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• Vol. 10 No. 11 Des Moines, Iowa Differential Is Out Aug. 1, ’83 0 0 0 0 0 • w T THEIR June 25 scheduled » » meeting, the five members of the Depository Institutions Deregulatory Committee voted 4-1 against maintaining the thrift institutions’ quarter percent rate differential on money market certificates. In addition, the DIDC voted to end on August 1, 1983, the differential completely. Facing a Congressional mandate to phase out all interstate rate controls by March 31, 1986, the DIDC finally moved that phase-out deadline up by one year, announcing a five step program to lift interest rate ceilings and the differential as follows: 1. August 1, 1981— Remove all rate ceilings on deposits of four years or more. Deposits of 30 months to four years would be pegged to the yield on comparable Treasury securities; compounding permitted; thrift interest rate differential maintained, with thrifts paying full rate as above, banks Va % less. 2. August 1, 1982— Remove interest rate ceilings on deposits of three to four years; deposits of two to three years would remain pegged to the Treasury securities rate; thrift interest rate differential maintained for these deposits, as above. 3. August 1, 1983— Remove interest rate ceilings on remaining deposits of two years or more; deposits between one and two years remain pegged to Treasury securities rate; quarter percent rate differential eliminated on all deposits. 4. August 1, 1984— Remove interest rate ceilings on deposits of one to two years; deposits under one year remain pegged to Treasury securities rate; no rate differential between thrifts and banks. 5. August 1, 1985— Remove interest rate ceilings on deposits of under one year maturity. No action was taken on discussion to make changes in the early with drawal penalties, but DIDC mem bers said they would reconsider this if evidence warrants. The DIDC members also agreed to discuss at their September meeting the subject of passbook account rates. They asked for “ informal” comment on this. They tabled action on discussion of any new instrument to compete with July 6,1981 Money Market Mutual Funds, awaiting the outcome in Congress of discussions to authorize a new All Savers certificate and/or take action on liberalizing the IR A and Keogh retirement plans. A t the time of the DIDC meeting, some House members were aiming at making the All Savers certificate available only at institutions making mortgage loans, with an established threshhold minimum amount of mortgages or on a percentage basis of such loans to total loan business. The A B A was contacting its members nationwide last week to oppose this discriminatory provision. The All Savers certificate would authorize an instrument at financial institutions that would pay 70% of the one-year Treasury bill rate, tax free, on minimums of $1,000 for individuals and $2,000 for couples. While this was being assailed again as a device for the “ rich, ” the A B A was stressing to Congress that banks need such an instrument to compete. Members of the DIDC are Treasury Secretary Donald Regan (DIDC chairman); Federal Reserve Chairman Paul Volcker (DIDC vice chairman); National Credit Union Administration Chairman Lawrence Connell; FDIC Chairman Irvine Sprague, and FHLBB Chairman Richard Pratt. Mr. Pratt objected to removal of Don't gam ble when choosing o correspondent bonk. Come to th e professionals. For any correspondent banking need . . . overline assistance, data processing services, investment counseling . . . just give us a call. We're the professionals who put the response in correspondent bonking. ucb CENTRAL OF DES MOINES, N .A. • MEMBER FDIC • TOLL FREE NUMBER (800)362-1615 AFFILIATED W ITH UNITED CENTRAL BANCSHARES, INC. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W illiam D. Greaves, Vice Presidenr "Opportunity How did we get to 11 be first in Iowa? Calls..." By putting.. Iowa first. Leo Kane, Correspondent Danker Am erican Trust & Savings Dank The Dank of Opportunity Gany Frandson Town Clock Plazo. D ubuque, lo w o IOWA. DesMgmœ An Affiliate of Northwest Bancorporation Mem ber FDIC the rate differential, saying it “ is a small price to pay to maintain long-term viability” of thrifts. He was voted down 4-1 by the other members, who pointed out that retaining the differential also would hurt small commercial banks and would not aid thrifts enough to solve their current problems. A few days after the DIDC meeting, the NCUA removed the 12% ceiling on credit union share certificates of 14 days to six years. As of August 1, 1981, certificates of 14 days to four years will be pegged to the rate for 30-month Treasury securities. Any certificates above four years are free of any ceiling. The current rate on such Treasury securities is 14.35%. The NCUA board also agreed to study a proposal ■L cl ASK DALE FROEHLICH to make MNB work for you. Toll free 1- 800 - 332-5991 Merchants National Bank 151 Member F.D.I.C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A BANKS OF IOWA BANK BANCO^ CALL 319 -5 8 2-1 6 4 1. COLLECT ' ■ 1 Call (515) 245-3131 or toll-free (800) 362-2514 raising the dividend rate from 7 % to 12% on regular share accounts, which are the equivalent of passbook accounts at banks and S&Ls. While the DIDC was drawing up its four-year schedule of deregula tion, many banks nationwide were experimenting with various innova tions to offer MMFs or their equivalent to customers in an effort to stem the outflow of deposit funds that have helped swell the MMFs to approximately $122 billion. It has been estimated that at least 15% to 20% of that money came out of banks. ^ Kristin Gandrud Selected For “Youth in Concert” be given lectures on the history of music originating from the locales visited, and will then give their concerts. Kristin was graduated in June from Glenwood High School. She is the daughter of Dick and Lorraine Gandrud. Mr. Gandrud is president of the Pope County State Bank in Glenwood and in June completed his year as president of the Minnesota Bankers Association. Iowa News CHARTER OAK: Tom Van Overbeke has joined the Farmers State Kristin Gandrud, 18, of Glenwood, Bank as assistant vice president. Minn., was selected from nationwide Farmers State also recently held an to celebrate the applications as one of 70 young open house musicians to take part in a “ Youth in completion of its extensive remodel Concert” 25-day tour to major cities ing project. in Germany, Switzerland, France and CLUTIER: Superintendent of Bank England. Kristin plays oboe in the ing Tom Huston has concurred with orchestra, which is accompanied by the recommendation by the state another 120 young people in a choral banking board to deny the applica group also selected from leading tion of Clutier State Bank to move to talent nationwide. Dysart and retain a Clutier office. The group left June 29 for Frankfurt, Germany, where the first JOHNSTON: James Krannawitter concert was to be given. Other cities has been named vice president and being visited for several days each, manager of Northwest Brenton with concerts in each city, include National Bank’s office here. He Heidelberg, Munich, Salzburg, joined the bank in 1978. Luxemburg, Geneva, Paris and London. Each day the students will MAPLETON: Orval W . Spahn, 73, Carleton D. Beh Company Supplement to Northwestern Banker Newsletter 7-6-81 Division o f E.F. H u tto n & Com pany Inc. Investment Bankers/Financial Consultants NEW ISSUE SALE DATE: $1,435,000 LAKEVILLE, MINNESOTA June 29,1981 MOODY’S: A General Obligation Bonds of 1981 Dated: August 1,1981 Denomination: $5,000 Both principal and semiannual interest (February 1 and August 1, first coupon due on February 1,1982) payable at a bank to be designated. IN THE OPINION OF COUNSEL INTEREST ON THESE BONDS IS EXEMPT FROM ALL PRESENT FEDERAL INCOME TAXATION. MATURITIES $ 30,000 155,000 160,000 165,000 170,000 125,000 8.00% February 8.20% February 8.40% February 8.60% February 8.80% February 9.00% February 1, 1982 8.00 $130,000 1, 1983 8.20 130,000 1, 1984 8.40 130,000 1, 1985 8.60 120,000 1, 1986 8.80 120.000 1, 1987 9.00 9.20% February 1, 9.40% February 1, 9.60% February 1, 9.80% February 1, 10.00% February 1, 1988 9.20 1989* 9.40 1990* 9.60 1991* 9.80 1992* 10.00 * Optional in inverse numerical order beginning February 1, 1988, at 100%. LEGALITY TO BE APPROVED BY DORSEY, WINDHORST, HANNAFORD, WHITNEY & HALLADAY, ATTORNEYS, ST. PAUL AND MINNEAPOLIS, MINNESOTA The City of Lakeville, Minnesota, is located in southern Dakota County, approximately 15 m iles south of M inneapolis. The present area of the C ity is approxim ately 38 square m iles. During the 1970’s, Lakeville was the third fastest growing City in Dakota County w ith a 96% increase in population. The 1980 U.S. Census count is 14,790 and the 1970 U.S. Census was 7,556. As a part of the M inneapolis-St. Paul m etropolitan area, ‘Lakeville’s labor market is drawn from many of the surrounding com m unities and conversely, many City residents com m ute to other areas of the Twin Cities fo r work. Some of the largest employers in the City include: Schaper Manufacturing Co.; ISD #194; Menasha Corporation; Despatch Industries, Inc.; and M erillat Industries. These bonds are being issued in accordance w ith Minnesota Statutes to finance various improvement projects w ithin the City. In the opinion of counsel, these bonds are legal and binding general obligations of the City of Lakeville, Minnesota, and all taxable property located therein is subject to the levy of su fficie n t taxes to pay the principal of and interest on the bonds w ithout lim it as to rate or amount. FINANCIAL STATEMENT $319,457,934 55,007,710 1,174,901 7,243,871 Net direct debt per capita: $ 79.44 Total debt per capita: 489.78 Tax collections have approximated 98.34% of taxes levied for the past three years. Indicated market valuation, taxable property, 1980 Assessed market valuation, taxable property, 1980 Net direct debt, including this issue Total direct and overlapping debt Population, 1980 Census: 14,790 We own and offer subject to prior sale and change in price and subject to our attorney’s approving opinion: The information contained herein is not guaranteed, but is derived from sources we deem rel ¡able and is that on which our purchase of these bonds are based. Bonds of a particular maturity may or may not stil I 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 Des Moines Building • Des Moines, Iowa 50309 • 515-288-2152 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Supplement to Northwestern Banker Newsletter 7-6-81 N o w A v a ila b le . . N E W 1981 E D IT IO N S Nebraska — Over 200 pages. Iowa — Over 300 pages. Send me_______ copies of the 1981 edition of the IOWA Bank Directory at $10.00 per copy. Send me_______ copies of the 1981 edition of the NEBRASKA Bank Directory at $6.00 per copy. O ur check is en clo sed fo r $_________ Send s ta te m e n t w ith d ire c to ry . (la. & Neb. add 3% state tax) Orders shipped by return mail C om pany N am e. S treet A ddress__ Z ip . C ity and State,__ A u th o riz in g O ffic ia l. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NORTHW ESTERN BAN KER 306-15th St. Des Moines, Iowa 50309 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CALL ON THE “PERFORM ANCE TEA M ” where com m on transactions are handled uncomm only well. FIRST NATIONAL LINCOLN 13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C. retired executive vice president of First State Bank, died recently following a lengthy illness. He began his banking career in 1927 at the Savings Bank in Ute. In 1940 he joined First State, retiring in 1973. MOORHEAD: Nearly 200 guests attended Moorhead State Bank’s recent open house to celebrate the completion of the bank’s new addition and complete renovation. SUTHERLAND: James J. Johnson, vice president, has been elected president of Security State Bank, succeeding M.J. Kuehl, who has resigned. The board also elected Charles K. Kummerfeld vice presi dent and cashier. Minnesota News A D A : First State Bank recently celebrated its 100th anniversary with a week-long open house. Festivities included a barbeque and display of antique bank machines. BLUE EARTH: Greg Mohr has joined the Blue Earth State Bank as vice president and senior lending officer. He was most recently with Citizen’s State Bank of Donnelson, la ., where he was vice president and cashier. COON RAPIDS: Jerry Wright has been named president of the First Mid America State Bank. Mr. Wright was named president and managing officer of the Shelard National Bank in St. Louis Park in 1975, and continues to hold that position. He will also join the board of First Mid America. EITZEN: Steve Schuldt has joined the Eitzen State Bank as assistant Call our Bond Department ^ " For up-to-the-minute, accurate information vice president. The past five years he has been with the Caledonia State Bank. MINNEAPOLIS: Paul A . Burkland, 77, retired trust officer at Northwest ern National Bank, died recently. MINNEAPOLIS: American Nation al Bank has hired Charles Strothman as senior vice president and a divisional head. MINNEAPOLIS: Richard Huart has joined Northwestern Bankwest as vice president and portfolio manager Illinois News CHICAGO: John R. Tilton, vice president, American National Bank & Trust C o., has been appointed head of the bank’s newly-organized investment management group. CHICAGO: Huibert A .H . Soutendijk has been promoted to president of the Northern Trust International Banking Corporation in New York City, a subsidiary of the Northern Trust Company of Chicago CHICAGO: Steve Schmoldt has been promoted to assistant vice presidentfinance of the Colonial Bank & Trust Co., according to W .R. Duquaine, president. CHICAGO: Continental Bank has announced the following promotions: Theodore E. Bulow, Kenneth J. Fetzer and Thaddeus P. Vannice to vice presidents, and Cathy S. Callender and Robert G. Sinn to second vice presidents. the Blair Bank, according to Howard C. Hanson, Jr., president. Mr. Matney has been serving as senior vice president. NORFOLK: Bruce D. Lemon has been named senior vice presidentloan administration at Northwestern National Bank. Mr. Lemon trans ferred from Northwestern National Bank of Sioux Falls, where he most recently served in commercial lending and correspondent banking. OM AHA: First National Bank has appointed Kenneth Nimmo as second vice president-data processing. Mr. Nimmo recently retired from the United States Air Force after 24 years of service, most recently as director of data processing. South Dakota News SIOUX FALLS: The Federal Re serve Bank has approved the application by Minnehaha Banshares, Inc. to become a bank holding company through the acquisition of the First National Bank here. North Dakota News FARGO: First National Bank has announced the appointment of Paul F. Gentzkow to assistant vice president. Mr. Gentzkow joined First National in 1975 as a messenger. GRAND FORKS: First National Bank recently broke ground for its new “ Express Bank” and community park to be located at the corner of 5th and Demers downtown. The bank is scheduled for completion in Novem ber of 1981. The park will occupy Nebraska News 43,200 square feet of the develop BLAIR: Harold Matney has been ment, with more than 150 trees and appointed chief executive officer of 600 shrubs planted. Tom Steffens John Henderson Tony Paugoulatos Vice President Vice President Asst. Vice President Asst.Vice President Bond Officer 234-2462 234-2463 234-2647 Jim McLaughlin 234-2673 Rusty Reese 234-2674 Commerce Bank ofKansasaty .„„i».,inui https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis M em ber FD1C 7 Dave Wittenborn Bond Representative 234-2691 (816) 234-2000 4 Montana News PARTIAL LIST OF AVAILABLE APPLICANTS HELENA: Curtis B. Briggs has joined Northwestern Bank as vice president-commercial loans. He was previously vice president of First National Bank of Moorhead, N.D. VP CASHIER -1 4 yrs banking with heavy operations exp. Loan exp includes Ag and Commercial. Excellent supervisory and communication skills. Has BS degree with Bus Admin major. $23,000 V.P. - Resp fo r mgmt and control of Ag and Commercial loans. Other exp includes insurance sales, new business development, dealer floor planning and inventory financing. Major in Ag Business and Finance. $28,000. CASHIER-LOAN OFFICER - MBA, Finance Major. Primary responsibility includes Ag loans, full charge of accounting functions and counsel president on banking laws and regulations. Previous exp includes 3 yrs as bank examiner. $21,000. Wyoming News LOVELL: Mike Carter has joined the Western National Bank as executive vice president and managing officer. He was previously associated with Citicorp Person-to-Person in Salt Lake City. His father is Bill Carter, president of the Centennial State Bank of Englewood. FOR SALE OR SHORT TERM LEASE: NCR 775 m ulti pocket proof. Low as $250/mo. Phone 612/488-8785. ______________________________________ (FgorL) WANT TO BUY BANKS WANTED - Paying 11/z to 21/2 times book for controlling interest in profitable banks. Send details to file NBP, d o Northwestern Banker, 306 Fifteenth Street, Des Moines, Iowa50309._____________(WTB) BANKS WANTED. Financially secure Iowa fam ily wants to purchase a bank. Would be agreeable to terms or contract. Reply in strict confidence. W rite file NBU, c /o Northwestern Banker. (WTB) FOR SALE Burroughs S-100 single pocket proof machine. Like new. W ill make excellent back-up machine. Ask for Marv or Arvon. Farmers Bank, Nebraska City, NE, LENDER - Exposure to Commercial, Agriculture and Consumer Lending. Desires large bank. $20,000. BRANCH MGR - BS degree in Ag business. Well versed in Ag credit, budgets and planning, business development, insurance sales and supervisory skills. $26,500. AG LENDER - Has one yr exposure to Ag Lending. Real Estate License and BA degree in Accounting and Business. $17,000. CASHIER to cover entire operations department of $30 m illion plus bank. Auditing experience helpful to expand on current internal audit program. Northwest Montana location. Please send resume, with references to file NBT, Northwestern Banker, 30615th Street, Des Moines, Iowa 50309. All resumes w ill be kept strictly confidential.____________________ (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) VICE PRESIDENT - Correspondent Banking for $300 million Midwestern bank. Three or more years experience. Knowledge of Nebraska and Iowa market. Very competitive salary and comprehensive benefit package. Call Pat Finn at Professional Recruiters, Inc., 6818 Grover, Omaha, Nebraska 68106. Phone (402) 397-2885._____________________________ (PA) $50 million bank seeks qualified agricultural loan officer. Experience required. Excellent potential. Send resume and salary requirements to file NBQ, c /o Northwestern Banker._______________________ (PA) EMPLOYMENT OPPORTUNITY for an experienced trust officer with legal background. Contact: R.O. Johnson, President, First National Bank, 120 North Mill Street, Fergus Falls, Minnesota 56537. Phone: 218-739-4461._________ (PA) EMPLOYMENT OPPORTUNITY - CEO for Northeast Nebraska Bank under $5 million. Must also be qualified in all areas of insurance and capable of managing and selling. Send resume and compensa tion requirements to file NBN, c /o Northwestern Banker.___________________________________ (PA) $100 million northwest Iowa bank looking for someone to manage the bank’s agricultural and farm management portfolios. Supervises three. Must have degree, 7-8 years ag lending experience, and proven sales and supervisory ability. Write file NBO, c /o Northwestern Banker._______________________ (PA) phone (402) 873-5574,_________________________ (F§) Burroughs S-100012 pocket proof machine. Like new. Towner County State Bank, phone (701) 968-4421 ,(FS) $14 m illion Southwestern Minnesota bank. 90% stock, 100% agency, very clean, best area. Write File N B S c/o Northwestern Banker._______________ (FS) When it comet to agriculture, banking and personnel. . . go to the specialists — go to AGRIcareers, Inc. Progressive bankers pay us to find the people they need. Retail Finance Rep . . . IA/ N E . $20-22,000 2 Ag Lending O ffice rs.. . . N D . $20-24,000 Ag Loan Officer/ 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 & M ktg. Rep............N Y . $20-25,000 Ask the ag banking specialists what’s available without cost or obligation. NEW HAMPTON. IA 50659 MASSENA..IA 50853 ( (515)394-3145. (712) 779-3744 aqncarers, inc. “ THE ORIGINAL AGRICULTURAL RECRUITER ALL FEES COMPANY PAID. FOR FURTHER INFORMATION RESPOND IN CONFIDENCETO: Bank Division ROBERT HALF of Iowa, Inc. 317 6th Ave. Des Moines, IA 50309 (515) 244-4414 ALL FEES COMPANY PAID AVAILABLE POSITIONS TRUST INVESTMENT - major mldwestern bank seeks senior analyst fo rth e lrtru st Investment division. MBA preferred. $$Open JUNIOR OPERATIONS - opening in a rural bank with $20MM assets. Position will lead to cashier and requires degree with 1-2 yrs. bank experience. $16,000 TRUST OFFICER - head employee benefit section of medium size trust dept. Minimum 3 yrs. experience required. $25,000 COMMERCIAL LOAN - national division of a major midwestern bank has opening for commercial lender. Experience with m ulti-m ill ion dollar credits a must. $$Open OPERATIONS - management position available in $50MM bank located near major resort area. Degree required. $25,000 CASHIER - $20MM community bank seeks #2 officer. Primary responsbilities Involve operations. Some lending helpful. $24,000 AG LENDER - background in Ag lending and some commercial loan experience desired. $40MM bank with excellent advancement opportunities. $23,000 All inquiries held in confidence. Resume’ and salary history requested. TOM HAGAN & ASSOCIATES of Kansas City P.O. Box 12346, 2024 Swift North Kansas City, MO 64116 Phone 816/474-6874 “ Serving the Banking Industry S incel 970” Vol. 10 No. 11 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 times to above address. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 0 £ Q 0
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