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Vol. 12 No. 11 Des Moines, Iowa M innesota Governor Seeks C hanges (Editor's Note: In last week's issue change permits out-of-state holding we reported change and its ac companies to purchase a South celerating pace as discussed at so Dakota bank to offer full service in many recent state banker conven surance. Nebraska’s Governor Ker tions. In the midst of this change in rey led the winning battle earlier the upper midwest is the phenome this year that gave Nebraska a non of three state Governors who multi-bank holding company law are aggressively pursuing changes that had been opposed for many in banking laws as a means of years. Minnesota’s Governor Rudy achieving what they perceive to be Perpich also has been in the thick of progress for their states. Governor this new effort by Governors. The Janklow’s success in South Dakota following is a full report of his brief has been well documented — remarks to Minnesota bankers at Citicorp of New York now has its na the annual banquet during their re tional credit card operations in Sioux cent state convention.) Falls and more recently a 1983 law — ■ » ET me talk a bit about banking. have an impact on two key themes I’m not an expert, other than be of my administration — jobs and the ing a depositor and an occasional economy. The legislature must con borrower. But I’ve become con sider how our banking laws are af vinced that Minnesota is about to fecting the economy, and also must enter a new era in banking. I want look at how the new accent on ser sta te g o v e rn vices will be a primary force in driv ment to be a cat ing the national economy. alyst in that ef Last April my commission on in fort — and I’m vestment and banking recommend going to push ed a number of changes in state hard next year banking laws. Our proposal to the for the legisla legislature included three major tive changes nec changes stemming from the work of essary to bring this commission. the banking in One, we proposed that state dustry into this chartered banks which do not belong GOVERNOR PERPICH new era. to the Federal Reserve System be The changes we have proposed allowed to engage in the securities are significant because they will and insurance business. L July 4,1983 Two, we would allow out-of-state bank holding companies to operate in Minnesota, and vice versa, under a reciprocity system. Three, we would remove interest rate ceilings on most types of bor rowing in Minnesota — except for certain real estate mortgages. We announced then — and I still believe now — that these changes would put us in the vanguard of states seeking changes in banking laws. I believe these changes can bring jobs, new businesses and a more vigorous financial activity in Minnesota. Frankly, I was disappointed when the legislature did not act, but I realize we began a bit late. However, it is my strong hope that legislative committees will use the summer and fall months to ex plore this field fully. I am convinced that we need bold initiatives in the banking field, and I’d like to see ac tion in the 1984 session. It’s my view that the committees should explore the basic outlines of banking industry — they should listen to your association and to those who may wish to enter the banking industry in Minnesota. Legislators should look carefully at how non-banking companies — Sears is an example — are adopting a super-market approach to financial services. Like any business, banks must re main financially healthy in order to provide services to the public. But CALL ON THE “PERFORMANCE TEA M ” where common transactions Ii are handled uncommonly well. 13th & M Street https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • i m m FIRST N A T IO N A L L IN C O L N • Member, F.D.I.C. Lincoln, Nebraska 68501 2 fectively with the non-banks when it comes to service. Sears is the nation’s largest retailer, with 40 million credit card holders. Sears now is establishing one-stop finan cial centers where they will market stocks, bonds, mutual funds, in surance and real estate services. Last month, they announced that home buyers who buy from the Sears-owned ColdweU Banker real estate branch will receive discount books on Sear’s merchandise. It’s no longer good enough for banks to give away toasters and blankets and pots and pans. This is 1É ASK S T A N FA R M E R to make MNB work for you. Toll free 1-800-332-5991 Merchants A National Bank ISI Member F.D.I.C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A BANKS OF IOWA' BANK That’s my message — that state laws and state regulations should help pave the way for change, not stand in the way of change — when the change will benefit both the public and the industry. Your association joined me in sup porting these changes, and I’m grateful. You moved quickly when we asked you. I hope I can count on that support again as hearings re open. I believe we are in for two or three years of rapid change in the banking industry. If we get involved now and offer an attractive climate for new banking business, Minnesota will be a leader. If we don’t, an opportunity will be gone. The new legislation should test the theory that competition will deter increases in the cost of credit to consumers. It also will reflect our determination to be partners with business and industry. Government is working again in Minnesota — and there are signs also that our economy is picking up. It’s my fer vent hope that the state and its bankers will march side-by-side in an effort to provide service to a pros pering Minnesota in the coming months. □ Two Banks Closed By Defaulted Annuities The Community Bank of Hart ford, S.D., was closed on June 17 and Western National Bank of Lovell, W yo., was closed June 24 after both banks were declared to be holding several million dollars of defaulted annuities purchased from Fort Lincoln Life Insurance Co. of Minot, N.D., whose holding com pany, Fort Lincoln Insurance Group, Inc., of Santa Monica, Cal., is owned by Amant Kumar TYipati of India. His office said he had not returned from a trip to Australia and his whereabouts were unknown. The FDIC last week began paying off the $19.7 million in insured deposits of Western National, and only $300,000 in deposits reportedly exceeded the insured limit. Iowa News ALTA VISTA: Roger F. Busch has joined Alta Vista State Bank as vice president, announced Paul Hentges, president and chief executive officer. Mr. Busch, who presently is vice president and cashier of the Balwin Savings Bank, will begin his new duties July 18. CHARLES CITY: An agreement in principle has been reached whereby Banks of Iowa, Inc., Des Moines, will make an exchange offer to ac quire all of the outstanding common stock of Commercial Trust & Sav ings Bank. Subject to approval by regulatory authorities, the exchange is expected to take place in the se cond quarter of 1984. No changes in personnel are expected. Don't gam ble when choosing a correspondent bank. Com e to the professionals. UNITED CENTRAI RANK OF DES M O IN ES . N A ■ M E M B E R FDIC ■ (S1S) 2 4 5-7 11 1 AFFILIATED W IT H UNITED CENTRAL BANCSHARES. INC. TOLL FREE NUMBER ( 800) 362-1615 Supplement to Northwestern Banker Newsletter 7-4-83 N o w A v a ila b le r NEW 1 9 8 3 E D IT IO N S me. Send me_________ _ copies of the 1983 edition of the IOW A Bank Directory at $12.00 per copy. Nebraska — Nearly 200 pages. Iowa — Over 300 pages. me. Send me__________copies of the 1983 edition of the NEBRASKA Bank Directory at $8.00 per copy. Our check is enclosed for $. C O N V E N IE N T TO U S E ...lies flat for reading or copying (pages 3 Vi " x 6 V2 "). Company Name. Officer Name_ P.O. Box or Street Address. City and State. Orders shipped by return mail https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis .(add state tax: Iowa @ 4% Nebr. @ 3V¿ %) Zip Phone Area Code NORTHWESTERN BANKER 306-15th St. Des Moines, Iowa 50309 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Recipe for successT^X DAVENPORT: Ronald R. Estervig has been named president, chief ex ecutive officer and a director of First Trust and Savings Bank. He most recently had been senior vice presi dent and administrative officer of Marine Bank Dane County, Madi son, Wis. Prior to that he was associ ated with Marine First National Bank, Janesville, Wis., for 13 years. Nebraska News GRAND ISLAND: Gary L. Klein recently was appointed vice presi dent and manager of the agricultural lending division of the Commercial National Bank & Trust Company. Mr. Klein most recently was the branch manager of the PCA in Grand Island. OMAHA: Leo A. Mayhan II, has been named group manager of Oma ha National Bank’s leasing depart ment and Omnabanc Leasing Com pany. Mr. Mayhan joined the bank in 1975 as a senior staff auditor and was named second vice president in 1980. Portable Modular Bank Building tional Technical Institute for six years. Systems, Inc. MINNEAPOLIS: Bruce W. Bean has been elected president of FBS Financial Corporation. Mr. Bean, R R 45, Box 115 who has been associated with First Hiway 73 ,3 V i Miles North of Int. 680 Bank System since 1978, will report Omaha, Nebraska 68152 (402)453-3000 to Phillip L. Hendershott, former Lease • Rent • Buy president of FBS Financial who now serves as senior vice president of First Bank System’s banking re American Insurance Company in Schaumburg. lated business division. MINNEAPOLIS: Mike J. Keller has been appointed vice president, law, financial services companies of Norwest Corporation. He currently is director of leveraged leasing, Nor west Financial, Inc., Des Moines, Iowa. Illinois News Minnesota News CHICAGO: Thomas J. Maier, 34, has been elected vice president and chief financial officer of the Colonial Bank & Trust Company. He will also serve as vice president and chief financial officer of First Colonial Bankshares, the bank’s holding company. BRAINERD: Citizens State Bank has elected Mike Cartie as vice presi dent in charge of operations. Prior to joining the bank, Mr. Cartie was supervisor of the business, office and distributive education pro grams at the Brainerd Area Voca GALESBURG: Robert E. Peterson has been appointed vice president of human resources and planning at First Galesburg National Bank and Trust Company. He previously was manager of field personnel services for the U.S. headquarters of Zurich- Wyoming News CHEYENNE: Dan W. Smith has been appointed vice president and manager of consumer loans at First Wyoming Bank, N.A. - downtown, according to Paul J. Jacques, presi dent. Mr. Smith joined the bank in May, bringing with him over 20 years of experience in instalment and commercial lending and busi ness development. M ost recently he was manager of consumer loans, business development and market ing for the Greeley Colorado Na tional Bank. Montana News GREAT FALLS: Thomas R. Mar ron has been promoted to assistant vice president, commercial loans, at First Bank West Great Falls. Mr. Marron began his banking career with the bank in 1971 as a book keeper. YAKE, SPRENGER AND JENNINGS Getting it done for you. ^ W * Ernie Yake Bill Sprenger Tom Jennings 234-2483 4J4-4483 234-2625 234-2484 Commerce Bank of Kansas aty A https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MEMBER FDIC Telephone (816) 234-2000 * WÊggËk POSITIONS AVAILABLE * fWSÇ CEO for community bank in eastern Iowa. Must have allaround experience...................................................$30,000 . ^ SltMtHSOH I ^ prPS\^ C O U Ϋ ® 1“ Ag Lender for bank near Iowa Great Lakes. Must have three or more years of commercial banking experience. ........................................................................... To $30,000 r* S # ] Senior Commercial Lender for eastern Iowa bank. Re quires five or more years experience plus real estate knowledge and good documentation.............................. To$35,000 Commercial Lender for major Wyoming bank. Must have five years or more experience...........................Salary Open 1 Number Two Person for county seat bank in western Iowa. \0\NK bM** Can lead to CEO position in a couple of years.. .To $40,000 F*5*ìS^— Farm Manager to assist trust department in major western Illinois bank............................................................. $25,000 We»wt fO»> Junior Ag Lenders with one to five years experience. ..........................................................Salary to $25,000 Administrative Officers with major banking experience. ............................................................... Salary to $50,000 Installment Lenders with over five years banking ex perience..................................................Salary to $25,000 Operations people with over five years experience............ ............................................................... Salary to $30,000 Commercial Lender for western Illinois bank located on Mississippi. Job entails being number two person in bank. requirements to file UBD, c/o Northwestern Banker. Ag. Loan Officer with approximately 3-5 years experience needed in an $80 million bank in southeast Iowa. Send resume to file UBF, c/o Northwestern Banker. (PA) -- \ Ag Banking Personnel mm mk ■ Linda: 515/394-5827 Jeannie: 515/263-9598 if New Hampton, la. 50659 no answer, 712/779-3567 $ Massena, Iowa 50853 aqnc a r e r s , in c . • J THE ORIGINAL AGRICULTURAL RECRUITER 7760, 7740. Call toll free and receive 10% discount! 1-800-442-2829 WY. 1-800-523-8368 other states. Serving the banking industry. (FS) Would you trust your money with a sloppily dressed teller? Perhaps your customers feel the same way. We can change that for only $1.00 per teller per day. M eAj/Loekk-^ POSITION WANTED Let us help you. Call the ag lending personnel specialists without cost or obligation. Confi dential. Employers pay us to hire the best. (PA) $37 million central Iowa bank needs AGRICULTURAL LENDING OFFICER. Located in town of 600. 1-2 years ag lending experience preferable. Write file UBE, c/o North western Banker. (PA) If youare considering an additional officer, we have dozens of qualified applicants listed in most job cate gories. Write 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. AG LOAN OFFICER—Farm background. Several years ex perience in production credit systems. Familiar with cash flow projections and farm appraisals. Desires position in progressive country bank. Write file UBG, c/o Northwest ern Banker. (PW) Commercial Lender for multi-bank holding company located In city of 100,000. Requires two or more years ex perience........................................................................... To$28,000 Employee Benefit Consultants CAREER APPAREL 523 N. Main St., Carroll, la., 51401 712-792-2748 | POSITIONS AVAILABLE * AL ARENDS Serving Banks and Their Customers In Iowa and M innesota INDEPENDENT SERVICE C O M P A N Y P.O. Box 171 • Albert Lea, MN 56007 507/373-8216 BANK PLACEMENT SPECIALISTS (Our 34th year) Call experienced professionals to locate the right candidate for your vacancy ... or the right “ move-up” for yourself. CORPORATE RECRUITERS MIDWEST BANKING DIVISION 202 S. 71st Street 402/393-5515 Omaha, Nebraska 68132 PRESIDENT—current administrative experience com bined with strong commercial loan and ag lending background required. $40MM community bank. $ Open PRESIDENT—position requires agriloan experience. Rural bank of $5MM within 20 miles of large community. $25,000 AGRILOAN—will handle majority of ag credits for $50MM community bank. Requires five yrs. or more experience. $28,000 COMMERCIAL LOAN—$150MM suburban bank affiliated with major holding company. Need some commercial real estate experience. $35,000 OPERATIONS—$65MM central Missouri bank. Requires thorough knowledge of operations and regulatory repor ting. $30,000 SECOND OFFICER—manage $20MM rural bank in owner’s absence. Agriloan and operations experience desired. $30,000 All inquiries held in confidence. Resume' and salary history requested. TOM HAGAN & ASSOCIATES of Kansas City 2024 Swift - Box 12346 North Kansas City, MO 64116 816/474-6874 “ Serving the Banking Industry Since 1970” Vol. 12 No. 11 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. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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