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• Vol. 10 No. 8 Des Moines, Iowa June 15,1981 Survey Area Bankers On Economy ESULTS of the loth semi annual survey of more than 600 bankers in the Upper Midwest and the Great Plains by North western National Bank of Minnea polis indicates slow economic re covery for this region. According to Dr. Sung Won DR- SUNG WON SON Son, senior vice president and chief economist at Northwestern, whose staff conducted the survey, the regional economy is likely to remain fairly soft during the next six months, with more solid gains expected late in the year. Survey results confirmed this outlook, with one-third of the bankers expecting improvement in the economy in the next six months while fifty percent expect present condi tions to continue during the next six months. Although some short-term adjustments may be required, most bankers were supportive of proposed cuts in federal government expendi tures and taxes, Dr. Son said. “ Effects of the 1980 recession on this region were more pronounced than in previous economic down turns,” said Dr. Son. “ However, the Twin Cities did fare better than the rest of the state and the region because of the moderating effect of its R many service industries.” “ Recovery in the Twin Cities is not yet complete,” said Dr. Son. “ Home building, inflation-adjusted retail sales, business capital expenditures and manufacturing and construction employment are not back to pre-recession levels.” Optimism About 38 percent of the Twin Cities bankers surveyed expect economic conditions to improve during the next six months, while 13 percent expect the economy to weaken. Although guarded, this is the most optimistic appraisal since 1978, Dr. Son noted. “ The agricultural sector, which normally serves as a buffer for this region during economic downturns, was plagued with poor moisture conditions, high interest rates, rising farm production costs and unprofit able cattle and hog feeding condi tions,” said Dr. Son. “ This combination has adversely affected business activities.” In general, farm income remains below previous expectations. Besides moisture problems, bankers cited poor livestock returns as the primary factor hurting farm income. About 30 percent of the bankers said income was higher in their area while another 30 percent said it was lower than a year ago. “ Although it’s difficult to generalize,” Dr. Son said, “ the strongest areas include western Wisconsin and Minnesota. Dairy farming was cited as an important stabilizing factor in these two states.” A g bankers reported that loan demand is abnormally soft, a continuation of the pattern observed since the middle of last year. Due to weak farm income, high interest rates and concern over moisture, farmers are curtailing purchases of autos, trucks, farm machinery and building materials. Little Change “ Little change is expected until the outcome of this year’s crop is known and interest rates decline to acceptable levels,” said Dr. Son. “ Moisture conditions are seen as the pivotal factor in determining the outlook for a significant portion of the region. Although recent rains have alleviated conditions in some local ities, more moisture is needed in others. If the region continues to receive rainfall, the agricultural economy will be put back on its feet, ” Dr. Son said. Dr. Son added that business conditions in the Iron Range region of Minnesota are relatively weak. Although improving significantly in recent months, Minnesota’s mining employment (on a seasonal adjusted basis) is well below peak levels reached in 1979. As a result, Iron Range bankers indicate that retail sales, homebuilding and business expenditures on plants and equip ment remain quite soft. About 36 percent of the Iron Range bankers CALL ON THE “PERFORM ANCE TEAM ” where com m on transactions are handled uncommonly well. FIRST NATIONAL LINCOLN 13th & M Street https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Lincoln, Nebraska 68501 • Member, F.D.I.C. 2 BANKERS PARTICIPATING Lance Davenport T eam w ork: O ne of the reasons we’re first in Iowa. IOW A nesjvioines M m NATIONAL BANK Member FDIC expect economic conditions to improve during the next six months while 50 percent expect little change. In contrast to other parts of the region, nearly 60 percent of the Iron Range bankers feel the proposed cuts in federal government expenditures will have an adverse impact on their local economy. Iowa News DANVILLE: Charlie W. Wagner, 88, president of the Danville State Savings Bank, died recently. Mr. GET THE COMPETITIVE EDGE over savings and loan, credit unions, etc. This “on-premise” system gives you complete inde pendence, competitive flex ibility and control. LeasePlaalnc. 545 - 31st Street an assistant cashier at the Alliance National Bank for the past 16 years, died recently of an apparent heart attack. Iris Swanson Check P rocessing An Affiliate of Northwest Bancorporation Banco Call (515) 245-3131 or toll-free (800) 362-2514 Wagner was elected to the board in 1930, became vice president in 1945 and president in 1966. HUMBOLDT: Open house festivities at the new First National Bank were held recently. The bank is housed in the new First Financial Services Center downtown. CHADRON: Michael L. Mattson has been elected vice president and cashier of First National Bank. He joined the bank in 1980 as loan officer. GUIDE ROCK: Guide Rock State Bank celebrated its 75th anniversary recently with an open house and buffet supper for customers and friends. Also announced was the retirement of Edna M. Vogler, vice MARION: Phil Morris, president, president and director, after 40 years First National Bank, has announced of service. that the bank has changed its name to First National Bank of Iowa. The OG ALL A L A : Pete Hansen and Dave change was effective June 1. Doll, both executive vice presidents OTTUMWA: Dennis M. Curran and of Keith County Bank & Trust Co., Michael R. Thies have been named have been elected to the bank’s assistant vice presidents at Union board. Mr. Hansen joined the bank in Bank & Trust Co. Mr. Curran will 1967 and also serves as cashier. Mr. work in instalment loans, Mr. Thies Doll has three years of experience with the bank. in marketing. WASHINGTON: Alan Haney has OM AHA: Ralph Fredericksen, 76, joined the National Bank as vice retired vice president of the First president. He was most recently with National Bank, died recently of a the Centerville National Bank, which heart condition. Nebraska News fT T T ) BELLEVUE: The Bank of Bellevue has elected Lyle Muller vice president and cashier. Mr. Muller joined the bank in 1975. LONE ROCK: Ernest M. Jensen, 85, retired officer of the Lone Rock Bank, died in Arizona recently. Mr. Jensen served at the bank for 43 years. he joined in 1970. Get tighter instantaneous reporting in every phase of your operation. At the same time reduce your operating costs. A program for your every need — and more. The best banking system in the industry. Des Moines. Iowa 50312 R. L. “DICK” SELLON Court action still appears likely to decide the legality of LB 376, the controversial multi-bank holding company bill which passed in the legislature recently. ALLIANCE: Robert Paul Akert, 55, OMAHA: Funeral services were held last week for George Spence, who served as an ag rep for American National Bank & Trust Company, Chicago, working out of Omaha. OMAHA: First National Bank has scheduled a Correspondent Bank Conference June 29 at Oak Hills Country Club here. An attendance of S in g le S ystem B anking W ith A v a ila b ility Availability of funds. . . availability of people. . . responsive to your needs. M odern B anking S ystem s, In o 6818 G ro v e r St., O m a h a , N e b ra s k a 68106 (402) 392-0151 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis National Bank of Waterloo Waterloo, Iowa 50704 M em ber FDIC Phone Dick Jung at 1-800-772-2411. Carleton D. Beh Company Supplement to Northwestern Banker Newsletter 6-15-81 A Division o f E.F. H utton In v e s tm e n t B a n k e rs /F in a n c ia l C o n s u lta n ts NEW ISSUE SALE DATE: $1,850,000 WISCONSIN RAPIDS, WISCONSIN June 9,1981 MOODY’S: A General Obligation Public Works Bonds Dated: June 1,1981 Denomination: $5,000 Both principal and semiannual interest (June 1 and December 1, first coupon due on June 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 $ 60,000 60,000 125,000 125,000 125,000 175,000 175,000 10.25% December 1, December 1, December 1, December 1, 10.00% December 1, 9.15% December 1, 9.30% December 1, 1983 1984 1985 1986 8.20 8.40 8.60 8.80 1987 9.00 1988 9.15 1989 9.30 $175,000 175,000 175,000 240,000 240,000 9.50% December 1, 9.70% December 1, 9.90% December 1, 10.00% December 1, 10.25% December 1, 1990 9.50 1991* 9.70 1992* 9.90 1993* 10.00 1994* 10.25 *Optional in inverse numerical order beginning December 1, 1990 at 100%. LEGALITY TO BE APPROVED BY QUARLES AND BRADY, ATTORNEYS, MILWAUKEE, WISCONSIN W isconsin Rapids is located in central W isconsin on the W isconsin River. W hile the primary industry of the area is the paper products industry, diversification through plants manufacturing heating equipm ent, plastics and chemicals are also located here. W isconsin Rapids serves as a trade and service center fo r an estimated 65,000 persons. The cities of Port Edwards and Nekoosa, location of Nekoosa Paper Co., paper m ills and corporate offices, are adjacent to W isconsin Rapids. W isconsin Rapids is located in Wood County. Wood County agricultural income is received prim arily from the sale of dairy products. The m unicipal airport offers daily scheduled com m uter services to Chicago and M inneapolis-St. Paul. The Central W isconsin A irport (located 30 miles north) at Mosinee is available for additional daily scheduled commercial flig h ts by Republic A irlines and A ir W isconsin. Some of the largest taxpayers in the City include: Consolidated Papers, Inc.; Preway, Inc.; Rapids Mall Co.; Shopko, Inc.; and Copps Corp. These bonds are being issued in accordance w ith W isconsin Statutes and the proceeds are to be used as follow s: $1,200,000 D ewey/W itter Area Sewer Separation Project; $600,000 - Saratoga Phase III Sewer Separation Project; and $50,000 - Industrial Park Improvement. In the opinion of counsel, these bonds are legal and binding general obligations of W isconsin Rapids, W isconsin, 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 1980 Equalized value taxable property 1980 Assessed value taxable property Net direct debt, including this issue Total direct and overlapping debt Population, 1980 estimate: 17,995 $381,243,500 178,383,399 18,246,455 19,628,444 Net direct debt per capita: $1,013.97 Total debt per capita: 1,090.77 Tax collections have approximated 99.62% of taxes levied for the past four years. 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 reliable and is that on which our purchase of these bonds are based. Bonds of a particular maturity m ayor may not still 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 PINE CITY: Dick Kuzel, who joined First National Bank last year, has been promoted from assistant vice president to vice president. Illinois News 3 t^ foid sx and <^f’±ioaiats.5. Bank Consultants Specializing in Bank Acquisitions 515-232-0814 P.O. Box 450 405 Main Ames, Iowa 50010 D o n a l d E. H o l d e r , Principal At press time, S.F. 578 had gone to the Illinois House without amend ments and was in final passage stage (third reading). This AM BI suppor ted multi-bank bill would also allow one additional service facility. Minnesota News BRAINERD: Gerald Benson, vice president of Citizens State Bank, has been named manager of the bank's new Baxter office. He has been with Citizens for 25 years. DASSEL: Approximately 800 per sons toured the Dassel State Bank’s new facilities during an open house recently, according to L.E. Thalberg, president. KAN ARAN ZI: Robert D. Junson of Sioux Falls has purchased the Farmers State Bank here, and will become president and board chair man. M INNEAPOLIS: First Bank Ply mouth has named John Warder chairman and chief executive officer and Terry Pratt president. Mr. Warder had been president; Mr. Pratt had been executive vice president and will remain chief operating officer. FARGO: First National Bank has elected Thomas E. Hansen vice president and manager of the commercial loan department. He worked for Northwest Bancorporation prior to joining First National in CHICAGO: Jack D. Hubbard has 1976. been appointed vice president marketing of O'Hare International Montana News Bank. He was most recently MILES CITY: The Federal Reserve marketing officer at Merchants Bank of Minneapolis has approved an National Bank of Aurora. application by Security BancShares NAPERVILLE: The Naperville of Montana, Inc. to acquire First National Bank & Trust Co. has Citizens Bank here. appointed Paul V. Davis vice president-real estate. He was most Wyoming News recently an assistant vice president with the LaSalle National Bank in the CASPER: A t First Wyoming Bank, Paula J . Wilson has been promoted to real estate division. vice president and James R. Belcher PALOS HEIGHTS: Worth Bank has joined the bank as a vice and Trust recently celebrated the president-commercial loans. Ms. grand opening of its new facility here. Wilson has been with the bank eight Office manager is Robert S. Straz, years and is a commercial loan officer. vice president and cashier. Mr. Straz Mr. Belcher was most recently vice joined the Worth Bank in 1973. president with the Pueblo Bank & Trust Co. in Colorado. South Dakota News BELLE FOURCHE: Ground-break ing ceremonies for the new Tri-State National Bank were witnessed by approximately 125 persons recently. The bank opened in temporary quarters 20 months ago. MADISON: An application to the Department of Commerce by Dakota State Bank of Colman to establish a branch bank here has been denied. North Dakota News BISM ARCK: A t the Bank of North Dakota, Arlene Olson has been elected assistant vice president and Janette Melby has been elected assistant cashier. Ms. Olson joined the bank in 1972, Ms. Melby in 1978. We’re people who can help with ag lending. For ag lending, data processing, overlines, and investment services . . . we’re the people who can help. ASK T E R R Y M A R T IN to make MNB work for you. Toll free 1- 800- 332-5991 We’re more than western Iowa’s largest bank. We’re people. Ken Roeder Correspondent Bank Officer 712/277-6580 SECURITY N ATIO N AL RANK https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis IN SIOUX CITY, IOWA. M EM BER F .D .I.C . „ , © 1980 Security National Bank M erchants A N ational B ank 151 Member F.D.I.C. A BANKS OF IOWA’ BANK 4 North Carolina Locating & Recovery Service Statewide— Since 1922 PARTIAL LIST OF AVAILABLE POSITIONS HOME DETECTIVE COMPANY, INC. TRUST OFFICER - Central IA Bank needs heavily exp indiv for Trust dept. JD a must! $30,000. Administrative Offices • 110 South Walnut Circle • Greensboro, NC 27409 Field Divisions: Asheville»Charlotte«Durham»Raleigh«Fayetteville»Jacksonville#Rocky Mount»TaborCity [919] 299-1641 Bonded • Dependable 59th Year Licensed • Trustworthy □ I would like to sell my majority bank stock. □ I would like to buy ma jority bank stock. POSITION AVAILABLE POSITIONS AVAILABLE Trust O fficerform ajorN .E. Iowa bank .. .Salary open Ag Lender for Southern 111i nois b a n k ............. $18,000 Please Contact: J. Mason Henry ■ Charles E. Walters Co., Inc. 39 Ginger Woods Road, Valley, Nebraska 68064 Phone: (402)553-6400 — WANT ADS — Rates are $5.00 per line per insertion. Add $3.00 for file letters per insertion. Identity of file letter advertisers cannot be revealed. Northwestern Banker 306 - 15th Street ______Des Moines, Iowa 50309______ POSITION WANTED POSITIONS WANTED Executive Officer wants 1st or 2nd position in western Iowa bank............................................................$34,000 CEO seeks key position in Des Moines area.. .$38,000 Loan Officer with four years exp. and grad, of Univ. of Nebr. wants new challenge in Eastern Nebraska ........................................................................... $24,000 Commercial Loan Officers with 3 to 20 years experience seek new op portunities............$20,000 up Ag Loan Officer seeks Illinois position............$20,000 Office Manager with well rounded operations experience seeks new opportunity in lo w a ... .$23,000 Operations Officer with solid experience seeks new o p p o rtu n ity ........................................................$24,000 Fed Land Bank Officer wants to join midwest bank .....................................................................Salary open Second Person forS.E. lo w a b a n k ..................$25,000 Ag Lender for major N.W. lo w a b a n k ............. $22,000 LENDER - Bank seeking Real Estate Loan Officer. Need 2 + yrs exp processing ap’s, closing loans along with packaging and selling on secondary market. $ 20 , 000. AG LENDER - NE IA Bank seeks Ag Business graduate. $12,000. LOAN OFFICER - Need 2-3 year Banker that knows a broad spectrum of banking operations. $18,000. SR. TRUST OFFICER - Nebraska Bank seeking generalist. JD + + . $25,000. INSTALLMENT LENDER - NE IA Bank is looking for indiv with 2 yrs consumer lending exp. Degree a must. $19,000. ALL FEES COMPANY PAID. FOR FURTHER INFORMATION RESPbNDIN CONFIDENCETO: Operations Officer for southern lowabank .. .$17,000 Second Person for N.W. Iowa bank..................$25,000 Ag Loan Officer for western N. Dakota b a n k... .Salary open Bank Division ROBERT HALF CEO fo r$10 m illion western Illinois bank........ $26,000 of Iowa, Inc. 317 6th Ave. Des Moines, IA 50309 (515) 244-4414 Ag Loan Officer for Indiana bank. Fine opportunity ...................................................................... $23,000 up Second Person for large central Illinois b a n k .. .Salary open ALL FEES COMPANY PAID Operations Officer for Wyoming b a n k ... .Salary open Write or phone Malcolm Freeland, Freeland Financial Service, Inc., 306 - 15th Street, Des Moines, Iowa 50309. Phone (515) 244-8163. Employer pays fee. CASUALTY INSURANCE AGENTS— Need qualified casualty insurance agents for present openings in Wyoming. Call collect, 1-307-322-3393, ask for agency manager. Attractive employment package is offered. ________________________________________(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) FOR SALE Burroughs S-100012 pocket proof machine. Like new. Towner County State Bank, phone (701 ) 968-4421 ,(FS) Used Moslerdrive-in teller unit. Phone (307) 532-2174. „ _________________________________ (FS) NCR 775 multi-pocket proof machine. Under maintenance. $6,000.00. Phone612/488-8785. (FS) WANT TO BUY Ag Banking Specialists S^ E When it comet to agriculture, banking and p erso nnel. . . go to the specialists — go to AGRIcareers, Inc. Progressive bankers pay us to find the people they need. AG LOAN O FFICER/INS. M G R ........ IA .$15-20,000 2ND MAN IN SMALL BANK.................N E .$15-22,000 ] ASST. V .P./BRANCH M G T.................IA .$16-22,500 INSURANCE M ANAGER..................... N E .$16-19,000 SALES & MKTG. REP.-FINANQE . . . . N Y . $20-25,000 | COMMERCIAL LENDING O FFICER.. IA .$15-16,000 Ask our banking specialist, Linda, what's available without cost or obligation. (515) 394-3145 ■ NEW HAM PTON, IA 50659 |aqnc4RBRS,iNC I J THE ORIGINAL AGRICULTURAL RECRUITER Marketing Specialist with degree.................... $25,000 Loan Officer with insurance and real estate licenses wants to relocate near Des M o in e s ...................$28,000 If your bank needs a qualified officer, we have many more applicants in a wide range of experience. Call: Malcolm Freeland, Freeland Financial Service, Inc., 306 - 15th Street, Des Moines, Iowa 50309. Phone (515) 244-8163. Employer pays fee.______________ WANT TO BUY used equipment to complete the building of a new facility— used vault door, used under counter equipment, teller counters, and any other used equipment. Phone (308) 532-5570 and ask for Vern Ehlers or write Box 69, North Platte, NE 69101.__________________________________ (WTB) Individual wants to acquire Iowa or Neb. bank. Contact in confidence: Mike Keim, 9916 Fieldcrest Drive, Omaha, NE 68114, phone 402/393-8160. [WTB] Estate Appraisals Purchase of Collections Sale o f Rare Goins Reliable and respected service for over 20 years Used by bankers throughout the midwest Ben E . Marlenee Coins 913 Locust Des Moines, Iowa 50309 515-243-8064 POSITIONS AVAILABLE COMMERCIAL LOAN $100MM suburban bank seeks addition to staff. Duties involve commercial lending and some commercial real estate credits. Prefer 3-5 yrs. experience. $28,000 OPERATIONS - excellent opportunity for officer with 4-6 yrs. general operations background who wishes to live in western state. Advancement possible. $25,000 AGRI-LOAN - position is #3 in$45MM bank. Prefer Ag Degree and 5 yrs. bank experience. W ill also handle portion of commercial portfolio. $25,000 AUDITOR - due to promotion, growing $50MM bank needs internal auditor w ith some banking experience. Knowledge of EDP systems necessary. $20,000 FACILITY MANAGER - fu ll service facility located close to major metro area. Prefer lending experience with some knowledge of Ag credits. $16,000 OPERATIONS OFFICER - $70MM affiliate of major midwestern holding company seeks officer to supervise internal operations. Prefer degree and five yrs. or more experience. $25,000 CASHIER - $25MM rural bank has opening for junior operations officer. Position w ill lead to cashier’s position in short time. Degree preferred. $16,000 Many other fine positions available in midwestern banks. To inquire, please submit resume’ and salary history to: TOM HAGAN & ASSOCIATES of Kansas City P.O. Box 12346,2024 Swift North Kansas City, MO 64116 816/474-6874 “ Serving the Banki ng I nd ustry Since 1970’’ Vol. 10 No. 8 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 items to above address. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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