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NDBA Joins Appeal of 1936 Law AN KS are getting far too much devastating effects of the Great Depression on agriculture in that _ experience with foreclosures and bankruptcy proceedings, especi state. Similar laws were passed in ally ag banks, under current laws other midwestern states. Iowa, for that practically encourage certain example, passed a similar type law borrowers to file for bankruptcy. in 1939 that allowed farm owners a Other borrowers faced with the frus year o f grace from interest and prin tration o f losing their business or cipal payments if certain conditions farm have found special laws they were present. One Iowa farm couple hope will give them one more invoked the 1939 law this past spring and was upheld by the courts, chance. Such is the situation in North thus giving them another year to try Dakota where the case o f United to reestablish a more acceptable fi Bank o f Bismarck vs. Martineson is nancial status with their bank. Be pending in District Court in Bur cause o f restrictive conditions in the leigh County. The North Dakota law, only a limited number could use Bankers Association on June 18 filed the law. In North Dakota, however, the a brief as an amicus curial (friend of the court). The N D BA reports that 1936 law appears to be quite differ the lawsuit involves a foreclosure ac ent. Under the title, “ Power of tion taken by United Bank on a farm Courts When Prices Are Confisca real estate mortgage. The defen tory," this is the wording of the dants have raised the provisions of North Dakota law: Chapter 28-29, NDCC (relief from “ Until the price o f farm products defaults and hardships), as a defense produced in this state shall rise to a to the foreclosure. N D BA says “ if point to equal at least the cost of the defendants are successful with production, in comparison with the this defense, it could have an effect price o f other commodities in gener far beyond this case. This defense al, entering into the business o f agri would probably then be raised in culture, the Supreme Court o f this cases all over the state." state and all District and County United Bank o f Bismarck has Courts in this state shall have questioned the constitutionality of power, when it is deemed for the the provisions of Chapter 28-29 best interest of litigants, to extend “ and N D B A ’s brief concerns only the time for serving and filing all papers requisite and necessary for these constitutionality issues." A t issue is a North Dakota law the final determination o f any cause. enacted in 1936 to respond to the Any such Court, in like manner, may B # # • ® • ^ ® ^ ^ • stay the entry of judgment on the is suance o f execution thereon, or may defer the signing of any order for judgment, or may defer terms of Court, whenever in the judgment of the Court the strictly legal proce dure in any cause will confiscate or tend to confiscate the property of any litigant by forcing the sale of agricultural products upon a ruinous market." It has been pointed out the lan guage of the 1936 law is so loose that it doesn’t even specify the ag products a given farmer is raising. One attorney expressed the opinion that he could also apply this law to his own mortgage loan. Another question raised is, “ How do you de termine the cost production." Addi tionally the North Dakota law does not specify any terminal date within which such relief would be granted, as compared to the Iowa law which limits relief to one year. Theoretical ly, it is said, the ambiguity in the language could allow a borrower seeking relief under the law to defer payment of interest and principal for two or more years if price condi tions, as determined by the Court, Eire still not adequate to assure ap pellant of adequate price return. Then N D BA hopes to have its amicus curial status accepted so it may join with United Bank in test ing the constitutionality of the 48-year old law. □ CALL ON THE “PERFORMANCE TEA M ” where common transactions • are handled uncommonly well. ■ m il FIRST N A T IO N A L LIN C O L N • https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C. Norwest Bank Des Moines, N.A. H k M mmmmm NORWEST BANKS mm mm mm m m ym Call (515) 245-3131 or toll-free (800) 362-2514 Member FDIC Teamwork: one of the reasons we’re first in Iowa. Nebraska News Dorothea Wolfe Mark Conway the board and Jeff Plagge was named executive vice president and cashier. Also, Doug Follman was elected as sistant vice president. He previous ly was with First State Bank, Gowrie. An open house will be held, at a date yet to be announced, to honor the retirement of Mr. Walker. BRADSH AW : Thomas G. Damkroger has been appointed manager and cashier o f The First National Bank of Bradshaw, effective today, July 9. He replaces Clifford Zeliff, who has served as cashier and manager since 1963. Mr. Zeliff is retiring for health reasons. Mr. Damkroger has served as an agricultural loan officer of First National Bank o f York for the past year and prior to that was with Hallem Bank. been named president and chief ex ecutive officer of Montgomery Coun BELLE PLAINE: Wayne J. Parizek, agriculture loan officer for ty National Bank, effective July 16. Citizens State Bank, has been pro He succeeds Mark R. Mayne, who moted to vice president, according has resigned to pursue his MBA, but will continue as a director. Mr. to Richard H. Buenneke, president. In addition, Ruth Ann Shedenhelm Solberg has served as executive vice has been promoted to assistant vice president and director of the bank since 1982. Also at the bank, Ken president from assistant cashier. neth Rech has been named vice pres ident as of August 15. He has served DES MOINES: Mike Deege, senior on the board of directors since 1982. BELDEN: Gene Munson has been vice president and trust officer of appointed vice president and senior the Bankers Trust Company, has STORM LAKE: First Leasing Com loan officer of First National Bank been elected president of the Iowa pany, an affiliate o f Citizens First here. He most recently was with Trust Association for 1984-85. Mr. National Bank of Storm Lake, has Farmers Home Administration in Deege has been actively involved appointed C.D. “ Chuck” Kapsch as Norfolk. First National also advanced with the Iowa Trust Association for its new manager. He previously was David G. Hay to chief executive offi the past seven years. sales manager for A.O. Smith Har- cer, Larry D. Alderson to vice presi vestore, Inc. of Humboldt. dent and loan officer and Mary J. RED OAK: Jerald D. Solberg has McLain to cashier. Mr. Hay pre KNOXVILLE: John Jensen has viously was executive vice president joined Community National Bank & and cashier. Trust Company as vice president with major responsibility in ag lend M ADISON: Bruce Kuenning has ing. He previously was employed by joined Farmers National Bank of the Farmers Home Administration Madison as vice president and loan and served the past six years as officer. He previously was with The county supervisor for Marion Coun Onawa State Bank in Onawa, Iowa. ty. O M AH A: Charles Mullenhoff has STANHOPE: John A. Walker, bank been elected senior vice president in president and director of Farmers charge of ag correspondent banking State Bank, retired July 1 after for North Side Bank. Mr. Mullen nearly 28 years with the bank. Norm hoff will remain officed in Leigh and Skadburg succeeds Mr. Walker as will be calling on banks in Nebraska the the bank’s new president and and Western Iowa. l A f l l I T E M A M will continue as president of First 1 1 0 ,1 State Bank in Webster City. Bob OM AH A: A t FirsTier Mortgage Van Diest was elected chairman of Co., Karen J. Kennedy, who heads Iowa News LYN N ASK to make MNB work for you. Toll free 1- 800- 332-5991 Merchants A National Bank 151 M e m b e r F.D.I.C. A BANKS OF IOW A BANK Professional ... Responsive... C all M ark C hristen fo r any corre sp o n d e n t service. 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He succeeds Newton Fuller who has taken a position of expanded managerial responsibility in the Twin Cities metro banking di vision. Mr. Clarke is currently presi dent of First Bank Havre, Montana, a position he has held since 1977. He began his career with First Bank System in 1953 when he joined First Bank Minneapolis as an adjuster. a • ^ • An important new profit center for your bank: - ■F L t ^a computerized ® Wisconsin News M ILW AU K EE: First Wisconsin Trust Company has announced the election of Marvin R. Swentkofske • as first vice president and head of the investment group o f the Trust Company. He replaces Willard L. Wheeler, Jr., who resigned to accept another position. Mr. Swentkofske • previously was president of Seagate Management, Toledo, Ohio. DigitizedCapital for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Leroy Bell or Milt Hennick wmwm local billing/credit service 319-291-5412 National Bank of Waterloo 315 East 5th S t • W aterloo, IA 50704 u K Member Federal Reserve System FDIC • North Dakota News nancing division of the bank for the past year. GRAND FORKS: Bremer Financial Services, Inc. has announced the ad dition of Kent Larson to its staff as MOORCROFT: T.S. Kugler has senior credit reviewer with respon joined Moorcraft State Bank as vice sibility for the nine First American president. He joins the bank from banks in the North Dakota region. the Farmers State Bank and Trust Mr. Larson has had lending experi Company of Lexington, Neb., where ence with banks in Wahpeton and for the past year he has been assis Grand Forks plus three years as a tant vice president. Prior to that he bank examiner with the North Da spent three years at the Ranchester State Bank in Ranchester. kota Department of Banking. ST. CLOUD: Henry Mareck recent ly retired as president and chairman of the board o f Zapp National Bank. Mr. Mareck joined the bank staff as a bookkeeper in 1946 and was named president in 1977, succeeding Ed ward Zapp, Sr. Succeeding Mr. Wyoming News Mareck as president and chairman of the board is John Leisen. He has CASPER: Robert L. Sutter and been a member of the bank staff Roger Curtis have been elected pres since 1962 and previously served as idents of Hilltop National Bank and executive vice president. Mountain Plaza National Bank, re spectively. Both banks are owned by Midland Financial Corporation. Illinois News N.P. Van Maren, Jr., former presi PEORIA: Midwest Financial Group, dent of the two banks, has been Inc., has elected David R. Leitch a elected vice chairman o f Hilltop and vice president. Mr. Leitch, a vice Mountain Plaza. Mr. Sutter has president of Commercial National been with Hilltop since 1976. Mr. Bank of Peoria, will be responsible Curtis has been at Mountain Plaza for MFG public affairs, press rela since it opened in 1981. tions and government relations. CHICAGO: Newly elected vice presidents o f Continental Illinois Na tional Bank are: Doug Dieli, econom ic research; Mary Ann Lain, com mercial banking operations; Michael Chiarito, check processing; James Klute, controllers; and Eduardo Monteagudo, personal banking ser vices. Contact: CASPER: Gary Sloan was recently promoted to vice president of the construction loan department of the First Interstate Bank o f Casper. Formerly a construction loan officer, he has been with the real estate fi Montana News Charles Pedersen, chairman and president o f First Interstate Bank of Great Falls, was elected president of the Montana Bankers Association for 1984-85, during their annual con vention held the end of June. Mr. Pedersen succeeds Robert Sizemore, president of Western Bank of Chi nook. New vice president for the association is Richard Timmerman, president, First Bank Butte, and the new treasurer is W.E. “ Buster” Schreiber, chairman, president and CEO, Mountain Bank o f Whitefish. G REAT FALLS: The four for one stock split previously announced for distribution on July 20 to stock holders o f Bank of Montana System Advantage Competition in today’s banking game is fierce. To win, you need the advantage of strong correspondent banking services. For an impressive line up, get the score from Bernie Miller at American Trust & Savings Bank. Call 319/582-1841 for the advantages. Am cricanW tnist 0 Savings DanK. The Danl^qf Opportunity Town C lock Plaza Dubuque, Iowa 52001 M em ber FD IC and FRS 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. 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In that function he will as sume many of the office’s adminis trative duties and will be second in responsibility for the staff. Mr. Cronin will continue to serve as di rector o f communications and editor of the Big Sky Banker. Also, Michelle Patterson has joined the M B A staff as director o f education. Ms. Patter son will serve as staff member liai son for most of the M B A commit tees and will be responsible for the planning o f M B A meetings, confer ences and annual convention. Cashier for $30 million southern Iowa bank. Ideal working conditions and recreational area.................... To $28,000. i H aqn careers , in c . J of record on June 29,1984, has been indefinitely postponed, according to Samuel R. Noel, president. Mr. Noel reported that in light o f market fluc tuations in bank holding company stocks generally and other factors, the board of directors voted to give further consideration to the benefits and the timing of any stock split. 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Rltta PROFESSIONAL RECRUITERS, INC 6818 Grover Street Omaha, NE 68106 Phone 402/397-2885 2024 Swift - Box 12346 North Kansas City, MO 64116 816/474-6874 TOM HAGAN & ASSOCIATES “ Serving the Banking Industry Since 1970” Vol. 13 No. 12 Northwestern Banker Newsletter (USPS 873*300) is published weekly by the Northwestern Banker Company, 306 Fif teenth Street, Des Moines, Iowa 50309, (515) 244-8163. 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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