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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,
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










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
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.

where common transactions


are handled uncommonly well.

■ m il

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


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

one of the reasons
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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
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.
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



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Federal Reserve Bank of St. Louis

Supplement to Northwestern Banker Newsletter 7-9-84
Federal Reserve Bank of St. Louis


the loan administration division,
was promoted to vice president.
Larry J. Richling also was promoted
to vice president. He has been with
FirsTier Mortgage since 1977.

Minnesota News
BURNSVILLE: Gordon Clarke has
been elected president and chief ex­
ecutive officer of First Bank Burns­
ville and president of First Bank
Northfield. 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.





An important new profit center
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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.
Federal Reserve Bank of St. Louis

Leroy Bell or
Milt Hennick


local billing/credit service


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
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


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

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

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file letter advertisers cannot be
3 0 6 - 15th Street
D es M oines, Iowa 503 0 9
Phone 5 1 5 /2 4 4 -8 1 6 3

Ag Banking Positions
Let us help you. Cali the ag lending personnel
specialists without cost or obligation. Confidential.
Employers pay us to hire the best.

Number Two person for southern Illinois bank. Excellent
situation........................................................... To $35,000.

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Ag Lender for $60 million northern Iowa bank. Opening
due to retirement. Nice community.................To $28,000.
Commercial Lender for southernMinnesota, multi-bank
holding company bank..................................... To $30,000.
Commercial Lender for large western Iowa bank. Requires
at least 5 years experience with larger bank.. .To $35,000.

Linda: 515/394-5827
New Hampton, la. 50659

Jean 515/263-9598 if
no answer, 712/779-3567
Massena, Iowa 50853


HELENA: Mike Cronin has been
promoted to administrative assis­
tant o f the Montana Bankers Asso­
ciation. 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

careers , in c .

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.

Financial Careers
Number Two banker with commercial and ag lending
record for Iowa bank in $50 million deposit range.............
......................................................................... To $42,000.

“ Successful Banking is Quality Personnel”
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.

A N D i j l ( S P A SSO CIATES

2508 East Meadow • Springfield, Missouri 65804
“ Employment Service”______1

NCR 6420 PRINTER, excellent condition, NCR 796-301
CRT; Bank of Viola, Box 345, Viola, IL 61486, Attention
Marvin D. Logan.

Number Two person for northeast Iowa community bank.
......................................................................... To $35,000.
Lender for $50 million bank located in lake areaTo $28,000.
Ag Lender for southern Illinois bank. 3-5 years experience.
......................................................................... To $35,000.
Ag Lender for northeast Iowa community bankTo $30,000.
Ag Lender for community bank located on Mississippi.......
.......................................................................... To $25,000.
Commercial Lender with five or more years experience for
$300 million Illinois bank................................ Salary Open.
Mortgage Lender with knowledge of secondary market for
major Iowa bank............................................ Salary Open.
CEO for small northern Iowa bank...................Salary Open.
Write or call Malcolm Freeland or Cy Kirk at Freeland
Financial Service, Inc., 1010 Equitable Building Des
Moines, Iowa 50309. Phone 515/282-6462. Employer pays
fee, and we have many other opportunities.

Omaha Computer Exchange 402-333-3203.

—Our Specialty—
SELLERS - if you already have a buyer for your
stock and there is a question of whether or not it
is a fair price - we can make an independent ap­
BUYERS - if you are about to purchase controll­
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whether or not it is a fair price -we can make an in­
dependent appraisal.
Those wishing to buy or sell - we can do the job
for you if you are serious.
325 W. Prospect Avenue
Mt. Prospect, Illinois 60056
(312) 392-5151

c^HoLiI ex

a n d czdrnocLatE.i

Bank Consultants
Specializing in Bank Acquisitions

ANACONDA: Don Clark, senior
vice president for First Security
Bank, was recently promoted to ex­
ecutive vice president of the bank.
Mr. Clark has been with the bank
since 1972 and was promoted to se­
nior vice president and senior credit
officer in 1982.

P.O. Box 450

D o n a l d E. H o l d e r , Principal

Progressive small holding company in northern Iowa. Ex­
panding rapidly. Definite career advancement potential.
Bank, PCA, FLB ag lending experience required.


set eastern Nebraska bank desires seasoned commercial
loan officer to manage portfolio. Salary commensurate
with experience. Contact 402/727-1100.
AG LOAN OFFICER—Nebraska Bank with two Ag Loan
Officers, needs additional individual to assist with Ag
lending. Experience helpful, but not required. Send
resume to file WBR, c/o Northwestern Banker.

405 Main Ames, Iowa 50010

Solid IA ag community of 10,000 +. Career opportunity. 2-3
yrs. bank trust or JD with probate/estate planning back­
ground. Business development skills essential.

REAL ESTATE LOAN - requires 3-5 yrs. real estate lending
experience and thorough knowledge of secondary market
operations. $100MM suburban bank.
COMMERCIAL LOAN - $100MM + community bank seeks
commercial lender with at least three yrs. lending ex­
perience. Degree required.
INSTAL/COMMERCIAL LENDING - excellent opportunity
with fast growing community bank. Handle majority of in­
stallment credits and assist with commercial loans. $27K


SENIOR LENDER - work directly with CEO in administra­
tion of loan portfolio. $75MM community bank with
chance for advancement.

IA community of 30,000, bank 100mm+ . Career advance­
ment position in growth organization. 3 yrs. bank commer­
cial lending required.

Additional opportunities available in midwestern states
for experienced bankers.

Contact Barbara J. Rltta
6818 Grover Street
Omaha, NE 68106
Phone 402/397-2885

2024 Swift - Box 12346
North Kansas City, MO 64116


“ 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.
Federal Reserve Bank of St. Louis