A N T E D CEO of $20 million bank seeks new opportunity........... .................................................................................. $50,000 Operations Officer of $30 million b an k............. $25,000 Ag Lender wants opportunity in Illin o is ...........$24,000 Operations Officer in N. Dakota wants western states j o b ............................................................................$21,000 Executive Officer of $60 million Illinois bank seeks c hange..................................................................... $35,000 Commercial Loan Officer in N eb ra s k a ............. $23,000 Insurance Agent with loan exp. in Io w a ...........$23,000 Managing Officer of $14 million bank wants to move to N.E. Io w a ........................... . ; ................................ $25,000 Write or call Malcolm Freeland, Freeland Financial Service, Inc., 246 Insurance Exchange Bldg., Des Moines, Iowa 50309. Phone 515/282-6462. Employer pays fee.________________________________________ PO SITION S A V A IL A B L E Loan Review Officer for S. Texas bank of $300 million ............................................................ ............. $32,000 + Commercial Loan Officer for central Iowa $60 million b a n k ..........................................................................$23,000 Ag Lender for northern Iowa b a n k ..................... $19,000 Managing Officer for northern Illinois bank of $14 m illio n ......................................................................$24,000 Senior Loan Officer for southern Minnesota bank of $32 m illio n .............................. $30,000 Ag Lender for N.W . Iowa bank of $11 million . .$23,000 CEO for northwest Iowa bank of $40 million . .$30,000 Ag Lender for southern Illinois bank of $35 million ..................................................................................$22,000 Write or phone Malcolm Freeland, Freeland Financial Service, Inc., 246 Insurance Exchange Bldg., Des Moines, Iowa 50309. Phone 515/282-6462. Employer pays fee. Some used bank equipment, desks, and files. Some collectible (antique) items. Also, full set of Lionel cast iron trains, including cattle cars, tank cars, engines, full track system, etc. IO W A STA TE SA V IN G S B A N K Creston, Iowa 50801 Phone 515/782-6441 FOR SALE NCR 7750-2211 12 pocket proof machine. Used 1Vz years excellent condition. State Savings Bank, Cantril, Iow a52542. Phone (319) 397-2401. (FS) Burroughs S-1000 1 2 pocket proof machine. Purchased new 1978. $5,500.00 Towner County State Bank, Cando, North Dakota. Phone701-968-4421 .(FS) Two ledger carts and trays. Cart dimensions, 16” high, 14” wide & 19” deep. Tray dimensions, 14” high, 10” wide & 18” deep. Contact Peoples National Bank of Columbus Jet., Columbus Junction, Iowa. 52738. Phone 319-728-2226.__________________________ (FS) 5 Brandt Model 200 Coin changers. 2 Brandt Model 262 Coin changers. 7 Burroughs Full Keyboard Adders. 1 NCR Full Keyboard Adder. Good Condition. Contact Elmer Huizenga, Northwestern State Bank, OrangeCity, Iowa. Phone712-737-4911._________(FS) Three reconditioned electronic message signs, 2 time and temperature signs. Quality units at low prices. Contact Mr. Carl Mayhew, United Signs, Inc., P.O. Box 263, Grand Island, NE 68801. Phone (308) 384-0111.____________________________________ (FS) Burroughs continuous forms burster. Three years old. High-low speed. Carbon removal feature. Price $2,150. Call Gil, phone(402) 592-1790.__________ (FS) POSITION AVAILABLE AG LOAN OFFICER for $10 million north central Iowa bank. Three to five years lending experience required. Degree preferred. Insurance and data processing experience helpful. Send resume and salary requirements to file NBX, c /o Northwestern Banker. _____________________________________________ (PA) SECOND PERSON: $10 million bank. Duties: operations, loans, & business development. Growth position. Prefer 3-5 yrs. experience. Many benefits. Contact John Gregg, Community Bank of Galesburg, 1380 N. Henderson, Galesburg, IL. 61401,_______ (PA) OPENING FO R #2 OFFICER in $35 million bank in the Black Hills area of northeastern Wyoming. Position will include responsibilities in lending, management, and financial planning. Excellent benefits and salary commensurate with experience. Degree preferred. Send resume and salary requirements to: Donald J. Jording, President, First State Bank of Newcastle, Newcastle. Wyoming 82701 or phone 307-746-4411. _____________________________________________ (PA) TRUST POSITIONS - If you would like to evaluate your career potential, my clients in the midwest have trust and investment opportunities in the $18 thousand to $50 thousand range. Clients pay our service charge and relocation. Call or write Gordon Mesley, Dunhill, Suite 1135, 730-2nd Avenue South, Minneapolis, MN 55402. Phone612/335-6451.___________________ (PA) PRESIDENT-CEO for $20 million bank in Nebraska small town. Minimum age 40— no maximum. Write file NBW, c /o Northwestern Banker.____________ (PA) Excellent opportunity for a senior loan officer in a $35 million bank close to metro area. A candidate should have supervisory knowledge in all lending areas, with heavy emphasis in commercial and agricultural credit. Knowledge of overall bank operations a plus. Write file NBV, c /o Northwestern Banker._____________(PA) BANK AGENCY seeking experienced m ulti-line insurance sales and service person. Lake Crystal National Agency, Inc. Phone (507) 726-6370. (PA) P A R T IA L LIST OF A V A IL A B L E POSITIONS VP LE N D IN G -D airy a + + ................................ $28,000 AG LENDER - 2 yrs e x p .........................................$23,000 INSTALLMENT LOAN - BA, 2 yrs Cons Loans. $18.000 AG LENDER - Ins license a m u s t........................$20,000 COMMERCIAL LENDER- 3 yrs e x p .................. $23,000 R E LOAN O F FIC E R - 2 + yrs e x p ...................... $19,000 OPERATIONS-1 -2 yrs exp .................................$15,000 #2 POSITION - Ag Business b k g d ..................... $27,000 TRUST - ERISA exp a m ust.................................. $24,000 CEO - Mortgage b a n k in g ..................................... $60,000 P A R T IA L LIST OF A V A IL A B L E APP LIC AN TS LOAN O F FIC E R -W ei I versed in Instal, R E, Commc’l. ................................................................................. $18,000 BRANCH MGR - BA, 1 V2 yrs S & L exp..............$15,000 #2 MAN -8 yrs banking exp................................... $28,000 VP CASHIER -1 4 yrs heavy operations..............$23,000 AG LENDER - Ag Bus Degree, ZVi yrs e x p ___$19,000 VP COMMERCIAL LOANS - 5 + yrs e x p ...........$32,000 ALL FEES COMPANY PAID. FOR FURTHER INFORMATION RESPOND IN CONFIDENCETO: s Bank Division ROBERT HALF of Iowa, Inc. 317 6th Ave. Des Moines, IA 50309 (515) 244-4414 A L L FEES C O M PAN Y PAID When it comet to agricoltore, banking and personnel. . . go to the specialists — go to AGRIcareers, Inc. Progressive bankers pay os to find the people they need. Retail Finance Rep . . . IA / N E . $20-22,000 2 Ag Lending O ffic e rs .. . . N D . $20-24,000 Ag Loan Off icer/ Insurance IA . $15-20,000 Professional Farm Mgrs. ( 2 ) .........IA & IL . ......................................................$20-25,000 Ag Lending O ffic e r...........N E . $15-16,000 Sales & Mktg. R ep.............N Y . $20-25,000 Ask the ag banking specialists what’s available without cost or obligation. NEW HAMPTON. IA 50659 MASSENA. IA 50853 I (515) 394-3145 (T12) 779-3744 aqncÂREBis, inc. ■>* THE ORIGINAL AGRICULTURAL RECRUITER PO SITION S A V A IL A B L E TRUST INVESTMENT - manage pension fund investments for large midwestern trust company. Bank or insurance company experience preferred. CFAdesignation helpful. $30,000 AGRILOAN - $40MM bank heavy in cattle and feeder lot financing. Prefer5yrs. or more experience.$28,000 OPERATIONS - medium size rural bank needs seasoned operations officer. Prefer accounting degree and some data processing background.$30,000 SENIOR COM M ’L LOAN - manage portfolio for $60M M ag/com m ercial bank. Good administrator will move into EVP position in short time. $$Open C ASHIER-second position in$20M M suburban bank. Prefer generalist from small bank although primary responsibilities will be operations and reports.$22,000 TRUST OFFICER - position requires employee benefit experience. Excellent opportunity for individual with 2-4 yrs. experience. $23,000 SECOND OFFICER - small community bank in resort area seeks commercial lender with good administra tive skills. $23,000 North Carolina Locating & Recovery Service Statewide— Since 1922 Salaiy history and resume’ requested. All inquiries confidential. HOME DETECTIVE COMPANY, INC. TO M H A G A N & A S SO C IA T E S of Kansas City Administrative Offices • H O South Walnut Circle • Greensboro, NC27409 Field Divisions: Asheville*Charlotte*Durham*Raleigh*Fayetteville*Jacksonville* Rocky M ount*TaborCity [919)299-1641 Bonded • Dependable 59th Year Licensed .* Trustworthy P.O. Box 12346,2024 Swift North Kansas City, MO 64116 816/474-6874 “Serving the Banking Industry Since 1970" Vol. 10 No. 14 Northwestern Banker Newsletter [USPS 873-300] is published weekly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309. Subscriptions $1.00 per copy, $15.00 per year. Second class postage paid at Des Moines, Iowa. Address all mail subscriptions, changes of address [Form 3579], manuscripts, mail items to above address. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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