Full text of The Northwestern Banker : June 12, 1967, No. 1038

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Oldest Financial Journal West o f the Mississippi
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No. 1038
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Illin o is Faces Credit C ard Controls
Will banks have to insure credit
card holders for $1,000 each to
protect them against unauthorized
purchases? They will if a bill
passed by the Illinois Senate 32 to
15 last week should get through the
Illinois House in the frantic effort
to finish legislative business by
closin g date of June 30.
The bill was proposed by Sen.
Joseph J. Krasowski (R ., C h ic.). It
would prohibit issuance of a credit
card without written request from
the receiver, and would require the
$1,000 insurance protection prior
to notification of loss or theft of
the card.
W. Richard Murphy, president of
Midwest Bank Card System, Inc.,
said this would create a monopoly
for those people presently in the
credit card business. He stated
further that the $1,000 insurance
provision would force everyone in
Illinois out o f the credit card busi
ness -- banks, oil companies, depart
ment stores, air lines and car rental
firms.
The Krasowski bill is given
little chance of passing the House,
which is already considering favor
ably in its banking' committee the
Gottschalk package b ills. This
package would set ground rules for
credit card operation to protect the
public and business firms operating
credit cards, and also deals with

the entire area of consumer credit.
Mr. Murphy is resigning as pres
ident o f Midwest Ban Card June 30,
simultaneously with his resignation
as chairman of the executive com
mittee at Pullman Bank & Trust,
Chicago. On July 1 he will become
president of R ose Barge Line, Inc.,
with o ffice s in M arseilles, 111. and
St. Louis, Mo. He w ill be su c
ceeded at Midwest Bank Card as
president by Robert Martendale, who
is currently v ice president-market
ing, Texas Bank & Trust, D allas.
Mr. Martendale will be the full-time
salaried president of the System.

NATIONAL NEWS
CHICAGO: Robert B. Johnston, 56,
vice president at First National
Bank, died June 5 from injuries
suffered in an automobile accident
last November. He had been with
the bank sin ce 1934 and was e le c
ted head o f loan division H in
1960.
CHICAGO: William N. Flory, vice
president, Harris Trust &■ Savings
Bank, has been named treasurer of
the Bank Public Relations and
Marketing A ssociation , effective
July 1. He su cceed s John W, Heddens, second v ice president, Con
tinental Illinois National Bank and

In the Northwest
it's
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June 12,1967

Des Moines, Iowa

Northwestern

COMPLETE
CORRESPONDENT
BANK SERVICE

Trust Company, who retires from
his bank at the end of June.
CHICAGO: Thomas M. M ocella, mar
keting services officer at Harris
Trust & Savings Bank, was recently
elected president of the Chicago
Financial Advertisers.
KANSAS CITY: Garrett W. B oss, 32,
has been elected a trust investment
officer at Commerce Trust Company.
Most recently he has been senior
portfolio manager and assistant
secretary at First National Bank
in Minneapolis.
NEW YORK: President George S.
Moore of First National City Bank
was named chairman of the board
last week in a top management
change. Mr. Moore, 62, succeeds
James S. R ockefeller, who has
reached the compulsory retirement
age of 65.

B U L L E T IN S ...
ABERDEEN, S.D.: The 13th Annual
Conference of the Upper Midwest
Agricultural Credit Council will be
held June 21-23 at Holiday Inn.
Theme is “ Future Role of the
Agricultural Banker.” The meeting
will feature individual speakers by
educators, bankers and business
men, and two panel discussions by
bankers.

PHONE
330-8123

Northwestern
National
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IOWA NEWS
AFTON: The Commercial State
Bank has been granted permission
to increase its capital stock from
$50,000 to 100,000.
AMES: The 21st Annual Ag Credit
School at Iowa State University is
in the second week of the two-week
sch ool. Sponsored jointly by the
Iowa Bankers A ssociation and ISU,
the sch ool has yearly enrollment of
approximately 92 students. Those

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for

Personal Attention
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SUSS

men who have completed the s e c
ond year of the course will receive
certificates of completion at noon
luncheon Friday, June 16 in Memo
rial Union Building.
COLUMBUS JUNCTION: Open house
for visiting bankers w ill be held
in the new building of the Colum
bus Junction State Bank from
2:00 p.m. to 5:00 p.m., June 24
according to Tom Huston, execu
tive v ice president. The bank’s
new phone number is (area code
319) 728-2436.
CRYSTAL LAKE: The Farmers
Bank and Trust Co. has changed
its name to Manufacturers Bank &
Trust Co. Capital stock in the
bank has also been increased from
$30,000 to $80,000.
DES MOINES: The Iowa Senate has
passed a bill 38-0 eliminating the
4% ceilin g Iowa banks must pay
for investment of public funds.
The Iowa House had passed the
bill unanimously on May 22. The
maximum rates will now be set
monthly by a committee composed
of Paul Franzenburg, state treas
urer; Lom e Worthington, state in
surance commissioner, and John
Chrystal, state banking superin
tendent. The bill also provides for
an interest rate of not less than
1% below the rate set for state
funds to be paid on idle fund3
invested by local governments.
DES MOINES: The.East Des Moines
National Bank has filed an appli
cation for permission to establish
an office at 3416 S. E. 14th Street
in Des Moines.
EARLY: Capital stock in the Early

MAQUOKETA: The Jackson State
Savings Bank has received per
mission to change its name to
Jackson State Bank and Trust Co.

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MASON CITY: Stan Laures has
bqen named assistant cashier of
the First National Bank.
ROCKWELL: The
Bank has opened
its new building.
be held June 22
June 23 for the

Community State
for business in
Open house will
for bankers and
general public.

WODEN: Gary Vangen has been
named manager of the branch office
here of the First State Bank of
Britt. Mr. Yangen has been with
the United Home Bank of Mason
City for 3J4 years. Prior to joining
the Mason City bank, he was em
ployed by a bank in A lbertLea, Minn.

NEBRASKA NEWS
BLAIR: Louis Murdoch has been
promoted from assistant cashier to
assistant v ice president of the
Blair Bank. Monte D. Mead has
been elected cashier.
BRAINARD: Open house in the
new banking quarters of the Bank
of Brainard was held Saturday,
June 10.

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FORT DODGE: L. Harlan P faff,
Fort Dodge accounting executive,
will join The State Bank July 1.
He w ill work in commercial loans
a n d . trust serv ices, and be active
in general banking operations.

Good reasons why over half the banks in Iowa aro
MNB correspondents

402

M«mb«r Federal Deposit
Insurance Corporation

FORT DODGE: Banks in Fort
Dodge are now closed for business
on Saturdays. The new schedule of
hours for the First National Bank,
Union Trust and Savings Bank and
The State Bank are as follow s:
Monday through Thursday, 9:00a.m .
to 2:30 p.m. at main banks, and
8:30 a.m. to 5:30 p.m. at motor
banks; on Fridays the main bank
ing hours will be 9:00 a.m. to
5:30 p.m., and those of the motor
banks w illbe 8:30 a.m. to 8:00 p.m.

The myriad tools of modern banking
. . . and men who know how to use them.

AREA CODE

341-8765

Savings Bank has been increased
from $50,000 to $100,000.

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MINNESOTA NEWS
The
77th annual Minnesota
Bankers Convention convenes to
day, June 12, at the St. Paul Hilton
Hotel.
The
convention
closes
Wednesday, June 14. See the July
issue of the Northwestern Banker
for complete coverage with pictures
of the convention.
AUSTIN: David Dämmen has been
elected assistant cashier of the
First National Bank. Mr. Dämmen
has been with the bank sin ce 1960.
BALATON: W. J. Emerson, cur
rently v ice president of National
Citizens Bank of Can by, has been
named vice president and cashier
at Farmers and Merchants State
Bank of Balaton. V. G. Schaffer is
president of the bank.
BLOOMINGTON: William D. W iden
ing has been elected cashier of the
Northwestern National Bank of
Bloomington-Richfield.
LAKE CITY: Leonard Weber has
been named assistant cashier of
the Lake City State Bank. Mr.
Weber was with the First State
Bank of Stewart for over four years.
MADISON: The State Bank of Madi
son last week received permission
to increase its capital stock from
$40,000 to $80,000 by stock d ivi
dend.
MARSHALL: Mrs. Dorothy Bamford
has been elected assistant cashier
of the Western State Bank. She has
been with the bank for one year.
MINNEAPOLIS: Several promotions
were announced recently at the

JOHN DIEFENDORF an« GENE HAGEN
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The Bank for Personal
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SECURITY NATIONAL BANK
Sixth and Pieroe Sioux C ity, Iowa
Third Northwestern National Bank.
Paul L. Hesselroth has been pro
moted from v ice president and ca sh
ier to senior vice president. I. J.
Strauss has moved from assistant
v ice president to vice president
and cashier. Joe Clemons, formerly
assistant vice president, is now
vice president. Named to the new
title of full service officers were
Floyd W. Brown and Gladys John
son, formerly assistant cashiers;
Thomas W. Loaney, former a ssist
ant cashier of Northwestern Nation
al Bank; Harley Anderson and
Robert Kern, Jr.
ST. PAUL: Donald L. MacGregor,
retired vice president of the First
National Bank, has been elected
a director of Mairs and Power
Growth Fund and of Mairs and
Power Income Fund, St. Paul mutual
funds firms.
SWANVILLE: The First State Bank
of Swanville has been authorized
to increase its capital stock from
$25,000 to $50,000 by the sale of
new stock, according to the Minne
sota Banking Department.

RUGBY: The Citizens State Bank
of Rugby has been granted per
mission to increase the number of
its directors from three to five.
Application for an increase in the
bank’ s capital stock from $100,000
to $200,000 was also approved.

MONTANA NEWS
The 64th annual Montana Bank
ers Convention will get underway
this week at Jackson Lake Lodge
in Moran, Wyoming. Thursday, June
15 through Saturday, June 17 are
the convention dates. Complete
details and pictorial coverage of
the convention will appear in the
July Northwestern Banker.

WYOMING NEWS
The 59th annual convention of
the Wyoming Bankers A ssociation
was concluded Saturday, June 10
at Jackson Lake Lodge in Moran.
A complete on-the-spot report of
the convention, with pictures, will
be presented in the July issue of

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RAWLINS: Floyd A. Rummel, Jr.,
has been named new president of
the First National Bank o f Rawlins.
Mr. Rummel was previously pres
ident of the First State Bank of
Britt, Iowa, for the past seven
years. He ancf his father, now vice
president of the Rawlins bank, re
cently purchased controlling stock
in the First National Bank from
James A. Ivins.

the Northwestern Banker. Max C.
R obinson, executive vice president
of Star V alley State Bank, Afton,
was advanced to the presidency.
He su cceed s John W. Hay, Jr.,
president of Rock Springs National
Bank, Rock Springs.
CHEYENNE: New president of the
Cheyenne chapter of A.I.B. is Ruth
Eldridge of the American National
Bank. Other officers are: vice pres
ident, Joe Dereemer, Cheyenne Na
tional Bank; secretary, Lynn Jones,
First National Bank, and treasurer,
Dick Schaefer, East Cheyenne Na
tional Bank.

COLORADO NEWS
Officers were elected for the
coming year at the Colorado Bank
ers A ssocia tion ’s 65th annual con
vention held June 1-3 at the Broad
moor Hotel in Colorado Springs.
New president of the association is
J. H. Macdonald, president of C o lo
rado Bank & Trust Co. of La Junta.
Elected first v ice president was
Delano E. Scott, president o f Routt
County State Bank in Steamboat
Springs. The new second vice pres
ident is Henry D. Williams, pres
ident of the Arkansas Valley Bank
in Pueblo. Mr. Macdonald assumed
the presidency from retiring pres
ident N eil F . Roberts, president of
Denver U. S. National Bank. De
tailed story of the convention will
appear in the upcoming July issue
of the Northwestern Banker.

CODY: Three new directors have
been elected at the Shoshone-First
National Bank. They are Mrs. Hen
ry C oe, James B. Minter and C. W.
Curtis. They replace Lloyd W. T ag
gart, J. M. Taggart and Quintin
Blair, who resigned in February.
GREYBULL: Bert Harris, presently
national bank examiner for Wyoming,
will join the First National Bank of
Greybull August 1 as vice pres
ident. Prior to becoming bank ex
aminer, Mr. Harris was with the
Greeley National Bank, Colorado.
G. W. Williams is president of the
Greybull bank.

LITTLETON: The Arapahoe Valley
Bank, formed by combining the
Valley National Bank and the
Arapahoe Bank, has opened for
business in the quarters of the
former V alley National. Deposits
of the new bank total more than
$11.5 million. President of the
combined bank is W. G. Johnsen,
formerly president of the Arapahoe
Bank. John Griffith, president of
the V alley National, resigned upon
sellin g his stock to the Arapahoe
Bank.

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WANT AOS
Rates 25 cents per word per
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Minimum: 12 wtfrds.
NORTHWESTERN BANKER
306 lSllh St., Des Moines, Iowa

HELP WANTED
Manager for branch office with
good farm territory and large insur
ance agency. Must have farm loan
experience. Chance to earn to
your capabilities. Write File WLY,
NORTHWESTERN BANKER, 306 15th St., Des Moines, Iowa 50309.
POSITION WANTED
Family man, age 43, desires to re
locate. 17 years loan experience,
including - commercial, agricultural,
consumer and real estate. A lso
some insurance experience and
personnel supervision. Presently
in executive capacity in medium
sized bank. Can furnish excellent
references. Write F ile DTN, in care
of the NORTHWESTERN BANKER,
306 Fifteenth Street, Des Moines,
Io\ya 50309.
FOR SALE
Loan application forms for the
modern agricultural banker. Sam
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C ouncil, In c., P .O . Box F , Urbana,
Illinois 61801.

rCOPT
Corresponde

MEMBER F.D.I.C.

DENVER: James R. Morris, vice
president o f First National Bank,
has resigned effective June 1 to
devote full time to family business
and financial interests.

POSITION WANTED
Specialist in over lines and cattle
loans desires work. Offers years of
banking experience. Intense desire
to please. Backed up by staff of
specialists in all phases of bank
ing. For immediate action ca ll Max
Roy in. Iowa City 338-5224 or at
La Salle National Bank, 135 South
La Salle St., C hicago, 111. 60690.
(Area Code 312) STate 2-5200.

-4

A
YOUR STATE BANKERS ASSOCIATION
O FFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS

F. E. DAVENPORT & C O .
OMAHA

No. 1038 Northwestern Banker is published five times monthly by the Northwestern Banker Company, 306 Fifteenth Street, Des
Moines, Iowa. 50309. Subscriptions 50^ per copy, $6 per year. Second cla ss postage paid at Des Moines, Iowa. Address all mail
subscriptions,
changes of address (Forms 3579), manuscripts, mail items to above address.

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