View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Federal Reserve Bank of St. Louis

Safekeeping service . . . from MNB
A recent continuing survey by Northwestern Bank­
er shows “ Safekeeping” to be second on a list of
services important to country banks. M N B ’s securi­
ty facilities are among the nation’s most advanced,
and our massive new vaults, like the one above, are
the truly safe place for your bank securities. For
peace of mind, enter your portfolio for safekeeping
at M NB. Service like this is one big reason why half
of all Iowa banks are M N B correspondents.

So many ways we can help you .


Federal Reserve Bank of St. Louis


How an overloan

.ff: .

opened the road to increased profit
A midwestern bank in the process of
developing a substantial business financ­
ing automobile sales recently asked The
Northern Trust to participate in these
loans. The answer was a prompt “ y es>”
There is more to the story, however.
As our loaning officer began to work with
this bank, he thought he saw an oppor­
tunity to streamline some of its operations
and significantly reduce floa t. So he
offered —and the bank a ccep ted —the
assistance of our operating specialists,


who went to work analyzing the bank’s
procedures and made recommendations
for improving them. The result: a sub­
stantial increase in net profits.
We relate this story as an example of
how The Northern Trust goes one step
further to be of real service to corre­
spondent banks. If you would like to
discuss a Chicago connection of this kind,
call or write N. Hall Layman, Vice Presi­
dent, or one of his associates in the
Banking Department.

A good place for your Chicago business .


No. 923. Northwestern Banker is published monthly by the Northwestern Ba ker Company, 306 Fifteenth Street, Des Moines, Iowa 50309. Subscription 50c
per copy, $4 per year. Second class postage paid at Des Moines, Iowa. Address all mail (subscriptions, change of address, Form 3579, manuscripts,
mail items) to above address.
Federal Reserve Bank of St. Louis


This is the Merchants & Savings Bank
of Janesville, Wisconsin

This is
their “office”
New York
Like m an y banks o f all sizes, the M erchants & Savings

Mr. John H. Matheson
Merchants & Savings Bank

and k n o w -h ow o f our staff are always ready to help the

Bank o f Janesville, W iscon sin , has a N ew Y o rk “ office”

M erchants & Savings Bank serve its custom ers. H ow can

through its correspondent relationship with N ational City.

your bank get these same benefits? W rite or call our

N o t only in N ew Y o rk but in 36 countries on 5 continents

Correspondent Bank D epartm ent (A rea C od e 212 55 9 -4 8 3 2 )

where N ation al City branches are located, the experience

and we will m ake arrangem ents to visit you.


Member Federal Deposit Insurance Corporation

Uptown Headquarters: 399 Park Avenue

N o r t h w e s t e r n Banker, June,
Federal Reserve Bank of St. Louis

19 64

Downtown Headquarters: 55 Wall Street


S t o c h t A s tc d

Oldest Financial Journal West of the Mississippi

for your JUNE, 1964, reading
COMMON STOCK of Diebold Incor­

porated was listed last month on the
New York Stock Exchange. Shown
during special ceremonies on the
trading floor are, from left, Phillip
L. W est, exchange vice president;
Daniel Maggin and Raymond Koontz,
chairman and president, respectively
of the company. DBD is the ticker
symbol. The ceremony marked the
listing of 1,187,292 shares of Diebold
common stock. 1,159,997 shares are

LaSalle National Promotions
Three officer appointments were an­
nounced last month at LaSalle Na­
tional Bank of Chicago. C. Ronald
F a i r s w a s ad­
vance from vice
president to sen­
ior v i c e presi­
dent, and Charles
E. Lundfelt and
Budd L. Peabody
were elected vice
Mr. Fairs has
h e a d e d LaSalle
National’s invest­
ment department
for several years. He has been with
the bank since 1950 and was elected a
vice president in 1954.
Mr. Lundfelt joins the bank as head
of LaSalle’s new municipal bond de­
partment. Mr. Peabody will be a com­
mercial lending officer in the regional

70th Y ear

No. 923


Frontispage— “ The Old Fishin’ Hole”


How Banks Sell Insurance— A N orth w estern B a n k e r Survey
Profit Sharing for Small Banks— S. R. Barber
Previewing the Banks of Tomorrow— D. E. Mosby
Bank Spearheads Civic Remodeling—-R. A. Nelson
22 Ways to Increase Office Efficiency— Ernest W. Fair
Warehouse Receipts Provide Sound Loans— Robert W. Rogers
Bankers You Know— John F. Nash

Minnesota Convention
Twin City News
Convention Committees
South Dakota Bankers
Name H. E. Iverson
As President
V. F. Hegeholz Named
President by
North Dakota Bankers
Colorado News
^Wyoming Bankers
to Jackson Lake







Montana Bankers to
Honor State Centennial
Nebraska Bankers Plan
Annual Crete Manage­
ment Conference
Omaha News
Nebraska Bankers Elect
N. T. Tiemann President
Lincoln News
Iowa News
Unique Programs Draw
Top Attendance at
Group Meetings
Des Moines News


In the Directors’ Room
Convention Calendar

Joins New York Bank
Harry Conover, a foreign service
officer with extensive experience as
an economist, has joined First Na­
tional City Bank, New York, as as­
sistant vice president in the bank’s
overseas division. Among his other
duties, he will be staff assistant to
George S. Moore, president of the bank,
in connection with Mr. Moore’s work
as president of the Inter-American
Council for Commerce and Production
Mr. Conover most recently was sen­
ior state department advisor in the
U. S. Treasury Department, Washing­
ton, D. C.
Federal Reserve Bank of St. Louis



306 15th S treet, Des Moines, Iowa 50309, Telephone (A rea Code 515) 244-8163
Clifford De Puy

Malcom K, Preeland

A ssocia te E ditor
Larry W . Nothwehr
A d vertisin g A ssistan t
Doris Johnson

Circulation D ep artm ent
Lena Sutphin

Field R ep resen ta tive
AI Kerbel

Field R ep resen ta tive
Joe M. Smith

E ditor
Ben J. H aller, Jr.
A ssocia te E ditor
Doyle Minden
A u d itor
Bertha Soderquist
Field R ep resen ta tive
Paul Masters

Frank P. Syms, Vice President, 550 Fifth Avenue, New York 36, JUdson 2-7126

N o r t h w e s t e r n Banker, June, 1964


F a r F a si Trip is 1st
it o f A
T ra velers ( o n t est
HE Bank of America took the
wraps off a nationwide contest re­
cently as part of its promotional activ­
ities in the sale of the bank’s travelers
cheques. Grand prize is a two-week
vacation in the Far East complete
with a new line of luggage, movie cam­
era, and $2,000 worth of the bank’s
While that lucky person and com­
panion will be out to lunch in the
Far East, 332 other prizes will be an­
nounced, plus a bonus offer to the
bank that comes up with the grand
Vice President Vern C. Richards, ex­
ecutive head of the bank’s travelers
cheques department said the grand
prize winner will have until Septem­
ber, 1965, to complete the two-week
Pacific tour for two anywhere in the
The summer-long contest commences
June 1 and runs to August 31. The
contest is open to seller banks in all
50 states. Bank of America employees
will be excluded from the contest.
Every sale of the bank’s cheques
constitutes an entry for a public draw­

ing at Bank of America’s San Fran­
cisco headquarters in September.
There are two second prize awards
consisting of station wagons; five third
prize color TV consoles with built-in
Stereo, Hi-Fi, AM-FM radio and FM
Stereo; 25 fourth prizes of four-piece
luggage sets, and 300 cameras consti­
tute the fifth prize awards.
The bank that comes up with the
grand prize entry receives a color TV
console for the public area in the
bank, a furniture suite consisting of
two couches, four club chairs, and a
table, and a hot and cold water cooler
complete with instant coffee and tea,
cups, spoons, and other supplies, or an
equivalent prize.
The bank decided to proceed with
the contest after an enthusiastic re­
sponse from seller banks.

New York Promotions
Allan K. Murray, David V. Russell,
and George S. Stephenson have been
elected vice presidents of Bankers
Trust Company, it was announced by
board chairman William H. Moore.
James M. Flood and James P. Galla­

When w as the last time you said . . .

uT here must be
an easier w ay
to write bonds!”
There is

. . .


fla wkeye* Security

N o r t h w e s t e r n Banker, June,
Federal Reserve Bank of St. Louis


tin have been named assistant vice
presidents. All five men are in the
head office or branch offices in New
York City.
Mr. Moore also named Bryan M.
Gatewood assistant treasurer in the
western division.

Promoted at Chicago Bank
Louis J. Ross has been promoted to
assistant vice president in the real
estate loan department of National
B ou le v a rd Bank
of Chicago, Irving
Seaman, Jr., presi­
dent, announced
last month.
Mr. Ross is a
graduate of Bowl­
ing Green State
U n iv e r s ity
Ohio and also at­
ten ded D eP aul
Law School. He
is active in sev­
eral real estate organizations.

Conference Date Set
The 1964 National Personnel Con­
ference of The American Bankers
Association will be held at the Sheraton-Chicago Hotel in Chicago, 111.,
Nov. 15 to 18.
Plans for the conference were an­
nounced by C. Edward Berryman,
senior vice president and secretary,
Marine Trust Company of Western
New York, Buffalo. Mr. Berryman is
chairman of the association’s Person­
nel Administration and Management
Development Committee.

U n n k S lo c k
Q u o ta tio n s
on the following se­
lected bank stocks are furnished

by Smith Polian & Company, Omaha
dealers in investment securities, and
are based on figures available as of
May 22:
Bank of Am erica ........................................... 70*/8
Bank of New York ......................................... 140
Bankers Trust of New York ....................
Chase M anhattan Bank— New York ...... 73%
Boatmen St. Louis ........................................... 4 1Vi
Chase M anhattan Bank— New
Chem ical Bank— New York .......................
Continental Illinois— Chicago
............. 42%
First National Bank— Chicago
.... . 59%
First N ational Bank— Dallas ...... ...... ....
First N ational Bank— Tulsa ___ ________ 56
First N ational C ity Bank— New York ..... 120%
First Bank Stock— M inneapolis _______ . 37%
First National Bank— St. Louis ________ 42%
Harris Trust & Savings— Chicago ......
Irving Trust— New York ............................... . 45
Manufacturers Hanover— New York
. 53%
M ercantile N ational Bank— St. Louis ....... 60%
M organ G uaranty— New York ..................... 119%
N ational Bank— D etroit ................................. 68%
N ational Shaw— Boston ................................. 66%
Northern Trust C o.— Chicago ..................... 157
Philadelphia N ational Bank ....................... 52%
Seattle First National Bank ......................... 61
Security First N a tional— Los Angeles ..... 87%
United Califo rn ia Bank ................................ 68%
Valley N ational Bank— Phoenix
............ 70%

61 %

L earn how

Federal Reserve Bank of St. Louis


Mail the coupon on this page. A
brochure containing plot plans, o p ­
eration and construction details, plus
full product inform ation will com e
to you in the mail. Free.
Learn why financial institutions
in m ore than 30 states have pu r­
chased T V A uto-B anker and are w ill­
ing to tell you how much they like it.
M eanwhile, take a minute to read
what M osler's T V A uto-B anker can
do for you.
It gives your drive-in customers
full banking service in the least space.
If real estate is at a prem iu m or
y o u ’re “ landlocked,” then this is for
It gives your customers full bank­
ing service without an extra teller.
One teller serves customers inside
and out.
It gives your customers full bank­
ing service—make a deposit—make a
m o r tg a g e p a y m en t — pay f o r the
Christmas Club —cash a check. D o
everything except go to the vault.

It lets your customers watch the
entire transaction. Even watch them ­
selves on TV.
They tell their friends about bank­
ing by TV. Their friends com e to see
themselves on TV. A nd com e again
... as customers.
Send this cou pon today and get
the com plete story o f M osler's T V

National Sales, Hamilton, Ohio.
Please send me your brochure on the
Mosler T V Auto-Banker.

________________________________ _

T IT L E ______________________________________
BAN K _____________________________
AD D RESS________________________
C IT Y _____________________ STATE

N o r t h w e s t e r n Banker, June,


Attention owners o f thermographic copiers !
New EKTAFAX copying system
from RECORDAK lets you ...

Copy 15 or more different
documents from one
self-renewing master, slash
your cost to less than 2c per copy!
Given up using your thermographic
copier because it just wouldn’t do
enough? Or are you using it but wish
it could do more? Well, the answer is
R ecordak’ s new dry E ktafax copy­
ing system. It teams up your thermo­
graphic copier with a low-cost E kta­
fax copying unit. Now there are so
many extra jobs you can do from
making multiple copies to turning
out fast, press-ready offset plates of
superb quality. And at lower cost
than you ever thought possible!

Think of it! Ektafax dry copying gives your thermographic copier
new life... and versatility you never thought possible. Read about
the new, almost unbelievable ways you can now trim costs and save
time. Then try Ektafax copying for ten days and!

Banker, June,
Federal Reserve Bank of St. Louis


IL 'i* . '

One problem with thermographic
copying systems is the high cost re­
sulting from the use-once-and-throwaway master. E ktafax eliminates
this wasteful practice with the new
M iracle Master. Just take your
original and the M iracle Master and
run it through your thermographic
copier. Now take the M iracle Master
and any kind of paper and run it
through your dry E ktafax transfer
unit. Result? A great copy. Now comes
the Miracle! Ordinary masters would
be thrown away at this point. That’s
costly. And wasteful. But not the new
E ktafax M iracle Master. Just set
it aside and in a few minutes it’s

ready to be used again to copy a differ­
ent document! That’s right. It actu­
ally rej uvenates itself in a few minutes.
Just seeing it work is reason enough
for trying an E ktafax unit. In fact
the M iracle Master can be used over
and over and over again . . . fifteen or
more times! And here’s a real sur­
prise. One sheet of M iracle Master
costs a mere 17 cents (250-sheet pack­
age) . . . that’s under lj^ f a copy for
the master. Add another
for the
paper and you’re making clear, read­
able copies for less than 2j£ each.
Compare with your present cost. Need
to copy a lot of documents in a hurry?
Use a stack of M iracle Masters for
a smooth, continuous operation.
Takes only seconds to copy each item
in contrasting black on white.
A N D V E R S A T IL IT Y , TO O !

Making clear, clean copies at such a
low cost would be more than enough
for most copying systems. But not
the E ktafax copying system. That’s
because it is a complete system that
has been designed to handle just
about any copying problem. Let’s
take a look at the second master used
in the E ktafax copying system. It’s
almost as much a miracle as the
M iracle Master and twice as versa­
tile. It’s the M ultiple M aster K.
The “ K ” Master is designed to bring
amazing versatility to the E ktafax
system . . . and more useful functions
to your business operation at lowest
cost! The “ K ” Master works like the
M iracle Master in your thermo­
graphic copier and E ktafax unit.
And it lets you do dozens of jobs you
just can’t do now! For example:

With your thermographic copier plus
the E ktafax copying system you can
now make at least ten copies of an
original from the single M ultiple
M aster K. (And even the tenth is
clear and readable.) There’s no wait­
ing time either. Make the copies in
rapid sequence. Or wait as long as
you like between copies. Even mail

10-day free trial ! Write or call
...your local Recordak branch
office or R ecordak Corpora­
tion, 770 Broadway, New York,
New York 10003. Phone 212
SP 7-0110.

the master to a branch office and let
them run off the copies on their
E ktafax Transfer Unit. Saves you
the cost of mailing bulk copies!
You can file the masters with other
records and use them to make more
copies days—weeks—even years later!
Use your present office bond to
make beautiful copies. Or use lower
cost paper for routine work. In fact,
there’s nothing you can’t use includ­
ing paper bags! By the way, because
you can make copies on colored stock
with the E ktafax copying system,
you can color code your office systems
or use the E ktafax copying system
with your present color coded forms.
Need an offset plate? Nothing to it
when you use E ktafax copying sys­
tem. Offset plates can be made in sec­
onds and no special inks or solutions
needed for your offset duplicator. You
can get as many as 10,000 copies per
plate! That cuts cost. Saves time. And
anyone in your office can do it.
How much does it cost to make an
offset plate with the E ktafax sys­
tem? About 25^! And these are highquality plates. Rich solid blacks. Half­
tones are great too.
E Q U IP M E N T N E E D E D !

With an E ktafax copying system
you can produce a translucent inter­
mediate for diazo reproduction in sec­
onds. Drawings, schem atics, spec
sheets, other items up to 8 x 14 in.
can be copied on anything, sent any­
where, fast and at low cost.
And with E ktafax you can copy
both sides of a document onto both
sides of a sheet of paper—simulta­
neously !

Just reproduce original on low-cost
acetate sheets or any other transparen t
material. E ktafax can save you as
much as 10^ per print in this impor­
tant application. You can even print

on colored acetates. These same trans­
parencies can be used as overlays.
Even an E ktafax Master that has
been crumpled up and thrown away
is still useable. Just smooth it out and
it’s as good as before. That’s why
E ktafax copying is ideal on jobs
where the going is tough.

An E ktafax Master, inserted in a
series of snap-out forms, records every­
thing written on it and allows you to
make copies, instantly. Think of the
possibilities for doctors, lawyers and
other personal businesses. Other
E ktafax short cuts let you produce
short-run office forms; restore or add
data to tabulating cards.
E ktafax Masters are unaffected
by even the intense light and heat of
direct sunlight! No need to worry
about “ expiration dates” or limited
shelf life. E ktafax material makes
beautiful copies that will last as long
as the paper they are on. You get big
savings because there is no waste!

Perhaps this is the biggest surprise of
all: E ktafax copying system costs so
little that thermographic copier own­
ers might earn back its cost in savings
in the first few months of use. You
can buy an E ktafax unit for only
$157.50. And there are no hidden costs.
Want to try before you buy? Rent an
E ktafax unit for just $8.00 a month.
But know what you are getting. Try
it first in your own office, free, for ten
days. We’ll even give you a compre­
hensive, E ktafax Try-Pak Kit. Con­
tains free samples of the exciting
M iracle M aster, the great “ K ”
Master and a variety of papers . . .
plus a descriptive booklet that shows
everything E ktafax copying can do
for you!

(Subsidiary o f Eastman K oda k C om p any)
7 7 0 Broadw ay , N ew York, N ew York 1 0 0 0 3
EKTAFAX is a tr a dem ark .

Dept. A-4, 770 Broadway, New York, N. Y. 10003
□ I’m interested in free 10-day trial
□ Send Free Booklet on Ektafax Copying.
Name__________________________________ Position_______________
City________________________________ State------------------- Zip Code.
Federal Reserve Bank of St. Louis

N o r t h w e s t e r n Banker, June, 1964


O ffers

DETAILED statement of collater­
al is now provided monthly by
Chemical Bank New York Trust
Company for its brokers loan custom­
ers, it was announced recently by Har­
old H. Helm, chairman. Chemical
New York is the first bank to offer this
unique service.

REVIEW ING- new form are C. Anderson
McLeod, v.p., and Melville P. Chamberlain,

v.p. in charge of the Wall Street division
serving brokers.


William J. Chapman as vice president
S ervice fo r itrok<>rs
of the bank.

N ew

Installation of a special electronic
accounting system now enables Chem­
ical New York to provide those using
the facilities of its brokers loan de­
partment with a complete and ac­
curate monthly statement of collateral
securing the firm’s loan, Mr. Helm
said. The monthly statement, togeth­
er with the broker’s monthly interest
bill, is mailed to each firm on the first
business day of each month.
If a firm requires a similar state­
ment of collateral at any time other
than at the month end, the bank will
supply it, overnight, free of charge.
The new service, Mr. Helm said,
should help brokers to simplify their
internal accounting and thus provide
economies of operation. It should aid
in reconciling security lists and pro­
vide each firm’s auditors with a cur­
rent collateral position, he pointed out.

Goes Willi St. Louis Bank
James P. Hickok, chairman of the
board of First National Bank in St.
Louis, has announced the election of


From time to time we take a slow

image o f its b a n k m e severely

walk through the plant just to see

plain in straight type, others deli­

what is new or changed . . . mostly

cate with cursive script, still others

because we d o n ’t have anything

weighty with shaded letters. N u ­

more important to do at the time.

merous designs featured buildings

W e normally notice the outstand­

or m onogram s or clocks, or the

ingly different things, but occasion­

new corporate im age sy m b o ls.

ally we are aware— almost as if for

Many were similar in som e ways

the first time— o f something that is

to others, but each had important

perfectly obvious but never before

shades o f difference.
W e call these electrotypes "In d iv id ­
ualized Bank Title Plates.” They

up among the "Christmas Trees,”

are made to order to your design,

which are row on row o f stacked,

or our staff o f artists will suggest


slanted metal shelves that are used


to store the electrotypes for print­

stock and used to print your bank

ing bank names on checks. The

name on all catalog checks. They

are held


racks are so-called because, when

bring distinction,


viewed from the end, they resem­


to the checks


used in your community. There is







these shelves are thousands o f bank

no charge for this service. I f you

name electrotypes, all neatly
by transit number.

are not now featuring bank title


plates on your catalog check forms,
our representative will be pleased

T h e intriguing thought struck us

to arrange for their production.

that each electrotype was different.

Ask about them when he makes

Each reflected

his next visit.

the typographical

N o r t h w e s t e r n Banker, June,
Federal Reserve Bank of St. Louis

Heads Financial Ad Club


George H. Dempesy, director of pub- ^
lie relations and advertising, Ameri­
can National Bank and Trust Com­
pany of Chicago, ►
was elected pres­
ident of the Chic a g o Financial
Advertisers Club
for t h e 1964-65
y e a r , at t h e
g r o u p ’ s Ma y
luncheon meeting
in the Bismarck 4
G. H. d e m p e s y
O t h e r officers
elected included:
Sal J. Russo, Cosmopolitan National
Bank of Chicago, as vice president;
George K. Allison, First Federal Sav­
ings and Loan Association of Chicago,
secretary, and Violet M. Christin, Na­
tional Bank of Austin, treasurer.
Elected as new directors of the club
were Martin Paltzer, Chicago Federal
Savings and Loan Association, and
John V. Egan, Continental Illinois ^
National Bank and Trust Company of
Chicago. Ronald K. Vetterick, Central
National Bank in Chicago, immediate
past president, was also elected a
director for a one-year term.

Top Executive Promotions

held any particular significance.
O n our m ost recent stroll we ended

From November, 1962, until his elec­
tion as an officer of First National he
has been vice president of Associates
Discount Corporation, an operating
subsidiary of Associates Investment
Company, South Bend, Ind.


The Bank of California, N. A., has
appointed two executive vice presi­ % '
dents. Advanced to the top level man­
agement posts were Leland H. John­
son, senior vice president and man­
ager of the bank’s Portland, Ore., of­ *
fice, and Glenn K. Mowry, senior vice
president at the head office in San
Mr. Johnson will have direct re­
sponsibility for all commercial bank­ %
ing activities, which include loan and
credit, business development, interna­
tional banking and regional super­
vision of all areas served by the bank.
He will assume his new duties in San
Francisco on September 1.
Mr. Mowry will be in charge of
the organization and control functions
of the bank, including planning and *
research, cashier and operations, data
processing, controller and auditor.
President Charles de Bretteville
also announced appointment of John
E. Westhoff as vice president in charge
of electronic data processing.





N eed help w ith overloans?
These specialists in agricultural banking are ready to help Iowa
bankers keep sound, local business at home. This is one way we
help our correspondents. W e ’d like to help y o u .

Organized as N. W. Harris & Co. 1882— Incorporated 1907— Member Federal Reserve System...Federal Deposit Insurance Corporation

111 W E S T M O N R O E S T R E E T — C H I C A G O , I L L I N O I S 6 0 6 9 0

Federal Reserve Bank of St. Louis


Banker, Ju ne , 1964


What happens when you combine elec­
tronic equipment with bank experience?
Banks everywhere benefit from the elec­
tronic handling of bookkeeping, transit
items and trust accounts. "Hold over"
items are as antiquated as Stanley
Steamers. Enjoy the speed and accuracy
of Central National's unique service for
correspondent banks.



Vice President
and Cashier



Assistant Cashier

Assitsant Cashier

Fifth and Locust Street . . Des Moines
M em ber Federal Deposit Insurance Corporation
N o r t h w e s t e r n Banker, J u n e , 1964
Federal Reserve Bank of St. Louis

N o r t h w e s t e r n Banker, June ,
Federal Reserve Bank of St. Louis


0* 1*1s

H i v in titi .M i l ' l l I l i r i s iitn
X v ir V h tn l.


N v ir

HE new check-printing and encod­
ing plant built by the Young and
Seiden division of Diebold Incorpo­
rated of Canton, Ohio, in the city-spon­
sored Philadelphia Industrial Park be­
gan operations recently.
A leading manufacturer of bank
checks, Young and Selden’s new plant
will serve as a check printing and
MICR (Magnetic Ink Character Recog­
nition) encoding facility for Y&S cus­
tomers. Imprinting of personalized
checks with account names and ad-

Merlin Menlc

Y&S plants, including the new one at

R. K. Welle

dresses will be a specialty of the new
Raymond Koontz, president of Die­
bold, also announced the appointment
of Robert Stonesifer, Jr., to the post of
general manager of manufacturing
and imprint operations at its Young &
Selden division in Baltimore, Md.
Mr. Stonesifer resigned his position
as general manager of imprinting serv­
ices with the American Bank Station­
ery Company to join Diebold Incorpo­
rated. He will be in charge of all

Jerry Steffen

H. E. Meichsner

NFL Credit Life Specialists
Are Convention Bound
The men pictured here are "Bank C re d it-L ife Specialists."
Th ey are ready to advise and counsel with bankers in many
m idwestern and western states. Th e y are on constant call,
discussing with bankers cred it life and related insurance
Look for Them
At These Conventions

M ore

th an




JUNE I 1-13


JUNE 15-17

2,0 00

m id w e s te rn



4- 6

no w


insurance p o r t fo l io o f NFL! Let us show you ho w NFL
can b e nefit your bank. Drop a no te to our home office.

th e

broa d

progra ms

y ^ a tio n a l f i d e li t y \ jfe

N o r t h w e s t e r n Banker, June,
Federal Reserve Bank of St. Louis

A week’s vacation for two in sunny
Jamaica is the grand prize awaiting
an outstanding drive-in teller in The.^,
Mosler Safe Company’s seventh an­
nual contest to pick Miss Drive-In
Any woman who works full or part
time as a drive-in teller may enter y
the contest.
In addition to the grand prize, three
finalists, selected by a panel of dis­
tinguished judges, will win an all- .y
expense trip to Miami, Fla., to attend
the American Bankers Association
Convention. Each of the finalists will
be provided with a wardrobe for the
trip. During the convention, bankers ' #
from all parts of the country will have
an opportunity to meet the finalists
and later vote by mail to select the

A.I.B . Sets Record

One of the Nation’s Strongest by Any Standard of Comparison


Drive-In Teller Contest


Buttressing its already long-estab­
lished claim that it conducts the
world’s largest educational enterprise
devoted to a single business, the Amer­
ican Institute of Banking has an­
nounced that as of May 1, 1964, it had
104,803 enrollments in its courses. On
the same date, it had attained a mem­
bership of 191,906.
This is a new all-time high enroll­
ment in courses taught in a single year
bjr the A.I.B. and is the first time such
enrollments have topped the 100,000
mark. On May 1 of last year, enroll­
ments totaled 80,970 and membership
stood at 182,072. The previous high
in enrollments was reported on May
1, 1962, with 90,408.








How does
The First serve us
as a correspondent?

In the best way
possible... with men
who work exclusively with
correspondent bankers.

If you’re getting less than the best
in correspondent banking service,
contact the bank that gives you
full-time banker-to-banker service.
T /ja /Z /a y aV /Z Z Z /sr//yo a m /i/r a a /â a / i//a r ZSYj-T

The First National Bank
of Chicago
Chicago, Illinois •60690

N o r t h w e s t e r n Banker, June,

Federal Reserve Bank of St. Louis



ißispififf OUlest S tock C ertifica te

million in 1963, a gain of 18 per cent
over 1962.
Assets increased 14 per cent to a
total of $56 million, and capital and
surplus funds reached nearly $23 mil­
lion, a gain of 18 per cent.
At the same time the 12th annual
meeting of officers of the home and
regional offices were held. The George
Olmsted Trophy was awarded to the
Denver regional office, which scored™
highest among all offices in overall
performance. Recipients were Charles
H. Kruse, regional manager, Karl K.
Smith, underwriting manager, and
Robert Van Sant, claims manager.
General Olmsted was honored for 40
years of service. Phil Blumberg, Des
Moines regional manager, was hon­
ored for 30 years of service.

Tom Barnes W ill Retire
WORLD’S FAIR display in the Swedish Pavilion includes this specially modified
Diebold Rekordesk Safe which houses a 676-year-old stock certificate issued by
a still existing Swedish firm in 1288. Written in medieval Latin, the 676-year-old
certificate represented the redemption of one-eighth share in Stora Kopparberg
(Great Copper Mountain), a 900-year-old Swedish industrial enterprise which
today is a major producer of steel, woodpulp, newsprint and chemical products.

Hawkeye-Security Shows Gains
At the annual stockholders meetings
of Hawkeye-Security Insurance Com­
pany, United Security Insurance Com­
pany and Northeastern Insurance
Company of Hartford in Des Moines

recently, Maj. Gen. George Olmsted,
USAR (Ret.), chairman of the boards,
and W. L. Cobb, president of the three
companies, reported to the stockhold­
ers that combined premium writing of
the three companies totaled $32%





S im p lify y o u r in su r a n c e .
C h o o se fr o m over 40 k in d s
o f p r o te c tio n . P a c k th o se
y o u n e e d in to a sin g le S t.
P a u l M u ltic o v e r P la n . D e a l
w ith o n e a g e n t . . . p a y o n e
p r e m iu m . I n c lu d e m o d e r n
B a n k e r ’s B la n k e t B o n d . . .
a ll th e sta n d a r d coverages
a n d m o r e . L e t u s ta ilo r a
p la n to y o u r sp e c ific n eed s b o t h p e r so n a l a n d b u sin e ss.




(N ot available in N ew Y o rk state.)



a n
Serving you around the w o rld ... around the d o c k
S t. P aul Fire & M a rin e In s u ra n c e C om p a n y
S t. P aul M e rc u ry In s u ra n c e C o m pany
W e s tern Life In s u ra n c e C o m p a n y

N o r t h w e s t e r n Banke r, June ,
Federal Reserve Bank of St. Louis

Thomas C. Barnes, assistant vice ,
president, Harris Trust and Savings
Bank, Chicago, will retire June 30
after 40 years of
s e r v ice .
Barnes received a
bachelor’s degree
in 1924 from DePauw University,
Greencastle, Indi- ana. He joined
the Harris Bank
after graduation
and worked in the
audi ti ng, trust y
and correspond­
ent banking departments before join­
ing a loan division in 1954. He was
elected assistant secretary in 1941 and .
assistant vice president in 1948. Dur­
ing his carreer at Harris he traveled
in Minnesota, Iowa, and Missouri.

Named Vice President
Following the regularly scheduled
board of directors’ meeting of the
First Chicago International Banking
Corporation (New York), Gaylord A. ^
Freeman, Jr., chairman of the corpo­
ration, and vice chairman of The
First National Bank of Chicago, an­
nounced the elections of Guy A. Crum
to vice president and director of First *
Chicago International and Rafael
Corona to assistant vice president of
the corporation.
Mr. Crum is vice president of The V
First National Bank of Chicago, cur­
rently serving as the head of the
bank’s European representative office
in London. He joined the bank in ,
Mr. Corona is a graduate of Havana
University, Havana, Cuba, and before
joining First Chicago International
Banking Corporation in 1963, served >
as branch manager of Banco de Ponce
in Rio Piedras, Puerto Rico.




around money the finest is ST




A m o unts and d e n o m in a tio n s a u to m a tic a lly in d ic a t e d by
Basic coin w ra p p e r in extra strong k ra ft stock. P rinted in 6
p a te n te d “ re d bo rd ered w in d o w s ” . A m o u n ts in windows
d iffe re n t stan d a rd colors to d i f f e r e n t i a t e d e n o m in a tio n s.
T r ip le d e s ig n a t io n t h r o u g h colors, p r in t in g and letters.
alw ays in reg ister . . . e lim in a te s m istakes. A ccom m odates
all coins from lc to $1 00.
Tapered edges.
W raps 4 d e n o m in a tio n s in h a lf size packages. A m in ia tu re of
Especially designed for m a c h in e fillin g . . . a real tim e-saver.
th e po pular “ A uto m a tic W ra p p e r” . . . 25c in pennies, $1.00 in
Packed fla t. In s ta n t p atented "P o p O p e n ” action with fin g e r
nickels, $2.50 in dim es, $5.00 in q u arters.
tip pressure. D en o m in a tio n s id en tified by color coding . . . 6
d iffe re n t stan d a rd colors.
P ackage contents clearly id en tifie d on faces and edges by
color coded panels w ith in verted and reverse figures. M ade
Color coded for quick, easy id e n tific a tio n . Red for pennies . . .
o f extra strong stock to assure unbroken deliveries. Only pure
blue for nickels . . . green for dim es . . . to in dicate q u a n tity
d extrin e g u m m in g used.
and d e n o m in a tio n s . . . e lim in a te s m istakes. Tap e re d edges.
Entire strap is color coded to id en tify d e n o m in a tio n . Printed
Extra w ide . . . extra strong. D esigned for areas w h e re halves
a m o u n t appears on top and bottom of package. Extra wide
are w rapped in $20.00 packs . . . “ red bordered w in d o w ” for
for m arkin g and s tam ping. Extra strong stock for safe delivery
ease of id e n tific a tio n . A ccom m odates $20.00 in dollars, $20.00
and storage. Pure dextrine g u m m in g .
in halves. T a p e re d edges.
Id eal for packing currency, depo sit tickets, checks, etc. . . . do not break
or d e te rio ra te with age. Size 10 x \ inches and m ad e of strong brown
K raft stock w ith gu m m e d end for ease of sealing. Packed 1000 to a carton .











N o r t h w e s t e r n Banker, June,
Federal Reserve Bank of St. Louis



1. The American Express Pavilion, on Gotham Plaza, is one o f the
first sights you’ll see as you come in the main gate o f the Fair,

You’ll see the famous American Express Money Tree, with its $1
million “ leaves” —money from all over the world.
Architect: Kelly and Gruzen

T o bankers and their fam ilies—

Coming to the World's Fair?
Make the American Express Pavilion your headquarters
Here is a personal invitation from

tour o f the American Express Pavilion at the W orld’s

James A . Henderson, Senior Vice
P re sid e n t, A m e r ic a n E x p ress

Fair. They offer an idea o f the special facilities we


chequer Club.
A nd here’s a reminder: American Express offers

“American Express bids you a
j. a . h e n d e r s o n
very cordial welcome to the A merican Express Pavilion at the World’s Fair. We hope
you’ll make it your headquarters when you come to
the Fair. The Pavilion’s private bankers’ facilities
are available to you, your family and any friends
who accompany you. Be sure to stop in.”
The photos on these pages give you a brief, guided

have arranged for you, including the private Ex­

all bank personnel an exclusive “ Banker’s 4-Star”
W orld’s Fair Tour at a ten percent discount.
This package tour includes accommodations, Fair
admission, sightseeing in Manhattan and Fair at­
Com e to the Fair. A nd when you arrive, plan to
make yourself at home with us.


American Express Travelers Cheques


Official Travelers Cheque for the New York W orld’s Fair 1964-65.
N o r t h w e s t e r n Banker, June,
Federal Reserve Bank of St. Louis






2. inside the Pavilion, you’ll first see the Main Information Desk.
The people on duty here speak a total o f 8 different languages to
serve visitors from every part of the globe.

3. Your Travelers Cheque customers will use the services at our
Main Tellers’ Counter, where they can buy and cash Travelers
Cheques, get refunds for lost or stolen Cheques.

4. Here is where you check in to the private Exchequer Club. It’s
on your immediate left as you enter the Pavilion. We hope that you
and your family will use it as your own club.

5. The Dow-Jones® Teletype, the lel-a-Dex® and Quotron® ma­
chines in the Exchequer Club keep you abreast o f business devel­
opments, stock quotations and information on Fair attractions.

6. Relax in the M oney Tree Room o f the Exchequer Club. Enjoy
refreshments and watch travelogues and Fair attractions on color
TV, plan your day with a private look at the Fair’s official scale
model Your family will appreciate the clean, spacious rest rooms.

7. World’s Fair oasis—the R oof Garden o f the Exchequer Lounge.


You’ll enjoy this cool, pleasant retreat from the bustle o f the Fair.
It’s the perfect spot to meet colleagues from across the country and
around the world. And the view o f the Fair is superb.
N o r t h w e s t e r n Banker, June,
Federal Reserve Bank of St. Louis



is one of the features of this new Mosler automatic vault door. At the
touch of a button, the sill recedes into the floor and the door opens. When the door
closes the sill rises to interlock with the bottom of the door.


M rtsler M a r k e ts Neu- Vault D our
N EIGHT-TON bank vault door
that unlocks itself and swings
open at the touch of a button has
been introduced by The Mosler Safe

If you have a
financial interest in Arizona,

Representing f o u r and one-half
years of engineering research, the
door incorporates totally new con­
cepts in design, construction and op­
erating features.
Although it weighs 16,500 pounds
the new Mosler door is completely
automatic in operation. At the touch
of a button an electro-hydraulic sys­
tem withdraws the locking bars and
opens the door.
Another innovation in construction
has made possible, for the first time, a
truly level walkway into the vault
without sacrificing security.


this state's BIG

hank can he of*


tremendous help.

Just ash!

use T fcoin
e kbag- seals
Here is proven, low cost "travel
insurance” fo r yo u r Coin Bags.
Used by m ost Federal Reserve
Banks, Bank of Am erica, Chase
Manhattan, and o ver 8500 leading
banks throughout the w orld. Here
are only a fe w reasons why:
• P a te n te d 33 to o th e d cla m p
grip s, n ever slips, n ever rips bag
or em ployee’s hands.
• Guaranteed ‘N0N-BRAK0’ CORO
180 lb. te st, gives extra breakproof ‘pull-up’ strength.
• O v e r s iz e d le a d s s e a l e a s ie r,
fa ste r, com pletely tam perproof.



Accept no substitute—there is none.
Order Super TEK-TIV from your dealer today!


3 8 Intersection St., H em pstead, L.I., N.Y. 11551

N o r t h w e s t e r n Banker, June,
Federal Reserve Bank of St. Louis


The sill to the vault entrance rises
to interlock with the bottom of the
door when the door is closed, and
lowers flush with the floor when the
door is opened. In addition vertical
bars extend from the frame and inter­
lock with the full length of the door
when closed.
When the door is open, an attractive
modern day gate is revealed. Formed
of aluminum framing and gold ano­
dized aluminum rods, the gate be­
comes a focal point of the vault en­
The door, while massive, has simple,
well-proportioned stainless steel sur­
faces to create a clean contemporary
appearance. This simplicity of design
lends itself to special custom treat­
ments of bank emblems or decorative
Incorporated in the door and locking
mechanism are large sectionssof a new
alloy, X-200. This newly developed
alloy provides greater resistance to
the high-speed carbide drill and torch
attack, according to John E. Hampel,
Molser’s vice president-marketing.






Kansas City Election
Recently elected as officers of the
Kansas City Chapter of the American
Institute of Banking for 1964-65 are
the following:
Robert S. Blonsky, Wornall Bank,
president; E. Vaughn Hosmann, Ray­
town Bank, first vice president; Janice
Trescott, First National, Independence,
second vice president; Maxine Cal­
houn, Victory State Bank, secretary,
and Jim Bridges, Federal Reserve
Bank, treasurer. New board members
are Robert L. DeWitt, City National
Bank; Frank L. Victor, Grand Avenue
Bank, and John R. Crank, Farmers
Exchange Bank, Parkville.
Final t ab u l a ti o ns of the 1963-64
school year show that 1,790 Kansas
City area bankers were AIB members
and 1,287 participated in courses, spe­
cial classes, and seminars. In the an­
nual m e m b e r s h i p and enrollment
contest, Federal Reserve Bank, Com­
mercial National Bank, Douglass State
Bank, and Wyandotte County Bank
were w i n n e r s in their particular
groups according to potential mem­






Heads Insurance Group
Bernard B. Combs, vice president of
Central States Health & Life Co. of
Omaha, has been elected president of
the Insurance Institute of Nebraska at
the group’s meeting in Lincoln.
Mr. Lee Shield of Chicago, executive
vice president and general counsel of
the American Life Convention, was
the principal speaker.




MA» ' f i ävLp


7 S 9

O «1i l !

jp » « :^



’¿ ¿ . « — T

WT scorn

öO lf
*** a«oh<c*

In fin a n cia l o p e ra tio n s all over the cou n try, y o u r
cu s to m e rs d eserve b etter-th a n -p a r p e r fo r m a n c e .
You ca n h e lp m ake th eir w ork m ore p ro fita b le th rou g h
th e Irving,"‘th e b a n k fo r b a n k ers a n d b u s in e s s m e n .”

Irving Tr u s t Co m p a n y
Capital Funds over $ 1 7 0 ,0 0 0 ,0 0 0

Wall Street, New }ork,N .Y . 10015

Total Assets over $ 2 ,0 0 0 ,0 0 0 ,0 0 0

G e o r g e A. M u r p h y , Chairman of the Board
W il l ia m E. P e t e r s e n , President
N ational Division—H. M i l l e r L a w d e r , Senior Vice President in Charge
Federal Reserve Bank of St. Louis




Northwestern Banker, June, 1964


R em ain C om p etitive
T ool fo r Coenm ereial R a n k s
of deposit (c/D s)
may present some problem to
banks, but banks nevertheless have
increased their stake in this type of
time deposit money, according to Con­
tinental Illinois National Bank and
Trust Company, Chicago.
The bank, writing in its publication,
“ Current Comment,” said that de­
spite a narrowing of interest rate
spreads, it appears that C/Ds will re­
main a profitable activity. It warned,
however, that commercial banks must
be assured of the continuing ability to
compete aggressively for such de­
It noted that negotiable C/Ds have
gone from “an inconsequential volume
in early 1961” to $11.3 billion in
weekly reporting member banks at the
present time. In Chicago’s 18 largest
banks, they make up, on average 9
per cent of total deposits, and 10 per
cent in New York’s 14 largest banks.
The newsletter said the problem of
earnings on money realized from the
sale of C/Ds against outgo on the
operation raises questions in the
minds of some observers under the
present interest rate environment.
e r t if ic a t e s


“At first blush, it is difficult to see
how a dollar ‘purchased’ at 3% or 4
per cent will create a profit when in­
vested in Treasury bills at 3% per
cent. Also, the margin of profit be­
tween the cost of C/D money and even
a prime rate 4Vs per cent seems woe­
fully small.”
But despite the current squeeze,
“Current Comment” said, most banks
feel that C/D’s are making money for
“ For example, over the past few
years they have provided a relatively
inexpensive source of investable funds.
The average cost of these funds in
the last three years has been less than
3% per cent, which compares favor­
ably with the average cost of other
time money in many banks. There are,
of course, differences in the various
types of time money, but it can be
argued that C/Ds are an important
competitive source of funds on the
assumption that a worthwhile pool of
money can be maintained over a long
period of time.”
“Current Comment” added that
many banks committed to a C/D oper­
ation have re-arranged earning assets,

a iio a k

¿ á w ie

is not too much farm busi­
ness to ask for.
The PIC T U R E can help
you—serve all farmers and
ranchers in your trade area
—and sell full-service bank­
ing to all in agriculture.
Write for free “red tab
folder” and complete infor­
mation about exclusive fran­
chise rights for your bank.

T H E F A R M P I C T U R E ® anJ



N o r t h w e s t e r n Banker, June,
Federal Reserve Bank of St. Louis


at least in part, to permit this change
in deposit structure.
Basic to both arguments for con­
tinued use of C/Ds in banks is the
ability to maintain an average pool of
deposits reasonably near a desired
level over the various phases of the
interest rate cycle, the newsletter said.
Without this assurance, banks are
hampered in employing the funds in
the most profitable avenues.



Valley National Changes
James M. Dismuke, vice president
and cashier of Valley National Bank of
Arizona and manager of its Home
Office in Pheonix, has retired, closing
a 48-year career in banking.
His responsibilities will be assumed
by two men:





John C. Baldwin, Jr., vice president
and head of the business development
department, succeeds Mr. Dismuke as
home office manager, with rank of
senior vice president.
Earl H. Brunken, acting controller
since December, was named to succeed
Dismuke as cashier of the 82-office
Valley Bank system.
At the same time, Charles W. Miller,
Maricopa County manager since 1960,
returns to VNB to become controller.



F.D.I.C. Kule Change
Joseph W. Barr, Chairman of the
Federal Deposit Insurance Corpora­
tion, announced recently that the
board of directors of that corporation
has adopted an interpretation of Section 330.4 of its Rules and Regulations
which permits the beneficial interests
of various owners of commingled
funds on deposit in custodial accounts
in insured banks to be computed on
a fractional or percentage basis.
Heretofore, when a portion of com­
mingled funds, held in custody by a
depositor for the benefit of various
beneficiaries, was deposited in one or
more insured banks, the exact interest,
in dollars and cents, of each beneficial
owner in the custodial deposit had to
be shown, at all times, on the records
of the depositor and such interest
could not be computed on a fractional
or percentage basis. Such disclosure
of the exact interest was necessary to
assure the depositor of insurance pro­
tection for the interest of each benecial owner.









impro ved-subst antially

Alm ost 80% of the m oving parts
of a regular tape machine
have been elim inated. Result
— m echanical fa ilure reduced

Frankly, we were tempted to
shout about the dramatically im­
proved Mastertapes Background
Music Service from the rooftops. Failing that, at
least bellow the good news as hard as we could
from the printed page.
“ But no,” said the President.
“ Be calm. After all, the good people really don’t
want to know about all the research, all the
fancy expensive new recording equipment, all the
service problems eliminated from the machinery.
All they are interested in is fine background
music, with no attendent mechanical problems
at a modest monthly subscription. Just quietly
explain the service they’ll receive is superior to
any other they have heard of in the past—
including our own.
“ Then, in keeping with the
service, quietly, unobtrusively with just the cor­
rect amount of subtle emphasis, encourage the
reader to learn all the facts by mailing the
coupon in to us. They will then receive an
actual demonstration and learn the happy details
in their own office.”

The fin est m aster recording equip­
m ent available anywhere with
specially trained technicians
operating it. Result— specially
selected m usic that sooths
but never irrita te s.


Stream lined tape cartridge hand­
ling methods assure a con­
stant supply of fresh m usic
delivered where you w ant it,
when you want it. Result—
em ployees and visito rs never
become tired of the program ­
m ing and the m usic continues
to do its quiet, e ffe ctive job.

Ju st slip the entire cartridge into
the m achine, flip a sw itch,
and you have m usic. So easy
a fiv e yea r old child can
operate it w ith only a fe w
m oments in struction. For a
new program , rem ove the old
cartridge and slip a new one
in its place. Result — new
m usic can be used w henever
you please w ith no tim e lost
by you or yo u r em ployees.


Well, that’s what happened.
We promise to try to keep our excitement in
check when we visit with you about the “ im­
proved— substantially” Mastertapes Background
Music Service. But it won’t be easy.

Just ask our service re presenta tive about the
M astertapes player the next tim e he drops by.
show you the greatly increased capabilities c
unit and explain our special exchange program
present subscribers. Thanks.

Serving Iowa, Nebraska, Kansas, Missouri & Illinois Banks

709 Railroad Avenue
W est Des Moines, Iowa

a ss il ee rr li a
a pp e s )


709 Railroad Ave.
West Des Moines, Iowa
Telephone 274-1588

Federal Reserve Bank of St. Louis

Please see that I receive fu ll inform ation about the M ASTERTAPES t
iBackground Music Service. I understand th a t I am under no 1
obligation to subscribe.

NAM E..................................................................................................................



CO. N AM E..............................................................................................................





1 C IT Y ................................................................................. S TA TE .............................




N o r t h w e s t e r n Banker, June,

Ì9 6 4


M e r r ill M.ifneh. Mirrine M erffe
HE business of C. J. Devine &
Company, one of the nation’s larg­
est dealers in government bonds, has
been consolidated into Merrill Lynch,
Pierce, Fenner & Smith, Inc., the larg­
est investment banking firm in the
world, it was announced last month.
Michael W.
Lynch chairman, said it is contem­
plated the 13 former partners of C. J.
Devine will become officers and voting
stockholders of Merrill Lynch, subject
to approval of the New York Stock Ex­
change and other securities exchanges.
Christopher J. Devine, founder and
senior partner of the Devine firm, died
last year. He is understood to have
had a major portion of the company’s
estimated $16 million of capital, ac­
cording to the story appearing re­
Wall Street observers noted that
an arrangement w h e r e b y Merrill
Lynch would take over a thriving
government securities business would
strengthen the big, international se­
curities firm in an area in which it has
not commanded leadership.
The Devine firm, as well as dealing

in government and municipal securi­
ties, does business in various Federal
agency and money market instru­
ments. Located in New York, the
company has nine branch offices in
other major cities.
Merrill Lynch, with reported assets
of more than $1 billion at the end of
last year, had a net worth of $107.9
million as of Dec. 27, 1913, more than
double the net worth of the second
largest firm.

3 Men Join Commerce Trust
Commerce Trust Company, Kansas
City, has announced the election of a
new vice president and two assistant
vice presidents.
Victor C. Studley, vice president,
will be active in the foreign depart­
ment. He will work closely with Com­
merce Trust customers in the expan­
sion of their international operations.
He has served as vice president in
Charge of Finance, Bucyrus-Erie Com­
pany, and most recently as assistant
general manager of the international
division, The Vendo Company.
Bryson Clarke, assistant vice presi­

dent, will be active in marketing the
bank’s expanded electronic data pro­
cessing services to businesses through­
out the area.
He has been secretary and assistant
treasurer of Kansas City Fire and







Marine Insurance Company and most
recently assistant controller of Glens
Falls Insurance Company.
Donald W. Rosche, assistant vice
president, will be active in ComTrusCo, the bank’s small business invest­
ment company, and he will work with
correspondent banks in the Kansas
City area.
He has been with Drew Investment
Associates and most recently was re­
gional manager for Bankers Leasing
Corporation and Financial Leasing


Ziegler Handles
Largest F.H .A. Issue
The largest bond issue ever insured
by the Federal Housing Administra­
tion—$4,500,000—was offered recently
by the B. C. Ziegler and Company,
nationwide underwriters of institu­
tional bond issues.
Proceeds of the “AAA”-rated issue
will be used to pay part of the cost of
constructing and equipping the new
House retirement residence in Palo
Alto, California, valued at $7,754,079.
This is the third F.H.A.-insured issue
to be marketed in the United States by
the Ziegler firm since February, 1963,
when the first F.H.A.-insured issue
ever offered met enthusiastic investor
For over 100 years, Canada’s first bank has been helping U. S.
bankers aid their clients to pursue profitable operations in Canada.
You’ll find it easy to get the Canadian facts your clients need when
you call on the B o f M , a $4 billion-plus organization with more
than 925 branches spanning Canada. Call or visit our nearest U. S.
office whenever you want to “talk Canada”.


a n k


o f

o n t r e a l

Camada...SpamtKi2, UJorM
C H I C A G O : B o a r d o f T r a d e B ld g ., 141 W e s t J a c k s o n B lv d .
N e w Y o rk


H ouston


S an Francisco


Los A n g e les


N o r t h w e s t e r n Banker, June, 1964
Federal Reserve Bank of St. Louis

Bond Sales Climb
Purchases of U. S. Savings Bonds in
most central states climbed upward
during the first quarter of .1964 com­
pared with a year ago.
Following are the percentages of
increase or decrease for the states
served b y the N orthwestern B ank er :
Colorado, up 5.1 per cent; Iowa, up
2 per cent; Minnesota, up 10.4 per
cent; Montana, up 9.1 per cent; Ne­
braska, down 5.7 per cent; North Dakota, up 1.2 per cent, South Dakota,
up 1.9 per cent; Wyoming, down 4.1
per cent.



wammmmmmmmmmmmam■ m a n N d ifiO 2

."................................................................................ .................. ................^
' .......MBMMwiiiiwiiiMiriiiwiiiiiiiiFSiwiirw





He covers 26,000 miles a year for Chemical New York and you.

He can bring New York’s money market to your Main Street
This is the man who proves a bank
can be one of the world’s largest with­

more smoothly. His bank has ties with

out being stuffy about it. H e’s from
Chemical New York.

100 countries overseas.
His bank has him specialize in your
area. So he can put his finger on the best

He brings you a brief case full of
benefits— all the resources, the expe­
rience o f his 5-billion-dollar bank.
His hank is strategically headquar­
tered in New York’s financial center. It
gives him the contacts and capabilities
to make any financial operation run
Federal Reserve Bank of St. Louis

banks in all 50 states and in more than

way to get things done. That’s why he’s
known as “ the New York banker with
the hometown touch.” Your local bank
knows him and can put you in touch.

New York

Chemical Bank New York Trust C om ­
pany, New York 15.
N o r t h w e s t e r n Banker. June,



M A D ISO N A V E N U E A N D H AN O V ER SQUARE offices of the
Franklin National Bank, New York City, retain the colonial
architecture of the area. The Madison Avenue and 48th Street
office at left is styled after the urban architecture of Benjamin
Franklin’s day. At right is the Pearl Street entrance to the

Hanover Square office, showing the low, open planted terrace
designed to enhance the colonial atmosphere of the building.
This office is located in a 13-story building. The architecture
is Colonial Georgian, reflecting the colonial history of the
Hanover Square area.

F ra n klin N a tion a l O pens
N ew Y o rk C ity Btranekes

The international division headquar­
ters will occupy the wood-paneled
third floor at Hanover Square. The
fifth, sixth and seventh floors will
house the corporate trust division; the
eighth, brokerage loans, and the ninth,

unusually faithful examples of
C o l o n ia l - G eo r g ia n architecture
have been completed amidst the tow­
ering glass and steel structures of
modern Manhat­
T h e y are the
new office build­
ings of the Frank­
lin National Bank,
designed by the
architectural firm
of E g g e r s and
Higgins. T h e i r
opening on May
18 b r o u g h t the
former one-town
Bank of Franklin Square, Nassau
County, onto the city scene with one
branch downtown off Hanover Square
and the other at Madison Avenue and
48th Street.
Richard F. Eggers, partner in the
architectural firm, said that to him the
challenge was particularly welcome
because it was an opportunity to de­
sign “humanly scaled buildings, gems
of warmth, amidst the mad, imper­
sonal rush of Manhattan.”
Franklin's board chairman, Arthur
T. Roth, said the design for the bank’s
first New York office “exemplified the
personal relationship with people that
characterizes the bank in its suburban
settings.” This relationship, he feels,
has been a major factor in the impres­
sive growth of the bank over the past
N o r t h w e s t e r n Banker, June,
Federal Reserve Bank of St. Louis


30 years from a $770,000 institution.
It now has 50 branches and resources
of $1.2 billion.
The Hanover Square branch in New
York’s financial district is 13 stories
high. The other of seven stories is
at Madison Avenue and 48th Street.
The structure was designed with
great attention to period detail by
the architect to continue the style that
identifies many of the bank’s Long
Island offices.
Hanover Square

The Hanover Square office situated
between Pearl and Water Streets, con­
tains 120,000 square feet of space in
13 floors above, and two below street
level. The site on which the building
stands was originally part of the East
River, close to the junction of the
river and the wooden “Wall” Street
wall. Land fill moved the shore line
from Pearl Street to Water Street,
and finally to its present location on
South Street.
The first sub-level houses an em­
ployee cafeteria reminiscent of an
English tavern, plus mail, storage, and
telephone equipment rooms. At the
sub-cellar level on the floor below, is
the second largest vault in the city on
one floor, some 6,000 square feet. Sur­
rounded by two 27-inch reinforced con­
crete waterproofed walls, it lies 18
feet below sea level, on man-made
land that was once the sea.

Madison Avenue

In the Madison Avenue building, a
coved oval ceiling provides architec­
tural emphasis for the main banking
floor, a technique repeated on a small­
er scale in the second and seventh
floor reception areas. Its gracious pro­
portions are accentuated by hand run
moulding on the cornices. The handcast architraves beneath the moulding
were also made on the premises.
Madison Avenue will be Franklin
National Bank’s headquarters in New
York City. The seventh floor is de­
voted to executive offices. A paneled
board room, its table custom-designed
to seat at least 25, and three large
private offices are the main features
of the floor. The Business Loan de­
partment will occupy the second floor.
The employees’ lounge and cafe­
teria, done in a Victorian mood com­
plete with potted palms, is in the
sub-cellar. A roof garden covers the
sixth floor roof.

Director Named
Vincent R. Shiely, executive vice
president and director of Briggs &
Stratton Corporation, was elected a
director of the First Wisconsin Na­
tional Bank at the regular monthly
meeting of the Board of Directors.



N o r t h w e s t e r n Banker, June,
Federal Reserve Bank of St. Louis



E q u a l #*«i/ Lau’ in E ffect d u n e 11
MPLOYERS with men and women
employees must review their job
policies under the new “equal pay for
equal work” law—slated to go into ef­
fect generally on June 11—says Com­
merce Clearing House, national re­
porting authority on tax and business
Workers—regardless of sex—must
be paid the same where equal work is
performed; wage differentials based
solely on sex violate the new law.
Unions are affected by the new law
as well as employers. In situations
where wage rates are governed by col­
lective bargaining agreements, unions
representing employees’ share with
the employer responsibility for insur­
ing that the wage rates comply with
the equal pay standard, CCH says.
Employers are reminded, however,
that wage differentials pegged on fac­
tors other than sex are not outlawed
under the new provision.
Pay differentials under seniority and
merit systems, under methods measur­
ing earnings by quantity or quality of
production, and differentials based on
any factor other than sex are excepted
from the equal pay standard if the dif­
ferential itself has no element of sex
discrimination, according to the CCH

report of Labor Department interpre­
While general equal pay provisions
go into effect June 11, application in
certain cases may be delayed up to a
maximum of two years in the event of
a collective bargaining agreement that
was in effect 30 days before enactment
of the law.

New Safe for EDP Tapes
Tapeguard, the new housing de­
signed to protect data processing tapes
and disc packs from damage by fire,
smoke, moisture and dust will be fea­
tured at the display of The Mosler
Safe Company at the International


Data Processing and Business Expo­
sition at the Jung Hotel in New
Orleans June 23 through 26.
High speed, high capacity Selectronic files and Revo-Files will also
be displayed by Mosler in booths 111
and 112.

Two safes in one, Tapeguard pro­
vides the special protection required
for storage of data processing tapes
and disc packs. The outer safe is a
double door “A” label insulated record
safe for protection from fire. The
inner safe is sealed with a gasket and
protects against moisture, smoke and

Joins Iowa Power
Iowa Power President A. Paul
Thompson today announced the ap­
pointment of Richard Riley as chief
engineer of the company’s electric
application engineering department to
become effective July 1, 1964.
As chief engineer, Mr. Riley will be
responsible for the applied engineer­
ing for the assignment and scheduling
of the daily maintenance and con­
struction activity on the electrical
transmission and distribution systems;
the long-range plans for electrical
power requirements; and the develop­
ment of standards of operation. He
will be in charge of all personnel in
the electrical application engineering
groups, both central and western Di­
vision, and electric system planning.
He will report directly to J. E. Mona­
han, Vice President in Charge of
Electric and Gas System.
Mr. Riley, a Captain in the United
States Navy, is retiring from active
duty to accept this position with Iowa
Power. As a native of Des Moines he
is returning to the city after spending
26 years in the service. He entered the
U. S. Naval Academy at Annapolis in
June of 1938 and has been on active
duty since graduation in December of


'> y


Learn how Western and Southern
Life can help promote your loan
operation with a plan or com bina­
tion of plans to suit your needs.


Credit Insurance Dept.

P.0. Box 1119 • Cincinnati, Ohio 45201



A Mutual Company •William C.Safford, President

N o r t h w e s t e r n Banker, June , 1964
Federal Reserve Bank of St. Louis

□ Please Send Me
S e c u r ity H a llm a r k
P r o m o tio n a l K i t

Yours for the asking—a complete packaged
promotion that gives prospective customers
new reasons fo r opening an account at your
bank. It projects a Security Image to present
customers at the same tim e—one that auto­
matically repeats itself every time a cus­
tomer receives his cancelled checks.
The Cummins Security Hallmark promo­
tion includes a handsome plaque to display
in your lobby that explains your use of per­
forated cancellations for depositor protec­
tion; a variety of advertising mats fo r use in
local papers that tell these new reasons for
banking with you; radio and television com ­
mercials; publicity releases; envelope stuffers and other useful material. It’s all yours
for the asking. Just check the box and
return this ad to:




E d w a rd L. W in k le r, Louis F. D onley, B ill C ato, a n d H e n ry Fa h r
are m e m b e rs o f o u r Transit D e p a rtm e n t.


First National’s transit experts work around the clock. Ed Winkler, seated
at his desk, is vice-president in charge of all check and draft collections, as
well as lock box banking, wire transfer, and other functions. Lou Donley
(left), assistant cashier, is head of the transit division, and Bill and Henry
complete the team. They and their associates are alert to new methods,
utilize the fastest possible transportation (including messenger trucks to mail
trains and airport post offices).
First National can make collections for you from most major cities in a
single day’s time. Items reaching us after banking hours receive same day
processing . . . often reducing collection time a full day.
Find out how First National transit experts can speed your
collections. Call or write today.

Mem ber Federal Deposit Insurance Corporation
N o r t h w e s t e r n Banker, Jun e,
Federal Reserve Bank of St. Louis



16 ♦ 18 + 1 = B 5 7 0



For Proof-Transit

A GENERATION AHEAD — for Greater Productivity at Less Cost Per Item
Now, the Proof-Transit configuration of
the new B 370 E D P System builds on
proved-in-use experience to offer even
greater productivity by increased docu­
ment throughput.
T h rou gh “ super perip h era ls” th at
b o o st volu m e, reduce item handling,
lower the cost per item.
• A 16-POCKET SO R TE R coupled
with an 18-TAPE L IS T E R — a tape for
each pocket plus control tapes—provide
the widest flexibility and greatest econ­
omy of item sort patterns. • Sorter and

Lister operate in the optimum 1,500/1,600
check-per-minute range.



C E N T R A L PROCESSOR with a full
complement of features permits multi­
processing on both the transit operation
and other work—with no loss of speed or
efficiency in M IC R document handling.

M ore than half of
all M I C R checks
handled today by
automatic proof and
transit system s in
c o m m e r c i a l and
Federa l Reserve
banks are being proc­
essed by Burroughs

The new G E N E R A T IO N A H E A D
B 370 merits complete investigation by
your large or growing bank.
Your Burroughs man will assist you
W it h o u t O b lig a tio n .

B u rro u g h s -T M

B u r r o u g h s C o r p o r a tio n
D E T R O IT , M IC H IG A N 48232


Banker, June,
Federal Reserve Bank of St. Louis





H ow Banks


VAST majority of banks in the area served by the
N orthwestern B anker are using insurance sales to
increase their income, according to the results of a
survey just completed among banks in the North Central
United States.
A total of 75 per cent of the banks handle insurance in
some form. Of these 43 per cent do not handle it as part
of regular bank operations but rather have one or more
of the bank officers handle all insurance or have estab­
lished a separate agency. For 57 per cent of the banks the
sale of insurance is a regular part of bank operations.
In reviewing how these banks sell insurance, it was
found that 23 per cent limit their selling to “over the
counter” on request of a customer. Chart No. 1 shows
these various methods used by banks.
Naturally, the response to this question reflects whether
or not the selling is done as a regular bank function or
if it is kept separate from bank operations. The re­
sponse does indicate, however, that a majority of the
banks are interested in selling insurance, with 62 per cent
using a combination of the various methods suggested.
The next portion of the survey looked at the various
lines handled by banks. Again, a majority of the banks
(55 per cent) are soliciting all lines of business. Only 8
per cent limit operations to the credit life field. Chart
No. 2 indicates the percentage of banks handling the
various lines.
From the comment on this portion of the survey it is
evident that fire and casualty lines provide the greatest
income for most agencies and banks. This is followed
by credit life and health insurance.
Among those banks that include income from the insur­
ance operations in the regular bank earnings, it was in­
dicated that an average of 10 per cent of the bank income
comes from the sale of insurance. The percentages re­
ported varied from 5 per cent to 30 per cent.
Banks responding to this survey indicated that on an
average, two persons work with insurance in the typical


In W hat Manner Is Insurance Sold?
Solicitation of Customers O n l y _____
Solicitation Among the P u b lic _____
“ Over the Counter” on R e q u est____ 23
Combination of All M e th o d s_________ 62

per cent
per cent
per cent
per cent

rural bank. This usually includes one in sales and man­
agement and another as the office staff.
The next question on the survey asked, “Have you
expanded or reduced the operations of your insurance
department recently?”
Of those responding only one indicated that he had re­
duced the operations of his insurance department. The
remainder were split about 50-50 between no change and
expansion. Those that have expanded their insurance
operations explained that the expansion was due to an
increase in volume and the addition of new lines.
In response to a question regarding the number of in­
surance companies represented by the bank’s insurance
operation, the number varied from two to 20. The aver­
age number represented is eight and this includes six
property and casualty companies, one life insurance com­
pany and one health insurance company. The majority
of the property and casualty companies represented are
stock rather than mutual. The ratio of stock companies
to mutual is about four to one.
The final question on this survey asked, “Do you con­
sider the insurance operation of your bank an important
part of regular bank service?” Following are some typi­
cal comments:
Minnesota, Deposits $1,300,000—“Not a bank service,
but insurance is a good sideline and also is a service to
the customers.
Iowa, Deposits $1,900,000—“Yes. Any service which
brings customers to the bank has to help keep business.”
Nebraska, Deposits $980,000—“Definitely. We know the
person who is carrying liability insurance, and we take
the premium out of his account if this is pre-arranged.

(Turn to page 50, please)
W hat Lines Are Handled by Your Bank?
A ll Lines ______________________________ 55
Fire and Casualty Only _____________ 18
Fire-Casualty & L i f e __________________ 12
Credit Life O n l y ______________________ 8
Fire-Casualty & Health _____________ 4
Life and H e a lt h ______________________ 3
Health O n l y __________________________
Life O n ly ---------------------------------------------- 0



N o r t h w e s t e r n Banker, June,
Federal Reserve Bank of St. Louis


HE Internal Revenue Code makes available a
unique tool which relatively few small country
banks are using. Under Section 401 employer con­
tributions to an approved deferred benefit profit sharing
trust in amounts up to 15 per cent of compensation paid to
participating employees are fully deductible for federal
income tax purposes. In addition, the earnings of the
Trust are not subject to federal income tax until distrib­
uted. In effect it is quite possible that the employee will
actually pay no income tax on his share, and under
present law Capital Gains rates would be the maximum
tax which would be assessed.


This type of fringe benefit has many advantages to both
employer and employee. From the bank’s standpoint,
basically it reduces employee turnover and automatically
gives each participating employee an interest in maximiz­
ing the profit of the bank. This is true since the bank’s
contribution should, in our opinion, be based upon net
profits—preferably, net profits before taxes. An additional
benefit to the employer is the knowledge that when em­
ployees reach retirement age, those employees who
participated in the profit sharing trust for a considerable
length of time should be expected to have substantial
sums to their credit. Over the long term this, at least,
gives all employees a potential of building a net worth
of several times that which might be attained by the
average retired worker. This, as we noted, is done with
tax-deductible dollars to the employer and since the
employee receives the funds after retirement when nor­
mally his other income is reduced, he may escape federal
income tax entirely by taking his share in monthly or
annual installments. If he receives his share as a lump
sum, it will be subject to the Capital Gains Tax at onehalf normal rates. Certainly it is of interest and concern
to the employer that employees will have some financial
means upon retirement. A bank enjoys a further advan­
tage since it is in a position to serve as its own trustee
and competently administer its own plan while other
businesses would normally be well advised to employ a
N o r t h w e s t e r n Banker, June,
Federal Reserve Bank of St. Louis


The profit sharing trust is obviously not a short-range
program. For this reason it is of most interest to employ­
ees who are likely to have many years of participation.
It is our opinion that, at least for banks with relatively
young staffs, it is more desirable and can be used to
replace rather than to supplement a pension plan. This
is not to say that a pension plan is not desirable, but it is
our contention that it is in many cases less advantageous
than a profit sharing plan. Assuming that the long-term
trend in our economy is up, it would appear that a profit
sharing trust with its investments largely in equities
should be expected to grow with the economy and be of
more benefit to the employee than a flat guaranteed sum
per month upon retirement as would be expected under
a pension plan or other fixed income program. We recog­
nize that pension plans are being revised in many cases
and now are frequently written to tie the benefits into the
last several years of salary. This is good and offers pro­
tection to the employee. Any pension plan does result,
however, in a fixed or increasing cost to the employer
since it is normally based on salaries. This, clearly, be­
comes a burden during years of poor earnings. A profit
sharing plan, since contributions are based upon earnings,
is more easily digested by the profit and loss statement
in both good and bad times.
While the basic profit sharing plan calls for employer
contributions only, it can, in addition, permit employee
contributions up to 10 per cent of the gross salary includ­
ing bonuses. Voluntary employee contributions are made
with after-tax dollars, of course, but they have the very
definite advantage of earning on a tax exempt basis ex­
actly as employer contributions.
Case History

Let me tell you about the Deferred Benefit Profit Shar­
ing Plan and Trust at our small bank set up after starting
out with the idea of establishing a pension plan. In 1958
when our plan was established, we had a young staff of
six employees, the oldest being about 35 years of age.
The bank’s contributions based upon net profits before
taxes were originally:


Written Especially for

S. R . B A R B E R

P r e sid e n t
W e llm a n
W ellm a n ,

Net Profits Before Taxes
0 to $10,000
$10,000 to $25,000
$25,000 and over

15% up to a maximum of
15% of gross salaries

In 1960 the plan was amended so that in effect in years
in which we would otherwise be involved in the higher
tax bracket, the bank makes the maximum contribution.
The amended schedule is as follows:
Net Profits Before Taxes
0 to $10,000
$10,000 to $25,000
$25,000 to $27,500
$27,500 and over

100% up to a maximum of
15% of gross salaries

All full time employees may upon application partici­
pate in the plan upon employment. Many banks require
a waiting period of from two to five years before the
employee becomes eligible with the thought that the
profit sharing plan is designed for permanent employees.
We do not quarrel with this but felt that as we sought
new employees in our small town, we would prefer to be
able to tell the prospective employee that he or she would
be eligible to participate immediately.
Employer contributions are credited annually to em­
ployees’ accounts in accordance with the ratio their salary
bears to the total salaries, i.e., if an employee’s salary is
8 per cent of the total salaries, he is credited with 8 per
cent of the bank’s contribution. Since this is designed as
a supplement or, in our own situation, in lieu of a pension
plan, the benefits are not available to the employee until
he retires.
Vested Interest

Vesting is at the rate of 10 per cent per year of par­
ticipation. Thus, our employees who were working for
our bank in 1958 are now 60 per cent vested. This, of
course, means that if an employee were to terminate em­
ployment for reasons other than embezzlement, theft, or
fraud, he would receive 60 per cent of the amount to his
credit in the trust based on a revaluation of assets at
that time. The employee, however, would not receive
this for two years after termination. This two year delay

S a v in g s


lo i v a

holds even after the employee is fully vested if he termi­
nates prior to retirement age. It is designed not as a
penalty but rather to insure that the plan will serve its
purpose, to retain desirable employees rather than to
perhaps induce the employee to terminate and receive
his share of the fund to meet a particular financial need.
Termination at retirement, death, or disability results in
full vesting regardless of years of participation.
Any forfeiture by an employee not fully vested is re­
allocated to the remaining employees in accordance with
the ratio their share bears to the total trust fund. Earn­
ings and profits as well as losses are allocated annually
on the same basis.
Many correspondent banks are most willing to assist
a country bank in setting up and administering a Profit
Sharing Trust. We received excellent assistance from our
correspondent banks, did a considerable amount of re­
search and study, and relied heavily on our very capable
local attorney, who drew the Trust Agreement. We also
used a national accounting firm to assist in getting Di­
rector approval. We have served as our own Trustee and
have invested largely in high-grade common stocks using
as investment counsel our correspondent bank, a highly
regarded brokerage house, and a small degree of invest­
ment acumen that we have developed within the bank.
Ours has been a very happy experience, and our employ­
ees, we feel, recognize the merits of the plan and are
definitely interested in the profits of the bank.
Employees Contribute

In 1961 the plan was amended to permit but not require
employees to contribute. All employees are so doing.
Obviously, they are fully vested in this portion of their
account; however, this too we recognize as a long-term
investment and permit withdrawals only at the year end
after at least thirty days notice to the Trustee.
Our Trust, still young and not large, has assets of ap­
proximately $30,000.00 and we look forward to its growth
over the years recognizing that it will fluctuate as the
economy in general fluctuates and recognizing also that
as the size of the fund increases and as the personnel
grow older and the plan develops signs of maturity, we
may wish to get into a more balanced fund situation with
some portion of fixed income investments to serve as a
deflationary hedge— E n d .
Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis



Previewing the Hanks of
• In a study prepared for the research committee of the
Financial Public Relations Association and presented to
FPRA’s executive committee in Denver several weeks ago,
the author addressed himself to the subject, “Is There
a Better Way to Provide More Advanced Physical Facili­
ties?” His 45-page report answers in the affirmative
after reviewing statistics showing there will be more peo­
ple, more ?noney and more business by 1975. The follow­
ing is a condensation of key parts of this extensive re­
search project:
FOUR basic areas of new bank quarters great
I Nprovide
strides are being made today. Combined, they will
you with the business necessary to succeed
in the 70’s. They are:
1. New materials.
2. Planning and design.
3. Merchandising.
4. Automation and electronic data processing (which
this survey will not include.)
New Materials

New materials and their application offer the most
widespread opportunities for advance.
Epoxy is probably the most dramatic of the new ma­
terials and one which you may already know as a great
do-it-yourself adhesive. It may be the all-purpose build­
ing material of the future. Walls, ceilings, floors of your
bank may well be in forms of Epoxy, coming in 50 gallon
drums and ladeled or sprayed into place. Maintenance
savings will be a big factor for this won’t need repainting
for 20 years. It can simulate almost any other material.
Epoxy resins combined with lighter, smaller alloys
of metals give designers unheard-of freedom. Far larger
areas now can be enclosed without space-consuming col­
umns. This will reduce load bearing walls, eliminate or
reduce expensive footings.
Special glasses now give increasing control of light
and insulation and allow designers freedom that will
lead tomorrow to curved glass walls in one unbroken line.
Synthetic fabrics will be stronger than any natural
fabric and won’t fade. New carpetings and drapes are
not only flameproof, they can be chemically treated to re­
pel dirt. They will cost more, but will save money in
Heating and air conditioning will make major ad­
vances, primarily with electro-static, self-cleaning filters
that will reduce germ levels in the air, thus cutting down
on illnesses and reducing absenteeism.
Pre-forming of materials off-site is producing fresh
approaches to design not previously possible because of
cost. You’ll see greater use of pre-finishecl surfaces, whole
framing and wall systems, pre-forming of a ceiling or roof
area with all utilities in place and lowered on with a
crane. Again, reduced maintenance costs will be a factor.
Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis

B y D. E.
V ice

P r e sid e n t


B u ild in g


E q u ip m en t

C orp.
S t. L o u is , M o .


Planning and Design

One way to provide better, advanced facilities is to
choose a designer whom you know can provide facilities
functionally planned to achieve your short-term and long­
term objectives efficiently and economically. A function­
ally planned bank is simply one designed for more, better
and more profitable business. And there’s only one way +
to do it—plan from the inside out. Start not with appear­
ance, but with needs.
Every successful project, whether new construction or
remodeling, must contain three key factors:
1. It must be functionally planned and designed for the
most efficient operations.
2. It must contain the elements for maximum merchan­
dising impact.
3. It must provide the space and flexibility necessary
for continued growth and expansion.
Mere adaptations of premises may work for a while
but survival will go to those who plan first for operations ^
and last for exterior appearance. Developing such a plan
begins with pre-planning surveys that involve—
Location—Can you stay where you are, or must you
move? Analyses of neighborhood, population trends, income, social patterns, etc., must be made. If you stay you
can you get space at reasonable cost? If you can’t boost
space by 50 per cent, better think about moving.
Operational Analysis — This takes a no-holds-barred
study of what you’re doing in your work and why; what ir



The unusual design of the new financial and business
center now under construction in Phoenix for Financial
Corporation of Arizona is shown on the front cover of
this issue. In the cover photo, the left circular building
will house the Home Savings and Loan Association, while
the right circular building will be occupied by Pioneer
Bank. David H. Murdock of Phoenix is president of the
This progressive building complex was designed by
Wenceslaus Sarmiento, chief designer for Bank Building
and Equipment Corporation, St. Louis. He and his asso­
ciates also designed the “bank buildings of tomorrow”
pictured with this article.




will be required five to ten years from now; projected
new services and demands from the community.
From these an interior plan is developed, based on what
you need now, and in the future. The latter must be in
today’s plans by providing for vertical or lateral expan­
sion, overbuilding, or extending the drive-up line.
Vertical expansion can be planned in advance by pro­
viding stronger foundations and framing for additional
floors. Lateral expansion requires placement of perma­
nent facilities so they won’t block expansion. Overbuild­
ing means building more than you need, then leasing it
out until the need arises. Drive-in facilities should be
planned for by potential extension of driving lanes, or
framing for extra windows that can be knocked out and
installed later.
The flexibility of the plan is incorporated through good
design and construction techniques.

Merchandising is no less important than new materials
or planning and design, even though in consideration it
comes last. Today’s most successful banking operations
are, increasingly, “department stores for money”—and
they’ll become far more so.
The lobby and fixture line become the hub of activity.
Design, decor, special features and facilities will combine
to make the merchandising impact necessary to attract
and hold new business. Banks should increasingly seek a
new personality to set them apart from competition. Ex­
terior design should help establish this identity and pro­
vide a show case for the services within.
The already established trend toward “open-vision”
banking will continue and grow. The open effect, with

A B A N K in a smaller city may find itself operating in this kind
of building environment in just a few years. Wide expanses
of glass will be practical for internal air control and to achieve
a friendly atmosphere. Glass will not shatter and small sections
can be replaced when necessary by glass welding process that
will leave no marks.

M ETROPOLITAN banks may find quarters like this to be a
practical answer in the not too distant future. High rise build­
ings will house several floors of parking to eliminate great ex­
pense of ground level lots. Monorail train at left will stop at
upper building levels.

view of warm lighting and furnishings, and busy people
is an “invitation” to come in and get acquainted.
You’ll see more use of the technique of “bringing the
outdoors inside,” with broad expanses of glass, the use
of air doors, patios, gardens, places where people may
More and more bankers will recognize their responsi­
bility to their commercial accounts by installing special
display areas where products may be shown. Community
rooms will become a fundamental piece of merchandising.
You can expect continued improvements in drive-in fa­
cilities—even drive-in branches, mile from the main bank,
that can be operated by a teller seated at a station in
central office.
It’s beginning to look as if there’s only one solution for
parking—in-building parking, and it’s an answer more
downtown banks are recognizing, instead of tying up hun­
dreds of thousands of dollars in valuable land for parking
only. You’ll simply build parking facilities right into the
building. W e’ve just designed a 33-story building with
five parking floors — a parking area sufficient for the
bank’s needs for years. It was unattainable in any other
practical way.
In addition to getting and holding business, an inviting
atmosphere and advanced facilities are important in build­
ing staff morale and productivity.
Obviously, a giant stride toward providing more ad­
vanced physical facilities is locating a designer who un­
derstands your business and can plan functionally to
meet operational and merchandising objectives.
It will be a demanding and exciting future—and from
the standpoint of people who’ll be working in such en­
vironments, comfortable and convenient.— E n d .
Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis


P r o je c t w'First 11 a ss P o w e ll99

ltank Spearheads
R em odelin g

P r e sid e n t

F ir s t N a tio n a l B a n k , P o w e ll, W y o .

E HAVE been asked about our
project for providing architec­
tural suggestions to stores for
remodeling, and how we got started
on this sort of thing.
Powell is a rather typical western
agricultural town, where the stores
were built along Main Street and there
wasn’t much money spent for archi­
tectural design or attractive style. The
main object was to get four walls and
a roof and a big show window in front,
and the result was a block or so of
buildings all in a row, looking much
alike, with an over-all look of monot­
ony and drabness—not much there to
attract customers unless they knew
they were going in that store anyway.


Businesses Move

B efore (to p ) and after photo­
graphs o f one Powell business firm
indicates what can he done to
re juvenate a business area.

As the town has grown, a number of
businesses have moved out of these
older buildings into new buildings
away from this area. The old owners
haven’t modernized their buildings in
many cases, and a number of them are
vacant. This hurts the morale of the
town, and certainly isn’t an appealing
sight to visitors.
In 1959 we built a new bank build­
ing, very modern and attractive, and
we hoped it would be an example for
other businesses in town to rebuild or
remodel their buildings. To push this
ideas we started a project, which we
call “Project First Class Powell,” to
provide ideas with the hope of stimu­
lating building owners to modernize.
Architect Redesigns Fronts

We send in color pictures of build­
ings to our architect, tell him the type
of business and the general ideas of
the owner, and out of this he makes
up a color sketch of a proposed new
front for the building. We don’t try
to tear down the old front and do it
over, but try to make something at­
tractive cut of what is already there,
and in a surprising number of cases
these old buildings do have interesting
details which can be worked over into
new fronts with some personality of
their own. We don’t even want a lot
of “standardized modern” fronts which
Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis

can look just as about as monotonous
as the old ones did, but we are after
individuality, and try to make the
front relate to the business inside.



One remodeled bar and cocktail
lounge looks like a saloon from the
outside. An outside mural on an auto
repair shop incorporates parts of an 1
automobile engine. We think you
should be able to tell the difference
between a photography studio and a
cocktail lounge without going inside.
Bank Furnishes Sketch

Our bank furnishes the color idea
sketch free, then if the owner goes
ahead with remodeling he pays the
rest of the charges for plans and
specs. About 10 businessmen so far
have remodeled their fronts, and sev­
eral more are in the planning stage.
They are all pleased with the results,
and have increased their business, but
we have no figures on the amount of
increase nor on the business generated
by the remodeling. One important re­
sult of fixing up a front is that it often
leads to modernizing the inside of the
building. The final result is not only
good for business, but the employee’s
morale is better.
Just fixing up a store front certainly
isn’t the only thing to be done in im­
proving a town, but it helps, and it
leads to other improvements. Our
project isn’t going to induce everybody
to modernize, either, but is helping.
We believe a town either goes forward
or it stagnates, both economically and
socially, and we what to do whatever
we can to help it grow.
Towns like ours don’t really want to
grow fast and become cities, as people
here think they have too many advan­
tages over a city in just plain living.
But we do realize that we have to
grow some in order to be alert and
progressive. This isn’t too easy these
days, especially in agricultural areas
with a declining farm population, but
one of the ways to do it is to have a
good looking town and interesting
buildings, and this is the part we are
working on now.—End.






W ays to Increase
Office Efficiency
. . . without



B e llin g h a m

ETTING more work done in the
bank can sometimes be accom­
plished through trick methods
known as speed-ups or by brandishing
a large blacksnake whip over the
staff. Neither method, however, is
recommended for this day and age.
They simply will not accomplish the
desired end of a more productive staff
effort from everyone in the bank
whether that unit be composed of a
single individual or scores of people.
In paragraphs to follow are many
steps taken by bank executives whose
firms are frequently cited as outstand­
ing examples of high efficiency and
good productivity. Only those appli­
cable to every type of banking opera­
tion have been included.


Time-Lapse Loss
One—Leveling out “time-lapse” in

various steps of work flow is usually
applicable in the bank lacking peak
efficiency. Invariably, experts find
there is a great deal of wasted time
in the movement of work from one
step to the next.
Where any work must “sit around
and wait” to be processed in a sub­
sequent step of the procedure there
is a lack of efficiency. Greatest pro­
ductivity exists wherever every phase
of work flows in a smooth operation
without a single time-lapse.
Employee Bottlenecks
Two—Eliminating specific employee

bottlenecks is another widespread
method for increasing staff productiv­
ity. Usually such an individual will
be found where work is stacked up
instead of flowing smoothly past his
work area.
Federal Reserve Bank of St. Louis

, W a s h in g to n

Some men and women simply do
not have facilities for handling cer­
tain jobs. Trying to let experience
bring about such capability usually
fails. Wherever this exists it is ad­
visable to replace such an individual
immediately. The common procedure
is to shift personnel around until each
man or woman is placed where his
or her capabilities fit needs of the job.
Occasionally an outright replacement
is necessary to avoid great waste of
w o r k productivity throughout the
whole bank.
Three— Cutting down the number
of forms used. The use of business
forms, particularly in a bank, can
get out of hand long before the situ­
ation is discovered. Wherever and
whenever any unnecessary form is
being used there is waste of employee
time and consequent reduction of ef­
This is not only a payroll waster
but a supply waster as well and adds
to overhead costs in many other ways;
for example, in requiring unneeded
filing facilities.
Eliminate Bad Influence
Four—Getting rid of any “bad ap­

ple” on the staff is a must where
maximum efficiency is sought. Too
frequently, such individuals are re­
tained because they possess a great
deal of efficiency at some skill or
other. Don’t “put up” with this type of
employee unnecessarily.
Such a “bad apple” destroys the ef­
ficiency of every other individual to
such an extent that his own assets
are reduced to almost nothing.
Five —“ Slow morning starts” by any
individual or section also reduces ef­

ficiency and productivity. Wherever
any single individual must wait on
someone else before the regular work
routine can be started then there is a
bottleneck which needs removal im­
Some staff personnel are fast start­
ers and others slow starters. The lat­
ter belongs at work tasks which do
not serve to set those of others in
motion. The “fast starters” should be
assigned to those chores which must
be done first thing in the morning be­
fore others can begin their own work.
Unimportant Items Later
Six—Too much slack period work

being handled as regular routine can
also decrease efficiency and produc­
tivity. There are countless such tasks
in any bank which do not possess the
time element and require immediate
handling. Where they are set aside
for slack periods such time can then
be devoted to more immediate and
productive work.
In many cases reassignment of this
nature can result in work accomplish­
ment which has been too heavy in
one area at a given time.
Seven—Removal of every possible
distraction can always increase pro­
ductivity of the staff. Experience
shows that where sudden work lags
crop up unexpectedly without expla­
nation there is usually a new distrac­
tion of one nature or another creating
that situation. Ferreting out and re­
moving this distraction can prove
well worthwhile.
Eight—Establishment of definite re22 W AYS . . .

(Turn to page 106, please)
Northwestern Banker, June, 1964


Warehouse Receipts Provider

■ Because o f th e w id e s p re a d in te re s t in w areh o u se re c e ip ts due to th e re c e n t S alad
O il S can d al, th e a u th o r p re p a re d fo r th e R o b ert M o rris A sso cia tes Bulletin a d e ta ile d
study on w areh o u se re c e ip ts and th e ir use in fin an cin g . S ince M r. Rogers is a lo n g ­
tim e s p e c ia lis t in banking th e fo o d and co m m o d itie s in d u s try, w h ich m akes ex ten sive
use o f w areh o u se re c e ip ts , a condensed version o f his a r tic le is pres en ted here. It
m ay p ro v e p a rtic u la rly h e lp fu l to yo un ger bankers in le a rn in g m ore o f th e procedures
and values o f w areh o u se re c e ip ts fin an cing .

AREHOUSE receipts are used
by most banks at one time or
another, and, despite the Salad
Oil Scandal, it does not appear that
their use will diminish. Warehouse
receipts are regularly used in many
industries — for example, the grain,
butter, and egg businesses.
Generally speaking, warehouses can
be divided into three classifications,
namely, (1) cold storage warehouses,
which are for merchandise that must
be refrigerated or frozen; (2) general
merchandise warehouses, which are
for merchandise that can be carried
under normal temperature conditions
(and this classification would include
the well known grain elevators); and
(3) field warehouses. Certain ware­
houses under classifications (1) and
(2) are under the supervision of a re­
lated commodity exchange. Such re­
ceipts are “deliverable” on futures con­
tracts of an exchange and should be
obtained when loaning on a “hedged”


Protection for the Lender

Since the receipt that the warehouse­
man issues is no better than the ware­
houseman himself, it is most impor­
tant that you have full information on
the warehouse company before grant­
ing loans against the receipts that
such warehouseman may issue. You
should determine that it is a bona fide
warehouse. It is most important that
the management be experienced and
have a good record in warehousing op­
erations. They must know how to
Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis

handle the type of merchandise stored
with them. The warehouse company
should be in a sound financial condi­
tion, and, as indicated, should carry
adequate warehouseman’s legal liabil­
ity insurance and adequate fidelity
bonds on the warehouse employees.
Financial information on the ware­
house company should be obtained as
well as copies of both types of insur­
ance. The insurance company should
be notified that you have an interest in
the policy through issuance of a certifi­
cate of insurance so that you will re­
ceive prior notice if cancellation of
the insurance takes place. If the ware­
house should be unable to deliver the
merchandise called for under the ware­
house receipts, you would then have
claim against the warehouseman and
his ability to meet such claim would
depend on a combination of his insur­
ance and his own financial position.
Field Warehouse Effective

The field warehouse is a compara­
tive newcomer to the field, having
really come into its own in the last 35
years, although it has been in opera­
tion for a much longer time. The field
warehouse differs from the terminal
warehouse in that the warehouse itself
is taken to the location of the mer­
chandise. This is accomplished by a
field warehouseman selecting a loca­
tion on or in the borrower’s premises,
leasing the space, properly recording
such lease, and qualifying the location
as a public warehouse.
Access to the merchandise must be

limited to the field warehouseman’s
representatives and he must have con­
tinuous, exclusive, and notorious pos’
session of the merchandise. This is ob­
tained by segregating the merchandise
to be warehoused into the leased space
and then keeping the area under lock
and key. Signs are posted giving ade­
quate notice to any person visiting the
premises that a warehouse of said
field warehouse company exists in r
such space and that the merchandise
therein is in the legal possession of
the warehouse company.
The representative of the field ware­
house company on the premises is y
known as the custodian and is usually
a former employee of the borrower
who have been taken into the employ
of the field warehouse company. While ^
this particular part of the operation
was under question at one time, it has
since been fully cleared by the courts.
The custodian is bonded for fidelity,
and the minimum figure for a field Vwarehouse custodian should probably
be not less than $100,000.
Periodic Inspection

The auditors of the field warehouse
make periodic inspections of the ware­
house, and the maximum time be­
tween such visits is from 60 to 90 days.
In addition, the warehouse receipt T r
holder should make his own inspection
of the warehouse from time to time to
determine that the warehouse is being
conducted properly, that the merchan- \
dise is properly segregated and actu­
ally is the quantity and quality of mer­
chandise “said to be” represented by
the warehouse-receipt. These opera­
tions are bona fide warehouses, and, >if properly set up and operated, the
same protection is afforded the ware­
house receipt holder as is provided by
any comparable terminal warehouse y
The well-known field warehousing
companies now operate on a national


Sound Loawts



V ic e

P r e sid e n t

H a rris

T ru st

S a v in g s
C h ic a g o ,





basis and carry substantial bonds for
both warehouseman’s legal liability
and for fidelity. The Salad Oil Scan­
dal has pointed up the need to know
the details and the adequacy of insurance to protect against dishonesty of
the principal, or so-called owner, of the
The field warehouse has the advan­
tage of being able to operate on the
borrower’s premises and, consequent­
ly, changes the borrower’s operations
only slightly. The facilities of the bor­
rower may be used for handling the
merchandise and said merchandise is
readily available to the borrower, sub­
ject to the release of said merchandise
by the holder of the receipt. Where
non-negotiable receipts are held, full
control over the authority to release
the merchandise should be maintained.
Probably the minimum dollar amount
which can be economically handled
under a field warehouse operation is
$25,000. At this level the borrower
would be paying the equivalent of 2
per cent more for his money as the
cost for the warehousing. This grad­
ually reduces to about seven-eighths of
one per cent when the value of the
merchandise reaches the $1,000,000
The Warehouse Receipt

Now that we have our warehouse all
set up and approved, what about the
Federal Reserve Bank of St. Louis

receipts that are issued? The receipt
itself can take literally any form, pro­
vided said receipt contains within its
printed or written form the nine terms
required by the Uniform Warehouse
Receipts Act or the same nine terms
as required by the Uniform Commer­
cial Code. We have had some queer
looking documents presented to us as
warehouse receipts, but on applying
the test of these nine terms, they have
proven to be true warehouse receipts.
I could enumerate these items, but I
am sure you wouldn’t remember them,
and they are available to you in any
copy of the Uniform Warehouse Re­
ceipts Act or the Uniform Commercial
What value does the warehouse re­
ceipt itself provide the lender? The
warehouse receipt is a document of
title as contrasted to a lien which, for
example, may be obtained through a
chattel mortgage. Don’t let that docu­
ment of title mislead you too much,
for in the case of trouble you can’t
just walk in and take over. However,
I know of no case where a warehouse
was properely operated in which the
courts have not ultimately granted
proper rights to the holder of the ware­
house receipt. Again, may I point out
that by use of a warehouse receipt the
merchandise is placed in the hands of
a responsible third party, with the ex­
ception of certain situations where the
warehouseman owns the merchandise
Types of Receipts

There are two types of receipts is­
sued; namely, negotiable and non-negotiable. A non-negotiable receipt must
have clearly marked on its face the
words “non-negotiable” or “not negoti­
able” so that the distinction is readily
apparent. A negotiable warehouse re­
ceipt is, as it implies, a negotiable doc­
ument and, as such, has the attributes

of negotiable paper. However, there
is the inherent disadvantage that a
negotiable receipt must be presented
to the warehouseman before partial or
full delivery of the merchandise repre­
sented by the receipt can be made.
Likewise, it must be as carefully han­
dled as any negotiable document, and
if it is lost, it can be replaced only
after an appropriate bond has been
Most of the warehouse receipts is­
sued to banks, outside of receipts rep­
resenting grain and other hedgable
commodities, are non-negotiable re­
ceipts. These receipts are issued in
the name of the lender, and while they
may be transferred or assigned, they
generally are not. They can always
be exchanged for a negotiable receipt
if one is later desired. A non-negoti­
able receipt itself need not be sur­
rendered in case of a partial or full
release of the merchandise, but such
release is normally made in writing to
the warehouseman. The release can
also be made verbally in case of emer­
gency with subsequent written confir­
mation. In view of this, the mechan­
ical handling from the lender’s stand­
point is greatly simplified.
Weaknesses in Receipts

The warehouse receipt does have
certain weaknesses which must be
guarded against, and I would like to
point out a few of these. In particu­
lar, I would like to emphasize again
that the receipt itself is no better than
the warehouseman who has issued it.
The receipt does not provide insurance
for fire, windstorm, and extended cov­
erage unless it is so stated on the face
of the receipt itself. For this protec­
tion on the merchandise, the borrower
normally takes out an insurance pol­
icy and provides a loss payable clause
in favor of the lender as a rider to the
policy. You should realize that all
charges of the warehouseman repre­
sent a prior lien on the merchandise,
and, as a consequence, it is important
that the warehouse receipt holder
knows that the charges of the ware­
house are currently paid. The ware­
house receipt cannot convey to a hold­
er a title any better than the title held
by the storer of the merchandise.
The question of title become more
important in Code states due to the
comparative ease with which liens on
inventory can be obtained under the
Code. As a result, there could be more
occations now than formerly in which
questions of priority of lien or conflict
may arise. Section 7-503 (1) of the

(Turn to page 108, please)
Northwestern Banker, June, 1964



y -,

B a n k ers


•loliii F. \.*isli


T he Am erican National Bank o f Saint Paul
Saint Paul, M inn.


“ Essentially a team man, he sees need for continued strength­
ening, maintenance, and development of personnel.”

HE dynamic drive which carried
John F. Nash through three
years as a letterman on the Uni­
versity of Indiana football squad still
is the energizing factor that sustains
him in his fast pace as president of
The American National Bank of Saint
Paul, Minn. The lessons of arduous
training, self-discipline and planning
every move ahead that he learned un­
der Head Football Coach Bo McMillan
in 1940-41-42 are much in evidence in
Mr. Nash’s daily routine at the bank.
An early riser, he frequently arrives
at the office at 7:00 or 7:15 in the morn­
ing. From that time on throughout
the day he meets with appropriate ac­
tion the myriad of decisions that come
the way of every chief executive of
.a growing, thriving business. Al­
though perfection is a trademark with
him, Jack Nash can make quick deci­
sions, and is fair in the judgment of
his associates. His colleagues say that
“Jack operates at one speed—wideopen.”
He is admired and respected by his
associates for his broad knowledge,
not only of banking, but of all phases
of the business and economic world.
Essentially a “team” man, Mr. Nash
exerts great personal effort in his
work and this quality is reflected in
the ability and capability of the Ameri­
can National staff. This example of
hard work and dedication is a key
factor in the continued rise of The
American National.
Mr. Nash was born in Indianapolis,


Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis

Ind., October 22, 1919, later moving to
South Bend, Ind., where he partici­
pated in football, baseball and track in
high school. At the University of In­
diana he majored in business and edu­
Following graduation in 1943 he re­
ported for military duty, and as an
infantry officer saw action in Africa
and Italy. Upon his return he accepted
a teaching and coaching position at
Central High in South Bend. He
coached football and track, studying
simultaneously for his graduate de­
gree in education and administration.
This experience has convinced Mr.
Nash that “education is the key to
healthy growth, not only in the indi­
vidual, but in our economic system.”
He was invited to join the staff of
the First Bank and Trust Company of
South Bend, Indiana, in August, 1946,
as a business development representa­
tive. Subsequently, he held the posts
of assistant treasurer, consumer credit
and personal loan officer, director of
personnel-advertising and public re­
lations, vice president and senior loan
officer, and senior vice president and
secretary. In 1960, he became presi­
dent of the Bank of Palm Beach at
Palm Beach, Florida. He held the
latter post until he resigned to be­
come president of the American Na­
tional Bank in Saint Paul, Minnesota,
in January, 1962.
Mr. Nash was married August 30,
1943, to Lois Naomi Shumaker. They

have three children—Valerie, 19; John,
16, and Peggy Ann, 11.
Jack Nash’s drive and desire for
worthwhile service carries outside the
bank as well. He is a trustee of the
Saint Paul Foundation and is on the
board of directors of nine St. Paul civic
groups. In addition, he serves on
three corporate boards. In the two
and one-half years that he has resided
in St. Paul, he has already found time
to be chairman of the fund drive for
the St, Paul Council of Arts and Sci­
ences and the Chapter Plan Committee
of United Fund. In 1963-64 he was
chairman of the United Fund’s public
relations committee. He is also a
member of the Association of Reserve
City Bankers, A.B.A. and Minnesota
Bankers Association, St. Paul’s Ath­
letic Club, Minnesota Club, Somerset
Golf Club, Rotary Club and Knights of
He is in frequent demand as an
after dinner speaker but of necessity
has to limit these engagements.
Banking still claims the lion’s share
of his time, however, and with typical
foresightedness, Mr. Nash views the
future of banking with these thoughts
on the problems facing bankers today:
“ (1) One of the greatest is the need
for continued strengthening, mainte­
nance, and development of personnel.
The demand for capable young bank­
ers shall become greater and greater

(Turn to page 114, please)


> -






'Y our consultant sh o w e d us h o w to

take the guesswork i
out of planning H s v .

says Thos. G. Wilson, President, First State Bank, Conway, Arkansas

"B efore w e w ent ahead
w ith our building program,
we wanted to know just
w hat we were getting into
and how much it w ould

Y our c o n s u lta n t,

Charles Guimbarda, took
the guesswork out of our
planning. He showed us
e x a c tly h o w o u r n e w
quarters w ould work, w hat
they w ould look like, and
gave us a guaranteed cost



ance showed us w hy so
many bankers in our area
call in one of your M idC o n tin e n t

c o n s u lta n ts

first, before making plans."

Bankers want facts, dislike guesswork. That’s why they appreciate Bank
Building’s unique, detailed preliminary presentation. You see exactly how your
completed project will look and function, and know how much it will co s t...
before you make costly commitments. This presentation is a product of your
consultant’s on-the-spot analysis of your requirements, plus the practical knowl­
edge and experience of an organization which has planned, designed, built,
and equipped over 4,000 financial projects. May we tell you more about it?
Free planning guide! Send fo r " 9 9 problem s you face when you plan n ew quarters.

C h arle s G u im b a rd a ,
C o n s u lta n t


1130 Hampton Avenue • St. Louis, Missouri 63139 • Phone: Ml 7-3800 Area Code: 314

Federal Reserve Bank of St. Louis

IN: A T L A N T A « C H I CAG O ♦ D A L L A S • N E W

Y O R K • ST. L O U IS ♦ S AN



Fluitt N a m e d P a rtn er
In G arvin , Bantel & C o.



Lyle E. Fluitt has been made a
general partner of Garvin, Bantel &
Co., money brokers and member of
the New Y ork
and A m erica n
Stock Exchanges,
it was announced
last month by the
32 year old firm.
Mr. Fluitt has
with the firm for
5 years and heads
their business de­
v e lo p m e n t
L. E. F L U I T T
partment in addi­
tion to being manager of their West
Coast office in Los Angeles.
A native of New Mexico, he became
associated with the Republic National
Bank of Dallas following his gradua­
tion from the University of Texas. He
later attended New York University
Graduate Business School.
Garvin, Bantel & Co. is the nation’s
largest money brokerage firm and
holds one seat on the New York Stock
Exchange and three seats on the
American Stock Exchange. The firm
is widely known in banking circles
for having created and for maintain­
ing the principal market for Federal
funds or bank reserves.






Show s 6 P er Cent Gain

Collateral . . . bonded, prime collateral . . . is the
keystone to the security and availability of your
loan services. Through field warehousing, St. Paul
Terminal Warehouse provides you with Preferred
Warehouse Receipts—the best collateral for credit
extension beyond open line limits. By converting
your customers inventories into this kind of prime
collateral, your bank makes more loans—and the
loans you make are more secure.
St. Paul Terminal’s dependability, flexibility and
security in field warehousing is unmatched. So keep
the many benefits of this valuable service working
for your bank . . . contact St. Paul Terminal today!




Offices in p rin cipal cities
4 2 5


Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis




St. Paul, M in n e s o t a

National Reserve Life Insurance
Company of Topeka and Sioux Falls,
enjoyed a year of continued progress
during 1963, according to the report
of H. 0. Chapman, Jr., president, at
the company’s 44th Annual Meeting
held last month in Sioux Falls, South
President Chapman called attention
to the fact that in the important cate­
gory of insurance in force, National
Reserve Life, made a six per cent gain
in 1963. Total insurance in force in­
creased to $328,385,382. The company
also showed a seven per cent gain in
insurance written during 1963. Both
of these percentages compare favor­
ably with the Nation’s insurance in­
dustry averages.
The stockholders were also advised
that in February of the current year
a new schedule of policy rates and
values was introduced and has already
resulted in producing a significant
sales increase, throughout the company’s operating territory. For ex­
ample, the sales increase has placed
National Reserve Life, 44 per cent
ahead on submitted business and 26
per cent ahead on Issued and Pair for
Business, for the same period of the
first four months in 1963.







Boardwalk at Atlantic City

problem in New Jersey
(to get quick and accurate credit information)

solution in New York
( through Chase Manhattan)
" W e ’ve received a large order from a firm in Alaska— h ow ’s their credit?” T h e
N ew Jersey banker w h o was asked that question by a m ajor custom er had no
direct source o f up-to-the-m inute inform ation— but he got the answer prom ptly.
He simply called Chase M anhattan’s credit specialists, w h o handle hundreds ot
such inquiries every day. Bankers throughout the country know they can rely on
Chase M anhattan’s credit files, its large staff o f investigators, its international
netw ork ot branches and correspondents. Do you need current— and quick—
business inform ation about a com pany in the states or most anyw here in the
world? Chase M anhattan can provide it.
W h erever you are, whatever you r correspondent banking need, call on Chase
Manhattan, N ew York. R em em ber—

Most U. S. banks that have named a New York correspondent rely on
the people at Chase Manhattan.
Thomas F. Gaffney, Assistant
Treasurer, is the officer to call
onfor credit information. Your
bank, too, can phone him at






1 Chase M anhattan Plaza, New Y ork, N. Y. 10015 Member Federal Deposit Insurance Corporation
Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis


A ff
C on feren ce Set fo r
Jtism arefi •fu n e 2 4 - 2 0
HE 10th annual convention of the
Upper Midwest Agricultural Credit
Council will be held June 24-26 at the
Holiday Inn in Bismarck, N. D.
Highlighting the program will be
three workshop sessions dealing with
meeting loan demands, long range
financial planning and the analysis of
loan requests.
The panel on meeting increased de­
mands for farm loans will be com­
prised of G. L. Hill, executive vice
president, Farmers and Merchants
Bank, Aberdeen, S. D.; Charles N.
Shepardson, member of the board of
governors of the Federal Reserve Sys­
tem; Lindley Finch, vice president,
Continental Illinois National Bank and
Trust Company, Chicago, and R. D.
Harkison, senior vice president, First
National Bank and Trust Company,
Fargo, N. D.
Participants in the discussion on
long range financial planning will be
James P. White, assistant dean, School
of Law, University of North Dakota,
and Dr. Philip M. Raup, professor of
agricultural economics, University of





,1**** !


The session on the analysis of loan
requests will feature actual case stud­
ies of loans in various phases of agri­
culture. Loans covered will include
cash grain and livestock, dairy, cattle
and sheep ranching, specialty crops
such as sugar beets and potatoes, live­
stock feeding, and cash grain.
N a m e d K o ste r-D a n a D irector

Huntington M. Turner has been
elected a director of Koster-Dana Corporotion, it was announced by Henry
S. Koster, chair­
Mr. Turner is
regional vice pres­
ident in charge of
19 Lower Man­
hattan offices of
C h em ical Bank
New York Trust
C om pany, from
which he will re­
tire on June 1 un­
H. M . T U R N E R
der the bank’s
compulsory retirement program. Kos­
ter-Dana, a diversified holding com­
pany, is the owner of the North
American Newspaper Alliances, BellMcClure Syndicate, Aircraft Interna­
tional Co., H. O. Boehme, Inc., Liquidonics, Inc., and other companies.


C on tin en tal B ank

I ill* «



You'll Be in Good Company at




( A R C , EST



PLANNING a sales meeting or convention? Our 30
Meeting and Exhibition rooms accommodate up to
6,000 for meetings— 4,000 for banquets.


[ h o t e l LEAMINGTON

, CITY_____

M organ P ro m o tio n s

Election of Louis F. Geissler, Jr., as
a vice president of Morgan Guaranty
Trust Company of New York was an­
nounced today by Henry C. Alexander,
chairman of the board.
Mr. Geissler is in the general bank­
ing division, assigned to the New
England district. He joined the bank
in 1947 and was elected an assistant
vice president in 1956.
Also announced was appointment
of David B. Dyche, Jr., William E.
Pike, and Henry S. Schreier, Jr., as as­
sistant vice presidents.
Mr. Dyche, assigned to the corporate
research department, formerly was an
investment research officer. Mr. Pike,
who is in the general banking division,
formerly was an assistant treasurer.
Mr. Schreier, who is in corporate re­
search, formerly was an investment

Bankers are Select Risks and we have special coverage
designed for Bank Men and Women. Write for Application
and Information.



P ro m o tio n s

Directors of Continental Illinois
National Bank and Trust Company,
Chicago, have promoted 13 officers and
elected 14 others.
In the commercial banking depart­
ment, Donald W. Campbell, William
H. Grove, Fred W. Shewell, and James
D. Walsh were promoted to vice presi­
dent from second vice president, and
Richard F. Babcock and Robert H.
Bukowski were promoted to second
vice president from assistant cashier.
Newly elected assistant cashiers were
Ralph L. Arnheim, Jr., Edward S.

Bottum, David E. Colburn, Michael J.
Feltes, and Donald J. Ross.
In the trust department, Victor S.
Nelson was promoted to second vice
president from trust officer and James
A. Leech was promoted to trust officer
from assistant secretary. George O.
Hinners was named assistant secre­
tary, David R. McClurg, Jr., invest­
ment officer, and F. Gaylord Nance,
real estate officer.
David G. Taylor, bond department,
was promoted to second vice president
from assistant cashier.
John E. Jones, in the international
banking department, was promoted to
second vice president from assistant
cashier. Bruce C. Marshall was elected
second vice president, and Chapin
Bernard and William H. Bohnsack
were named assistant cashiers.
In the operating department, George
P. Dekker and Henry F. Zey were pro­
moted to second vice president from
assistant cashier, and Gene C. O’Con­
nell to the same post from assistant
secretary. Wendell G. Burke, Arthur
W. Frick, and Robert M. Quigley were
elected assistant cashiers.


FOR ROOM RESERVATIONS W R IT E PHONE 612 333 6 1 6 1 -T W X 612-321-1166

Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis

Minnesota Commercial Men’s Association
2550 Pillsbury Ave. S.

Minneapolis 4, Minnesota


Diebold Vue-Matic banking brings you a versatile new tool to use in planning drive-in banking
service. Vue-Matic banking combines closed circuit television with pneumatic conveyors . . . is
the most advanced television banking system available today. The story of Diebold Vue-Matic
banking’s many advantages is a big, significant one. Use coupon for details.






----- ---------- ------------ — -f

D IEB O LD , Incorporated


Dept. B-123

Canton 2, Ohio


Please send me complete information
Vue-Matic banking.



Name--------- -------------------------------------------------------------------------'

In Canada:


Firm-------------------------------------------------------------------- ----------------Address____________________________________ ___________


City________________________ Zone______ State--------------------


DlB-2365 I
L — --------------------------------- ----------------------------- --------- J
Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis


Franklin N a tion a l Changes
O rgan ization al S et-U p
RTHUR T. ROTH, Chairman and
Chief Executive Officer of the
Franklin National Bank New York
has announced four separate divisions
of the bank, each with its own presi­
dent, have been
cre a te d . T h ese
are: the Metro­
politan Division,
the National-In­
ternational Divi­
sion; the Nassau
Division; and the
Suffolk Division.
Four Franklin
National senior of­
ficers have been
R. D . E L T O N
named to head
the new divisions. They are: Patrick
J. Clifford, president, Metropolitan Di­
vision; Roger D. Elton, president,

Want to Catch
the farmer's
S e n d him —

He considers it th e n ext best
th in g to a big b alan ce in his
m o n th ly s ta te m e n t. Costs so
little to have th is exclusive in ­
te re s t arouser in yo u r c u sto m e r
r e la tio n s p ro g r a m . S e n d fo r
fre e copy and d etails.
B a n k S e rv ic e s D e p t.

8900 Manchester Rd.



St. Louis, Mo. 63144

National-International Division; Wil­
liam B. Lewis, president, Nassau Di­
vision; and Harold V. Gleason, presi­
dent Suffolk Division. These same
officers will also act as chairmen of the
boards and officers’ committees of
their respective divisions.
Paul E. Prosswimmer, president of
the Bank and Chief Executive Officer
following Mr. Roth, will continue to be
chairman of the loan and discount
committee. George H. Becht, adminis­
trative vice president and cashier, will
supervise corporate matters.
In announcing the banking innova­
tion, Mr. Roth stressed the necessity
for these organizational changes in
the light of the bank’s expansion into
New York City and the need to con­
tinue Franklin National’s long estab­
lished policy to decentralize responsi­
T o E x p a n d F oreign
C h equ e M arket

Dougles F. Bushnell, vice president
of American Express, assumed new
duties in the Travelers Cheque Divi­
sion last month, according to an an­
nouncement by Senior Vice President
James A. Henderson.
In his new assignment, Vice Presi­
dent Bushnell undertakes responsi­
bilities in connection with Travelers
Cheque sales in Canada and the over­
seas area. He will participate in the
overall analysis of the international
Travelers Cheque market, working
with those concerned for the establish­
ment of an expanded sales and market­
ing program abroad.
N a m ed P ress O fficer

Most information on the internal
operations of the Valley Bank of Phoe­
nix—actions of the board, statements
of earnings, officer promotions and

from the S T U D L E Y , S H U P E R T


Studley, Shupert Trust Investment Council members will tell you that
no mail from the Council is ever filed in the wastebasket. It’s full of
meat. It’s vital to th eir accounts. It’s saved fo r future reference. W rite

for details of Mem bership.

Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis

new services—comes to banking me­
dia from the bank’s publicity depart­
The board of directors met last
month in Phoenix, and Richard I.
“Dick” Hopper, who had access to
what transpired, sent out a release to
the state’s papers, radio and television
What was purposely held back from
him, however, was an action that gave
him special recognition as the Valley
Bank’s press relations officer.
It befell the advertising department
to venture on unfamiliar ground and
attempt to have this promotion an­
nounced at the same time Hopper’s
story on the board decisions was mak­
ing the rounds.
Mr. Hopper became assistant to pub­
licity director Chas. W. Pine. When
Pine left the bank in mid-1963 to
found his own public relations firm,
Hopper carried on the departmental
work without benefit of title.
D etro it B ank A n n o u n ces
M a jo r E x ecu tiv e C hanges







Six major executive appointments
have been made by the board of di­
rectors of the National Bank of





All of the changes are effective June
1, at which date, as has been previ­
ously announced, Donald F. Valley
will retire as chairman of the board,
Henry T. Bodman will succeed him as
chairman and chief executive officer,
and George E. Parker, Jr., will succeed
Mr. Bodman as president and chief
administrative officer.
In the board action:
Ellis B. Merry and Robert M. Surdam were appointed executive vice
Norman B. Weston was appointed
senior vice president and trust officer.
James A. Zinn was appointed senior
vice president.
A. D. Freydl, senior vice president,
was appointed to succeed Mr. Merry
as head of the bank’s city division.
Mr. Freydl also will continue to be in
charge of the uptown office in the
General Motors Building.
Charles T. Fisher, III, vice presi­
dent, was appointed to succeed Mr.
Surdam as head of the National Di­







How do 560,000
Christmas Club members
make payments on their

With 560,000
Christmas Club checks.


Every year, millions o f dollars saved by Christmas Club
members are applied to mortgage payments. O r income taxes.
O r insurance premiums. A n d you’re the man that makes it
all possible— that is, if you have a Christmas Club.
Because with Christmas Club you help people do the things
they want to do.
Then they’ re more likely to bring their other banking busi­
ness to you, too. And they have a lot o f it. O f the more than






14 million Christmas Clubbers, 2,072,000 have mortgages.
Nearly 11 million have savings accounts. More than 3 million
have taken out loans where they have their Christmas Club.
I f you don’t have a Christmas Club, let us show you how easy
and inexpensive it is. If you do, let the Christmas Club man help
make it more effective.

Just contact the originators. Christmas Club a Corporation,
230 Park Ave., New York 10017.

Christm as C lu b
a C o rp o r a tio n
Federal Reserve Bank of St. Louis

Nort hwest ern Banker, June, 1964

A . I'.ft. E le c ts inailiy
tteu lifjn s O fficer S tru ctu re
elected chairman and chief execu­
tive officer of the National Cash Regis­

becomes vice president and group ex­
ecutive— R & D and manufacturing.
In that post Mr. Chollar will have re­
sponsibility for the coordination of all
NCR product development and manu­
facturing operations.
George Haynes, formerly interna­
tional vice president, becomes vice
president and group executive—inter­
national operations.
Harry C. Keesecker, formerly mar­
keting vice president, becomes vice
president and group executive—do­
mestic marketing.
Mr. Oelman said these three com­
pany officers have been given the
special officer status to more fully
reflect their broad operating responsi­
bilities in the development, manufac­
turing and marketing of NCR prod­
At the meeting directors also elected
two new NCR vice presidents and a
new controller.

ter Company, and R. Stanley Laing,
formerly executive vice president, was
named president of the company at
the annual organization meeting of
the NCR board of directors.
In becoming president of NCR, Mr.
Laing moves into the post to which
Mr. Oelman was first named in 1957.
Since he became chairman of the com­
pany in 1962, Mr. Oelman has been
serving as both chairman and presi­
Also announced was a change in
NCR's management structure through
the creation of a new officer category,
that of vice president and group ex­
Named to fill the three new posi­
tions were:
Robert G. Chollar, formerly vice
president, research and development,

Named as vice president, finance,
was John J. Hangen, who has been a
member of NCR’s Financial Division
for the past 23 years and who has
served as controller since 1960.
Daniel K. Hughes, who formerly
supervised manufacturing in NCR’s
overseas factories as special assistant
to Robert J. Christian, vice president,
manufacturing, was designated to suc­
ceed Mr. Christian, who is retiring af­
ter a 47-year career.
Alan S. Holzman, the company’s di­
rector of pricing for the past three
years, was elected to succeed Mr.
Hangen as controller.
F .P .R .A . Y e a r b o o k O u t

Financial Public Relations Associa­
tion recently published its annual
Y e a rb o o k , a digest of principal
speeches presented at the Associa­
tion’s 48th Annual Convention in Los
Angeles in November. The 393-page
volume contains 54 presentations on
topics of practical interest to financial
executives concerned with communi­
cations, installment credit, savings
and mortgages, staff relations, com­
mercial development, and trust. Since
the speakers are leaders in their fields,
the FPRA Yearbook is as much a
textbook as it is a review of the organ­
ization’s annual meeting.
Included too is a four-part short
course in practical semantics, the pro­
ceedings of the sessions which opened
each business day of the convention.
Copies of the Yearbook have been
sent to FPRA members. Non-mem­
bers may order it ($8) from FPRA,
120 Madison Building, Chicago, Illi­
nois. 60602
À .B .A . G ro u p

There’s talk among

They ta lk about the advantages of handling a[l th e ir West Coast business
through one account with one bank. For example, the convenience of
routing all West Coast item s to any one of our offices fo r im m ediate credit.





Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis




MEMBER F . D . I . C .

For the first time in the history of
the organizations, the National and
State Divisions of the American Bank­
ers Association have adopted specific
platforms and statements of principles
to guide the operations of the two
Walter A. Schlechte, president of
the National Division and president,
Old National Bank, Evansville, In­
diana, said that the outlined objec­
tives are divided into short term and
long range. All members of the Na­
tional Bank division have received
copies of the statements.
Frank A. Gunther, president of the
State Division and president, Security
Bank, Washington, D. C., said his di­
vision’s platform “underscores the de­
termination of state bankers to ex­
pand and intensify their activities of
the division in keeping with its role
as the nation’s principal representa­
tive of state banks.”

from New York’s
Our three new offices in metropolitan New York — opened
May 18 — welcome the banking fraternity. You’ll find a
direct, new style of banking, with many unique features.
One is the approach our National Division takes toward the
Dept. Head— Western States

Correspondent relationship.
We believe in allegiance — in full service for only one bank
in each community. We have confidence in our Correspon­
dents’ credit judgments. We understand his occasional need
for loan participation. We know his problems — in muni­
cipal and school-district financing, for instance.

Asst. Vice President,
Midwestern States

Our understanding is based on experience. Less than fifteen
years ago we were a thirty-milhon-dollar bank, with limited
resources. We know the importance of friendly cooperation.

If you need a correspondent organization, just call your Regional Represen­
tative in our National Division. And when you’re in town, drop in to see us.
We’ll welcome the opportunity to talk to you.

National Division

Madison Avenue at 48th Street • Code 212 MU 8-7000
A Good Bank To Grow W ith

Member f . d . i .c .

Northwestern Banker. June, 1964
Federal Reserve Bank of St. Louis

l n s n r t u n ’ 11 . . .
(Continued from page 31)
The customer likes this since it saves him the time and
trouble of keeping track of all his insurance. On fire and
casualty lines, the customer can call us on the phone and
we make the necessary changes he wants made.”
Iowa, Deposits $3,700,000—“Yes. Most of the business
written by our bank is the result of customers requesting
coverages. They like to do as much personal business as
they can under one roof.”
North Dakota, Deposits $1,000,000—“Yes. We are in a
position to be of real service to the public. We have reg­
ular hours. The customers know some one will always be
on duty to assist them. We are well located for the public
and these together form a good combination.”
Minnesota, Deposits $4,500,000—“Yes. Our personnel
are able to advise and take care of customers and other
members of the community on their insurance problems.
Also, the operation of this department makes it easier
to keep adequate and proper insurance coverage on the
bank’s loans.”
Iowa, Deposits $5,000,000—“I feel it is a service that we
must have to be a full service bank.”
Iowa, Deposits $1,500,000—“Yes. We are in a small town
and as such there is a need for insurance.”



In creases F acu lty

Three new names have been added
to the faculty list at the School of
Financial Public Relations, according
to the school’s director, Ernest G.





In summary, it is evident that a majority of banks con­
sider insurance an important part of bank operations.
Where banks do not include the insurance operations as
part of the bank, income received from the sale of insur­
ance is a valuable asset to officers handling it.
In sev­
eral instances it was reported that while the insurance
operation is not actually a part of bank operations, the
income received from the sale of insurance is divided
among the officers involved.
It is safe to assume that with ever-increasing costs of
bank operations and tightening profit margins, insurance
will continue to play an important part of profitable bank­
ing.— End.

Birnie, president, Bank of Georgia;
Jack F. Glenn, assistant president, Cit­
izens and Southern National Bank;
Edward D. Smith, president, First Na­
tional Bank; Gordon Jones, president,
Fulton National Bank, and A. H.
Sterne, president, Trust Company of
Georgia. They are introduced by
Morris R. Brownell, Jr., vice president
of The Philadelphia National Bank
and a vice chairman of the Founda­
tion, and Rogers H. Woods, Jr., execu­
tive director of the Foundation.

F ilm A n n o u n c e d

A new motion picture film short en­
titled “The Atlanta Story” has been
produced by the Foundation for Com­
mercial Banks, it was announced re­
cently by Tilden Cummings, president
of the Continental Illinois National
Bank and Trust Company of Chicago,
and chairman of the Foundation.
The film will be shown to banking
groups throughout the United States
during 1964, he said.
The 15-minute film tells the story of
how the five largest banks in Atlanta
joined in a united advertisng campaign
to promote the story of “full service”
commercial banking to the people of
Featured in the firm are: Joseph E.

Iowa, Deposits $8,700,000—“Yes. It gives us greater
protection if the insured or borrower happens to have an
accident or health problem or loses his life.
Nebraska, Deposits $1,250,000—“Yes. It is just one
more service we can offer our customers, and we feel that
we tailor coverage to the needs of our customers rather
than selling him all we can.
Iowa, Deposits $4,000,000—“No. Other than offering
credit life, mortgage protection life and regular plans of
life insurance, I believe that insurance is in no way essen­
tial to good banking service.”



Gearhart, Jr., vice president of The
First National Bank of Miami, Fla.
The school will hold its annual twoweek summer session on the Chicago
campus of Northwestern University
July 5-18.
Teaching a course in business de­
velopment will be William P. Scott,
vice president and director of public
relations of The Central Trust Com­
pany, Cincinnati, Ohio.
Two new instructors have been
named for the course in effective pub­
lic speaking. They are Dr. E. J. Kerikas, assistant professor of speech edu­
cation at Northwestern University;
and Kenneth L. Brown, assistant di­
rector of a national speech institute
sponsored by the university.


Makes if much easier for you to convert your accounts into buying their own checks
Ask our salesman about this plan.



Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis


It all adds up! T
Eight reasons why it’s good business
to offer your customers the very best...
First National City
Travelers Checks
■ Issued by a member of the Federal Deposit Insurance Corporation.
■ Backed by the best-known name in world-wide banking, with over
$11 billion in assets.
■ Only issuer offering checks in all the following denominations:
$1000, $500, $100, $50, $20, $10.

■ Available and acceptable everywhere.
■ Outstanding refundability through a truly g lo ba l refund system with
thousands of refund points at home and abroad offering im m e d ia te on-the-spot
refunds . . . even for tran sie n ts.
m Promoted throughout the country and the world by powerful advertising in

leading magazines...effective point-of-sale and point-of-use signs and
posters... by an array of hard-working sales tools available for your use
to help sell each of your services including travelers checks.
■ A full range of foreign and domestic correspondent bank services available.
■ First National City offers complete banking and travelers check services at
the New York World’s Fair—and is the only bank at the Fair.
F o r fu r t h e r in fo rm a tio n write o r call collect. T ra ve le rs C h e c k D e p a r tm e n t ,
F ir s t N a t io n a l C i t y B a n k , 3 9 9 P a r k A v e ., N e w Y o r k , N . Y . 1 0 0 2 2 .
T e le p h o n e : 5 5 9 - 1 0 0 0 ( A re a C o d e 2 1 2 )

First National City Travelers Checks

Northwestern Banker. June. 1964
Federal Reserve Bank of St. Louis


Now available from a leading all-lines Agency Mutual company . . .

. . . a new opportunity to
expand your agency's
volume and profits
Now, as an agent for Employers Mutual Casu­
alty Company, you can serve your clients with the
broadest form of third party liability coverage . . .
the excess and added protection once available
only from the largest foreign and reinsurance
Sell your commercial accounts this m odem pro­
tection against the danger of catastrophic loss . . .
the policy that floats over regular primary cover­
age; covers excess liability for virtually all risks;
drops down to a selected retention on types of
hazards not ordinarily included in a primary lia­
bility program.
Every substantial business should have Umbrella
Liability of $1,000,000 or more to protect against
losses that might otherwise be disastrous.
New protection to meet a m odem -day need.
Write Umbrella Liability with the company that
specializes in commercial protection, including
workmen’s compensation.

Decentralized Branch Offices Coast to Coast
Charlotte, N . C. • Chicago • Dallas • Denver • Des Moines
Detroit • Jackson, Miss. • Kansas City • Lansing • Little Rock,
• Milwaukee • Minneapolis • Omaha •
Phoenix • Vancouver, B. C. • Wichita, Kans.

Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis

Two O fficers R etire
At N o rth e rn T ru st

The Northern Trust Company has
announced that two high-ranking of­
ficers with an aggregate of 77 years of
service will retire under the provi­
sions of the Bank’s pension plan on
April 30.
They are John C. Smith, senior vice
president, who began his career with
The Northern Trust in 1931, and
Frederick S. Booth, vice president in
charge of the probate division, who
joined the Bank staff in 1920.
Mr. Smith, who received his B.A.
and LL.B. degrees from Washington
and Lee University, was a member of
the Trust Department staff in his early
years at The Northern Trust.
Mr. Booth, a graduate of Yale Uni­
versity, has spent his entire career
with The Northern Trust as a member
of the Trust Department.






City N ational Starts
W o r k o n E x p a n sio n

Renovation has begun on 2,275
square feet of additional floor space
for City National Bank and Trust Com­
pany of Kansas City. The newly ac­
quired area is on the top floor of the
Title Building, which is immediately
west of the bank on Tenth Street. The
two buildings will be joined by an
enclosed bridge walkway.
Bank officials indicate the newly
annexed floor area will be used for
City National’s enlarged operations in
the mutual fund field. The bank’s
Trust Department now maintains over
275,000 investor’s records and the continued growth of these funds has ne­
cessitated the expansion. Hamilton
Funds, the bank’s largest mutual fund
customer, now has assets of over
The newly acquired area has been
obtained under a ten year lease and
the bank has an option to occupy additional space in the Title Building,
which if exercised, would bring the
total to 4,550 square feet. The renova­
tion work is being handled by A. I.
Morris Construction Company of Kansas City.






W o m e n Set A n n u a]
M eetin g f o r O cto b e r

More than 2,000 of the nation’s best
known women bankers will meet in
Memphis, Tenn., October 12-15, for the
42nd annual convention of the Nation­
al Association of Bank Women. Emphasis will be on “ Leadership Through
Communications,” and work sessions
will be featured during the convention.
Addressing the convention, which
will be headquartered at Hotel Peabody, will be the incoming president
of the American Bankers Association,





Reno Odlin, board chairman of the
Puget Sound National Bank of Ta­
coma, Wash.; and the new president
of the American Institute of Banking,
N. A. Moore, vice president of the City
National Bank, Wichita Falls, Tex.
Leaders of the feminine side of bank­
ing will also be featured speakers.
Mrs. Mildred Muller, assistant vice
president of the First National Bank
of Memphis, is convention chairman.
President of the National Association
of Bank Women, which has its head­
quarters at 60 East 42nd Street in New
York, is Emily H. Womach, assistant
vice president and secretary of the
Sussex Trust Company, Laurel, Del.
H aw k eye-S ecu rity P r o m o tio n

Ray Russell has been appointed
assistant director of education and
training for Hawkeye-Security Insur­
Des Moines. He
re p la ce s
Hughes, who is
now assistant in
the office of the
in su r a n c e com­
missioner for the
State of W yo­
R u ss e ll
joined HawkeyeR. R U SSE L L
Security in 1954
as personal secretary in the executive
department. He has since served in
the home office sales department and
as senior multiple line underwriter in
the Des Moines regional office for the
past four years.
F .P .R .A . M e m b e rsh ip
C h a irm en A n n o u n c e d

James R. Rasley, assistant vice pres­
ident, Iowa-Des Moines National Bank,
Des Moines, has been named North
Central Regional Chairman for the an­
nual membership drive of the Finan­
cial Public Relations Association.
State chairmen in the N orthwestern
B anker area are as follows:
Iowa — Gerald Clause, president,
Home State Bank, Jefferson.
Minnesota — Frederick T. Hubbard,
vice president, Northwest Bancorporation, Minneapolis.
Montana—Don R. Wyard, president,
Billings State Bank, Billings.
Nebraska—Hugh Hansen, First Na­
tional Bank, Fremont.
North Dakota—William C. Sweeney,
Bank and Trust Company, Fargo.
South Dakota — John V. Krastins,
cashier, Northwestern National Bank
of Sioux Falls.
Wyoming — Connie Zachritz, assist­
ant cashier, American National Bank
of Cheyenne.
Federal Reserve Bank of St. Louis

I said "Talcott."
“ N o” is the toughest thing to say when a good
customer really should borrow on a secured basis.
Happily, bankers can avoid saying “ no” by suggest­
ing Talcott’s secured business loan service.
Talcott’s trained specialists will service your cus­
to m er’s needed loans secured by accounts receivable,
inventories, production equipm ent and other col­
lateral. Talcott also offers merger and acquisition
financing. And . . . Talcott pioneered in offering
banks participation in such loans.
You can participate in the requirements of each
customer you refer to Talcott . . . serve to satisfy
his needs . . . remain the bank of account . . . have
a good return on your participation in the loan.
Talcott services the loan and does all the work.
T h a t’s why . . .

if you can’t say “ yes” . . . say “ T alco tt.”

Write Dept. “F” for brochure “ Five Keys to Planned Financing’’

IN C .


N orthw estern Bank Building, M inneapolis, M innesota
Federal 9-7711


Northwestern Banker, June, 1964

V ice President

Theo. Hamm Brewing Company
Chairman o f the Board

Genera] Mills, Inc.
D irector

S. T. McKnight Company

Archer-Daniels-Midland Company
Chairman o f the Board

Archer-Daniels-Midland Company

The Dayton Company

Our Own Hardware Company
Senior V ice President

Cargill, Inc.

Minnesota and Ontario Paper
Chairman o f Board

Gamble-Skogmo, Inc.
P resident

The Pillsbury Company
Chairman o f the Board

Peavey Company

Northern States Power Company

The John Leslie Paper Company

Northwest Bancorporation
P resident

P resident

Northwestern National
Life Insurance Company
Senior V ice P resident and
E xecu tive Trust Officer

E xecu tive V ice President

Chairman o f the Board

The Strong Scott Mfg. Company

Searle Grain Company
P resident
Red Owl Stores, Inc.
E xecu tive V ice President

Honeywell, Inc.

University of Minnesota
D irector E m eritus

APRIL 15, 1964
Capital Stock ......................................$ 15,000,000.00
Surplus .................................................. 25,000,000.00
Undivided Profits ................................ 12,362,429.49
Reserve for Possible Future
Loan Losses ...................................
Reserve for Interest, Taxes, etc.......
Income Collectedbut not Earned ....
Letters o f Credit and Acceptances.. 11,179,348.66
Federal Funds Purchased............
Deposits ................................................ 592,775,568.23

Cash and Due from Banks ............. $173,241,816.55
U. S. Government Obligations ....... 105,902,350.53
Other Bonds andSecurities ............. 40,959,831.15
Loans and Discounts ....................... 335,889,673.61
Customers’ Liability on Acceptances 11,179,348.66
Income Earned but not Collected ....
Bank Premises, Furniture
and Fixtures ................................... 10,418,651.20
Other Resources

Total Liabilities ............................$681,875,719.81

Total Resources ..........................$681,875,719.81



Federal Reserve Bank of St. Louis






T. E. O L SO N



K. A. W A L E S

G. H. T R U E

C. S. W IN T E R S

1 5 -1 7

Top S p ea k ers on M in n esota
HE 74th annual Minnesota Bank­
ers Association convention, to be
held June 15-17 at the Hotel Leaming­
ton in Minneapolis, promises to be one
of the best ever held.
Some of the outstanding speakers
scheduled for the convention are Drew
Pearson, Kenneth Randall, Herb True,
Robert Kazmayer, Odin Langen, John
Blatnic, and Dr. Carl Winters.
The annual golf tournament will be
held June 15 at the Minneapolis Golf
Following is the complete program:
Monday, June 15

8:30-1:30 Annual Men’s Golf Tourna­
ment, Minneapolis Golf Club.
Tuesday, June 16

8:30 Registration — Dakota Room,
Hotel Leamington.
9:30 First Business Session—Wiscon­
sin, Iowa, Minnesota Rooms,
Hotel Leamington.
Call to Order—President Thom­
as E. Olson, presiding.
Presentation of Colors—United
States M arin e C orps Color
Report of Resolutions Commit­
tee — Charles T. Taylor, presi­
dent, First National Bank, Hibbing, committee chairman.
Report of the Nominating Com­
mittee—R. W. Crouley, vice
president, Marquette National
Bank, Minneapolis, committee
Report of the Executive Secre­
tary—Kenneth A. Wales.
Report of the President—Thom­
as E. Olson.
“ Ideas Make Bankers Greater”
—Dr. G. Herbert True, presi­
dent, National Labor-Manage­
ment Foundation, South Bend,

American Bankers Association
Meeting and Election — Paul
Gandrud, executive vice presi­
dent, Swift County Bank, Ben­
son, A.B.A. state vice president.
11:30 Announcements and Recess.
Minnesota Club, Central States
Graduate School of Banking Re­
ception and Luncheon—Illinois
and Michigan Rooms.
Pioneer and Past Presidents’
Club Reception and Luncheon—
Adams and Jefferson Rooms.
2:00 Second Business Session.
Call to Order—Thomas R. Ol­
son, president, presiding.
Address—John Blatnik, United
States representative from the
Minnesota Eighth District, Chis­
Address—W. A. Marting, presi­
dent, Hanna Mining Company,
Cleveland, Ohio.
“American Business and the
Changing World”—Robert Kaz­
mayer, economist, Rochester,
N. Y.
4:15 Announcements and Recess.
6:15 Buffet Dinner — Hall of
7:30 Busses begin loading for “A
Night at the Guthrie Theatre.”
8:30 “ Henry V” — Tyrone Guthrie
11:15 Busses will load to return from
theatre immediately following
the play.
Wednesday, June 17

8:30 Registration — Dakota Room,
Leamington Hotel.
9:30 Third Business Session.
Call to Order—Thomas E. Ol­
son, president, presiding.
Adoption of Resolutions.
“The Work of the FBI”—Rich-

ard Held, agent in charge, Fed­
eral Bureau of Investigation,
Address — Drew Pearson, col­
umnist and commentator, Wash­
ington, D. C.
11:15 Announcements and Recess.
12:00 Ladies’ Luncheon — Hall of
Men’s Luncheon—Hall of Cities.
Awarding of Golf Prizes.
Address—Kenneth Randall, direstor, Federal Deposit Insur­
ance Corporation, Washington,
D. C.
2:00 Fourth Business Session.
Call to Order—Thomas E. Ol­
son, president, presiding.
Greetings — Arthur T. Naftalin,
mayor of Minneapolis.
Address—Odin Langen, United
States representative from Min­
nesota’s Seventh District, Ken­
Address—John Chisholm, Min­
nesota commissioner of banks.
“Opportunities Unlimited” —
Dr. Carl S. Winters, Oak Park,
5:30-6:30 Social Hour—Hall of Presi­
dents, Hotel Leamington with
the following hosts: First Na­
tional Bank, Marquette Nation­
al Bank, M idlan d National
Bank, and Northwestern Na­
tional Bank, all of Minneapolis.
6:30 Annual Banquet—Hall of States,
Hotel Leamington.
Invocation — Reverend David
W. Preus, University Lutheran
Church of Hope, Minneapolis.
Introduction and Installation of
New Officers—Thomas E. Olson.
Response—Glenn A. Uggen.
9:30-Midnight — Dancing, Jules Her­
man and his Orchestra.—End.
Northwestern Banker, June. 1964
Federal Reserve Bank of St. Louis




T w in C ity Mews

new officers have been elected
and a third promoted at the Stock
Yards National Bank of South St. Paul.
Harold G. Steffen was promoted from
assistant cashier to assistant vice pres­
ident. Robert C. Thompson, Jr., was
named assistant cashier and Donald
L. Sheldon was named assistant comp­
* * *
John H. Myers, executive vice pres­
ident of the Waldorf Paper Products
Company, St. Paul, has been elected
a director of the Northwest Bancorporation.
* * *
Robert D. Tough, assistant treasurer
and comptroller, Hamm’s
Company, and R. V. Kochendorfer,
vice president of the bank, have been
named to the board of directors of
the Northwestern State Bank of St.
* * *
Consolidated net operating earnings
for the first quarter of operations of
the First Bank StockCorporation
were up $500,000 over the first quar­
ter of last year and amounted to $1.31
per share, compared with $1.16 per
share last year. Revenues rose from
$26.2 million for the first quarter of
1963 to $28.4 million in the first quar­
ter of 1964. Deposits of affiliated banks

showed a gain of nearly $100 million.
Loans were up 7 per cent.
* * *
River fishing within a 25-mile radius
of the Minneapolis area is given fea­
ture attention in the ninth annual edi­
tion of the Northwestern Banks Fam­
ily Fishing Guide now available free
in all Northwestern Banks of the Min­
neapolis area. The 32-page booklet
contains 1964 fishing regulations for
Minnesota, Iowa, Michigan, North and
South Dakota, Wisconsin, Montana
and the two Canadian provinces of
Manitoba and Ontario.
The department of commerce has
authorized an increase in the capital
stock of the Drovers State Bank in
South St. Paul from $400,000 to
$500,000 by a stock dividend.
* * *
Newly elected officers of the St.
Paul chapter of the American Insti­
tute of Banking are as follows:
President, Robert E. Balfanz, The
First National Bank of St. Paul; First
Vice President, Jerry Nikituk, First
Grand Avenue State Bank; Second
Vice President, Shirley Renchin, First
National Bank of St. Paul; Secretary,
Ethel M. Johnson, First State Bank;
Treasurer, Bernard G. Borash, Ameri­
can National Bank; Women’s Chair-

Tax free municipal bonds
for bank investment

A llison -W illia m s C o m p a n y

Northwestern Banker, June, 7964
Federal Reserve Bank of St. Louis

FEderal 3-3475

man, Eileen Flanagan, and Women’s
Vice Chairman, Shirley Renchin, First
National Bank of St. Paul.
The new board of governors con­
sists of Marion Klosterman, American
National; Ellen Walsh, Northwestern
National; Richard W. Wicklund, White
Bear State, and Gerald A. Bilski, Mid­
way National.
* * *
Emil A. Bullert, assistant controller,
Northwestern National Bank, and sec­
retary of the Northwestern Bank
Building Company, concluded nearly
44 years of banking when he retired
recently. He has been at Northwest­
ern since 1920.
* * *
Gordon A. Peterson, treasurer of
the contracting firm of Adolfson &
Peterson, Inc., and Leo A. Hodroff,
president and treasurer, L. H. Kellogg
Chemical Company, have been elected
to the board of directors of the Fourth
Northwestern National Bank.
* =1=
A charter has been granted to the
Phalen Park State Bank of St. Paul
and the bank opened for business last
month. Capital totals $150,000, surplus
$100,000 and undivided profits, $50,000.
Clayton G. Rein is president and Rob­
ert D. Hagen is executive vice presi­
dent and cashier.
* * *
The National City Bank of Minne­
apolis recently sponsored a young
Minnesota balloonist who broke a
total of seven world balloon altitude
records, including one held since 1940
by Soviet Russia. He reached an alti­
tude of 37,800 feet.
* * *
R. Lloyd Smith, president of Stock
Yards National Bank of South St. Paul
is an S. O. B.—“ Swell Old Boss,” and
he has a plaque to prove it.
The South St. Paul Junior Chamber
of Commerce recently named the out­
standing Jaycee chapter in Minnesota,
named Mr. Smith the outstanding boss
of the year at the annual Bosses’ Night





is the word for these First Minneapolis Bankers

W EYRAUCH’S broad background of experience can help you s o te a S an, kind
of banking problem in Minnesota and Iowa,

BUD OMLIE, one of First National’s bond
advisor, specialists, will give your bank's portfolio a skillful, expert analysis and appraisal,

GEORGE SCHAUST, in charge of First s Investment Department, has up-to- e-mmu e intormation on municipal, state and federal bonds.

ROLLIE THULEEN's long experience in w ork­
ing with manufacturing firms can be valuable
to you on over-line loan problems in this field.

GEORGE HENRY, Vice President in charge of
our Correspondent Division, can put a full
staff of specialists at your service . . .

. . . along with the most modern banking facil­
ities anywhere in the Upper Midwest. Call
FE 4-4141 any time. Just ask us.



F irst National BaniHVIinneapolis
M em ber Federal Deposit Insurance Corporation

Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis


Minnesota News

recognition banquet at Southview
Country Club last month.
The award to Mr. Smith cited his 21year record of continuous support of
Jaycees and Jaycee projects, provid­
ing encouragement and financial sup­
port to more than half-a-hundred em­
ployees of Stock Yards National Bank
who have worked in Jaycee projects
during his term as president of the
Ken Kirchoff, supervisor of the
mortgage servicing department of the
Farmers & Mechanics Savings Bank,
has been elected
president of the
Minneapolis chap­
ter of the Amer­
ican Institute of
O t h e r officers
e le c te d include
Jim A n d erson ,

F i r s t National
Bank, first vice
president; Gene
Anderson, Fidel­
ity Bank & Trust Company, second
vice president, and Wilma Bender,
Federal Reserve Bank, treasurer.
Elected to the board of governors
were Grace Lund, Farmers & Mechan­
ics Savings Bank; Thomas O’Brien,
First National; Donald Nelson, Mar­
quette National, and Marvin Anderson,
Northwestern National.
Rudolph E. Jacobson has been
named new business representative
for the National City Bank of Minne­
apolis. He formerly was a consultant
to banks on business machine systems
following his retirement in 1959 after



D a in

45 years with Burroughs Corporation.
Executive staffing of the new bank
was completed recently with the ap­
pointment of Patrick W. Colbert, Jr.,
and Donald A V . Jerpbak as assistant
* * *
Joseph H. Colman retired recently
as chairman of the board of directors
of First Bank Corporation. Mr. Col­
man served as president from 1956
until 1962 when he became chairman
of the board.
* =t= *
Setter, Leach and Lindstrom, Inc.,
architectural and engineering firm,
has been appointed architect for the
new Bank of Minneapolis and Trust
Company to be located at 924 Nicollet
* * *
Cyril P. Pesek has been elected
chairman of the board of the Eastern
Heights State Bank, St. Paul, and
Robert J. Hubbell, vice president and
cashier, has been named to succeed
him as president.
*■ =k *
H. Neil Gilman, Jr., administrative
partner of Pipe, Jaffray & Hop wood,
has been nominated for a three-year
term on the board of governors of
the Midwest Stock Exchange, Chicago.
* *
An application for a proposed
Bloomdale State Bank at France Ave­
nue and Old Shakopee Road, Bloom­
ington, has been filed with the state
banking commission.
The bank would be capitalized at
$250,000. Incorporators are listed as
Edward Drury, Richfield; Hartley F.
Bruder, Bloomington, and Warren
Schultz, Eden Prairie.



C o ., I n c .

i n n e a p o l i s

Retires at R e d W in g

Paul Wintervold, vice president of
the First National Bank at Red Wing,
retired recently after 48 years with
the bank. He started there doing jani­
torial work as a youth and continued
his work at the bank full time. A din­
ner and retirement party was sched­
uled for him for the first week in May
by associates at the bank.

Keith G. Jones, cashier of the La
Crescent State Bank at La Crescent,
has been elected to the board of direc­
tors, succeeding the late Katherine
P aul B. D o rw e ile r

Paul B. Dorweiler, cashier, Chokio
State Bank, Chokio, Minn., died recent­
ly after being ill for two months. He
was 49 years old and had been associ­
ated with the bank for many years.

W. T. Stoll, cashier, has been elected
executive vice president of the Farm­
ers and Merchants State Bank of
Pierz. He has been with the bank
since 1948. At the same time, F. L.
Spanier, assistant cashier, was pro­
moted to cashier. He joined the bank
in February, 1963.

Member New York
Stock Exchange

Nine offices throughout the Northwest with complete investment
service for banks, individuals and institutions.
B illings

C asper

G reat

Kalls S ioux

Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis

Falls Fargo D u l u t h S outhdale S t . F aul



L u v e rn e B u ild in g

H. L. Smith, president, First Nation­
al Bank, Luverne, has announced that
the bank expects to be ready to take
bids on a new bank building about
June 10. The new building is to be
erected one block east of present facili­
ties. Demolition of buildings now on
the site is in progress.

G ran ite Falls R e m o d e lin g





FE 3-8141


P ierz P ro m o tio n s

Kevin G. Gaffney, cashier, State
Bank of Belle Plaine, reports that the
bank is to be moved to new quarters
within the next two months. The new
building measures 90 by 50 feet and
features drive-up facilities.

Te let ype


O n La Crescent B oard

Plan B elle P la in e M o ve

Te le p h o n e


Allan F. Siewert, president, Yellow
Medicine County Bank, Granite Falls,
reports that the bank is in the midst
of a remodeling program which in­
cludes removal of the entire second
story of an existing building, construc­
tion of a new building adjoining the
bank for rental to a bakery, and the
addition of a drive-up window. The
project is to be completed and the
drive-up window in operation by June


■■...' :
Federal Reserve Bank of St. Louis


com esi
A two-week Pacific Holiday for tw o— including round-trip trans­
portation from the winner's home, accommodations at fine
hotels, dining at exotic restaurants, sightseeing tours — and you
pick the places you want to visit, from Tahiti to Tokyo, Honolulu
to Hong Kong! PLUS a matched set of Samsonite luggage . . .
a Kodak 8m m Movie Camera, Projector and Film . . . and
$2 ,000 in Bank of America Travelers Cheques!

Pontiac Tempest 4 -door station wagons
— with radio, heater, white sidewall tires!

RCA Victor Home
Centers —
w ith Color TV,
Stereo, Hi-Fi,
AM-FM Radio
& FM S tere o!

Samsonite 4-piece ‘‘Silhouette”
luggage sets— choose
either a man’s or
- □ w ill
woman’s set!

Kodak Flashfun cameras —
for sharp-focus color or
black-and-white photos!

To the Grand Prize winner’s office — for the enjoyment of one and all —we’ll award:
Federal Reserve Bank of St. Louis


including two couches, four club
chairs and a table


COOLER complete with instant coffee
and tea, cups, spoons
and other supplies . . .
or an equivalent prize!

Who can enter?
Tellers... platform officers... anyone who sells Bank
of America Travelers Cheques to the public, anywhere
in the 50 states, except employees of Bank of America.

helpful advice. . . your employer will appreciate the
extra profits. . . and you’ll improve your chance to
win a prize in our Pacific Holiday Contest!

When does the contest start?
It starts June 1 and lasts all summer long—through
August 31!
How does it work?
Official entry blanks will be distributed to you through
your employer. Whenever you sell Bank of America
Travelers Cheques, you may attach one to each
Purchasers Application.
The more Bank of America Travelers Cheques you
sell —and the more entry blanks you send in —the
better your chance to win, because prizes will be
awarded on the basis of a drawing.
That’s all you have to do! We’ll collect the entry
blanks all summer long, and hold a drawing in early
September to determine the winners.
So be on the lookout for customers who are plan­
ning trips! Suggest they protect their travel funds
with Bank of America Travelers Cheques—the world’s
most accepted bank cheques. They’ll appreciate the

1. When attaching entry blanks to Purchasers Applications,
please use paper clips only. (Bending or stapling makes it
difficult for our electronic equipment to process these forms
as quickly and easily as usual.)
2. No substitute prizes will be awarded, except in the case of
the Special Bonus Prize. All prizes were selected by MardenKane, Inc. of New York.
3. Tax liability on all prizes will be the sole responsibility of
the prize winner.
4. Grand Prize w inner must com plete the Pacific tour by
September 30, 1965.
5. The contest is void where prohibited, taxed or restricted
by Federal, State or local laws or regulations.
6. Entry in the contest constitutes full permission to publish
names, addresses and photographs of winners without further
7. Winners will be determined by a public drawing, held at
Bank of America, from all entry blanks received during the
contest period.
8. Winners will be notified by mail promptly upon completion
of the drawing. A complete list of winners will be on file at
Bank of America, San Francisco.

...w o rld ’s most accepted bank cheques!
Federal Reserve Bank of St. Louis


Minnesota News

C onvention 4'omini t te e s Num eri
opening of the 74th annual
convention of the Minnesota Bank­
ers Association, June 15, marks the
culmination of many months of prep­
aration by the various committees in­
General chairman for the conven­
tion is D. E. Crouley of the Northwest­
ern National. Serving with him on
the general committee are George S.
Henry, First National; Douglas M.
Johnson, Midland National, and Otto
H. Preus, Marquette National.
Other committee chairmen and vice

chairmen are as follows (first named
is chairman):
First Night Party—Richard O. Weyrauch, First National; John Ordos, Mid­
land National.
Banquet—C. Paul Lindholm, North­
western National; John T. Pain, Jr.,
Marquette National.
Golf—R. W. Crouley, Marquette Na­
tional; Loyal Simensen, Fidelity Bank
& Trust Company.
Publicity—Gordon Malen, First Na­
tional; Monroe Stenerson, Richfield
Bank & Trust Company.
Hotels, Utility and Transportation—
Raymond H. Johnson, First National;
Robert G. Ziemer, Northwestern Na­
Speaker’s Reception — Leonard P.
Gisvold, Northwestern National; S. R.
Omlie, First National.
Registration—Carl Bergquist, chair­
man, and A1 Carlson and Mariner
Clark, vice chairman, all with the Fed­
eral Reserve Bank of Minneapolis.
Ladies’ Luncheon — Nellie Bensend,
Midland National; Genevieve Howe,
Marquette National.

ka, former state banking commission­
er and now head of the correspondent
division of the new National City
Bank of Minneapolis; and Kenneth De­
jaríais and Blake H. Selvig, Champlin
Capitalization of the new bank
would be $150,000 with $100,000 capita];
$25,000 undivided profits, and $25,000
Tentative opening date, if approval
is received, is November 1.



G re en b u sh O p en H o u se

Open house was held recently at the
new Greenbush State Bank, Greenbush, Minn., following construction
which doubled the banking area and
completely remodeled and redecorated
existing facilities.


P lan O w atonna D riv e-In

Clifford C. Sommer, president, Secu­
rity Bank and Trust Company of Owa­
tonna, has announced plans for a new
“Motor Bank” to be located on the old
postoffice site at Broadway and East
Park Square. The facility will feature
two closed circuit television teller
units and provision will be made for
future expansion. Space also will be
provided for customer parking.


A sk C h a m p lin Bank



Plans for a new bank in Champlin,
Minn., were presented to the Minne­
sota Commerce C om m ission last
Incorporators of the proposed inde­
pendent Community State Bank of
Champlin are Gerald L. Bryan of Ano­

“Strong friend
of the Independent Banker

N ew D u lu th P resident

C. Glenn Rye, formerly executive
vice president, has been elected presi­
dent of the Northern City National
Bank of Duluth, succeeding Percy R.
Pascoe who retired May 1.
Mr. Rye has been executive vice
president since 1963 and with the bank
for the past two years. Prior to that
he was vice president and director of
the Midland National Bank of Billings,
Mont., and before that was executive
vice president and director of the First
Federal State Bank of Des Moines,


R etires at W aseca



• F E D E R A L 3-5411

Member Federal Deposit Insurance Corporation

Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis

Frank L. Manthey, vice president,
retired recently from the First Na­
tional Bank of Waseca after nearly 46
years in banking. He joined the bank
as a bookkeeper in the summer of




Midland’s Johnson and Ordos bringing a big branch into downtown Minneapolis

Need a branch in Minneapolis?
Shhhhh! You can open a downtown branch banking office tomorrow—legally.
Midland’s D oug Johnson and John Ordos are just the men to help you. They
are our correspondent bankers, who will bring your problems to our specialists
in loan participations, transit, trust, credit, collection, and operations.
W h y, it’s almost like having your own branch office in Minneapolis
—with none o f the headaches! Call FE 2-0511 for Doug or John. They’ll prove
Midland’s friendship by their service.

Midland National Bank
FEderal 2 - 0 5 1 1 • 2n d Ave. So. a n d 4t h St. • Min nea po li s, M in n.


Member Federal Deposit Insurance Corporation

Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis


Minnesota News

Capital Increases

The Minnesota Department of Com­
merce, banking d iv is io n , has an­
nounced capital increases of from $25,000 to $50,000 at the Lakeside State
Bank, Isle; and from $25,000 to $50,000
at the State Bank of Littlefork.

W in s A w a r d

John G . O lso n

John G. Olson, cashier and manag­
ing officer of the Citizens National
Bank, Madelia, died unexpectedly last
month. He was 76 years old. He re­
cently was among several 50-year
bankers honored by the Federal Re­
serve Bank of Minneapolis.
Mr. Olson’s son, Edward L. Olson, is
senior vice president of the First Na­
tional Bank in Grand Forks, North

Plans for a new building for the
Northfield National Bank in Northfield have been announced by K. A.
Kramer, president. The new building
is slated for construction on the pres­
ent bank site, and adjacent property is
being acquired for the construction
of a drive-in facility and expanded cus­
tomer parking area. Dates to start
construction have not been announced.
W IN N E R for the third time in five
years in the National Thrift Essay
Contest was a Pipestone, Minnesota,
student. Betty Mortenson, 13, right,
was the second place winner in Cate­
gory II of the contest. She received
a citation and a $100 prize. She is
shown with John Beckel, left, assist­
ant cashier, Pipestone National, and
Dale Eikmeier, assistant cashier,
First National of Pipestone.

ing set back from Sixth and Maple
Streets. A drive-in window is planned
on the west side of the building.
T w o N a m ed to B oard

W in o n a Change

A. E. Stoa, president, First National
Bank of Winona, has announced that
Kenneth P. Nelson, assistant cashier,
has been appointed manager of the
installment loan department, succeed­
ing Gerald G. Kiekbusch, who resigned
recently. Mr. Nelson joined the bank
in 1962 and was elected assistant cash­
ier last December.
R e m o d e lin g C o m p lete

The Brooklyn Center State Bank,
Brooklyn Center, has completed a re­
modeling program to beautify the ex­
terior of the banking facilities. Among
the improvements is new lighting,
which illuminates the parking lot as
well as the exterior of the bank, re­
ports E. J. Hamernick, executive vice

Stanley J. Boland, president, Boland
Manufacturing Company, and Leslie
R. Woodworth, president of Winona
Knitting Mills, Inc., have been elected
to the board of directors of the Mer­
chants National Bank of Winona, in­
creasing the board to 14 members.
R etires at D a n u b e

Gust Klatt, veteran of nearly 29
years in banking, retired recently as
cashier of the State Bank of Danube.
He served as cashier of the bank since
it was opened in 1935.
H ead s P h ela n Staff

Gene LaFrance, formerly with the
North Shore State Bank, Wayzata, has
been named executive vice president
and managing officer of the Phalen
State Bank.

H . N . L ungw itz

P lans B u ild in g

H. N. Lungwitz, 83, president of the
Wright County Bank, Monticello, died
recently. He was a veteran of 46
years in banking.

One of the best known landmarks in
Faribault, the McCarthy Building, has
been razed to make way for a new Se­
curity National Bank and Trust Com­
pany building. Richard Peavey, pres­
ident, said that he expects to let bids
on the new building sometime next

B ra in erd C on stru ction

G. R. Tuttle, president, First Nation­
al Bank in Brainerd, announced that
construction of a new building for the
First National is underway and razing
of buildings on the west side of South
Sixth Street north of Maple has been
completed to make way for the new
Plans call for a 94 by 52 foot buildNorthwestern Banker, June, 1964
Federal Reserve Bank of St. Louis


N ew N o rth fie ld B u ild in g

O n H u tch in so n Staff

Lowell G. Wakefield of Faribault
has joined the staff of the Citizens
Bank in Hutchinson as assistant cash­
ier. Mr. Wakefield formerly was man­
ager of the Faribault office of Thorp
Finance Corporation for several years.
He is in charge of the installment loan
department of the bank.

testimonial dinner prior to his retire­

R o ch ester B u ild in g

Construction is getting underway on
a new drive-in and walk-up facility
for the Northwestern National Bank
of Rochester. The unit will include
1,200 square feet of floor space, and
will feature a large lobby with four
walk-up windows and five drive-up
units. It will include a full basement
for vaults, a lounge and rest rooms.

Herman R. Lavrence, vice president
and cashier at the First National Bank
in Fairmont, retired May 1 after 39
years and eight months with the bank.
Mr. Lavrence was honored at a special


H eads S h e lly B an k

Elwood J. Lund, formerly assistant
cashier at the State Bank of Bricelyn,
Minn., has been elected president and
executive officer of the State Bank of
Shelly, Minn. He had been with the
Bricelyn bank for 17 years.


A lb e rt Lea Change

Bernard Halfpop has been elected
assistant cashier at the Freeborn Na­
tional Bank in Albert Lea. He has
been with the bank for five years and
came to Albert Lea from Belmond,
C old S p rin g Cashier

Stan R. Johnson, formerly cashier at
the First State Bank, Britt, Iowa, has
joined the State Bank of Cold Spring
as cashier, succeeding E. M. Niesen.
B lo o m in g P rairie Change

Charles J. Tritz, formerly assistant
cashier at the Deuel County National
Bank in Clear Lake, S. D., has joined
the Farmers and Merchants State
Bank of Blooming Prairie.
R ich fie ld P ro m o tio n

Richard Franzmeier has been pro­
moted from auditor to cashier of the
Richfield Bank and Trust Company of
Richfield, Minn.
W a tk in s B a n k S o ld

R etires at F a irm o n t


E. M. Neisen, executive vice presi­
dent and cashier, State Bank of Cold
Spring, has purchased the Farmers
State Bank of Watkins from Norbert
H. Ley and the Ley families.
Mr. Neisen will move to Watkins.



MINNESOTA BANKERS ASSN, Leamington Hotel, Minneapolis,
Mon, Tues, Wed, June 15th, 16th and 17th
WISCONSIN BANKERS ASSN., Hotel Schroeder, Milwaukee,
Mon., Tues., Wed., June 15th, 16th and 17th
MONTANA BANKERS ASSN., Many Glacier Hotel, Glacier National
Park, Thurs., Fri., Sat., June 18th 19th and 20th
It’ll be a busy week for us —but a rewarding one. We are looking forward to seeing you.

D IV IS IO N V — B A N K S A N D B A N K ERS W allace L. Boss, D onald W. B uc km a n , D avid A. S h e rn , E lm e r M V o lk e n a n t, Vice
P res id e n ts □ J a m e s T. G ow an, L aurence R. K en nedy, H en ry N. S nyder, R ichard C. S w anb erg, A ssistant C ashiers □ John
F. M ullen, John D. T u rn e r, John M . W ooldridge II I, Bond A dvisory Specialists □ R o b e rt F. D onlan, T h o m as T . Dw ight, Roland
W. Hohm 'an, T ru s t A dvisory Specialists

FIRST NATIONAL BANK OF SAINT PAUL 4th and Minnesota • Area code: 612-222-1575_j^
M e m b e r F e d e r a l D e p o s it In s u r a n c e C o r p o r a tio n
Federal Reserve Bank of St. Louis


Minnesota News

Melvin Jay Beasley has been elected
assistant cashier of the Park State
Bank of Duluth. He is a graduate of
the University of M in n esota and
played hockey with the Duluth Hor­
nets hockey team during the 1943-44

board of directors along with Quentin
L. Beadell, former Mankato banker
whose appointment as president of the
Rapidan bank was announced last
Albert Norland is president of Mid­
west Realty and Mortgage Company in
Mankato, and James is secretary-man­
ager of the same firm.

Buy Rapidan Stock

S. J. Sande

Albert C. Norland and James R. Nor­
land have purchased controlling inter­
est in the Farmers State Bank of
Rapidan. Both were elected to the

S. J. Sande, 76, cashier at the Ellendale State Bank for 40 years before
retiring in 1956, died recently at Kitt­
son Memorial Hospital in Hallot.

New Duluth Officer

Plans Drive-In
Plans have been announced by the
Goodhue County National Bank of Red
Wing for the construction of a drive-in
facility at Fourth and Bush Streets.
Details of construction plans have not
been worked out, but Ora Jones, presi­
dent, stated that a drive-in facility defi­
nitely will be constructed on the site.



A .I.B . Elects
Warren Kregness, assistant cashier,
First National Bank, Duluth, has been
elected president of the Duluth Chap­
ter of the American Institute of Bank­
ing. Others elected are W. T. Bailey,
first vice president; Claude Lutzka,
First American, second vice president;
Joan Mahoney, Northern City Nation­
al, secretary; Lee Ann Lindquist,
Northwestern Bank of C om m erce,
treasurer; Dagmar Sternal, Northern
City National, women’s ch airm an ;
Katherine Allard, First American, as­
sistant women’s chairman.





On Coon Rapids Staff

G ood

William R. Piper of Crystal has been
named loan officer at the First State
Bank of Coon Rapids.


New Rochester President
Robert S. Branham has been named
president of the Northwestern Nation­
al Bank of Rochester, replacing Ed­
ward H. Lundquist, who resigned.
Mr. Branham formerly was vice pres­
ident and liaison officer for the North­
west Bancorporation in Minneapolis.
Mr. Lundquist’s future plans were
not announced. He had been associ­
ated with the bank since 1947 and was
elected president in October, 1961.

e s t

You will get not only G o o d
Not only K e ttO ftV but . . .

Moves to Butterfield

The Best




Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis


Wayne Kispert submitted his resig­
nation as assistant vice president and
loan supervisor at the Security State
Bank of Kenyon,
Minn., to accept a
position as execu­
tiv e v ic e p re s i­
dent of the State
Bank of Butter­
field, effective on
June 1st.
Mr. Kispert be­
gan his banking
c a r e er w i th the
K e n y o n bank
nine years ago as
a teller. He is a past president of the
Southern Minnesota c onference of
Bank Auditors and Comptrollers.
The State Bank of Butterfield has
total footings of $1.9 million and has
deposits of $1.7 million.






LEFT: A. S. “Barney” G-ullickson, exec, sec.-treas. SDBA con­
gratulates, R. L. Plowman, pres., First State, Armour, on win­
ning the SDBA attendance prize— a portable TV. CENTER:
Hollis W . Burt, exec, v.p., National Association of Supervisors

of State Banks, Washington, D.C., pictured while addressing the
convention. RIGHT: Visiting between sessions are Carl Bloom,
v.p. First National, Omaha; Scott Lovald, pres., First National,
Philip, retiring pres, of SDBA; and Frank Love, v.p., First Na­
tional, Omaha.

expansion was also mentioned
South D a k ota H a n kers N a m e byBank
Mr. Burt as a key problem facing
both national and state bankers.
A most
feature of the
Iv erso n Als P resid

A sso c ia te

EARLY 600 South Dakota bankers
and wives converged on Rapid
City and the Black Hills May 14-16 to
meet at the annual convention of the
South Dakota Bankers Association.
Rapid City bankers proved to be
excellent hosts as they provided warm
days with plenty of sunshine so that
all activities of this 72nd annual con­
vention moved along without a “hitch.”
Highlight of the convention oc­
curred when H. E. Iverson, president
of Farmers State Bank at Canton, ac­
cepted the presidency of the SDBA
from retiring President Scott Lovald.
Mr. Lavold is president of the First
National Bank in Phillip.
R. H. Walrath, president of the First
Citizens National in Watertown, was
moved up to the first vice president’s
slot and J. S. Holdhusen, president of
the Ipswich State Bank, was elected
second vice president.
Featured convention speakers in­
cluded Hollis W. Burt, executive vice
president of the National Association
of Supervisors of State Banks; Edward
McFaul, consultant in speech and per­
sonnel relations from Chicago; Dr.
Herb True, president, National Labor
Management Foundation at South
Bend, Ind., and Bruce Johnson, re­
gional director, Bureau of Reclama­
tion at Billings, Mont.
Mr. Burt, in a speech entitled “We

E d ito r

Are Banking on the Dual System,"
emphasized the cordial relationship
which exists between state and na­
tional banks and the continuing bene­
fits for all bankers which have re­
sulted from this mutual respect.
The trend to increasing government
control of banking was cited by the
speaker as an area of great concern
to bankers. He urged a unified stand
by all bankers in an effort to combat
this current effort by government

convention was a presentation enti­
tled, “Taking the Mystery Out of Es­
tate Planning,” by a panel composed of
members of the SDBA trust commit­
Panel moderator was Clark Carnaby,
vice president, American National
Bank and Trust in Rapid City, and
chairman of the trust committee. He
was ably assisted by two committee
members, Leonard Morrison, assistant
vice president and trust officer, First
National Bank of the Black Hills, Rap­
id City, and Orley Rath, vice president
and trust officer, First National Bank,
Aberdeen. Mr. Rath also has the dis­
tinction of serving as trust officer for

OFFICERS W ERE IN ST A L L E D , LEFT: Robert H. Walrath, pres., First
Citizens National, Watertown, new first vice president; and J. S. Holdhusen, pres.,
Ipswich State, new second vice president. RIGHT: New SDBA President Hogan F.
Iverson, president, Farmers State, Canton, receives congratulations from retiring pres­
ident Scott Lovald, president, First National, Philip.

Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis


South Dakota News

LEFT: A. E. Dahl, chm. of bd., American National Bk. & Tr.,
Rapid City; Mrs. Dahl; and Herb Echtermeyer, sr. v. p., Omaha
National. CENTER: Dr. Gr. Herbert True, author and lecturer,
South Bend, Indiana, complete in tie, tails, gold vest and top

the famous “Quints” of Aberdeen.
Mr. Carnaby, in introducing the sub­
ject, pointed out that a trust officer
must first determine the answers to
five questions before attempting to
advise a customer on how best to han­
dle his estate. These are:
1. Who do you want to leave your
property to?
2. Why do you want to distribute
your property in this way?
3. When do you want to make distri­
4. What property is involved in the
5. How do you want to pass it on?
Much time was spent in discussing
the various ways in which federal
taxes can be reduced to a minimum.
A typical estate was settled in differ­
ent ways to illustrate to bankers the
three important ways this can be
1. Eliminate the unnecessary second
set of taxes on certain property
going eventually to the children.
2. Take advantage of the 50 per cent
marital deduction made possible

hat addresses the convention. RIGHT: Members of the
Panel, from left: Orley Rath, v.p. & t.o., First National,
deen; Clark Carnaby, v.p., American National Bank & Tr.,
City; and Leonard Morrison, First National Bk. of the

by the Revenue Act of 1948.
3. Use gifts.
The interest of attending bankers
was exhibited by the active participa­
tion in the discussion period which
followed the panel’s presentation.
In formal ceremonies at the Satur­
day morning session, A. S. Gullickson,
executive secretary-treasurer of the
SDBA, presented 50-Year and 40-Year
Pins to the following South Dakota
50-Year Recipients
Earl Baertsch,
cashier, The Peoples Bank,
J. Virgil Lowe, director, Northwestern N a ­
tional Bank, Sioux Falls.
E. F. M cKellips, president, State Bank of
E . J. Pearson, president, Brandon Savings
Fred Stiles and J. J. W arkentin, both directors
of the First N ational Bank at Aberdeen.
Harold W alker, Bear Butte Valley Branch,
Am erican N ational Bank & Trust Company,

40-Year Recipients
K ent Baird, vice president, Aberdeen N ational
J. S. Chase, president, Faulk County State
Bank, Faulkton.
Hugh C. Danforth, vice president and cashier,
First Dakota N ational Bank, Yankton.
John S. Holen, senior vice president, First
Citizens N ational Bank, W atertow n.
N oel W . K lar, executive vice president, First


National Bank o f Black H ills, Rapid City.
Earl Keller, senior vice president, Am erican
National Bank & Trust, Rapid City.
Frank Kouba, president, Roberts County N a ­
tional Bank, Sisseton.
A . F. Litz, president, Delmont State Bank.
Adolph Lodmell, vice president and senior trust
officer, and Oliver Nordby, vice president, N orth­
western N ational Bank, Sioux Falls.
W . E. Shoberg, senior vice president, Am erican
N ational Bank & Trust Company, Rapid City.

Bowling champion of the SDBA was
Roy Folkerts, vice president and man­
ager of the National Bank of South
Dakota’s Branch in Corsica. Topping
the women bowlers was Mrs. Maurine
Robinson of Brookings. Mr. Robinson
is vice president and manager of
Northwestern National Bank’s branch
in Brookings.
Bob Walrath and R. L. Plowmen,
president of the First State Bank at
Armour, finished the golf tournament
in a tie. A sudden death playoff re­
sulted in Mr. Walrath winning the
Mr. Plowman faired pretty well,
however, as his name was drawn as
the winner of the TV set given by
the SDBA as a door prize.
The 1965 convention will be held in
Sioux Falls.—End.

..^MrRrstofOmciho Sgysii


a p pL n eââ
p r o b ità



m ciR
ik in cÿ

ly jó e o u r

C^orreóp o n c i en t -S erviced .

Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis

South Dakota News


Bank Commission Activities
At its meeting on May 19 the South
Dakota banking commission received
an application from the Miracle State
Bank at Watertown, asking for ap­
proval of a charter for a new bank.
The incorporators are: Lester E.
Schull and Dr. J. B. Harman, Watertown; Charles B. Larkin, Clark, and
Patrick Feeney and Charles H. Burke,
Pierre. Oscar Brosz, superintendent
of banks, said the application is being
investigated to establish necessary in­
formation for a decision by the com­
The commission at its meeting also
disapproved the application of the
Farmers State Bank of Parkston for
a branch at Ethan.
The Oldham State Bank at Oldham
made application to amend its articles
to change the name to American State
Bank and increase common capital to
$ 100,000.

First State Bank at Highmore made
application to increase its common
capital to $150,000, and Farmers State
at Hosmer made application to in­
crease its capital stock to $50,000.

Rapid City Changes
Allan M. Hill, formerly with Associ­
ates Discount Corporation in Montevidio, Minn., has joined the American
National Bank and Trust Company of
Rapid City as assistant manager in
the Hot Springs Office. He succeeds
Don Lorenzen, who has moved to
Rapid City as assistant manager of the
bank’s Western Office.
Dan Mayer, assistant cashier and
assistant manager of the Western Of­
fice, has been transferred to the bank’s
Bear Butte Office in Sturgis.

LEFT: Arlo Grass, a.c., First National of the Black Hills, presents the NORTHWESTERN BANKER champion’ s trophy to the winner of the bowling tournament, Roy
Folkerts, v.p. & mgr., National Bk. of S.D., Corsica. RIGHT: Pat Dixon, a.v.p., and
Dick Mathieson, a.c., First National of the Black Hills, Rapid City, members of the
banquet committee, review final plans.

and a tellers’ area with four teller
positions. A large customer parking
lot adjoins the building.

ager of the First National Bank of the
Black Hills in Rapid City.

New NAB AC Officers
Eureka Open House
More than 1,000 persons attended an
open house at the Eureka State Bank
marking completion of a remodeling
and modernization program. Floor
space of the bank was doubled, elec­
trical wiring was replaced and new
modern fixtures were installed. A sep­
arate bookkeeping department was
added and office space enlarged.

Heads Computer Center
Roland H. “ Bud” Brummer, former­
ly a district computer specialist in
Chicago for the Burroughs Corpora­
tion and also a former native of Rapid
City, has been elected assistant vice
president and computer center man­

George O’Niell, cashier, Fulton State
Bank, Fulton, has been elected presi­
dent of the Southeastern South Dakota
Conference of N.A.B.A.C. Vice presi­
dent is Earl Bendt, auditor, Union
Bank and Trust, Sioux Falls. Robert
Haugen, assistant cashier, National
Bank of South Dakota, Sioux Falls,
was named secretary, and Ronald Jen­
kins, assistant cashier, Commercial
Trust & Savings, Mitchell, was named
Newly elected directors are B. E.
Bork, cashier, Sioux Falls Bank, Sioux
Falls; Larry Sommers, assistant cash­
ier, First National, Yankton, and Har­
rison Brosz, assistant cashier, Dakota
State Bank, Tripp.

Stockyards Program
The Stockyards Branch of the North­
western National Bank of Sioux Falls,
the Sioux Falls Stockyards Company,
and John Morrell and Company last
month sponsored a special tour of the
yards, social hour and dinner and dis­
cussion program.
The program was held just prior to
the grand opening of the new quar­
ters for the Stockyards Branch of the
Northwestern National Bank of Sioux
Falls. One feature of the opening was
a special “Millionaire for a Day” con­
test. The two winners received the
interest at 4 per cent on $1 million
for one day.
The Stockyards Branch was opened
in June, 1960. Among the many fea­
tures of the new quarters are a spa­
cious lobby, large offices, private con­
ference rooms, a drive-in window,
night depository, safe deposit vault

Sioux Falls, South Dakota
Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis


South Dakota News

Spearfish Change
The Spearfish Branch of the Bank
of Belle Fourche announced recently
that Bill Earwood, formerly cashier at
the Modale Savings Bank, Modale,
Iowa, has been named assistant man­
ager of the Spearfish Branch, replacing
Arnold E. Domke, who resigned to be­
come a South Dakota bank examiner.

On Vermillion Staff
Donald G. Jorgenson, assistant trust
officer and farm manager of the Na­
tional Bank of South Dakota in Sioux
Falls since 1961, has joined the Vermil­
lion Branch of the bank as agricultural
representative and assistant cashier.
He is a 1956 graduate of South Dakota
State College with a degree in agri­
cultural economics.

were completely remodeled. Construc­
tion on the project began in December,
As part of the open house, the bank
conducted a contest with the persons
guessing nearest the actual number at­
tending open house receiving the in­
terest on $1 million for one day.

Successful Display
The Western State Bank, Sioux
Falls, attracted an unusually large
amount of interest at its booth dur­
ing the annual Sioux Empire “ Show of
Modern Living” recently at Sioux
One reason for the high interest was

3500 mm n m 'T o

dress up this girl



nt loan

k helpyooaf

Retire at Sturgis
William Krikac and Fred Christen­
sen, assistant cashiers, Bear Butte Val­
ley Office of the American National
Bank of Rapid City in Sturgis have
retired. Mr. Krikac spent 18 years
with the Farmers State Bank of Du­
pree before joining the Sturgis office
in 1955. Mr. Christensen retired after
42 years with the same bank.

NABAC Election
Martin Haar, cashier, Farmers and
Merchants Bank, Aberdeen, has been
elected president of the Northeastern
Dakota Conference of NABAC. Other
officers are Ray Christianson, First Na­
tional of Aberdeen, vice president, and
Roy Lippert, Ipswich State Bank, sec­

Hill City Open House
Upon completion of remodeling of
the Hill City branch of the Rushmore
State Bank, open house was held last
The present bank building was con­
structed in 1903. New mahogany pan­
eling now lines the office and new
lighting and new deposit boxes have
been installed.
The open house coincided with the
10th anniversary of Ken Trapp as
manager of the branch.

Huron Open House
The Farmers and Merchants Bank,
Huron, held open house recently mark­
ing completion of its extensive remod­
eling program. An adjoining building
was incorporated into the bank’s fa­
cilities and the exterior and interior

Northwestern Banker, June, 1964

Arlouine Blow of Dell Rapids and
Mary Loucks of Rapid City were
elected co-chairwomen of the South
Dakota group of the National Associa­
tion of Bank Women. Celeste Harring­
ton of Colman was named secretary.
Sioux Falls was selected as the site
for the 1965 meeting.
Miss Blow is assistant cashier in the
Dell Rapids branch of the Northwest­
ern National Bank, Sioux Falls. Miss
Loucks is cashier of the Rushmore
State Bank. Miss Harrington is vice
president of the Dakota State Bank.

New Brighton Change
Howard Larson has been elected
cashier of the First State Bank of
New Brighton. Mr. Larson joined the
bank’s staff in 1960 and was named as­
sistant cashier in 1961. Since that
time he has been in charge of the loan

Holding Company Formed

DRESS made of $3,500 in actual currency
was worn by this hostess who welcomed
visitors to the Western State Bank of
Sioux Falls’ booth at the annual Sioux
Empire “ Show of Modern Living.”

that visitors were greeted by a young
lady dressed in a gown made of $3,590
in actual currency, encased in layers
of silk organza. Purpose of the dis­
play was to illustrate the amount of
money available to home owners
through FHA Title I home improve­
ment loans.
The gown was insured “at replace­
ment cost” during the show. Further
protection for both the gown and the
girl was provided by members of the
Sioux Falls police department.

A.I.B. Election
Arlo L. Grass, First National Bank
of the Black Hills, Rapid City, has
been elected president of the Black
Hills Chapter of the American Insti­
tute of Banking. Mary Loucks, Rushmore State, has been elected first vice
president. Gideon Stroh, American
National, was named second vice pres­
ident, with Hugh Caton, Rushmore
State, as treasurer, and Laurietta Fey,
First National of the Black Hills, was
named secretary.

Member of Federal Deposit Insurance Corporation
Federal Reserve Bank of St. Louis

Bank W om en Elect

A new holding company, incorpo­
rated under Minnesota law as Bancorporation of Minnesota, Inc., has been
formed. Included are the Lake City
State Bank, the Olmsted County Bank
and Trust Company, Rochester, and
the recently chartered Bank of Minne­
apolis & Trust Company, which is
open next fall at 922 Nicollet Avenue.
Directors of the corporation are I.
Coppe and Francis J. O’Brien, both of
Rochester, and Maurice Aldelscheim,
Jr., Raymond W. Callen, M.D., Thomas
K. Scallen and Robert C. Drake, all of

Plan Pine Ridge Bank
Plans are being made for a new
bank at Pine Ridge to be called the
Oglala Sioux State Bank. Organizers
plan capitalization of $25,000.

Ramona Manager
Harlan Miklebost, assistant cashier,
Oldham Bank, Oldham, has been
named manager of the Oldham State’s
branch to be opened at Ramona this

Move Alpena Bank
The Bank of Alpena has been moved
to Wessington Springs and opened for
business last month as the American
State Bank of Wessington Springs.
Howard Peters is president, and Bruce
Redi is cashier. The third staff mem­
ber is Mrs. Delores Ross.

Phillips at 9th
S. Minnesota at 33rd
E. 10th at Omaha


LEFT: During a coffee break, from left, Robert Stokke, Jr.,
First National City Bank, N.Y. ; A. M. Ericsmoen, pres., Da­
kota National, Fargo; Phillip G. MacMillan, pres., Me Ville State,
Mc Ville; and John A. Hautman, Harris, Upham & Co., Minne­
apolis. CENTER: V. F. Hegeholz, pres., People & Enderlin
State Bank, Enderlin, and new president of NDBA presents

ISMARCK experienced a busy
week as 500 North Dakota bank­
ers and wives hit town May 7-9 to
meet in their annual North Dakota
Bankers Association Convention. The
city and NDBA officers rose to the
occasion providing nearly three days
of activity for those in attendance.
Beginning with a social hour and
dance on Thursday night till the con­
vention closed on Saturday noon,
there were few idle moments. The
climax of official proceedings came at
the Saturday session when V. F. Hege­
holz, president of the Peoples & En­
derlin State Bank at Enderlin was
elected to the presidency of the
NDBA. He was presented the official
gavel by retiring president O. K. An­
derson, president, State Bank of Lakota.
Moving up to the first vice presi­
dent’s spot was Gordon H. Weber,

NORTHWESTERN BANKER door prize to William Graves,
pres., First National, Fargo. RIGHT: Bowling winners accept­
ing their trophies are Ted Tufte, pres., Northwood State; Harry
Lundholm, pres., First National, Valley City; Mrs. Amanda
Mensing, Hettinger; and Mrs. Paul Pederson, Hope.

V. F .
Btef/eholz N a m ed
Bill N orth MBakota H ankers

A sso c ia te E d ito r

president of Farmers State Bank at
A. A. Mayer, president of Dakota
National Bank in Bismarck was
elected second vice president of the
The fourth new officer is Ted Sette,
president of the State Bank of Bur­
leigh County, Bismarck. Mr. Sette was
elected treasurer of the association.
The highlight of the first general
session of the convention was an acl-

1964-65 OFFICERS of the North Dakota Bankers Association are, from left, Ted Sette,
pres., State Bank of Burleigh County, Bismarck, treasurer; A . A. Mayer, pres., Dakota
National, Bismarck; second vice pres., O. K. Anderson, pres., Bank of Dakota, retiring
president shown passing the gavel to new president V . F. Hegeholz, pres., Peoples &
Enderlin State, Enderlin; and Gordon Weber, pres., Farmers State, Lisbon, vice president.

dress by Francis X. Coleman, vice
president of Dempsey-Tegler & Co.
from New York City. In a speech en­
titled, “The Place for Municipal Bonds
in Bank Portfolios,” Mr. Coleman
pointed out the dramatic increases in
the holdings of municipals.
“Here in the Ninth Federal Reserve
District, the banks, in order to meet
the added interest expense resulting
from the increase in deposits and
rates, not only expanded their loan
portfolios, but also rearranged their
security holdings. They reduced by
3 per cent their ownership of U. S.
Government securities and increased
by about 17 per cent their holdings
of municipals and other securities that
provide higher after tax income.”
Mr. Coleman went on to say, “ It is
apparent that banks have come to
1. Municipal bonds give an oppor­
tunity to invest safely.
2. The net income after tax exceeds
that of other readily available
assets even at reduced tax rates.
3. There is more liquidity in muni­
cipal bonds than many banks had
4. The growth in time deposits,
which rose from 25.1 per cent to
over 39 per cent of gross depos­
its in the last 10 years, will con­
tinue to permit a vital contribu­
tion to the needs for both conNorthwestern Banker, June, 1964
Federal Reserve Bank of St. Louis


North Dakota News





LEFT: Donald “ Red” Blanchard, radio and TV commentator
from Chicago, cooperates by “ watching the birdie” during his
entertaining talk at the banquet. RIGHT: Bankers present to
receive their 50 Year Awards are pictured, from left: Earl
L. Shaw, chmn. of bd., Fargo National; William J. Johnston,

pres., Walsh Co. Bank, Grafton; J. E. Johnson, v.p., First of
Bottineau; J. A. O’Brien, exec, v.p., Liberty National, Dickinson;
O. A . Refling, pres., First of Bottineau; John D. Meier, pres.,
First of Linton; William Guy, Governor, State of North Dakota;
and H. M. Weydahl, pres., Bank of Killdeer.


ventional loans and loans to mu­
nicipalities by way of their sale
of tax exempt bonds. Both the
hanking industry and the muni­
cipal market have good long-term
growth potentials.”
The speaker predicted there would
be expanded buying of municipal
bonds as “more banks become experi­
enced in caring for the additional
amount of time deposits.”
In closing, Mr. Coleman pointed out
that “there are approximately 85 bil­
lion tax exempt income bonds out­
standing. The market is a broad one;
if you diversify your holdings and ma­
turity schedule, when you want to
sell you will have a larger range of
credits to use to your advantage in
those markets which may he strong.”
At the Saturday morning session,
George B. Rogers, general counsel for
the First National Bank of Chicago,
discussed the Uniform Commercial
Code and its possible effect on the
state of North Dakota should it be
enacted into law.
Mr. Rogers pressed home the point
that the Code is an important step
forward in banking and would result
in simplified practices in many facets
of banking.
Mr. Anderson, addressing the con­
vention officially as president of the
NDBA, reviewed activities of the past
year and cited major problems cur­
rently facing the Association. He
quoted Comptroller Saxon in stating
that the FDIC Board has indicated a
belief that all checks should clear at
Mr. Anderson pointed out that this
is a particular problem in North Da­
kota as most of the 1,500 non-par
banks are in Minnesota and North
Dakota. He did not indicate a stand
Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis

one way or another by the NDBA,
but said only that he wanted to bring
bankers up-to-date on the thinking
currently going on in Washington and
other “high places.”
The convention also was addressed
by other speakers, including Leland
Ulmer of the North Dakota Rural
Electric Association and Oscar Bit­
terer of the Federal Reserve Bank in
A special luncheon on Friday fea­
tured presentation of 50 Year Banker
Awards to 20 North Dakota bankers.
The following were presented with a
plaque by Governor William Guy;
Fred D. McCartney and Glenn V . Dill, First
N ational of Oakes.
W illiam J. Johnson, W alsh County Bank, G raf­
Earl L. Shaw, Fargo N ational Bank.
J. E . Johnson and O. A . Refling, First National
of Bottineau.
J. A . O ’ Brien, Liberty National Bank of Dick­
M. G. Pederson, First State Bank, Hope.
Oscar W . Bell, Am erican State Bank, W illis-


J. C. Stennes, Harwood State Bank.

Victor A . Heiberg, Farmers State Bank, Minnewaukan.
E . G. Bloedow, Security N ational, Edgley.
H. M . W eydahl, Bank of Killdeer.
John D. Meier, First N ational Bank, Linton.
James H . Vorachek, Citizens State Bank, L a n ­
L . B. Garnaas, Farm ers & M erchants Bank,
A . H . N elson, Scandia Am erican Bank, Stan­
M artin A a s, F irst State Bank, N ew Rockford.
R. E. M artin, F irst State Bank, Goodrich.
A . F. Lehr, First State Bank, Gackle.

Golf winners were Don McNeill,
Winnipeg; I. D. Peterson and Bob
Tracy, Bismarck; and Mike Whalen,
Harold Lundholm, president, First
National Bank, Valley City, was the
champion in the men’s bowling, while
Mrs. Paul Pederson, whose husband is
executive vice president of the First
State Bank at Hope, was the winner
among the women. Ted Tufte, presi­
dent of the Northwood State Bank,
and Mrs. Amanda Mensing of Het­
tinger were the other winners. Mr.
Mensing is executive vice president of
the First National Bank.
The site for next year’s convention
will be announced by the Association
officers at a future date.—End.





On Williston Staff
Kenneth L. Erickson has joined the
First National Bank in Williston as
assistant vice president in charge of
installment and small loans. He for­
merly was manager of the Associates
Discount office in Williston, for five
years and prior to that lived in Des
Moines, Iowa.

Named to Board

C O NGRATULATING each other on an ex­
cellent convention are William J. Daner,
Bismarck, NDBA exec. sec. and O. K . A n ­
derson, pres., State Bank of Lakota, re­
tiring NDBA president.

James L. “Cy” Fulton, vice presi­
dent, First National Bank of Bowman,
has been elected to the board of di­
rectors of the bank. He has been with
the bank for four years. He replaces
Donald Stewart who has moved to





North Dakota News
Charters Approved
The North Dakota Banking Board
has approved charters for three finan­
cial institutions.
Authority was granted to establish
the Great West Savings and Loan As­
sociation of West Fargo, the Page
State Bank at Page, and a paying and
receiving station of the Citizens State
Bank of Ray at Wildrose.
The Page State Bank will be oper­
ated by the same group that owns the
First State Bank of Hope, which will
close its paying and receiving station
in Page. Capital structure will include
$75,000 in capital and $75,000 in sur­

Kenmare Building
Leonard Jorgenson, executive vice
president of the State Bank of Ken­
mare, announced last month that a
new bank building will be constructed
this summer with occupancy tenta­
tively set for late fall.
The new one-story building will be
constructed on the northeast corner
of the city square, facing the city

tain money for a new building. George
Thompson, manager of the bank, said
the state Industrial Commission has
authorized him to present the proposal
to the state budget board in the bank’s
biennial spending request this sum­
Since it was founded in 1919, the
state-owned bank has been operating
in a four-story red brick building at
the corner of Main and Seventh
streets in downtown Bismarck. The
building was erected in 1915 and first
was used as a garage.

In New Quarters
The McIntosh County Bank, Ash­
ley, has moved into its new quarters
with all new fixtures. Remodeling of
the older part of the building now is
underway. An open house is to be
held this month.

Addition at Steele
Construction is underway on a 25
by 30 foot addition to the Bank of
Steele. The addition will house the
bookkeeping department. A new and
larger air conditioning and heating
plant also is being installed.

50th Anniversary
Open house was held recently at the
Peoples State Bank, Parshall, mark­
ing the bank’s 50th anniversary. E. O.
Lerberg has been president of the
bank for the past 33 years and his son,
Gary L. Lerberg, has been with the
bank since 1949.

To Request Building Funds
Officials of the Bank of North Da­
kota are making plans to renew at­
tempts in the 1965 legislature to ob­

Awards Contracts
Contracts have been awarded for
the construction of a new First Na­
tional Bank building in Williston. Dr.
C. M. Lund, president, said bids totaled
$282,000 for the one-story building to
be constructed just east of the Wil­
liston post office.
The building will feature two driveup windows, a walk-up window and
a paved parking lot to accommodate
22 cars.


Grand Forks Building
Contracts have been awarded for
the construction of a new building for
the Community National Bank of
Grand Forks. Don Miller, president,
said construction on the one-story,
colonial style building is to start as
soon as possible, with completion
scheduled for next January.
The bank currently is operating out
of temporary quarters.

New Loan Officer
H. J. “Herb” Wogsland of Devil’s
Lake has joined the Red River Na­
tional Bank of Grand Forks as loan
officer in the consumer loan depart­
ment. For the past seven years he
has been with a Devil’s Lake auto firm
as sales manager, and prior to that
was with the Commercial Credit Cor­
poration in Fargo.

A. E. Halverson
A. E. Halverson, 69, vice president,
Walsh County Bank, Grafton, died
following a heart attack suffered while
at work in his office at the Forest
River station. He had been a resident
of the Forest River community since

Dunseith Construction
Plans are being made to begin con­
struction this summer on a new build­
ing for the Security State Bank of
The one-story building is to be con­
structed on the present bank site and
an adjoining lot. Temporary quarters
during construction will be located
across the street.

2 0 . 0 ttO Visit N ew Fuiufo Q u a rters

OPEN HOUSE at the new Merchants National Bank and Trust
Company building in Fargo, North Dakota, was held last month.
At left, Adrian McLellan, president, welcomes Herschel Lash-

kowitz, Fargo’s mayor, while Miss Fargo, Patty Dodge, right,
watches. Exterior of the four-story structure is shown at right.
Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis



No problem is too small to receive
our personal attention





to our staff o f specialists here at D enver U . S.
A n d these m en— D on Terrel, G eo rg e A lff, and D on W h ite m a n — are veritable
m agicians at com in g up with the right answers for you.
T elep h on e 2 4 4 -8 8 1 1 .

' th a t's

th e b a n k

fo r m y m o n e y !"


Northwestern Banker. June, 1964
Federal Reserve Bank of St. Louis

U .S . C E N T E R


D e n v e r 1 7 , C o lo r a d o


C o lo r a d o N o w s

K. M. H A L L , C olorado Springs
Presiden t
C olorado Bankers A ssn .

Second Affiliate for
First of Denver
The First National Bank of Bear
Valley will become the second affiliate
of the First National Bank of Denver,
according to Eu­
gene H. Adams,
F i r s t National
Bank of North
Glenn became af­
filiated with the
First National of
Denver last fall.
The new bank
in the Bear Val­
ley Center is capT . P. O ’ R O U R K E
ita liz e d w ith
$275,000 in capital; $125,000 in surplus
and $112,500 in undivided profits.
Thomas P. O’Rourke, 33, vice pres­
ident in the correspondent bank de­
partment in the First of Denver, has
been named executive vice president
and cashier of the Bear Valley Bank.
Other officers of the First of Denver
who also will be vice presidents of
the Bear Valley Bank are Carrol L.
Stubbs, senior vice president in the
correspondent bank department, and
Bruce D. Alexander, vice president in
the correspondent bank department.
Mr. Adams is president and chairman
of the board of the new bank.
The new bank will be housed in
about 2,500 square feet of space in the
Bear Valley Shopping Center. A free­
standing bank building containing
about 8,000 square feet will he built at
a later date.

File for Southglenn Bank
An application for chartering of The
First National Bank of Southglenn
was filed May 18 with J. R. Thomas,
regional Comptroller of the Currency,
in Denver.
If the application is approved, the
Southglenn bank would become an
affiliate of The First National Bank of
Denver, the third such affiliate of The
First National established in metro­
politan Denver since November, 1963.
Organizers who applied for the char­
ter were Jordon Perlmutter, one of the
principal owners of Perl-Mack Homes,
Federal Reserve Bank of St. Louis

to senior vice president and cashier at
the First National Bank of Pueblo,
and Henry J. Pettit, assistant vice
president, was named vice president.
Richard A. Mudrone, assistant cash­
ier, was promoted to assistant vice

Heads Jaycees

and several prominent officers of The
First National of Denver, including
John Evans, honorary chairman of the
board; M o n t g o m e r y Dorsey, board
chairman; Eugene H. Adams, presi­
dent; Carrol L. Stubbs, senior vice
president, and Bruce D. Alexander,
vice president.
A total of 250,000 shares of stock
would be issued at $1.95 per share for
a total of $487,500.
The financial structure of the pro­
posed First National of Southglenn
would include $250,000 in capital; $125,000 in surplus, and $112,500 in undided profits.
The bank would be situated at S.
University Boulevard and Arapahoe
Road in Arapahoe County. Target
date for its opening, if the charter is
approved, is December, 1964.

Officer Named
Henry A. Heinly, a representa­
tive in the corresp o n d e n t bank
department since
1963, has b e e n
elected assistant
cashier at t h e
Central Bank and
Trust Company
in Denver. Mr.
Heinly resides in
H. A. H E IN L Y
Boulder and will
continue his duties in Central’s cor­
respondent bank department.

Robert Gregg, assistant cashier of
the Arkansas Valley Bank in Pueblo,
has been elected president of the
Pueblo Junior Chamber of Commerce.

On Correspondent Staff
William C. Morr, assistant cashier,
and Robert W. Johnson have been as­
signed to the correspondent bank de-

W . C. M O R R


w. J O H N S O N

partment of the First National Bank
of Denver, according to Eugene H.
Adams, president.
Mr. Morr joined the bank in 1958.
He received his B.S. in Law from the
University of Denver and also at­
tended the University of Colorado.
Mr. Johnson joined the First of Den­
ver in June 1962, and is a graduate
of the University of Nebraska.

Westminster Changes

Thomas E. Green has been elected
vice president in charge of commer­
cial loans and public relations for the
First National Bank of Westminster.
He formerly was with Associates Dis­
count Corporation in Westminster.
G. W. Knudson, who came to the
bank nearly five years ago from the
Pueblo Promotions
Central Bank and Trust Company,
Robert Armstrong has been pro­ Denver, and Robert J. Stirling, who
moted from vice president and cashier joined the bank a year ago after work­
ing for 10 years with General Credit,
have been elected assistant vice presi­


W ill Be Featured
In the July

Bank Approved
Application for a charter for the
W e s t e r n National Bank, Colorado
Springs, has been approved by the
Comptroller of the Currency.
Organizers are George H. Brosius,
Carlton C. Finney, Leonard J. Rhue,
Leo Ververs and Romberg L. Smith.
Capital funds will include $200,000
in capital, $200,000 surplus and $100,000
undivided profits.
Northwestern Banker, June, 1964

W . F. M E S S E N G E R

R. O D L I N

J. J. C R O U C H

D. M O L T H R O P


June 1 1 - 1 3

11 y


in #/ R ankers to •Jackson L a k e

EAUTIFUL Jackson Lake Lodge at Moran, Wyo.,
once again will be the site for the annual convention
of the Wyoming Bankers Association. The 56th an­
nual convention of the association will be held June 11-13.
Featured speakers will include Reno Odlin, vice presi­
dent of the American Bankers Association; Robert C. Liebenow, president of the Chicago Board of Trade; Carl
Breeze, former head of the state bank division of the
A.B.A.; Jordan J. Crouch, past president of the F.P.R.A.;
Fred E. Pike, past president of Robert Morris Associates,
and David M. Molthrop, consultant on community educa­
tion from the Small Business Administration.
Following is the complete convention program:


Thursday, June 11

5:00-6:00 Social Hour (casual clothes, indoors).
6:15 Indoor Picnic—Hotel convention area.
Friday, June 12


Call to Order.
Invocation—Reverend Philip Zimers, St. John’s
Episcopal Church, Jackson, Wyo.
Address of Welcome—Fred C. Fagergren, superin­
tendent, Teton National Park, Moose, Wyo.
President’s Address and Annual Report—W. F.
Messenger, president, First State Bank, Cody,
Address—“Agricultural Policy in the Mid-Sixties”
—Robert C. Liebenow, president, Board of Trade of
the City of Chicago.
Address—“ The Situation on Banking Legislative
Proposals Today”—Reno Odlin, chairman, Puget
Sound National Bank, Tacoma, Wash.; vice presi­
dent, American Bankers Association.
Address—“We Bankers,” Carl G. Breeze, president,
Bank of Kremmling, Colo.; past president, State
Bank Division, American Bankers Association.

12:30 Ladies’ Luncheon.
Men’s Luncheon.
1:30 Call to Order.
Address—“Value of Public Relations,” Jordan J.
Crouch, senior vice president, First National Bank
of Nevada, Reno, Nev.; past president, Financial
Public Relations Association.

Address—“And No One Shall Work for Money,
and No One Shall Work for Fame,” Fred E. Pike,
senior vice president, Walker Bank and Trust
Company, Salt Lake City, Utah; past president,
Robert Morris Associates.
Report of Committee on Association Dues—Robert
E. Bryans, executive vice president, The First Na­
tional Bank of Casper; vice president, Wyoming
Bankers Association.
5:30-7:00—Social Hour.
7:00 Banquet.
8:00 Entertainment.
Saturday, June 13




Peeps (Past Presidents’) Breakfast.
Call to Order.
Resolutions Committee Report—A. Edward Kendig, vice president and cashier, State Bank of
Audit Committee Report—George Hutt, executive
vice president, First National Bank, Rawlins.
Legislative Co7mnittee Report—H. F. Esmay, exec­
utive vice president, Stockmen’s Bank, Gillette.
Address—“How CU’s See You, Mr. Banker,” David
M. Molthrop, consultant, community education,
Small Business Administration, Washington, D. C.
Report of Executive Council, A.B.A. — John W.
France, president, Rawlins National Bank, Raw­
Association Business—W. F. Messenger, president,
Wyoming Bankers Association.
Nominations—Vern Eastman, executive vice presi­
dent and cashier, First National Bank at Ther­
Election of Officers—American Bankers Associa­
tion nominating committee, and Wyoming Bank­
ers Association.
histallation of Officers.
Note: Following the regular convention session,
there will be a meeting of the executive
council and newly elected officers of the
Wyoming Bankers Association. All mem­
bers of the Association are invited to at­
tend— End.






Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis


W yom ing News


On Sheridan Board
R. R. Loss, vice president and cash­
ier, Bank of Commerce, Sheridan, has
been appointed to the bank’s board of
directors, filling a vacancy left by the
death of R. T. Helvey.

JhfiML yjOWl, J aIomUl. a t


Uses Computer Center
The Bank of Laramie, located 135
miles from Denver, last month initi­
ated the placing of its Thrifticheck ac­
counts on the First National Bank of
Denver computer. This is the first
bank in Wyoming to make use of such
J. A. Guthrie, Jr., vice president,
stated that the bank contemplates hav­
ing its entire bookkeeping system on
the computer system by mid-summer.

g o tw & n iw r L

S h m d in c fjL ,!

look forward

to seeing all W y o m i n g

bankers at this year’ s convention, June 1 1 -1 3 .
Executive Vice-President

NAB AC Election
John Waeckerlin, cashier, First Na­
tional Bank of Rawlins, was elected
president of the Wyoming Conference
of NABAC at a recent meeting. New­
ly elected vice president is Larry Day,
cashier, First National Bank of River­
ton, and secretary-treasurer is Ray
Bower, Jr., cashier of the First Na­
tional Bank of Worland.

Recently Remodeled
The Jackson State Bank, Jackson,
recently remodeled its main lobby and
bookkeeping department, i ns ta l li n g
acoustical tile, wood paneling and new
floor covering.

Cody Changes
Marion D. Ellis, formerly with the
Federal Reserve Bank of Minneapolis,
and Norman E. Parker, an employee
of the bank since last August, have
been named assistant cashiers at the
First State Bank of Cody.
R. W. Frisby, vice president, reports
that ground was broken recently for
the new $250,000 building for the First
State Bank. The striking western de­
sign of the building is the creation of
Architects Oswold Berg, Jr., of Boze­
man, Mont., and George Tresler of
Cody, Wyo. Estimated completion date
is November 1.

Heads Lusk Bank
Andrew McMaster, formerly vice
president, has been elected president
of the Stockmans National Bank of
Lusk. He succeeds Roscoe Kilmer
who sold his interest in the bank to
the other directors.
Leo Thompson was elected vice pres­
ident to succeed Mr. McMaster.
Max T. Bird, executive vice presi­
dent also reports that the bank is to be
expanded to include two adjoining
rooms. The tellers’ area also is being

Swift Transit Service
Rapid Fire Collection S ervice
Com plete Trust Service

I cnbI

Loan Participation
In vestm ent Portfolio A n alysis
In tern al O p e ratio n s Counsel
Member Federal Deposit Insurance Corporation

17th St. and Champa • A rea

Member Federal Reserve System

Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis


Wyoming News

11 ifimi in if N a tion a l H ollis Opon H on se

OPEN HOUSE at the Wyoming National Bank in Casper recently marked two
historic events: the formal opening of the bank’s unique new building shown here,
and the bank’s 50th anniversary. The new building was designed as a work of
sculpture by Charles Deaton. At left is a view of the main banking area from an
inside balcony. The huge rotunda, formed by 17 free-form concrete shells, houses
a semi-circle of 20 teller booths. Two full weeks of special activities highlighted the

On Newcastle Staff
Floyd Harmon, formerly cashier at
the First National Bank of Lander, has
been named vice president of the Na­
tional Bank of Newcastle. Paul Freese
has assumed Mr. Harmon’s duties at
the Lander bank.

man of the board; Arnold Kuhlmann,
executive vice president, and Mrs.
Keith Anderson, assistant cashier.
Mr. Kuhlmann formerly was assist­
ant cashier at the First National Bank,
Wibaux, Mont.

Casper Bank Opens
New Bank Opens
The Oregon Trail Bank, a new bank
in Guernsey, opened for business last
month. The new bank is capitalized
at $150,000. Officers include Bob Winship, president; Glen Gorman, chair­

Casper’s first suburban bank, the
Western National Bank, opened last
month. It is located in temporary
quarters at 1111 Cy.
C. Ernie Gardner, president, also an­
nounced plans for the construction of


permanent quarters. The $100,000
building is to be ready for occupancy
by mid-August. Two drive-in win­
dows are included in the plans.
Directors of the new bank are James
E. Jones, Jr., chairman; Thomas Fagen, Mayne Miller, Mr. Gardner and
Thomas Harvey, all of Casper, and El­
bert Howe of Wheatland.

Plan Laramie Bank
Plans are being made for a third
bank in Laramie, according to Alfred
Taylor, Lusk attorney. Organizers are
from Laramie and Lusk, but their
names have not been announced.
Application for a national charter
is being made. Tentative plans are
for a suburban bank near the Univer­
sity of Wyoming. The proposed name
of the new bank is University National

Joins Upton Bank
H E N R Y J. H U K I L L , P r e sid e n t

H A R O L D I). B A R T O N , A s s t . Y .P .

A L F R E D .1. D O N IC H , V ic e P r e sid e n t

G. H . P E C K , A s s t . V .P .

D O N AV. T A V E N S E R , V ic e P r e sid e n t

R O N A L D A . R IC C O , C a sh ie r

P e te r P a u ly

G e o rg e M. M u n g a s

T h o m a s O. C o llin s

T h om as G eary

H e n r y J. H u k ill

D on W . T avenn er

F re d D . J a co b so n

C. R o b e r t T a v e n n e r

S e r v in g

W estern

M o n ta n a

B a n k in g

w ith

C o m p le te

F a c ilitie s

Member Federal Reserve System
M ember Federal Deposit Insurance Corporation

Northwestern Banker. June, 7964
Federal Reserve Bank of St. Louis

Donald L. Hampton, Weston Coun­
ty treasurer, has resigned effective
June 30 to become assistant cashier
at the Union State Bank in Upton.
Mr. Hampton has been county treas­
urer since 1958.

On Rawlins Board
Fred R. Kelly, manager of the Raw­
lins Community Television Division of
Teleprompter Corporation, has been
elected to the board of the Rawlins
National Bank. He fills a vacancy
caused by the death of his uncle, the
late Sam Kelly.




R. C. W A L L A C E

D . J. D U N D A S

M on ta n a

dent of the Great Falls National Bank. The convention
will be held in Many Glacier Hotel in Glacier National
Park, June 18-20.
As reported in last month’s issue, a list of talented
and nationally known speakers will address the meeting.
Special entertainment for the ladies includes a luncheon
on Friday, June 19, after which Nancy Powell, an artist
from Hungry Horse, Mont., will do Indian sketches.
The convention will be dedicated this year to the Cen­
tennial of the State of Montana. The Montana Bankers
Association has been active in promoting Centennial
activities both within the state and nationwide, such as
the state’s Centennial train exhibit now showing at the
New York World’s Fair. The Friday night social hour
and dance will highlight this affair when bankers and
wives attending the convention are invited to attend
garbed in Centennial dress.
The complete program follows, as announced by Mr.
Dundas and R. C. Wallace, secretary, Helena:
Thursday, June 18

1:00 Registration—Hotel Lobby.
Luncheon meeting of Executive Council.
5:45 Social Hour—St. Moritz Room. Compliments of
Midland National, Billings; Metals Bank & Trust,
Butte; First National, Great Falls, and First Na­
tional Bank & Trust, Helena.
7:00 Dinner—Main dining room.
8:30 Meeting of 25-Year Club—Swiss Room.
“Early Day Banking in Montana”—C. W. Groth,
Vice President, Federal Reserve Bank, Minneapo­
9:00 Dancing—St. Moritz Room.

Foundation Formed
A charitable foundation has been
established by Bancorporation of Mon­
tana in honor of its founder, the late
O. R. Rubie.
Contributions will be administered
through the O. R. Rubie Foundation.
The foundation’s board of trustees in­
cludes Charles W. Rubie, president,
Central Bank of Montana, Great Falls;
Richard D. Rubie, president, Citizens
Bank of Montana, Havre, and Harold
Pitts, president, Miners National Bank,
It is contemplated that the foundaV
Federal Reserve Bank of St. Louis

L. L. C A L L A W A Y

iia n h ers to H on or S ta te C entennial

INAL plans for the 61st annual convention of the
Montana Bankers Association have been announced
by D. J. Dundas, president of the association and presi­

Friday, June 19
10:00 Call to Order—Convention Hall.

J. T . C O N N

D. J. Dundas,


President, Montana Bankers Association.
President’s Address—Mr. Dundas.
Address—Chester A. Rude, formerly Executive
Vice President, Security First National Bank, Los
Meeting of Montana members of American Bank­
ers Association. Presiding—Claude R. Erickson,
ABA State Vice President for Montana and Pres­
ident, Livingston State Bank.
Address—William H. Patterson, Vice President,
Systems Development, General Dynamics/Astronautics, San Diego, California.
Luncheon period open.


Call to Order.
Address—Lew L. Callaway, Jr., Publisher, News­
week, New York City, N. Y.
“ State Deposits”—Edward Dussault, State Sena­
tor from Missoula County.
Address—Jack T. Conn, President, Oklahoma State
Bank, Ada, Oklahoma.
6:00 Social Hour—St. Moritz Room. Centennial Dress.
Compliments of Union Bank & Trust Company,
7:00 Family Dinner—Dining Room.
9:00 Centennial Ball—St. Moritz Room. Centennial
Saturday, June 20
10:00 Call to Order.
Address—Dr. Paul S. Nadler, Graduate School of
Business Administration, New York University,
New York City, N. Y.
Report of Resolutions Committee—Duane M. Tuck­
er, President, Security State Bank, Plentywood,
Address—Dr. Henry M. Johnson, Indianapolis, Ind.
New or Unfinished Business.
Election of Officers.

tion will award educational scholar­
ships to persons majoring in finance
or banking in Montana. It also will
advance the knowledge of banking
through a series of specialized pro­

Valier Changes
Adolph Erickson, president, Farm­
ers and Stockmens Bank, Valier, has
moved to Great Falls to become vice
president of the Central Bank of Mon­
tana and vice president of Bancorpora­
tion of Montana. He will continue as
president of the Valier bank.

John D. Larson has joined the Farm­
ers and Stockmens Bank as vice presi­
dent. He formerly was assistant man­
ager of the Conrad P.C.A. and Federal
Land Bank Association of Conrad.
In other news, last month the Farm­
ers and Stockmens Bank changed
from double posting bookkeeping to
NCR computer bookkeeping, handled
on the Central Bank computer in
Great Falls.

New Roundup Director
Florian R. Baldwin, a well known
area farmer, has been elected to the
Northwestern Banker, June, 1964

board of directors of the Miners and
Merchants Bank of Roundup.


Plan New Building
Plans have been announced for the
construction of a new building for the
Bank of Columbia Falls. Construction
is to start this summer with comple­
tion expected early in 1965.
The new building will be located on
Nucleus Avenue, north of the present
bank building. It will feature native
wood and stone and aluminum in its
construction. There will be drive-in
facilities and extensive landscaping
with a lawn and trees.




New Bank Opens
The new Peoples State Bank of Mis­
soula opened for business last month
and a grand opening is being planned
for later this month at 617 S. Higgins
Officers of the new bank include
Walter G. Morris, president; Vern P.
Stoterau, vice president; Donald E.
Gottwig, secretary, and Clarence WT.
Waters, cashier and managing direc­
Mr. Waters formerly was cashier at
the Daly Bank and Trust Company of ^

Baker Building Starts
Construction work started recently
on the new Bank of Baker building to >
be located on Baker Lake on the cor­
ner of Harriett Avenue and Highway
7. The new bank will feature a drivein window, night depository, increased ■/
safety deposit facilities, three private
offices, increased bookkeeping space,
employee parking space, customer
parking space, and complete air con­
It is expected that the $150,000 build­
ing will be ready for occupancy by
October 1.

In the vital farming industry, characteristic patterns reflect
up-to-date methods, complete modern know-how. So with pat­
terns in banking. Since 1871, La Monte Safety Paper — with
its pattern of Wavy-Lines — has been recognized for dependable
check protection. Today, it is also preferred for superior printability and sortability. No wonder people in every industry
endorse La Monte.

New Helena Officer
Richard C. Timmerman, formerly
president of the Commerce Bank and
Trust Company in Helena, has joined
the First National Bank and Trust
Company of Helena as vice president.
He had served as president of the
Commerce Bank and Trust Company
since January, 1959.



Expansion Work Starts

Safety Paper for Checks

Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis




lO , N .J .


The initial step in the expansion of
facilities of the Western Montana National Bank, Missoula, got underway
recently with razing of part of the
Dixon Block at 223 N. Pattee Street.
The area will be used as a customer
parking facility during banking hours
and as a parking lot for shoppers be­
fore and after banking hours.



M ontana News

Whitefish Drive-In
Tentative plans to construct a drivein facility have been announced by
Harlan Evans, president of the First
National Bank of Whitefish. The 25
by 10 foot facility would be located on
the bank’s parking lot.

Joins Great Falls Staff
Jack P. Dano, a national bank exam­
iner since 1957, has joined the First
National Bank of Great Falls as vice
president in the bank’s commercial
loan department.

To Study California Cattle
Bank of America has retained the
services of a nationally-known live­
stock expert, Dr. Robert C. Kramer, of
Michigan State University, to assist
in preparing a special study on the
cattle feeding industry in California.
Dr. Kramer, who will work on the
study with John Hopkin, agricultural
representative and economist for the
bank, is director of the Agricultural
Marketing Center at Michigan State
University, and has been recognized
for his activities with national live­
stock groups.
The study is being undertaken, Mr.
Hopkin said, to attain and make avail­
able a better understanding of the
cattle feeding industry, in view of the
recognized importance of cattle in the
state’s agricultural economy.

United California
Promotes Schmidt
Directors of United California Bank
Monday elected Frank H. Schmidt to
an executive vice president of United
California Bank, it was announced by
Frank L. King, chairman of the board.
Schmidt joined United California
Bank in 1925 and was appointed a
branch manager in 1926. In 1927, he
was named assistant secretary and
cashier of the affiliated California
Trust Company.
Schmidt was elected president of Cali­
fornia Trust Company in 1950, and
when this company was merged with
United California Bank in 1955, he was
elected vice president and senior trust
officer in charge of the trust depart­
ment. He became senior vice presi­
dent in 1959 and now as executive vice
president, continues as head of all
statewide trust activities.

A.I.B.’s National Public Speaking Com­
The 12 bankers are competing in the
final contest to be held in Washington,
D. C., on Monday, June 1, the opening
day of the institute’s 62nd annual con­
vention. The competition is the Na­
tional Public Speaking Contest for the
A. P. Giannini Educational Endow­
ment prizes.
The 12 contestants are:
Leo E. Ostiguy, Worcester County
National Bank, Worcester, Mass. Mrs.
Gloria J. Fernandez, National Bank of
Westchester, White Plains, N. Y. Mrs.
Rose N. Stillwagon, Pittsburgh Na-


tional Bank, Pittsburgh, Pa. Karl M.
Shelton, North Car ol ina National
Bank, Charlotte, N. C. Richard C.
Hart, Whitney National Bank, New
Orleans, La. Richard Heim, First Na­
tional Bank, Albuquerque, N. M. Rich­
ard J. Castro, Bank of America N.T. &
S.A., San Francisco, Calif. Vernon C.
Canfield, National Bank of Washing­
ton, Tacoma, Wash. Colin J. L. Torrible, Colorado National Bank, Denver,
Colo. Ernest H. Thomas, Merchants
National Bank and Trust Company,
Indianapolis, Ind. Mrs. Ruth Howlette, The Cleveland Trust Company,
Cleveland, Ohio.

Our ( ) ( ) t h year
o f experience in providing
superior correspondent facilities
fo r Montana Banks


Member Federal Deposit Insurance Corporation



Speech Contestants
The names of the 12 members of the
American Institute of Banking who
are competing in the finals of the in­
stitute’s 1963-64 public speaking pro­
gram were announced by Irving H.
Friese, of National Bank of Washing­
ton, Tacoma, who is chairman of the

Resources over $57,000,000
S e r v in g M o n t a n a , W y o m i n g a n d W e s t e r n N o r t h D a k o ta w ith
P r o m p t a n d C a r e fu l C o r r e s p o n d e n t S e r v ic e .

Member Federal D eposit Insurance Corporation
Member of Federal Reserve System
Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis

W hatever’s new . . .
ever^ old!

or fo r that matter, what­

By m aintaining an inquiring and open - minded
attitude, the banks o f our area have extended lines of
credit in many directions, into many different fields
o f endeavor . . . agriculture . . . m anufacturing . . .
mineral exploration . . . transportation . . . merchan­
The U. S. National is proud to participate with
correspondent banks in extending credits which have
stimulated an im portant part of the area’s econom­
ic growth.
This experience gives The U. S. National corre­
spondent department a broad background to draw
on in helping you with any type o f participation loan.
W e’re always interested in helping you. Call U. S.
341 8765, Omaha.
Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis


Member Federal Deposit Insurance Corporation


Reserve Bank, Kansas City,
12:00 Lunch
1:00 Presiding, C. B. Novak, mem­
ber, N.B.A. committee on
bank management and cash­
ier, McDonald State Bank,
North Platte.
Bank Investments—Edward M.
Roob, assistant vice presi­
dent, First National Bank of

N eb ra sk a


Exec. V.P.


June 9-11

Installm ent Credit

X eb rn slm ltnnin‘rs 1*1nn
C rete 3 la na ffeinen t
S HAS come to be expected, the
annual Bank Management Con­
ference of the Nebraska Bankers As­
sociation at Doane College in Crete
again this year will be one of the
oustanding such meetings in the area.
It covers the entire area of bank man­
agement from bank automation to
advertising, with just enough leisure
time thrown in for discussion.
Following is the complete program:
Tuesday, June 9

2:30 Registration
Golf Tournament
4:00 Cook-Out
Wednesday, June 10

9:00 Opening Session
Presiding—H. W. Hendricksen,
chairman, Bank Management
Committee, v i c e president,
First National Bank, Fre­
Greetings—N. T. Tiemann, pres­
ident, Nebraska Bankers As­
sociation, president, Commer­
cial State Bank, Wausa.
Remarks—Henry E. Ley, direc­
tor of banking, State of Ne­
braska, Lincoln.
Panel Discussion — The Uni­
form Commercial Code—Par­
ticipants will be W. A. Sawtell, Jr., attorney, Morsman,
Fike, Sawtell & Davis, rep­
resenting the United States
National Bank of Omaha and
the Stock Yards National
Bank of South Omaha; Cle­
ment B. Pedersen, attorney,
Lane, Baird, Pedersen &
Hag ga rt , representing the
Omaha National Bank; Alex­
ander McKie, Jr., attorney,
Finlayson, McKie & Kuhns,
representing the First Na­
tional Bank of Omaha; John

B. Foley, attorney, vice pres­
ident, Packers National Bank,
representing the Packers Na­
tional; Philip C. Sorensen, at­
torney, Flansburg, Mattson,
Field, Ricketts & Sorensen,
r e p r e s e n t i n g the National
Bank of Commerce, Lincoln;
Charles E. Oldfather, attor­
ney, Cline, Williams, Wright,
Johnson, Oldfather & Thomp­
son, representing the First
National Bank & Trust Com­
pany, Lincoln.
(Note—The 1 p.m. afternoon
and 7 p.m. evening sessions
also will be devoted to the
Uniform Commercial Code.
John W. Cattle, member of
the N.B.A. c o m m i t t e e on
Bank Management and presi­
dent, The Cattle National
Bank, Seward, will preside).
12:00 Lunch
6:00 Dinner
Thursday, June 11

9:00 Agricultural Credit
Presiding, J. R. Knieval, mem­
ber, N.B.A. c o m m i t t e e on
bank management and cash­
ier, Farmers and Merchants
National Bank, West Point.
“Present Country Bank Prob­
lems with Agricultural Fi­
nancing” — N. T. Tiemann,
president, Nebraska Bankers
“Range Cattle Problems”—H. D.
Kosman, president, Scottsbluff National Bank.
“Retail Meat Business”—Fred
Hartman, manager, Cornland
Dressed Beef Company, Lex­
“ Agriculture Projections”—Ray­
mond J. Doll, vice president
and senior economist, Federal

“Leasing for Profit” — P. D.
Shannon, branch manager,
Commercial Credit Equip­
ment Corporation, Omaha.
“Bankruptcy”—Jerold L. Strasheim, referee in bankruptcy,
United States District Court,
District of Nebraska.
6:00 Dinner
7:00 Evening Session
Investment Counseling — R. A.
Dahl, trust officer, First Na­
tional Bank, Omaha.
Friday, June 12

9:00 P r es i d i n g , Robert W. Hasebroock, member, N.B.A. com­
mittee on Bank Management
and assistant vice president,
The United States National
Bank, Omaha.
Panel — Automation and The
Small Bank. Participants will
be Herman A. Brockmeier,
moderator, member of the
committee on bank manage­
ment and senior vice presi­
dent, National Bank of Com­
me r ce ,
Schmid, vice president, First
National Bank & Trust Com­
pany, Lincoln; Morgan B.
Her, vice pr e si de nt , The
United States National Bank,
Omaha; Howard M. Johnson,
vice president, The Omaha
National Bank.
“ Bank A d v e r t i s i n g and the
N.B.A. Plan”—W. W. Cook,
vice pr e si de nt , Nebraska
Bankers Association, chair­
man, N.B.A. committee on
public relations and presi­
dent, Beatrice National Bank
& Trust Company, Beatrice.
“ The Kansas Plan”—Carl A.
Bowman, executive secretary,
Kansas Bankers Association,
Topeka, Kansas.
“Goodbye”—Dr. Donald M. Ty­
per, president, Doane College,
12:00 Lunch
Adjournment.— End.
Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis


have responsibility for internal admin­
Prior to joining the Central Nation­
al Insurance Group, Mr. Smith was
vice president and assistant treasurer
of Securities Acceptance Corporation
of Omaha.
* *
Edwin X . Solo­
mon, vice presi­

XPANDED facilities which more
than doubled its former space
were recently opened to the public by
the Center Bank. W . B. Hargleroad,
president, reports that five new
teller windows in the lobby and two
walk-up windows were added. The
new facilities have resulted in more
that 5,000 square feet of additional
working area. An open house was
held May 10.
* * *
The special delegation to Europe
appointed by President Johnson to
drum up beef sales for the United
States has returned to this country.
Don Magdanz, secretary of the Na­
tional Livestock Feeders Association
and headquartered in Omaha, was
among those selected by the President
to make the trip.
jji >Ji
Marvin W erve, vice president of the
Omaha National Bank, announced re­
cently that he will seek the post of
Democratic National Committeeman

Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis

for Nebraska. Mr. Werve announced
his intentions in letters sent to Demo­
cratic county chairmen.
* *
It was recently announced in New
York that Earl K. Madsen, resident
manager of the Omaha office of G. H.
Walker and Company, has been elect­
ed a vice president of the firm.


The election of Maurice E . Smith as
executive vice president of the Central
National and Pro­
t e c t i v e National
Insurance Compa­
nies of Omaha has
b e e n announced
by Maurice G. Ol­
so n , president.
Mr. Smith, a mem­
ber of the board
of directors, will
continue as secre­
tary of all compa­
n i e s a n d will
M . E. S M IT H

dent and director
of First National
Bank, was hon­
ored last month
for his 40 years
o f s e r v i c e and
contributions to
the field of con­
sumer credit. A
silver bowl was
E. N. S O L O M O N
presented to him.
* * *
Don R. Ostrand, vice president of
F i r st National
Bank, became a
d i r e c t o r of the
Missouri V a l l e y
Chapt er of the
Robert Morris As­
so ci a te s at the
spring conference
held in Colorado
Springs. Mr. Os­
trand is also a dir e c t o r of the
J o h n s o n County
Bank of Tecumseh and the North Side
Bank of Omaha.
* * *
Leon E . Langemeier, assistant cash­
ier of the United States National Bank
of Omaha, has purchased controlling
interest in the First National Bank of
Lyons, Neb. He will leave the U. S.
National to assume his duties as ex­
ecutive vice pres­
ident of the Lyons
bank on June 1,
1964. No addition­
al bank staff or
policy c h a n g e s
are contemplated
at the Lyons First
Mr. Langemeier
is a nat i ve of
Hooper, Neb., and
L. E . L A N G E M E I E R
holds a Master of
Science degree in Economics from the
University of Nebraska. He has also
done additional g raduat e work at
Northwestern University. Mr. Lange­
meier is a member of the Nebraska
Agri-Business Group, the American
Farm Economics Association and the
Western Farm-Ranch Economics As­
sociation. He is treasurer of the Oma­
ha Farmer Group and a member of
the Omaha Chamber of Commerce Ag­
riculture Committee. Mr. Langemeier


Somewhere South of the Platte...
T h a t ’s a d e s c r i p t i o n that c o v e r s a l o t o f territory. A n d
s o d o e s T h e O m a h a N a t i o n a l ’s H . D . S h e lle n b e r g e r .
" S h e l l y ” is th e m e m b e r o f o u r C o r r e s p o n d e n t B a n k
D iv is io n respon sible fo r ca llin g o n banks "s o u th o f
th e P la t t e ” in N e b r a s k a a n d K a n s a s . S h e lly s p e n d s
a b o u t h a l f his tim e o u t o n ca lls . . . travels s o m e 2 5 , 0 0 0
m ile s a year. T h e o t h e r h a l f o f his tim e h e s p e n d s
w ith


Om aha

N a t io n a l’s s ta ff . . . w o r k in g

t o g e t h e r in p r o v i d i n g f u l l r e s o u r c e s a n d assistance
to corresp on d en t banks w h en ev er and w h erev er re­
q u ir e d . I f y o u are " s o u t h o f th e P l a t t e ” , S h e lly a n d
T h e O m a h a N a t i o n a l B a n k are at y o u r servic e.

T he

Omaha National Bank
Member Federal Deposit Insurance Corporation

Federal Reserve Bank of St. Louis

Northwestern Banker, June, 1964


Nebraska News

is an army veteran of the Korean War,
is married and has three children.
* * *
At the 11th annual conference of the
Charge Account Bankers’ Association
in Boston, Ray H . Cordes, assistant
cashier of the First National Bank of
Omaha, was elected president for the
coming year.
Forty delegates and their wives
from 19 states and three Canadian
provinces were in attendance.
Member organizations represent 15
million card holders representing 150,000 chains and independent retail mer­
chants, whose charge sales through
charge account bank plans total more
than $500 million.
* * *
Joseph F. Ringland, Jr., president of
the South Omaha Bank, met with gov­
ernment officials late last month in
Washington, D. C., as a member of the
Small Business Administration’s na­
tional advisory council. This group is
composed of about 70 business and
professional women representing all
parts of the country.
Clifton B. Batchelder, president of
the United States Check Book Com­
pany, Omaha, was a successful can­
didate in last month’s Nebraska pri­
mary election in his campaign for
election to the Nebraska state legis­
* *
Mr. and Mrs. W illiam H . Osterberg

became the parents of a son last
month. The newest member of the
household is Mark W illiam Osterberg.
Mr. Osterberg is secretary of the Ne­
braska Bankers Association, and his
father, H . V . Osterberg, is executive
vice president of the association.
* * *
Joseph A . Nanfito has been named
vice president of the United States
Check Book Company. He started
with the company, formerly known as
Peterson Lithograph and Printing
Company, in 1939 as a press feeder.
He has been plant manager since 1961.

Fire at Bushnell
The Kimball County Bank at Bushnell was extensively damaged by fire
last month. The fire, which raged out
of control for over four hours, de­
stroyed the rear of the bank building.
Firemen were able to save the office
section, including the vault. Total loss
to the bank and adjoining buildings
will exceed $50,000.

Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis

Move at Loup City
The First National Bank at Loup
City recently moved into new, modern
quarters after 59 years in its old build­
ing. Clarence Ryan, vice president,
supervised moving of the safe just as
he did when it was originally pur­
chased in 1918. Open house for the
public is planned in the near future.

New Facilities Planned
G. J. Armstrong, president of the
Overland National Bank in Grand Is­
land, has announced plans for a new
drive-in facility. Construction was to
begin immediately.
N E W L Y ELECTED officers of the Omaha

Chapter, American Institute of Banking,
are, standing, from left, William Graves,
Stock Yards National Bank, president;
Eugene Kidder, Omaha National Bank, vice
president, and seated from left, Glenn
Reid, United States National Bank, treas­
urer, and Betty Feder, Omaha National
Bank, Secretary. Committee head appoint­
ments include Dennis Brune, First Nation­
al, public speaking; Mrs. Bernice John­
ston, Center Bank, women’s committee;
Lou Narke, Packers National, school re­
lations; Victor Hoelting, Stock Yards Na­
tional, membership and enrollment; Ted
Dewey, First West Side, social; Robert
Henrichsen, United States National, chief
counsel; Robert D. Satrapa, United States
National, past president; Robert Cunning­
ham, Federal Reserve, associate council­

North Platte Election
Jack C. Kirz was elected assistant
vice president of the North Platte
State Bank at a recent meeting of the
board of directors. Gordon Larson
was named assistant cashier at the
same meeting.

Donald M. Ferguson
Donald M. Ferguson, 51, president
of the First National Bank of Mar­
quette, died recently in a hospital at

W om en Bankers Annual
The Nebraska chapter of the Nation­
al Association of Bank Women, Inc.,
held its annual convention recently at
Alliance. Newly elected officers are:
Mrs. F r a n c e s McCarty, assistant
cashier, First National Bank, McCook,
president; Mrs. Amy Reiss, cashier,
Bruning State Bank, treasurer; Mrs.
Lela B. Seisey, president, Citizens
State Bank, Carleton, secretary; Miss
Minnie Asche, vice president, First
National Bank & Trust, Columbus,
past president.
McCook will be the site for the 1965

F i e l d U n ti

Platte Valley Change
Fred M. Zinnert has accepted the
position of cashier and general opera­
tions officer at the Platte Valley Bank
in North Bend. Arden D. Wolf, presi­
dent, announced that Mr. Zinnert will
assume his duties on June 1. He has
been associated with the Exchange
Bank of Kahoka, Mo., for the past four



June 9-12—Bank Management
Conference, Doane College,
Group Meetings

October 6—Group
October 7—Group
October 8—Group
October 9—Group
October 12—Group
October 12—Group

6, Alliance.
5, N o r t h


MORE T H A N 100 men attended the An­

nual Field Day held at the Omaha Country
Club in Omaha last month by the Nebras­
ka Investment Bankers Association. A
number of door prizes were awarded at
the evening dinner and one of them is ex­
amined by Robert L. Ingles (left), general
chairman of the event and Omaha mgr. for
Merrill Lynch, Pierce, Fenner & Smith,
and John J. Bohrer, pres, of the associa­
tion this year and v.p. of Chiles & Co.,

(. ..evert pay you!)

Introducing a NEW "RURAL BANK" SERVICE for you and your customers at no cost!
T h e n e w U n i t e d A m e r i c a n “ W o r t h P r e s e r v e r ” P la n b r in g s y o u

a n e w o p p o r t u n i t y t o in c r e a s e r e v e n u e b y

p r o v i d i n g y o u r d e p o s i t o r s w ith a v a l u a b l e s e r v i c e w h i c h y o u h a v e g e n e r a l l y n o t b e e n a b le to m a k e a v a il a b le .
B e s t part f o r y o u r b a n k is th a t w e d o all the w o r k , w ith y o u r fu ll a p p r o v a l , a n d w i t h o u t d i s t u r b i n g a s in g le
b a n k p r o c e d u r e . N o c o s t s t o y o u —n o n e to pass o n t o y o u r c u s t o m e r s , w h o w ill c o n s i d e r y o u a b e t t e r f r i e n d
t h a n e v e r . In f a c t , w e a c t u a l l y

pay you.

T h e r e ' s m u c h m o r e t o sa y a b o u t this n e w p a r t i c i p a t i n g p r o f i t p la n ,

b u t w e h a v e n ’ t r o o m h ere. T o h e a r the fu ll s t o r y , w r ite o r w i r e M r . W . W . W i l s o n , J r., a n d o n e o f o u r e x ­
p e r i e n c e d b a n k p la n s p e c ia lis t s w ill ca ll o n y o u at y o u r c o n v e n i e n c e . O r c a ll c o l l e c t :

For more than 25 years, our company has pursued an
aggressive, enthusiastic course, resulting in a rapid
but sound developm ent pattern. Growth in assets,
insurance in force (cu rre ntly over $250-mi11 ion) and
net inte re st earnings exceed the 5-year average of
the nation’s 15 largest life insurance companies.
United Am erican is one of only 300 legal reserve
com panies selected fo r rating by Best's Life In su r­
ance Reports from among some 1700 companies.

Federal Reserve Bank of St. Louis

(A C 303)

825-1 3 3 1 .

Faith In Your Future

Life Insurance Company
W . W . W ilson , Jr., President
N o w in 31 States

1 7 1 7 C a li f o r n ia St.

De nv er, C o lorad o
Northwestern Banker, June, 1964

Nebraska News

NBA OFFICERS. Seated: Lyman Stuckey, retiring pres., and
pres, of Lexington State; N. T. Tiemann, the new NBA pres.,
and pres, of Commercial State, Wausa, and W . W. Cook, Sr.,
NBA v.p., and pres., Beatrice Natl. B&T. Standing: Ernest
T. Tanner, treas., and v.p., 1st Natl, of Omaha; Marion R. Mor­
gan, pres., 1st Natl, of Elwood, exec, councilman from Group
4; Burnham Yates, pres., 1st Natl. B&T of Lincoln, exec, coun­
cilman from Lincoln, and John M. Shonsey, exec. v.p. of the
Omaha Natl., exec, councilman from Omaha.

N eb ra sk a H a n k ers M e e t
.V. T. Tieniaan A s i 0resid en i
Special Study Committee Files Report

E d ito r

EY topics at the 67th annual con­
vention of the Nebraska Bankers
Association in Lincoln last month
were the Nebraska Supreme Court’s
consideration of the bills affecting in­
stallment sales, and the special study
report submitted to the executive
council of the association.
The Supreme Court had made no de­
cision at convention time on the con­
stitutionality of bills covering time
sales which were passed by the spe­
cial legislative session last fall. Bank­
ers from all over the state were await­
ing the high court’s opinion so as to
clarify the uneasy situation that has
prevailed since the 1959 bill was de­
clared unconstitutional.
The special study report was report­
ed on by retiring President Lyman
Stuckey, president of the Lexington
State Bank at Lexington.
Tiemann Elected President

At the conclusion of the opening
business session, N. T. Tiemann was
elected president of the NBA to suc­
ceed Mr. Stuckey, who had served
since October, 1962, at which time the
annual convention dates were switched
to the spring. Mr. Tiemann is presi­
dent of the Commercial State Bank at
Newly elected vice president of the
NBA is W. W. (Bill) Cook, Sr., presi­
dent of the Beatrice National Bank &
Trust Company, Beatrice.
E. T. Tanner, vice president of the
First National Bank of Omaha, con­
tinues as treasurer until the 1966 con­
Three men were elected to the exec­
utive council for three-year terms.
Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis

They are: Marion R. Morgan, presi­
dent, First National Bank of Elwood,
representing Group Four; Burnham
Yates, president, First National Bank
& Trust Company, Lincoln, represent­
ing Lincoln, and John M. Shonsey, ex­
ecutive vice president, The Omaha Na­
tional Bank, representing Omaha.
H. V. Osterberg continues as execu­
tive vice president, with Wm. H. Os­
terberg as secretary.
President’s Address

In his president’s address at the
opening session, Mr. Stuckey touched
briefly on the legislative matters of
interest to Nebraska banks during the
last session of the state legislature. He
reminded them that LB 17 was the
only one of several remedial bills in
the time sales field that was upheld
by the state Supreme Court and this
bill was one drafted by the Nebraska
Bankers Association. LB11, correc­
tive in nature, and LB9, remedial in
connection with the state constitution,
are now in the hands of the Nebraska
Supreme Court.
Mr. Stuckey gave an outline of the
10 major points covered in the report
submitted to the executive council at
the convention by the Special Study
Committee. E. B. Cosgriff, chairman,
City National of Hastings, was chair­
man. This searching report covers all
facets of banking in the state and sub­
mits opinions and recommendations
for further action in the areas of bank
growth and legislation. Mr. Stuckey
reported that the executive committee
had voted, after receiving the report,
to give it further study, then send a
complete copy of the report to every


NBA member. Following this, the re­
port will be gone over thoroughly at
the group meetings this fall, after
which the membership will be polled
for their recommendations on each
specific point. Mr. Stuckey said the
executive council would be guided by
the wishes expressed by the members
in this poll.

The resolutions committee had its
set of 10 resolutions passed without
dissent. Among them was one calling
on the association to support the livestock associations in their efforts to
secure legislation, and conduct investi­
gations regarding the economic plight
of the beef industry.
Other resolutions seek equal tax
treatment without discrimination; re­
tention of the Federal Reserve Sys­
tem’s independence and regulations re­
garding interest rates on money; a call
for a study to explore the possibility
of reducing or eliminating the intan­
gible tax law so as to keep capital
within the state; a call for all banks to
upgrade facilities and become full
service banks, and support for the
association’s long-standing policy fa­
voring the continuance and preserva­
tion of the dual banking system.
At the second business session, held
Friday morning, May 8, Mr. Tiemann
reported on activities of the American
Bankers Association in his role as vice
president of the A.B.A. for Nebraska.
In the A.B.A. election, Mr. i Stuckey
was elected a member of the A.B.A.
nominating committee to serve at the
1964 A.B.A. convention this fall. B.
D. Berkheimer, president of the First
National Bank of Gordon, was named
Banking Director Reports

In his first appearance before fellow
Nebraska bankers as the state’s di­
rector of banking, Henry E. Ley, also
president of the State National Bank
of Wayne, said there were six charter
applications on file when he took office








helps you help your com m unity build Nebraska’s business and agricul­
tural econom y. Call or write for help on any banking service.


B A N K ofC O M M E R C E


F. D I C.

L IN C O L N . N E B R A S K A

Al Jorgensen

Federal Reserve Bank of St. Louis

Rex M iller

Tom Waldo

Gen Goble

Dale Fagot

Winton Buckley

Northwestern Banker, June, 1964


Nebraska News

LEFT— Lyman Stuckey (left), looks happy about receiving pin
designating him as a “ Past President” of the NBA after just
completing an 18-month stint as president. Presenting pin is
W . H. Munger, chmn. of 1st Natl., North Platte, and pres, of

February 1. He said, “ I felt one more
charter would be one too many” at that
time, but with the economy expand­
ing the director must take a broader
look at such requests. Mr. Ley said
his office plans to expand its service to
banks by having a man available at
all times for consultation at the re­
quest of any bank, and this man will
not be in the bank just for an exami­
nation. The department will make
available verification of deposit forms
and internal audit recommendations
for banks wishing such assistance.
W. A. Sawtell, Jr., NBA legal coun­
sel, reviewed the legislative matters
before the state legislature that af­
fected banks, touching particularly on
the time sales bills and subsequent
Bankers Scolded

Bankers were taken to task for
their laxity in becoming directly in­
volved in politics and government.
James F. Murray, Jr., New York at­
torney, said “too many bankers think
they would be tainted by being in pub­
lic office or an elective position. . . . I
am appalled at the traditional absten­
tion by members of your profession
from your minimal duty of interest in,
as well as participation in, government
processes. . . . Bankers suffer from
several pitfalls: 1. Apathy (the image
of bankers reflected in the legislative

Past Presidents Council. RIGHT—-NBA’s new pres., N. T. Tiemann and family. From left are: N. T. “Nobby” Jr., Mary, Mrs.
Tiemann, Mr. Tiemann, Am y and Lorna.

halls of New Jersey was one of
shoddy, crass selfishness, stupidity); 2.
Lack of knowledge or ignorance of the
processes or personalities of govern­
ment; 3. Fear—or controversy or de­
feat; 4. The malady of non-partisan­
ship. He urged bankers to become
more active in their own banks, as
well as in their communities in using
their influence to get others interested
in government and politics.
Banquet Speaker

At the annual banquet held the first
night of the convention, May 7, the
spring elements conspired to beat a
threatening tattoo of wind, driving
rain and hail on Pershing Auditorium
where the 1,000 registrants were hav­
ing dinner. Just as insistent on driv­
ing home her sharp observations on
human behavior, was nationally syn­
dicated columnist Ann Landers.
After recounting details of office pro­
cedure that manages to handle thous­
ands of letters weekly, Miss Landers
gave excerpts from numerous letters,
showing that people from all walks of
life have troubled minds, conflicting
passions, varying sets of morals, but a
great majority are at least seeking
outside help now from someone in
whom they can confide and trust.
She said men have found that a Phi
Beta Kappa key does not unlock emo­
tional problems. Listing the biggest

LEFT—NBA’s retiring pres., Lyman Stuckey; banquet speaker
Ann Landers, nationally syndicated columnist, and Mrs. Stuckey.
RIGHT— Mrs. William March; Mrs. Del Sommerhalder; Del
Northwestern Banker, June, 1964

H um or and Business

The two guest speakers at the final
business session were O. E. Anderson,
executive manager of the Ohio Bank­
ers Association, Columbus, and Ches­
ter LI. Lauck, executive assistant, Con­
tinental Oil Company, Houston. The
latter is the “Lum” part of the fa­
mous “ Lum ’n Abner” team of radio
entertainment days.
Mr. Anderson’s humorous talk em­
phasized the importance of increasing
and improving bank services so that
commercial banks will be considered
the number one source for agricultural
loans. In Nebraska, he said, 88 per
cent of production loans to farmers
are made by banks, whereas PCA’s get
only 12 per cent. He reported the
nationwide average as being 50 per
cent for PCA’s. Mr. Anderson urged
Nebraska bankers to try to pick those
farmers who will be the successful
ones 10 or 15 years from now and
weed out the ones who will probably
fall by the wayside, then give the bet­
ter ones all the financing they need.

Sommerhalder, exec, v.p., Farmers State, Aurora; Mrs. Frank
E. Williams; Mrs. Leonard L. Lawrence; Leonard L. Lawrence,
pres., and Frank E. Williams, exec, v.p., both with Robert E.

Schweser Company.
Federal Reserve Bank of St. Louis

sources of trouble for juveniles today,
she put broken homes high on the list,
with automobiles also up high—“a car
(to kids) can be transportation or a
portable bedroom.” Too much un­
earned money and too much getting
and not enough giving were also part
of the list of problems.





Dale R. Ainsworth, Executive Vice-President; John J. Kramer, Vice-President;
Roy A Thompson Vice-President; George W. Sherman, Assistant Vice-President.



Northwestern Statesmen!
The big, wide-open spaces of the Great Northwest get prime attention from these Men from the City.
Correspondent banker Roy Thompson covers Colorado. Bill Sherman serves Iowa, Nebraska, W yo­
ming, Montana, North Dakota and South Dakota, while Western U. S. Director John Kramer backs
up the full-time, full-service City National team. Meanwhile, Executive Vice President Dale Ains­
worth heads City National’ s entire group of fourteen able, experienced Correspondent bank officers
— all especially trained to provide the best possible know-how and on-the-spot counsel. Call them
today, area code 816, BA 1-6800.

It’s great to grow w ith the
Kansas City, Missouri

»..tire one K a n sa s City b a n k tirât Iras everything
Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis


Nebraska News

Mr. Lauck’s message was inspira­
tional, as well as highly humorous, pro­
viding a perfect windup for an out­
standing convention session. Mr.
Lauck related one story after another
hinging on his former days in Arkan­

sas, and later telling the obligations
of all citizens to vote and participate
in governmental affairs.
The Lincoln banks again were hosts
for the social hour preceding the an­
nual banquet, as well as the breakfast

the second morning of the convention.
The 67th annual meeting concluded
with a buffet luncheon.
The 1965 convention will be held in
Omaha at dates to be announced later,


— End.



LEFT— W . P. Bernard, exec, v.p., Nebraska State Bank, South
Sioux City; Phil Giltner, exec, v.p., 1st Natl, of Omaha; Rob­
ert Isham, chmn., 1st Natl, of Gordon; Gordon Jones, pres., Bank
of Brady; Everett Black, pres., 1st Natl, of Fullerton, and Alan

Oldfather, v.p., 1st Natl, of Kearney.
RIGHT — John Van
Horne, pres., Van Horne Investments, Inc., Omaha; Mrs. Van
Horne, Mrs. Lewis, and Joe G. Lewis, sr. v.p., Union B&T,



LEFT— Fred Pfaff, v.p., U. S. Check Book Co,, Omaha; L. W .
Langford, pres., 1st Natl., North Platte; Kenneth N . Langford,
a.c., 1st Natl. B&T, Lincoln, and Kent Miller, sales rep., U. S.
Check Book Co. RIGHT— Harold R. Deitemeyer, (left), pres.,

1st Natl. B&T, Beatrice, and Lyle F. Stoneman (right),, enjoy
the “ sweet and hot” music played on the Melodica by Harold
Larmon, pres., 1st Natl, of McCook.

LE F T — Seated: Mrs. William Marshall, Jr., Mrs. Chase Neu­
mann, and William Marshall, Jr., exec, v.p., Commercial Natl.
B&T, Grand Island. Standing: Chase Neumann, pres., Farmers
& Merchants Natl., Oakland; Fred H. Douglas, a.v.p., and Herb
Echtermeyer, sr. v.p., both with The Omaha Natl. RIGHT—

L. V. Lane, cash., 1st Natl, of York; Harold Roe, pres., Bank
of Bennington; Adolph Hallas, pres., Stock Yards National of
Omaha; James H. Oliver, pres., Ravenna Bank, and Don Murphy,

Northwestern Banker , June, 1964
Federal Reserve Bank of St. Louis

exec, v.p., Stock Yards Natl, of Omaha.



% uw M . J.
Correspondent Bank Department

Have insight, will travel . . .
The Stock Y ards National Bank is proud to announce the addition o f two
highly capable individuals to their Correspondent Bank Department. Frank
J. Sibert joined the bank after resigning his previous position as secretary
and m anager o f the Sand Hills Cattle Association. Mr. Sibert holds a degree
in Anim al Husbandry from Nebraska University. W illiam Graves was trans­
ferred from the bank’s own Operations Department and currently serves as
president fo r the Omaha chapter o f A.I.B. Both men have acquired tremendous
insight into the m yriad problems o f the livestock industry. They are ready
— on short notice— to visit with you and your customers to help you with
cattle participation loans and other correspondent banking services.

T H E O N L Y B A N K l N ‘O M A H A ' S

>N S T O C K Y A R D S

Member of Federal Deposit Insurance Corporation
Federal Reserve Bank of St. Louis

Northwestern Banker, June, 1964


Nebraska News

LEFT— Wayne Thomdyke, v.p., TT. S. Natl, of Omaha; Thomas
J. Milliken, v.p , Fremont Natl.; Mrs. Milliken; Jay Bordewick,
a.v.p., U. S. N atl.; Walter Stroud, exec. v.p. & cash., Bank of
Hyannis; James R. Kenner, Jr., cash., Thayer County Bank at

Hebron, and Mrs. Kenner. RIGHT— E. M. Knight, pres., Alliance
Natl.; E. A. MacDonald, a.v.p., 1st Natl, of Bayard; Robert
Wekesser, sr. v.p., and Myron Weil, exec, v.p., both with Natl.
Bank of Commerce NT&SA, Lincoln.

LEFT— H. D. Kostnan, pres., Scottsbluff Natl.; Robert P. Kline,
v.p., Northern Trust, Chicago, and George Alff, v.p., Denver
U. S. Natl., Denver. RIGHT— Chester H. Lauck (left), exec,
asst.., Continental Oil Company, Houston, Texas, who is the

“ Lum” partner of the old “ Lum Jn Abner” radio team, and
O. E. Anderson, exec, mgr., Ohio Bankers Assn., Columbus, 0.
They were the two final speakers on the NBA convention pro­

LEFT— Richard L. Batt, bank plan exec., United American Life
Ins. Co., Denver; Bennett F. Johnson, v.p., Stockmen’s Natl.,
Rushville; Edwin B. Otteman, v.p., 1st Natl., Chadron; W . W.
Wilson, Jr., pres., United American Life, Denver, and Wm. G.

Fahnestock, cash., Security Natl., Laurel. RIGHT— Mrs. W . G.
Fahnestock, Laurel; Mrs. Charles T. Backer, Tekamah; Mrs. W,
W. Wilson, Jr., Denver, and Mrs. C. G. Holthus, Bertrand.

Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis

Kearney Appointment
Ray L. Louks has been appointed
assistant vice president of the Platte
Valley State Bank in Kearney. He has
served with banks and finance compa­
nies in Nebraska and California.

Remodel at W ilbur
Saline State Bank recently com­
pleted a major remodeling project in
which two buildings were reconstruct­
ed into one modern single story build­
ing. A new exterior was added and
the interior was also completely re­
modeled and refurnished. J. J. Novak
is president of the bank.

VAULT DOORS — Widely accepted
and acclaimed as the first really im­
proved vault doors in years.




j I f

New at Sidney National
Leo V. Krieger, president of the
Sidney National Bank, recently an­
nounced the appointment of Donald
Shuck as vice president and cashier.
He has most recently served as a na­
tional bank examiner, and lives in Sid­
ney. Mr. Shuck started his banking
career at the First National Bank in
Sioux City, Iowa.

Remodeling Project Completed
The Bank of Wilber recently redec­
orated the interior of the bank and
added more room to the rear, includ­
ing a new private office. Bank presi­
dent is Edward A. Beck.

Economist Retires
Dr. Edison H. Cramer, chief, division
of research and statistics of the Fed­
eral Deposit Insurance Corporation,
will retire from his post on June 5,
1964, after 15 years as the senior econ­
omist of the Federal Agency.

Appointment at Hastings
T. L. Rask, president of the irFst
National Bank in Hastings, announced
last month the appointment of John
M. McGinley as first vice president.
Mr. McGinley was assistant vice presi­
dent at the Union State Bank at Thief
River Falls, Minn., and had been as­
sociated with this bank for nine years.
He will be in charge of the installment
loan department at First National.

Convenience--an important requirement
of security systems and equipment
All LeFebure Security Equipment
and Systems are designed for max­
imum convenience to your customers
and security personnel.
Put into effect LeFebure’s Vault E n ­
trance System and gain the conven­
iences of simple, foolproof control, plus
improved customer service.
Enter your vault over a new flat sill,
notice the easy swing of the LeFebure
Royal Guard Vault Door.

Install LeFebure Safe Deposit
Boxes, and notice the importance
placed upon location, accessibility and
future use.
Select LeFebure Knight Depositories
for convenience in visibility, handling,
writing and safety. See how easily you
can remove contents from LeFebure
Let your LeFebure representative
give you all of the details.

Wins Award
The top award for booklet design
was received by The Stelter Company,
3411 48th Place, Des Moines, Iowa,
from the Art Director’s Club of Kansas
City, Missouri, at its Annual Adver­
tising Art Competition. The booklet,
featuring trust services offered by
banks, and sold by the Company na­
tionally, was judged for outstanding
advertising and editorial art.
Federal Reserve Bank of St. Louis

So m eth in g p rod u ctiv e a lw ay s h ap p en s when y ou
g et togeth er with y o u r L e F e b u re rep resen tativ e.

Le F e b u r e
C o rp o ra tio n
Cedar Rapids, Iowa
Subsidiary of
Craig Systems Inc.


IJiH 'ohi X e w s


who retired earlier

B this year as chairman of the
board of National Bank of Commerce

NT&SA, has made a proposal to state
and federal bank supervisory authori­
ties that seeks to eliminate the need






Group teamwork explains the policy of our Correspondent Bank
Department. No matter wlvat your inquiry or request may be,
there’s a member of the “ Toy National Team” who knows best how
to serve you. He will see that you receive prompt service. This
team specializes in correspondent bank needs. They have available
the highly specialized and general hanking knowledge of the entire
Toy National Bank officer staff. Write or phone us whenever we
can be of service.


Member F.D.I.C.

Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis


for banks to pledge government bonds
as collateral for state and local public
deposits. Mr. Dunn made his proposal
while he was campaigning for the of­
fice of Nebraska state treasurer. He
was defeated in the primary election.
Mr. Dunn reported that “ Nebraska
banks have to put up 110 per cent in
government bonds to secure public
money and, in addition, they have to
keep about a 20 per cent working re­
serve. Public money uses up some
of the 20 per cent local money reserve
in addition to the government bonds
that are pledged, so that money can’t
be used locally.”
His proposal is that monies depos­
ited by state and local governmental
bodies be designated as “preferred
claims” without a government bond
pledge, thus releasing the money for
local loans. Mr. Dunn stated, “ If each
of the states would join me in doing
this job, our mid-west economy would
get a tremendous boost.”
He said the Nebraska director of
banking concurs with this thinking
and that the FDIC Chairman, Joseph
Barr, has given it his preliminary ap­
proval and will study it further. Mr.
Dunn also has presented this sugges­
tion to James L. Robertson, a member
of the Federal Reserve System board
of governors, and James J. Saxon,
Comptroller of the Currency.
Mr. Dunn is seeking help in ad­
vancing the idea with the Nebraska
legislature in the belief that this will
keep money in the midwest “where
it is needed for farm and business
loans, and for inventory and the oper­
ation of factories. As you know, farm
equipment takes a lot of money, and
more factories and business produce
more tax money.”
* * *
Ernest U . Guenzel, 69, a director of
the First National Bank and Trust
Company, died last month at his home
in Lincoln. Until his retirement four
years ago he had been a vice presi­
dent of the bank, having served with
the bank since 1939.
* * *
State Director ofBanking
H enry
Ley has been asked by Glenn Yaussi
and his associates to grant the state
bank charter they have been seeking
for some time for locating a bank at
3737 South 27th Street. Mr. Yaussi,
president of National Bank of Com­
merce, said the trend to suburban
home development and the growth in
suburban banking institutions’ depos­
its confirm the need for a new bank
in south Lincoln.
Proposed capital for the new bank
is $300,000 total, with $200,000 in cap­
ital stock and $50,000 each in surplus
and undivided profits.

Bankers with plans use the
Y ou m ay call on our experienced correspondent staff
for counsel on inventories, receivables, w arehousing
and other seasonal com m ercial loans.

















S i T r u s t C o m p a n y of Lincoln

12th & N Street—Lincoln, Nebraska
Federal Reserve Bank of St. Louis

Member: F.D.I.C.
Northwestern Banker, June, 1964


PROOF* of Outstanding Service

B u s N o. 1,000 ro lls d o w n th e a s s e m b ly lin e a t th e M o u n t P l e a s a n t , Io w a , p l a n t o f B lu e B ird M id w e st, In c .

Helping Iowa industry grow and pros­
per is a prime goal o f Bankers Trust
A current example is Blue Bird Indus­
tries. This nationally known builder
o f school bus bodies came to Mount
Pleasant in 1962 and used the facilities
o f the H enry County Savings Bank,
Mount Pleasant, and through them,

Bankers Trust Company, their corre­
This is PROOF* that Bankers Trust
Company offers complete cooperation
to country banks in assisting Iowa in­
dustry. For sim ilar assistance or im ­
mediate attention to your bank’s needs,
call Cy K irk or Hom er Jensen collect!
* P R O O F o f a c h ie v e m e n t is th e
t r a d e m a r k o f B a n k e r s T r u s t ’s 47
y e a r s o f e x p e rie n c e .




6tli Avenue and Locust Street


Des M oines, Iowa
Member: F.R.S.

Member: F.D.I.C.

Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis


ity room . M rs. C o o k d e sig n e d a la rg e
m o sa ic m u ra l on th e v a u lt w a ll o f th e
ban k . T h e w in n e r o f th e d o o r p rize
d r a w in g w a s g iv e n his c h o ic e o f M rs.
C o o k ’s pa in tin gs.

I o w a


G rim ie ll R e m o d e lin g

P residen t
S ecretary

Des M oines

Tw o M*vesidenfial Cinididatos

L E L A N D B A L L O U , p re s id e n t o f
• th e S e cu rity T ru s t & S a vin gs
B ank, S torm L ak e, an d E d H . Spetm an , Jr., p re s id e n t o f th e C ou n cil
B lu ffs S a v in g s B ank, h a v e a n n o u n ce d
th e ir ca n d id a cy fo r p r e s id e n t o f th e
> Io w a B a n k ers A s s o cia tio n . T h e e le c ­
tio n w ill b e h eld at th e state c o n v e n ­
tio n O ctob er, 18-21 in D es M oin es.

E. L. B A L L O U


M r. B a llo u a n n o u n c e d h is c a n d id a cy
p r io r to th e 77th a n n u a l state c o n ­
v e n tio n an d w ith d r e w fr o m th e ra ce
in fa v o r o f C h a rles H. W a lsh , p r e s i­
d en t o f th e F a r m e r s & M e rch a n ts S a v­
in g s B ank, B u rlin g to n , w h o w a s elect„ ed IB A p re sid e n t.
S ta rtin g h is b a n k in g ca re e r a fter
g ra d u a tio n fr o m th e U n iv e r s ity o f
C h ica g o in 1937, M r. B a llo u has se r v e d
( as a ssista n t ca sh ier, ca sh ier, an d sin ce
1957, p r e s id e n t o f th e S e c u r ity T ru s t
& S a v in g s B a n k , S to rm L a k e. H e has
b e e n a b o a rd m e m b e r sin ce 1937. D u r­
in g W o r ld W a r II, h e to o k le a v e o f
. a b sen ce fr o m th e b a n k to s e r v e w ith
th e U n ited S tates N a v y .
D u rin g th e p a st 27 y e a r s in th e b a n k ­
in g b u sin ess, M r. B a llo u has s e r v e d on
v a r io u s c o m m itte e s o f th e Io w a B a n k ­
ers A s s o c ia tio n an d h as b e e n a c tiv e in
th e B u en a V ista C o u n ty B a n k ers A s s o ­
cia tion . H e has b e e n e n d o rs e d b y h is
c o u n t y a s s o cia tio n an d G rou p T w o o f
« th e Io w a B a n k e rs A s s o cia tio n .


M r. S p etm a n a n n o u n ce d h is ca n d i­
d a c y at th e a n n u a l m e e tin g o f G rou p
F iv e in C ou n cil B lu ffs la st m o n th and
r e c e iv e d th e e n d o r s e m e n t o f th e P o tta ­
w a tta m ie C o u n ty B a n k e rs an d G rou p
F iv e o f th e Io w a B a n k ers A s s o cia tio n .
E le c te d


p re s id e n t

Federal Reserve Bank of St. Louis

th e

C o u n cil

B lu ffs S a v in g s B a n k in J a n u a ry , 1963,
M r. S p etm a n h as a lo n g list o f a c c o m ­
p lish m en ts. H e s e rv e d 42 m o n th s in
th e U n ited States A ir F o r c e , E u ro p e a n
T h ea ter. In 1954, h e w a s n a m ed the
O u tsta n d in g Y o u n g M an o f th e Y ea r
in C o u n cil B lu ffs. H e has s e rv e d as
ch a irm a n o f G rou p F iv e o f the Io w a
B a n k e rs A sso cia tio n .
M r. S p etm a n ’s c iv ic p osts in clu d e:
d ir e c to r o f C o u n cil B lu ffs C h a m b er o f
C o m m e rce ; p resid en t, S ertom a Club,
C ou n cil B lu ffs; m e m b e r o f b o a rd o f
J e n n ie E d m u n d s o n H osp ita l; trea su rer
o f th e S a lv a tion A r m y ; A m b a s s a d o r o f
A k-S ar-B en , O m aha; ch a irm a n o f the
S treet an d H ig h w a y C om m ittee o f th e
C o u n cil B lu ffs C h a m b er o f C om m erce,
an d ch a irm a n o f th e U n ited F u n d.

L ytton P ro m o tio n s
T h e o J. T o k h e im , p re sid e n t and
ca sh ier, L y tto n S a v in g s B ank, L y tto n ,
has a n n o u n c e d th e p r o m o tio n o f
D u an e S ch ofield and D u an e B a rd ole
fr o m assista n t ca sh ie rs to assistan t
v ic e p re sid e n ts and th e a p p o in tm e n t o f
V ic k i F a g a n as assista n t ca sh ier.

J. 11. E rick so n
J. R. E r ic k s o n , a d ir e c to r o f the
B o o n e State B a n k & T ru s t C om p a n y ,
B oon e, d ied last m on th .
H e w a s 70
y e a rs o ld an d h ad b e e n a d ir e c to r sin ce

3 0 th A n n iv ersa ry
O pen h o u s e w a s h e ld fo r th re e days
last m o n th at th e N ev a d a N a tion a l
B ank, N evada, in o b s e r v a n c e o f th e
b a n k ’s 30th a n n iv e r s a r y and to g iv e
resid en ts an o p p o r tu n ity to to u r a re ­
c e n tly re m o d e le d p o r tio n o f th e b u ild ­
N e w office sp a ce fo r th e co n s u m e r
loa n d ep a rtm en t, a d d ition a l b o o k k e e p ­
in g area, in sta lla tio n o f a se c o n d driveu p w in d o w an d a n e w s ta ir w a y c o n ­
n e c tin g th e b a n k ’s h o s p ita lity r o o m
w ith th e p a r k in g lo t are fe a tu re s o f
th e re m o d e lin g .
A n o t h e r fe a tu re o f th e o p e n h ou se
w a s a d isp la y o f art w o r k o f M rs.
N a om i C o o k o f N ev a d a in th e h o s p ita l­

T h e P o w e s h ie k C o u n ty N a tion a l
B a n k b u ild in g , a G rin n ell a r c h ite c tu r ­
al la n d m a rk fo r h a lf a ce n tu ry , is u n ­
d e r g o in g an in te r io r re m o d e lin g .
T h e r e m o d e lin g w a s p la n n ed w ith
th e idea o f re ta in in g th e o rig in a l
d e c o r o f th e b u ild in g , w h ic h w a s d e ­
sig n ed b y L o u is H . S u llivan .
S u lliva n , w h o d ied in 1924, is k n o w n
as th e “ fa th e r o f th e s k y s c r a p e r ,” and
w a s th e m e n to r o f F r a n k L lo y d
W r ig h t, w h o w o r k e d as a d ra ftsm a n in
S u lliv a n ’s office e a rly in h is career.
R e m o d e lin g w ill p r o v id e m o r e sp a ce
fo r b a n k officers and fo r th e loa n area.
T h e ch a n g e s a lso w ill p r o v id e m o re
c u s to m e r p r iv a cy .

G ro u p 1 1 S p o ils Day
G rou p 11 o f th e Io w a B a n k e rs A s s o ­
cia tio n w ill h o ld its a n n u al S p orts D a y
at th e F a irfie ld C o u n try C lub, T h u r s ­
day, Ju n e 25, a c c o r d in g to E a rl R odiba u gh , e x e c u tiv e v ic e p resid en t, F ir s t
N a tion a l B ank, F airfield .

W . E. S h eld o n H o n o re d
O n 5 0 th A n n iv ersa ry
W a lte r E. S h eld on , p r e s id e n t o f the
H o m e T ru s t & S a v in g s B on k , Osage,
w as h on ored June
1 at a sp ecia l d in ­
n er m a r k in g h is
50th a n n iv e r s a r y
w ith th e ban k .
M r. S h e l d o n
sta rted w ith th e
b a n k on J u n e 1,
1914, and w a s p r o ­
m o te d to ca sh ier
in 1917. H e w a s
n a m ed v ic e p re s i­
d en t an d ca s h ie r
in 1921, an d in 1936 h e w a s e lected
p resid en t. D u r in g h is 50 y e a rs w ith
th e ba n k , assets h a v e g r o w n fr o m
$370,000 to $6,400,000.

D riv e-In O p en s
T h e n e w d riv e-in fa c ilit y o f th e State
S a v in g s B a n k o f C o u n cil B lu ffs op e n e d
r e c e n tly w ith a sp ecia l r ib b o n cu ttin g
c e r e m o n y an d a b it m o r e fa n fa r e th an
a n ticip a ted .
A m in o r traffic ja m d e v e lo p e d d u r­
in g th e g ra n d o p e n in g , and, in ad d i­
tion , so m e o n e a c c id e n ta lly tr ip p e d th e
b a n k ’s b u rg la r a la rm b r in g in g a p o ­
lice c r u is e r to th e scen e.
T h is is th e s e c o n d d riv e-in u n it
op e n e d b y C o u n cil B lu ffs b a n k s a n d a
th ird is u n d e r co n s tr u c tio n .
Northwestern Banker, June, 1964


I o wa News

M a so n t ill} in sta lls C om pu ter

d en t o f th e C edar R a p id s area c h a p te r A
o f th e A m e rica n In stitu te o f B a n k in g .
J a m es L iv in g s to n , P e o p le s B a n k &
T ru st, w a s n a m e d first v ic e p resid en t;
T. J. N elson , M erch a n ts N ation al, s e c --^
on d v ic e p resid en t, and D en n is Hrabak, F ir s t N a tion a l o f M arion , w a s
n a m ed trea su rer.


5 0 th A n n iv ersa ry

N e a r ly 500 p e rs o n s v is ite d the A l­
b e rt C ity S a v in g s B an k , A lb e r t C ity,
r e c e n tly d u r in g an op e n h ou se m a rk ­
in g th e b a n k ’s 50th a n n iv ersa ry .

E lected C h airm an
T H IS B u rro u g h s e q u ip m e n t w ill be in s ta lle d a t U n ite d H om e B a n k & T ru s t C om pany
in M ason C ity.


H E first B u r r o u g h s c o m p u te r in ­
sta lla tion in an Io w a b a n k is b e in g
p la ce d in to o p e ra tio n th is m o n th at
U n ited H o m e B a n k & T ru s t C o m p a n y
in M ason C ity. T h e e q u ip m e n t is
B u rro u g h s 251 V R C (V is ib le R e c o r d
C o m p u te r ). It is e x p e c te d to be p r o c ­
essin g all re g u la r c h e c k in g a cco u n ts
b y th e en d o f J u ly , w ith b u sin ess
c h e c k in g C h ristm a s C lu b an d reg u la r
sa v in g s a c co u n ts to be ad d ed in a
s h o rt tim e.
T h e B251 is a so lid state, m a g n e tic
c o r e c o m p u te r, w h ic h k eep s all th e
n o rm a l fu n c tio n s o f a ban k , in c lu d in g
re te n tio n o f c u s to m e r le d g e r cards,
w h ile p r o v id in g a u tom a tion , a c c o r d in g
to Ja m es R o w e n , B u rro u g h s b ra n ch
m a n a g e r in D es M oin es.
A sep a ra te r o o m has b e e n c o n s tr u c t­
ed in th e U n ited H o m e B a n k b u ild in g
to h ou s e th e B251. T h e e n tire e q u ip ­
m en t is m ad e u p o f th e sorter-rea d er,
th e le d g e r-p ro ce ss o r, c o n tr o l co n s o le
an d c o n tr o l p ro ce s s o r.

B an k ers Elect
O tto W . R eel, v ic e p resid en t, Jackson State S a v in g s B ank, M aq u ok eta ,
h as b e e n elected p re s id e n t o f th e Jackson C o u n ty B a n k ers A s s o cia tio n . B en
T ie tje n s , ca sh ier, T eed s G r o v e S a vin gs

B ank, w a s re-elected v ic e p resid en t,
and K e r m it M oreh ea d , assista n t ca sh ­
ier, B a ld w in S a v in g s B ank, w a s re ­
ele cte d se creta ry -trea su rer.

M u ral U n v e iled
M ore th a n 700 p e r s o n s a tten d ed an
o p e n h o u s e at th e M ah aska State B an k
in O sk a loosa la st m o n th to v ie w an
h is to r ic a l m u ra l b y D w ig h t K irsch ,
w e ll k n o w n Io w a artist.

A d d itio n at B e lm o n d
T h e F ir s t State B a n k o f B e lm o n d
has la u n ch e d an e x p a n s io n an d r e m o d ­
e lin g p r o g r a m th a t w ill in c o r p o r a te
an a d ja c e n t s to r e b u ild in g in to th e
ba n k .
T h e p r o je c t w ill d o u b le th e
b a n k ’s flo o r space.
T h e s e c o n d floor o f th e a d jo in in g
b u ild in g is b e in g r e m o v e d . T w o a d d i­
tio n a l p r iv a te offices an d a p riv a te
c o n fe r e n c e r o o m w ill tak e u p a b ou t
h a lf th e a d d ition a l sp a ce w ith th e r e ­
m a in d e r b e in g d e v o te d to th e b o o k ­
k e e p in g d ep a rtm en t.

C edar R apids A .I .B .
H o ld s E lectio n s
C arl K e lp n e r, G u a ra n ty B a n k &
T ru s t C om p a n y , has b een e lected p re s i­

R o b e r t L. P en n e, v ic e ch a irm a n
sin ce J a n u a ry , 1963, has b een ele cte d ,
ch a irm a n o f th e b o a rd o f th e Na- T
tio n a l B a n k o f W a te r lo o , s u c c e e d in g
J a m es M. G rah am , w h o d ied last
A p ril.
M r. P en n e jo in e d th e b a n k as assist­
ant ca sh ie r in 1933 w h e n it w a s o r ­
gan ized . M r. G ra h a m w a s on e o f th e
o r ig in a l o rg a n izers.

..jLB re m er C oun ty E lects
R e id C. G iese, ca sh ier, F ir s t N a tion ­
al B a n k o f S u m n er, has b e e n elected
p re sid e n t o f th e B re m e r C o u n ty B a n k -/
ers A s s o c ia tio n . M el K ru m m , e x e c u ­
tiv e v ic e p re sid e n t, A m e r ic a n S avin gs
B ank, T r ip o li, w a s n a m ed v ic e p re s i­
den t, and R u s s e ll S pea rm a n , ca sh ier,
F a rm e rs State B ank, P lain field, w a s >e le cte d se creta ry -trea su rer.

Starts Sch o la rsh ip
T h e F ir s t State B a n k o f C hu rdan
has a n n o u n c e d th e e sta b lish m en t o f
th e Y a tes E. A lle n M e m oria l S ch ola r­
sh ip, to be a w a rd e d a n n u a lly to g ra d ­
u a tes o f th e P a ton C h u rd an C om m u n ity H ig h S ch ool.
T h e a w a rd s c o m m e m o r a te M r. A l­
le n ’s in te re st in y o u n g p e o p le and in
h ig h e r ed u ca tion . H e w a s a ssocia ted ,
w ith th e b a n k fo r m o re th an 50 y e a rs '
an d w a s n a m ed p re s id e n t in 1948.

Mr fir s t o f Orncthd S a ys;
r fa p p in e ss

is u s in g

in v e stm e n t



i> e



Northwestern Banker, June, 7964
Federal Reserve Bank of St. Louis



you get the most experienced
service on

from the Banker's Bank
Your agricultural loan requirements deserve
the benefit of Live Stock National’s
97 years of farm credit experience.
Call anytime for prompt, personalized service
from the Bank that has
served Midwest agriculture since 1868.
y /i e
Fran Huff

Charlie Thompson


Howard Beermann

Phone or write one of our farm
credit specialists who will put the
resources and experience of Live
Stock National to work for you.

jV a / io n a / B






C H I C A G O ’S

4 1 5 0 South H o isted S tre e t, C h ic a g o , Illin o is
M em ber

Fed e ral

D e p o s it


In s u r a n c e

v f c(o / ifc a <jc


P hone


Y A rd s 7-1 2 2 0

C o r p o r a t io n

Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis


Iowa News

K ed O ak B u ild in g

ca sh ier.
H a ro ld W a lle n w a s n a m ed
assista n t ca sh ier, and M rs. G ertru d e
S w a n son an d J ea n ette H u g o m o v e d
in to te lle r p osition s.

ly w a s assista n t v ic e p r e s id e n t at th e X
D eca tu r C o u n ty State B a n k in L e o n .

John V a u gh an

D ir e c to r s o f th e N a tion a l B an k
T ru s t C o m p a n y o f C h a riton r e c e n tly
a n n o u n ce d p la n s fo r th e e r e c tio n o f a
n e w b a n k b u ild in g .
B a n k p re sid e n t
A . V. H aas said th at th e m o d e r n one-^~
s to r y stru ctu re w ill b e u n d e r c o n s tr u c ­
tion w ith in a fe w w e e k s , w ith o c c u ­
p a n c y te n ta tiv e ly p la n n ed fo r D e ce m ­
b e r 1.

C o n stru ctio n sta rted last m o n th on
a $200,000 co lo n ia l ty p e b u ild in g to
h o u s e th e H o u g h to n State B a n k at
R e d O ak o n th e site fo r m e r ly o c c u p ie d
b y th e H o te l J o h n s o n . T h e 62 b y 88
fo o t b u ild in g w ill fe a tu re a d riv e u p
te lle r w in d o w , a p a r k in g lot an d a
la n d sca p e d lot. C om p letion is e x p e c t­
ed la ter th is y ea r.

J o h n V a u g h a n , 83, r e tire d v ic e p r e s ­
id en t o f th e B e n n e tt State B ank, B en ­
n ett, d ied last m o n th at th e G ra y son
N u rsin g H o m e in D es M oin es.

P ro m o tio n s at Britt

Joins M ahaska Bank

F. A . R u m m e ll, Jr., r e c e n tly an­
n o u n c e d fo u r p r o m o tio n s at th e F ir s t
State B a n k in B ritt. N a m ed ca sh ie r
w a s L o n e y E g g e rs , fo r m e r assistan t

T h e M ah aska State B a n k o f Oskaloosa has a p p o in te d R a lp h E. L y d d o n
to s erv e in its loa n d e p a rtm e n t and
fa rm d ep a rtm en t. M r. L y d d o n fo rm e r-

N ew C hariton B u ild in g

In v e stm e n t B an k ers Field D ay
P la n s fo r th e 29th an n u a l Io w a In ­
v e s tm e n t B a n k e rs F ie ld D a y w e r e a n ­
n o u n c e d r e c e n tly b y R. G. D ick in s o n , "T
a sso cia tio n p resid en t. T h e e v e n t w a s
to b e h eld J u n e 4 at th e W a k on d a
C lu b in D es M oin es a n d w ill fea tu re ,
so cia l h ou rs, lu n ch , d in n e r and, o f ■
co u rse , an a fte r n o o n o f golf.

H o n o r e d at C larion
R o b e r t M cK ee, p re s id e n t o f th e ~iW r ig h t C o u n ty State B a n k at C larion ,
r e c e iv e d sp e cia l r e c o g n itio n at th e an ­
n u a l “ B o s s e s ’ N ig h t” b a n q u e t sp o n ­
so re d b y th e C la rion J u n io r C h a m b e r /
o f C om m erce. M r. M cK ee, w h o is also
a d ir e c to r o f th e B r e n to n C om p a n y,
w a s h o n o r e d fo r h is m a n y c o m m u n ity
a ctiv ities.

S I N C E 1883

• Investment and
Safekeeping Services
• Loan Participation
• Collections
• Credit Information
• Transit Service
• Complete
Trust Services
• Specialists in Fast
Collection of Shippers
and Packers Items
• Foreign Exchange
• Consultation on
Instalment Lending
• Consultation on
Bank Operations
• Foreign Collections
and Remittances
• Special Services


N ew H o u rs at H a m p to n make full use of

The Drovers N a t io n a l Bank offers co m p lete
co rrespondent services to b anks th ro u g h o u t
the m id d le west. W e invite you to m a k e full
use of the m a n y specialized services w e p ro ­
v id e our c o rrespondent b a n k customers.


T h e F ir s t N a tion a l B a n k and the
H a m p to n State B an k , H a m p ton , an- /'
n o u n c e d r e c e n tly th at th e y w ill n o
lo n g e r be op e n on S a tu rd a y a fte rn o o n ,
b u t w ill re m a in op e n fo r b u sin ess on
T h u r s d a y a fte rn o o n .

N ew D riv e -In O p e n e d
A . A . K ru se, e x e c u tiv e v ic e p resid en t
o f th e F ir s t State B a n k in A u d u b o n , ,
a n n o u n ce d th at n e w d riv e-in w a lk -u p A
fa cilitie s w e r e o p e n e d re ce n tly .

Iow an P ro m o ted
At C a lifo rn ia Bank


S ta n ley M. H o g sh e a d , fo r m e r ly o f
H u d son , w a s r e c e n tly a p p o in te d v ic e
p re sid e n t in th e lo a n d ep a rtm en t o f
th e U n ited C a lifo rn ia B a n k ’s m a in o f - A
fice in L o s A n g e le s.
M r. H og sh ea d
b e g a n h is b a n k in g ca re e r at the W a r ­
ren C o u n ty B a n k an d T ru s t C om p a n y
at In d ia n o la in 1947.

O p en H o u se

Member, Federal Deposit
Insurance Corporation


T h e 50th a n n iv e r s a r y o f th e S ecu ­
r it y S a v in g s B a n k at F a rn h a m v ille y
w a s o b s e r v e d w ith an o p e n h ou se on
T h u rsd a y , J u n e 4, fr o m 2:00 to 5:00
p.m .

Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis



The year 1864 found the country in a state of upheaval. In this the
year of Lincoln’ s second election, business was uncertain and the war
was continuing. This was the time that a group of responsible busi­
nessmen of Dubuque, recognizing the fervent need for stable business
leadership, met and organized the First National Bank of Dubuque.

W e Accomplish Today . . .
Plan for Tomorrow


On June 2 0, 1964. as First National Bank of Dubuque embarks on a
second Century of Service, still prevalent is the stable, responsible
leadership of its founders, but augmented with the ideals of modern
banking. It is our hope that what we ACCOMPLISH TODAY will be
effectively adaptable to our PLANS FOB TOM O RR OW .

Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis


Iowa News $Sifles P r o m o te Itou ils


P A T R IO T IC C O S T U M E S w e re m ade b y m em b ers of th e G ru n d y N a tio n a l B a n k , G ru n d y
C e n te r, Io w a, show n le f t to r ig h t: K a y S p a re n b o rg , sec.; M a ry E lle n S tock, a.c.; S a r a 'T
L ee Y oder, c ash .; S a lly F in k e , a.c., a n d J a c k ie L in d a m a n , a.c.


Bill K en nelly, La Salle Cash­
ier, isn’t called the “ Silver Fox”
for nothing. Many years of ex­
perience has taught him the ins
and outs of just about every
phase of bank operations rang­
ing from teller operation to the
control of kites and crooks.
La Salle correspondents have
found Bill helpful. If you wish
to take advantage of his ex­
perience, you can reach him at
La S a lle N a t io n a l B a n k ,
135 South La Salle Street, Chi­
cago, Illinois 60690. His phone
number is STate 2-5200, area
code 312. M em ber F D IC .
Complete Trust Services.

N C L E S A M d resses w o r n b y th e
lad ies o f th e G ru n d y N a tion a l
B ank, G ru n d y C enter, h a v e c a u g h t th e
e y e o f n a tio n a l leaders.
It all started last J u ly w h e n G ru n d y
C en ter
w as
p la n n in g
“ R id ic u lo u s
D a y s.” M iss Sarah L e e Y o d e r, M a ry
E lle n S tock , H elen C op ley , S a lly F in k e
an d K a y S p a ren b org , all e m p lo y e e s o f
th e G ru n d y N a tion a l B ank, d ecid ed
th e b a n k sh ou ld p a rticip a te in th e
fe s tiv itie s b y h a v in g a float in th e p a ­
T h e g irls ea ch m a d e th e ir o w n
U n cle Sam d resses, th e n b o r r o w e d a
tr u c k w h ic h th e y h e lp e d d e co ra te as
a S a v in g s B on d s float. T h e five g irls
d ressed in th e ir p a tr io tic co stu m e s,
ro d e th e float an d w o n first p rize in
the parade.
T h e p u b lic ity th e y r e c e iv e d started
th e b a ll r o llin g to n a tion a l r e co g n itio n .
T h e State S a v in g s B o n d s office b o r ­
r o w e d th e d resses an d h ad g irls w e a r ­
in g th e m at th e State T e a c h e r s C on ­
v e n tio n in D es M o in e s a n d fo r a b r ie f
a p p ea ra n ce at th e Io w a State B a n k ers
C on v e n tio n .
T h e N a tion a l S a v in g s B on d s office
th en u sed th e d resses at a N a tion a l
Sales C o n fe r e n c e in W a s h in g to n , D. C.
fo r k e y v o lu n te e r an d S a v in g s B on d s
p e r s o n n e l fr o m all o v e r th e n a tion .
N ex t ca m e th e N a tion a l H o m e B u ild ­
ers s h o w in C h ica g o w h e r e th e d resses
w e r e w o r n b e fo r e 8,000 delega tes.
A s a re su lt o f th e u n u su a l p a trio tic
e fforts o f th ese la d ies o f th e G ru n d y
N a tion a l B an k , th e y w e r e in v ite d to
a p p ea r at th e G rou p 7 b a n k e rs m e e t­
in g at Io w a C ity w h e r e G len In g le,
state d ir e c to r o f th e Io w a S a v in g s
B on d s office, p re se n te d th e g r o u p w ith
a C o n c o r d M in u te M an Statue p lu s an
in s c r ib e d p o c k e t m e d a llio n fo r each.

H o ld A rt Show
T h e F ir s t N a tion a l B a n k o f C ou n cil
B lu ffs is c o n d u c tin g a series o f sh o w s

o f loca l art, th e first o f w h ic h is to
ru n th ro u g h J u ly 1.
M ost o f th e w o r k e x h ib ite d is b y
C ou n cil B lu ffs artists, h o w e v e r , H a r­
lan, S h en a n d oa h , G le n w o o d , A tla n tic
an d O m aha a rtists a lso are r e p r e ­
sen ted.

D ire cto ry C orrection s
T h e fo llo w in g ch a n g e s sh ou ld b e/
m ad e in th e 1964 e d itio n o f th e Iow aN eb ra sk a B a n k D ire cto ry :
S e c u r ity S a v in g s B ank, M a rsh a ll­
to w n : C h an ge te le p h o n e n u m b e r to.
A r e a C ode 515 752-1518. A lso , d elete
N. C. N ie lse n as v ic e p resid en t. H e
r e m a in s as a d ire cto r.
F ir s t N a tion a l B an k , N e w H a m p -/
ton : C o rre ct th e listin g o f officers to
J. F. K e n n e d y , p resid en t; W a lte r J.
K e n n e d y , v ic e p resid en t; H. W . D avid,
v ic e p re sid e n t; H a rla n A . P ose, ca sh ­
ier, an d A r th u r P. S jo b a k k e n , a ssist--^
ant ca sh ier.
F ir s t N a tion a l B ank, C olfa x : C han ge
U n d iv id e d P rofits to $165,790.
W a y la n d
C h an ge loa n s an d

B ank, W a y land A
d isco u n ts to 81,-

F o u r a d d itio n a l n a m es sh o u ld be
ad d ed to th e listin g o f th e C itizen s^
S a v in g s B ank, A n a m osa : H. G. D ein iger, v ic e p re sid e n t; L. D. M u rfield,
ca sh ier, an d H. D. H e e fn e r and Julia
B. F o a rd e , assista n t ca sh iers.

T ru st G ro u p M eets
T h e a n n u a l c o n v e n t io n o f th e Io w a
C o rp o ra te F id u c ia r ie s A s s o c ia tio n w a s y
h e ld in C lin ton on M a y 12-13, a c ­
c o r d in g to G e o rg e E . T a y lo r , p resid en t
o f th e A s s o c ia tio n and tru st officer o f
th e C ity N a tion a l B ank, C lin ton . T h e .
tru st g r o u p h as 56 Io w a ban ks as (
m em b ers. A p p lic a tio n s fr o m n on -m em ­
b e rs are w e lc o m e .

Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis


B ill Lam ber son, V ice President, says

Our new Commerce Tower
will feature an exciting public
restaurant on the 30th floor.
Here you may enjoy the cui­
sines of five countries, each
served in a separate dining
room furnished in the decor
of the country represented.
W e invite our 1,476 corre­
spondent banks to visit our
new building, which will be
completed later in the year.
Our correspondent officers,
whose headquarters will be on
the fifth floor, are looking
fo r w a r d to s h o w in g y o u
Commerce Trust serves one
out of every ten banks in the
nation. W ith the completion
of Commerce Tower, we’ll be
able to serve you even better.

(ommerce Jrust (ompany’
Kansas City’s Oldest and Largest Bank
Member Federal Deposit Insurance Corporation

Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis

fowa News



H t t if .s . . .

(C o n tin u e d fr o m p a g e 37)
s p o n sib ilitie s fo r ea ch sp e cific ta sk is
a lw a y s a m u st to m a x im u m p r o d u c tiv e
e fficien cy . W h e r e v e r th e re is a p r o ­
ce d u re fo r w h ic h th e re has b e e n e s ­
ta b lish ed n o clea r-cu t r e s p o n s ib ility
w a s te an d in e fficie n cy in v a r ia b ly d e­
v e lo p .
In Proper Place

for accurate,
speedy service
on a ll items

Id le .





2 3 5 -0 3 3 1

(A rea



Fe d e ra l D ep o sit In su ra n c e C o rp o ratio n
Fe d e ra l R eserv e S ystem

Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis

Nine— Im p r o p e r p h y s ic a l p la ce m e n t
o f su p p lie s an d m a teria ls in a n y b a n k ­
in g office ca n re su lt in g re a t w a s te o f
p r o d u c tiv e tim e. W h e r e th ese are set
in an in c o n v e n ie n t lo ca tio n to o m u ch
tim e is w a s te d in u s in g th em .
Ten— P r o p e r p la ce m e n t o f e m p lo y ­
ees w ith re s p e c t to ea ch o th e r ’s w o r k
a lso has a m a rk d e ffe ct o n p r o d u c tiv e
efficien cy . I f e m p lo y e e s w h o m u st
c o n s u lt ea ch o th e r o fte n in th e r o u ­
tin e o f th e d a y ’s w o r k o r w h o m u st
w o r k c lo s e ly to g e th e r in a c c o m p lis h ­
in g g iv e n c h o r e s are s p o tte d a d ja ce n t
to on e a n o th e r th en w o r k e fficie n cy
is a lw a y s g re a te r th a n w h e r e d ista n ce
sep a ra tes th em .
Pleasant W o rk Conditions
E leven— P h y s ic a l fa c ilitie s in th e
b a n k w o r k in g areas s h o u ld a lw a y s be
c o n d u c t iv e to g o o d w o r k ou tp u t. T h is
r e fe r s to p r o p e r c o m fo r t an d h u m id ­
ity, r e s tfu l d esk s an d ch a irs as w e ll
as o th e r fa cilitie s, cle a n an d b r ig h t
w o r k areas a n d sim ila r fa cto rs.
Tw elve— Is o la tin g ou tsid e d is tu r b ­
in g in flu e n ce s ca n o fte n s e rv e to in ­
crea se w o r k p r o d u c tiv ity . W h e r e th in
p a rtitio n s sep a ra te d ep a rtm en ts, fo r
e x a m p le, th e n o ise s c o m in g th r o u g h
ten d to crea te d is h a r m o n y an d p r o ­
d u c tiv e lags.
Thirteen— A b u s e o f “ c o ffe e b r e a k ”
ru les is o fte n a m a jo r co n tr ib u tin g
fa c to r to in e ffic ie n c y an d la ck o f m a x ­
im u m p r o d u c tiv ity in a n y ban k . D efi­
n ite ru le s s h o u ld b e esta b lish e d an d
u n d e rs to o d w ith r e s p e c t to su ch c o ffe e
b rea k s a n d th ese sh o u ld be s tr ic tly
e n fo rce d . L a x ity in e n fo r c e m e n t al­
w a y s leads to a b u se an d th e a b u se o f
su ch a c o ffe e -b re a k b y on e e m p lo y e e
u su a lly re d u ce s th e p r o d u c tiv ity o f
th e e n tire staff.
Fourteen— O u tside e m p lo y e e a c tiv i­
ties h a v e in m a n y in sta n ce s c o n tr ib ­
u ted to r e d u c e d p r o d u c tiv ity . R e h a s h ­
in g e x p e r ie n c e s on th e b o w lin g team ,
socia l a ffairs, etc., are a ll w a s te s o f
tim e. So a lso are tim e-ou ts ta k en fo r
p la n n in g a n d d is c u s s in g su ch ev en ts.
Understanding Their Duties
Fifteen — F u ll
u n d e rs ta n d in g
e v e r y m e m b e r o f th e staff as to w h a t
are th e b e st an d m o s t efficien t w a y s
o f d o in g th in g s is a lw a y s a m u st to
to p p r o d u c tiv ity . T h is is o f p rim e im ­
p o r ta n c e w h e n e v e r a n e w e m p lo y e e
is a d d ed to th e staff. A ls o it has b e e n

fo u n d w is e to m a k e a fr e q u e n t c h e c k
on h o w w e ll su ch in s tr u c tio n is r e ­
ta in ed b y o ld e r e m p lo y e e s .
Sixteen— P r o p e r “ t o o ls ” w ith w h ic h
to d o th e jo b are a lso a b so lu te m u sts
fo r m a x im u m e fficien cy . A n c ie n t and
o b so le te e q u ip m e n t, fo r e x a m p le , r e ­
d u ce s e m p lo y e e e ffic ie n c y m o r e an d
m o r e ea ch m o n th . T h is a p p lies eq u a l­
ly to su p p lies, m a teria ls, p r o c e d u r e s
and e v e r y th in g e lse th e e m p lo y e e u ses
to d o a g o o d jo b .
Seventeen— R e w a r d fo r e x tra e f­
fo r t on th e p a rt o f th e e m p lo y e e is
a lw a y s a m u st to w a r d d e v e lo p m e n t
o f to p e fficien cy . T h is n e e d n o t be
m o n e y . It ca n b e re c o g n itio n , p raise,
a p p r e c ia tio n a n d m a n y o th e r steps
w h ic h c o s t m a n a g e m e n t little if a n y ­
th in g.
Discourages Incentive
Eighteen— D e g re e o f d is cip lin e a p ­
p lie d on a n y staff o fte n d e te rm in e s
w h e th e r or n o t to p p e r fo r m a n c e w ill
b e p resen t. T o o m u c h te n s io n cre a te s
an e le m e n t o f fe a r w h ic h is an a u to ­
m a tic d is c o u r a g e m e n t o f a n y e x tra e f­
fo rt. T o o little cre a te s la x p r o c e d u r e s
w h ic h a d v e r s e ly a ffe ct th e g o o d and
ba d e m p lo y e e alike.
Nineteen— M a n a g e m e n t’s fa ilu re to
k eep u p w ith e v e r y th in g th a t is n e w
has b e e n c ite d in m a n y ca ses as a
ca u se o f lo w p r o d u c tiv ity . I n v a r ia b ly
th is e x ists w h e n e x e c u tiv e s m a k e n o
e ffo r t to th o r o u g h ly rea d an d stu d y
th e ir b u sin e ss p u b lica tio n s, atten d
b u sin e ss a n d p r o fe s s io n a l g r o u p m e e t­
in gs, etc.
Tw enty— A r e o b s o le te p ro c e d u r e s
still in u se ju s t b e ca u se n o on e has
b o th e r e d to elim in a te th e m ? U su a lly
th ese e x is t in sm a ll th in g s w h ic h are
g iv e n little a tte n tio n w h ile la rg e r
on es r e c e iv e all th e stu d y.
T w e n ty -o n e — P r o p e r
sp a cin g
w o r k th r o u g h th e d a y so m o s t d ifficu lt
c h o r e s are h a n d led at tim es w h e n
e m p lo y e e s are at th e ir m a x im u m e f ­
fic ie n c y ra th e r th a n tire d ou t also
h e lp s in cre a se e ffic ie n c y an d w o r k
p r o d u c tiv ity .
Twenty-two— E s ta b lis h m e n t o f sp e ­
cific p r o c e d u r e s fo r h a n d lin g e v e r y
p o s s ib le p r o b le m a lw a y s p a y s o ff fo r
it p r e v e n ts th e in e ffic ie n c y o f p r o d u c ­
tio n stop s w h ile th e e m p lo y e e w o r k s
ou t a p r o b le m in h is o r h er o w n w a y .
F in a lly , it has b e e n s h o w n to be
g o o d p r o c e d u r e to esta b lish h ir in g
p o lic ie s w h ic h are d ire cte d to w a r d
s e c u r in g
m a x im u m
co m p a ta b ility
w ith in th e staff.
S om e in d iv id u a ls
ju s t ca n n o t d o th e ir b e s t w o r k in g w ith
oth ers. S u ch cla sh e s o n a staff d is­
co u ra g e e ffic ie n c y ra th e r th a n b u ild
it.— End.


N e a rly a ce n tu ry
o f serv ice to tb e
b a n k s a n d p u b lic
of Iow a

©JIN! ns
© © M i P Æ i s a 'î f







Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis

10 8

I owa News

0 la r inda Hank O ccupies N ew H um e




O V E R 3.000 P E R S O N S a tte n d e d th e open house h eld b y officials
o f th e P a g e C ounty S ta te B a n k ., C larin d a , la s t m o n th . S how n
in ph o to a t l e f t a re E llis B ra d le y , re tir e d p re s., a n d M rs. B rad -

le y ; F lo y d W h itm o re, p res., a n d M rs. W h itm o re. B u ild in g w as
d e sig n ed b y A. M oorm an & Co., a rc h ite c ts , a n d se c u rity equipm e n t w as p ro v id e d b y D iebold, Inc.

__________________ :______________________________________________________________________________________ .
New D e n iso n D ire cto r
A t th e a n n u a l s to c k h o ld e r s ’ m e e tin g
o f th e C r a w fo r d C o u n ty T ru s t and
S a v in g s B an k , L e o J. R e m m e s w a s
n a m ed d ir e c to r to fill th e v a c a n c y on
th e b o a rd ca u sed b y th e d eath o f J oh n
F. H olst, Jr. A ll officers o f th e b an k
w e r e re-elected .

M isso u ri V alley Change
F r a n k C. B u rk e, fo r m e r ly v ic e p r e s i­
den t, has b een e le cte d p re sid e n t o f th e
F ir s t N a tion a l B a n k o f M iss o u ri V a l­
ley , fillin g a v a c a n c y le ft b y th e re ce n t
death o f A. F. B u ch h o lz . M r. B u rk e
sta rted h is b a n k in g ca re e r in 1915 as
a clerk .
A t th e sam e tim e R ic h a r d D ay, ca sh ­
ier, w a s ele cte d v ic e p re sid e n t and
ca sh ier. M r. D a y a lso w a s ele cte d to
th e b o a rd o f d ire cto rs .

D e s M o in e s B an k Sold
T h e G rea ter Io w a C o rp o ra tio n has
so ld its 24.99 p e r c e n t in te re s t in th e
F ir s t F e d e ra l State B a n k o f D es
M oin es to S tep h en s In d u stries, a D es
M oin es firm .
M o rris S tep h en s, p r e s id e n t o f th e
F ir s t F e d e ra l State B an k , a lso h eads
S tep h en s In d u stries.

4 0 t h A n n iv ersa ry
H . R o w e n h o r s t, p re s id e n t o f th e
N o r th w e s te r n State B ank, O ran ge C ity,
w a s h o n o r e d r e c e n tly at a sp e cia l b a n ­
q u et in h o n o r o f h is 40th a n n iv e r s a r y
in b a n k in g . M r. R o w e n h o r s t started
h is b a n k in g ca re e r in 1924 as a b o o k ­
k e e p e r at th e S h eld on S a v in g s B ank.

M arket M eetin gs H eld
A series o f liv e s to c k m a rk e tin g m e e t­
in g s fo r area b a n k e rs w a s c o m p le te d
Northwestern Banker, June. 1964
Federal Reserve Bank of St. Louis

r e c e n tly u n d e r th e sp o n s o r s h ip o f th e
S io u x C ity L iv e s t o c k M a rk et N e w s &
E d u c a tio n a l
F o u n d a tio n .
M eetin g s
w e r e h e ld in Y a n k to n , S. D.; S torm
L a k e, Io w a , an d S io u x C ity.

(C o n tin u e d fr o m p a g e 39)

s o lv e o r a v o id q u e stio n s u n d e r S ection
W h at Does Receipt Stand For?
It is m o s t im p o rta n t to rea lize th at
th e w a r e h o u s e r e c e ip t is a r e c e ip t fo r
a sp e cific q u a n tity o f item s “ said to
b e ” o r “ said to c o n ta in .” T h e w areh o u s e m a n m a k es n o g u a ra n tee o f th e
q u a lity or co n te n ts o f th e item s and
ta k es n o r e s p o n s ib ilit y fo r th e v a lu e o f
th e m e rch a n d is e s to re d w ith h im . F o r
e x a m p le, ca n s o f o il m a y be ca n s o f
w a te r o r b a rre ls o f flou r m a y be b a r­
rels o f sand. It s h o u ld n o w b e a dded
th at ta n k s o f v e g e ta b le oil can be
e m p ty o r fu ll o f salt w a ter. Y o u can
p r o te c t y o u r s e lf to a d e g re e b y ob ta in ­
in g a g r a d in g certifica te on th e m e r ­
ch a n d ise p led g ed , b y h a v in g an ex p e rt
c h e c k th e m e rch a n d ise , o r b y s p o t­
sa m p lin g , b u t th ese m e th o d s still
w o u ld n o t b e su fficien t t o p r o te c t y o u
fr o m a c r o o k .
T h e so-ca lled Salad
Oil S ca n da l h as n o w g iv e n fu ll and n o ­
to r io u s e m p h a sis to th is poin t.

C ode d o e s p r o v id e som e p r o te c tio n fo r
a w a r e h o u s e r e c e ip t h o ld e r a g a in st a
c la im o f p r io r lien , b u t it d oes n o t r e ­
m o v e th e d a n g er. It is o u r b e lie f th at
a fin a n cin g sta tem en t sh o u ld b e filed
an d a s e c u r ity a g re e m e n t ob ta in e d in
a C od e state in all cases w h e r e loa n s
are m a d e a g a in st th e p le d g e o f n ou n e g o tia b le w a r e h o u s e re ce ip ts. T h e
state h a v in g ju r is d ic tio n is d ete rm in e d
b y th e p h y s ic a l lo c a tio n o f th e m e r ­
ch a n d ise as w e ll as th e lo c a tio n o f th e
office o f th e b o r r o w e r an d co u ld resu lt
in filin g in tw o or m o r e states. T h e
filin g p r o v id e s s e v e ra l b en efits in c lu d ­
in g; a v o id in g q u e stio n s o f s u fficie n cy
o f re q u ir e d field w a r e h o u s e m e n ’s “ p o s ­
s e s s io n ” o f th e g ood s, a s s u rin g n o tic e
o f later a ris in g lien s fr o m “ p u rch a se
m o n e y s e c u r ity in te re st,” an d h e lp in g

T h e q u e s tio n is o fte n a sk ed as to
h o w m u c h m a y b e a d v a n ce d o n a
g iv e n ite m w h ic h is p le d g e d u n d e r
w a r e h o u s e re ce ip ts. T o a n sw e r this,
an a ccu ra te a p p ra isa l o f th e m a rk et
fo r su ch item m u st first b e m ade. If
y o u r loa n is o n sp e cia l tools, th eir m arket v a lu e in ca se o f fa ilu r e o f y o u r b o r ­
r o w e r m a y b e o n ly th e scra p iron
v a lu e. H o w e v e r , if th e m e rch a n d ise
is a stan dard, r e c o g n iz e d item , su ch as
ca n n e d peas, th e le n d e r ca n s a fe ly u se
th e q u o te d m a rk e t p r ic e as th e b asis
fo r th e loan .
Y o u m u st, o f cou rse,
k n o w w h e th e r o r n o t th e m a rk et fo r
th e item is sta b le an d if it is c u r r e n tly
h ig h o r low , h is to r ic a lly sp ea k in g. D e­
p e n d in g o n th e m a rk e t an d o th e r c o n ­
sid e ra tio n s s u b s e q u e n tly m en tion ed ,

New P o stv ille D ire c to r
Dr. R. F . S ch h n eid er, P o s tv ille v e t ­
erin a ria n , has b e e n ele cte d to th e
b o a rd o f d ir e c to r s o f th e P o s tv ille
State B an k . H e fills th e vacancj^ left
b y th e d ea th o f C. E. M eier.

D ire c to r N a m e d
H a r o ld G a lla gh er, a ssista n t ca sh ier
an d m a n a g e r o f th e D o u g h e r ty office
o f th e S heffield S a v in g s B ank, S h e f­
field, has b e e n a p p o in te d a d ir e c to r o f
th e S heffield b a n k to fill a v a c a n c y le ft
b y th e d eath o f M. J. C am p bell.


R E C E IP T S . . .







W h y Margins A re Necessary






Iowa News



loa n s o n u n h e d g e d co m m o d itie s g e n ­
e ra lly are m ad e fr o m 50 p er c e n t to a
m a x im u m o f 80 p er ce n t o f th e m a rk et
on w h ic h th e h a n k w o u ld h a v e to sell
» th e m e rch a n d is e if it w e r e ta k en o v e r
to s a tis fy th e loan. I m ig h t sa y that
an 80 p e r c e n t loa n is on th e h ig h side
an d th e m a rk e t fo r th e item sh o u ld be
p a r tic u la r ly fa v o r a b le if a loa n o f th at
' la rg e a p e rce n ta g e is gra n ted .
O ur b a n k d oes a g re a t deal o f fin a n c­
in g in th e c a n n in g in d u stry , an d w e
c u s to m a r ily a d v a n ce 60 to 65 p e r cen t
x o f th e m a rk et.
T h is m a rg in has
p r o v e n su fficien t in all ca ses in w h ic h
it has b e e n tested to date. In ca se o f
fin a n cia l d ifficu lties o f a b o r r o w e r , it is
a lw a y s d e sira b le to h a v e su fficien t
m a rg in a v a ila b le to a ssu re fu ll p a y ­
m e n t o f th e lo a n an d to h a v e so m e le ft
o v e r fo r th e o th e r cre d ito rs.
3 C’s of Credit Are Most Important
In c o v e r in g so m e o f th e h ig h p oin ts
o f w a r e h o u s e r e c e ip t fin a n cin g I h a v e
m a d e o n ly o n e m e n tio n o f th e 3 C ’s o f
cred it.
Y o u m u st h a v e ch a ra cte r ju s t as
m u ch in th is ty p e o f lo a n as in an u n ­
se c u r e d cre d it, an d p e rh a p s m o r e so,
fo r th e sh o rta g e o f a d eq u a te fu n d s
/ in d ic a te d b y th is ty p e o f fin a n cin g
c re a te s a d d ition a l te m p ta tio n s to a
w e a k ch a ra cte r. A d ish o n e st c h a r a c ­
te r sh o u ld b e a d d ed h ere to tak e in th e
salid o il situ a tion .
T h e r e m u st b e th e c a p a c ity o f th e
b o r r o w e r to m o v e th e m e rch a n d is e
an d th e r e fr o m crea te th e ca sh to p a y
. o ff th e lo a n — it is m u c h ea sier to sta y
’ in th e b a n k in g b u sin e ss th an it is to
g e t in to th e m e r c h a n d is in g b u sin ess.
T h e r e m u st a lso b e su fficien t ca p ita l
s u p p le m e n te d b y fu n d s a v a i l a b l e
th r o u g h th e w a r e h o u s e r e c e ip t loa n
an d o th e r s o u r c e s to c a r r y o u t th e p r o ­
p o s e d p ro g ra m , o r th e le n d e r m a y b e
fa c e d w ith in c r e a s in g h is loan , an d
p e rh a p s th e p e r c e n ta g e o f a d v a n ce, to
‘ an u n d e sira b le le v e l in o r d e r to a v o id
c lo s in g d o w n an o p e ra tio n in th e m id ­
d le o f a season .
S h ou ld y o u e v e r h a v e o c c a s io n to
u se w a r e h o u s e r e c e ip t fin a n cin g in
y o u r b a n k in g ca reer, y o u w ill find it
an e x c e lle n t v e h ic le , p r o v id e d th e loa n
is set u p p r o p e r ly in th e first in sta n ce
a n d th a t y o u k n o w th e risk s a n d pit' fa lls w h ic h n e e d t o b e a v o id e d in th is
ty p e o f fin a n cin g . C e rta in ly it is n o
d iffe re n t in th is r e s p e c t th a n a n y
o th e r ty p e o f loa n y o u m a y m ak e.

D e p a rtm e n t A ction
T h e Io w a D e p a rtm e n t o f B a n k in g
y has a n n o u n c e d a p p r o v a l o f an in cre a se
in ca p ita l at th e B e n to n C o u n ty State
B ank, B la irs to w n , fr o m $50,000 to
$ 100,000.

T h ree b a n k ers s cra m b le fo r a ch a rtered p la n e in
C h ica g o . T h e y h a v e lea rn ed fr o m on e o f th eir c o r ­
r e s p o n d e n t b a n k field m e n th at a c u s to m e r b a n k
h a s a p r o b le m : m o r e m o r t g a g e p a p e r a v a ila b le
th a n it c a n a c c o m m o d a te . Y et the co r r e s p o n d e n t
d oes n o t w ish to re fu se the m o r tg a g e s b e ca u s e they
p rov id e en tree to a d d ition a l b u sin ess. C a n N a tio n a l
B ou lev a rd B an k o f C h ic a g o h e lp ?
T h e th ree m e n —Irv in g S ea m a n , Jr., p re sid e n t;
F ran k C a lla g h a n , rea l estate lo a n V P, a n d Fritz
W a g n e r, c o m m e r c ia l d ep a rtm en t V P a n d h e a d o f
co r r e s p o n d e n t b a n k a ctiv itie s —m o v e q u ick ly .

A fa s t flig h t a n d a w h irlw in d tou r b e h in d th em ,
the N a tio n a l B ou lev a rd g rou p h ea d s b a ck to C h i­
c a g o , h a v in g p u rch a s e d m o r e th a n h a lf a m illio n
d olla rs w o rth o f m o rtg a g e s. T h e co rre s p o n d e n t is
able to sa tisfy its cu s to m e rs w h ile d e riv in g a c o n ­
stan t so u rce o f in c o m e fr o m se rv icin g the loa n s.
T h is is o n e o f d o z e n s o f e x a m p le s o f N a tio n a l
B ou le v a rd ’s serv ice to co rre sp o n d e n ts. N o p o n d e r ­
ou s c o m m itte e m e e tin g s , n o d ela y ed d e cis io n s , n o
ju n io r c o m m a n d o s . F ast. P erson a lized . C reative.
I f th is is the k in d o f serv ice y ou w a n t, ca ll Fritz
W agner a t . . .




ic a g o

400-410 N . M ic h ig a n A v e n u e • P h o n e 467-4100
M E M B E R P .D .I.C .

Federal Reserve Bank of St. Louis

Northwestern Banker, June, 1964


Iowa News

L E F T — M. L. A b ra h am so n , tre a s., S ta te of Io w a , a n d E. L e la n d
B allo u , p res., Sec. T r. & S av. B k., S to rm L a k e , c a n d id a te fo r
IB A p res. C E N T E R — Officers of Gr. 6 a re Secy. A r t L u c h t,
p re s., U nion S to ry T r. & S av. Bk., A m es, Chinn. W ill A. L ane,

J r ., exec, v.p., Sec. T r. & S av. B k., M a rsh a llto w n , a n d A d d iso n
Jo n e s, E xec. v.p. & c ash ie r, G rin n e ll S t. B k., r e tir in g chm n.
R IG H T — C h arles H. W alsh, pres., F a rm e rs a n d M e rc h a n ts S a v . X,
B k., B u rlin g to n , p re s., Io w a B a n k e rs A ssn.


I Hit! o r

i*ro f/ra tn s t i r tur
A t friitliiiirr a t
uilr r t in t/s




O P a tten d a n ce h o n o r s fo r th e M a y
g r o u p m e e tin g s in Io w a w e n t to
G rou p 3 again th is y e a r as 887 b a n k ­
ers, w iv e s an d g u ests re g is te re d at
C lear L a k e fo r th e sta r-stu d ded p r o ­
gra m , h ea d ed b y th e fa m o u s A m e s
B ro th e rs a n d J u les H e r m a n ’s o r c h e s ­
C o n tin u in g to g a in in p o p u la rity ,
th a n k s to th e u n tir in g e ffo rts o f M a rk
A r n e s o n , p re s id e n t o f th e C lear L a k e
B a n k a n d T r u s t C om p a n y , an d h is
staff, th e m e e tin g d r e w p e o p le fr o m
e v e r y s e ctio n o f Io w a an d so u th ern
M in n esota .
A tte n d a n ce r e c o r d s w e r e set at
m a n y o f th e m e e tin g s th is y ea r, du e
to th e e x c e lle n t p r o g r a m s a rra n g ed b y
th e v a r io u s g ro u p c h a irm e n in c o o p e r ­
a tion w ith c o u n t y a sso cia tio n officers.
O ne o f th e m o re p o p u la r fe a tu re s on
“ th e c ir c u it” w a s a b e e f ca ttle pan el
p resen ted as p a rt o f th e G rou p 2 m e e t­
in g in F o r t D od g e.
P an el m e m b e rs
w e re : F r a n k L o v e , v ic e p resid en t,
F irs t N ation al B ank, O m aha; N. A.

W ils o n , fe e d e r fr o m R o lfe ; J. R. K em p ,
g e n e ra l m a n a g er, Io w a B e e f P a ck ers,
F o r t D od g e, and C ecil H e llb u sch , liv e ­
s to c k co n su lta n t, S a fe w a y S tores, D en ­
v er.
It w a s th e co n se n su s o f o p in io n o f
p a n el m e m b e rs th at fe e d e r s w ill b e in
the 18 to 20 cen t ra n g e th is fall; b a n k ­
ers s h o u ld c o n tin u e to “ g o a lo n g ”
w ith th e ir efficien t fa rm cu sto m e rs,
an d fe e d e rs w ill h a v e t o m a rk e t fin­
ish ed ca ttle at lig h te r w e ig h ts to m eet
th e n eed s o f th e A m e r ic a n h o u s e w ife .
President’s Message
C harles H. W a lsh , p re s id e n t o f th e
Io w a B a n k ers A s s o cia tio n , and p r e s i­
d en t o f th e F a rm e rs a n d M erch a n ts
S a v in g s B ank, B u rlin g to n , a p p ea red
on th e p r o g r a m at e v e r y g r o u p m e e t­
ing, stre ssin g th e fa c t th at b a n k s
s h o u ld d e v e lo p th e ir y o u n g e r m e n b y
g iv in g th em ed u ca tio n a l o p p o rtu n itie s
and in cre a se d re sp o n sib ilitie s. H e e m ­
p h a sized th at s e le c tio n o f d ire cto rs
w a s a lso an im p o rta n t c o n s id e ra tio n

sin ce th e y can d o m u c h t o a ttra ct b u s i­
n ess an d p r o m o te th e in terests o f th e
M r. W a ls h p o in te d o u t th at th e Io w a
B a n k ers A s s o c ia tio n c o n tin u e s to h a v e i
100 p er c e n t m e m b e rs h ip a m o n g Io w a
ban k s, p r o v in g th at th e A sso cia tio n
u n d er th e d ir e c tio n o f S e cre ta ry F ra n k
W a rn er, is d o in g an e x c e lle n t jo b fo r
its m e m b e rs in le g is la tiv e a n d o r g a n i­ >
za tion a l m a tters. T h e IB A p r e s id e n t
h a d on e w o r d o f ca u tion , sta tin g th at
Io w a b a n k e rs sh o u ld rea lize th at h a n ­
d lin g o f sa fe d e p o sit b o x b u sin ess c a r ­ i
ries rea l r e s p o n s ib ility and lia b ility .
H e s u g g ested th a t b a n k s sh o u ld u se
th e S tan dard IB A F o r m 7 to g a in the
a d v a n ta g e o f lim ite d lia b ility .
E v e n -n u m b e r e d g r o u p s e le cte d n e w
officers th is y ea r, and officers o f the
o d d -n u m b e re d g r o u p s c a r r y o v e r fo r
a n o th e r y ea r. N e w officers are:
Group 2:

C hairm an , R o b e r t D. D ix-


GROUP M E E T IN G S . . .
(T u r n to p a g e 114, p lea se)



L E F T — IB A Secy. F r a n k W a rn e r, R e tirin g Chm n. of Gr. 10
J o h n H . Y oung, p res., F i r s t N a tio n a l B k. a n d Io w a T r. & S a v .
B k., C e n te rv ille , a n d N ew Chm n. o f Gr. 10 J . J . M a rg e t, p res.,
K e o k u k Co. S t. B k., S ig o u rn ey . C E N T E R — G roup 5 Secy. T ed
Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis

H ow e, p re s., A d a ir Co. S t. B k. ,G reenfield, a n d Chm n. E ldon Y
N ielson, a.v.p., S ta te S av. B k., C ouncil B luffs. R IG H T — Ja m e s
H . P u llm a n , J r., pres., F re m o n t Co. S av. B k., S id n ey , fo rm e r
v. p., IB A .

Iowa News


1 9 6 4 I turn iìn m p M vvtiiig i*ictu res

GROUP 10 d e le g a te s in clu d e d , le f t to r ig h t: John Garrett, p res.,
D a v is Co. S av. B k., B loom field; Marn Bond, a.e., D a v is Co. Sav.
B k .; Art Lindquist, v.p., A m e ric an N a tl. B k. & T r. Co., C hicago,

a n d Phyliss Pitman, a.c., D a v is Co. S av. B k. B IG H T — John
Chrystal, su p t. of b a n k in g , a n d Ed Burchette, chm n., V a lle y

GROUP 7 Officers a re Chm n. John Lessenhop, p res., W a lk e r St.
B k., a n d Secy. Reid C. Giese, cash ie r, F i r s t N a tl. B k., S um ner.
C E N T E R — Robert Thom, a.c., F i r s t N a tl. C ity B k., N ew Y ork;
Don Wenthe, v.p. & cash., N a tl. B k. o f W aterlo o , Cy Kirk, v.p.,

B a n k e rs Tr. Co., D es M oines, a n d Larry Kilgore, p res., N a tl. B k.
of W aterlo o . E IG H T — S ig n in g in a t G t . 10 a t Bloom field w ere
Virgil Hering, exec, v.p., D a v is Co. S av. B k., Bloom field, a n d
Neal Sands, pres., V a lle y B k. & T r. Co., Des M oines.

LEFT— N ew officers o f Gr. 8 a re Chm n. Ed Jorgensen, v.p., C ity
N a tl. B k., C lin to n , a n d Secy. Glen Suiter, exec. v.p. F a rm e rs
S av. B k., P rin c e to n . C E N T E R — Alvin Renaas, v.p. & tre a s . of
IB A a n d v.p., D e co ra h S t. B k. is show n w ith Gr. 4 officers,
R e tirin g C hm n Duane Munter, p res., U n io n B k. & T r. Co., S tra w ­

b e rry P o in t; Secy. M. F. Chevalier, c ash ie r, C itiz en s S t.
P o s tv iile , a n d Chm n. Leo Kane, v.p., A m e ric an T r. & S av.
D ubuque. R IG H T — Gr. 3 Secy. John McWhirter, pres., S t.
of A llison w ith M r. a n d M rs. Mark Arneson o f C lear L ak e .
A rn e so n is p res., C lea r L a k e B k. & T r. Co.

GROUP 2 new officers a re show n a t l e f t: Chm n. Bob Dixon,
p re s., R o lfe S t. B k., a n d Secy. John Rowles, v.p., U n io n T r. &
S a v . B k ., F o r t D odge. C E N T E R — B e e f I n d u s tr y P a n e l a t F o r t
D odge in c lu d e d : Cecil Hellbusch of S a fe w a y S to re s; J. R. Kemp

of Io w a B e e f P a c k e rs ; Frank Love, v.p., F i r s t N a tl., O m aha,
a n d N. A. Wilson, R o lfe c a ttle fe e d e r. R IG H T -—R e tirin g Chm n.
R. L. Davison, p re s., F i r s t N a tl. B k., C lario n , is show n w ith
Wayne Liljegren, exec, dir., Io w a C ollege F o u n d a tio n .

B k. & T r. Co., D es M oines, a n d p res., E x c h a n g e B a n k , Bloom field.

B k.,
B k.,
B k.
M r.

Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis







both men c a lle d on an outstate acco u n t to d a y




Men who value their time—on the job and at leisure—fly Ozark . . . the airline that measures the midwest in minutes.


So check your travel plans —check Ozark’s fast, frequent service between 56 cities in eleven states. Two minutes
spent now on a call to Ozark or your travel agent can save you many valuable hours.

Northwestern Banker, June, 7964
Federal Reserve Bank of St. Louis

Iowa News


O b s e rv e s MOO Y e a r s in O u b u q u e

N E h u n d re d y e a rs a g o th is m on th ,
th e F ir s t N a tion a l B a n k o f D u­
b u q u e o p e n d e d its d o o r s fo r b u sin ess.
T h e a ctu a l a n n i­
v e r s a r y date is
J u n e 20, an d th e
b a n k w ill o b s e r v e
it s
c e n te n n ia l
J u n e 15 th r o u g h

20 .
O pen h o u s e is
p la n n e d fo r F r i­
day, J u n e 19, an d
S a tu rd a y , J u n e
20. A n e x h i b i t
r o o m w ill b e set
u p d is p la y in g c o m p le te c u r r e n c y an d
c o in
co lle c tio n s ; a city -w id e
h ig h
s c h o o l a rt e x h ib it; an d D u b u q u e h is­
to r ic a l ex h ib its. In h o n o r o f its a n n i­
v e r s a r y th e b a n k co m m is s io n e d C. P.
F e r r in g , a w e ll k n o w n D u b u q u e -b o rn
artist, to p re p a re a series o f sev en
p a in te d p a n els d e p ic tin g th e h is to r y
o f D u b u q u e fr o m J u lien D u b u q u e ’s
tim e to th is a n n iv e r s a r y date. M u ra l
s u b je c ts are p a in te d o n p a n els o f v a r i­
ou s s p e cie s o f lo ca l h a r d w o o d s and
th e p a n e ls are h u n g on a s p e c ia lly p r e ­
p a re d w a ll o f th e lo w e r le v e l b a n k
lo b b y . In itia l sp ecia l v ie w in g s b y th e
p u b lic are sla ted fo r th ese O pen H o u se
T h e C en ten n ia l fe s tiv itie s w ill be
c o n c lu d e d w ith a “ B a n k F a m ily ” fo r ­
m al d in n e r a n d d a n ce at th e D u b u q u e
E lk s C lub.
F o u n d e r s o f th e b a n k d em o n stra te d
real c o u r a g e in o p e n in g th e b a n k in
1864. T h e y e a r fo u n d th e e n tire c o u n ­
tr y in a state o f u p h ea v a l. T h e n a tion
w as to rn b y c iv il w a r, o p in io n w a s
d iv id e d in th e n o rth , th e p o litic a l c a m ­
p a ig n o f th is y e a r sp lit p r a c tic a lly
e v e r y c o m m u n it y in to p e a ce a n d w a r
fa ctio n s. In th is y e a r o f L in c o ln ’ s se c­
o n d e le ctio n , b u sin e ss w a s v e r y u n ­
certa in , th e w a r w a s c o n tin u in g w ith
u n a b a ted fe r v o r , an d p a p e r c u r r e n c y
h a d a flu ctu a tin g bu t c o n s ta n tly d e­
cr e a s in g v a lu e.
T h is w a s th e tim e th a t a g r o u p o f
re s p o n s ib le b u s in e s s m e n o f D u b u q u e,
r e c o g n iz in g th e fe r v e n t n e e d fo r sta­
b le, relia b le, im a g in a tiv e b u sin e ss lea d ­
e rs h ip in th e co m m u n ity , m et an d o r ­
g a n iz e d w h a t is n o w D u b u q u e ’s o ld e st
b a n k in g in s titu tio n — T h e F ir s t N a ­
tio n a l B a n k o f D u b u q u e.
In 1869, th e first o f m a n y cr is e s th at
F ir s t N a tion a l B a n k ro d e o u t b r o k e
a c r o s s th e n a tio n . . . B la c k F rid a y ,
S e p te m b e r 4, 1869. F o r tu n e s w e r e lost,
th e e c o n o m ic s tre n g th o f th e n a tion
s a g g e d b a d ly , b u t M o n d a y m o r n in g
F ir s t N a tio n a l B a n k o p e n e d its d o o rs
fo r b u sin e ss as u su al. A s th e e c o n o m y
Federal Reserve Bank of St. Louis

co n tin u e d to g r o w , th e o p e n in g d a y
asset tota l o f $17,000 g r e w to $578,000.
In th e n e x t tw e n t y y ea rs, d ep osits
m o r e th a n d ou b led , and in th e fo llo w ­
in g tw e n t y y ea rs, q u a d ru p led to m o re
th a n $4,000,000.


D u rin g th e fall o f 1929, b a n k c lo s ­
in gs b e ca m e c o m m o n p la c e a cro ss the
n ation .
D u rin g th is tr y in g p e rio d ,
F ir s t N a tion a l m et a ll d em a n d s and
r e c e iv e d a clea n b ill o f h ea lth d u rin g
th e fa m o u s b a n k h o lid a y in 1933.
T h e sam e h e rita g e th at had en d u red
th e p io n e e r in g sta ges o f F ir s t N ation al
m o v e d th e n e w b a n k m a n a g e m e n t in
1954 to a p p ra ise th e fu tu r e re a listica l­
ly. It w a s an era o f r e v ita liz a tio n an d
ch a n g e in th e b a n k in g in d u stry . In
J u n e 1962, the b a n k m o v e d fr o m its
F ifth an d M ain S treet lo ca tio n , w h e r e
it o p era ted fo r 95 y ea rs, to its c o m ­
p le te ly n e w b a n k in g fa cilitie s o n L o ­
cu st at S ev en th . “ M e e tin g th e ch a l­
le n g e o f t o m o r r o w ,” th ese n e w fa c ili­
ties e p ito m iz e th e latest in b a n k d e­
sign an d s e rv ice a b ility .
In s u m m in g u p th e s to r y o f the
ban k , b u ilt o n s o lid ity o f sou n d m a n ­
a g e m e n t an d te e m in g w ith p r o g r e s ­
sio n o f id eas an d fa cilities, W a ld o
A d a m s, p r e s id e n t o f F ir s t N a tion a l
B ank, had th is to sa y . . . “ W e are in ­
d eed p ro u d o f th e o p p o r tu n ity to c e le ­
b ra te 100 y e a rs o f s e r v ic e to o u r c o m ­
m u n ity . W e g r a te fu lly a c k n o w le d g e
th e p ast b u t w ith a fu ll a w a re n e ss o f
th e fu tu r e an d th e m o d e r n p r o g r e s s iv e
d em a n d s n o w m a te ria liz in g in ou r in ­
d u s tr y an d th ose th a t are fo r th c o m in g .
It is m y h o p e th at th e F ir s t N a tion a l
B a n k w ill c o n tin u e to be a lea d er in
o u r c iv ic e n v ir o n m e n t as w e ll as in a
w id e r s co p e o f a c c o m p lis h m e n t and in ­
v o lv e m e n t s .”

M A X ROY, La Salle Vice President,
has a hawk’s eye when it comes to
Iowa and Iowa farming. He also is
hawkeyed about finding ways and
means to help La Salle’s Iowa corres­
pondents. He’ll act fast and right on
the spot to serve you. W hy not get the
facts from Max. He lives right nearby
in Iowa City, but he makes his head­
quarters at La S alle N a tio n a l B ank,
135 So. La Salle St., Chicago, 111. 60690.
STate 2-5200 (area code 312). Mem­
ber FDIC. Complete Trust Services.

T o R e m o d e l at Lester
T h e b o a rd o f d ir e c to r s o f th e L ester
State B a n k h as a n n o u n c e d th a t the
b a n k b u ild in g w ill b e rem o d e le d .
W o r k w ill start in th e n ear fu tu re
an d b e c o m p le te d th is su m m er.
F la n s in clu d e a n e w fr o n t an d in ­
te r io r r e m o d e lin g , c o n s is tin g o f a lo w ­
ered ceilin g , som e r e a rra n g e m e n t o f
p a rtition s, n e w h e a tin g an d air c o n ­
d itio n in g u nit, w a ll an d floor c o v e r ­
in g an d r e n o v a tio n o f fix tu res.

C. E

D ahl R etires

E. D ah l has r e tire d as p re sid e n t
o f th e K ir o n State B ank, K iro n . H e
w ill c o n tin u e on th e b o a rd o f d ire cto rs.
J am es R. L o d w ic k o f D e n iso n has as­
su m ed th e d u ties o f e x e c u tiv e v ic e
p re sid e n t in c h a rg e o f o p era tion s.
Northwestern Banker, June, 1964


Iowa News


. . .


(C o n tin u e d fr o m p a ge 40)
in th e y e a rs ahead, an d to d a y o n ly th e
m a jo r b a n k s h a v e a d eq u a te fa cilitie s
and w h e r e w ith a l to p u rs u e th e train- '
in g o f fu tu r e k e y p erson n el.
“ (2) W e sh all, u n fo rtu n a te ly , see
th e c o n tin u a tio n o f th e b a n k in g r e v o ­
lu tio n w h ic h is ta k in g p lace, an d un- V
d o u b te d ly a n u m b e r o f sk irm ish e s w ill
d e v e lo p as c o n flic tin g in terests m eet
th e ch a llen g e.
“ (3) A u to m a tio n is a n oth er o p p ortu - ^
n it y w h ic h th is g e n e ra tio n o f b a n k ers
has in h erited . I f th ere are d a n g ers in
a u tom a tion , th e y are o ffse t b y th e
b le ss in g s o f a u tom a tion . W h e th e r w e
lik e it or n ot, a u to m a tio n is h ere, n o t yo n ly to sta y b u t to g r o w u n a b a te d ly
w ith each p a ssin g y ea r. A u to m a tio n
m a y o p e n th e d o o r to b a n k in g ’s g re a t­
est tr iu m p h .” — End.

R e m o d e lin g P la n n ed
A n e x te n s iv e r e m o d e lin g p r o g r a m is
b e in g p la n n ed b y th e F ir s t State B an k ,
T a b or, a c c o r d in g to N eil S eik o, cash ier. One p h a se o f th e p r o je c t w ill in ­
clu d e th e a d d ition o f an a d jo in in g
b u ild in g to th e b a n k fa cilities. A n e w r
fr o n t w ill be ad d ed to c o m b in e th e tw o T
b u ild in g s . C on tra cts w e r e to h a v e been
a w a rd ed last m on th .

N ew C la rio n C ashier
R o b e r t B a rth o lo m a u s w ill start as
ca sh ie r o f th e F ir s t N a tion a l B ank,
C larion , on J u ly 1. H e w a s assistan t
v ic e p re s id e n t o f th e State B a n k o f
W o r th in g to n .

T H E F IR S T 8 0 Y E A R S
The first eighty years in the life of any organization
are important years, full of memories of associations with
our friends in the banking world.
ress for ourselves and our associates.

Memories of prog­
Important years—

yes— because from them comes the experience and hank­
ing knowledge you have a right to expect from your cor­
respondent bank.

W e invite you to share this experience

with us during the next eighty years.

Member F.D.I.C.

Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis


. . .


(C o n tin u e d fr o m p a g e 110)
on, p resid en t, R o lfe State B ank, R o lfe ,
an d s e cre ta ry , J o h n R o w le s, v ic e p re s­
iden t, U n ion T ru s t an d S a vin gs B ank, \
F o r t D odge.
Group 4: C h airm an , L e o K an e, v ic e
p resid en t, A m e r ic a n T ru s t an d S a v­
in gs B ank, D u b u q u e, an d se cre ta ry , ^
M. F. C h ev a lier, ca sh ier, C itizen s State
B ank, P ostv ille .
Group 6: C h airm an , W . A . L an e, Jr.,
v ic e p resid en t, S e c u r ity S a v in g s B ank,
M a r s h a l l t o w n , an d secreta ry , A r t 'T
L u ch t, p resid en t, U n ion S to ry T ru st
an d S a v in g s B an k , A m es.
Group 8: C h airm an , E d H. J o r g e n ­
sen, v ic e p resid en t, C ity N a tion a l
B ank, C lin ton , an d se cre ta ry , G len H. U
S u iter, e x e c u tiv e v ic e p resid en t, F a r m ­
ers S a v in g s B an k , P rin ceton .
Group 10: C h airm an , J oh n J. Marget, p resid en t, K e o k u k C ou n ty State V
B ank, S ig o u rn e y , an d se cre ta ry , J. H.
B la ck fo rd , v ic e p resid en t, U n ion B an k
and T ru s t C om p a n y , O ttu m w a.


Des Moines News


A N K E R S T r u s t C o m p a n y h eld
th e ir a n n u al S tag G o lf P a rty at
H y p e r io n C o u n tr y C lu b r e ce n tly . T h e
d a y o f g o lf w a s fo llo w e d b y d in n e r
\ at th e D es M oin es Club.
Arthur Erickson, v ic e p resid en t,
w a s th e w in n e r o f th e b lin d b o g e y .
Robert K . Popple, v ic e p resid en t, an d
C. C. Hubbell, a d ir e c to r o f th e ban k,
tied fo r lo w sco re , w ith ro u n d s o f 79.
A p la y -o ff re su lte d in M r. P o p p le b e ­
in g d e cla re d th e w in n e r.



* *

F ir s t F e d e r a l State B a n k r e c e n tly
o p e n e d a n e w m o to r b a n k fa c ility , a c­
c o r d in g to Morris Stephens, p resid en t.
T h e n e w b u ild in g is lo ca te d on th e
b a n k ’s lot ju s t n o rth o f th e m a in
b u ild in g an d p r o v id e s tw o d riv e-u p
w in d o w s an d a w a lk -u p w in d o w .



Dewey Tullis, C en tra l N a tion a l, w a s
th e w in n e r o f th e d o o r p rize.


N e w officers o f th e D es M oin es
C h a p ter o f th e A m e r ic a n In stitu te o f
B a n k in g are John Kern, H ig h la n d
P a rk State B ank, p resid en t; Chauncey
Peterson, V a lle y B a n k & T ru st, first
v ic e p resid en t; Lloyd Querrey, C en ­
tral N a tion a l B a n k & T ru st, s e co n d
v ic e p resid en t; Larry W elch, Iow a D es M oin es N a tion a l B ank, trea su rer;
and Jeanne Martin, N o r th w e s t D es
M oin es N a t i o n a l B ank, secreta ry .
W o m e n ’s C h a irm a n is Jane Petri,
B a n k ers T ru st.

* *

W alter K . Stephenson, a u d ito r o f
B a n k e rs T ru s t C om p a n y , p re sid e d at
on e o f th e se ssion s d u r in g th e r e c e n t
15th N o r th e r n R e g io n a l N A B A C c o n ­
v e n tio n in T o le d o , O hio. T h e d iscu ssio n to p ic w a s “ A u d itin g S u b je c ts .”
M r. S te p h e n so n is state d ir e c to r in
Io w a fo r N A B A C .

T h e D es M oin es C h a p ter
o f th e
A m e r ic a n In stitu te
o f B a n k in g
re ­
c e n tly h e ld its a n n u al S p eed C on test
at B a n k e rs T r u s t C om p a n y . W in n e r s
, w e r e as fo llo w s : A d d in g M a ch in e,
Rosemary Harrier, B a n k e rs T ru st;
T y p in g , Jane Petri, B a n k e rs T ru st;
M oney
C ou n tin g ,
t B a n k e rs T ru s t; A d d in g M a ch in e (2
y e a r s o r less b a n k in g e x p e r ie n c e ),
John Hyde, B a n k e rs T ru s t; A d d in g
M a ch in e (3 m a n r e la y s ), Hurt W ayne,
Burkett, Rosem ary Harrier,
„ B a n k e rs T ru st.


Michael J. W adle o f D es M oin es w a s
a w a rd e d a $500 s ch o la rs h ip b y th e
C en tral N a tion a l B a n k and T ru s t C om ­
p a n y , a c c o r d in g to Bernhard C. Grangaard, p resid en t. T h e s c h o la rs h ip w a s
p re se n te d at a re ce n t J u n io r A c h ie v e ­
m en t b a n q u et.
* * *



Robert J. Sterling, p r e s id e n t o f
B a n k e rs T r u s t C om p a n y , w a s r e c e n tly
ele cte d tre a s u re r o f th e Io w a S o c ie ty
fo r th e P r e v e n tio n o f B lin d n ess.
Federal Reserve Bank of St. Louis

O n Jefferso n Staff
J im

M a y er,

v o c a tio n a l a g ricu ltu re
in s tr u c to r at A nke n y C o m m u n ity
H ig h S ch ool, w ill
jo in the staff o f
the H o m e State
B a n k , J efferson ,
J u ly 1 as a g r ic u l­
tu ra l r e p re s e n ta ­
M r. M e y e r is a
g r a d u a t e in ag
ed u ca tion f r o m
Io w a State U ni­
v e r s it y an d d id g ra d u a te w o r k at I.S.U.
p r io r to th e start o f h is te a c h in g ca ­

T ra v e ls Southeast Iow a
K e n n e th F. H a rm o n has b een e m ­
p lo y e d b y th e St. P a u l In su ra n ce C om ­
p a n ies as a state a g en t in th e c o m ­
p a n y ’s D es M oin es office. H e w ill be
re s p o n s ib le fo r sou th ea st Iow a .



La Salle commercial loan Senior
Vice President, knows when to throw
aside his usual conservative nature
and make an audacious move.
Mac’s comprehensive experience
with many different types of loans
and overlines is a big help to La
Salle’s correspondents. Need Mac’s
help? Call him at STate 2-5200
(Area Code 312). He’s at La Salle
N ational Bank, 135 So. La Salle
St., Chicago, Illinois 60690. Mem­
ber FDIC. Complete Trust Services.

Northw estern Banker, June, 1964


Iowa N e w s


Huir tin tj

L ea g u e Cham pio

Rates 20 cents per word per
insertion. Minimum: 10 words.


306 15th St., Des Moines, Iowa

T R O P H Y W IN N E R S — B a n k e rs T ru s t Co., D es M oines, w on th e lea g u e cham p io n sh ip
in th e Y al D aw n W om en’s B o w lin g L e a g u e th is p a s t season. M em b ers of th e tea m
show n l e f t to r ig h t a re : M rs. C arl L. K e n t, M rs. H o m e r Je n se n , M rs. Cy K irk , a n d /
M rs. R o b e rt M oorhead. A ll a re w iv es of officers of th e b a n k w ith th e e x ce p tio n of y
M rs. M o o rh e ad w hose h u sb a n d is a n officer of W e s te rn M u tu a l In s. Co.

Heads S a fe G ro u p
C. C. P en s k e has b e e n ele cte d p r e s i­
d en t o f th e S afe M a n u fa ctu re rs N a­
tion a l A s s o c ia tio n (S M N A ), N e w Y ork .
M r. P en ske, w h o is v ic e p re sid e n t
and sales m a n a g er fo r th e M e ilin k
S teel S afe C om p a n y , T o le d o , O hio, w ill
s e r v e as a sso cia tio n p re s id e n t fo r a
y e a r ’s term . P r e v io u s ly h e had been
ch a irm a n , p la n n in g an d te ch n ica l ad­
v is o r y , c o m m itte e fo r th e S M N A .
E le cte d as v ic e p re sid e n t o f the
S M N A w e r e R o b e r t A . W ilg u s , sales
m a n a g er fo r D ieb old , In c., C anton,
O hio, and A r th u r F. A n d e rs o n , v ic e
p re s id e n t o f th e M osler S afe C om p a ­
n y, N e w Y ork .

Northwesfern Banker, June, 1964
Federal Reserve Bank of St. Louis


J u n e 4-6— C olorado B an k ers A ssocia­
tio n , A n n u a l C onvention, B ro ad ­
m oor H otel, C olorado Springs.
J u n e 9-12— N eb rask a B ankers, B ank
M anagem ent: C onference, D oane
College, Crete.
Ju n e 11-13—W yom ing B ankers A ssoci­
ation, A n n u al C onvention, Jackson
L ake L odge, M oran, W yom ing.
Ju n e 15-17—M innesota B ankers A sso­
ciation, A n n u a l C onvention, H otel
L eam ington, M inneapolis.
Ju n e 15-26—Iow a B ankers Ag C redit
School, Iow a State U niversity,
A m es.
Ju n e 18-20—M ontana B ankers Associ­
ation, A n n u al C onvention, M any
G lacier H otel, G lacier N a tio n a l
P ark.
S eptem ber 20-21—2nd C o rresp o n d en t
B ank A g rib an k in g F o ru m , Radisson H otel, M inneapolis.
S eptem ber 21-25— South D akota B ank­
ers G roup M eetings.
S eptem ber 27-30— R o b e rt M orris As­
sociates, A n n u a l C o n v e n t i o n ,
Q ueen E lizab eth H otel, M ontreal.
S eptem ber 27 - O ctober 1 — F in a n cia l
P u b lic R elatio n s A ssociation, A n ­
n u a l C onvention, C hase-Park Plaza
H otels, St. L ouis.
S eptem ber 28-30 — N A BA C, N ational
A ssociation fo r B ank A udit, C on­
tro l an d O perations, A n n u al C on­
ven tio n , A m ericana H o tel, New
Y ork.
O ctober 18-21—Iow a B ank ers Associa­
tio n , A n n u a l C onvention, H otel
F o rt Des M oines, Des M oines.
O ctober 25-28—A m erican B ankers A s­
sociation, A n n u al C onvention, M i­
am i Beach, Fla.
N ovem ber 8-10—-ABA N a tio n a l A gri­
c u ltu ra l C re d it C onference, H otel
P eabody, M em phis, T enn.
N ovem ber 11-13—A B A 33rd M id-Con­
tin e n t T ru st C onference, D rake
H otel, C hicago.









Iowa News


F o rt OotUje N a tion a l Flm at/es
N a m e: F la n s Open H ou se
F F E C T I V E J u n e l, the F o r t D od g e
N a tion a l B a n k c h a n g e d its n a m e
to th e F ir s t N a tion a l B ank, F o r t
D od g e, Iow a . T h e ch a n g e ca m e ju s t
as th e b a n k w a s m a k in g final p lan s
fo r its o p e n h ou se fo r th e p u b lic on
J u n e 11, 12, and
13, a c c o r d in g to
E a r l J. U n d e r ­
b rin k , p resid en t.
D ire cto rs o f th e
b a n k fe lt th a t a
new n a t i o n a l
b a n k m ig h t som e
d a y be ch a rte re d
in F o r t D od g e. T o
p r o te c t an e x is t­
in g r ig h t to the
E. J. U N D E R B R IN K
n a m e “ F ir s t N a­
tio n a l” th e b o a r d re c o m m e n d e d th e
ch a n g e in n a m e fo r th e a p p r o v a l o f
s to c k h o ld e r s . E n c o u r a g e m e n t ga in ed
fr o m th e C o m p tr o lle r o f th e C u rren cy ,
w h e n fo r m a l a p p lica tio n w a s m a d e to
se cu re th e n a m e F ir s t N a tion a l, h elp ed
to p r o v e th e v a lid ity o f th e ch a n ge.
T h e b a n k h as r e c e n tly c o m p le te d an
ela b o ra te b u ild in g an d re m o d e lin g p r o ­
gra m . In a d d itio n to th e o p e n h ou se
fo r th e p u b lic, a sp ecia l o p e n in g w ill
b e h eld fo r b u sin e ss an d p r o fe s s io n a l
p e o p le a n d c o r r e s p o n d e n t b a n k e rs on
J u n e 8 and 9. P ictu re s an d d eta ils o f
the o p e n in g w ill be p u b lis h e d in th e
J u ly N orthwestern B ank er .


to ca sh ier, an d E d w a r d M cA d a m s has
b een n a m ed assista n t ca sh ier.

M a qu o k eta to R e m o d e l
T h e J a ck so n State S a v in g s B a n k o f
M a q u ok eta v o te d to in cre a se its ca p i­
tal s to c k fr o m $250,000 to $500,000 b y
a u th o riz a tio n o f a 100 p e r ce n t s to c k
d iv id en d .

W in s T h r ift C ontest
“ F iv e h u n d re d th ou sa n d y o u n g p e o ­
p le fr o m o v e r 200 c o m m u n itie s in th e
U n ited States p a rticip a te d in the 8th
N a tion a l T h r ift E s s a y P r o g r a m s p o n ­
so re d b y T h e N a tion a l T h r ift C o m m it­
tee,” Dr. H erm a n B. W e lls , ch a irm a n
o f th e c o m m itte e , said in a sta tem en t
r e ce n tly .
“ T o p h o n o r s w ill be a w a rd ed to Jean
M ou n ta in in th e H ig h S c h o o l c a te g o r y
o f D es M oin es, Io w a .”

G u tten b erg O p e n in g
S e c u r ity State B an k , G u tten b erg ,
p la n s an o p e n h o u s e fo llo w in g th e
c o m p le tio n o f its e x te n s iv e r e m o d e lin g
an d b u ild in g p r o g r a m th e la tter part
o f th is m on th .


V icto r E lects O fficers
M e lv in G. H a p p e l has b een a d v a n ce d
fr o m ca s h ie r to p re s id e n t o f th e F a r m ­
ers S a v in g s B ank, V ic to r , s u c c e e d in g
R o y P ark.
O rv ille B lo e th e an d R u sse ll F etzer,
lo ca l b u sin e ssm e n , h a v e been n a m ed
v ic e p re sid e n ts. P a u lin e D eS m ets has
b e e n a d v a n ce d fr o m assista n t ca sh ie r

A book with a first full-color picture
story of The United States C apitol.
This building, our symbol of Union,
has grown through war and peace.
The book is published by:

The United States C apitol Historical
Society, House O ffice Building, Wash­
ington, D. C. Congressman Fred
Schwengel, President.
Regular edition, $1.25, Deluxe $2.75
(both postpaid)
This ad is placed in the interest of this
S o cie ty by:

La Salle Vice
President in charge
of advertising,
knows how to blow
the advertising horn
of plenty. Experience
with many successful
promotions proves
he’s hitting the right
notes. Need to boost
business? Why not call
on Bob? He’s at
STate 2-5200. That’s
L a S a lle National
Bank, 135 S. La Salle

St., Chicago 90, 111.
Member FDIC.
Complete Trust

low a County Savings Bank
M a re n g o ,
Federal Reserve Bank of St. Louis

Iow a

Northwestern Banker, June, 1964


“ d o n ’t w o r r y .

Smart Salesman
A b o y w a s s e llin g le m o n a d e fr o m
t w o b o w ls on th e sam e stand. In
fr o n t o f on e b o w l w a s a sign “ F iv e
ce n ts a g la ss.” In fr o n t o f a s e co n d
b o w l w a s a sig n “ T w o ce n ts a g la ss.”
A n o ld g e n tle m a n stop p ed , lo o k e d
at th e sign s, an d b r o u g h t a g la ss o f
le m o n a d e at tw o cen ts. H e sm a ck e d
h is lip s an d o rd e re d a n oth er.
W h e n h e h ad fin ish ed, h e asked:
“ H o w d o y o u e x p e c t to sell a n y le m o n ­
ade at five cen ts w h e n y o u o ffe r su ch
a g o o d d rin k fo r tw o c e n ts ? ”
“ W e ll, m ister, it ’s th is w a y ,” said
th e b o y . “ T h e cat fe ll in th a t tw o c e n t b o w l a b o u t fifte e n m in u te s ago,
so I th o u g h t I ’d b e tte r sell it ou t fa st
b e fo r e th e n e w s sp rea d to o fa r .”

Efficiency Plus
Office m a n a g e r to n e w sten o: “ M iss
J on es, I d o n ’t k n o w h o w y o u d o it.
Y o u ’v e b e e n h e re o n ly t w o w e e k s and
a lre a d y y o u ’re a m o n th b e h in d !”

N ot Talking
T h e d e fe n d a n t w a s ta k en b e fo r e th e
ju d g e . T h e p r o s e c u tin g a tto r n e y s o l­
e m n ly rea d th e ch a rg e in th e in d ic t­
m en t to h im .
“ A r e y o u g u ilty o r n o t g u ilt y ? ” th e
d e fe n d a n t w a s asked.

A h u sb a n d an d w ife d id n ’t get alon g .
O ne d a y th e w ife ca lled h er m oth er.
“ H e n r y has le ft m e ,” she w a iled .
“ W e ll, d ea r,” co n s o le d th e m oth er,


''i'r>l' V


i\ n F \

”'L '■|r, Jiw/W.'.'“I


Permanent M ove

D o a n e A g r ic u lt u r a l S e r v i c e ....................... 46
D o w n e y , C. L. a n d C o m p a n y .................... 17
D r o v e r s N a tio n a l B a n k .............................. 102


E m p lo y e r s M u tu a l C a s u a lty C o m p a n y . 52


JU N E , 1964
A c o r n P r in t in g C o m p a n y ............................ 116
A llis o n - W illia m s C o m p a n y ....................... 56
A m e r ic a n E x p r e s s C o m p a n y .................18-19
A s h w e ll a n d C o m p a n y .................

B a n k o f A m e r ic a ......................................... 59-61
B a n k B u ild in g a n d E q u ip m e n t C o r p ... 41
B a n k o f C a lifo r n ia ......................................... 48
B a n k o f M o n tr e a l ........................................... 24
B a n k e r s S e r v ic e C o m p a n y ..........................116
B a n k e r s T r u s t C o m p a n y , D e s M o i n e s .. 98
B u r r o u g h s C o r p o r a t io n ............................... 30

C e n tr a l N a tio n a l B a n k a n d T r u s t
C om p a n y , D e s M o i n e s ............................... 12
C e n tr a l S ta te s H e a lth a n d L i fe Co. ...1 1 9
C h a se M a n h a tta n B a n k ................................ 43
C h e m ic a l B a n k N e w Y o r k T r u s t C o . . . . 25
C h ile s a n d C o m p a n y .................................... 84
C h r istm a s C lu b a C o r p o r a t i o n .................. 47
C ity N a t io n a l B a n k a n d T r u s t Co.,
K a n s a s C ity .................................................... 91
C o lo r a d o N a tio n a l B a n k ............................. 77
C o m m e r ce T ru s t C o m p a n y ..........................105
C o n tin e n ta l I llin o is N a tio n a l B a n k
an d T r u s t C o m p a n y .................................. 27
C u m m in s -C h ic a g o C o r p o r a t io n ................ 28


D a in , J. M. & C o m p a n y ................................ 58
D a v e n p o r t, P . E. an d C o m p a n y . . . . 8 6 , 115
D eer L o d g e B a n k a n d T r u s t C o m p a n y . 78
D e L u x e C h e c k P r in te r s , I n c o r p o r a t e d .. 10
D e n v e r U n ite d S ta te s N a tio n a l B a n k . . . 74
D ie b o ld , I n c o r p o r a t e d .................................... 45

Northwestern Banker, June, 1964
Federal Reserve Bank of St. Louis



Miss Sent Mail

T h e m a n r o lle d a b ou t u n e a s ily in h is
ch a ir.
“ W e ll, g e n tle m e n ,” h e fin a lly
said, “ is n ’t th at th e v e r y th in g w e ’re
a b ou t to tr y to find o u t ? ”

\ A'-p’’-" --yr' d

H e ’s d on e th at b e fo re ,

y o u k n o w .”
“ I k n o w ,” c r ie d th e w ife , “ b u t th is
tim e h e t o o k h is b o w lin g b a ll!”


F a r m B u s in e s s C o u n c il ............................... 22
F ir s t N a t io n a l B a n k o f C h i c a g o .............. 15
F ir s t N a t io n a l B a n k o f D u b u q u e ........... 103
F ir s t N a tio n a l B a n k o f M in n e a p o lis . . . 57
F ir s t N a tio n a l B a n k o f O m ah a .68, 94, 100
F ir s t N a t io n a l B a n k o f St. L o u i s ........... 29
F ir s t N a tio n a l B a n k o f St. P a u l .............. 65
F ir s t N a tio n a l B a n k o f T h e r m o p o lis . . . 77
F ir s t N a t io n a l B a n k an d T r u s t
C o m p a n y , L in c o ln ...................................... 97
F ir s t N a t io n a l C ity B a n k o f
N e w Y o r k ................................................... 4, 51
F r a n k lin N a t io n a l B a n k , N e w Y o r k . . . 49

G ro ss, K i r k C o m p a n y ..................................... 117

H a r r is T r u s t and S a v in g s B a n k .............. 11
H a w k e y e -S e c u r it y I n s u r a n c e C o m p a n y .


I o w a C o u n ty S a v in g s B a n k o f
M a r e n g o ........................................................... 117
I o w a - D e s M o in e s N a t io n a l B a n k ........... 120
I o w a S ta m p a n d M a r k in g C o m p a n y ..1 1 6
I r v in g T r u s t C o m p a n y , N e w Y o r k . . . . 21


L a M o n te , G e o r g e & S o n ............................... 80
L a S a lle N a tio n a l B a n k ..1 0 4 , 113, 115, 117
L e a m in g t o n H o t e l ........................................... 44
L e F e b u r e C o r p o r a t io n .................................. 95
L iv e S to c k N a tio n a l B a n k , C h ic a g o . . . .101
L iv e S to c k N a tio n a l B a n k , S io u x C ity . 66

M a r q u e tte N a tio n a l B a n k ........................... 62
M a s te r ta p e s M u sic, I n c o r p o r a t e d ........... 23
M e rc h a n ts N a tio n a l B a n k ...........................
M id la n d N a t io n a l B a n k ............................... 63
M in n e s o ta C o m m e r c ia l M en ’ s A ssn . . . . 44
M o s le r S a fe C o m p a n y ....................................

A y o u n g m a n w h o w a s p a rticu la r
a b ou t h is w a s h in g w r o t e a n o te to h is
w a s h e r w o m a n an d on e to h is g ir l and
b y a stra n g e fate, p u t th e w r o n g ad­
d ress o n ea ch e n v e lo p e an d sen t th em
T h e w a s h e r w o m a n w a s w e ll p lea sed y~
at an in v ita tio n to ta k e a rid e th e n ex t
day, b u t w h e n th e y o u n g la d y read,
“ I f y o u m u ss m y sh irt b o s o m , and
ru b th e b u tto n s o ff m y c o lla r a n y m o re ,
as y o u d id th e last tim e, I w ill g o y .
s o m e w h e r e else.” She c r ie d a ll th e
e v e n in g an d v o w e d th a t she w o u ld
n e v e r sp ea k to h im again.
N a t io n a l B a n k o f C o m m e r ce T ru s t
an d S a v in g s .................................................... »9
N a tio n a l B a n k o f S o u th D a k o t a ........... 70
N a tio n a l B a n k o f W a t e r lo o ........................106
N a tio n a l B o u le v a r d B a n k o f C h ic a g o . .109
N a t io n a l F id e lit y L ife I n s u r a n c e Co. . . 14
N o r th e r n T r u s t C o m p a n y ...........................
N o r th w e s t e r n N a tio n a l B a n k ,
M in n e a p o lis . . ............................................... “ 4
N o r th w e s t e r n N a t io n a l B a n k ,
S io u x F a l l s ...................................................... 09

O m ah a N a t io n a l B a n k ................................. 85
O z a rk A ir L in e s ................................................112

R e c o r d a k C o r p o r a t io n



St. P a u l I n s u r a n c e C o m p a n ie s ................ 16
St. P a u l T e r m in a l W a r e h o u s e C o ............. 42
S e c u r ity S eal C o r p o r a t i o n .................
S e c u r ity N a tio n a l B a n k o f S io u x C ity . .114
S e c u r ity T r u s t & S a v in g s B a n k ,
B illin g s ...............
S t o c k Y a r d s N a t io n a l B a n k o f O m a h a . . 93
S tu d le y , S h u p ert T r u s t In v e s t m e n t
C o u n c i l ............................................................... 46

T a lc o t t , Ja m es, I n c o r p o r a t e d .................... 53
T o y N a tio n a l B a n k , S io u x C i t y ................ 96

U n io n B a n k a n d T r u s t C o m p a n y ,
H e le n a ...............................................................
U n ite d A m e r ic a n L ife I n s u r a n c e Co. . .
U n ite d S ta te s C h e c k B o o k C o m p a n y . .
U n ite d S ta tes N a t io n a l B a n k , O m ah a . .



V a lle y B a n k a n d T r u s t C o m p a n y ,
D es M o i n e s .......................................................107
V a lle y N a tio n a l B a n k o f A r i z o n a ........... 20

W e s te r n an d S o u th e r n L ife In s u r a n c e
C o m p a n y ..........................................................



“ I’ve been banking here for
47 years. Now, when you
offer health insurance that
I need, I can’t get it because
I’m over 65. How come?”
H ow could you answer this customer’s question? Simple— avoid the problem . . .
offer Central States Bank Health Plan. Enrolls your depositors up to age 80 and
keeps them for life with no change in premiums or benefits due to age. Before you
select the insurance program to offer your customers, won’t you let us provide
all the facts?

Ce n t r a l States
H e a l t h * L if e C o .
of O m ah a


T. LESLIE KIZER, President


Federal Reserve Bank of St. Louis


Municipal Bond Service: always a little faster
Yes, the Municipal specialists in our Bond Department are
always willing to help any and all of you with your bond problems.
These specialists are well qualified to analyze and evaluate
your present bond holdings, and will be glad to help you plan
fo r future investments.
Our Bond Department offers Municipal and Government
Bonds fo r sale. We provide for the safekeeping of these
valuable securities.
Evaluation, p la n n in g and safekeeping . . . these are the three
key words in our Bond Department. A n d remember, too, our
team of correspondent bankers is always ready, willing and

able to help. Just write, wire or phone us. How about today?

Jerry Nelson



Ben Eilders

John Hunt

We're here to help you get what you want

Sixth and Walnut, Des Moines, Iowa • CH 3-1191
Federal Reserve Bank of St. Louis

Member Federal Deposit Insurance Corporation