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Survey Reports Area Economic Conditions A survey of almost 700 regional banks shows that the general up swing in the econom y has reached metro politan areas, but agricultural areas — even with improved drought condi tions — still r e p o r t w eak I farm income as a result of low DR- SUNG WON SON farm commodity prices. Northwestern National Bank of Minneapolis conducted the survey in April of its correspondent banks in Minnesota, North Dakota, South Dakota, Montana, Iowa, Nebraska and Wisconsin. The survey results were released recently by North western Vice President and Chief Economist Dr. Sung Won Son in “ Northwest Economic Indicators,” a new monthly publication on the regional economy. “ Following the pattern of con tinued national economic growth, economic conditions remain much stronger in the metro areas com pared to the ag areas,” the report says. “ Drought conditions have great ly improved since our last survey in September, however, most areas still have moisture problems. The center of the drought has moved north and is now concentrated in eastern Montana, North Dakota and northern Minnesota. South western Minnesota and eastern South Dakota were hardest hit last year.” The report notes that above normal rains buoyed hopes in early spring for improved prospects in drought-stricken areas. Bankers in agricultural areas re main less optimistic about future economic conditions than metro bankers since farm income remains depressed. “ Low agricultural com modity prices, especially for wheat and cattle, continue to depress farm income and strain the financial position of some farmers,” the report says. “ Nearly two-thirds of the bankers surveyed report lower farm income than a year ago.” Poorest farm income was re ported in North Dakota, South Dakota, eastern Montana and the Red River Valley of Minnesota. Lack of moisture and low commod ity prices for wheat and cattle were cited most often by ag bankers as the major factors hurting farm incom e. Iow a and W iscon sin reported the strongest farm in come, reflecting high soybean and dairy prices and relatively good moisture conditions, the report says. Other points in the report: • Housing — The nationwide strength in the housing market holds in the metro area, with threequarters of the bankers reporting more housing starts than a year ago. Almost all bankers reported the need for more housing. • Retail sales — Inventories and retail sales are growing more rapidly in the metro areas than in the agricultural areas. While most metro bankers reported strong retail sales, fewer reported higher retail inventories from a year ago, su ggestin g a decline in the inventory-to-sales ratio. • Energy — “ Our region weath ered last winter’s energy shortages better than many parts of the nation. Within the survey area, ag areas fared better than the metro areas, as a smaller percentage of ag banks reported energy shortages. With less manufacturing and re source extraction, the ag areas require relatively less energy.” • Loans — Loan demand was up for both agricultural and metro areas with about three-quarters of the banks surveyed reporting more loans than a year ago. The increase in metro areas is due to the strengthening economic activity while increased loan activity in the ag areas reflects increased refinan cing of farm loans. The Northwestern survey was conducted by Dr. Son in conjunc tion with Northwestern’s corres pondent banking departm ent, headed by Senior Vice President Harold G. Wahlquist. Correspond with the bank that can give you a lot of help for your money. R ^ tf IOWA||K; flak https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ¿ fe s fe , Member FOIC An Affiliate of Northwest Bancorporation George Milligan ( 5 1 5 ) 2 4 5 - 3 3 0 0 BANCO bonnais has received consent to exercise limited trust powers. “ Our customers rely on us.” CHICAGO: Merchandise National Bank has announced the promotion of John H. Ebert to assistant man ager of the credit section, commer cial loan department. Also an nounced was the promotion of Ala Izycki to supervisor of the bank’s auditing department. “ We do more to get the job done.” JIM HONGSLO SR. CORRESPONDENT BANKER CALL: 712 277-6625 Security National Bank Downtown • Mornlngside • Northside Member FDIC Donald A. Harper Funeral services were held last week in Milwaukee for Donald A. Harper, 71, who died of cancer. He headed the banks and bankers division of the First Wisconsin National Bank until he retired in 1970. Iowa News CHELSEA: Chelsea Savings Bank has moved to Belle Plaine and has retained a bank office in Chelsea. The bank’s name was not changed. H AW KEYE: Volney Palmer, pres ident of Citizens Savings Bank, has invited all residents of the com munity and surrounding trade area to join with directors and staff of the bank in celebrating the Citizens Savings’ 50th anniversary on Sat urday, June 25. After open house at the bank in the morning, a barbe cue dinner will be served to every Call your roving correspondent at Bankers Trust KENNEY: An application by Bank of Kenney for federal deposit insurance has been approved. The ban k ’ s capital accoun ts total $500,000. one in the City Park starting at 11:30 a.m., with music provided by an old-fashioned German band from the park bandstand. OAK PARK: Avenue Bank and Trust Com pany has received consent to establish a facility at 6001-6023 West North Avenue here. H O L ST E IN : H olstein State Bank’s application to establish an office at Cushing has been denied. LESTER: Lester State Bank has moved to Rock Valley and has retained a bank office in Lester. The bank also changed its name from Lester State Bank to Peoples Bank and Trust. ROCK ISLAND: Signed agree ments now have been reached and application is being submitted to regulatory authorities for the merger of American Bank of Rock Island into First National Bank of Rock Island. Illinois News John R. Montgomery, III, presi dent, Lakeside Bank, Chicago, was elected president of the Illinois Bankers Association at the group’s 86th annual convention at the Palmer House, Chicago, last week. Other officers elected are: first vice president, B. F. (Chip) Backlund, president, Bartonville Bank; se cond vice president, Gavin Weir, chairman and president, Chicago City Bank & Trust Co., and trea surer, E. J. Arseneault, president, Soy Capital Bank & Trust Co., Decatur. The association announc ed that it is mailing a survey to its members to find out their opinions of the proposed A B A check-type savings account. The association’s position will then be determined. SPARTA: Sparta State Bank has received consent to establish a facility at 122 West Main Street here. Nebraska News The Nebraska Bankers Associ ation will sponsor the “ EFT Costs/ Benefits Conference” Wednesday, June 29, at the Omaha Hilton. The one-day session for senior bank executives, which will also be pre sented during July at Minneapolis, Kansas City and Chicago, will offer an authoritative approach to plan ning and monitoring of EFT pro jects through cost accounting tech nology. The conference is the cul mination of more than a year-long research project by Peat, Marwick, Mitchell & Co., funded by the BOURBONNAIS: Bank of Bour- A good correspondent bank relationship is still built by good people. Yours and ours. Use our to ll-fre e WATS line: 800-362-1688 Member: F.D.I.C./Federal Reserve System https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Jerry Trudo Asst. Vice President Call me to ll fre e . . . 800-332-5991 H *1W H k a M erchants ^ National B ank 151 Cedar Rapids. Icwa 52401 A BANKS OF IOWA' BANK Cahletox D.Beh Co . NVESTM ENT S E C U R IT IE S TELEPHONE 2 S S -2 I5 2 A R E A C O D E 515 NEW ISSUE Dated: D E S MOINES BUILDING Des MoinesJ owa MOODY’S: $6,950,000 WEBSTER CITY, IOWA June1,1977 Electric Revenue u 0v u n ,i,c » c "u c Bonds, u u "u o ,gSeries c iic 0 1977 is n Denomination: $5,000 Both principal and semiannual interest (Junel and December 1, first coupon due December 1,1977) payable at the office of the City Treasurer, Webster City, Iowa. IN THE OPINION OF COUNSEL INTEREST ON THESE BONDS IS EXEMPT FROM ALL PRESENT FEDERAL INCOME TAXES, IOWA FRANCHISE TAX AND ALL PROPERTY TAXATION IN THE STATE OF IOWA. MATURITIES 7.50% $200,000 December 1, 1978 210,000 December 1, 1979 220,000 December 1, 1980 230,000 December 1, 1981 245,000 December 1, 1982 5.50% 260,000 December 1, 1983 4.70% 275,000 December 1, 1984 290,000 December 1, 1985 305,000 December 1, 1986 5.00% 325,000 December 1, 1987 340,000 December 1, 1988* 3.25 3.65 3.90 4.15 4.30 4.40 4.50 4.60 4.70 4.85 5.00 5.10% $360,000 December 1, 5.20% 380,000 December 1, 5.30% 400,000 December 1, 5.40% 425,000 December 1, 5.50% 445,000 December 1, 5.60% 470,000 December 1, 495,000 December 1, 525,000 December 1, 550,000 December 1, 1989* 5.10 1990* 5.20 1991* 5.30 1992* 5.40 1993* 5.50 1994* 1995* 1996* 1997* 5.60 5.60 5.70 5.70 ‘ Optional in inverse order beginning December 1, 1987 at 100%. LEGALITY TO BE APPROVED BY HERRICK, LANGDON, BELIN, HARRIS, LANGDON & HELMICK, ATTORNEYS, DES MOINES, IOWA. Webster City, the county seat of Hamilton County is located in central Iowa, approximately 70 miles north of Des Moines. Webster City serves as the principal manufacturing and trading center for Hamilton County and the surrounding area. Hamilton County has the highest farm land value in the State of Iowa. In addition to its position as a trading center and judicial center, Webster City is the home of several sizable industries, the chief among which are Franklin Manufacturing Co. who employ 350 people in the manufacture of washers, dryers and dishwashers. Arrow-Acme Corp. (die castings, 55 employees), Fred Hahne Printing Co. (catalogues, 75 employees), Nissen Packing Co. (beef & pork products, 90 employees), Modern Farm Service System (grain bins, 125 employees) and others. Webster City is the home of the Hamilton County Public Hospital and the Hamilton County Fairgrounds and an excellent library. The City was chosen as “Main Street, USA” in national competition several years ago as the typical, prosperous community. There are two banks and one savings and loan association in Webster City with total deposits in excess of $94,000,000. The population according to the 1970 Census was 8,488 and is presently estimated at 8,600. These bonds are being issued under the provisions of Division V of Chapter 384, Code of Iowa, 1975, as amended, to pay a portion of the cost of the Utility’s 2.604% undivided interest in Unit No. 4 at the George Neal Generating Station, a 576 megawatt coal-fired unit under construction and currently owned as tenants in common by three investor owned utilities, two electric cooperatives, and eight municipal electric systems. In the opinion of counsel, these bonds together with the $1,030,000 presently outstanding Electric Revenue Bonds dated March 1,1972, are legal and binding obligations of Webster City, Iowa, payable from the net earnings of the Municipal Electric Light and Power Plant. The system presently has 3,918 connected customers. The utility has interconnections with Corn Belt Power Cooperative and is a member of North Iowa Municipal Electric Cooperative Association. Revenues Expenses Net revenues Average debt service Coverage of average HISTORIC EARNINGS 10 Months 4-77 $2,622,968 1,703,706 $ 919,262 Year 6-76 $2,626,013 1,619,148 $1,006,865 18 Months 6-75 $3,287,505 2,611,892 $ 675,613 COVERAGES (both issues based on year 6/76 net revenues) $619,057 Maximum debt service 1.63X Coverage of average We own and offer subject to prior sale and change in price and subject to our attorney’s approving opinion. The information contained in this circular is not guaranteed, but is derived from sources we deem reliable and is that on which our purchase of these bonds was based. Offered subject to prior sale and change in price. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Year 12-74 $1,918,614 1,608,556 $ 310,058 $771,807 1.30X https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis GENERAL BANK EQUIPMENT & SYSTEMS, IN 9413 I Street • Omaha, Nebraska 681 Drive-Up Equipment WE SELL............ WE SERVICE Windows Deal Drawers Audio Systems (Transistorized) Pneumatic Remote Systems Monorail Remote Systems Overhead Remote Systems Contracts available to include parts and labor. Night Depositories WE SELL....... ..................................... WE SERVICE................................... U /L Approved N on-U /L Approved Envelope Drop Bag Drop Combination Drop Contracts available (all manufac turers). Chest contracts available. Please send information on the following: We are interested in the following: BANK EQUIPMENT __Vault Doors -__Safe Deposit Boxes __Drive-Up __Alarm & Camera __Undercounter __Depositories __Other NAME https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis General Bank Equipment & Systems, Inc. 9413 I Street P.O. Box 27512 Omaha, Nebraska 68127 (402) 331-1313 _____________ SERVICE Service Contracts S. D. Lock Work Installation Billed Work Other OFFICE Desks & Chairs Furniture Filing Systems Accessories Office Supplies INSTITUTION I^ D D R E S S ______________________________________________________________ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CALL ON THE “PERFORMANCE TEAM” where comm on transactions are handled uncommonly well. FIRST NATIONAL LINCOLN 13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.LC. Graduate School of Banking at the University of Wisconsin-Madison. CAM BRIDGE: Larry Voss has joined The First National Bank as agricultural representative. GRAND ISLAND: Hugh Hansen has been named president of the Overland National Bank succeed ing Philip Zeller who resigned to join the First National Bank of Junction City, Kan. Mr. Hansen formerly was president of the North Platte State Bank. HAY SPRINGS: The First Na tional Bank has changed its name to Northwestern State Bank. MADISON: The Bank of Madison has received approval to conduct trust business. NORTH PLATTE: Richard Cole man, vice president, has been named president of the North Platte State Bank. He succeeds Hugh Hansen who has been named president of Overland National Bank, Grand Island. Minnesota News Gene A. Beito, president, North ern State Bank, Thief River Falls, was advanced to the presidency of the Minnesota Bankers Association at the annual convention in St. Paul last week. Named first vice president is Leslie W . Peterson, president, Farmers State Bank, Trimont. Because of a change in the by-laws the M BA elected a second vice president for the first time. He is John Owens, president, North western Bank of Commerce, Du luth. Richard Carlander, president, State Bank of Faribault, was elected treasurer. A com plete report with pictures will appear in the July issue of the Northwestern Banker. BABBITT: F. William Staple has joined the First State Bank. He formerly was in the instalment loan department of an affiliate bank in Owatonna. BLOOMINGTON: Kay Pedersen has been elected administrative officer of the American State Bank. CANNON FALLS: Security State Bank has announced the appoint ment of Marvin L. Nelson as presi dent and chief executive officer. Bill Sutherland continues as executive vice president. Mr. Nelson was vice president of the Golden Valley State Bank. CLOQUET: City National Bank has announced the promotions of Janet L. Johnson to cashier, and JoAnn (Jody) Vinopal and Sharon Erickson to administrative assist ants. LITCHFIELD: First State Bank has increased its capital stock from $375,000 to $500,000 by stock dividend. ST. PETER: Nicollet County Bank has increased its capital stock from $320,000 to $400,000 by stock dividend. W A YZA TA : Robert M. Weiss has been named commercial lending officer of Wayzata Bank & Trust Co. WINDOM: Douglas Davidson has been named president and manag ing officer of the First National Bank succeeding Marwin Brown who has been named vice president of the First Bank System’s banking division. Both men will begin their new duties July 1. Mr. Davidson formerly was vice president of The First National Bank in Havre, Mont. Colorado News BASALT: Dick Ducic has been named president of the Bank of Basalt. Mr. Ducic has managed the bank since it began operation in July, 1976. CARBONDALE: Roaring Fork Bank has named E. Lynn Pittman president. He has been managing and chief operations officer of the bank for some time and was a founding officer when the bank was chartered in 1973. He succeeds J. Robert Young, chairman. SNOWMASS: Tom Sessions was named president of the Affiliated Bank of Snowmass. Mr. Sessions joined the bank in 1976 after several years as a national bank examiner. North Dakota News DICKINSON: H. Michael Hardy has joined the Liberty National Bank and Trust Company as trust POSITION AVAILABLE Senior loan officer with three to five years experience in banking. Small bank $10MM with excellent growth. Send application to Rochelle Bank & Trust Co., P.O. Box 438, Rochelle, IL 61608. Interview arranged—salary commensurate with experience. POSITION WANTED Experienced marketing officer with MBA seeks career growth opportunity that w ill expand on 41/2 years of broad banking background and specific marketing expertise. Write Box GVP, c /o NORTHWESTERN BANKER, 306 15th Street, Des Moines, IA 50309. Ibgether, we can help you with your Municipal and Government Bond Portfolios. UNITED MISSOURI BANKOF KANSAS CITY, N.A. United We grow. Ibgether. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Member F.D.I.C. Telephone: 816-556-7000 » , Callour Bond Department For up-to-the-minute, accurate information t i « C om m erce Bank / « / _ n .a. 10th o f Kansas C ity and Walnut (816) 234-2000 Jim McLaughlin Thomas L. Steffens Bond Representative Bond Representative Asst. Vice President 234-2647 234-2673 234-2462 Tony Paugoulatos Member FDIC officer and assistant vice president. He comes from the First National Bank of Dickinson. Richard Kings ley has been promoted from auditor to vice president and cashier. Warren Kitzan, vice president, cashier and trust officer, recently resigned to pursue private busi ness. LEHR: Central Dakota Bank has increased its capital stock from $100,000 to $200,000 by stock dividend. FOR SALE 12 Burroughs teller machines, models #1010383. All in good working order. Bank converted to on-line equipment. Write: R. Mehmert, 1454 W. Locust, Davenport, IA 52804. WANT ADS Rates 40 cents per word per insertion. Minimum: 12 words AG LENDER Ag lender wanted fo r $20MM ag department in Billings, Mt. Minimum three years ag lending experience. Contact: Personnel Dept., Security Bank, N.A., P.O. Box 30918, Billings, Mt. 59116. WANTED Used embosser for plastic cards. Call 319/875-7157. POSITION AVAILABLE Executive vice president wanted for newly-organized bank in northwest Illinois. Send resume in confidence to Box XMO, c /o NORTHWESTERN BANKER, 306 15th Street, Des Moines, IA 50309. # SALE, LEASE OR LEASE PURCHASE Preconstructed financial buildings with all name brand bank equipment included. Permanent and temporary structures available. 12’ x 30’ up to 28’ x 70’ with full basement. SON CORPORATION, Box 684, Wichita, KS 67201-316/942-8167. TRUST OFFICER Trust officer is wanted to fill position in $40MM trust department in eastern Iowa. Salary w ill be commensurate with background and experience. Write Box ROD, c /o NORTHWESTERN BANKER, 306 15th Street, Des Moines, IA 50309. SERVING PROFESSIONALLY Banking, Financial & Business Personnel Iowa and Nationwide WEST FARGO: West Fargo State Bank has increased its capital from $200,000 to $500,000 by stock dividend. 2 0 4 Securities Bldg. 5 1 5 — -2 8 3 -2 5 4 5 Des M oines, Iowa 5 0 3 0 9 South Dakota News POSITION AVAILABLE C APITAL PERSONNEL SERVICE BANKERS PARTICIPATING ¿ e H A e P lû H by ABERDEEN: Jeff Moore has been elected assistant cashier and operations officer of the Sunrise Branch o f A berdeen N ational Bank. SIOUX CITY: Karen Kovar has been appointed loan officer of SunBank of South Dakota. She had been administrative assistant. Second person for $5MM northwestern Wyoming bank. Some banking experience desirable. An excellent opportunity for an enthusiastic, ambitious person. Salary open. W rite Box NBL, c /o NORTHWESTERN BANKER, 306 15th Street, Des Moines, IA 50309. P" — — — — — — — — — — — — f □ I would like to sell my I majority bank stock. I G I would like to buy ma jority bank stock. Please Contact: J. Mason Henry, President Charles E. Walters Co., Inc. Montana News The Montana Bankers Associa tion will hold its 74th annual con vention at Big Sky June 22-24. A complete report with pictures will appear in an upcoming issue of the Northwestern Banker. Call on us! | I P.O. Box 1313, Omaha, Nebraska 68101 Phone: (4 0 2 )5 5 3 -6 4 0 0 FOR SALE Portable drive in teller units. Ideal for temporary use during remodeling. Available for immediate delivery. Contact: Financial Products, Inc., P.O. Box 1035, Eau Claire, Wisconsin 54701, Phone: 715/835-8160. ■ P i Toll free 800-362-1615 Correspondent Bank Department “C ” Central National Bank & Trust Company DES MOINES, IOWA AFFILIATED WITH CENTRAL NATIONAL BANCSHARES, INC. RICHARD BRO RAYMOND SCHNEIDER $nòuAecl tf&wiceb, 3n c. 545 - 31 st Street Des Moines, Iowa 50312 R.L. "DICK” SELLON**P.D. “ DUANE" DEVAULT FOR SALE 8 pocket wired 41 NCR proof, available July 15. Two NCR 29 postronic’s, one available August I5, the othér about February 1,1978. Farmers Savings Bank, Colesburg, IA 52035. WANTED Used modular drive-in facility in central Iowa. Write Box JHW, c /o NORTHWESTERN BANKER, 306 15th Street, Des Moines, IA 50309. POSITION AVAILABLE PLATFORM OFFICER—Small rural Mo. bank; supervisory experience; duties include both lending & operations............$14,000 C.E.O.— Metro-Ks. bank (under $25MM). Potential growth area. Business develop ment; lending experience; capable oM u ll bank m anagem ent..................................Negotiable COM’L LOAN— For medium size Ks. bank. Officer to handle all retail and wholesale business; noag lending. Good spot for jr. officer, ready to advance............................ $18,000 TRUST OFFICER—Dept, head for small dept, in central midwestern state. A ll facets of trust expertise; should like business developm ent..................... $18,000 COM’L LOAN—Suburban Neb. bank; 5-10 yrs. experience in all phases of com’l lending, inct. real es ta te ............................$20,000 Other positions available for auditing, operations, and Ag Lending personnel. Please call or write fo r information. TOM HAGAN & ASSOCIATES P.O. 12346 N. K. C., MO. 64116 (816)474-6874 "IT TAKES A BANKER TOKNOWONE ” Vol. 6 No. 7 Northwestern Banker Newsletter is published weekly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309. Subscriptions 25 cents per copy, $8 per year. Second class postage paid at Des Moines, Iowa. Address all changes of address (Form 3579) manuscripts, mail items to above address. mail subscriptions, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A ^ # £ _ w ®
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