Full text of The Northwestern Banker : June 1970, 76th Year, No. 1230

View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

í-

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

CHOOSING A CITY CO RRESPO N D EN T?

Select one with
data processing
capabilities
to meet
all your needs.
Data processing equipment is extremely expen
sive but there’s no reason why you shouldn’t
have it at your disposal through your city corres
pondent. Indeed, for the speediest and most
modern banking, you should demand it.
Other features to demand of a city correspondent
are:
1. Overline services that meet your needs;
2. An International Department to help you
help your customers with their foreign trade;
3. Investment counseling that meets your stan
dard of performance;
4. Safekeeping that services as well as protects
your securities.
MNB has these services and continues to add to
them as new banking ideas become practicable.
So when you choose a city correspondent, do
what over half of the banks in Iowa do — bank
at MNB.

MERCHANTS NATIONAL BANK
so

m any ways w e can help you
CEDA R RAPIDS, IO W A 52401

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

B ond P ortfolio.
C ould com puter
l analysis b oost
\

v A sk the m en
w h o w rote the b o o k .

Your bank’s bond portfolio, given the proper care and
attention, can provide a significant portion of your
bank’s profits.
T he Northern Trust’s newly developed Bond Portfolio
Analysis Service for evaluating all bonds in your portfolio
can help you produce maximum net earnings with m inim um
demands on your organization.
This new service combines modern management science
techniques, computer technology, and our extensive
experience with our own bond portfolio. Using these skills,
your Northern Trust banker will work closely with you to
develop an investment program that suits your precise needs.
For further information, contact your Northern Trust
banker who will be pleased to discuss this service with you—
or call N . Hall Layman, Vice President.

7 Trust N orthern...
A ll your m oney matters m atter to us.

NORTHERN
TRUST
COMPANY
m BANK

5 0 S. LASALLE STREET AT MONROE

CHICAGO 60690 • Financial 6-5500 • Member F.D.I.C.

Ao 1230 Northwestern Banker is published five times a month by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309.
subscription 50c per copy, $6 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.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

One of the strongest bonds between
a bank and its executives is

— the insurance that provides your

* ¥■

executives a savings program which

V V

grows quickly to far more than

■«f

their premium payments.
For example: Say an executive at
age 40 takes $25,000 of this insurance.
t

In 10 years, he has paid in $3000.

But his cash value is $4925, and
he is still insured for the $25,000.
c

In the example above, the fringe benefit the
bank gave the executive was letting him have
ordinary life instead of group term insurance.
The jump in cash value occurs because he
buys ordinary life for slightly more than half
o f what he would have to pay if he bought it
individually.
Does the bank pay the other half? Yes, but
what the bank pays is no more than it now
pays for its present group term insurance.
The bank pays the death benefit portion of
the policy, as before. The executive pays only
for the accelerated cash building part of the
policy.
Is this a stronger link between bank and
executive than group term insurance? Much
stronger, because it’s a much appreciated sup
plement to his retirement program. In the
example above, he has a cash value of $12,600
at 65, plus his insurance. He paid in $7500.
No medical is required, and the policy can’t
be cancelled even if he leaves the bank. He
owns the policy. If he quits or retires, he can
continue the policy by taking up the bank’s
portion of the premium, he can take the cash

value, use the cash value to buy paid-up life
or to buy extended term insurance for the face
amount of the policy.
That’s why over 80% of bank executives
opt for this policy when it’s offered to them.
There are many other advantages compared
to your present group term life. None o f them
cost the bank a cent. Some cut your premium,
which, by the way, can’t be raised due to poor
experience rating. And the bank no longer
need insure loyal retired executives.
The bank’s and the executive’s premium is
waived in case of disability. But the cash
value keeps on building.
This program for executives may be started
without affecting your group term life program
for other employees. Send for informative
bulletin. I f you’d like a quote, tell us the
number o f executives, age, sex, and income
of each.
i------------------------------------------------------------ ----- I
Scarborough & Company
33 N. Dearborn Street, Chicago 60602
□ Send us Bulletin on Executive Group Life.
□ Send quotation. Attached is number of bank
executives with age, sex and income of each.
NAME___________________ TITLE ____________ _

Scarborough
the bank insurance people
DigitizedNorthwestern
for FRASER Banker, June, J970
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

BANK_______________________________________ _
ADDRESS___________________________________ _
CITY._________ STATE______ ZIP CODE______ _

L__________________________________________ Ì

^
*

“ Constructive Letter’1'’
Y V ‘‘ Thank you for your constructive letter
to Nat Rogers appearing in the May issue of
>N Orth western B anker . Not only have you
anticipated the thrust of our consolidation
* in Washington and the import o f our re
structuring, but you have also utilized this
popular page to publicize for our members
these most significant events.
“ I hope you will have the opportunity
during one of the state conventions in your
'area this Spring to see the panel discussion
film which details our plans.
“ A.B.A. is on the move toward a more
logical organization which will achieve
* greater effectiveness. We are pleased to be
able to count on your support.’

V *

Oldest Financial Journal Serving
The Central and Western States

For your JUNE, 1 9 7 0 , reading
76th Year

Willis W. Alexander
'Executive Vice President
American Bankers Association
Washington, D. C.

“ Small Banks Can Survive”

y (Ed. Note: The following letter was re
ceived after the May N orthwestern
B anker went to press with the special sur
vey on “ Small Bank Survival.” )
“ It appears to me that given fair and
proper treatment in the Congress and in the
various State Legislatures, small, independ
ent unit banks can indeed survive and pros
per. The President’s Financial Study Com-ppission will obviously have a profound longrange effect upon the structure of our in
dustry.
“ The House-passed version of the One
*Bank Holding Company bill— H.R. 6778—
would be highly disadvantageous to inde
pen d en t banking, in my opinion. I advocate
One Bank Holding Company legislation, but
-f- do not favor legislation which will elimi
nate the use of the One Bank Holding
Company to effectively serve to equate the
purchaser of controlling interest of a bank
-^tax-wise with the purchaser of other busi
nesses. In addition, I am apprehensive about
^joining with the Patman anti-bank group
which would delight in hamstringing our
industry under the guise of constraining
only the giants. I f we are successful legis
latively in these areas and also in contain
ing the branch-minded expansionists, I see
it strong future for independent banking.
“ There remains, o f course, the challenge
“which you effectively pointed out, as has the
Independent Bankers Association o f Amer
ica. The problem of successor ownership
and successor management must be solved.
I ’m not concerned about the small bank’s
ability to adjust because I think a small
’’unit bank can adjust and adapt and modify,
as changes and circumstances require, much
more readily than can the unwieldy financial
giant with multiple offices.
“ I further believe that a high degree of
expertise now exists in a great many o f our
home-owned, independent unit banks. This
expertise can be passed on to our manage
ment successors if we can, through changes
^¿n tax laws, pass on the ownership to them.”

j.
>,

Stanley B. Barber
President
Wellman Savings Bank
Wellman, Iowa

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

No. 1230

FEATURES
8

Bank Promotions and Changes

Corporate News

Convention Calendar

Is Cow-Calf Production Practical in Feeder States—
N. A. Jim Wilson

M ajority of Americans Endorse Banks— H a r r i s Survey

Minnesotans Love Their Bankers—

30
32

Survey Reveals Average Ad Budgets for Banks
Directors and Officers Liability Insurance

a r r is

Survey

STATE BANKING NEWS
Illinois News
Minnesota News

38
49

80
89

Montana News
Nebraska News

Twin City News

Omaha News

South Dakota News

Lincoln News

North Dakota News

W yoming News

105
114

Colorado News

Iowa News
Des Moines News

OTHER FEATURES
122

Index of Advertisers

122

In the Directors Room

NORTHWESTERN BANKER
306 15th Street, Des Moines, Iowa 50309. Phone 515— 244-8163
Chairman

Clifford DePuy
Advertising Assistant

Mildred Savich
Field Representative

AI Kerbel

Publisher

Malcolm K. Freeland
Circulation Department

Lena Sutphin
Field Representative

Paul Masters

Editor

Ben Haller, Jr.
Auditor

Bertha Soderquist
Field Representative

F. L. Berry

Calvin C. Hart, Martin & Hart, Inc., 25 W. 43rd St., New York 10036, 212— 594-1290

No rthwestern Banker, June, 1970

Northwestern
Banker, June, 1970
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Wehave
97on-the-spot
refundpoints
here.
(And 2 in New London. Conn.)

Our Everywhere Check is sold, accepted and refunded
everywhere. In fact, we have over 28,000 on-the-spot
refund points worldwide—thousands more than any other
travelers check. And here’s good news: we give $5 to any
bank that handles a refund for us. More good news: you
keep 100% of the commission on all sales of $10 to $50,
and 90% on all sales over $50. Interested? Call collect to :
Irving Johnson, (212) 559-4961.

The Everywhere Check
First National City Travelers Checks

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Northw estern Banker, June, Ì9 7 0

Hants P rom otion s a m i Changes
ROMOTIONS and announcements
have been made by the following
P
banks and groups:
Bank of America, San Francisco:

Roger E. Roberts has joined BofA as
an assistant vice president in the na
tional division to serve in the inter
national and trade services section.
For the past three years he was a
loan officer with the Export-Import
Bank of the United States in Washing
ton, D. C.
Bank of .New York: Samuel H.
Woolley, chairman and chief executive
officer, has announced several impor
tant executive changes.
Howard J. Poduska, executive vice
president of the bank, has been elected
executive vice president of The Bank
of New York Company, Inc., the state
wide bank holding company. He will
continue as executive vice president
and director of Bank of New York.
Robert L. Edwards has been elected
executive vice president, chief com
mercial banking officer and chairman
of the credit committee, succeeding
Mr. Poduska. Formerly senior vice
president, international division, Mr.
Edwards is replaced by Harvey V.
Delapena, vice president, who be
comes head officer in charge of the
bank’s international division.
Mr. Delapena has been resident vice

TRUST

INVESTMENT
COUNCIL

COUNCIL M EM BERSHIP

Mr//He/p
TrustDepartment
BUILD
NEW BUSINESS
BY INSTILLING
C O NFIDENCE
IN YOUR
IN VESTM ENT COMPETENCE
This is the experience of community banks
from coast to coast.

Write for details
•

STUDLEY, SH U PE R T
T r u s t In ve stm e n t C o un cil
8 6 0 Suburban Station Bldg. • Phila., Pa. 19103
Banker, June, 7970
Digitized Northwestern
for FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

president of the bank’s London branch
and is succeeded by Stephen Flanders
who has been appointed vice presi
dent and manager of the branch.
Chase Manhattan Bank, New York:

James M. Lane has been promoted to
executive vice president and executive
officer of the fiduciary investment de
partment. In this capacity Mr. Lane
has charge of the bank’s corporate,
individual and institutional fiduciary
investment activities. He succeeds
Francis G. Ross, executive vice presi
dent, who continues as executive of
ficer of the bank’s trust department.
Barry F. Sullivan and William H.
Siddons, Jr., have been appointed
senior vice presidents. Mr. Sullivan is
deputy executive of the bank opera
tions department, a newly created
position which he recently assumed
upon his return from London, Eng
land, where he had been vice presi
dent and general manager of the
bank’s branches there. Mr. Siddons,
group executive of the general opera
tions group, is in charge of three
divisions of the bank operations de
partment—bond and loan operation
services, check and central services
and general services.
Four new vice presidents have been
elected at Chase. They are George R.
Prefer, Arthur O. Simon and James
F. Maher of the bank operations de
partment and Frank G. Brennan of
the international d ep a rtm en t. Mr.
Prefer is division executive for the
general services division.
James W. Clark has been named
director of strategic planning, a sub
division of the bank’s corporate plan
ning group. In this capacity, Mr.
Clark will be responsible for coordi
nating Chase Manhattan’s long range
and strategic planning activities.
Commerce Bank of Kansas City:

Fred N. Coulson, Jr., has joined the
bank as vice pres
ident and head
of its correspond
ent banking dep a r t m e n t . He
su cce e d s James
Bartels who has
purchased a sub
stantial interest
in the Farmers
State B ank at
H ay es, K ansas
F. N. C O U L S O N , JR.
and has become
that bank’s executive vice president.
Since 1964 Mr. Coulson has been
vice president and director of sales of
four related companies: Old Security
Life Insurance Company, Old Security
Casualty Company, First Southwest

Life Insurance Company, and Finan
cial House Insurance Services, Inc. He<
has also been an advisory director of
the board of Old Security Life, Qlci
Security Casualty, and First South-^
west Life. His prior 17 years were
with Interstate Securities Company of«
Kansas City where he was western
regional sales manager and super-'*
vision director.
Mr. Coulson, 48, is widely knowil
among bankers throughout the mi<^- <
dlewest and the entire United States
by virtue of his handling the needs*
of banks in the fields of credit life in
surance and casualty insurance.

Succeeding Mr. Wilmouth as general
manager of the bank’s Milan brancR *
will be James A. Cassin, presently
serving as assistant manager there. *
Mr. Wilmouth joined the bank ir^
1950 as a management trainee. He
was promoted to senior vice president
in 1966 with the primary responsi
bility of the planning and construc
tion of the new 60-story building. In
1968, he was named head of the bank’s
administrative department and in
1969 was given the additional responsi
bility of establishing the new Milan*
branch as its general manager.
Mr. McKay, who becomes one o4
nine senior vice presidents of the
bank, joined The First in 1963 as asso
ciate general counsel in the law de^
partment.
Mr. Cassin, who was elected as one*
of Chicago’s Ten Outstanding Young
Men in 1966, joined the bank’s inter
national banking system in 1967 and
was transferred to the Milan branch
in December, 1969, to assist Mr. Wi^
mouth in establishing that branch.
Chauncey E. Schmidt, senior vicsL
president, of The First National Bank
of Chicago, has been named to heart
the administrative department of the
bank, Mr. Freeman announced. Mr.
Schmidt, who has headed the bank’s^
European operations since 1968, will
take up his new assignment in Chi
cago June 15.
Joseph L. Casey, presently vic&
president and general manager of the
bank’s Brussels branch, has been pro
moted to manager of European opera*
tions in The First National’s rapidly
growing international banking section^
Mr. Freeman said, and Francis G,
Foster, Jr., assistant vice president in
the Brussels branch has been name^

How to serve
more drive-in
customers in
less time with
fewer tellers

The Diebold Visual Auto
Teller brings important
efficiences and
economies to your drive-in
banking program. Your
customers will like its
ease of operation, and so
will your tellers, who will
also be pleased because
the Diebold Visual Auto
Teller lets them stay
securely inside your
building where they prefer
to be.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Consider these advantages you will
enjoy with the Diebold Visual
Auto Teller:
□ Its operation is whisper quiet.
□ It features a sequentially lighted
customer instruction panel.
□ Automatic carrier return—
customer need only place it in
receiver.
□ Fewer teller controls mean
greater transaction speed.
□ All equipment for the system fits
under the counter, providing
teller with more useable
counter work surface.
□ Teller can readily and easily
serve more than one customer
at a time.
□ A choice of clear view plastic
or vinyl clad aluminum carrier
with color-coded end caps.
□ Diebold maintains the largest
service organization in its
industry. Nationwide service is
available on a 24-hour basis.
You’ll be pleasantly surprised to
learn how much drive-in banking
service you can provide economi
cally with the Diebold Visual Auto
Teller. We’ll gladly send detailed
information without obligation.

DIEBOLD
INCORPORATED | CANTON, OHIO 44709

Northw estern Banker, June, 1970

See What Our
Agents Have
Made Us

A
to succeed Mr. Casey as general man
ager there.
<
First National Bank in St. Louis:

John K. Riedy, president of INTERC6
Incorporated, was elected a director of
the bank and Angus S. Alston, presi-^
dent of Southwestern Bell Telephone,
Company, was elected to the advisory
board, it was announced by Edwin S.-*
Jones, board chairman of First Na
tional.
1
Mr. Jones also announced the elec- .
tion of Leo C. Rice as assistant vice
president and the promotion of Jacl^
L. Hughey to assistant vice president.
Mr. Rice, who will serve in the bank’s»
international department, held the
same title with Marshall & Ilsley Ban?:
in Milwaukee until joining First Na
tional June 1. Mr. Hughey joined tlife'*
bank in May, 1969, and will continue^
to work in the real estate and mort
gage loan department.
Robert W. Knapp, assistant man
ager, charge card department, ha§
been assigned to the correspondent
banking department as commercial
banking officer. He will represent the^
bank in Arkansas.
Herbert F. Boettler, 79, who retired*
May 31, 1958, as vice president, died
last month following a long illnesg*.
He continued to serve on First Na
tional’s advisory board until his death'.
First National City Corporation: J.

Howard Laeri and Thomas R. Wilcox
have been elected directors of the<
corporation. They are vice chairmen
of Citicorp and its principal sutP*
sidiary, First National City Bank, and
will continue to serve as members or
Citibank’s trust board.
.

It’s happened again, all on account of our independent agents.
We've outgrown our home.
Just as we did in 1938. And again in 1955.
The home we’re building this time should be finished along
in the spring of 1971.
We figure it should accommodate us for, oh, another 20 or
30 years. Then we’ll probably have to enlarge again.
Isn’t it great?

m m
Employers Mutual Casualty Company
Employers Modern Life Company
Emcasco Insurance Company
Des Moines

Union Mutual Insurance Company
Providence

N arth w estern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

J. H. LAERI

T. R. W ILCO X

Irving Trust Company, New York:

William J. Byman has been electee!
vice president. He is responsible for^
the management re cru itm e n t and
placement and for the bank’s college/
relations programs.
Marine Midland Banks, Inc., NeW
York: Ralph S. Stillman was elected

to the board of directors of Marine
Midland Banks, Inc., last month andA
on June 1 became vice chairman of
the board of Marine Midland Interna-*
tional and Overseas Corporations.
Mr. Stillman, who was president of
Grace National Bank when it was ac-

“ W è call it the
- m ultinational bank. It can help you
operate a multinational com pany
:
O r build one’ '
V

“ U.S. banks and multinational companies appreciate
the fact that we’re willing to get out in the far corners of the
* world and show a little Midwestern hustle,” says the head
of Continental Bank’s International Banking Department.
“ And we’re not only willing, but able to do it.
y
“ Continental Bank has achieved multinational status
itself—with its own branches, affiliates, and offices on six
r
continents.”
Senior Vice President Alfred F. Miossi says his bank’s
r multinational expansion has been occurring at a time when
more and more U.S. companies have been vigorously build' ing their foreign operations.
“ And what they’re looking for,” he says, “ is a bank
that can provide a complete range of local, national, and
y
international services.
“ Local service in New York and Chicago; national and
>- international service in the Far East, in Europe, and in
Latin America.

“ The results we get are fast, smooth services—whether
for money transfers, foreign exchange, or providing access
to the international capital markets.”
Miossi says his bank’s growing network now includes:
• Full-service branches in major European money markets
(London, Paris, Frankfurt, and Amsterdam) helping cus
tomers to shop for funds across the continent. Plus other
branches in the key Japanese commercial cities of Tokyo
and Osaka.
• Affiliated commercial banks, worldwide. Many of these
have large national networks of their own. For example,
Continental Development Bank in Lebanon has a total o f
33 branches—more than any other bank in that country.
• Other affiliated financial institutions—like E. D. Sassoon
Banking Company in London — also provide long-term
debt placement and investment bank services. Two other
European affiliates help customers with lease financing.
• Representative offices around the globe offer information
and counsel about local economic and business conditions.
• More than 3,000 correspondent banks covering every
nation in the free world.
• Continental Bank International has one of the largest
foreign-exchange operations in the Western Hemisphere.
It is a wholly-owned international subsidiary serving cus
tomers from offices in New York City.
That’s the multinational bank. Continental Bank.
Where customers with multinational business come for
answers.

It’s what you’d expect from
one o f the world’s great banks.
C O N T IN E N T A L B A N K ^

Continental Bank has two full service
branches in London. The “ City” branch
shown here is located at 58160 Moorgate,
and the West End branch is at
47 Berkeley Square.
Continental Illinois National Bank and Trust Company of Chicago, 231 South LaSalle St., Chicago, Illinois 60690. Continental Bank International»
New York. Offices: Argentina • Bahamas • Belgium • Brazil • France • Great Britain • Indonesia • Italy • Japan • Lebanon • Mexico • M orocco
• Netherlands • Republic of the Philippines • Spain • Switzerland • Venezuela • West Germany • Member F.D.I.C.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Northw estern Banker , June, 1970

12
quired by Marine Midland in 1965, has
served since then as chairman of the
executive committee of the Marine
Midland Grace Trust Company of New
York and will continue as a director
and a member of its executive commit
tee.
Foundation for Full Service Banks:

George A. Alff, recently retired vice
president of Denver United States Na
tional Bank, has joined the Founda
tion fo r F u ll
Service Banks as
a se n io r v ic e
p r e s id e n t, Rich
ard B. Beal, exec
utive vice presi
dent, announced.
Mr. Alff will work
in m e m b e rsh ip
recruitment and
liaison activities
for the Founda
tion.
Mr. Alff joined the Denver U. S.
National Bank in 1927. He was pro
moted to officer in 1947 and became
vice president in 1952. In 1946 he
joined the corporate and correspond
ent section of the bank.
Morgan Guaranty Trust Company,
New York: Election of F. Frith Picks-

lay, Jr., as a senior vice president has
been announced by John M. Meyer,

Jr., chairman of the board. Mr.
Pickslay heads the personal trust
group in Morgan Guaranty’s trusts
and investments division.
Elected vice presidents of the bank
were A. Kendall Raine, Jr., and Donald
D. Wrisley, both in the international
banking division; David L. Brigham,
Wesley R. Guylay, Frederick R. Loney,
Jr., Roger F. Nelson, and R. Bruce
Underwood, investments; Robert Y.
Garrett, III, securities trading.
Named assistant vice presidents
were Frederick S. Kermode, Carol
V. B. Rasic, and William J. Veale, in
vestments; Arthur W. Von Husen,
securities trading, Henry J. Bercuk,
pension trust a d m in istra tio n , and
Edmund H. Sutton, corporate re
search.
National Boulevard Bank of Chi
cago: Three trust

department p r o
motions were an
nounced by the
bank’s board of
directors, accord
ing to Irving Sea
man, Jr., c h ie f
executive officer.
L a w re n ce E.
Hoffman was pro
moted to assistant
v ic e p re s id e n t;

W . G. D E M A S

R. A. D O R N

A \

and William G. Demas and Richard A.
Dorn were elected trust investment of- „
fleers.
The Northern Trust Bank, Chicago:^

John W. Taylor III has been elected
vice president and manager in charge*
of The Northern^
T ru st In te r n a
tional B a n k in g ,
Corporation, New
Y o rk C ity. He ^
was previously a
second vice presi-r
dent of this wholly -o w n e d s u b
s id ia ry of The.
N o rth e rn Trust
j.

taylo r

Rank-

Prior to joining
the subsidiary in March, Taylor had'1
served as a second vice president in
the Chicago metropolitan group of

WE WOULD LIKE TO HAVE YOU IN
THE DUGOUT AND IN THE FIELD
W ITH BOTH OUR TEAMS!!
CONTINENTAL
WESTERN INS. CO.
LINE UP
•
•
•
•
•
•
•
•
•

FIRE
SMP
HOMEOWNERS
INLAND MARINE
AUTO— TRUCK
GENERAL LIABILITY
WORKMENS COMPENSATION
GLASS
BURGLARY— ROBBERY

616 10TH ST.
DES MOINES, IOWA 50308
Northwestern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

I
*

CONTINENTAL
WESTERN LIFE
LINE UP
•
•
•
•
•
•
•
•
•

FLEXIBLE EQUITY BUILDER
PENSION TRUST
JUVENILE SPECIAL
BUSINESS INSURANCE
MORTGAGE PROTECTION
DISABILITY INCOME
KEOGH BILL-HR I0
PERSONAL INSURANCE
CREDIT LIFE

HOME OFFICE
3839 MERLE HAY ROAD <
DES MOINES, IOWA 50310

►
►
A
*
*

This time
they’re the
good guys.

Word is getting around. Our man in the Red Coat can take
insurance from a barely-in-the-black sideline to a profitable
part of your business, (Some of our accounts earned in
excess of $100,000 in 1969 by selling North Central Life
policies.) It makes sense for people to buy insurance where
they borrow or save. And North Central has a complete range
of plans for individuals and groups. Sit down and talk with
our Man in the Red Coat. Even if you have to do it by phone.
Hisnumber is (612) 227-8001. Reverse charges, please.

►
>

The North Central Companies
New Directions in
Financial Security

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

NORTH CENTRAL LIFE INSURANCE CO., ST. PAUL, MINNESOTA
MAINE FIDELITY LIFE INSURANCE CO., PORTLAND, MAINE

No rthwestern Banker, June, 1970

14
The Northern Trust. He joined the
bank in 1963.
in me oamung department, Craig
W. Schopf was named vice president.
Promoted to second vice president
were Nolan L. North and Michael R.*
Zook. In addition, named assistant
cashiers were J. Michael Dardis, David
M. Dixon, Edward B. Jones, James R. ,
M cC la m roch , James Morris, and
Eugene C. Ognibene.
Promoted to second vice president
in the trust department were William*
A. Holt, Douglas S. Keyt, and John P.
Maclver. New assistant secretaries in
the department are Loren A. Backhaus, Richard A. Braun, and Victor S.
Nelson.

Corporate News
promotions and an
CORPORATE
nouncements of special interest to

readers of the N orthwestern
include the following:

HIGH RATIO CONVENTIONAL LOANS
FOR OVER 400,000 FAMILIES...
INSURED AGAINST LOSS
BY MGIC,
THE LEADERS IN
PRIVATE MORTGAGE INSURANCE

Addressograph

Multigraph

B anker

Corp., ^

Cleveland: The firm has announced a
new manufacturing facility for Lin- ■<
coin, Nebraska.
To begin with, about 50 people will A
be employed in this manufacturing
operation, the Company said. It is ex
pected to start early in June in a ^
leased building at Lincoln Air Park
West.
-4
American Society of Farm Managers
and Rural Appraisers, DeKalb, 111.:'»

than 10% underwritten in any one state. This spread-of-

Just made available is a new accredited ^ .
membership directory. The new 20page directory lists the names of men *
in the United States and Canada who
hold the professional designation of <
Accredited Farm Manager and Ac
credited Rural Appraiser.

risk, coupled with MGIC’s unequaled strength in reserve,

Bank Building Corporation of Amer
ica, St. Louis: Lee E. Stickler has been *

Mortgage Guaranty Insurance Corporation (MGIC) has
well over $4.8 billion of insurance in force, with no more

makes it the logical first choice among security-minded
lenders all across the country. We have a 12-page Fact
Book that reveals dozens of additional reasons. Please
write for it, without obligation.

Mortgage Guaranty Insurance Corporation
600 Marine Plaza, Milwaukee, Wisconsin 53201
Telephone (414) 272-8060
Coverage available nationw ide except New York

¡Northwestern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

named manager of the newly expanded ^
central division. Mr. Stickler, who had
served previously as central division *•
sales consultant, will report directly
to Jack Miner, group vice president. +
Bank Computer Network Corp., Chi
cago: Garrison A. Southard, Jr., former *

president of Interbank Card Associa- i
tion, owner of Master Charge, has been
named president of Bank Computer 4
Network Corporation.
The real time computer service firm *
for the banking industry recently in
troduced a unique collateral pricing ^
system called Margin Monitor that re- *
quires security printing.
O. A. Cooper Company, Humboldt, -*
Nebr.: Terry Gene Wagner, 20, John

son, Nebraska, is the 1970 recipient of ^
the firm’s annual Kansas State Uni-

15
m

\b u r bank needs a bank
that gives you prize-winning
trust investment performance,

+♦

V-

►A

Consistently.
%■

It’ s to o bad there isn’t an award like this. If there
were, more people than just the Correspondent Banks
we serve would hear about Chemical’s trust invest
ment performance record.
H ow do we do it?
Well, it isn’t done with mirrors. It’s all due to
astute, quick-thinking investment officers who stay on
top o f the national and international situation. T o a
sound philosophy o f investment. And to research that
provides them with the right information for making
the right decisions.
Information we’re glad to share with you through
six special reports: E con om ic Trends, Investm ent
Forecast, U. S. Banking D evelopm ents, Industry
Studies, Special Reports (topical subjects o f imme
diate interest), and M arket Ratings on some 250

stocks. Our market ratings are up-dated every week
and sent to every C hem ical C orrespon d en t Bank
which subscribes to this service; others are distributed
as we develop new information or as market require
ments dictate.
A nd if these don’t give you enough information
to solve a special problem, one of our senior invest
ment officers is available at all times for personal
consultation, to discuss general business conditions,
particular industries, specific companies and the stock
market outlook.
So if y o u ’ d like to share C h em ical’s investing
research and experience, just call Mr. Robert Jennings
at (212) 770-1607. O r write to him at Chem ical
Bank, National Division, 20 Pine Street, New York,
New York 10015.

Ckm igal Banc
W e do more for your money.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Memberfdic
Northwestern Banker, June, 1970

16
versity Feed Technology Scholarship.

tions who are served by the company.

Dain, Kalman & Quail, Inc., Min
neapolis: Wayne H. Chestnut, vice

Le Febure Corporation, Cedar
Rapids: Kenneth Watts, president, has
announced four new appointments

chestnut

president and re
tail sales man
ager, has been
e le cte d to the
board of directors.
Joining the firm
in 1961, he served
in the B illin g s ,
M ontana, office
and later became
m an ager th ere,
He was named a
vice president in

1968.
Diebold, Inc., Canton, Ohio: The
firm has announced acquisition of
Florida Development Services, Inc., of
St. Petersburg, Florida.
Under the trade name, Porta-Branch,
Florida Development Services manu
factures and directs construction of
fully operational modular bank build
ings. The Porta-Branch bank building
is complete in every detail, from vault
and lobby equipment, to electric wir
ing and plumbing. Regardless of the
reason, the Florida-based firm can
manufacture, deliver and erect a build
ing within 90 days from date of order.
Farm Business Council, Inc., Urbana, 111.: Dean Wolf an Iowa-based

farm magazine editor and writer, has
joined the staff of Farm Business
Council, Inc. He has been associated
with Farm Journal and in more re
cent years with Iowa State University
in Ames.
Last year the American Association
of Agriculture College Editors pre
sented Mr. Wolf with an award for a
brochure that he produced.
The firm is currently building a new
office which will be known as the
Crouse Building. Occupancy will occur
on or about July 1.
Financial General Corp., Washing
ton, D.C.: The company will change its

name to Financial General Bankshares,
Inc., according to William L. Cobb,
president. The firm is a registerd
bank holding company. There are 25
member banks located in District of
Columbia, Virginia, Maryland, Georgia,
New York, Tennessee, Illinois and
Iowa. Central National Bank and
Trust Company, Des Moines, is a
member.
Kennedy

Sinclaire,

Inc.,

Wayne,

New Jersey: More than 350 invited
guests were present at the official open
house of Kennedy Sinclaire, Incor
porated’s new million-dollar head
quarters in Wayne.
Kennedy Sinclaire president Earl R.
Hudson and a staff of 75 played host
to representatives of the many banks,
colleges, and philanthropic organiza
DigitizedNorthwestern
for FRASER Banker, June, 1970
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Mr. Bradshaw has been chairman
of the board for the past two years
He was elected to the post in May,
1968, after serving as senior vice presi-'
dent and general counsel. He has
been on the Board since 1960.
Mr. Rose joined Ozark recently ai
director of finance.

within the company’s management
group.
George Miller, administrative vice
president, will become senior vice
president.
Richard Stebbins & Associates, Mid
B.
Ray Howard, general sales man neapolis: Eric E. Forslin has joined
ager, has been named vice president- the staff of this financial public rela
sales.
tions firm. He was formerly with
B. D. Robinson, who was previously Eastman, Dillon Union Securities Com
controller, has been appointed treas pany, Inc.
%
urer.
Upper Midwet Regional Export Ex
Warren Segersten has been named pansion Council, Minneapolis: Palmed ^
general sales manager. Mr. Segersten A. Beebe, Red Wing Shoe Company: t
was vice president-sales of Cummins Frank P. D’Aquilla, president of Amer^
Chicago Corporation prior to joining ican Hoist Company, and John P. Steny
LeFebure in 1969.
vice president, Northwestern National
M osier Safe Company, Hamilton, Bank, Minneapolis, have been named y
Ohio: Four executive appointments to the Council by the U. S. Commerce
have been announced by Mosler.
Department.
Joseph MacDondlad has been ad
Walter E. Heller & Co., Chicago:
vanced from district sales manager for Burton R. Abrahams, vice president*
the northeast district to eastern re and head of the central states corny
gional sales manager.
mercial finance di
Edward J. Mulvey has been ad
v is io n , has an
vanced from regional sales manager of
nounced that the
the company’s information systems in
company is ex
Atlanta, to director of marketing for
panding its activi
the Airmatic Systems Division.
ties in c o n n e c
Paul Foley, former assistant con
tion with direct^
troller of the fibers division of Allied
loans on machin
Chemical, has been named controller
ery and e q u ip
of the Electronic Systems Division.
ment in 15 mid
Jerome L. Feuer, former marketing
west and south-^
manager for Industrial Electronics,
w estern states
S. G. KARRAS
has been named product manager of
served from Chi
the Remote Transaction Systems of cago.
Mosler’s Airmatic Systems Division.
Mr. Abrahams added that the divi
The North Central Companies, St. sion has also entered the field of sec
Paul: LeRoy Bud Murphy has joined ond mortgages on real estate owned
the sales staff of the company. He and used by manufacturers and com
will concentrate his sales efforts to mercial establishments. He said it will
the Twin City area financial institu not be involved with other types of
tions. He has had 10 years of life real estate, which are handled by other*
insurance experience, and most recent Heller divisions.
ly he was with Aetna Life.
Sheldon G. Karras has been ap*
Robert Florin has been named re pointed head of both the direct chattel
gional manager for northern Minne and second mortgage operations, Mr.*
sota and North Dakota. His duties Abrahams said. Mr. Karras, an as'Vwill focus on the coordination for both sistant vice president, has been execu
creditor and all North Central finan tive account manager for Illinois, Wis-y
cial planning products in that area. consin and Northern Indiana, and will
He joined the company in 1968 as continue in that position, as well.
\
director of training. He had previously
been with Mid-America Mutual as Joins Reserve City Bankers
superintendent of agencies.
Clarence C. Barksdale, president of
Old Security Insurance Companies, First National Bank in St. Louis, has
been elected to membership in thei
Kansas City: Paul E. Baxter, Jr., has
been promoted to vice president of Association of Reserve City Bankers,
Old Security Life and Old Security executive secretary of the Association.*
Casualty. He will continue as head of it was announced by Corwith Hamill,
executive secretary of the association.*
ordinary life sales.
Ozark Air Lines, St. Louis: Jean
The Association of Reserve City^
Paul Bradshaw, attorney from Spring- Bankers, with headquarters in Chi
field, Missouri, has been re-elected cago, is made up of top executive*
chairman of the board, and Albert officers of the largest correspondent
Rose was appointed vice president.
banks in 44 major U. S. cities.
-1

W a n t b ig g e r a n d better b o n d b u y s ?
D ic k P e te rse n ’s selection is o n e of the la rge st.
Dick Petersen can offe r Iowa bond
buyers one o f the n a tio n ’s largest in
ventories o f m unicipals, U.S. securities
and fed eral agencies. He can do this
because The First’s Bond Departm ent
is w ell-staffed and large in scope.
Also, being a m a jo r money m arket
bank, The First is a p rim a ry d e aler in
U.S. G overnm ent securities and a m a
jo r m anaging u n de rw riter o f munic
ip al bonds.
As a member o f The Phone Corps,

Dick Petersen can o ffer you unique
services designed to upgrade and in
crease the value o f you r entire p o rt
fo lio . In ad d itio n to our la rge and
extensive selection o f bonds, we also
o ffe r our new Bond P ortfolio A nalysis,
a com puter-based, bond-pricing sys
tem that operates in fin ite ly faster than
the mental processes o f a professional
bond trade r.
C all Dick Petersen to d a y. Ask him to
bring you up to date on our bigger

and b e tte r bo n d b u ys. C a ll (312)
732-8364.

The
First National Bank
o f Chicago
O N E FIRST N A T IO N A L PLAZA • C H IC A G O , ILLINOIS 60670

¥■

M>
>
>>•

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Northwestern Banker, June, 1970

t^vif¡sta tio n
UBLIC and congressional unpopu
larity coupled with pending bank
P
legislation pose a major threat to all
banks, Harold V. Gleason, president of
Franklin National Bank, told 300 offi
cials attending Franklin’s sixth an
nual seminar for correspondent banks
in New York.
He warned, “ Our industry has a sag
ging public image, now little better
than that of the tax collector. At the
same time we face the question: What
are the proper functions for banking?
This overhangs all banks, not just onebank holding companies. It takes the
form of highly restrictive legislation
currently being considered by the
Senate following passage by the House
of Representatives.”

C O N V E N T IO N S
June 14-16— Minnesota Bankers Assn.,
80th Annual Convention, Hotel
Leamington, Minneapolis.
June 14-27— Bank P R M A , School of
Bank Public Relations & Market
ing, Northwestern U., Evanston,

111.
June 15-19— Bank Administration In
stitute, Short Course in Bank
Auditing, Northwestern U ., Evans
ton, 111.
June 18-20— Montana Bankers Assn.,
67th Annual Convention, Many
Glacier Hotel, Glacier National
Park.
June 21-26— Minnesota Bankers Assn..
Minnesota School of Banking, St.
Olaf College, Northfield.
June 24-26— Bank Administration In
stitute, Cost and Accounting Con
trol for EDP, Park Ridge, 111.
June 24-26— 16th Annual Conference.
Upper M i d w e s t
Agricultural
Credit Council, LaCrosse, W ise.
July 13-18— Bank Administration In
stitute, Short Course in Bank
Auditing, U. of Colorado, Denver.
July 19-24— Midwest Banking Institute
(Rural Banking School), 4th A n
nual Session, co - sponsored by
Minnesota, North
Dakota and
South Dakota Bankers Assns.,
Univ. of Minnesota Campus at
Morris.
July 20-22— Bank Administration In
stitute, 2nd Annual National Con
ference on Bank Security, Palmer
House, Chicago.
August 2-14— Bank Administration In
stitute, 18th A n n u a l Session,
School for Bank Administration,
Univ. of Wisconsin, Madison.
August 9-11— North Dakota Bankers
Assn., Tri-State Conference, spon
sored by Minnesota, North Da
kota and South Dakota Assns.,
Deadwood, S. D.
August 9-21 — C o n s u m e r Bankers
Assn., 19th Annual Session, School
of Consumer Banking. Univ. of
Virginia, Charlottesville.

No rthwestern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

v a t to SSa n lis
Underlining the dangers of this leg
islation, Carter H. Golembe, Washington-based banking industry consultant,
stated to the assembled bankers that
its passage held potential disaster for
the commercial banking industry. He
explained:
“ This bill, H.R. 6778, attempts to
define banking once and for all time.
If, for example, banking had been so
defined in 1920, there would be no
consumer instalment loans today.
“ H.R. 6778 has a good chance of pas
sage this year, because the nation’s
14,000 banks have remained apathetic
to the new restrictive measure. Fur
thermore, Congress now has a ten
dency to spell out its legislative intent
in detail rather than leave decisions

August 17-28— A B A National Trust
School, 11th Session, Northwest
ern U ., Evanston, 111.
August 31-Sept. 11— Illinois Bankers
Assn., Illinois Bankers School.
Southern Illinois Univ., Carbondale.
September 16-17— Illinois B a n k e r s
Assn.,
Ag
Credit
Conference.
Univ. of Illinois, Urbana.
September 20-24— Bank P R M A 55th
Annual Convention, International
Hotel, Las Vegas.
September 20-24— N A B W , 48th A n
nual Convention, Mayflower H o
tel, Washington, D. C.
October 9-10 — Assn, of Registered
Bank Holding Companies, Direc
tors Meeting, Doral Hotel, Miami
Beach.

AMONG- leading participants at Franklin
National Bank’s sixth annual seminar for
300 officials o f its correspondent banka
were, left to right: Roger D. Elton, Frank
lin executive vice president, national divi
sion; Carter H. Golembe, banking indus4*
try consultant, and Harold V. Gleason,
Franklin president.
t *

to regulatory bodies.
*“The proposed legislation attempts
to prevent the banking industry froffi
maintaining its relative p o s itio n
among all financial institutions in the*
decades ahead.”
<:i^
Turning to new approaches to rais
ing investment capital for housing antft
other real estate development, a panel
of four authorities then discussed thé'
background and potential of real estate
and mortgage trusts. Introducing the
panelists, Roger D. Elton, Franklin^
executive vice president, national divi
sion, described such trusts as captcfc^
ing the financial community’s imagi
nation during the past year as did th£
SBIC’s in the early 1960’s.

October 10-14 — A B A 96th Annual
Convention, Miami Beach.
October 18-21 — Iowa Bankers Assn..
84th Annual Convention, Hotel
Fort Des Moines, Des Moines.

#7/ to H anh

October 20-23— Bank Administration
Institute, Short Course in EDP
Auditing, Park Ridge, 111.
October 25-28— National Convention.
Bank Administration Institute.
Washington Hilton, Washington.
D. C.
October 28-29— Illinois Bankers Assn.,
B a n k Management Conference,
Univ. of Illinois, Urbana.
November 1-4— Bank Administration
Institute, 46th Annual Conven
tion, Washington Hilton Hotel,
Washington, D. C.
November 7-11— Robert Morris Asso
ciates, 56th Annual Fall Confer
ence, Sheraton-Boston Hotel, Bos
ton.
November 8-11— A B A National Per
sonnel Conference, Regency H y
att House, Atlanta.
November 15-17— A B A 19th Annual
National A g Credit Conference,
Mariott Motor Hotel, Atlanta.

A UNIQUE AW A RD , a. “ Gold K ey to the
Bank,” was presented recently by Oscar UGrassman (le ft), pres. & chmn. of Surety
Natl. Bank, Encino, Calif., to John E.
Hampel, sr., v.p. for marketing of MosleiT '
The award was given to Mosler “ because
o f the extraordinary character and pe?-*'
formance of Mosler people and equipment.”
It is the first time such an award has beefs
given by the bank to a manufacturer and
supplier.

When your customers invest abroad,
Chase can help them really take off.

+ We can help you give your customers a competitive
*, edge in financing investment abroad.
You see, Chase is one of the biggest international banks
A there is. And whether it’s flying carpets or something more
down to earth, we have the international bankers and
the international know-how to make a customer’s overseas
> investment pay off more quickly.
Our teams of bankers abroad are truly international.
^ They’re at home from Tokyo to Tegucigalpa; from
Melbourne to Madrid. They finance with facility in won,
bahts, and just plain sterling. And they’re backed up by our

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

own unique subsidiary —Chase International Investment
Corporation. And only Chase can put CIIC to work for
you to invest, finance and lend internationally.
So whenever your customers get interested in those
far-away places, make sure they take Chase along. Maybe
even on a flying carpet. When it comes to helping your
customers finance overseas, remember . . . you have a friend at
Chase Manhattan.
The Chase Manhattan Bank, N.A. i Chase Manhattan
Plaz;a, New York, N.Y. 10 0 15 . Member FDIC.

CHASE MANHATTAN 1%
No rthwestern Banker, June, 1970

BOARD MEMBERS of Kirkpatrick, Pettis, Smith. Polian Inc. are pictured in the attractive entryway o f their modern, expanded
offices. L eft to right are: Paul R. Wertz, L. C. (Jack) Petersen and Donald E. Brown, sr. v.p.’s; Harold O. Polian; Carl A. Falk)
chmn. o f exec, comm.; Donald L. Pettis, chmn., and Herbert H. Davis, Jr., pres. Directly behind them, and shown in greater detail
in photo at right, is the large vault used to protect customer andcompany securities and valuable papers.
H

Omaha Investment Firm Moves
new quarters on the
SPACIOUS
ground floor of the Omaha Build

ing at 17th and Farnam Streets were
occupied last month by Kirkpatrick,
Pettis, Smith, Polian Inc., Omaha in
vestment firm. The company previ
ously had occupied quarters on the
fifth floor of the building.

After The Omaha National Bank
moved across the street to its new
building, K.P.S.P. officials proceeded
immediately with a complete remodel
ing of the entire first floor. This had
been the main banking floor for
Omaha National and is constructed in

a horseshoe shape with building ele
vators and entrance lobby occupying
the center portion.
The west portion of the first floor is
occupied entirely by the sales depart
ment, with separate quarters for each
salesman and secretary. The east por
tion of the floor provides offices for the
corporate finance and municipal bonds
departments.
The north section has been func
tionally designed to accommodate the
operations department. This includes
a special room of communications
equipment, linked by pneumatic tube
system with salesmen and other de

partments, for immediate fulfillment
of orders to stock exchanges.
Kirkpatrick, Pettis Company was
founded in 1933. It merged in 195£
with Buffett-Falk & Company, founded
in 1931, and the merger with Smith, -<]
Polian & Company, founded in 1925,
took place in 1966. The resulting"
merger of personnel and business^
plus a growing volume of sales since
that merger, necessitated a major ex-<
pansion. It was delayed until The
Omaha National Bank move opened
the first floor quarters the investment
firm now occupies.
^I
K.P.S.P. also has offices in L incolyJ
and Grand Island, Nebr., and Red Oak,
Iowa.
j4.

TW A Signs Agreem ent with Kansas Citg Bank
World Airlines and The'’
TRANS
First National Bank of Kansa§ I
City have announced an agreement
whereby TWA will accept Mastec*
Charge cards and Interbank credit
cards issued by any bank throughout |
the world.
'*•*'
The First National will not only
authorize the credit transactions buV
will also process the sales through its
data processing facilities. The con-*
tract was awarded to the bank on
st ■+
basis of its low bid.

OFFICIALS of TW A and 1st Natl. Bank of Kansas City sign contract. L eft to right,
seated, are: Barret S. Heddens, Jr., pres. & chief exec, off., 1st Nat’l.; Malcolm T.
Hopkins, v.p. & treas., TW A, and Edward L. Bittner, exec. v.p. in charge of 1st Natl.’s
Master Charge division. Standing are: Michael W. Gegen, a.v.p. & Master Charge mgr.,
and Walter Beck, Jr., sr. v.p., both with 1st Natl., and Charles Walsh, TWA credit mgr.

DigitizedNorthwestern
for FRASER Banker, June, 1970
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Prior to this time, TWA honoredall Master Charge cards under sepa
rate agreements with various Inten
bank member banks only within the^|
United States.
The new agreement will become e£*
fective on tariff approval by the Civil
Aeronautics Board. This is expected
within the next 30 days.
u.

21
■V
>♦

Lincoln, Nebraska's tallest...most distinctive Office Building
>

Product of the TEAM CONCEPT of owner developer

>
* -*
V

D A V ID

H. M U R D O C K

DEVELO PM ENT C O M PA N Y
W e handled and constructed the entire

project from conception to completion

• Analyze

bank space needs

• Analyze

community space needs i

• Determine

*■

• Acquire

building size

land

>->

9 Design building
• Design bank interiors

• Decorate

bank quarters

A--V

• Finance

and build entire project

• Lease and manage building

V
>•X

Developer:

David H. Murdock Development Co.

GENERAL CONTRACTOR:
Henry C. Beck Company
Roy Kite, Senior Vice Pres.

-r-V

BUILDING ARCHITECT:
Russell McCaleb, A.I.A.

FI RST N A T I O N A L B ANK

BUILDING

DOWNTOWN ----- LI NCOLN, NEBRASKA

BANK INTERIOR:
Sarmiento Architects

* T H I S C O N C E P T W IL L W O R K IN Y O U R C O M M U N I T Y FOR Y O U R B A N K
/*
>•
X
*>

Contact:

D A V ID

H. M U R D O C K

DEVELO PM ENT C O M PA N Y

LOS ANGELES, CALIFORNIA • PHONE (213) 8 2 6 -7 8 9 3

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Northwestern Banker, June, 1970

A H A K elvu ses Fiffures on f f HUP
Hunk 1 ri m os o f A U K in d s
losses due to robberies de
BANK
clined in 1969, while burglary
losses matched those suffered in 1968.
Large losses from embezzlement,
however, rose to a 20-year high.
These, and other statistics on bankoriented crime were released by The
American Bankers Association. The
compilation covers the calendar year
1969.
A total of 1,299 robberies were re
corded for the period with a combined
loss of $7.5 million. That’s a decline
from 1968 when an $8.9 million loss
resulted from 1,327 attacks.
Burglary losses held steady at $1.6
million in 1969, the same amount that
was lost in 1968. There was a marked
decrease in the number of attacks
made by burglars last year, however.
There were 175 burglaries in ’69 as
contrasted to 242 in ’68.
Losses of $10,000 and over attri
butable to embezzlement showed a
sharp rise in 1969. In 189 such cases,
dishonest acts of bank employees re
sulted in losses totaling $16.9 million.
The previous high in the past twenty
years was in 1967 when there were
132 cases and $13.7 million in losses.
Comparable figures for 1968 were 146
cases with losses of $11.2 million.
A relatively small number of hold
ups account for a disproportionately
large percentage of the robbery loss.
For instance, more than one-fourth of
the total loss ($1.9 million) was at
tributable to only 27 attacks.
The average loss in 90 per cent of
the holdup attacks was only $2,300.
In fact, nearly half the attacks netted
either nothing at all, or less than

of special significance to the general
public as well as businessmen. Both
have been designed to be of particular
interest to tourists and other visitors
to New York City and Washington,
D.C., and should attract thousands of
persons during the coming summer
months.
In New York City, Eastman Kodak
has combined the talents of skilled
photographers, special cameras and
its own laboratory techniques to create
an exciting, free photographic attrac
tion. Named The Kodak Gallery and
Photo Information Center, located at
1133 Avenue of the Americas, it will be
open to the public daily except Sun
day from 10 a.m. until 5:30 p.m.
The opening show features a collec
tion of more than 70 new and exciting
photographs of New York City, dedi
cated by Kodak as a photographic gift
to the people of New York.
The range of scenes is all-encompas
sing—from 12,000 feet in the air to
subways below ground, from the Verazzano Narrows to LaGuardia Airport,
from the Rockettes to the George
Washington Bridge, from L in co ln
Center to the United Nations, from
sunsets over the Palisades to sunrises
over Wall Street. Among the most
dramatic are infrared color aerial shots
from 12,000 feet over Shea Stadium at
the last game of the 1969 World
Series, and over New York Harbor.
Dr. Louis K. Eilers, Kodak president,
presided at the New York City office
dedication ceremonies.
At Kodak’s new Washington Mar
keting Center in the nation’s capital, a
public affairs exhibit highlights Ko-

$ 1, 000.

More than half the dollar loss was
generated by only 90 robberies.
A total of 2,039 individuals took
part in the 1,299 holdups, and 952
have been apprehended. Lone bandits
were responsible for 67 per cent of the
attacks, but 15 per cent were the work
of gangs of three or more.
Fifty-five of the 175 burglary at
tempts were unsuccessful. The aver
age loss of all the burglary attempts
was $8,800. More than half of the total
loss ($792,000) resulted from only 12
burglaries.
Almost 40 per cent of the burglary
attacks took place on holidays or
weekends.

Kodak Opens New Offices
In New York, Washington
The Eastman Kodak Company has
opened two new offices in major cities
No rthwestern Banker , June , 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

G-ERALD B. ZOENOW, Kodak executive
vice president; Wylie S. Robson, vice
president for marketing, and Joseph A.
Jiloty, Eastern region marketing director,
inspect part of the exhibit which will be
in the display area of Eastman Kodak
Company’ s Washington, D. C., Marketing
Center.

E xport H onor

Y
**

* *

»»-T
f
E STAR AWARD for exports is presented A
by secretary of Commerce Maurice H.
Stans (left) to the Bank of America “ for
successfully furthering the sales of United
States products and services abroad.” Re- ¡¡¡^.
ceiving the award on behalf of the bank
at a Washington ceremony is C. H. Baumhefner, executive vice president and cash
ier. Created last year by the Commerce
Department, the E Star recognizes sus- *
tained and outstanding export efforts by
companies which are previous recipients o f M
the E Award originated by the Kennedy
Administration.
<
The President’s E Star Award was pre
sented by the Secretary at a luncheon v
ceremony honoring 12 firms for outstand
ing contributions to the U.S. effort to in- V;
crease exports. The ceremony followed a
meeting of Mr. Stans with 500 top execu
tives o f U.S. industry in Washington con
cerning problems o f U.S. business in the
face o f increasing overseas competition
and restrictions to freer trade.

dak’s urban involvement and affirma- •*
five action programs. Some 3,500
square feet of the new facility, located
at 500 12th Street, N.W., within the ^
L’Enfant Plaza Complex, is perman
ently reserved for exhibits.

Stock Proposals Ok’ d

Shareholders of the Valley National
Bank of Arizona in a special meeting M
in Phoenix approved two proposals
recommended by the bank’s board of ^
directors, chairman W. R. Bimson announced.
Both actions have been approved by W
the Comptroller of the Currency.
The first proposal authorized the
issuance and sale of 804,143 shares of ^
the bank’s common stock through a
rights offering to shareholders on the x basis of one new share for each 10
shares owned of record on April 23, A
1970.
The second proposal approved by
the shareholders increased the total m
authorized common stock of the bank
to 10,500,000 shares. Of the total, **
8,845,577 shares will be issued and out
standing upon completion of the new A
offering.

If you w an t to study up
on University
C om puting C om pany,

New York Stock Exchange ticker symbol: UCX

In a matter of minutes you can acquaint yourself with
a total service computer utility company that has
grown from obscurity to international prominence in
only six years, becoming one of the world’s major
suppliers of computing services and products.
To begin your study program, simply write for a
copy of our 1969 Annual Report to the address
listed below.
X

oojqo[c

ucc
UNIVERSITY COMPUTING COMPANY
Corporate Offices: 1300 Frito-Lay Tower / Dallas, Texas 75235

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Bank o f America
has a man-on-the-spot,
in New York.
B acked b y a staff o f nearly 700, he specializes
in the m ore difficult and unusual problem s
o f international banking. Such as financing
the h elicop ter fleet that was the only
m eans o f transporting m en and m aterials to
con stru ct a 193-mile-long pipeline through
the jungles and m ountains o f C olom bia.

New York City. Park Avenue.

Or participating w ith local, national and
international agencies to finance a pulp
and paper plant in Thailand. Or financing
the sale o f surplus aircraft by an Am erican
airline to an overseas carrier. H ow does
he m anage it all? W ith the w orld 's
largest bank behind you, no j o b ’s too big.

BANK OF AMERICA—SAN FRANCISCO, LOS ANGELES, NEW YORK: Over 1000 full-service branches and subsidiaries in California and around the world: Argentina • Austria
Barbados • Belgium • Bolivia • Chile • Colombia • Costa Rica • Dominican Republic • Ecuador • England • France • Germany • Greece • Guam • Guatemala • Honduras • Hong
Kong • India • Indonesia • Ireland • Italy (Banca d'America e d'ltalia: over 85 offices) • Japan • Korea • Lebanon • Luxembourg • Malaysia • Morocco • The Netherlands
Netherlands Antilles • Nicaragua • Nigeria • Okinawa • Pakistan • Panama • Paraguay • Peru • Philippines • Singapore • Switzerland • Taiwan • Thailand • Uruguay • Vietnam
U. S. Virgin Islands • West Indies • Affiliates and Correspondents Worldwide # © 1970 Bank of America National Trust and Savings Asspeiation • Member F. D. I. C.

Northwestern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

C o w -C a lf

Production Practical
Feeder States?
B y N. A. JIM WILSON
Vice President
R olfe State Bank
R olfe, Iowa

OR most of the past three dec
ades, aside from the war years,
the Farm Program has been the
►vital economic factor in agriculture,
and its effect in the foreseeable future
' >Is even more important.
As you all know, the combination of
productive land and rapidly improved
►technology have created a tremendous
capacity for grain production in the
>■
’Midwest. Due to production controls,
land retirement, price supports and
'‘ the P L 480 program, we have never
*been forced to test the impact that
this tremendous production capacity
v could have on grain prices.
We have been coasting along with a
~ "protected price range of $1 and higher
v for corn. But what if the corn mar* ket without substantial supports were
,.to hit a prolonged period of 70 to 80
cents per bushel?—and this is certain> ly a possibility within the next few
years. How long do you think the
~'-vcorn producer could continue to oper
ate?
Statistics on declining farm popula
t i o n and increasing average farm size
clearly show that farmers are gradu> ally going out of business and this will
continue. It will accelerate if we are
turned loose without production con
trols, which could well happen within
the next three years.

Sees Lower Prices

My understanding of Secretary Hard
in’s proposed long-range Farm Pro
gram is that present price supports
y are to be used only for the next three
years. Then a revision of price protec> tion based on commodity markets will

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

follow. As I see it, this revision means
only one thing—lower prices. Then,
past history will repeat itself as farm
ers try to take up the slack. So be
gins the vicious circle of increased
production followed by lower prices.
At lease part of Secretary Hardin’s
set-aside and very flexible price sup
port program has been given the
green light by Chairman Poage of the
House Agriculture Committee by his
affirmative committee vote. Appar
ently, the little voice that farmers had
in Congress will soon be nil.
Besides our domestic grain produc
tion problems, we no doubt will soon
be faced with a smaller export mar
ket. We have shared our technology
and ingenuity in production with
many nations around the world and
as their production increases our ex
ports will decrease. According to the
Iowa Farm Outlook letter our corn
price will no doubt be affected the
second half of this year because of

H THE AUTHOR gave the accompanying
talk to fellow members of Group 2 of the
Iowa Bankers Association during their an
nual meeting in Fort Dodge last month.
The subject of cow-calf expansion in tra
ditional feeder cattle areas has been dis
cussed with increasing vigor during the
past two years in several midwestern
states. In view of the rapid expansion of
feedlot operations in the southwest, the
southeast and west coast states, that are
claiming a greater share of the calf sup
ply, the cow-calf production idea is gain
ing greater popularity in these midwest
"feeder" states. Mr. Wilson’s remarks,
although based on Iowa facts should be
of interest to all agricultural bankers in
NORTHWESTERN BANKER area.

the large corn crop being harvested in
the southern hemisphere. If all of
this transpires, farmers will be look
ing for something to take up the slack.
Time for Cow-Calf Study

Because of beef’s popularity by the
consuming public, this is an ideal time
to thoroughly investigate the feasibil
ity of increasing cow-calf production
within our state. More and more the
trend is to feed out cattle where they
are raised. Feeder cattle prices dur
ing the last three or four years have
been higher in relation to fed cattle
than in the past. The pressure to
keep commercial feed lots filled will
continue to narrow this gap and it also
will no doubt tend to keep margins in
cattle feeding relatively low.
I wish to make it very clear that I
am not an expert on cow-calf produc
tion. But, after spending a little more
than 30 years in many phases of agri
culture with all of its advances I can
truthfully say that the promotion of
calf production in our great agricul
tural state offers one of the most chal
lenging ventures I have ever encoun
tered. It is a venture that very well
could offer a solution to some of the
problems we Iowans may face in the
future. This venture, if successful,
could have a very great impact on the
over-all economy of our state. This
product can be raised, fed out and
processed all within the borders of
Iowa. I believe that you will agree
that an enterprise of this nature mer
its the support of the Iowa Bankers
Association.
As bits of knowledge are pieced toNorthwestern Banker, June, 1970

26
The Potential Is Here

gether, I feel that I now have a better
capability of understanding some of
the things that will be encountered
and must be surmounted in order to
arrive at efficient calf production.
Theoretically, we know that each cow
should have a healthy calf each year.
It would be wonderful if this could
happen to every cow in the industry;
but I read that the rancher who pro
duces calves considers anything over
80 per cent to be good, and he expects
at least 2 per cent of the calves
dropped to be runts and no-gooders
unsuitable for sale. My personal ex
perience in a small cow-calf operation
has been much better percentagewise
than the above figures and I am con
vinced that farm size in Iowa lends it
self to much more efficiency than the
western rancher can ever have.
A Four-Fold Answer

The more informative I gather, it
seems more apparent to me that we
haven’t scratched the surface in effi
cient production of cattle. To me the
answer lies in these four things:
1. Improved Nutrition.
2. Performance Testing.
3. Superior Genetics.
4. Better Management.
The most economical programs will
be those that force the cow to clean
up farmsteads and stalk fields. Stock
cows can harvest refuse that would
otherwise be wasted much more eco
nomically than it can be harvested
and hauled to them. In northwest
Iowa we have to plan on providing
approximately a 100-120 day emergenNorthwestern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

cy winter feed supply, depending on
the amount of snow cover. This can
be corn stalks, ensilage, hay, straw
or corncobs properly supplemented.
This cow-calf enterprise in order to
be successful can’t just be a—feed
anything — the cheaper the betterproposition.
For example-—it has been stated
that we lose one-third of the feed
value of a corn crop when we leave
the corn stalks and cobs in the field
without utilizing them. But, on the
other hand, I have read that when the
complete plant is removed from the
field that in order to maintain fertility
for the next crop it is necessary to
apply twice the nitrogen, three times
the phosphorus and six to 10 times the
potassium. Our committee and all of
us will have to discover who is right
on this as we progress in the enter
prise.
Which is the more economical:
1. Let the cows harvest the corn
stalks and refuse by grazing,
thereby spreading the manure
themselves as they graze and in
conjunction use some of our $600
land for the production of enough
good legume hay for the emer
gency winter feeding period, or
2. Harvest the corn stalks, haul
them to the feed lot, store them,
supplement them and then haul
the manure back to the field?
Labor costs enter into this enter
prise, too, you know. The only way
we are going to find the answers to
most of these questions is by practi
cal, on-the-farm experience.

Well managed cow-calf operation^
could well be the most profitable en-^
terprise in the beef industry for the
next several years. Commercial feeds,
lots have created a market for feed
ers that makes it very difficult for a *
small feeder to compete. The west
ern range areas have just about ““ I
reached their maximum in calf pro-f
duction and it doesn’t appear that that’
area will be able to expand its produc-^.
tion in the future. This leaves the
south and the Midwest as the areas*
with the potential to increase feeder
calf production. It seems that we ar£f ^
in the right place. Now, all we have
to do is to become knowledgeable in^
the most efficient ways to utilize oui^
crop residues and scientifically im
prove our pastures.
Under present pasture practices the
average weight of a seven-month calr
is just over 400 pounds. By perform-^
ance testing of breeding stock, cross
breeding with the right strains ami.^«
proper management of all feed re
sources, we should be able to have -<
calves weighing 600 pounds in seven
months. Special emphasis will have ^
to be placed on pasture land manage-^
ment for these crops contribute most
to the requirement of a beef herd.< J
Bluegrass should be retained only on
land so rough that it cannot be reno- I
vated. Wherever possible, birdsfoot I
trefoil should be seeded to replace U
bluegrass. Our agricultural schools I
now recommend the use of the tall
grasses, brome, reed canary, orchard* 1
grass or tall fescue for pasture seedings and sudan or sorghum sudan for* \
middle of summer use.
*

Can we afford to use some of our
$600 crop producing land for calf pro* J
duction? Our fathers and grandfa
thers have passed down to us the belief*
that crop producing land was too val- J
uable to use for grazing purposes. I*- j
have never questioned their wisdom. <
But I intend to find out for myself by
practical experience within the nex^v
few years. Maybe they were right in
their day, but we’re living in a differ-^
ent world today. No society can suc
cessfully resist the forces of changev 1
and cling to the past. We know that
farming as well as banking will
change. We know that they will have« J
to change for there is no such thing
as a static enterprise that survives. '*•
Calf vs. Crop Comparison

By using all the modern technology
cal advances we have available to us
today we should be able to produce**
600 pounds of beef per acre. If we
accomplish this, then we would have ^
the following comparison:

600 lb. calf @ 30c = $180 per acre
" r 140 bu. corn @ $1 = $140 per acre
Supposing corn prices drop 20 per
cent to 80 cents per bushel and the
¿palf price drops 33 per cent to 20 cents;
the calf deal would still be ahead by
y $8 per acre.
Also, I have been informed that a
five-ton alfalfa yield produces as much
^nergy as a 125-bushel corn grain
yield and the protein content is also
Ahree times that of the grain. I know
from experience that a five-ton alxfalfa yield is nothing exceptional.
We in Iowa still feed more cattle
than any other state—18% per cent of
^national total. Iowa fed out 4.6 mil
lion cattle in 1969, but we spent $472

Harris Survey

M a j o r it y

of
A m orirà ns
E ndorso

►ihillion for feeders from out of state.

If we could retain this expenditure
>within the boundaries of our state, it
^couldn’t help but be a great boost to
our economy.

Ranks
HE majority of American people
believe banks are doing all they
can to control inflation and high
interest rates, according to a national
public opinion survey on banking re
cently completed by Louis Harris and
Associates for the Foundation for Full
Service Banks.

“Adequate labor and forage re
sources already exist on Illinois farms
>tp more than double the number of
beef cows. The producer who con
trols resources that can be used effec
tively in maintaining a cow herd may
►enjoy a comparative advantage in the
A preliminary report on the study
years ahead.”
|was released last month by Richard
j B. Beal, executive vice president of
|the Foundation. He said the full re>
Importance to Iowa
Here in Iowa the last General As i port will be released later and copies
sembly did its part to promote this j will be sent to member banks.
project by eliminating the tax on
“By 55 to 26 per cent, people say
vbrood cows. These figures compiled
; that banks are doing all they can to
_£y Iowa State University economists
control inflation and high interest
were printed in the last Livestock
rates,” the report stated. “An even
.Market Summary distributed by the
higher 60 to 21 per cent of the public
Iowa Department of Agriculture: “ If
believe banks cannot be held respon
H ow a’s cattle feeding industry was
sible for high interest rates since these
suddenly taken out of the economy,
are mainly set by governmental ac
■*62,000 people would be looking for
tion.”
J^ew jobs—6 per cent of Iowa’s total
employment; 15,000 directly in cattle
Only 6 per cent of the public and
^feeding; 12,000 in cattle slaughter;
12 per cent of the opinion leaders sin
1,400 in feed industry; others in trans gled out banks as a major cause of
portation and related services. Values inflation.
of inputs to this industry. Total feed
“The fact is that with certain pin
**$446,000,000; hay $80,000,000; silage
pointed
exceptions, the American peo
§47,000,000; veterinary service $18,000,ple give banks, bankers, and banking
000; machinery, fuel and equipment
almost uniformly high marks on the
$31,000,000; miscellaneous $14,000,000.
performance of the retail banking
Total 1968 receipts from cattle and calf
function,” Mr. Harris reported. “The
»ales were $1,250,000,000.”
great challenge to banks in the 1960’s
> That, gentlemen, is big business.
Now we are only on the five-yard
bankers can perform a yeoman service
■*-Mne with 95 yards to go. Do we want
to agriculture and the over-all econ
to pursue the issue or forget it? Re omy of our state by promoting this
member, the egg business left Iowa.
production program. We must evalu^ Personnally, I believe that Iowa
the changes and move with them,

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

was whether they could expand their
retail function to penetrate the widest
segments of the public with their serv
ices and at the same time initiate new
services which would meet growing
and more s o p h is tic a te d financial
needs.”
The record of usage of banks from
the Harris survey showed “impres
sive” gains in a wide range of serv
ices. Among the increases reported
since 1966 were:
• Regular checking accounts on a
household basis increase from 56
to 68 per cent of all families.
• Savings accounts up from 52 to 67
per cent.
• Use of drive-in banking from 23 to
39 per cent.
• Personal loans from 11 to 17 per
cent.
• Use of travelers checks from 11 to
19 per cent.
“By any measure, retail banking has
been successful in performing its func
tion in America over the past four or
five years,” the report said. “ In addi
tion, banks have come up with the
major innovation in the credit busi
ness to hit this country in many years,
the bank-affiliated credit card.”
Pointing to the public acceptance of
the “full service bank” concept, the
report said: “By 54 to 26 per cent, the
public believes that without full serv
ice banks, it would be impossible for
people to pay bills by check, borrow
money, or have a savings account in
the same place.”
The report observed that the full
service concept “has probably done
more to sell banking to the American
public than any other innovation in
the last 50 years.”
Major problems for banking emerged
from the survey, however, according
to the preliminary report. These are:
the public’s belief that banks are prof
iting from high interest rates; the in
creasing competition for the public
savings; the growing need for broaden
ing bank services into new areas in
the fact of rising opposition, and the
public demand that bankers should
take more leadership in solving social
and community problems.
“Only by a positive and total identi
fication with the well being of the
community and the nation,” the report
states, “can banks, banking and bank
ers extricate themselves in the crisis
which now faces them and take full
advantage of the future opportunities
for truly Full Service Banking.”
rather than join those who always are
ready to say, “ It won’t work.” If we
fail to face up to new challenges, then
time will pass us by, both in farming
and in banking.— End.
Northwestern Banker, June, 1970

28
y-.

Harris Report Reveals

M innesotans

OWHERE in the United States are bankers held in
greater esteem than in Minnesota, according to a
recent survey conducted by nationally-known re
searcher Louis Harris for the Foundation for Full Service
Banks.

Nationally, people generally do not hold bankers
responsible for the economic problems that are affecting
the country, today. In Minnesota, even fewer people
hold bankers responsible for these conditions.
Across the country more and more people are recogniz
ing the concept of Full Service banking, the Full Service
Bank emblem, the institutions which offer Full Service
banking, and are responding to the “Full Service” ad
vertising messages. In Minnesota, this public recogni
tion is 55 per cent greater than the national average and
more than double that of several other states individually
polled.
The American public, for the most part, prefers to save
at a Full Service bank even though the greater percentage
of them believe that Full Service banks pay the lowest
interest rates. Minnesotans concur that the savings in
terest rate is lower at Full Service banks, but an over
whelming majority—80 per cent— still prefer to keep
their accounts at the sign of the “ Full Service Bank.”
The one negative score given bankers throughout the
nation was in the area of solving social problem«.
Although scoring a positive rating as a corporate citizen,
the Full Service banker comes out on the negative side
in his contributions to solving current problems such as
poverty, urban renewal and race relations. When broken
out by states, however, Minnesota gave bankers a plus
across the Board except for finding solutions to racial
problems.
The Full Service banker is well liked across the coun-

Northwestern
Banker, June, 1970
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Their

try, and in Minnesota he is even more highly regarded.
The nationwide study, conducted by Louis Harris
Associates, Inc., was commissioned by the Foundation as<^
a part of its continuing research into the public attitudes
towards banks and bankers. Conducted in two parts— <
one a study of public opinion and one a survey of the
attitudes of community leaders—the project encompassed"1’'*
more than 3,000 interviews with members of the general
public and about 800 community leaders.
In the public survey, 10 specific states were broken'^
out for individual study so as to provide a geographical
cross-section study for the country as a whole. Minne
sota was one of them.
^
In the area of recognition of Full Service banking, 87
per cent of Minnesota residents reported having heard of*"*
a Full Service Bank compared to a national average of
56 percent; 80 per cent said they had seen or heard ads
for Full Service Banks while nationally only 48 per cent
had; and 57 per cent were familiar with the Full Service
Bank emblem, whereas in the rest of the nation only 31 <
per cent were.
Nationally, the survey discovered that 51 per cent of
the public knows what a Full Service bank is, 64 per £
cent knows what a savings and loan association is, and
82 per cent knows what a mutual savings bank is. Min-

Banks are concerned about helping
their communities.
T-

Minnesota
53% Yes
National Average
38% Yes

Hankers
4
*

nesotans scored high on their knowledge of all three types
' of financial institutions, particularly about Full Service
^banks with which 85 per cent were familiar. Seventy-one
per cent knew about savings and loan associations and
»- 63 per cent knew about savings banks.
^

> Only 12 per cent of Minnesota respondents believe Full
Service banks pay the highest interest on savings, ac
c o r d in g to the Harris report, but 80 per cent of them
Prefer to save at Full Service Banks. Nationally the
v'Same percentage believes the highest rates are paid by
Full Service banks but only 65 per cent prefer to save
at them.
* The majority of people polled nationally by the Harris
¡»organization do not believe that banks are responsible
for high interest rates and do believe that banks are doing
>all they can to control inflation and high interest. This
was indicated by 60 per cent on the first question and 55
bon the second. In Minnesota the response was 68 and 67
per cent, respectively.
r

People of the nation do believe, however, by 43 to 38
■»'per cent that inflation and high interest rates mean high
profits for the banks. But in Minnesota they turn down
* this contention by a substantial 53 to 33 per cent.
** The final area probed by the Harris study concerns the
^ public service image of banks and bankers.
^ Nationally, 38 per cent of the public believes that
J bankers are concerned about helping their communities,
Awhile in Minnesota the score is 53 per cent. Minnesota
respondents further substantiate their belief in banker
^involvement by scoring them 35 to 31 per cent positive
on helping the needy and, 40 to 31 per cent on helping
> to rebuild the cities. Nationally, the public gave bankers
a negative rating on these two points by 37 to 28, and
39 to 29 per cent, respectively.
Most people in the nation—53 per cent—believe the
^banker is a good corporate citizen, and even more—57
per cent—believe he should take strong leadership in
helping to solve community problems. The corporate
citizenship of bankers, which was defined as “being
^responsible members of the community,” received a 77
¿Per cent positive score from Minnesota residents which
places bankers of that state above the rest of the nation,
¿according to the report. In Minnesota people also believe

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Banks are helping the needy.
Minnesota
■ ■ ■ ■ ■ i 35% Yes
National Average
37% No
Banker is a good corporate citizen.
Minnesota
77% Yes
National Average
53% Yes

Banks are responsible for the high
interest rates.
Minnesota
68% No
60% No
Banks are doing all they can to control
inflation and high interest rates.
Minnesota
67% Yes
National Average
55% Yes
Inflation and high interest rates mean
high profits for banks.
Minnesota
53% No
National Average
43% Yes
that bankers should take a strong leadership role in areas
of community social problems.
The report presents a new challenge to bankers.
“The days when business problems were separate from
other problems within a community appear to be over,”
Harris observes, “The American people strongly feel that
if businessmen are depending upon a community for
their livelihood, then they should also contribute towards
solving the problems of the community.”
The Harris report concludes that recognizing this
mandate, bankers have a job to do, first in helping to
solve the major social problems, and then in letting peo
ple know how they are contributing to the communities'
well-being.—En d
Northwestern Banker, June, 1970

Survey lier eu is A reraye
Ad Hudyets tur Hunks
HE nation’s 13,864 commercial
banks spent an estimated $418,104,375 for advertising in 1969—
an increase of 19 per cent over the esti
mated $351,919,826 spent in 1968, ac
cording to the Bank Public Relations
and Marketing Association.
The figures were contained in the
Association’s annual advertising sur
vey, “Bank Advertising Analysis of
1969 Expenditures,” which is based
upon detailed reporting of advertising
expenditures by 1,055 Bank PRMAmember banks.
The respondents spent $140,513,133
for advertising in 1969, according to
the study.
They were asked to break down
their advertising expenses according
to the media used and according to
selected services advertised. Of the
total, 1,041 banks reported their figures
in terms of dollars spent in various
media, and 929 of the responding

banks did the same for dollars spent
for selected services.
Newspapers r e c ei ve d the major
share of the expenditures, with $28.1
million. Next came television with
$22.7 million, radio with $14.4 million,
trade papers and magazines with $12.6
million, and outdoor with $10.8 mil
lion.
The remaining categories included
direct mail, $6.7 million; calendars/
specialties, $5.7 million; booklets and
literature, $5.3 million; point of pur
chase, $2.8 million; premiums, $2.7 mil
lion; directories, $2 million; transpor
tation, $1.2 million; telephone, $0.9
million; and other, $10.5 million.
As for sums spent for specific serv
ices, institutional advertising—that is
advertising not directly related to one
specific service—accounted for $25.8
million, followed closely by savings,
$25.1 million, and credit cards, $22.1
million.

CheehlistTells i f you 're u
"U o it yourself33Executive
-A-LTHOTJGH top management preaches the merits of delegation, too
many managers, supervisors, and foremen remain “do it yourself” types
without knowing it, says Raymond Dreyfack, business advisor. He pro
vides a diagnostic checklist in the current edition of the Office Administra
tion Service of The Dartnell Corporation.
As an executive, you are not delegating properly if you find at least
three or four of the following indicators applying to your situation:
• You’re hectically busy, with no cushion of time to sit back and think
creatively.
• You keep putting off an important but unscheduled project.
• Increasingly you find yourself taking work home at night.
• You wouldn’t mind delegating that job, but after all, no one can do it
as fast as you do.
• You recognize you should do more planning but can’t find the time
for it.
• Department’s turnover rate is too high; employees quitting because
they don’t have enough challenge and opportunity.
• Tasks pile up to the ceiling when you’re away, out sick, or on vaca
tion.
• Too many subordinates spinning their wheels, doing the same job,
possessing the same degree of know-how as one, two, three years ago.
• You feel insecure at times, reluctant to delegate work because you’re
afraid a subordinate will do it better than you.
• You’d be happy to delegate except for one thing: The know-how you
possess came hard and took a long time to acquire; why should you
pass along what you know to somebody else?
If three or four of the above-stated indicators ring a bell, it may be a
sign that there’s no better time than the present to start sharpening your
skills as a delegator. And if several more of the indicators strike a
familiar note, your need for corrective action may be urgent, Mr. Dreyfack
warns.— End.
Northwestern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

A■
Next came installment loans, $10.5
million; regular checking, $9.6 million;
trust, $4.3 million; non-recurring ex
penses, $4.1 million; special checking, r
$3.5 million; commercial loans, $2.9
million; mortgage loans, $0.7 million;
and safe deposit boxes, $0.4 million.
,
“The big swing in 1969 was towards
advertising for savings in all its forms: t
savings accounts, certificates of de
posit, etc.,” the survey reported. “Most 1
of the large increase in expenses went
into this area with additional funds *
allocated to push both regular and
special checking accounts.
“The trend towards greater emv
phasis on credit cards continued into
1969. Established credit card opera- *
tions now spend significant sums \ .
which were augmented by the huge
start-up costs experienced by some
banks newly entering the field.
“Tight money caused some reduc- * '
tion in advertising for all loans: in
stallment, commercial, and mortgage.”
As a service to individual banks, the
association classified its results into
17 size categories of banks, based upon A
total deposits. This enables a specific
bank advertising manager to compare
his advertising expenditures with ^
those of other banks of comparable
size.
>~<
The smallest category—banks with
deposits of less than $5 million—spent
an average of $1,986 in advertising for ^
each $1 million in deposits. Banks
in the $50-70-million-deposit category ^
spent $1,047 per million, while banks
in the largest category—deposits of a
more than $1 billion—spent an aver
age of $534 per million of deposits.
4
More than half the responding banks ,
(57 percent) reported using an adver
tising agency. This is a 1 per cent rise
over the previous two years.
About three times as many banks
said they plan to increase their budgets rather than to decrease them, and
about the same number said they plan
to retain expenses at current levels.
Many banks planning to decrease ex- »<>penditures, however, reported unusual
non-recurring expenses in 1969 for
such one-shot activities as anniver- , .
saries, openings, and special promo
tions such as new credit cards.
4
Bank PRMA cooperated with the
Illinois Bankers Association in con- a
ducting a similar survey of Illinois
banks.
Copies of “Bank Advertising Analy
sis of 1969 Expenditures” have been
mailed free to all Bank PRMA mem
bers. Additional copies are available
at a price of $3 for members and $5 ■<
for non-members from Bank PRMA,
309 West Washington Street, Chicago, 4
Illinois 60606.
.

If your bank has a problem,
w ell give it another thought.
V

Not necessarily a better thought.
But perhaps an alternative,
that you might like better and find
useful.
For example, w ell review

W ell do more than just
annual reports. Work with you
sit on it.
on profit planning and profit
sharing. Offer executive talent
Your bank has resources it
referrals.
hasn’t
even used yet. Ours.
W ell appraise your customers’
merger and acquisition proposals. I r v i n g T r u s t C o m p a n y
One Wall Street, N.Y.
No matter what problem pops
A Charter New York Bank, Member F.D.I.C.
up at your bank, ask Irving Trust.

*- >

-H

>
>>■
y
V
- , >.

•k-,

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Northwestern Banker, June, 1970

) H

Directors and Officers
LiabilityInsurance
NCREASINGLY, suits are being brought against di
rectors and officers of corporations by stockholders to
recover damages for real or fancied wrongdoings.
While circumstances vary widely, the claims made in
suits for financial wrongdoing are based largely on negli
gent management, violation of a law or regulation or
breach of duty.
As a result of the expanding number of lawsuits, direc
tors and officers who may be financially liable in these
suits are turning to directors and officers liability insur
ance. Here are some of the most common questions and
answers regarding this type of insurance.

Why should coverage he proposed?

Because the personal fortune of every director and offi
cer is endangered from the moment he assumes office.

Directors and officers liability coverage provides protec
tion against loss to the executive personally and also to
the corporation when it does not indemnify the director
or officer.
Who qualifies for coverage?

Large industrial and commercial corporations, banks,
insurance companies, major educational and charitable in
stitutions and other incorporated business and organiza
tions of similar size and scope. The underwriters make
the final determination as to insurability of a risk.
Isn’t directors and officers liability coverage available
under present coverages carried by most corporations?

No. Some policies, such as umbrellas, may under “defi
nition of insured” cover individuals while acting in the
scope of their duties. Umbrellas do not cover errors and
omissions types of claims, which essentially is what a
director and officers liability policy covers. A corporate
executive would, in any event, not be covered under the
umbrella if he were involved in a derivative action—a suit
in the name of the corporation against the officers or
directors.
Is the corporation also covered?

Yes, because the corporation is obligated under its charNorthwestern
Banker, June, 1970
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

ter or by-laws to indemnify its officers and directors or -<
actions brought against them.
Does coverage apply only to stockholders’ actions?

No. Coverage applies, subject to terms and conditions,
to any legal action. For example, the plaintiff in the case
of a bank could be the FDIC, or in the case of a manu
facturer a competitor claiming unfair competition or per
haps, as has been common of late, corporate piracy. Ac
tions by the Securities and Exchange Commission and
other governmental regulatory bodies are also covered.
*
What about individual coverage?

As with most types of insurance required by many
types of groups, it is more logical and economical to ,
insure a group. This is what the directors and officers
policy does.
A-r
How much does it cost?

Each account is individually rated. Amony items con- *
sidered are assets, number of officers and directors, sales,
date business established, type of business, earnings and
dividend paying records, etc. Quotations in every case ^
are prepaid three-year premiums.
What about subsidiaries?

A*-|

Wholly owned and controlled subsidiaries are usually
covered without qualification under the contract. Inter
ests in other corporations representing less than 50 per
cent interest are not covered, even though some directors
of the corporation may be sitting on the board of the
affiliate for equity protection.
Can director positions in other corporations be cov-^
ered?

In the case of banks, underwriters have extended cov- '
erage to include bank directors or officers while serving ^
at the bank’s request on boards of other corporations in
which the bank has an interest. Such extension coverage
is not generally available to other than financial institu
tions.
—Material furnished courtesy Stewart,
Smith, a leading underwriter of di
rectors and officers liability policies.
<

F ir s
banker whose full-time job is helping
people like you. A banker who talks
y o u r la n g u a g e and u n d e r s t a n d s
your problems. He, in turn, is back
Your good friend and custom er is in ed by our international banking spe
the food processing business. He cialists both here and abroad. In
has found a promising new market addition to our full-service branch
f o r h i s p r o d u c t s in B r u s s e l s , in Brussels, The First has a fast
Belgium. He needs information on g ro w in g n e tw o rk of in te r n a tio n a l
inte rn a tio n a l financing and know branch offices.
International banking help is only
how, fast.
We have both to spare at The First. one way our correspondent bankers
A call will put you in touch with a give you First aid. We'll help solve

...for banks not set up
to diagnose overseas problems.

your problems involving investm ent
management, agricultural transac
tions, cash letter service, transfer of
fu n d s —and many more.
So talk _to a banker whose only
customer is his correspondent—you.
Phone (312) 732-4119 for First Aid.

The'
First National Bank
o f Chicago
L O N D O N • F R A N K F U R T • BEIRUT • TOKYO
P A N A M A CITY • J A M A I C A • M E X I C O C IT Y
B R U S S E L S • M ILA N • PA R IS • D Ü S S E L D O R F
F IR S T C H I C A G O I N T E R N A T I O N A L
B A NK ING CORPO RATIO N,
NEW YO RK

m m

mmmm

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Northwestern Banker, June, 1970

C e tt t ra I N a t i o n a l

Celebrates
7 5 th . 1 a a ¡ v e r s a i 'u

Throughout the years the bank has
HE Central National Bank and
Trust Company of Des Moines, been a leader in new ideas and innova
Iowa’s second largest, is currently celtions in banking. In 1936 Central Na
ebrating its 75th anniversary. Specialtional was the first bank to introduce
advertising campaigns, open house in an installment loan department. To
the bank, door prizes, and drawings day this service is offered at most
for expense-paid vacations have ear banks across the country. Central Na
tional was also the first to inaugurate
marked the celebration.
Throughout its 75-year history die a farm management department. This
department today is directly involved
bank has had only seven presidents.
The bank was first organized in 1895 in the management of over 40,000 acres
under a state charter and operated as of land.
Central National has always been
Central State Bank. Martin Tuttle
one of the leaders in new banking
was the first president of the bank.
In 1929 the state charter was relin
quished, and a national charter ob
tained. The name was then changed
to Central National Bank and Trust
Company of Des Moines. Today the
bank is still growing, under the di
rection of B. C. Grangaard, president
and board chairman.
The deposits on the first day of busi
ness in 1895 amounted to $4,330. Since
then the bank has grown steadily and
prosperously, as indicated by the
growth pattern of deposits:
1895 .............. $
4,330
1900 .............. $
461,234
1930 .............. $ 9,577,000
A 75TH ANNIVERSARY isn’t complete
1940 .............. $ 22,015,000
without cake so B. C. Grangaard (le ft),
1950 .............. $ 78,275,000
pres. & chmn., and Sherry R. Fisher, v.p.,
1960 ................ $107,127,000
get plates o f cake to serve customers in
main lobby of bank during open house.
1970 .............. $190,518,000

Northw estern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

methods. It was one of the first banks
in Iowa to offer the convenience of a
branch office with drive-in windows. „
It was the first bank west of the Mis
sissippi to install the “Postronic” book
keeping machine, and has been a lead
er in the use of computers.
Throughout its 75 years of business,
Central National Bank and Trust Com
pany has played an important part in
the development of Iowa through its
extensive number of correspondent
bank relationships with other Iowa
banks. This forms an important seg
ment of Central National’s business
and the four officers in the correspond
ent bank department, aided by officers .
in other departments working closely
with correspondent banks, maintain
close, personal contact with Iowa
banks throughout the year. The de
partment is headed by Dale C. Smith,
vice president. He is assisted by
Richard L. Smith and Eddie A Wolf,
vice presidents, and Russell G. Plager,
correspondent bank officer.
In its 75-year history the bank has
changed quarters, remodeled and ex
panded six times. A new 14-story
building was dedicated in February of
1967. The building stands at Sixth.
and Locust in the heart of the down
town Des Moines business district.—
End.

A W elcome to
Fred Cou Ison

•y

>. >
Ä

Wß

ommerce

Ba n k
o f Kansas City

Box 248 Kansas City, Missouri 64141
Phone: 816-842-7500
A Commerce Bancshares Affiliate

May 6 , 1970

>
' >

Mr. Fred N. Coulson, J r .
b26 West 67 S tr e e t
Kansas C it y , M issou ri 6^11^
Dear Fred:
W e're d e lig h te d t o welcome you as a v ic e p resid en t o f Commerce Bank and as
head o f our Correspondent Bank Department.
The fa c t th at you know and have
worked c lo s e ly w ith bankers throughout the country w i l l enable you t o make
a very stro n g c o n trib u tio n t o t h is important segment o f our banking b u sin e ss.
As you know, Commerce Bank o f Kansas C ity has lon g been
lead ers in correspondent banking.
One out o f ten banks
i s our customer.
To continue as a le a d er we b e lie v e we
b e t t e r s e r v ic e s , and more sin c ere p erso n al a tte n tio n t o
than ever b e fo r e .

>
iV

one o f th e n a t io n 's
in th e U nited S ta te s
must o f f e r more and
our correspondents

You have been s e le c t e d t o le a d our fu tu re correspondent banking a c t i v i t i e s
because o f your record o f achievement at Old S e c u rity L i f e .
W h ile , o f cou rse,
th e nature o f our se r v ic e s i s d iffe r e n t from those you have been h a n d lin g , we
know you w i l l continue t o perform w ith th e same to p -n o tch e f f i c i e n c y and the
same human understanding th a t you evidenced during your p a st tw en ty-th ree
years o f working with bankers.

>
y

A l l o f us look forward t o having you w ith u s , Fred.
You can count on our f u l l
cooperation in fin d in g new ways and means o f making our correspondent banking
operation as b e n e f i c ia l as p o s s ib le t o our custom ers.
S in c e r e ly ,

-*■

P. V . M i l l e r , J r . , President

J ilt
-

C o m m e r c e

Ba n k
o f K ansas

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

C ity

No rthwestern Banker, June, 1970

\ --

V
a.

Y
t
<
i

PICTURED at the ribbon-cutting ceremony at Tension Envelope’ s new plant in Des Moines were (le ft to r ig h t): Thomas Urban,
Mayor of Des M oines; Hon. Robert D. Ray, Governor of Iow a; Phillip GodcLard, v.p. & genl. mgr., Tension Envelope Corp. of Iowa,
and Walter Hiersteiner, exec, v.p., Tension Envelope Corp., Kansas City. Photo at right shows spaciousness of new plant, with
envelope folding machines in foreground.

V -f!
States and foreign countries. The
Phoenix firm of Guirey, Srnka, Arnold
HE Tension Envelope Corporation were in the former location. The new and Sprinkle will be associate archi
of Iowa has moved into a new 80,- plant is the fourth location in Iowa tect.
The contractor, Mr. Bimson said,
400 square foot production, warehousesince 1925. The new plant affords more
and office facility. Located near thethan double the floor space in the old will be the Henry C. Beck Company,
Freeway in northeast Des Moines and plant. The company employs approxi a world-spanning, Dallas-based firm
which maintains its Western divisional
within the “Port Des Moines Indus mately 100 persons.
headquarters in Phoenix. Kitchell
trial Park,” the new building is twice
Tension Envelope of Iowa is well
the size of the company’s previous known in the banking industry as the Contractors, Inc., of Phoenix will be
the associate contractor.
plant.
largest supplier of envelopes to banks
Cushman and Wakefield, Inc., of
Phillip Goddard, vice president and in the state. The company is a spe
general manager of Tension of Iowa, cialist in banking envelopes and crea New York has been named project
stated that continued growth in de tive art designs. It has been custom consultant, and will see it through
mand for envelopes of all types in the designing of envelopes for banks and from beginning of c o n s tr u c tio n
through leasing of space not utilized
company’s Iowa, Illinois and Wiscon other businesses for many years.
by the bank in the completed build
sin markets made expansion neces
It is affiliated with Tension En ing, Mr. Bimson said.
sary.
velope Company, Kansas City. The
The complex, to be the largest struc
Many of the latest concepts in en nine plants of the parent corporation
ture in the Southwest, will be built
velope production and material han in the United States make it the larg
on two blocks in downtown Phoenix
dling have been designed into the new
est independent producer of envelopes located in the area bounded by Cen
plant. Both temperature and humid in the nation.
tral Avenue, Van Burén Street, Sec
ity are regulated automatically, for
ond Street and Monroe. The decision
more precise quality control at every
on the site is regarded as a sizeable
Valley
National
to
Erect
stage of production. Increased ware
impetus to the already booming down
Skyscraper in Phoenix
house space will enable the company
Valley National Bank of Arizona has town Phoenix section.
to maintain a larger variety of stock
Mr. Bimson also announced that a
envelopes for immediate delivery. announced its plans for a new head
Greater manufacturing flexibility will quarters complex to be built in down veteran Valley banker, W. R. Hafford,
executive vice president for property
permit expansion of the company’s town Phoenix.
Earl L. Bimson, president, said that development, will administer the en
wide range of specialty envelopes
which are tailored to customer specifi the architect will be Welton Becket tire project. Mr. Hafford, who joined
and Associates, a firm which has de the organization in 1930, is best-known
cations.
Tension Envelope is celebrating its signed more than four billion dollars nationally as a specialist in commer
45th anniversary, and 35 of those years of constructed projects in the United cial lending, but is broadly experi
enced in the total operation of the
bank. He is also a director.
While final concepts have not been
revealed, it is anticipated that the new
Valley Bank headquarters will domi
nate the Phoenix skyline, rising some
450 feet to 30 or more stories. A park
ing facility for more than 1500 cars
is expected to occupy part of the twoblock site.

Envelope Firm Doubles Capucity

Northwestern Banker, June, 7970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

-<u

< -4

-<
W-

y
«

<
-C
<
V
A
A«-;
è

r
-¥

-4
A
-V.

GET THIS BOOK FREE
: W HILE THE STATISTICS LAST
y >

y
y
yr

>
V>

A
*■

To say that Southern California is growing
would be the understatement of the decade.
From 1960 to 1969, the average
annual population increase was
equivalent to adding a city the size
of Tucson, Arizona.
Or, every year adding two
Trenton, New ferseys.
With an increase in population,
you get an increase in retail sales:
1969 was 8.9 percent over 1968.
For a total of $23.5 billion.
If you're interested in partici
pating in that kind of growth, you
should be interested in that kind
of information.
You'll find it all in Security
Pacific Bank's Southern California
Report.
Considered to be a defini
tive study, the Report is divided
into two parts.
Part one is a text covering
such subjects as population,
employment, personal in
com e and real estate. It also
includes charts, maps, illus
trations and color photographs.
Part two is a detailed,
statistical appendix document
ing part one.
Naturally, w e suggest you order your
free copy as soon as possible.
W hen you're dealing with the growth of Southern California, just about
everything is subject to change without notice.

-«'.V
y

Security Pacific National Bank
Mr. Arch D. Hardyment, Vice President
Economic Research Department
P.O. Box 2097
Los Angeles, California 90054

□ Please send me the new Southern
California Report.
Please put me on your mailing
list for "Monthly Summary of
Business Conditions" in
Nam a______________________________________
□ Southern California
Address
□ Northern Coastal
City_____________ State__1___ Zip__________ □ Central Valley
CLIPANDATTACHTOYOURLETTERHEADORCARD.

SECURITY PACIFIC BANK

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

M E M BER FD 1C
1 9 7 0 SE C U R IT Y PA C IF IC N A T IO N A L BA N K

No rthwestern Banker, June, 1970

38
i

-f

Illinois Bankers Elect
Fred W . Heitmann.

*.
X

<*
<

B y MALCOLM FREELAND
Publisher
*

■y

*
NEW OFFICERS of the Illinois Bankers Association are pic
tured above. Seated in the foreground is the new president,
Fred W. Heitmann, Jr., pres., Northwest Natl. Bank o f Chicago.
Other officers, left to right, are: 2nd V.P.— John F. McKnight,
pres., Oak Park N atl.; V .P.— Lewis H. Clausen, pres., Champaign
Nat., and Treas.— Glenn W. Storme, pres., 1st Natl, in Carbondale.

OBODY will be completely satis legislation in the Illinois General As
fied with every aspect of the fin sembly.
ished product of the state constitution
writers.”
Oppose Branching
The IBA has always opposed branch
This was the conclusion drawn by
Samuel W. Whwer, president of the banking. Fred W. Heitmann, Jr., pres
Illinois Constitutional Convention, be ident-elect of the association and pres
fore the 79th annual convention of the ident of the Northwest National Bank,
Illinois Bankers Association in Peoria Chicago, said that o p p o s itio n to
branching has been strengthened by
last month.
Some 72 hours later, Mr. Witwer’s a decisive vote at the closing session
predictions proved to be correct! Con of the 79th convention. There were
Con delegates voted 60 to 38 to strike only 20 opposing votes to the declara
all sections pertaining to banking tion on a continued policy of opposing
from a new constitution scheduled to branching and registered bank hold
ing companies in Illinois.
go before the voters this fall. These
sections included a referendum which
New Officers
the Illinois Bankers Association had
Mr. H eitm an n su cce e d s Myron
demanded remain intact to prevent
possible future passage of branching Heins, president of the Bank of Pon-

tias, as IBA president. Elected to
assist Mr. Heitmann are: First vice v~*r
president, Lewis W. Clausen, presi
dent, The Champaign National Bank;
second vice president, John F. Mc
Y
Knight, president, Oak Park National
Bank, and treasurer, Glenn W. Storme,
president, First National Bank in Carbondale. Robert C. Schrimple con A
tinues as executive vice president, and
George Morvis continues as secretary. 4>
Based on proceedings over the past
few years, an Illinois convention
wouldn’t be “normal” if a few fire ■<works weren’t injected during one or
more of the sessions. Delegates K
weren’t “disappointed” this year. Dur
ing the first business session, a con
test between two Illinois bankers—
A
one from a suburban Chicago bank
AA

T-

LE FT— Myron Heins, IB A pres.; Michael J. Howlett, auditor of public accounts, State of Illinois, and Robert C. Schrimple, IBA
exec. v.p. RIGHT— Don Carlson, pres., Elmhurst Natl. Bk.; H.S. Repr. Leslie Arends, and Allen P. Stults, chmn., Amer. Natl. Bk. &
Tr. Co., Chicago.
Northwestern
Banker, June, 1970
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

>
>

►
V>

W e’ve got som ething going on the side.

►

It’s a quiet little affair we’ve been carrying
on with correspondent banks for quite some
time.
When it started, we offered a full range of
correspondent bank services including pro
fessional counsel on government bonds, safe
keeping services, and help with pension and
profit sharing problems.
Then we added complete On-Line Com
puter services, through our Tel-A-Data Cor
poration subsidiary. Participating banks get
completely computerized up-to-the-minute
records on all savings account transactions
(deposits, withdrawals, interest), complete
mortgage loan service, and general ledger
maintenance.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Our latest addition is a series of sympo
siums. We sit down together and discuss the
many complex problems of financial man
agement: analyzing today’s conditions, fore
casting tomorrow’s. And we explain the full
range of services we have available for cor
respondent banks.
If our services sound interesting to you,
call John Baldauf at (312) 621-6821 or George
Jacobsmeyer at (312) 621-5042.
Maybe we can get a little something going.

Am erican National
The Idea Bank

American National Bank and Trust Company of Chicago
La Salle at Washington 60690
Drive-in Banking, Wacker at La Salle
Phone (312) 621-5000
Member FDIC

No rthwestern Banker, June, 1970

Illinois News
i

LEFT— Mrs. Oliver Daggert, Sterling, and Andrew J. Paine, v.p., Continental Bk., Chicago; CENTER— Walter Charlton, pres., First
Bk. of Meadowview, Kankakee; William Grove, V.P., Continental Bk., Chicago, and Robert Kline, exec, v.p., Illinois Natl. Bk. and
Tr. Co., Rockford. RIGHT— Speaker Samuel W. Witwer, pres., Illinois Constitutional Convention.

LEFT— G. F. Fitzgerald, pres., Palatine Natl. Bk., and Robert E. Hunt, exec, v.p., The Northern Tr
Fred
Cummings, sr. v.p., Drovers Natl. Bk., Chicago, and James E. Brown, sr. v.p Mercantile Tr Co., St Louis. RIGHT Mr and Mrs.
Doug Mills, 2nd v.p., Amer. Natl. Bk. & Tr. Co., Chicago, and Mr. and Mrs. Ben H. Ryan, Jr., pres., St. Bk. of East Moline.

and the other from downstate, and
both vying for election to Class A di
rector of the Federal Reserve Bank of
Chicago, was brought to the floor of
the the convention. Competing for
Class A Group Two post representing
banks of $1 million to $6 million in
size, based on capital and surplus, are
Gerald F. Fitzgerald, 45, president,
Palatine National Bank, and Melvin C.
Lockard, 63, president, First National
Bank, Matoon. The IBA had en
dorsed Mr. Lockard. He is a former
IBA president, and he is seeking his
second three-year term on the Fed
board. Election by area banks is
scheduled for November.
Keynote Speakers
Government administrators and leg
islators occupied a major share of the
79th convention program. Keynote
speakers from Illinois included Con
gressman Leslie C. Arends, United
States representative from the 17th
district, and Michael J. Howlett, au
ditor of Public Accounts for the State
of Illinois.
Representative Arends discussed
some of the major problems confront
ing the American people, namely the
war in Vietnam and the battle against
inflation. Representative Arends re
minded delegates that practical solu
tions to both situations will take time,
patience and self sacrifice. He backed
Northwestern
Banker, June, 1970
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

President Nixon’s efforts on both the
domestic and international fronts. He
suggested that no president since
Abraham Lincoln has faced such a
monumental task as President Nixon.
Concluding, Representative A ren d s
advised bankers to become active in
politics and political affairs.
Auditor Michael J. Howlett told del
egates that state appropriations in Illi
nois have increased from $2.9 billion a
year in the last Kerner biennium to
$4.4 billion in fiscal 1970. Proposals
for 1971 total $4.9 billion.
He suggested that if we really want
to keep taxes down, we must under
stand two things:

1. Every time we ask for a new
service, it is all the people who have
to pay for it. We may run to Wash
ington or to Springfield for help, but
the taxpayer is the one who pays the
bill.
2. The people must take an active
interest in their government, or their
elected representatives will be forced
to listen to special interests who speak
with a louder voice.
Concluding his talk, Auditor How
lett suggested that business men, and
especially bankers, should be willing
to serve in government.
The 1970 convention coordinating
committee was composed of Robert L.
Denton, South Side Trust & Savings
Bank; Joseph E. Gummerson, First
National Bank; Clifford A. Michael,
Jr., Commercial National Bank, and
Robert D. Schaefer, Jefferson Trust &
Savings Bank, all of Peoria.
The 79th annual convention ended
on a “happy note” with President My
ron Heins presiding at the banquet
while Norm Ladd and his orchestra,
plus The Tequila Brass played for lis
tening and dancing pleasure.—End.

VISTING between sessions were, from left:
Dave Webber, v.p., Harris Bank. Chicago;
Don Still, pres., St. Bk. of Woodstock;
H. Parker Smith, sr. v.p., Boatmen’s Natl.
Bk., St. Louis, and Art Gneuhs, a.v.p., Har

ris Bank, Chicago.

Personnel Director Named
Dan E. Andrew, formerly industrial
relations manager for General Time
Corporation’s Westclox division in La
Salle, Illinois, has been appointed ^

-y

>
K
>

~frr

y
»>

*- y

Sorry to turn you down, Sonny, but
you’re even too young for me to call la lco ttr
It’s rare indeed when you can’t substitute Talcott “ know-how”
for a “ no.” Our ability to create a “ collateral package” invariably
solves your customer’s immediate need. Meanwhile, you keep both
the account and a good relationship until unsecured financing
is possible. “ Talcott and Banks” tells just how we help. Write for a
copy, or call our nearest office and T a lk to t h e M a n f r o m T a lc o t t .

JAMES TALCOTT, INC. • FOUNDED 1854
Commercial & Industrial Financing • Factoring
A
u

820 Northwestern Bank Building, Minneapolis, Minn. 55402 * (612) 339-7711
Atlanta * Boston * Chicago * Dallas • Detroit * Los Angeles * Miami
Minneapolis * Newark * New York * Philadelphia • Puerto Rico * San Francisco

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Northwestern Banker, June, 1970

Illinois News

Pictures Taken A t M inois tonrvn/ion

LEFT— William T. Dwyer, v,p., First Natl. Bk., Chicago; Mr. and Mrs. E. N. Davis, v.p. First Galesburg Natl. Bk. & Tr. Co.; and Mr.
and Mrs. Harry Krauspe, Jr., pres., Sandwich St. Bk. BIGHT— Mr. and Mrs. Chris Heiligenstein. ehmn., First Natl. Bk., Belleville,
and James A. Smith, v.p., Mercantile Tr. Co., St. Louis.

LE FT— Joe Orlando, v.p.; Harry Smith, v.p., and Roger Huber, correspondent bk. off., all of First Natl. Bk., St. Louis; Joseph G. Lutz,
reg. adm. of natl. banks, Chicago, and Carroll Burton, sr. v.p., First Natl. Bk., St. Louis. RIGHT— Head table dignitaries included
group officers. Shown in center facing camera is Frank E. Bauder, ehmn., Central Natl. Bk., Chicago, and Gr. 1 chmn. for 1969-70.

L E FT— Cy Kirk, v.p., LaSalle Natl. Bk., Chicago; Oliver Daggert, sr. v.p., Foundation for Full Service Bks., Sterling, 111.; Harry M.
Paetow, pres., Palos St. Bk. Palos Heights, and Mrs. Kirk. BIG H T— A. J. Wegeng, pres., St. Bk. of Chrisman ; Bernard Miller, v.p.,
Drovers Natl. Bk., Chicago; Robert DeRousse, v.p., and Chas. Eatherton, a.v.p., both of Natl. Stock Yds. Natl. Bk.

director of personnel of the Citizens
Bank & Trust Company in Park
Ridge.

Batik Ownership Changes
Ownership of the State Bank of
Annawan ch a n ged hands recently
when the Annawan Investments Com
pany purchased 1622 of 2000 shares of
capital stock from Willis R. Retzlaff.

and chief executive officer of the
financial institution in recent action
taken by the board of directors. He
will continue to serve as bank presi
dent.

Permit to Organize Granted

A permit to organize has been issued
to establish the Bloomingdale State
Bank at 114 East Lake Street in
Bloomingdale. Total capitalization will
be $750,000. Organizers are: Leo D.
Des Plaines Bank Change
G. Rex Wilson, president of the Des LaFleur, Bloomingdale; Leonard J.
Plaines National Bank since 1966, has Browark, Arlington Heights; Edward
been named chairman of the board S. Mraz, Roselle; James M. Reed, Pala-

No rthwestern
Banker, June, 1970
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

tine; Glenn E. Mensching, Itasca, and
Eugene C. Ernsting, Roselle.

Permit for Lockport Bank
A permit to organize a new bank
in Lockport, to be known as the
Bank of Lockport, has been issued by
the State of Illinois Commissioner of
Banks and Trust Companies, accord
ing to an announcement by Roland
W. Blaha, commissioner.
The organizers of the Bank of Lockport are William J. Callahan, of Lisle,
president of the Bank of Lisle; J. Jay

M
M
&
ÿ
%
4V

Even if they understand it,
they can’t beat it.
it wall c a u s e a n alarm .

y o u h a v e a b o u t se cu rity .

p h o n e lin es, H I - L I N E

B u t d e s p it e its

C o n ta ct y o u r n ea rest

S e c u r it y tr a n s m its a s e t

s e n sitiv ity , H I - L I N E

M o s le r o ffic e o r wa-ite us.

rity. W h ic h wall s a fe ly

o f sig n a ls s o r a n d o m

S e c u r it y is n o t g iv e n t o

M osler, H a m ilto n , O h io

g e t a n a la r m sig n a l f r o m

a n d c o m p le x th a t a n y

fa ls e a la rm s. I t o n ly ca lls

45012.

y o u r fa c ilit y t o a p o lic e

a t t e m p t t o c o m p r o m is e

th e p o lic e w h e n it s h o u ld ,

W e ’v e ju s t d e v e lo p e d a

c o s t s ig n a l g r a d e t e le

d ig ita l c o d in g s y s t e m
c a lle d H I - L I N E S e c u

m o n ito r. I t ’s s o in v in c ib le

w ith d iffe r e n t s ig n a ls

th a t w e ca n te ll y o u h o w

f o r d iffe r e n t p r o b le m s .

it w o r k s w it h o u t w o r r y

W e ’d lik e t o te ll y o u

in g a b o u t b u r g la r s o r

h o w e a s ily H I - L I N E

h o ld u p m e n r e a d in g o v e r

S e c u r it y ca n b e a d a p te d

y o u r sh ou ld er. E v e n i f

t o y o u r p a r tic u la r se t-u p .

t h e y u n d e r s ta n d it, t h e y
c a n ’t b e a t it.
T h e s e c r e t is th e sign a l.
U s in g th e lo w e s t

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Mosler

An American-Standard Company

Illinois New s

Under Construction in

and the curious attended the two-day
affair in the parking lot adjacent to~Cthe bank. Some twenty dealers pro
vided the cars; nearly every make and ^
model was represented, in clu d in g
foreign and sports cars and campers.

W innetka Bank C hief to R etire

ARCH ITECT’S DESIGN for 1st State Bank of Chicago.

EMPORARY quarters are now be N. Cumberland Avenue. The First
ing used by the First State Bank State Bank has capitalization of $1,750,of Chicago until their new bank build
000, the largest capitalization outside
ing opens sometime later this summer.the Chicago loop. C. Frederick Potter
It is now under construction at 4646 is president of the bank.

Gerber of Naperville, a principal of
Gonser, Gerber, Tinker and Stuhr;
Vernon S. Hoesch of Naperville, presi
dent of First Ogden Corporation; John
W. Norman of Lisle, president of
Norman Oil Company; G. K. Pilkenton,
of Naperville, vice president and trust
officer of the Bank of Naperville;
F. W. Robbins of Hinsdale, president
of Bliss and Laughlin; Dr. Arlo L.
Schilling of Naperville, president of
North Central College, and G. Ward
Stearns of Naperville, president of the
Bank of Naperville.
The new Bank of Lockport will
have a total capitalization of $750,000,
consisting of $300,000 capital stock,
$300,000 surplus and $150,000 operat
ing expense reserve.

A ppoint Assistant Cashier

Chicago. The announcement was made
by James W. Howard, chairman of
Growth Capital. Mr. Howard is also
president of Meister Brau, Inc.
Mr. Johnson resigned the post of
senior vice president and director of
the Milwaukee Western Bank, Milwau
kee, to accept the presidency of
Growth Capital. He had been asso
ciated with the Milwaukee bank since
June, 1967.

Sem inar B eing H eld
The Illinois Bankers School of the
Illinois Bankers Association is holding
its Fourth Graduate Seminar June 1718 at the Hotel St. Nicholas in Springfield. Details of the day-and-a-half
seminar were announced by Clarence
J. Lehecka, chairman of the school’s
board of trustees and senior vice
president, Merchandise National Bank,
Chicago.

Emmett B. Finan, Jr. has been ap
pointed assistant cashier in the install
ment loan depart
ment at Drovers
3 5 Years at Cicero
National Bank, it
Frank Truhlar recently completed
was announced by 35 years of service with the Western
R o b e rt L ou gh ,
National Bank of Cicero. He has
chairman of the served the bank in various capacities
board and Michael and departments during that time,
J. Whelan, presi and is currently holding the position
dent.
of vice president and cashier.
Mr. Finan began
employment with
Drovers in Sep New A ppointm ents
E. B. FINAN
Two new appointments have been
tember, 1965, as a
collector in the installment loan de made at the Sears Bank & Trust Com
partment, and was subsequently pro pany of Chicago. George C. Platt has
been appointed assistant trust officer
moted to loan officer in March, 1968.
and John Wolf is now assistant audi
tor.

A ppoint Two O fficials

C.
Paul Johnson has been elected
president and a director and Jerry D. Open-Air Auto Show
Staffers of the First National Bank
Peck has been named treasurer of
Growth Capital, Inc., Chicago, a finan and Trust Company of Evanston re
cial service company which owns 90 cently donned garb of the 1920’s and
percent of the new North Bank and took to the road to ballyhoo the bank’s
100 percent of North Bank Travel, Free Open-Air Auto Show. Several
Inc., both located in Lake Point Tower, thousand car buffs, kids, customers
Northwestern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

One of the North Shore’s most * A
prominent banking executives, Charles
A. Strahorn, president of Winnetka
Trust & Savings
Bank, has an
nounced his re
tirement effective
July 1 of this
year.
Mr. S trah orn ,
who has been in,
banking for more
than forty years,
joined the Win
netka bank in<^
C. A. STRAHORN
1940 as assistant
cashier and has been president of the
bank since 1958. He has been very
active in professional and civic or
ganizations and is immediate past
president of the Chicago District, Illi
nois Bankers Association.
Robert K. Humphrey, chairman of
the board of directors, will assume the
duties as president of the bank. Mr.
Strahorn will continue to be active as
a director of the bank.

Join s W heaton Bank
Robert W. Schnack has joined Whea
ton National Bank in Wheaton as vice
president and cashier. Mr. Schnack
p r e v io u s ly was
cashier and a di
rector of the Bank
of Silvis, Silvis,
Illinois. E a rlie r,
he was chief tel
ler of the State
Bank of Moline.
He is a graduate
of the Banker’s
School at Southr . w. s c h n a c k
Grn Illinois Uni
versity.

i
■4

V~<
4.-

First N ational W ins
“ Best o f Show ”
Continental Illinois National Bank
& Trust Company captured three
Eagles and a Merit Award, but “Best
of Show” honors were reserved for
The First National Bank of Chicago,
as the Chicago Financial Advertisers
concluded its second annual advertising award banquet with over 300 peo
ple in attendance in the Gold Coast
Room of the Drake Hotel.
First National Bank’s Best of Show
entry was a sixty-second television
commercial entitled, “Boy on the Bus.”
The bank also won a Merit Award for

<*
4

'*•

around money the finest is STEel
1

5 O L D S T Y L E C O IN W R A P P E R
A U T O M A T IC C O IN W R A P P E R
Basic coin wrapper in extra strong kraft stock. Printed in 6
Amounts and denominations automatically indicated by
different standard colors to d iffe re n tia te denominations.
patented “ red bordered windows”. Amounts in windows
Triple designation through colors, printing and letters.
always in register. . . eliminates mistakes. Accommodates
Tapered edges.
all coins from lc to $1.00.
6 K W A R T E T C O IN W R A P P E R
T U B U L A R C O IN W R A P P E R
Wraps 4 denominations in half size packages. A miniature of
Especially designed for machine filling. . . a real time-saver.
the popular “Automatic Wrapper” . . . 25c in pennies, $1.00 in
Packed flat. Instant patented “ Pop Open” action with finger
nickels, $2.50 in dimes, $5.00 in quarters.
tip pressure. Denominations identified by color c o d in g ... 6
different standard colors.
7 F E D E R A L B IL L S T R A P
R A IN B O W C O IN W R A P P E R
Package contents clearly identified on faces and edges by
color coded panels with inverted and reverse figures. Made
Color coded for quick, easy identification. Red for pennies . . .
of extra strong stock to assure unbroken deliveries. Only pure
blue for nickels . . . green for dimes . . . to indicate quantity
dextrine gumming used.
and denominations . . . eliminates mistakes. Tapered edges.
8 C O L O R E D B IL L S T R A P
D U Z IT A L L C O IN W R A P P E R
Entire strap is color coded to identify denomination. Printed
Extra wide . . . extra strong. Designed for areas where halves
amount appears on top and bottom of package. Extra wide
are wrapped in $20.00 packs . . . “ red bordered window” for
for marking and stamping. Extra strong stock for safe delivery
ease of identification. Accommodates $20.00 in dollars, $20.00
and storage. Pure dextrine gumming.
in halves. Tapered edges.
9 B A N D IN G S T R A P S
Ideal for packing currency, deposit tickets, checks, e tc .. . . do not break
or deteriorate with age. Size 10 x % inches and made of strong brown
Kraft stock with gummed end for ease of sealing. Packed 1000 to a carton.

SEE

THE

D O W N E Y

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

YOUR

DEALER

C O M P A N Y

SEND

FOR

FREE

H A N N I B A L ,

SAMPL ES

M I S S O U R I

D E P T . N

Northw estern Banker, June, 7970

Illinois News

Homer

MAeinfjstonHies

fid

OMER J. LIVINGSTON, 66, for ber of the Committee on Federal Leg
mer chairman of the board and islation and was chairman of the Sub
chief executive officer of The First
committee on Bankruptcy from 1940
National Bank of Chicago, died May
to 1950. At the ABA convention in
9 in Presbyterian-St. Luke’s Hospital,
1953, Mr. Livingston became vice
Chicago, of complications arising from
president of that Association, and in
hepatitis.
1954-55 he was president of the ABA.
Mr. Livingston was president of the
Survivors include his wife, Helen,
Association
of Reserve City Bankers
his son, Homer J. Jr., two grandchil
for 1960-61 and had been active in its
dren, E liz a b e th
Ann and Homer affairs since that time. He was elected
an honorary member in 1969.
J. Ill, and two
In 1956, he was appointed a member
s i s t e r s , Mrs.
of
the Federal Advisory Council of
Evelyn Hartford
Lamberson and the Board of Governors of the Federal
Mrs. Edith Goller Reserve System, serving as president
of the Council from 1959 through 1961.
Carlson.
Mr. Livingston was the only banker
Mr. Livingston,
who was chair who served as president of the Ameri
man of the execu can Bankers Association, the Associa
tion of Reserve City Bankers and the
tiv e co m m itte e
H. J. LIVINGSTON
and a director of Federal Advisory Council.
the board of The First National Bank
Mr. Livingston was a trustee of the
of Chicago at the time of his death, University of Chicago, trustee of the
was nationally recognized in banking,
Chicago Boys Club and trustee of the
civic and industrial circles. In 1938, Mid-Day Club. Among the corpora
he participated in the preparation of tions for which he served as director
the Chandler Act, a statute which
were Armour and Company, CNA
substantially rewrote the Federal Financial C o rp o ra tio n , Continental
Bankruptcy Act. In the American Assurance Company, Continental Cas
Bankers Association he was a mem- ualty Company, Inland Steel Company

a second television commercial en
titled, “ Cymbal Player.”
Continental Illinois National Bank
won a total of four awards including
Eagle awards in newspaper, direct
mail, and annual report categories,
and a Merit Award for a newspaper
ad over 1,000 lines.
Hurvis, Binzer & Churchill adver
tising agency repeated this year as
the producer of the most winning en
tries. They r e c e iv e d three Eagle
Awards and a Merit Award for news
paper ads produced for Beverly Bank
(2), Mount Greenwood Bank, and Alsip
Bank.
T. A. Shaw & Company, another top
agency winner last year, won two
Eagles and a Merit Award for First
National Bank of Lake Forest in news
paper and annual report categories.
The three awards earned First Na
tional Bank of Lake Forest top recog
nition in the “Resources under $100
million” classification.
Other Eagle Awards were presented
to American National Bank & Trust
Company (radio), Harris Trust & Sav
ings Bank (magazines), and Pullman
Bank & Trust Company (annual re
port). A total of 23 awards were pre
sented, nearly double last year’s total
of 12. Making the presentations at
the banquet was CFA judging com
mittee chairman George M. Morvis of
the Illinois Bankers Association.
Northw estern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

William R. Beckmann, CFA presi
dent and director of public relations
for National Boulevard Bank, reported
exceptional interest in this year’s
competition from Chicago area banks
and savings and loan institutions, and
was particularly pleased with the over
all quality of the nearly 200 entries
received.

Seven W arnings
A bout P ersonal Debt
Continental Bank of Chicago, in its
customer publication, The F a m ily
Banker, asks: “Are your debts a use
ful and enjoyable way of acquiring
things, or are they a crushing burden?
Here are seven ways to find out if
you are a wise credit manager.” The
article then tells the borrower that
credit manages him if:
1. You are more impressed by credit
terms than by quality and price. Be
satisfied with the product and service
above all.
2. You use credit in an attempt to
increase your spending power. Don’t
charge something if you know you
can’t afford it on your present income.
3. You fail to maintain an adequate
cash reserve. Living hand-to-mouth is
dangerous if you are buying too much
on the installment plan.
4. You charge solely to boost morale.
If you thought the pre-shopping spree

and Standard Oil Company (Ind.). He
was also a trustee of the Sears Roe
buck Profit Sharing Trust. Mr. Liv
ingston was the author of M a n a g e
m ent

P o lic ie s

A m e r ic a n .B a n k s

(1956).
He was a member of the Union
League, Chicago, Economic, Law,
Legal The Bankers’, Mid-American and ^
Commercial Clubs. He held an honor
ary LL.D. degree from Washington
and Jefferson College, Washington,
Pennsylvania.
<
Mr. Livingston was born in Chicago
on August 30, 1903. He was graduated
from the John Marshall Law School of ^
Chicago in 1924 with an LL.B. degree.
He joined The First National Bank „
of Chicago as a clerk in the law de
partment. Mr. Livingston subsequent- *<<
ly became the bank’s assistant attornel in 1934, counsel in 1944 and vice
president in 1945. At age 46, he was
elected president of the bank, making
him one of the youngest men at that *
time to head a major United States
bank. In 1955, he became the bank’s V
chief executive officer and in 1960 he
became chairman of the board, con
tinuing as chief executive officer. On
February 4, 1969, he retired under the
bank’s retirement policy and assumed „
the position of chairman of the bank’s
executive committee.
>-«
blues were bad, wait until the post
bill melancholy.
5. You use credit against the ex
pectation of future salary increases.
Wait until the extra money is a reality
before starting new projects.
4
6. You have numerous charge ac
counts which are seldom paid up. Pay
off each account periodically so your
balances won’t tend to get larger and
larger.
7. You let your debts establish your
budgeting “system” for you. Plan
ahead carefully, then stick to your
budget.

1st o f Chicago to Buy
Real Estate Com pany

Gaylord A. Freeman, Jr., chairman
of First Chicago Corporation (parent
company of The First National Bank
of Chicago), announced recently that
First Chicago had reached an agree
ment, in principle, to acquire Real
Estate Research Corporation in ex- ^
change for First Chicago stock.
Real Estate Research Corporation 4
was founded in 1931 by James C. ,
Downs, Jr., who continues as chair
man of the board and chief executive
officer. The company has nine offices
throughout the United States and is -<
generally regarded as the leading firm
in the country specializing in real
estate research and consulting.

me,
ft

get AmericanExpress.
I foundoutwhywhenI lost some
inNewportNews ona Sunday.”
C h a r lo tte f o r a b u s in e s s m e e tin g

T h is n u m b e r c o n n e c ts h im d ir e c t ly

th e v e r y n e x t m o r n in g .

'w ith o u r I n s p e c t o r ’ s O ffice. T h e r e
w e can v e r ify y o u r cu sto m e r’s

If h e ’ d b e e n c a r r y in g a n y o th e r
tr a v e le r s ch e q u e th a n A m e r ic a n
E x p r e s s , he c o u ld n ’ t h a v e g o tte n

cla im o f loss b y c o m p u te r a n d
'a u th o r iz e a n e m e r g e n c y r e fu n d

a r e f u n d u n til M o n d a y a t the
e a rlie s t. B u t A m e r ic a n E x p r e s s
ca m e to th e r e s c u e —ev en th o u g h

u p to $ 1 0 0 a t a n e a r b y W e s te r n
U n io n office. ( I f th e loss e x ce e d s
$ 1 0 0 , y o u r c u s to m e r ca n p ic k u p
th e b a la n ce la te r a t a n y A m e r ic a n

it w a s a w e e k e n d . A n d th e A d le y s

E x p r e s s office o r r e p r e s e n ta tiv e

m a d e it to C h a r lo tte w ith tim e

in th e U n ite d S ta te s .)

to s p a re .

«:*

ood

t h in g D o n A d le y w a s

c a r r y in g A m e r ic a n E x p r e s s
T r a v e le r s C h equ es.

American Express is the only
Travelers Cheque that gives
refunds 365 days a year. We
call it “ Refund 365.”

o n a sa les t r ip t h r o u g h th e S ou th .

I t w o r k s lik e th is. I f on e o f y o u r
c u s to m e r s loses h is C h eq u es in th e

B u t on a S u n d a y in N e w p o r t
N e w s , a p ic k p o c k e t lift e d h is

U .S . on a w e e k e n d o r h o lid a y , he
ca lls W e s te r n U n io n O p e r a to r 25

w a lle t. C o u ld h a v e m e a n t b ig

f o r o u r t o ll-fr e e N e w Y o r k

tr o u b le , b e ca u s e D o n w a s d u e in

n u m b e r.

H e ’ d ta k e n h is w if e , J a n e , a lo n g

<221.—

“ R e fu n d 3 6 5 ” is ju s t o n e m o r e
r e a s o n f o r y o u to m a k e s u re y o u r
cu s to m e r s c a r r y A m e r ic a n
E x p r e s s T r a v e le r s C h equ es.
D o n A d le y c e r t a in ly th in k s so*

American Express Travelers Cheques

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

AM ERICAN

EXPRESS.

FOR PEOPLE WHO TRAVEL

See you at the
80th A n nu a l
M in n e s o ta B a n ke rs C o n ve n tio n
Ju ne 14-16
at th e Hotel L e a m in g to n
in M in n e a p o lis
W e ’ll all be th e re

No rthwestern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

S. R. W H EATON

M. R. CAMPBELL

W . G. KIRCHNER

S. R. MACOMBER

O. G. JONES

-V

Minnesota Bankers to M eet in
Minneapolis for HOth Convention
Leam ington H otel
June 1 4 -1 6 , 1 9 7 0

ORE than 2,000 bankers and wives are expected to
attend the 80th annual convention of the Minnesota
Bankers Association June 14-16 at the Leamington Hotel
in Minneapolis. S. R. Wheaton, president of the MBA
and president, First National Bank, Elk River, has an
nounced that the program will include these prominent
speakers:
Olympic Champion Reverend Bob Richards, ABA Pres
ident Nat S. Rogers and economist Dr. Walter W. Heller.
The convention format varies from that of previous
years with the festivities commencing on Sunday and
the First Night Party scheduled for that evening. Busi
ness sessions run throughout the day Monday, the annual
banquet will be staged Monday night and the convention
will conclude with the annual men’s luncheon Tuesday
noon.
The convention nominating committee has already sub
mitted its report according to custom and has named the
following slate for election: Marvin R. Campbell, presi
dent, First National Bank, Crookston, to be president for
1970-71, succeeding Mr. Wheaton. He has been endorsed
by all nine of the MBA districts at earlier meetings. Wm.
G. Kirchner, president, Richfield Bank and Trust Com
pany, to succeed Mr. Campbell as association vice presi
dent. G. Reed Macomber, president, Roseville State
Bank, nominated to succeed Ora G. Jones, president, Goodhue County National Bank, Red Wing, as treasurer.
As announced in a separate story in this issue, Truman
L. Jeffers was elected on June 2 by the MBA executive
council as executive vice president of the association to
\ succeed Kenneth A. Wales, who has resigned to join First
National Bank of Minneapolis as vice president. Mr.
Wales is continuing with the MBA until July 1 to work
with MBA officials and Mr. Jeffers in carrying out con
> vention activities.

Sunday, June 14

P.M.
3:00-9:00 Registration—Hotel Leamington Lobby.
3:00-6:00 Hospitality Rooms (optional).
6:30-9:00 First Night Party—Hall of States.
9:00-12:00 Hospitality Rooms (optional).

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Monday, June 15

A.M.
8:30 Registration—Hotel Leamington Lobby.
9:00 Convention Call to Order—Minnesota Room—Hall
of States—S. R. Wheaton, president.
Presentation of Colors.
“Consumer Loan Rates and Usury Laws”—A panel
discussion by legislators and bankers, moderated
by MBA Legal Counsel Dean F. Scott.
Participants:
State Representative Ron Everson, Wadena.
State Senator Kelton Gage, Mankato.
Douglas Hellweg, vice president, Federal Reserve
Bank, Minneapolis:
Robert J. Hubbell, president, Eastern Heights
State Bank, St. Paul.
Donald D. Wozniak, former State Representative,
St. Paul.
American Bankers Association Meeting and Elec
tion—Wayne Blackmarr, ABA state vice president;
president, Wayzata State Bank.
“ Through Whose Looking Glass”—Nat S. Rogers,
president, American Bankers Association; presi
dent, First City National Bank, Houston, Tex.
11:30 Announcement, TV Drawings and Recess.
11:30-1:30 Hospitality Rooms (optional).
The following groups have annual luncheons
planned for Monday noon:
11:30 Pioneer and Past Presidents Club—Reception and
Luncheon—Illinois Room, Hall of States.
Minnesota Club, Central States Graduate School of
Banking — Reception and Luncheon, Jefferson/
Jackson Rooms, Hall of Presidents.
Minnesota School of Banking and Midwest Bank
ing Institute — Reception, Wilson/Taft Rooms.
Luncheon — Lincoln/Roosevelt Rooms, Hall of
Presidents.
Minnesota Flying Bankers — Reception, W ilson/
Taft Rooms. Luncheon—Hoover Room, Hall of
Presidents.
P.M.
2:00 Call to Order—MBA President Wheaton.
Northwestern Banker, June, 1970

M in n e s o ia

News

T. L. JEFFERS

K. A. W ALES

W . BLACKMARR

N. S. ROGERS

W . W . HELLER

Entertainment—Comedian David Frye.
Harmonicats.
MC Howard Viken.
9:00-12:00 Dancing.
9:00-12:00 Hospitality Rooms (optional).

Address—Dr. Walter W. Heller, University of
Minnesota, Minneapolis.
Report of the Resolutions Committee—Robert F.
Foley, chairman; president, Citizens State Bank,
Roseau.
Adoption of Resolutions.
Report of the MBA Treasurer—Ora G. Jones, pres
ident, Goodhue County National Bank, Red Wing.
Report of the Nominating Committee—John F.
Nash, chairman; president, American National
Bank and Trust Company, St. Paul.
Election of MBA Officers.
“Power of the Mind”—Reverend Bob Richards,
former Olympic Champion.
4:15 Announcements, TV Drawing and Adjourn.
4:30-6:00 Hospitality Rooms (optional).
6:30 Annual Convention Banquet—Hall of States.
Invocation—Reverend Clarion Olsen, pastor, Union
Congregational Church, Elk River.
Introduction and Installation of New Officers.

Tuesday, June 16
A.M.
8:30 Registration—Hotel Leamington Lobby.
9:00 Call to Order—Minnesota Room, Hall of States.
MBA President S. R. Wheaton.
MBA President’s Report.
Panel Discussion (Subject to be Announced).
11:30 Announcements, TV Drawing and Adjourn.
10:00-12:00 Ladies’ Brunch—Golden Valley Country Club.
(Buses leave hotel at 9:00 a.m.)
12:00 Annual Men’s Luncheon—Hall of States. Presid
ing, MBA President S. R. Wheaton.
Address.
Convention Adjourns.—End.

WHOS LOOKING OUT FOR YOU, MR. BANKER?
WE A R E

AT CONTINENTAL WESTERN LIFE
HERE'S H O W !
------ We offer the fastest and finest service for you and your customers.
—— Our fully computerized program is easy to administer.
------ The economies of our credit insurance operation are passed on to you.
See us in our hospitality room during the Minnesota Bankers Convention
at the Hotel Leamington
FOR FURTHER INFORMATION WE INVITE YOU
TO CALL COLLECT (515— 276-6767) ASK FOR:
DAVID ID. MACDONALD
m

Vice PresiPresident and Actuary

PAUL T. WOLD
Credit Life Manager

CONTINENTAL WESTERN LIFE INSURANCE COMPANY

Banker, June, 1970
Northwestern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Des Moines, Iowa

51
John Hunt, Gill Falk, John Ordos, Doug Johnson

/ >
t
>
-F
w*V'

i
'7

>
»

V-,

y
y

The
"Fleet Four”
from Midland. Don’t let an operational hang-up throw
you on a fast curve. Speed is the name o f the game and Midland’s
team o f Full Service Bankers are only a fast answer away from helping
you with investments, credits, collections, data processing, loan
analysis or systems and procedures. For a full cycle o f speedy service
and an answer to your banking problems, just call one o f the “ Fleet
Four” at Midland.

Midland National Bank

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Northw estern Banker, June, 7970

Minnesota New s

Your m an
A t the
Am erican!

Minnesota Bankers Committees
ENERAL chairman for the 80th
annual convention of the Minne
sota Bankers Association to be held
June 14-16 at the Leamington Hotel
in Minneapolis is William R. Chap
man, chairman of the board, Midland
National Bank. Other members of the
general committee include these Min
neapolis bank executives: C. Bernard
Jacobs, chairman, National City Bank;
ö
John A. Moorhead, chairman and chief
D. JOHNSON
MISS HALVORSON
executive officer, Northwestern Na
tional Bank; Gordon Murray, chair
Ladies’ Luncheon
man, First National Bank, and Carl
Harriet Halvorson, National City;
R. Pohlad, president, Marquette Na
tional Bank.
Lucille Lowmiller, Marquette Nation
al; Violet M. Shanley, Midland Nation
al; Virgille L. Peeke, Northwestern
National, and Juanita White, First Na
tional.

<-v
♦

w
t

r
Hotel, Utilities and Transportation

Donald Wachholz and Brian Gil
christ, First National, and Ralph Nel
son, Northwestern National.

ARTHUR A. HAESSIG
Vice President

BANKS and BANKERS

W e look forw ard to
visiting with you in
Minneapolis during
D. WACHHOLZ

the Minnesota

Speakers’ Reception

Convention

S. R. Omlie, First National; Otto
Preus, Marquette National, and Robert
Ziemer, Northwestern National.

June 14-16

2 2 8 -2 3 4 5
Mem ber Federal Deposit Insurance
Corporation • Federal Reserve System

No rthwestern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Publicity

Richard A. Erickson, Midland Na
tional; Jon Bjornson and Stanley
Rude, Northwestern National; Gordon
Malen, First National; Monroe Stenerson, Richfield Bank & Trust; David
Gilman, Fidelity Bank & Trust, and
Larry Anderson, Marquette National.
C. R. POHLAD

Seventh and Robert
Saint Paul

" The Largest Independent
Full Service Bank
in the Upper M idw est"

AMERICAN
NATIONAL
BANK AND TRUST
COMPANY

S. R. OMLIE

A. FICK

The convention is being planned by
the following committees (first named
on each committee is chairman):
Banquet & Entertainment

Avery Fick and William Addington,
Marquette National; John Ordos, Mid
land National; Dean Tollefson, First
National, and Douglas Petersen, Na
tional City.
First Night Party

Douglas Johnson and Loren Herbst,
Midland National; Patrick R. Lavin,
First National, and Harold Wahlquist,
Northwestern National.

R. A. ERICKSON

F. STEW ART

Registration

Floyd Stewart, Northwestern Na
tional.

53
y

-Y

V■r‘

T
T

>
»

>
® Webster
® Siren

_
~7/ Grantsburg _______
POLK j
Sauk #
Centre

-i*

Holdii.B—- ~ st n \
®Free^ ° rt Stephans ^ Sartell

1-01

J ® Frederic L(î) Luck

HE IM R Y S N Y D E R really needs no introduction to
Ninth District Bankers; he's been a member of Division
I, Banks and Bankers, of First National of Saint Paul
since 1952. Now he is concentrating his banking
talents in Northern Minnesota. Henry started at First
in 1937. World War II claimed him for four years, but
he has been w ith us ever since. His background
includes auditing, credit instalment loaning and inter
national banking in addition to 18 years as a corres
pondent banker. Henry is the kind of man you want to
have on your side. Telephone (612) 221 -9528.
DIVISION I—BANKS AND BANKERS: Wallace L. B oss: Senior Vice President □ Donald W. Buckman, James T. Gowan, John E. Raym ond: Vice Presidents

V-

E. Roger Cunningham, Laurence R. Kennedy, Henry N. Snyder: Assistant Vice Presidents □ Philip M. Broom : Correspondent Bank Officer □ John F. Mullen: Bond
Advisory Specialist □ Robert F. Donlan, Thomas T. Dwight: Trust Advisory Specialists.
M em ber Federal D ep osit In suran ce Corporation.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

No rthwestern Banker, June, 1970

Minnesota New s

You W ill See Them at the
ItOth Minnesota Convention
HE following metropolitan bank nard W. Busse, assistant cashier, and
ers, service and equipment dealers Stephen A. Melcher, representative.
have indicated that they will be at Bank of Montreal: T. A. O’Donnell,
tending the Minnesota Bankers Asso representative.
First National Bank of Chicago:
ciation’s 80th annual convention in
Minneapolis, June 14-16.
Raymond V. Dieball, assistant vice
president, and Clarence E. Cross, Jr.,
Chicago
assistant cashier.
Continental Illinois National Bank
Northern Trust Company: Frederick
and Trust Company: Charles W. Bat- C. Pullman, vice president; John N.
tey, Jr., vice president; Samuel D. Fix, second vice president, and Alex
Addoms, second vice president; Leo ander M. Christie, assistant manager.

LARRY BROOM

Dultuth
First American National Bank of
Duluth: Chester C. Lind, president;

Leonard E. Griffith, vice president,
and John R. Oltmanns, assistant vice
president.
Northern City National Bank:

Glenn Rye, president; Frank J. Mc
Carthy, vice president, and Robert M.
Hammerstrom, assistant vice presi
dent.
Minneapolis
First National Bank: Gordon Mur

ray, chairman of the board; George
Dixon, president; George Henry, Ray
Johnson, Richard Weyrauch, and Bud
Omlie, vice presidents; Dean Tollefson,
assistant vice president, and A1 Highum, assistant cashier.
Marquette N ational Bank: Carl
Pohlad, president; Avery Fick and
Otto Preus, vice presidents; Bill Ad
dington and Paul Roche, assistant
vice presidents, and Bill Rosacker
representative.
Midland National Bank: William R.
Chapman, chairman of the board; John
P. Knutson, president; Douglas M.
Johnson, vice president; Richard A.
Erickson, assistant vice president, and
John W. Ordos, assistant cashier.
Northwestern National Bank: Paul
Lindholm, vice president; Floyd Stew
art and Harry Walhquist, assistant
vice presidents, and Ralph Nelson,
representative.

HOYT LATHEN

New York
Chase Manhattan Bank:

W e re looking forward
to meeting all
Minnesota and Montana
Banker Friends
at the
State Convention

NorthwesternNationalBank

ofSOUTHST.PAUL

SOUTH ST. PAUL, MINN. 5 5 0 7 5 / PHONE: 4 5 M 331
AFFILIATED W ITH NORTHWEST BANCORPORATION
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
Northw estern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

John C.
Archibald and Alden K. Small, vice
presidents, and Jay J. LaRusso, assis
tant treasurer.
First National City Bank: Robert
Stokes, assistant vice president, and
C. Norman Gustafson, assistant vice
president.
Irving Trust Company: Rohn M.
Laudenschlager, assistant vice presi
dent.
Manufacturers Hanover Trust Com
pany: Nathaniel S. Howe, Jr., vice

president, and Carl G. Carlson, assis
tant vice president.
Saint Paul
American National Bank and Trust

Co.: John F. Nash, president; Robert E.
Sipple, administrative vice president;
Arthur A. Haessig and Donald H.
Johnson, vice presidents; Arthur I.
Nelson, correspondent banking officer,
and Robert T. Knopke, correspondent
bank representative.
First National Bank of Saint Paul:

Wallace L. Boss, senior vice president;
James T. Gowan, John F. Mullen, John
E. Raymond, Richard C. Swanberg and
John M. Wooldridge III, vice presi
dents; E. Roger Cunningham, Lau-

55
->
>

Is a premium promotionyour cup o f tea?
Capt♦Marquette
has free advice for you.

»#■
y-v-'.

♦

-i.

You d o n ’t need x-ray vision to see that C apt. M a r q u e t te is
the guy to give you help w ith your premium program. The
C ap t., w ith the frien dly assistance of M a r q u e t te N a tio n a l
Bank, has “ been that w a y b e fo re .’ ’ A n d h e ’s more than
anxious to give you his sound advice on any premium problem
that s bugging you at the moment. Selection/ inventory systemS/ advertising and promotion. N o problem too complex for
the C apt. Ask him . . . through your M a r q u e tte Correspondent
Bankep of course.

►

T h e C a p t. c a n be re a c h e d th ro u g h A v e ry F ick, O tto P re u s s , B ill A d d in g to i
B ill R o s a c k e r or Len E ric k s o n , C o rr e s p o n d e n t B a n k e rs a t

MarquetteNationalBank
C o rre sp o n d e n t B a n kin g D e p a rtm e n t • 7 th a nd M a rq u e tte « M in n e a p o lis, M inn eso ta 5 5 4 0 2 • (6 1 2 )3 3 3 -5 4 1 1
M e m b e r F. D. I. C.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Northwestern Banker, June, 1970

Minnesota News
-------------------------------------- N

Your m an
A t the
Am erican!

rence R. Kennedy and Henry N.
Snyder, assistant vice presidents, and
Philip M. Broom, correspondent bank
officer.
South Saint Paul
Northwestern National Bank of
South St. Paul: L. M. Broom, presi

dent, and Hayt Lathen, vice president.
Winnipeg
The Royal Bank of Canada: D. W.

Morison, district general manager;
H. G. Hurd, manager, and A. B.
Reimer, manager.
Bank Equipment and Other Firms
Dawson Hail Insurance: James R.

Dawson, president, and Lyle C. Askerooth, vice president.
Diebold, Incorporated: Lee Sutton,
regional manager; Ralph Kelley, assis
tant regional manager; Scott Kennison
and Richard Cherry, sales engineer.
Lawrence

Warehouse

Company:

Henry D. Rhame, district manager.
Mobile American Corp.: David Flem
ing, executive vice president, and
Robert Wienert and Ed Silbernagel,
vice presidents.
DONALD

H. JO H N S O N

Vice President

BANKS and BANKERS

W e look forw ard to
visiting with you in
Minneapolis during
the Minnesota
Convention
June 14-16

New York Terminal Warehouse
Company: Leo H. Hermes, Jr., John

Vaughn, John Hogan and R. C. Jorgen
sen.
North Central Companies: Eugene
L. Hanson and F. William Stohr, vice
presidents, and Bill Ball and Bob
Ramaley, agency supervisors.
Old Security Insurance Company:

R. F. Forbis, vice president, and R. B.
Green, representative.
Scarborough and Company: Dennis
Freeman and Jim Jensen.

" The Largest Independent
Full Service Bank
in the Upper Midwest”

G lencoe Banker
Gets New P osition
Gale Roth, for 21 years an employee
of the Security State Bank of Glencoe,
has been employed by the Independent
School District as business manager.
Mr. Roth, a graduate of St. Cloud State
College, has been with the bank since
1949, and held the position of cashier.

New President at Hanska
A. M. Paulson has been advanced
from executive vice president to presi
dent of the State Bank of Hanska. He
succeeds A. G. Anderson, who died in
March, 1970. Mr. Anderson had served
on the board of directors since 1914
and as president of the bank since
1933. Mr. Paulson started his banking
career with the bank in 1921, was
elected a director in 1956 and was
made executive vice president in 1963.

New Bank B u ilding
The First National Bank of Cannon
Falls recently opened the doors to its
new bank building with a three-day
celebration. The bank moved to its
new location after 92 years in its old
building, according to Paul Bringgold,
president and chairman.

E xpansion A nnounced
The Commercial State Bank, Hokah,
plans to more than double its size in
an announced expansion to be com
pleted in November of this year.
E. E. “Ray” Bentdahl made the an
nouncement, explaining the necessity
of expansion to accommodate recent
doubling in volume of banking and
insurance business and anticipated
future growth.

We'll See You at the
Minnesota Convention
To the Minnesota bankers
now using our credit life
gary

Ha r r i s

program, we hope to see

chuck

gustaveson

and greet each of you at your convention.

AMERICAN
NATIONAL
BANK AND TRUST
COMPANY
Seventh and Robert
Saint Paul
2 2 8 -2 3 4 5

Member Federal Deposit Insurance
Corporation • Federal Reserve System

Northwestern
Banker, June, 1970
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

To those of you who are not familiar with National Fidelity’s
credit life programs, we would like to tell you about them. Look

»<

for us at the M B A Convention. W e ’ll be looking for you.
One o f the Nation's Strongest by Any Standard of Comparison

ational fidelity \jfe
INSURANCE COMPANY

KANSAS CITY, MO. 6 4 1 0 6

ADDIINEWDIM
Lv y

■*4

w ith a

F u ll

Here is a concept of customer service
that has proved to be a sound, work
able way of making your bank vitally
important to each of your customers.
The Protective Group of Insurance
Companies can provide an unlimited
insurance service to each of your in
dividual and commercial accounts.
It's just like adding a complete in
surance department to your bank
without increasing office space or

S
e
rvi^Insurance Company
adding personnel. Your bank would
be able to offer Group Insurance, Life
Insurance, Disability, Hospitalization,
Income Protection, Retirement In
come and many others.
For more information on estab
lishing a new dimension in bank
earnings, call or write Mr. Murray
Swenson, assistant vice president of
the Protective Group. He'll be glad
to give you full details.

THE PROTECTIVE GROUP.
MINNESOTA PROTECTIVE ASSN. ■ MINNESOTA PROTECTIVE LIFE
Dept. D -4 / 2 8 0 0 W ayzata Blvd. / M inneapolis, M in n . 5 5 4 5 0 / Phone: 3 7 4 -3 6 6 0

A F ull Service Insurance Company fo r a F u ll Service Bank

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Northwestern Banker, June, 1970

Sa l i s b u r y n ü r n BERGER, 51, who recently became

homas

president of Northwestern Bell, has
been elected a member of Northwest
Bancorporation’s board of directors.
The a n n o u n c e
ment was made
by Henry T. Rut
ledge, Banco pres
ident.
Mr. Nurnberger
served as presi
dent of Indiana
Bell T e l e p h o n e
Company until he
assumed his new
position May 1.
T. S. NÜRNBERGER
He had previous
ly served Northwestern Bell in Ne
braska and Iowa and also served as
a director of the Iowa-Des Moines Na
tional Bank, Des Moines, in 1965 and
1966, an affiliate of the Bancorporation.
* * *
Calvin R. Olson, president of the
Valley National Bank of Egan Town
ship, St. Paul, has announced the
recent election of E. R. Titcomb of St.
Paul to the board of directors. Mr.
Titcomb is president of Rodman In
dustries, Inc., a manufacturing firm
he founded earlier this year.
Signal Hills State Bank in West St.
Paul and Western State Bank in St.
Paul both held open houses recently
for the grand opening of their banks.
Several thousand people visited each
bank. Both buildings were planned
by Dykins-Handford, Inc., Minneapolis
architects.
* * *
George H. Dixon, president of the
First National Bank of Minneapolis,
has been appointed volunteer state
chairman for the U. S. Savings Bonds
program in Minnesota by Secretary of
the Treasury David M. Kennedy.
William R. Chapman, chairman of
the board and chief executive officer
No rthw este rn Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

of Midland National Bank in Minne
apolis, announced the following execu
tive changes in
that bank: Hugh
D.

v i c e pr e si de nt
and controller, ad
vances to senior
v i c e pr e si de nt
and c o n t r o l l e r ;
Loren D. Herbst,

assistant cashier,
moves to assist
ant v i c e p r e s i
H. D. McNAMEE
dent, and Glenn
E. Johnson, former trust officer of
Midland, rejoins the bank as a trust
officer.

L. D. HERBST

G. E. JOHNSON

Mr. McNamee joined Midland Na
tional in 1949 and has served in vari
ous departments. He is a graduate of
the Bank Administration Institute,
and currently serves as state director
of that organization.
Mr. Herbst, who has been with the
bank since 1961, is currently serving
as an officer in installment and com
mercial lending.
Mr. Johnson is a graduate of the
University of Minnesota and holds
both a law degree and a CPA certifi
cate.
* * *
Northwest Bancorporation reported
record first quarter consolidated in
come of $8.7 million, up 19.1 per cent
over 1969 first quarter income. Net
income per share amounted to $.76
per share, compared with $.64 per
share for the first quarter of 1969.

Net income after securities transac
tions amounted to $.74 per share, up
21 per cent from $.61 per share a year
earlier.
M c N a m e e*, * *
First Bank System, Minneapolis, has
announced the promotions of Carroll
W. Holden and Allen J. Volkenant to
assistant vice president, and the elec
tions of Robert G. Neal, Ph.D., to
assistant vice president, and Kenneth
W . Lewis as assistant secretary.
Mr. Holden started his banking
career in 1934. He was appointed man
ager of the credit department of First
Bank System in 1962 and appointed
assistant secretary in 1969.
Mr. Volkenant, formerly assistant
secretary, associated with First Sys
tem Services in February, 1967, as di
rector of advertising.
Dr. Neal will be manager of man
power planning and personnel re
search. Prior to joining First Bank
System, he was associated with Hum
ber, Mundie and McClary, Minne
apolis, a management consulting firm.
Mr. Lewis will have responsibility
for compensation and employment.
He has had previous experience as
manager of compensation for the Aero
Space Division of Honeywell Inc.
* * *
Noel E. Maanum was elected cashier
of Guaranty State Bank of Robbinsdale.
* * *
AVendell L. Olson, president, has an
nounced that his bank, the Fourth
Northwestern National, will build a
new building which will include a
motor banking facility and parking
area. They have been at their present
site for more than 70 years.
* * *
The Roseville State Bank recently
had an 8th anniversary celebration
with an open house and tours through
their newly expanded and remodeled
TWIN CITY NEWS . . .

(Turn to page 60, please)

We helped a Duluth
correspondent
break a new trail
Today, everyone knows the Ski-Doo
success story.
But it took Halvorson, Incorporated,
Duluth, Minnesota to first see the
possibilities of distributing this famous
Canadian snowmobile in America.
It also took Franklin, working
hand-in-hand with the Northwestern
Bank of Commerce, Duluth, to help
Halvorson get rolling.
Originally, Halvorson came to
Northwestern for financial help. But their
needs were in excess of the bank’s legal
limit. So Northwestern turned to
Franklin’s National Division in
New York City.
A Vice President jetted to Minnesota
and quickly made the financial
arrangements. Halvorson was on its way
— and Northwestern had the account.

Today, Halvorson is the largest U.S.
distributor with a current financing of
many millions which Franklin arranged
in cooperation with Northwestern and
correspondent banks in other cities.
Franklin’s correspondent experts are
seasoned professionals. . . with authority
to make on-the-spot decisions. Their job is
to see that out-of-town banks have the
strong support of a major New York bank.
Additionally, Franklin’s innovators
offer an automatic system for the
inter-bank transfer of Federal Funds—
overnight or indefinite, without
time-consuming or costly phone calls.
Franklin will pay daily interest on
Federal Funds at Vs % above the Effective
Rate published by the Federal Reserve
Bank of New York on the date of
purchase. A correspondent’s Federal
Funds will continue to earn the daily
premium rate until we’re notified to
return the Funds.
For imaginative correspondent banking
... call on the Innovators at Franklin
National. Address inquiries to Roger D.
Elton, Executive Vice President, National
Division, Franklin National Bank,
410 Madison Avenue, New York City,
New York 10017.
W here money has imagination

F R A N K L IN N A T IO N A L BA N K
Resources over $3,000,000,000
Member Federal Deposit Insurance Corporation

Northw estern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

M innesota New s
---------------------------------------------

Your m an
A t the
Am erican!

ARTHUR I. NELSON
Correspondent Banking Officer

BANKS and BANKERS

W e look forw ard to
visiting with you in
Minneapolis during
the Minnesota
Convention
June 14-16

TWIN CITY NEWS . . .
(Continued from page 58)
quarters. G. Reed Macomber, presi
dent, said capital accounts have risen
from $440,000 in 1966 to almost
$800,000.
* >i= *
Henry H. Porter, Jr., a General
Mills vice president, and A. D. Hill
ings, president of Andersen Corp.,
Bayport, were named to the trust
committee of First National Bank of
Minneapolis.
* * *
First South dale National Bank,
Edina, named Darrell G. Knudson a
director.
* * *
John Barton has been elected an
assist ant v i c e
president of the
Marquet t e Na
tional Bank of
Minneapolis. Mr.
Barton joined the
Mar que t t e staff
earlier this year
after having been
ass o ci at e d with
F i r st Nati onal
Bank of Minnej. b a r t o n
apolis and the
Bank of Minneapolis for a number of
years.
*
*
George Fox, president of Piper,
Jaffray & Hopwood Inc., has an
nounced the appointments of four new
registered representatives to the staff
of the Minneapolis based investment
banking firm. They are Ronald L.
* *

Obert M. Undeni, president of Fi

delity

Bank

and

Trust Company,
Minneapolis, has
a n n o u n c e d the
p r o m o t i o n of
Michael L. Lillehaugen to vice

p r e s id e nt and
the election of
Charles H. Cor
nell, Jr., as cash

AMERICAN
NATIONAL
BANK AND TRUST
COMPANY
Seventh and Robert
Saint Paul
228-2345
Member Federal Deposit Insurance
Corporation • Federal Reserve System

Northwestern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

U. M. Broom, president of the North
western National Bank of South St.
Paul, announced the recent election of
r raiiK

F. T. GRASSY

i . m a ssy

to the board of
d i r e ct o r s. M r.
Grassy is vice
president of the
Great N o r t he r n
Oil C om p a n y ,
Inver Grove
Heights, Minn.
Also announced
was the promo
tion of two of
ficers. Harold G.

Knuth, Duane T. Zwolensky, Boyd F.
Peterson, and John S. Phillips.

“ The Largest Independent
Full Service Bank
in the Upper Midwest ' '

last October by the board of directors
in line with Federal policies at the
time aimed at inflation. The structure
will be completed sometime in 1972.
Design calls for high-security opera
tions of the bank to be located below
grade throughout the entire square
block site. Other operations and of
fices will be in a 60-foot wide, 12 story
structure extending the length of the
block along Marquette Avenue. It will
be suspended from towers at each end
of the block in unique architectural
design, employing trusses and suspen
sion cables.
* * *

ier to s uc ce ed
him. Both men
joined
Fidelity
C. H. CORNELL, JR.
Bank in 1958.
Mr. Undem also announced that
Jerome T. Lodahl has joined the staff
as assistant trust officer. He was
formerly assistant cashier and assist
ant trust officer at Bank of Minne
apolis and Trust Company.
Work on the new Federal Reserve
Bank of Minneapolis has started after
delays of nearly seven months. The
delay was due to postponement voted

H. G. STEFFEN

R. C. THOMPSON, JR.

Steffen, currently associated with the
commercial loan and real estate lend
ing departments, has been promoted
from assistant vice president to vice
president. Robert C. Thompson, Jr.,
present manager of the installment
loan department, has been promoted
from assistant cashier to assistant vice
president.
* =i= *
V
Rod Larson, main banking super
visor of the Farmers and Mechanics
Savings Bank, has
been elected pres 't
ident of the Min
neapolis chapter
of the American
Institute of Bankfor 1970-71. Other
officers e le c te d
were: vice presi A
dent, David R.
Johnson, assistr.

LARSON

ant vice president
and manager of

Minnesota News
^

the First National Bank’s North side
office; and treasurer, Douglas J. Meyer
of the Northwestern National Bank of
¥
Hopkins.
* * *
►
Dennis B. McGrath, advertising
and public rela
tions director of
Dain, Kalman &
>
Quail, Inc., has
j o i n e d CarmichJ»
ael-Lynch Adver
tising, Inc., of
M i n ne a po l i s as
¥■- *
v ic e pr es ide nt .
His duties there
will include the
M
establishment of
D. B. McGRATH
a public relations
department. He was in charge of all
advertising, marketing and public re
lations for DKQ.
Walter V. Dorle, president of North
western State Bank of St. Paul, has
announced the appointment of Roger
D. Tasler to vice president and man
ager of the installment loan depart
ment. Mr. Tasler previously served
as assistant vice president of the First
National Bank and Trust Company in
Fargo, North Dokota.
* =t= *
The lower level of the North Ameri

can Office of the Northwestern Na

tional Bank of Minneapolis has pro
vided classroom space for an adult
basic education school. The first seven
students recently graduated with the
equivalent of a high school diploma.
Their ages ranged from 23 to 63. The
only requirements are a minimum age
of 16 and lack of a high school diplo
ma. To pass the course it is necessary
to pass a high school equivalency test.
The school has been in operation
since last December and is completely
financed by Northwestern National.
It is staffed by a high school coun
selor, four certified teachers, two
teacher aides, and two consultants
from the Minneapolis school admin
istration.
* * *
Dean, Kalman & Quail, Inc., Min
neapolis, has announced several pro
motions and staff appointments.
Stephen E. Budd, Jr., manager of
the Minneapolis office since 1967, has
been appointed resident vice presi
dent. He has been manager of the
firm since 1967. Succeeding him in
that position will be Louis A. Emer
son, Jr., who has been assistant resi
dent manager of DKQ’s Fargo office.
Donald R. Gilbert, an employe of
the firm since 1961, has been named
director of training.

S. E. BUDD, JR.

L. A. EMERSON, JR.

In addition, three new registered
representatives have joined the firm
and completed an extensive six month
training course. They are Mrs. Marceline Donaldson, a former antique shop
owner; John G. Serier, formerly a
sales representative of a real estate
firm, and Roger E. Herr, a former min
ister of Brown Deer United Church
of Christ in Milwaukee, Wisconsin.
Wayne H. Chestnut, a DKQ vice
president, has been elected a director
of the firm.
* * *
Completion date for the building to
house the newly-chartered Brooklyn
Park State Bank has been scheduled
for late summer, according to Lloyd
Muehlbauer, executive vice president,
and managing officer. He is presently
loan officer at the State Bank of New
Brighton.

Dain, Kalman & Quail
knows a way through
the mutual fund maze
With more than 700 different mutual funds currently
available, today’s investor faces the increasingly com
plex task of deciding which of the many alternatives
seem best fitted to his investment goals. To simplify
matters, our clients often ask us to limit our recom
mendations to specific mutual funds which we feel
have performed well in relation to their objectives.
W h y not discuss you r investment strategy with us?
W e ’llexplain the advantages, risks and costs ofmutual
funds. Call us today, or mail the coupon.
Investment Banking / Investment Management / Mutual
Funds/ Municipal Bonds/Listed and Unlisted Securities
A n Equal Opportunity Employer

Dain,Kalman&Quail
\rr
'i RL>Pl)O RDAaTrrEcDt\
ItN
CO

Please send me more information* on mutual funds. My
investment objective is:
□ Retirement
□ Growth
□ College Fund
□ Income
for my children
NAM E________________________
A D D R E SSCITY______

-ZIP.

-S T A T E .

Mail to: Dain, K alm an & Quail, In co rp o ra te d
1 0 0 Dain T ow er
M in n eap olis, Minn. 5 5 4 0 2
or you r local o ffic e

*D o e s not include any guarantee of investm ent achievement.

In v e s tm e n t

R e se a rch

W ith

a R e g io n a l

Accent

M e m b e r N e w Y o r k S to c k E x c h a n g e /1 OO D a in T o w e r , M p ls .

Billings /Bismarck /Brookdale /Casper /Davenport /DesM oines /Dubuque /Duluth /Fargo /Great Falls /Lincoln / Minneapolis
Omaha /Ottumwa/Rapid C ity/Rochester/Rosedale/St. Cloud/St. Paul/Sioux City/Sioux F alls /Southdale/ Waterloo

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Northwestern Banker, June, 1970

LOOK H O W BCL's GOING.,
GROWTH

HIGHLIGHTS

1969
IN S U R A N C E IN FORCE

1968

1964

$103,191,220

$80,643,487

$12,214,980

ASSETS

3,969,828

3,237,187

646,375

P R E M IU M IN C O M E

3,485,987

2,173,980

520,916

181,831

159,677

19,281

more than 1,000

800

240

IN VE STM EN T IN C O M E (Net)
AGENTS

LOOK W H A T BCL H A S
RETIRE
MENT

GROUP
COVERAGE

MORTGAGE I

PENSION

ANNUITY
PLANS

FAMILY

I EDUCATION

^ R

■ J.-

£?CL /s a lif e in s u ra n c e c o m p a n y
organized b y b a n k e rs to serve
b a n k e rs . B a n k e rs o w n a n d
d ir e c t th e C o m p a n y , i t 's
n o c o in c id e n c e t h a t B C L h a s
g r o w n so r a p id ly : B C L w a s
c o n s c io u s ly c re a te d , a n d
s tr u c tu r e d f o r o n e t h i n g — th e
in s u ra n c e n e e d s o f th e
m o d e r n b a n k e r's c u s to m e rs .
T h r o u g h o u t s e v e n y e a rs o f
e x p e rie n c e , B C L b a n k e r - a g e n ts
h a v e le a r n e d th a t IB E m e a n s
in c r e a s e d B a n k e r E a rn in g s .

Complete Portfolio
BCL offers a one-source
protection service for all
your customers' needs . . .
w ith a full range of policies
for life and m e d ic a l— a n d
n o w a n e w d is a b ilit y
in c o m e p ro g r a m .

Problem Solver
Hot Line

Your phone is your hot line
to BCL Problem Solvers.
BCL has a staff of
specialists on call ready to
help you answer any
unusual or extraordinary
insurance problems.

I
W rite o r p h o n e f o r a c o p y
o f o u r a n n u a l re p o rt.

C o n v e n t i o n e r s : V i s it t h e BCL H o s p it a l it y S u ite a t t h e L e a m in g to n H o te l.

No rthwestern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

BCL is now licensed in
17 states—one-third of the
United States. Operations
are now being set up
throughout this territory.

GOING FOR YOU!

Efficient Service

Top Earnings

Policies are specially
designed fo r sim p licity and
efficiency. Home office
service is compute r-geared
to speed handling and
relieve agents of
extra paper w ork.

BCL agents had another
record in co m e -p ro d u cin g
year in 1969. In addition to
generous commissions,
BCL agents also benefit
from other incentives
based on insurance volume.
1 970 volum e
exceeds 1 969 volu m e to date.

Selling Assistance
BCL assists you in selling
BCL protection programs.
Promotional, advertising
and training materials
are available to all
BCL banker-agents.

G ro w n o w w ith BCL

a n k e r s

apL if e

2800 Wayzata Boulevard, Minneapolis, Minn. 55405 • (612) 377-9050

Northwestern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Minnesota New s

M BA Officials

i-fl "ers

in Mankato. Two more windows and
a new commercial drive-in window
are to be completed by June 15.

A ppoints D uluth Banker
P r e si d e n t Nixon has appointed
Chester C. Lind as metropolitan chair
man of the National Alliance of Busi
nessmen in Duluth. Mr. Lind is presi
dent of the First American National
Bank in Duluth, and he succeeds
Sylvester Laskin of Duluth, president
of Minnesota Power and Light Com
pany.

A X.

PICTURED are the Minnesota 4-H delegates that attended the National 4-H Confer
ence in Washington and representatives of the Minnesota Bankers Association, which
sponsored the trip. L eft to right: Wayne F. Berthiaume, M BA publicity director;
Connie Miller of Balaton; Ron Schwartau of Goodhue; Mrs. Juanita Fehlhafer, assistant
leader o f the Minnesota 4-H; Truman L. Jeffers, M BA secretary; Pat Humi of Camp
bell, and Gary Schwantz of Plainview.

OR the 22nd consecutive year, the
Minnesota Bankers Association has
sponsored a trip by four Minnesota
4-H delegates to the National 4-H Con
ference in Washington. In addition,
Minnesota Bankers Association Presi
dent S. R. Wheaton, executive vice
president of the First National Bank,
Elk River, reported that Minnesota
banks have contributed $4,713 in 1969-

70 to the operating budget of the Na
tional 4-H Foundation and have con
tributed more than $50,000 in the past
14 years.

M ankato Banks Expands
D rive-in F acilities
Dennis D. Anderson, vice president,
announced the expansion of drive-in
facilities for the Valley National Bank

ANYONE CAN PROVIDE DISABILITY AND
HOSPITALIZATION PROTECTION . . . THE TRICK IS:
To Do It W ell
To Pay Claims The Day You G e t Them
To Keep the Customer Happy!
GIVE US A C H A N C E — READ OUR DIRECT MAILINGS
TO BANKERS
MINNESOTA COMMERCIAL MEN'S ASSOCIATION
FO U ND ED IN 1905

2550 Pillsbury Ave. S. Mpls. 55404 Ta. 3-7237

vy-

C. C. LIND

H. ROYER

Mr. Lind has ap p oi nt e d Henry
Royer, vice president at First Ameri
can, as metropolitan director. They
will lead the group whose purpose is
to find jobs in the private sector of
the nation’s economy for hard-core
unemployed, minority groups, disad
vantaged youths and others. The pro
gram is based on hiring persons from
these groups and following up with
on-the-job training and special coun
seling to retain them as productive
employees.

E xpansion for G lencoe Bank
The First National Bank, Glencoe,
has recently begun its fifth expansion
program since 1956, according to Russ
Bacon, bank president. E x p a n s i o n
plans include addition of an enclosed,
heated, walk-up facility in conjunc
tion with the bank’s present drive-in,
addition of executive office space, and
renovation of the exterior.

B eliveau R esigns
L. H. Gaugert, president of the First
National Bank, Alexandria, has an
nounced the resignation of Elroy
Beliveau, bank vice president. Mr.
Beliveau had been with the bank since
1957, mostly with the time-pay depart
ment. He spent the last year in the
commercial section. Mr. Beliveau’s
immediate plans are indefinite.

N am ed Assistant Cashier
Boyd Froemke has been elected
assistant cashier at First National
Bank of Brainerd. He had served as
assistant cashier and insurance man
ager at First State Bank, Benson,
before moving to Brainerd.
Northwestern Banker, June, 7970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Minnesota News

Ron W ales R osiuns from
Is Succeeded b y Truman Jeffers
ENNETH
. WALES has tend
ered his resignation as executive
K
vice president of the Minnesota
a

Bankers Association to become vice
president and deputy head of the
correspondent bank division at First
National Bank of Minneapolis.
President George H. Dixon of First
Minneapolis said Mr. Wales will as
sume his new duties July 1.

of the American Bankers Association,
as well as a member of its executive
council and various key committees.
In 1966-67 he was president of the
ABA’s State Association Section.
Also, he is a past president of the
Central States Conference of bankers
association executives and a trustee
of the Central States Graduate School
of Banking. He is currently a director
of the Minnesota Council on Economic
Education, and Minnesota chairman of
the ABA economic education commit
tee. Recently he was appointed to the
advisory council on Financial Aid to
Students by the U. S. Commissioner of
Education.

----------------------------------- \

Your man
A t the
Am erican!

New Bank fo r Fairm ont

K. A. W ALES

T. L. JEFFERS

At a special session of the executive
council of the Minnesota Bankers As
sociation on June 2, Truman L. Jeffers
was advanced from secretary to execu
tive vice president of the MBA to suc
ceed Mr. Wales. Mr. Jeffers joined the
association on April 3, 1961, as director
of publicity, later advanced to assistant
secretary and was elected secretary of
MBA two years ago. Before joining
the Minnesota Bankers Association he
was with General Mills, Inc., for three
years. Prior to that he had spent two
years in Army service and had earlier
been a sales representative with Bur
roughs Corporation.
A native of West St. Paul and a grad
uate of South St. Paul High School,
Mr. Jeffers was graduated with honors
from Macalester College, St. Paul, in
1955, with a Bachelor of Science degree
in Business Administration.
He has continued his interest in edu
cational work through the MBA. He
has been instrumental in organizing
and conducting several of the associa
tion’s schools for bankers.
Mr. Wales, a native of South Da
kota, is nationally known for his work
in various banking organizations. He
began his career in 1946 with the
Farmers and Mechanics Savings Bank
of Minneapolis, and from 1952 to 1956
was executive secretary of the Minne
apolis Chapter, American Institute of
Banking.
He then joined the Minnesota Bank
ers Association as public relations di
rector, two years later was named
executive secretary, and in 1969 was
elected executive vice president.
Mr. Wales has served as a director

The Northrop People’s State Bank
closed recently and moved operations
to Fairmont, where it is now known
as the State Bank of Fairmont. The
move was approved when a new
charter was granted by the state bank
ing commission. The bank, organized
in 1917, currently has capital of
$425,000. Gerhard R. Huemoeller is
president and Joseph F. Horvei is
executive vice president and cashier.

ROBERT T. KNOPKE
Representative

BANKS and BANKERS

W e look forw ard to

New President at Cloquet

visiting with you in

Robert C. Timmerman has been
elected president of the First National
Bank of Cloquet, and will also assume
duties as director. He leaves his posi
tion in Helena, Montana, as vice presi
dent of the First National Bank and
Trust Company, a position he has held
since 1964. Previous to that he was
president and chief managing officer
of the Commerce Bank and Trust
Company in Helena. He holds a B.S.
degree in Business Administration
from the University of Minnesota, and
also attended the Federal Reserve Sys
tem Schools for Bank Executives.

Minneapolis during
the Minnesota
Convention
June 14-16
" The Largest Independent
Full Service Bank
in the Upper Midwest ”

E xecutive Changes at H ibbing
Henry Nosek, president and manag
ing officer of the First National Bank,
Hibbing, has been promoted to execu
tive vice president and director of the
First System Agencies. He was suc
ceeded June 1 by Alexander Castle,
who has been president of the First
National Bank of Cloquet. Both banks
are affiliated with First Bank System.

P rom otion s for Two
C. Glenn Rye, president of the
Northern City National Bank, Duluth,
MINNESOTA NEWS . . .

(Turn to page 70, please)

AMERICAN
NATIONAL
BANK AND TRUST
COMPANY
Seventh and R o bert
S a in t Paul
2 2 8 -2 3 4 5

Member Federal Deposit Insurance
Corporation • Federal Reserve System

Northwestern Banker. June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

South D akota E lects
Eelaud !.. Steele
By MALCOLM FREELAND
Publisher

NEW OFFICERS— Seated are 1st Y.P. Orville L. Bonacker,
v.p., 1st Natl., Sioux Falls, and 2nd Y.P. Morris G-. Winter,
pres., Andes St. Bk., Lake Andes. Standing are Secy. Neil
Milner; and Pres. Leland Steele, exec, v.p., Farmers & Mer
chants Bank, Huron.

speakers at the 78th annual
K EYconvention
of the South Dakota

Bankers Association, held in Rapid
City last month, placed major em
phasis on the dynamic changes taking
place in the banking industry.
Curtis A. Lovre, SDBA president;
Harry P. Guenther, executive vice
president, National Association of
State Bank Supervisors; Eugene Mapel,
Boston advertising executive; Melvin
Burstein, Federal Reserve of Minne
apolis, and Roy Wenzlick, head of his
own research firm in St. Louis, told
delegates what to expect in the 1970’s,
suggesting ways in which bankers
might prepare for changes ahead.
Leland A. Steele, executive vice pres
ident of Farmers & Merchants Bank,
Huron, advanced to president of the

Association, succeeding C urtis A.
Lovre, president, Northwestern Na
tional Bank, Sioux Falls.
Orville A. Bonacker, vice president
of the First National Bank, Sioux
Falls, moved from second vice presi
dent to first vice president. Replacing
Mr. Bonacker as second vice presi
dent was Morris G. Winter, president
of the Andes State Bank, Lake Andes.
Neil Milner continues as executive sec
retary.
Mr. Lovre has been named SDBA
delegate to the American Bankers Con
vention. The alternate delegate is
Robert Frei, president, Commercial
State Bank, Wagner.
Boyd Knox, president, Commercial
Trust & Savings Bank, Mitchell, has
been named to a two-year term as exe-

cutive councilman, replacing Curtis B.
Mateer, president, Pierre N ation a l
Bank.
President’s Message

President Lovre expressed concern
over the rapid changes in banking. He
warned that the next few years will
challenge the ability and know-how
of all bankers. Taking note of the in
creasing complexity of the market and
the competitive and regulatory en
vironment, he suggested that bankers
can no longer be complacent, particu
larly in the areas of governmental and
legislative matters.
Mr. Lovre also explored the ques
tion of public interest as it applies to
some of the current issues facing
banking. He said:
“Banking can make a better case

«
A

A
LEFT—Robert F. Petschow, pres., Corn Exch. Bk., Elkton; Paul Lindholm, v.p., Northwestern Natl. Bk., Minneapolis, and H. Ivan
Steen, v.p., Northwestern Natl. Bk., Sioux Falls. RIGHT— Jerry Harder, v.p. & mgr. of Baken Park office of Natl. Bk. of South
Dakota, Rapid City, and Robert Clausen, v.p., Gayville branch of United Natl. Bk of Yermillion.
Northwestern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

South Dakota News

BLACK HILLS DOLLAR displayed by Leland Steel, Curtis A. Lovre, Jim Jelbert, and H. Pat Dixon. RIGHT George Toft, vice
chmn. Comm. T&S, Mitchell; John Thomson, chmn, Bank of Centerville, and Avery Fick, v.p., Marquette Natl. Bk., Minneapolis.

than any other industry for identify
ing its interests with those of the
public. The reason, of course, is that
the continued growth and well-being
of commercial banking in our modern
society depends directly on the health
of that society. Still, this built-in
bankers bias for the public interest
does not grant us immunity from
criticism.
“People can hardly be expected to
give three cheers for tight credit and
high rates, even though they are
deeply concerned about soaring prices
and the shrinking purchasing power
of their dollars. Other criticisms, how
ever, stem from honest differences of
opinion as to where the real public
interest lies.
“How about the battle against in
flation? Ask the man on the street
and he’ll probably say that banks are
to blame for high interest rates.
Chances are he isn’t aware of the fact
that banks are helping to implement
government policies over which they
have no control, that one of banking’s
basic functions is equating supply
and demand. It’s almost certain that
he knows nothing of how these same
anti-inflationary policies affect banks—
greater regulation of lending, heavier
reserve requirements and intensified
regulation Q restrictions, to name just
a few of the burdens.
“Banking bears the full brunt of
public reaction because it deals di
rectly with the public. Because strin
gent governmental policies result in
higher interest rates, banks are seen
as being the primary beneficiaries of
such policies. The general public
knows comparatively little about the
operation of the economy and the role
played by commercial banking. This
lack of knowledge not only affects the
way people think about banks, but
hinders the public in making realistic
judgements about quesions of vital
concern to the banking industry. The
only answer, of course, is economic
education, but this takes time. I am

happy that South Dakota has started
on the road of assisting in the eco
nomic education program through the
South Dakota Council of Economic
Education. The banking industry in
our state is to be commended for the
excellent support it has given the
council in its first formative stages.
The efforts in behalf of the council
in time as well as money by banks and
bankers around the state has been
extremely gratifying to those of us
working with the council and should
stand us in good stead toward solving
this long range problem of economic
education. At present, the best thing
we can do is tell our story as simply
as possible as often as possible to as
many people as possible. Only as the
public knows more about the banking
industry can it understand how active
banking is in guarding the public in
terest.”
Convention Chairman

Delegates gave a special vote of
thanks to H. Pat Dixon, assistant vice
president, First National Bank of the
Black Hills, Rapid City, for the ex
tensive work that he did as chairman
of the 1970 convention.
The Annual Golf Tournament was
again a great success. The weather
cooperated and nearly 100 bankers reg
istered to play. Robert H. Walrath,
president of the First National Bank
of Watertown, won the trophy with a
71. This is the sixth trophy for Mr.
Walrath. The senior division trophy
was won by Gerry Clark, president,

Fredericks, Clark & Company, Min
neapolis.
The N orthwestern B anker bowling
trophy was won by Mike A. Nelson,
Vice President and Manager of the
National Bank of South D akota,
The women’s high-game trophy was
won by Mrs. C. E. Neuharth (Mary)
of Pierre, South Dakota.
Forty year bankers pins were pre
sented to the following bankers dur
ing the convention: Curtis A. Lovre,
p re s id e n t, Northwestern N a tion a l
Bank, Sioux Falls; Louis L. Lillibridge,
chairman of the board, Burke State
Bank, Burke; L. C. Donaldson, vice
president and manager, First National
Bank of the Black Hills, Newell; LaVern Mitchell, vice president and man
ager, First National Bank of the Black
Hills, Sturgis; Robert M. Hahn, vice
president, First National Bank, Sioux
Falls. A. L. Mikkelson, vice president
of the United National Bank of Ver
million at Wakonda, won the attend
ance prize—a portable television set.
Endorse Eugene H. Adams

South Dakota Bankers Association
endorse the candidacy of Eugene H.
Adams for the office of vice president
of the American Bankers Association
and recommend his election at the na
tional convention of the American
Bankers Association in 1971.
The 1971 Convention will be held in
Sioux Falls on May 20 and 21 with
headquarters at the Ramada Inn. Fur
ther details on the 79th Annual Con
vention will be issued at a later date.

SHRINE OF DEMOCRACY chorus featured at SDBA banquet.
Northwestern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

South Dakota New s

in d u res Taken

A t South

CONVENTION CHMN. H. Pat Dixon; Speaker Eugene Mapel and Neil
Milner, SDBA Secy.; Mike A. Nelson, v.p. & mgr., Natl. Bk. of South
Dakota Presho offiee and wife. Mr. Nelson won the N orthwestern
B anker bowling trophy.

I« X

OUTGOING PRES. Curtis A. Lovre pins the “ president’s emblem” on Leland L. Steel as he assumes leadership of the SDBA. RIGHT
— Pres. Lovre completes his presidential year as Leland Steel, Tom Harkison, Morris G. Winter, Scott Lovald, and Orville Bonacker
look on.

<
LEFT— Charles Undlin, pres., First Natl. Bk. of the Black Hills, Rapid City, and Larry Broom, pres., Northwestern Natl. Bk., South
St. Paul. RIGHT—Mrs. Jan Meyer (J. C. Miller Co., Minneapolis); Richard Breyfogle, v.p., Toy Natl. Bk., Sioux City; Mr. and Mrs.
Loren Anderson, U.S. Check Book Co., Rapid City.
Northwestern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

South Dakota New s

BANKERS’ WIVES get together, from left: Mrs. John A. Diefendorf (Sec. Natl., Sioux City); Mrs. Kay Hahn, Mrs. Orville
Bonacker, both of 1st of Sioux Falls, and Mrs. Dean Tollefson (1st of Minneapolis). RIGHT—Fred Menzel, pres., Farmers St. Bk
Dupree, prepares to observe 60 years for his town and bank as John Raymond, v.p., 1st of St. Paul; Dick Taylor, v.p. & cash., 1st of
Sioux City, and Jim Schneider, exec, v.p., Rushmore St. Bk., Rapid City, admire his beard.

COFFEE BREAK— John Krastins, a.v.p., Northwestern Nati. Bk., Sioux Falls serves Clarence Knudson, pres., Leola St. Bk. CENTER
G-. L. Hill, Security Bank, Webster, and Don Jackson, v.p., Irving Tr. Co., New York. RIGHT—Jay J. La Russo, asst, treas., Chase
Manhattan Bank, N.A., New York, and Tim Stern, a.v.p., Northwestern Nati. Bk., Sioux Falls.
_______________

N ational Bank A dvances Two
James D. Iverson has been advanced
to vice president and Donald A. Isaac
son to assistant vice president at the
main office of the National Bank of
South Dakota in Sioux Falls. These
appointments were announced by Don
W. Westbee, the bank’s president.
Mr. Iverson is a former South Da
kota State U n iv e r s ity basketball
coach, and in 1963 he coached that
school to an NCAA college division
basketball championship. Mr. Isaac
son currently is attending Augustana
College while working at the bank.

Joins Platte Bank
Glen Gedstad assumed his new du
ties recently as loan officer of the Na
tional Bank of South Dakota at Platte.
He was previously employed as ad
ministrator of the Centerville Good
Samaritan Home in Centerville, S. D.
He has 12 years’ banking experience
behind him at the National Bank of
South Dakota, Sioux Falls, where he
was employed as an operations officer.

S iou x Falls B anker D ies
Funeral services were held recently
for Earl Melloon, 72, retired Sioux
Falls banker, who worked for the
Union Bank and Trust Company for

many years. He joined the bank in
1941 and retired in 1968 as assistant
vice president.

kota. Most recently he was manager
and vice president of his family’s
grain d e a le rsh ip in McLaughlin,
which was sold in January.

N am ed to AIB Post
Gerald Feldhaus, assistant vice pres
ident of Union Bank and Trust Com
pany of Sioux Falls, was named presi
dent of the Sioux Falls Chapter of the
American Institute of Banking. The
announcement was made at the chap
ter’s annual awards banquet in May.

P rom otion fo r Mrs. Mower
Mrs. Lucille Mower has been ap
pointed assistant cashier of the Na
tional Bank of South Dakota, Hot
Springs, it was announced by Le Roy
Hofer, vice president and manager of
the bank. Mrs. Mower has been em
ployed at the bank since the opening
of the Hot Springs branch 10 years
ago.

Adds Officer T rainee
Mike Kurle has been added to the
staff of the Redfield branch of the
First National Bank of Aberdeen. The
announcement was made by Elmer
Goetz, vice president and manager of
the Redfield branch. Mr. Kurle holds
a B.S. degree from the School of Busi
ness at the University of South Da

A cquires L em m on Bank
The Dakotah Bank Holding Com
pany recently received approval from
the Board of Governors of the Federal
Reserve System for the acquisition of
the Bank of Lemmon, Lemmon, S. D.
G. L. Hill, president of Dacotah Bank
Holding Company, also announced
that approval was received to retain
and acquire ownership of five insur
ance agencies and agricultural credit
corporations.
Dacotah Bank Holding Company
now controls Farmers and Merchants
Bank of Aberdeen, Citizens Bank of
Mobridge, Security Bank of Webster
and Citizens State Bank of Clark, plus
the Bank of Lemmon and all branch
offices of the banks. The new acqui
sition makes Dacotah the sixth largest
banking institution in South Dakota.

D irector E lected Mayor
Dale Freeburg, a member of the
board of directors of the First Nation
al Bank of Watertown, was recently
elected mayor of his home town by a
60 per cent majority. Mr. Freeburg
Northwestern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

South Dakota News

owned and operated the South Dakota
Livestock Sales Company for 10 years
until selling his interest a year ago.

Joins W ebster Bank
Terry Kangas has joined the Secu
rity Bank in Web
ster as an agri
c u ltu ra l re p re
sentative, accord
ing to L. G. Grosz,
president of the
bank. Mr. Kangas
is a native of
Hayti, S. D., and
is a January grad
uate of South Da
kota State Uni
v e r s it y with a
major in Agricultural Economics.

Join W atertown Bank
R. H. Walrath, president of the
First National Bank of Watertown,
has announced that John H. Koob has
joined the bank staff as a Northwest
Bancorporation management trainee.
Under this program he will become
familiar with all areas of the bank’s
operation over a one-year period.
Mr. Koob holds an Agricultural
Business degree from South Dakota
State University. Most recently he
has been the assistant county agricul
tural agent for Spink County, living
in Redfield, S. D.
Mr. Walrath also announced that
Greg Haggar has joined the bank staff
as trainee in the commercial and trust
departments of the bank. Mr. Haggar
graduated from W a te rto w n High
School in 1967, and spent two years at
Iowa State University and a year at
the University of Puget Sound.

P rom otion fo r Swenson
Rudolph G. Swenson has been pro
moted to the position of vice president
from assistant vice president at the
National Bank of South Dakota, Rapid
City. He has been with the bank
since 1968.
Mr. Swenson began his banking ca
reer in 1964 as assistant cashier at
the Farmers and Merchants Bank,
Sheyenne, N. D. Later he joined First
System Services of Minneapolis be
fore coming to Rapid City. He is
presently president of the Black Hills
Chapter of the American Institute of
Banking.

R apid City P rom otions
Three officers of the First National
Bank of the Black Hills were pro
moted and a new officer elected at a
recent meeting of the bank’s board of
directors in Rapid City, President
Charles T. Undlin announced. In addiNorthwestern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

tion, staff changes were approved for
two other officers.
Robert B. Frankenfeld was elected
vice president and trust officer. He
was formerly assistant vice president
and trust officer of the bank. He was
a member of a Rapid City law firm
for three years prior to joining the
bank in April, 1968.
William D. Hannah was elected as
sistant vice president and assistant
manager of the Belle Fourche office.
Formerly assistant vice president and
manager of the installment loan de
partment of the Belle Fourche office,
Mr. Hannah joined the bank in 1960.
He was elected manager of the install
ment loan d ep a rtm en t in Belle
Fourche in 1963 and was elected as
sistant vice president in 1966.
A. R. “Dick” Teeslink was elected
assistant cashier and assistant man
ager of the Lead office. He has been
an assistant cashier at Lead since
January this year following nearly
two years in the bank’s Sturgis office.
Mr. Teeslink joined the bank in May,
1966, and was in the installment loan
department of the main office in Rap
id City prior to his transfer to Sturgis.
Myles W. Kennedy of the control
ler’s department in Rapid City was
elected an assistant cashier of the
bank. He joined the First National
Bank of the Black Hills in October,
1969, following nearly three years at
Chase Manhattan Bank in New York
City.
In the Belle Fourche office, William
L. Blake, assistant cashier, was named
manager of the real estate department
and will continue as manager of the
insurance department. Gerald D. Kiel,
assistant cashier, has been named
manager of the installment loan de
partment. Mr. Blake, a Spearfish na
tive, has been with the Belle Fourche
office since 1947. Mr. Kiel joined the
bank at Belle Fourche in 1964.

Hokah. He has resigned his present
positions with the Adrian State Bank
and Adrian Insurance Agency.

P rom otion by D uluth Bank
Mrs. Joan Pedrson has been pro
moted to assistant cashier at the Park
State Bank in Duluth. She has been
employed as teller at the bank for six
years and also works in the proof and
transit departments. In her new post
she will be supervisor in these de
partments.

W illiam s P rom oted in D uluth
Richard G. Williams has been pro
moted to assistant vice president in
charge of personnel at First American
National Bank in Duluth.

Adds Two D irectors
The Northwestern State Bank of
Osseo recently held a stockholder’s
meeting at which two new directors
were elected. Keith P. Caswell Jr.,
president of Caswell and Associates,
a consulting engineering and land
surveying firm, and Calvin R. Gray, a
rural Osseo potato farmer, were both
elected.

NewT P rin ceton Bank B uilding
Contracts have been awarded for
construction of the new Princeton
State Bank Building at Princeton, ac
cording to an announcement made by
Roger Barton, chairman, and C. J.
Erickson, president. The building will
be an irregular polygon, two levels,
totaling 11,800 square feet.

New D irector at W adena
J. M. Browne, president, has an
nounced the election of Attorney R. S.
Bradford to the board of directors of
the Wadena State Bank, Wadena, to
fill the vacancy caused by the recent
death of W. J. Browne, the bank’s
founder.

MINNESOTA NEWS . . .

Motor Bank for Faribault

(Continued from page 65)
announced the promotion of two of
ficers. Donald W. Nygaard has been
promoted from assistant trust officer
to trust officer, and will become senior
administrator of Northern City Na
tional’s common and collective invest
ment funds. Kenneth R. Olson was
promoted from assistant cashier to
assistant vice president.

John Carlander, board chairman,
has announced that a motor bank will
be added to the services of the State
Bank of Faribault. The addition is to
be completed early in 1971, according
to the announcement. The facility
will have three remote express TV
teller units. Dykins-Handford, Min
neapolis, is the architectural firm.

G onnerm an A ccepts
New Position
Delbert Gonnerman has accepted
the position of cashier at the Com
mercial State Bank and manager of
the Commercial State Agency in

Joins Staff at Elk R iver
The First National Bank of Elk
River has added Tim Thompson to its
staff as administrative assistant. A
graduate of Concordia College, he had
been employed as assistant manager in
the M in n e a p o lis office of Murphy
Finance Company since 1966.

71
r
*

>
>

What does the future
hold for banking?

*■
*~1

With the ABA, w e’re developing a wide
range of educational material for every
bank, its employees, stockholders, direc
tors, customers.

We re backing that up with a continuing
flow of information to the public through
all available media.

Plus a vigorous advertising program to
spell out the meaning of “ A Full Service
Bank” in filling individual and social needs
And, being tabulated right now, the new
est and largest national survey, by Louis
Harris and Associates, of what the public
really thinks about banking and other
financial institutions.

>
V

ROGER D. KNIGHT, JR.
Chairman, Denver U.S. National Bank
Chairman, Board of Trustees,
Foundation for Full Service Banks

If you are ever going to help us help you,
now is the time to get started. Without
the support of every Full Service Bank
these programs cannot achieve their full
potential.
.
.
/A FULL\
It your bank is not a member, ISERVICE)
jo in now.

Not a week passes without potshots at
banking. . . in newspapers and magazines
. .. on television and radio . . . from state
capitols and Washington, alike.

X
y

I-------------------------------------------------------------------F o u n d a t io n f o r F u l l Se r v ic e B a n k s

Philadelphia National Bank Building
Philadelphia, Pennsylvania 19107

D on’t think it’s the other banker’s prob
lem. These attacks damage public opinion.
And every defeat that banking suffers
means that every bank suffers tomorrow.
Our challenge is to speak more effectively
to the people, so that they know how bank
ing serves them, their community, and
their nation. We need equal time at bat.
And so your Foundation has initiated a
new, long-range, nationwide research
and public information program called
“ Banking Serves America.”

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

\B A N K /

□ Please send me complete information.
□ Enroll me. Here is my check for $________ __
at $15 per million of deposits. Send me the Louis
Harris research findings.

}

NAME__ ________________________________ TITLE_________

BANK____________________________________________________
ADDRESS__ _____________________________________________
CITY___________________ STATE____________ ZIP_________

I______________________ ______________________
Northwestern Banker, June, 1970

72
A

R obert V . W elts E lected
N orth D akota P resident
By JAMES K . FREELAND
Associate Editor

* >

NEW OFFICERS— Past Pres. A1 K. Simpson, pres., Merchants
Natl. Bk. & Tr. Co., Fargo, and newly-elected Pres. Robert V.
Wells, pres., Security St. Bk., Robinson, are shown seated.
Standing are, from left: 1st V.P. T. A. Solheim, pres., Amer
ican St. Bk., Minot; 2nd Y.P. Don Lessard, pres., Walsh Co.
Bk., Grafton; Treas. Robert P. Hendrickson, pres., First Natl.
Bk. and Tr. Co., Bismarck, and Secy. William J. Daner.

\ f[7 ITH the very competent Al K.
n Simpson presiding, the North Da
kota Bankers Association convention
was again outstanding in every re
spect.
More than 450 persons were regis
tered for the three-day event held last
month at the Clarence Parker Hotel in
Minot.
Highly regarded and informative
speakers and top-notch entertainment
were the features of the 85th annual
convention. Walter Heller, Univer
sity of Minnesota economist, provided
a glimpse into the 1970’s; Roy Terwilliger of the American Bankers Asso
ciation brought a first-hand view of
the Washington legislative scene to
the convention; and a bogus Russian
by the same of “ Nikki Nyetski” and
the inimitable Leonard Passmore of
Austin, Tex., provoked waves of
laughter and mirth.
New Officers

Robert V. Wells, president of Secu
rity State Bank, Robinson, was elected
to succeed Al K. Simpson, president of
Merchants National Bank and Trust

Company, as president of the associa
tion for 1970-71. Also elected were T.
A. Solheim, president of American
State Bank, Minot, first vice president;
Dan Lessard, president of Walsh Coun
ty Bank, Grafton, second vice presi
dent, and Robert P. Hendrickson, pres
ident, First National Bank and Trust
Company, Bismarck, treasurer. Wil
liam J. Daner, Bismarck, is secretary
and legal counsel of the association.
Mr. Wells was also elected the dele
gate to the American Bankers Associa
tion convention in Miami, with Mr.
Solheim as alternate.
Legislative Battles

Roy Terwilliger, former South Da
kota Bankers Association secretary
and current state association secretary
of the ABA Washington, D. C. office,
talked on Federal legislative fights
faced by bankers, especially the onebanking holding company legislation,
and presented a film on the need for
restructure within the ABA in order
to derive maximum results from bank
association efforts.
The film stressed the need for re

organization, and the goals and direc
tion of reorganization. Ideally, Mr.
Terwilliger said, the restructuring of
the ABA should reflect the best inter
ests of both the public and banking, A
and should also reflect a weighing of
the respective concerns of small and
large banking interests. He invited
the submission of healthy criticisms
and ideas.
Mr. Terwilliger also cited the public
relations and communications prob- ^
lems of banks, and called upon the
bankers to take individual responsibility for development of good rela
tions with the public and the press in
their communities as a necessary ad
dition to the actions taken by associa- ''
tions in this regard.
The 1970’s

Dr. Walter W. Heller, chairman of
the President’s Council of Economic
Advisers under Presidents Kennedy
and Johnson and now professor of eco
nomics at the University of Minnesota,
told the bankers that he sees many1E
elements of basic strength in the
economy for the 1970’s and advised

SPEAKERS TABLE— Shown from left are: New NDBA Pres. Robert V. Wells; Robert Kelly, compliance officer, for Wage and Hour
Div., Sioux Falls; Leonard Passmore, secy., Texas Bankers Assn., and Roy Terwilliger, secy., state bank div. of ABA.
Northwestern
Banker, June, 1970
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

LEFT— T. A. Solheim, pres., American St. Bk., Minot; Norm Gustafson, a.c., First Natl. City Bk., New York, and William Smith, 1st
v.p., Bank of North Dakota, Bismarck. BIGHT— Robert Sahli, Juran & Moody, St. Paul; Art Haessig, v.p., Amer. Natl. Bk. & Tr.
Co., St. Paul; Kurt F. Zerr, pres., Bank of Hazelton, and Dave Morgan, Juran & Moody, Minneapolis. John J. Hillman, chmn., First St.
Bk., Munich, is in background.

LEFT— John Ordos, a.c., and Doug Johnson, v.p., Midland Natl. Bk., Minneapolis, visit with Warren DeKrey, pres., Grafton Natl.
Bk. BIGHT— Stan Wheaton, pres., Minn. Bankers Association, and exec, v.p., First Natl. Bk., Elk Biver, Minn.; E. M. Eriksomoen,
pies., Dakota Natl. Bk. & Tr. Co., Fargo; George Dixon, pres., First Natl. Bk., Minneapolis, and George Henry, v.p First Natl Bk.
Minneapolis.

Iv them “not to sell the American econ
omy short.”
In brief, Dr. Heller foresees a satis
factory and basically strong economy
A for the 1970’s, in which a workable
bargain between price stability and
full employment and production will
be achieved.
Specifically he predicts a 5-6 per cent
drop in industrial production, 5-8 per
cent drop in profits after taxes, and a
small worsening of unemployment,
but he says these are “within the ball
park” and far from the dire Milton
Friedman-University of Chicago pre
dictions.
He believes that 1970 “is not going
to be much of a year but then it’s not
>going to be a disaster either.” He
stressed that the economy itself had
not faltered but instead the current
situation is the result of a calculated
response by the Federal government
to slow inflation and cool the econ
omy. He characterized the current
' chill as a short and shallow adjust
ment rather than a long and deep ma
laise.”
Dr. Heller expressed confidence in
President Nixon’s economic team, say
ing that Nixon is committed to a pol
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

icy of high growth and full employ
ment and production. He does see
some administration credibility gap
developing though and called on the
administration to level as to what
remedies it proposes to use. Specifi
cally he cited the need for moral sua
sion, wage-price guideposts and spotligthing the major “bad guys,” in ad
dition to doing many other things to
take the steam out of the wage price
problem which are politically unpop
ular. Dr. Heller foresees no big jolt
to the economy when the United
States pulls out of Vietnam.
He came out firmly against imposed
wage-price controls and called on
bankers to educate the public against
such mandatory controls.

50 YEAR BANKERS honored at conven
tion were: (seated) J. W. Moffatt, pres.,
Merchants Bank, Rugby, and Theo. Sette,
pres., St. Bk. of Burleigh Co. Tr. Co., Bis
marck. (Standing) Frank L. Reardon, v.p.,
First Natl. Bk. & Tr. Co., Dickinson, and
Théo. H. Tufte, pres., Northwood St. Bk.
Also honored, but not pictured were: H. M.
Nash, pres., Farmers & Mercli. Na.tl. Bk.,
Hatton, and Elmer Melby, v.p., Farmers
Sec. Bk., Washburn.

An eminently respected authority
and an engaging speaker, Dr. Heller
presented a realistic, understandable
and somewhat optimistic economic
forecast for the 1970’s.
Other speakers were David M. Has
kett, president, Montana-Dakota Utili
ties Company, Bismarck, a newly
elected Director of the Ninth Federal
Reserve Board, and Robert Kelly of
the U. S. Department of Labor, who
spoke on federal laws applicable to
Northwestern Banker, June, J970

P ictures Taken A t N orth

LEFT: William Rosacker and William Addington, both of Marquette Natl. Bk., Minneapolis, and Ed Hagert, pres., Farmers & Merch.
Bk., Wimbledon. BIGHT—D. J. Lessard, pres., Walsh Co. Bk., Grafton, and Don H. Johnson, v.p., American Natl. Bk. & Tr. Co., St.
Paul.

wages in the banking industry and es
pecially the Federal Wage Garnish
ment Law which goes into effect on
July 1.
Entertainment

The First Night Party included the
President’s re ce p tio n , smorgasbord,
and dance. Bobby Bryant, star defen
sive halfback of the Minnesota Vik
ings, recapped the 1969 season and anwered questions following the noon
luncheon on the second day of the con
vention.
Winner of the 1970 NORTHWEST
ERN BANKER bowling champion
ship award was Howard Toso of Dev
ils Lake. Brisk weather and wet
grounds did not deter E. E. Herzog of
the First State Bank of Cooperstown
from carding a 38 to top the field of
golfers.

Preceding the convention banquet, a
social hour was sponsored by NDRA
Associate Members. At the conclusion
of the banquet dinner, T. A. Solheim
introduced a Russian exchange stu
dent, “Nikky Nyetski,” who then pro
ceeded to regale the audience with
outrageous answers to the questions
they had submitted. After finshing,
it was revealed that he actually was
a comedian. His masquerade had
been successful though and the enter
tainment was very enjoyable.
Texas Wit

At the conclusion of the convention,
the Secretary and Legal Counsel of
the Texas Bankers Association, Leon
ard Passmore, was introduced to talk
on “Tight Money and Loose Morals.”
East-Texas raised, Mr. Passmore talks
in a slow, articulate drawl and is a
master of deadpan humor. That can
be attested to by the full house of
bankers who are probably still chuck
ling over some of Mr. Passmore’s lowkey but highly witty comments.
Banker, June, 1970
Northwestern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

50-Year Bankers

Six bankers were honored for 50
years in the banking industry and
were awarded plaques. Honored were:
Elmer Melby, Farmers Security Bank,
Washburn; F. L. Reardon, First Na
tional Bank and Trust Company, Dick
inson; Theo W. Sette, State Bank of
Burleigh Trust Company, Bismarck;
Theo H. Tufte, Northwood State Bank,
Northwood; H. M. Nash, Farmers and
Merchants National Bank, Hatton, and
J. W. Moffatt, Merchants Bank, Rug
by.—End.

<
the top two junior college students in
Illinois as part of a statewide student
achievement recognition program.
Illinois Governor Richard B. Ogilvie
presented the awards and trophies to
Mrs. Vida Lentz, a 32-year-old Kan
kakee widow and nursing student at <
Kankakee Community College, and
Renard I. Jackson of Chicago, a 23- -c
year-old sociology major at KennedyKing City College, Chicago.

R etires At B ow bells
Laurits Skjelset resigned recently as
president of the First National Bank
of Bowbells, due to age and failing
health. He was succeeded as presi
dent by John Norgaard, who had been
executive vice president and director.
Mr. Skjelset had been president for
the past 27 years and has been a North
Dakota banker for 58 years. He will
continue to serve the bank as a direc
tor. He began his banking career at
the State Bank of Bowman and was
later associated with banks at Buffalo
Springs, Rhame and Drayton before
purchasing his interest in the First
National of Bowbells in 1943.

R ejoin s Grand Forks Bank
Pershing Boe, president of the First
National Bank in Grand Forks, has
announced the return of Charles S.
Youlden to the staff of that bank.
Mr. Youlden will rejoin the bank’s
commercial loan department after an
absence of four years, during which
time he was associated with the Grand
Forks Grocery Company. He had pre
viously served on the staff at the bank
from 1960 to 1966.

Bank Awards Cash Prizes
In Student C om petition
Continental Bank, Chicago, recently
awarded $1,000 cash prizes to each of

AWARDS are presented by Illinois Gover
A
nor Richard B. Ogilvie to Vida Lentz and
Renard I. Jackson.
if

The winners were picked from 10
state finalists, each of whom won $350
in campus and district competitions.
They were selected on the basis of
their progress toward a career goal
and their leadership and participation
in campus and community activities. -f
Students at 43 public junior colleges ¥■
in Illinois participated in the program,
which was aimed at focusing public
attention on junior colleges by high
lighting individual student achieve
ment.
The bank funded and administered
the program in cooperation with the
Illinois Association of Community and
Junior Colleges and its Business-In
dustry Council.

About twenty-eight years ago, and on numerous
occasions since, we attempted to win acceptance
for the idea that it would pay to set up a “ Check
Department” in a bank. In other words, a Check
Desk where all customers would go to get their
checkbooks and where the young woman in charge
would sell them instead of giving them away free.
The idea never did click too well, although it paid
off in those few banks that adopted it.
Well, just to prove that there is nothing new
under the sun,and to demonstrate perhaps that an
idea is not a good idea until it reaches maturity, we

once again drag out the Check Desk and dust it off
for your inspection.
What makes it particularly attractive now is the
wide selection of exciting check designs available
and the large variety of checkbook styles from
which to choose. A knowledgeable young lady be
hind this desk can satisfy customer wants, improve
customer relations and develop a very profitable
department for your bank while relieving your new
account people of this part of the procedure. Ask
us to tell you all about this old-new idea.

D E L U X E C H E C K P R IN T E R S , INC.
S A L E S H D Q T R S . • 3440 N . K E D Z I E , C H I C A G O . I L L . 60618
S T R A T E G IC A L L Y L O C A T E D P L A N T S F R O M C O A S T T O C O A S T

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Northwestern Banker, June, 1970

W y o m in g N e w s
R. S. A LLE N
Cody
P resid en t
W yom ing Bankers A ssn .

W heatland Banks
Finance Scholarships
The First National and Stock Grow
ers Banks of Wheatland financed 10
scholarships for W h ea tla n d High
School students to attend the Casper
College Art Symposium. Mrs. Carl
Preuit, Platte County librarian, made
the announcement.

Officers Named By
W yom ing B ancorporation
Paul L. Howes, president of the W y
oming Bancorporation, has announced
two new e x e c u tiv e appointments.
They are William K. (Bill) Anderson
to the position of director of advertis
ing and public relations, and Joseph
W. Miller, who has been named con
troller of the organization.
Mr. Anderson was formerly vice
president of mai’keting at Cheyenne
National Bank. He started his busi
ness career in the industrial foods
business, holding management posi
tions with Industrial Food Crafts of
New Jersey and then with Sky Chefs,
Inc., a subsidiary of American Air
lines.
In 1959 he founded Wyoming Ad
vertising, Inc., following several years’
experience in radio announcing and
sales. He joined the Cheyenne Na
tional Bank as marketing director in
March, 1969.
Mr. Miller also was formerly em
ployed by Cheyenne National Bank,
where he held the position of comp
troller. He holds a B.S. degree from
the University of Maryland, and is
also a graduate of the Colorado School
of Banking at Boulder and the NABAC
Auditing School in Lansing, Mich.

W yom ing C onvention
The complete program for the
62nd annual convention of the
Wyoming Bankers Association
was featured in the June 1 issue
of the Weekly News.
An on-the-spot picture and
news coverage will be featured
in the July Magazine Issue of
the N orthwestern B ank er .

He started has banking career in
1956 at the First State Bank of Louis
ville, Colo., and there attained the po
sition of cashier. Before becoming
associated with the Cheyenne National
Bank in 1965, he worked in the audit
ing departments of the First National
Bank of Boulder and later the Union
National Bank in Denver.

D on H am pton Elected
Don Hampton, assistant cashier, the
Union State Bank, Upton, was elected
president of the Northeast Wyoming
Bankers Association re ce n tly . He
replaces Don Kraen, cashier of W y
oming Bank and Trust Company of
Buffalo. Other new officers include
Cecil Coe, president of Converse Coun
ty Bank, Douglas, vice president, and
Don Brayton, vice president, Bank of
Commerce, Sheridan, who was elected
secretary.

R obinson A ppointed
Arthur B. Dalgarno, president of the
University National Bank of Laramie,
has announced the appointment of M.
L. “Rob” Robinson as loan officer. Mr.

JACK KING and BOB BRYANS say:
44Casper Is a Good Place
To Do Business99
Check . . . FIRST OF CASPER for Credit
Information, Collections, Transit Items and
AH Corresopndent Services.

FIRST N A T IO N A L B A N K OF CASPER
Established 1889

Northwestern
Banker, June, 1970
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Member F.D.I.C.

Robinson has been employed by University National for three months, and
previously served as a manager for a
national finance company in Torrington, Wyo.
Before coming to Wyoming two and
a half years ago, Mr. Robinson was
employed as manager by the AVCO
Finance Company in Osage, Iowa, for
nine years. He has also been very ac
tive in conservation activities in both
Wyoming and Iowa.

AIR Chapter M eeting H eld
The Cheyenne Chapter of the Amer
ican Institute of Banking recently
held its annual meeting. Don Laher,
auditor of the First National Bank
and Trust Company of Cheyenne and
president of the chapter, presided.
During the meeting, 30 students re
ceived recognition for having com
pleted a course in Commercial Law.
The course was taught by Dave Uchner, Cheyenne attorney, who pre
sented the awards.
New officers were also elected.
Harry Palmer, vice president and
cashier, East Cheyenne National Bank,
was elected president.

f
^
(

<
a à

«■
r>7

«V

< -V

-4

K em m erer Bank
Awards Scholarship
Pauline Loomis, a junior in office
administration at the University of
Wyoming, was recently awarded the
$300 scholarship given by the First
National Bank of Kemmerer for aca
demic excellence. Miss Loomis, a res
ident of Kemmerer, was presented the
award by Orin Geesey, bank president.

P rom inent Casper Banker D ies

—A

l
w
•A

Donald Dean Giddings, 56, vice pres
<
ident of the First National Bank of
Casper, died r e c e n tly following a
lengthy illness. Mr. Giddings had been
A
prominent in Wyoming banking cir
cles for a number of years.
1t
Mr. Giddings was born in Hastings,
Nebr., and was educated in Powell,
Wyo. He joined the First National
Bank of Thermopolis in the mid-30’s.
In 1938 he was appointed bookkeeper
at the Casper National Bank.
During World War II, Mr. Giddings
y
served in the Navy. After his dis
charge he returned to the Casper Na ~K
tional, where he continued in various
positions. He was elected vice presi
dent in charge of the installment loan
department in 1957.
Mr. Giddings served for three years >
as secretary of the Wyoming Bankers
Association and was on the executive
<
council of the association at the time
of his death. He also served on the
n a tion a l committee for consumer
loans.

W yom ing New s

Start New Building in B iverton

Harmon Watt, bank president, said
that the construction period will be
about six months.

Gets Bank o f England
A uthority to Act
The London branch of American
National Bank and Trust Company of
Chicago has been officially appointed
an “Authorized Bank” by the Bank
of England.
Acting as the British government’s
fiscal and monetary agent, the Bank
of England made the appointment
which carries authority for American
National’s branch “to act as an author
ized dealer in gold and all foreign
currencies and as an authorized de
positary for securities.”

NEW HOME for First National Bank, Biverton, Wyo.

began recently on
CONSTRUCTION
the new First National Bank
building of Riverton. The building
will be in the “traditional western
classic” design, in order to reflect the
pioneer traditions of the area.
The architect is George T. Nowak of
Los Angeles, a native of Poland, who
graduated from the University of
Southern California. He also designed
the Continental National Bank in En
glewood, Colo., and the Montana Bank
of Great Falls.
The contract for construction was

awarded to Brekken Construction of
R iv e rto n . Bookkeeping operations
were moved into the hospitality room
in the basement of the bank as the
contractor started work on replacing
the present building.
Furniture and fixtures will be cus
tom manufactured of American black
walnut, finished with a natural oil.
Carpeting will be a multi-colored close
weave. The interior work is being
designed and installed by Donald Al
varado, president of Custom Wood
Products, Denver.

B ankAm ericard in 5 0 States
BankAmericard has reached its goal
of extending coverage to all 50 states
with the announcement of an agree
ment signed with Bank of Madison,
Madison, Wis.
The existing Bank of Madison
Charge Card was first issued in
September, 1959, and was the oldest
credit card in the state. Bank of
Madison will now issue BankAmeri
card as an associate of First National
Bank of Chicago.

IT’S ABOUT TIME . . .
to sta rt thinking about m eetin g frien d s, old
and new, at the W y o m in g B ankers A sso cia
tion

Convention, June

1 1 -1 3 ,

at Jackson

Lake Lodge. Can you m ake it? W e sincere
ly hope so !

F U S T
N4TIOMM, M
.A N D

TRUST

COMPANY

OF W Y O M IN G

Member Federal Deposit Insurance Corporation

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Northwestern Banker, June, 1970

Most banks usually shy away
from natural resources financing.

And m aybe it w as a little
risk y once.
But today, bank
financing o f n ew copper ||
m ines and oil w ells and
1
other natural resources is §
b illion dollar a yea r
business.
And if your bank isn ’t
sh arin g in it, y o u ’re
m issin g a v ery im portant
source o f revenue.
A s your correspondent
bank, D enver U .S. w ill be
glad to help you g et into
th is often overlooked field.
W e’v e probably had
more exp erien ce in natural
resources financing than
any oth er b an k in the W est.
W hat’s m ore, w e ’re one
of the few banks anyw here
to h ave our ow n petroleum
en gin eer, our ow n
m etallu rgical en g in eer and
our ow n m in in g en gin eer.
A ll on staff. And all
available to your bank for
con sultation w henever you
need them .
N eed less to say, th ese
are not traditional
correspondent banking
services.
But then w e ’re not a
trad itional correspondent;
bank.

m Denver U S.
Denver U.S. National Bank,
17th & Broadway,
Phone 303 244-8811

Northwestern
Banker, June, 1970
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

m*-’ -

LEFT—Jerry J. Nolan, v.p., and Nat S. Rogers, pres., First
City Natl. Bk., Houston. (Mr. Rogers is ABA pres.) RIGHT—

Eugene Adams, chmn., First Natl. Bk., Denver, and Mrs. Adams.
Mr. Adams is a candidate for ABA v.p.

Colorado B ankers E lect
C. Gale Sellens
B y MALCOLM FREELAND
P ublisher
agreeing among ourselves
BYweNOT
often allow others to move in
and make decisions which are not al
ways in our best interests.”
This is the comment made by H. D.
Williams, president of the Colorado
Bankers Association, and president of
the Arkansas Valley Bank, Pueblo.
Mr. Williams addressed delegates at
tending the 69th annual convention of
the CBA, held in Colorado Springs
early this month.
Mr. Williams warned that there are
too many banking organizations work
ing at cross purposes, and as a result
the destiny of commercial banking
may be in jeopardy. He questioned
whether or not our present banking
system has the muscle to do the job it
is expected to do under current regula
tions.

C. Gale Sellens, president of the
Lakeside National Bank, Wheat Ridge,
was elected president of the Colorado
Bankers Association at the final busi
ness session, succeeding Mr. Williams.
Don F. Delano, president of the Burns
National Bank, Durango, advanced to
first vice president of the CBA.
President Williams, in his report as
CBA president for the last year, called
attention to progress made in Colorado
toward improving the “banking en
vironment” and how vitally essential
it was for bankers to provide leader
ship in the nation’s fight to improve
its social affairs.
“Far too many bankers,” Mr. Wil
liams said, “seem pleased with the
status quo and express an earnest de
sire to keep from getting involved.”

LEFT—Jack Beets, a.v.p., City Natl. Bk. & Tr. Co., Kansas
City; E. K. Hilton, chmn., Mercantile Bk., Boulder, and Roy
A. Thompson, v.p.. City Natl. Bk. & Tr, Co., Kansas City.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

In another key speech, Nat S. Rog
ers, ABA president and president,
First City National Bank, Houston,
expressed concern on the need for im
proved communications between bank
ing and the public. He warned that a
communication effort can’t move along
a routine and concentrated path. Men
tioning that “our target is a moving
target,” he suggested that bankers
should let people know that the banks
are handling 90 per cent of the college
loans and about 85 per cent of all lowcost housing loans.
Mr. Rogers was highly critical of his
fellow Texan, U. S. Rep. Wright Pat
man (D.) Texas, chairman of the
House Banking Committee.
Mr. Patman is the sponsor of the
highly controversial One-Bank Hold
ing Company Act, which Mr. Rogers
said was “badly punitive and which
would bring down an iron curtain be
tween commercial banks and our
growth opportunities of the future.”
Enactment of such legislation not
only would cripple commercial bank
ing, he added, but also would “deprive

RIGHT—Mrs. Harry Bloom; Mrs, Max Brooks; Max Brooks,
chmn., Central Bk. & Tr. Co., Denver, and Harry Bloom, superintendent of banking, Denver.
Northwestern Banker, June, 1970

Colorado New s

LEFT—Don Ferrel, v.p., Denver U. S. Natl. Bk., shows Tom Cannon, v.p.,
Commerce Bk., Kansas City, the private surroundings of the Broadmoor
Golf Club. CENTER—Don Delano, pres., Burns Natl. Bk., Durango, pre
sides at business session. RIGHT—Rodger D. Knight, Jr., chmn., Denver
U. 8. Natl., outlines Foundation program.

the public of needed services now and
in the future.”
He said he did not mean to imply
that banks should be given a license to
grow in any direction they choose or
in all directions at once, but they
should be permitted to remain in finan
cially related activities.
Other key speakers at the 69th an
nual convention included U. S. Rep.
Frank Evans, (D.) Colorado, and Car
ter H. Golembe, head of a Washington,
D. C., bank consulting firm. Roger D.
Knight, Jr., chairman of the Denver
U. S. National Bank, and chairman of
the Foundation for Full Service Banks,
presented a report and film on “Bank
ing’s Public Image.”
First day activities included the an
nual CGA golf tournaments and an
Aloha reception, buffet and dance. En
tertainment highlights the second day
included an Ice Spectacular at the
Broadmoor World Arena and the an
nual banquet. Approximately 850
bankers, wives and guests were in at
tendance at the convention. James
C. Scarboro, CBA executive manager,
and his son, Jerry Scarboro, CBA sec
retary, handled the many arrange
ments that assured a successful meet
ing.

the position of senior vice president
in charge of the banking department.
William W. (Peter) Grant was elect
ed executive vice president. He was
formerly vice president in charge of
he bank’s national division.
Kenneth H. Nordling, formerly con
troller of the bank, was elected senior
vice president and controller.
T. Rex Rhodes was elected senior
vice president in charge of the bank
ing department. He was previously

Major E xecutive Changes
V oted At Colorado N ational
The board of directors of the Colo
rado National Bank, Denver, has an
nounced major changes in its execu
tive staff. Melvin J. Roberts, former
ly president of the bank, was elected
chairman of the board and chief exec
utive officer. Merriam B. Berger, who
has served as chairman of the board
since 1962, was elected chairman emer
itus of the board.
Bruce M. Rockwell was elected pres
ident of the bank. He formerly held
Northwestern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

T. R. RHODES

W . F. NICHOLSON, JR.

vice president in charge of correspond
ent banking.
Rounding out the bank’s top man
agement group, Donald F. Magarrell
will continue as senior vice president
in charge of administration and opera
tions, and Kenneth W. Caughey, sen
ior vice president and trust officer,
will continue as head of the bank’s
trust department.
Mr. Roberts, chairman of the board,
is a native of Denver, graduated from
Yale University and the Graduate
School of Banking at Rutgers Univer
sity. He joined the staff of the bank
in 1930 and was appointed assistant
trust officer in 1939. After World War
II he joined the staff of Capitol Life
Insurance Company and was elected
vice president and treasurer in 1957.
He continues to serve on the board of
directors of Capitol Life Insurance
Company.
In April, 1958, Mr. Roberts rejoined
the Colorado National as executive
vice president. In January, 1962, he
became president. He has served as
a director of the bank since 1957.
Mr. Rockwell becomes the 8th presi
dent in the 108-year history of the
bank. He is a Denver native, and also
a graduate of Yale University. After
World War II he was administrative
assistant to Denver’s Mayor Quigg
Newton from 1945 until 1951. From
1951 until 1953, he was associated
with William Kostka and Associates.
He joined the staff of the Colorado
National Bank in 1953, was elected
assistant vice president in 1955, vice
president in 1960, and senior vice pres
ident in 1963.
Mr. Grant, executive vice president, >
is a graduate of Andover School and
Yale University. He was formerly as <
sociated with the Bankers Trust Com
pany of New York and joined the staff
of the Colorado National Bank in 1958.

40300,000,000.

M oney settlement is big business at
C olorado National Bank.
W e’ll clear more than $40 billion this year.
This means our P roof and Transit Department will
handle some 22 million items.
And to handle that kind o f load, you have to be
fast and efficient.

Professional.
We are. But don ’t take our word for it. W e’ll give
you names o f bankers from
Walla Walla to London
who have received investable funds faster
because o f our professionalism.
Call us direct. It’s quicker and more efficient
that way, and isn’t that what you’re interested in?

t ä j N COLORADO
I — I NATIONAL BANK
17th and Champa, Denver, C olorado 8 0 2 02
P h o n e :(3 0 3 ) 222-9311
Cable: C O L N A T B A N K B ankw ire:S O LO

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Northwestern Banker, June, 1970

T C N D C R IZ O »
DECISION M A K E R

^ ---------- -

~gT]f

OFF

00
TERM

K
J|>i

LOAN

<5
3
co,U A ^ i

± y
NiKMHNSm\y~ g Z 7

IZ ^

P robably no profession is m ore im m e d ia te ly responsive to the
m arketplace, the e co n om y or the needs o f its custom ers than
B anking. O ur acceptance o f th is high resp o n sib ility obliges us
to be alert to these ra p id ly ch a n ging co n d itio n s.
For a free reprint o f o u r "F u n d e riz o r," suitable fo r fram in g ,
phone or w rite any m em ber o f o ur C orrespondent Banking
staff. No o b lig a tio n .

4k
Don Echtermeyer

CENTRAL

John Edmiston

BANK

Bill Gossett
and

trust

co.

Central Park* 15th and Arapahoe Sts.« Denver, Colorado 80217 « Phone 303/825-3181

Banker, June, 1970
Northwestern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

M ontana H ankers A ssoeiation
H P

6 7 th Annual Convention
Many Glacier H otel
A. M. GREEN SH IELD S

G lacier N ational Park

P resid en t

June 1 8 -2 0 , 1 9 7 0

E. P. F R IZ E L L E
F ir s t V ic e P resid en t

ONTANA bankers will revisit Glacier National Park in northern Montana
for the 67th annual convention of the Montana Bankers Association, June
18-20. Headquarters will be Many Glacier Hotel, with guests also lodged in
Swiftcurrent Motor Inn and other nearby accommodations.
A. M. Greenshields, president of the association and executive vice president,
First National Bank of Browning, has announced a convention program with
interesting features for everyone.
The annual golf tournament on Thursday, June 18, will be held on the course
of the Prince of Wales Hotel in nearby Waterton. Convention registration
will be available all day Thursday at Many Glacier Hotel. The Thursday eve
ning social hour, honoring President Greenshields, will be at 5:45 p.m. Enter
tainment on Thursday and Friday evenings will be provided by associate mem
bers of the MBA.
Serving the association with Mr. Greenshields during the past year have been
E. P. Frizelle, president, First Metals Bank & Trust Company, Butte, who is
slated to advance to the presidency from his office as first vice president. He is
scheduled to be succeeded by R. G. Johnson, president, Continental National
Bank, Harlowton, who has been second vice president. Secretary-treasurer is
R. C. Bob Wallace, Helena.
Thursday, June 18

R. C. W A L L A C E
S ecreta ry-T rea su rer

A.M.
9:30 Fifth Annual Golf Tourney—Prince of Wales Hotel, Waterton.
Registration for Convention—Many Glacier Hotel.
P.M.
1:00 Luncheon Meeting of Executive Council.
5:45 Social Hour.
Honoring A. M. Greenshields, president of the Montana Bankers Associa
tion. Compliments of Midland National Bank, Billings; First Metals
Bank & Trust Company, Butte; First National Bank, Great Falls, and
First National Bank & Trust Company, Helena.
7:00 Dinner.
Entertainment—Associate members.
Friday, June 19

C. C. SOM M ER
S p ea ker

A.M.
8:00 Breakfast for 25-Year Club.
10:00 Call to Order—A. M. Greenshields, president, Montana Bankers Associa
tion; executive vice president, First National Bank, Browning.
Invocation.
President’s Address—Mr. Greenshields.
Address—Clifford C. Sommer, vice president, American Bankers Asso
ciation; president, Security Bank & Trust Company, Owatonna, Minn.
Meeting of Montana members of ABA.
Address—Harold P. Pluimer, Minneapolis.
P.M.
12:15 Noon Luncheon.
2:00 Call to Order—President Greenshields.
Address—John M. Budd, chairman, Burlington Northern, St. Paul.
Report of Resolutions Committee.
Address—J. Mitchell Graybard, personnel manager, Smith Barney &
Company, New York.
MONTANA CONVENTION . . .

P. S. N A D LE R
Speaker

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

(Turn to page 84, please)
Northwestern Banker, June, 1970

Montana News

-------------------------------------------- 'N

Your man
At the
Am erican!

M ontuna Convention . . .
(Continued from page 83)

6:00 Social Hour—Compliments of Union Bank and Trust Company, Helena.
7:00 Dinner.
9:00 Dancing. Refreshments courtesy of associate members.
Saturday, June 20

A.M.
10:00 Call to Order—President Greenshields.
Address—Paul S. Nadler, professor of business administrations, Rutgers
University.
New or unfinished business.
Election of officers.
Installation of officers.
Drawing for door prize.
Adjournment.— End.

-4

You W ill See Them at the
M ontana Bankers Convention

ROBERT E. SIPPLE

following metropolitan bank
THE
ers, service and equipment dealers

presidents, and David Calahan, region
al group administrator.

have indicated that they will be attend
ing the Montana Bankers Association’s
67th annual convention in Glacier Na
tional Park, June 18-20.

Carrol L. Stubbs, senior vice president,
and Royce B. Clark, vice president.

Administrative
Vice President

Chicago
Continental Illinois National Bank
and Trust Com pany of Chicago:

BANKS and BANKERS

Charles W. B attey, Jr., vice president.

W e look forw ard to
visiting with you in
Glacier National Park
during the Montana
Convention
June 18-20
'The Largest Independent
Full Service Bank
in the Upper M idwest ' '

Denver
Central Bank & Trust Company:

John Edmiston, assistant cashier.
Colorado National Bank: T. Rex
Rhodes, senior vice president, and
W. J. Fleming, assistant vice presi
dent.
Denver United States National Bank:

Don Ferrel and Paul Christensen, vice

Our

72nd

year

The First National Bank of Denver:

■4

Minneapolis
National Bank:

George H.
Dixon, president, and George S. Henry,
vice president.
Marquette National Bank: Avery
Fick, vice president.
Midland National Bank: Douglas M.
Johnson, vice president.
Northwestern National Bank: Paul
Lindholm, vice president, and Jim
Laird, representative.
First

New York
Chase Manhattan Bank:

John C.

Archibald, vice president.

continuous

service to Montana Banks.
give you a helping hand.

correspondent

Call

us — we

will
t

W . B. Andrews, President
F. M. Gannon, Exec. Vice Pres.
R. L. Samson, Vice President

AMERICAN
NATIONAL
BANK AND TRUST
COMPANY
Seventh and Robert
Saint Paul
228-2345
Member Federal Deposit Insurance
Corporation • Federal Reserve System

Banker, June, 1970
Northwestern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

>
Helena, M ontana
Phone ( 4 0 6 1 -4 4 2 -5 0 5 0
M em ber F.D.I.C.

Montana New s

First National City Bank: C. Nor
man Gustafson, assistant cashier.
Irving Trust Company: Donald C.
Jackson, vice president.

E. Raymond, vice presidents.

R etires from Fed Bank

Manufacturers Hanover Trust Com
pany: Donald McCree, Jr., vice presi

South St. Paul
Northwestern National Bank of
South St. Paul: Lawrence M. Broom,

president.

Beatrice Westby has retired from
the accounting department of the Fed
eral Reserve Bank branch at Helena
after more than 23 years of service
there. Mrs. Westby joined the He
lena branch in November, 1946, and
has worked in various departments.

dent, and Herbert F. Aspbury, repre
sentative.
Omaha
United States National Bank: Dale

Fagot, assistant vice president.
Saint Paul
First National Bank of Saint Paul:

Wallace L. Boss, senior vice president,
and Donald W. Buckman and John

Bank Equipment and Other Firms
Dain, Kalman & Quail, Incorporated:

Warren L. Taylor, assistant manager,
and William J. Dickinson.
Diebold, Incorporated: Laird Gillem,
sales engineer, and Bob Schutt.
North Central Companies: Eugene
L. Hanson, vice president, and Tom
McIntyre, agency supervisor.
Old Security Insurance Companies:

R. F. Forbis, vice president.

LO O K IN G FO R W A R D
"MANY" FRIENDS AT

Art D isplay at U nion Bank
The Union Bank and Trust Com
pany, Helena, was the scene of an art
display May 4-15. The paintings dis
played were the work of Peggy Hoff
man Anderson, and have appeared at
such well-known galleries as The
Fisher Galleries in Washington, D.

T O SEEING OUR
"MANY" GLACIER.

Yes— both Mac and Bob look forward to attending the 1970
MBA convention this month. It's a fine opportunity to visit once
again with our many banking friends, to discuss our profession in
depth and enjoy the excitement of this gathering in Big Sky County.

FIRST NATIONAL BANK
GREAT FALLS, MONTANA

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Northwestern Banker, June, 7970

Montana New s

C., and The Birmingham Museum of
Art in Alabama.

shareholders. The Montana Corpora
tion has as its banking subsidiary The
Commerce Bank of Helena.

Profit Increase For
Montana C orporation

T hom as Nam ed Vice P resident

Frank A. Whetsone, chairman of the
board of the Montana Corporation,
announced that net profits of the com
pany jumped 51 per cent during 1969.
This represents an increase to 6 cents
from 4 cents per share of its 4,500

The Conrad National Bank of Kalispell has announced the appointment
of C. Lawrence Thomas to the posi
tion of administrative vice president.
He was formerly employed as vice
president and manager of the South-

ern Arizona Bank and Trust Company
of Phoenix, where he was responsible
for all of that bank’s activities in the
greater Phoenix area. The announcement was made by Eugene O. Gillette,
president of the bank.
(

P rom ote 2 at K alisp ell
Eugene O. Gillette, president of the
Conrad National Bank, Kalispell, has
announced the promotions of Robert
L. Kirk to vice president and Ronald l
E. Christian to installment credit loan
officer. In his duties as vice president, N y
Mr. Kirk will serve as commercial and
real estate loan officer. He has been
with the bank nearly seven years.

New G roup Officers

SECURITY
T R U S T 8c S A V I N G S

BANK
B IL L IN G S , M O N T A N A

... 'ïj/âUÏ/

/SzrtÀ

r
^

Officers elected at the Montana ^
Bankers Association group meetings
during the month of May are as fol
lows:
Group I

President—Ted Lloyd, First Nation
al, Havre. Vice President — Charles
Gray, Security State, Harlem; Secre
tary-Treasurer — Elmer Lindstrom, 1
Liberty Bank of Montana, Chester.

Resources over S85,000,000

Group II

Serving Montana , W yom ing and W estern North Dakota with
P rom pt and Careful C orrespondent S endee.

President—Roland Quade, First National, Ekalaka. Vice President —
Henry Lillejord, First Security, Glen
dive. Secretary-Treasurer — Donald
Maltese, Richland National, Sidney.

Member Federal Deposit Insurance Corporation

Group ITI

Member of Federal Reserve System

President—Donald L. Scothorn, First
State Bank, Stevensville. Vice Presi
dent—J. L. Hensley, Valley Bank, Kalispell. Secretary-Treasurer — G. W.
Leighton, Ronan State, Ronan.
Group IV

{

President—Lynn Grobel, First Na
tional, Glasgow. Vice President—Don
Wallander, First State, Froid. Secre
tary-Treasurer—L. J. Witte, Traders
State, Poplar.

Group V

President—V. R. Schlimgen, Mon-<A
tana Bank, Great Falls. Vice Presi
dent—Lyle Olson, Commerce Bank &
Trust, Helena. Secretary-Treasurer—
J. H. Moorse, First Chouteau County,
Fort Benton.
Group VI

President—F. E. Lienemann, First -f
Metals Bank & Trust, Butte. Vice
President—Joseph Maitin, First Boul
der Valley, Boulder. Secretary-Treas
urer—John Mitchell, First National,
Butte.
Group VII

President—Barry Edward, First Na- >■
tional, Hysham. Vice President—R. G.
Spanier, Security Trust & Savings,
Billings. Secretary-Treasurer— Bruce
Ellis, Gallatin Trust & Savings, Boze
man.
Northwestern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

87
y -

You know what needs
to bedone.
Where's
themoney
comingfrom?

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Now, you can offer your customers a new, expanded automated
payroll service . . . more flexible than ever! No more "standard
payroll” system restrictions, but a computerized payroll customtailored to fit any need. And individual deposits can be automatically
posted if your demand deposit accounting is processed by U.S.
It’s a good way for you to attract new customers and help present
customers. For complete information on the expanded system,
contact the payroll service specialists at U.S. — 402/536-2325.
All th e s e r v i c e s of U . S . N a ti o n a l are
y o u rs f o r a ph o ne c a l l . .. 4 0 2 / 5 3 6 - 2 0 0 0 , O m a h a

y
JAY BORDEWICK

HOWARD NIELSEN

EVERETT BROWN

JOHN L. LEWIS

Vice President

Assistant Vice
President

Assistant Vice
President
M em ber F.D.I.C.

Northwestern
Banker, June, 1970
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

89
New Format

OFFICIALS of the Nebraska Bankers Association for 1970-71 are pictured above, left
to right. Seated: Adon Jeffrey, immed. past pres, of NBA and pres., First Natl., Wayne;
H. L. McKibbin, new pres, of NBA and exec, v.p., Bank of Gering; John W. Cattle, new
v.p. of NBA and pres., Cattle Natl., Seward. Standing: William H. Osterberg, exec,
mgr., and Harris V. Osterberg, secy. The treasurer of NBA is Fred H. Douglas, v.p.,
The Omaha Natl.

N ebraska Bankers E lect
H . E . M cK ibbin as P resident
B y BEN HALLER, JR.
Editor

r'
bankers elected H. L.
NEBRASKA
McKibbin as president of the Ne/

braska Bankers Association for the
coming year at their 73rd annual con
vention May 4 at Hotel Cornhusker in
V
Lincoln. Mr. McKibbin is executive
vice president of the Bank of Gering.
He succeeds Adon Jeffrey, president,
First National Bank of Wayne.
John W. Cattle, Sr., president and
chairman of The Cattle National Bank
of Seward, was elected vice president
A,of the association. Fred H. Douglas,

vice president, The Omaha National
Bank, continues as NBA treasurer.
Three men were elected to the execu
tive council for three year terms:
Group 4—Harold E. Larmon, presi
dent, The First National Bank of Mc
Cook.
Omaha—Edward W. Lyman, presi
dent, The United States National
Bank.
Lincoln—-Burnham Yates, chairman,
First National Bank & Trust Com
pany.

CONVENTION SPEAKERS included Durward B. Varner (left), chancellor of the U n i
versity of Nebraska, Lincoln; Roland E. Emmett, pres., Citizens State, Arapahoe, and
James H. Oliver, pres., The Ravenna Bank.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

The 73rd convention format was
changed slightly from previous years.
Instead of official activities commenc
ing with the noon luncheon on Mon
day, the convention got underway
with a business session starting at
9:00 a.m. Monday. It concluded on
Tuesday morning after the final busi
ness session, rather than continuing
with a luncheon the second day. The
majority of bankers and wives regis
tered in on Sunday, so the earlier
starting time on Monday proved pop
ular.
First National Bank and Trust Com
pany of Lincoln scheduled an open
house for bankers in its 20-story new
building across the street from Hotel
Cornhusker on Sunday, and this event
drew a large crowd to view the beauti
ful new quarters. Hospitality rooms
of Omaha and Lincoln banks, as well
as several investment firms and bank
suppliers provided lively activity for
Sunday and Monday evening.
ABA Election
James H. Oliver, president of The

Ravenna Bank and ABA state vice
president, gave a report on ABA na
tional activities and legislation and
conducted the election for state ABA
offices.
Mr. Jeffrey was elected to a twoyear term on the ABA executive coun
cil and Paul Hefti, chairman and presi
dent, The Guardian State Bank, Alli
ance, was elected to a one-year term.
Mr. McKibbin was elected as Ne
braska’s representative on the ABA
nominating committee to serve at the
1970 convention this fall. Mr. Jeffrey
was named alternate.
Grants-in-Aid
Roland E. Emmett, president, Citi

zens State Bank, Arapahoe, gave a re
port on the current status of the
“M. R. Morgan Grants-in-Aid Fund.”
This fund was renamed earlier this
year in memory of its founder, M. R.
Morgan, who was president of the
NBA in 1967-68 and has spearheaded
formation of the scholarship fund by
NBA. Mr. Morgan died during the
past year and the fund was unani
mously renamed in his memory.
Mr. Emmett recalled that the fund
idea had its inception when a Univer
sity of Nebraska graduate walked in
Mr. Morgan’s bank seeking direction
to a PCA office, stating he had learned
this in school. Mr. Morgan undertook
to change this exclusive trend of in
doctrination at the university on be
half of Nebraska banks and from this
work the Grants-in-Aid fund origi
nated.
To date, the NBA has given $15,000
to the University of Nebraska through
Northwestern Banker, June, 1970

Nebraska New s
A
-k,
K

{
A
\
{
«

LEFT—Dale Shoemaker, v.p., 1st Natl. B&T, Lincoln.; T. S. Forsyth, exec, v.p., Nebraska State Bank, Broken Bow; Lester Curran,
v.p., 1st Natl. B&T, Lincoln, and Lyman Stuckey, pres., Lexington State. RIGHT— Steve Sutton, Lincoln Benefit Life Ins. Co.,
Lincoln; Jim Mastera, v.p., Cornhusker Bank, Lincoln, and Ron Bycroft, pres., Exchange Bank of Gibbon.

-«

*
i
*-

A
LEFT—Fred H. Douglas, v.p., The Omaha Natl, and treas., Nebraska Bankers Assn.; Mrs. Douglas; Mrs. Cronin and F. N. Cronin,
pres., O’Neill Natl. CENTER—Wm. B. Huffman, exec, v.p., Bank of Valentine; Paul Hefti, chmn. & pres., Guardian State, Alliance;
Herb Echtermeyer, sr. v.p., The Omaha Natl.; Mrs. Loseke and H. B. Loseke, v.p., 1st Natl. B&T, Columbus. RIGHT— H. L. McKibbin, exec, v.p., Bank of Gering, is congratulated on his election as president of the Nebraska Bankers Association by his son, J. L. Me
A
Kibbin, a.v.p., First Security B&T in Miles City, Mont.

this program. At present, $2,000 per
year is given to the Ag College and
$2,000 to the College of Business Ad
ministration. In the Ag College the
money has been used in two planned
phases. The first was to develop a
cash flow analysis for farmers and to
create a better understanding between
lenders and borrowers in the state by
means of a series of forums. The
second phase, now underway, is pro
duction of a 16 mm film of this Cash
Flow Presentation by Professors Greer
and Epps, ag economists at the school.
In the B u sin e ss Administration
school, funds have paid for a variety
of small projects—a guest speaker,
student training, fa c u lty travel to
assist in gaining further teaching in
formation and a summer scholarship
to one graduate student.
During the past year, the NBA
Grants-in-Aid committee, of which Mr.
Emmett is chairman, received a total
of $6,130 cash from Nebraska banks
for this fund.
Foundation Report
Kermit Hansen, N ebrask a

state
chairman for the Foundation for Full
Service Banks, gave a brief report on
Northwestern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

a survey of public attitudes conducted
by the ABA. Although 61 per cent of
the replies show the banking image in
local communities is good, a lesser
number feel the national image is
good and a whopping 98 per cent feel
the image with legislatures is bad.
Mr. Hansen is executive vice president
of the United States National Bank of
Omaha.
Study Committee
Mr. McKibbin also gave a special

report to the convention on behalf of
the Bank Board Study Committee. He
reported that the committee had been
appointed originally with the aim of
getting a state banking board estab
lished, to research the subject and
present a bill for such a board to the
1971 legislature. In view of the fine
improvements now being made in the
state department of banking by Di
rector of Banking Edwin A. Langley,
Mr. Kibbin said, it is the recommen
dation of the committee that no bank
ing board recommendation be made at
the next legislative session.
The Washington Scene
James B. Cash, Jr., a member of the

ABA federal legislative staff in Wash

/
ington, D. C., pinch hit in a very able
manner for John W. Holton, the asso
(
ciation’s federal legislative counsel.
The latter was detained at the last
minute in Washington by a special
i
policy-making emergency meeting.
Mr. Cash relayed the latest word
that Senate Banking and Currency
Committee hearings were to start May
12 on the One-Bank Holding Company
Bill, and these hearings were to con
tinue into June.
,1
Mr. Cash noted that for every piece
of legislation considered that bankers
want, at the federal level, there are
about 30 bills that bankers don’t want
and feel they must oppose because of
their antagonistic or unfair nature.
This puts the ABA in a “protester”
A
posture it doesn’t really want, and
this, he said, is why it is important
for the Washington office to keep a
positive approach.
For example, he stated, “the prob
lem of unsolicited credit cards is be
hind us but, because the Congress has
Vabout a two-year delayed action leg
islative response to problems or needs
that have developed, such remedial
and limiting legislation is not really
needed now.”

Next Time you’re asked to set up a trust, think First.
Handling a trust is a tremendous responsibil
ity. And your bank may not be staffed to
take on the additional work that goes along
with trust management. That's where First
National's Trust Department can help. W e
have the personnel, the experience, and the
ability. And, through us you can offer trust

management services to your banking cus
tomers. So, next time you are asked to set
one up, place your trust in First National.

FIRST NATIONAL
BANK
(Member F.D.I.C.}

of omaha

Always first to serve you.

Northwestern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

LEFT Thomas Ward, Jr., v.p., 1st Natl. City Bank, New York; Pail J. Amen, pres., Natl. Bank of Commerce, Lincoln; Robert Stokes,
a.v.p., 1st Natl. City Bank, and John Haslam, v.p., Natl. Bank of Commerce. RIGHT—Winton Buckley, v.p., Natl. Bank of CommerceMrs. Larmon and Harold E. Larmon, pres., 1st Natl, of McCook.

LEFT— Don Murphy, pres., Stockyards Natl., Omaha; Louis Carney, pres., Bank of Indianola; Mrs. Carney; Frank J. Sibert, v.p.,
Stockyards Natl., and Allen Norris, v.p., Adams County Bank, Kenesaw. RIGHT—A1 Bear, v.p., Lawrence Warehouse Co., Chicago;
Perry Francis, pres., Southwest Bank, Omaha; Mrs. Francis, and John Dugan, dist. mgr., Lawrence Warehouse, Omaha.

Economist Looks Ahead
Dr. Benjamin A. Rogge, professor of

political economy at Wabash College,
Crawfordsville, Ind., and a native Ne
braskan, spiced his economist’s over
view of “What Lies Ahead for Bank
ing” with considerable humor. For
openers, he said; “Whenever anybody
proposes a law for your protection,
take to the hills—you’re about to be
had!”
Responding to his own question,
“How competent is the federal govern
ment to control the American eco
nomy?” Dr. Rogge used the analogy
of a drunk driver with lag in the
steering wheel trying to react to
signals. He described the ditch on the
right side of the road as “Depression”
and the ditch on the left as “Reces
sion.”
“As the back seat driver we tell the
driver up front (the government) to
stay out of the ditch at the right at
all costs,” Dr. Rogge explained.
Session Adjourned

After the noon luncheon in the Cornhusker Hotel ballroom, the business
Northwestern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

meeting reconvened on the top floor
of the new First National Bank &
Trust Company building across the
street, where w ork m en hurriedly
erected a temporary wall and set up
300 chairs to accommodate the crowd.
Construction work by noisy, heavyduty equipment outside the Cornhusker ballroom, which is being
doubled in size, forced the quick
change of meeting sites.
President’s Address
President Adon Jeffrey delivered his

address as the first order of afternoon
business. He reviewed briefly banking
bills from the state legislature and the
national level. Mr. Jeffrey deplored
the emphasis being placed on size
alone of big banks and corporations.
He stated firmly that the economy of
Nebraska requires both large and
small banks, adding “ It is doubtful if
anyone can serve local agricultural
credit needs better than the local bank.
We need each other (referring to city
and country banks).” Mr. Jeffrey also
cautioned Nebraska bankers against
complacency.

Chancellor Speaks
Durward B. Varner, chancellor of

the University of Nebraska, was a *
guest speaker. He related the makeup
of the university’s $38.5 million ap
propriations for its three campuses,
which represents about one-fourth of
the state’s income. The tax bill for
this amount, he said, amounts to $26
per person for Nebraska’s 1.5 million '&
population.
Inspiration
Dr. Carl S. Winters, Oak Park, 111.,

a member of General Motors Corpora
tion’s lecture staff, was the concluding
afternoon speaker, giving his audience
an inspirational talk drawing upon his
many years as an ordained minister.
The theme of his talk centered on the
importance of people as individual
persons—“One machine can do the
work of 100 ordinary men, but no machine can do the work of one extra
ordinary man!”—and concluded his
talk with his own version of 10 com
mandments for getting along in the
world.

ACTION
PEOPLE!
You can call on
ED HUSTON —An expert at getting credit for good
checks and f a s t return of INSF checks. That’s Ed Huston of
the NBC Check Processing Department. Ed supervises more
than 1.25 million transit items (plus our own items), yet never
overlooks the p e r s o n a l attention to your specific needs.

BOB DEAHN —Whatever your question about Master
Charge, Bob has the answer —or will get it. Promptly. Ac
curately. Personally. Bob Deahn is a problem solver and al
ways ready to serve you and your bank.

JOHN WESTERBERG —Backed by a wide background in many phases of banking, John now is serving you
as a member of NBC’s Commercial Loan Department. John,
and the other NBC Action People, are always eager to serve
you.

RON MEADE —Many of you remember when Ron sup
plied the key points in a historic Big Eight football game, a
game in which Nebraska ended Oklahoma’s undefeated con
ference win streak. Ron’s now scoring points for you as a
member of NBC’s Commercial Loan Department.

ELDON WIEMERS —Eldon has proved that computers
don’t have to be impersonal —not at NBC, at least. Eldon’s
extensive banking background at NBC helps him keep our
computers serving, not confusing, you and your bank needs.

National Bank
of Commerce
Main Bank 13th & . O Sts. / Patio Office lOth <
S
<O Sts. / Lincoln, Nebraska

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Northwestern Banker, June, 1970

Nebraska New s

LEFT—Chuck Peterson; Fred Pfaff, v.p. & geni, mgr,.; Clifton Batchelder, pres., and Ron Ford, all with U. S. Check Book Co., Omaha.
RIGHT—Robert Roh, v.p., Robert E. Schweser Co., Inc., Omaha; Paul Kosch, pres., 1st Natl., David City; Leonard E. Lawrence, pres.,
Schweser Co., Omaha; Tom Chilvers, cash., Cones State Bank, Pierce, and Joe Johnson, Jr., pres., Johnson County Bank, Tecumseh.

A *-<
*

LEFT—Dale Stine, pres., North Loup Valley Bank, North Loup; Jay Bordewick, v.p., and Ed Lyman, pres., U. S. Natl. Bank, Omaha,
and Dan Huff, pres., Security State Bank, Oxford. RIGHT— Mrs. Alderson and Dale Alderson, pres., Farmers State Bank, Humphrey;
Jim Zimmerman, v.p., and Everett Brown, a.v.p., U, S. Natl. Bank, Omaha.

LEFT—Don Ostrand, v.p., 1st Natl., Omaha; Frank Brüning, pres., Brüning State; Mrs. Buning, and Merv Aegerter, v.p., Ist Natl. of
Omaha. RIGHT—Mrs. De Lay and B. M. De Lay, pres., DeLay First Natl., Norfolk; Mrs. Horn and Tom Horn, exec. v.p., Security
Natl., Sioux City.

The election of officers and reading
of resolutions closed the Monday after
noon meeting.
Final Speaker
A. B. Lundahl, senior vice president,

for farm operators, many of whom are
getting larger each year in their capital
capacity and needs. The place of farm
equity investments was explored by
Mr. Lundahl as a means of broadening
the base for farm capital needs.

Deere & Co., Moline, 111., addressed the
Tuesday morning assembly with the
topic, “What’s Ahead for Agriculture
in the 1970’s?” He suggested that
banks consider longer range financing

On Monday evening all those attend
ing the convention were guests of Na
tional Bank of Commerce and First
National Bank & Trust Company of

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Entertainment

y
A

Lincoln for the social hour held at
Pershing Municipal Auditorium. After
the convention banquet in the same
hall, entertainment was provided by
the Midland College Clef Dwellers
from Midland Lutheran College at i
Fremont.
The 1971 state convention is sched
uled to be held in the new Hilton >
Hotel under construction in Omaha.—
END
Northwestern Banker, June, 1970

* «
» H
n
*
1f
yi»y
K

V *

Kirkpatrick, Pettis, Smith, Polian Inc. is a big name.
Not only in length. For 45 years we have been recognized
for our service and counseling
in corporate financing, stocks and bonds, and municipal bonds.
So well recognized, in fact, that we long ago out-grew our
present offices. So to better serve our many fine
present and future clients, we’ve moved downstairs—to occupy
the entire first floor of the Omaha Building, 17th & Farnam.
Next time you need financing or brokerage services,
look to the big name.
You’ll find us in larger, brand new offices. Please come in
and visit us, soon.

KIRKPATRICK, PETTIS, SMITH, POLIAN INC.
New address, 100 Omaha Building, Omaha, Nebraska,
Other offices in Lincoln and Grand Island, Nebraska and Red Oak, Iowa. Members Midwest Stock Exchange.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Northwestern Banker, June, 1970

96
<v
ence degree in Business Administra
tion.
^
Mr. Roose has been employed in installment lending since 1964, most re
cently with Ford Motor Credit Com- - 4
pany as field representative.
* * *
0
The Omaha-Council Bluffs chapter
of the Bank Administration Institute
has elected Curtis E. Gard as president. Mr. Gard is vice president and
controller of the First National Bank y *
of Omaha.
Other new officers are: Rufus A. i* *.
Buffaloe, vice president, Washington
County Bank, Blair, Nebr., vice presi- *
dent; Duane Sorenson, vice president,
h o m a s s . j v u r n b e r g e r , new
First Whitney Bank & Trust, Atlantic, * K
Recent elections for officers of the
ly appointed president of North Omaha Advertising Club resulted in
Iowa, treasurer, and Eugene J. Zalou-w
western Bell Telephone Company, has the election of Robert D. Satrapa, as dek, senior vice president, Southwest
been elected to the board of directors sistant vice president of the United Bank of Omaha, secretary.
* * * *
of the United States National Bank in States National Bank, to the office of
Kenneth C, Holland, 67, former dis
Omaha. The an president of the organization.
* * *
tinguished Omaha businessman, died
nouncement was
y i
recently at his home in Glendale, Calif.
made by Edward
Donald J. Murphy, president, StockMr. Holland was board chairman and * i
W. Lyman, bank yards National Bank, has announced
president.
the election of James C. Roose to in president of the Carpenter Paper Com
pany of Omaha before its merger in
Mr. Nurnberger stallment banking officer. Mr. Roose
returns to Omaha
joined the staff of 1961.
-<
As a very distinguished leader in
where he former
t h e Stockyards
ly was vice presi
National on May Omaha business circles, Mr. Holland
served on the board of directors of a
dent of N orth
1.
western Bell and
A graduate of number of Omaha businesses, includ «o
ing the board of The Omaha National
general manager
North High
T. S. NURNBERGER
of the O m a h a
School, he also at- Bank.
* * *
area at the time. Most recently he
tended Sioux
The Omaha Chapter of the American
was president of Indiana Bell. He was
Falls C o l l e g e ,
also recently elected to the board of
Sioux Falls, S. D., Institute of Banking held its annual
directors of Northwest Bancorporagraduating in Au spring dinner-dance recently, with A1
tion, with which U. S. National is affil
gust, 1964, with a Schmid, chapter president, conducting
J. C. ROOSE
iated.
Bachelor of Sci- the business meeting. Ken McCaw,
member of the executive council of
District 10 of the AIB, was the guest
speaker.
Elected to the board of governors
for three-year terms were: Harlan O.
Falk, Douglas County Bank; Steven
W. Hartung, First National Bank of
Omaha, H. Robert Schuett, First Westside Bank; Larry White, Council Bluffs
Savings Bank, and Ron Hiatt, North- r i
side Bank.
* * *
N. Howard Nilson recently retired
from the board of directors of The
Omaha National Bank to become gen
eral manager for Western Electric’s
Southwest Service Region, Clayton, \
Mo. He had been a member of the
board since 1966. He has been re
placed on the board by Frank J. Lefebvre, the new general manager of
the Omaha works of Western Elec
Herbert H. Echtermeyer, senior vice president of The Omaha National Bank, recently
tric.
received one of the largest birthday and retirement greetings ever in the city of Omaha.
* * *
Mr. Eehtermeyer, who retired from the bank June 1, after 50 years of service, also
celebrated his 65th birthday May 28. On that day, his family arranged for an outdoor
The Center Bank of Omaha will
advertising firm to place a billboard in front of the Omaha National which had a huge
more than double its present space

picture of Mr. Echtermeyer and carried greetings. His family was on hand to greet him
when he was summoned to the front entrance by fellow bankers. Also there to wish
him a happy birthday and thank him for 50 years of service to the bank was Frank O.
Starr, president of the Omaha National.
Northwestern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

OMAHA NEWS . . .
(Turn to page 101, please)

97
—
—
:: :
ill

.....

✓—

*■

fc#iwww*w*

ÿ/'/i' . "" c - Wæb

Make our Estate
and Trust Division
When one of your commercial or industrial accounts is
interested in a pension or profit sharing plan, or a customer needs
specialized trust services, contact us.
Put the facilities of Nebraska’s and Iowa’s largest Estate and
Trust Division to work for you with a phone call or letter.

Th e O m aha National Bank

'm & &
W, <
■
i
käiiu.’ A

Farnam at 17th « Omaha, Nebraska 68102 • Area Code 402

wmÈÊSSm

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

: : ; à ..... . .
Northwestern Banker, June, 1970

Lincoln News

F LOWER power scored big for the
National Bank of Commerce in a

recent promotion.
Unsettled weather in the Midlands
—so warm and sunny one day, fol
lowed by rain, sleet and/or snow for
the next few days—was more than the
NBC promotion department could
take. For three days, the department
flooded the main bank, its Patio office
and two drive-in areas with flowers.
Preceded by newspaper and radio
advertising, the promotion offered

M IS S B R IG IT T H U G H E S . Master Charge

sales representative at NBC, presents a
tulip to a bank customer.

5.000 free daffodils to anyone, custom
er or not, visiting any NBC location.
The key theme — “ NBC Declares
Spring”—caught on.
More than 3,000 fresh daffodils,
flown in from Canada, were distributed
the first day and the remaining 2,000
were gone by noon the following day.
An emergency call for more flowers
uncovered the fact that the daffodils
were all gone. NBC substituted tu
lips—“Go Big Red” color, of course—
and 2,000 of those were flown in for
the final day.
By 4:00 p.m. closing time, all 2,000
had been distributed.
The National Bank of Commerce,
again using all its Lincoln outlets, fol
lowed this promtion with an offering
of 5.000 free silver maple trees.
Lincoln, the NBC ads noted, had lost
4.000 elm trees to disease in the past
years, and the bank was offering a dis
ease-resistant substitute.
The 5,000 silver maples were bagged
by Boy Scouts, included detailed plant
ing instructions—and equalled the suc
cess of the daffodils and tulips. This
promotion was heartily endorsed by
the city forester and the city park and
recreation director.
One hundred large trees were do
nated by the bank to conservation
projects. Thirty large trees were do
nated to the city park department and

T H E L O B B Y of the National Bank of Commerce was lavishly decorated with spring
flowers and fountains for the flower promotion.

Northwestern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

4
70 were presented to the Salt Valley
Watershed District to be planted in a
grove at the new branched Oak Lake,
located about 20 miles from Lincoln. -r r
* * *
Donald E. Dixon, president of Lin
coln Securities Company of Lincoln, w
has been appointed to the 1970 general
¥
advisory committee of the Federal Na
tional Mortgage Association.
Mr. Dixon founded Lincoln Securi
ties in 1958, and among other activities
> t
he is state president of the Mortgage
Bankers Association.
* * *
First Mid America, Inc., investment
banking firm, has appointed seven men
to the position of senior account exec •n V
utives. The announcement was made
by Dale C. Tintsman, president of First
Mid America.
*
Those appointed were Donald J.
Wagner, James T. Warren and Patrick
J. Sehmit, all of Omaha; J. J. (Jack)
Stinson of Grand Island; Fred A. Kamineier of Des Moines; Richard O. Bump
of Cedar Rapids, Iowa, and Lawrence
E. Turner of Atlantic, Iowa.
In addition to these promotions, Mr.
Tinstman announced the appointment
of Oscar A. Sandberg to the position of
account executive with First Mid
America. He will be assigned to the
Lincoln office of the company.
* * *
K o ^ c r D . S a c k , president of Superior
Equity Corporation of Lincoln, has
been elected to
m em b ersh ip in
the Young Presi
dents’ Organiza
tion, Inc. (YPO). *
Besides his po
sition with Supe 4
rior Equity, Mr.
Sack also serves
as executive vice
president of the
R. D. SA C K

I ° r ,k

B a llk '

York, and direc
tor of the Henderson State Bank in
Henderson.
+ ♦ í
T. E. Dewey, 31, resigned last month
as executive vice president and direc
tor of First Westroads Bank of Omaha
to become presi
dent and director
of the Havelock
National Bank of
Lincoln. He had
been a banker in
Omaha si nce
graduating f r o m
the University of
Nebraska in 1961.
Mr. Dewey is a
past
president of
T. E. D EWEY
the Omaha Chapter of the American Institute of Bank-

If we can
deliver only
this much
1
difference
in your
investments,
it’s worth it!

Small differences in basic points can rapidly
become important dollars when you trade
in large blocks.
If you want help that’s aimed at turning those
small differences into dollars, we invite
you to consult our Money Market Center.
Write or call collect.
Phone (402) 471-1331.

F IR S T N A T IO N A L B A N K
13th and M S tre e t-L in c o ln , Nebraska 68501

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Northwestern Banker, June, 1970

100

Nebraska News
i -

A l b i o n

U n n i»

Ê H n n s

e w

M S iiiltlin f/

M O D E R N IS T IC new building for Albion National Bank, Albion, Nebr.

T HE Albion National Bank at Al
bion has announced plans for the
construction of a new bank building
in downtown Albion. Plans call for
a 7000 square foot structure which
will provide new banking facilities on
the main floor and office space plus a
ing, and a graduate of the Wisconsin
Graduate School of Banking.
* * *
Newly-elected officers of the Cornhusker chapter of the Bank Adminis
tration Institute for 1970-71 are:
Roy Stubbendick, vice president,
First National Bank, Exeter, president;
E. AV. Bortz, president and cashier,
Bank of Panama, vice president; Vance
M. Zuerlein, auditor, First National
Bank & Trust, Lincoln, treasurer, and
Thomas P. McDermott, executive vice
president, First National Bank, Fairbury, secretary.

community room on the lower level,
according to Roger I. Blatter, chair
man, who has been associated with
the bank more than 50 years.
The building is a brick structure
with a steel frame roof. The vault,
three times larger than the present
Donald Pegler, Jr., president of Pegler and Company of Lincoln, has been
e l e c t e d to the
board of directors
of the National
B a n k of C o m
merce, according
to an announcem e n t m a d e by
Chairman Glenn
Yaussi.

D. PEGLER. JR.

Mr. Pegler cur
rently is serving
as president of
ABC
Affiliated

vault, will also increase the bank’s
capacity to serve the community. The
vault walls, floor, and ceiling are to
be constructed of 18 inches of con
crete, massively reinforced with sev
eral grids of steel, and will be pro
tected by the most sophisticated alarm
systems available.
In addition to the normal counter
services available in the lobby, drivein facilities will be provided. Initially,
one drive-in teller station will be pro
vided, but provisions have been made
for a second drive-in window plus
two remote pneumatic tube stations.
A construction contract has been
awarded to the J. H. Hespe Co., Inc.,
of Norfolk for the general construc
tion of the project. Completion is
scheduled for early 1971. Planning for
the new building began in 1968 when
the board of directors authorized the
assembling of the four tracts of land
which comprise the site. The buildings
on the site are now being demolished
as a part of the general construction
contract.
Distributors and is a member of the
Iowa-Nebraska Chapter of the Young
Presidents’ Organization.
* * *

Executive Change
Roger L. Loerch, vice president of
the Otoe County National Bank, Ne
braska City, Nebraska, has been ad
vanced to the position of executive
vice president and also appointed a
director of the bank.

Becomes Ag Rep.
Larry Ott recently assumed the posiA

W in n e r l

f o r a le rt

CORRESPONDENT
BANK SERVICE,
c a ll o n

W es

B ow en ,

our V. P., Special Services

PH O TO D IS P L A Y — L aw ren ce (B u d ) Dendinger, vice president-sales, for First Mid

PACKERS

National Bank
24th & 0 • 402/731-4900
Omaha, Nebr. 68107

Member FDIC

Northwestern
Banker, June, 1970
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

*
America, Inc., a Nebraska-based invest
ment banking firm, looks on one of the /
winning photos in the governor’s contest
on women working in the home, in careers
and in the community. The photo contest
was sponsored by the Governor’s Commis
sion on the Status of Women. The picture
shows M rs. Steve Carl, receptionist in
First Mid America’s Lincoln office.

Nebraska News

101

y
P

i c t u r e s T a l u ‘il

A N

►

LEFT R a y D ieball, a.v.p., 1st Natl., Chicago; D on E chterm eyer, v.p., Central B&T, Denver; M rs. Johnson and J erry Johnson, v.p.,
Bank of Chadron. BIGHT— B ob K irken dall, sales repr., Van Horne Investments, Omaha; R on K re jc i, exec. v.p. & cash., Schuyler
State; M ik e V an H orne, v.p., A7an Horne Investments, Omaha, and R. P. Stew art, exec, v.p., Bank of Hemingford.

tion of agricultural representative at
The Sherman County Bank in Loup
City, Nebraska. Mr. Ott comes to
f Loup City from Grand Island where
he was farm and ranch real estate ap
p r a is e r and loan officer for Metropoli^ tan Life Insurance Company.

Joins Staff at Beatrice
W. W. Cook, Jr., president of the
^Beatrice National Bank and Trust
Company, announced the appointment
i-v of Joe Peltz to the staff as an install
ment loan officer. Mr. Peltz was pre
viously employed by AYCO Finance
Company and has been manager of the
■ Beatrice office since 1966.
OMAHA NEWS . . .

(Continued from page 96)
with the opening in August of the new
* Center Auto Bank. The new facilities
will include seven drive-in windows
* and a three-story building.
The new building will include an
expanded safe deposit vault to accom* modate an additional 2,580 customers.
Eighteen additional employees will

man the new facility, which will also
include much additional office space.
* * *
The Omaha National Bank is now in
the process of installing a “talking
computer” system which will give cus
tomer account information accurately
in a matter of seconds.
When the customer wants to cash a
check, the teller enters the customer’s
account number and the check amount
through the push-button keyboard of
a touch-tone telephone. As the infor
mation is relayed to the computer, the
computer compares the check amount
against the customer’s records, and
then sends its message to an audio re
sponse unit. The unit translates the
computer message into a voice reply
selected from a 96-word vocabulary.

Paul A. Childers, assistant data proc
essing officer, said that the new audio
response system is the first to be in
stalled by a bank in the midlands and
is one of the few in the entire nation.

Correction !
The name of Roscoe L. Rice, presi
dent of The American National Bank
of Creighton, was incorrectly spelled
as “Price” in the 1970 Nebraska Bank
Directory. Subscribers to the direc
tory will want to make this correction
in their books, changing the last name
to “Rice.”

Open House at York
The First National Bank and the
First Trust Company held open house
recently in the remodeled and greatly

MUNICIPAL AND CORPORATE BONDS
LISTED STOCKS
UNLISTED AND LOCAL STOCKS
Orders Executed on AIL Principal Exchanges

C H IIE M O M P A M
MEMBER, MIDWEST STOCK EXCHANGE

1300 Woodmen Tower, Omaha, Nebraska 68102
Phone 346-6677 (Area Code 402)
T A L K I N G C O M P U T E R gives voice reply
from its 96-word vocabulary to K a th ie
W ilk en , senior programmer, and Paul A .
Childers, asst, data processing officer at

Teletype 402 348-1040

Other Offices Located in

LEXINGTON
Nebraska

VERMILLION
South Dakota

The Omaha National Bank.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Northwestern Banker, June, 1970

102

Nebraska News

expanded quarters housing the two
institutions. The large crowd touring
the spacious new offices were served
refreshments in the bank’s upstairs
kitchen and also were guests of the
bank at the local theatre for the show
ing of the film, “Yours, Mine and
Ours.”
President Marion C. Bonham said
the expansion was made possible by
incorporating an adjoining building
into the present bank structure. It
was acquired several years ago and
increased the bank’s size from 47 by
120 feet to 72 by 120 feet.
This has made possible the move of
the bookkeeping department from the
second floor to the first floor and ad
jacent to teller windows. Also, the
installment loan department now has
been moved to the main area of the
bank, bringing all customer services
together in one location.
The interior decor features new
carpeting throughout the building, all
new furnishings and lighting. Other
W e

c a n

h e lp

y o u

new installations include teller win
dows and counters, directors and con
ference rooms, front exterior of the
bank and an electrical time-tempera
ture sign.

Bank Women Meet
The Nebraska Group, National As
sociation of Bank-Women, Inc. held
their annual meeting recently in
Columbus. Presiding was Miss Levetta
M. Hosier who served as chairman
this past year, and is executive vice
president of the Fullerton National
Bank. Newly elected officers include:
Mrs. Pauline Deines, vice president,
First National Bank, Ogallala, will
serve as chairman; Mrs. Mary B.
Young, vice president of the Cozad
State Bank, co-chairman; Mrs. Ruth
Joy, assistant cashier at the State
Bank of Trenton, secretary, and Miss
Rhoda Bredow, cashier and director
at the Cattle National Bank, Seward,
as treasurer. They will assume their

M U T U A L FU N D S
W e can explain them fully . . . find one that suits you.

THE LINCOLN
L IN C O L N

COMPANY

B E N E F IT L IF E B U IL D IN G

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

68508

CREDIT INSURANCE
STEVE SUTTON

13th & N

Q4D

duties in September following their
national convention.

Fifty-Year Bankers

New members of the Nebraska
Bankers Association Fifty-Year Bank-“ v
ers’ Club are R. F. Kingsbury, presi
dent, Bank of Dixon County, Ponca, *
and H. H. Echtermyer, senior vice ^
president of The Omaha National
Bank.
a v

Bank American! Organizes
New Credit Card Company

* <

Creation of a new corporation, Na- **
tional BankAmericard Incorporated, ^
was announced last month.
The new corporation is the result,
of an extensive two-year study, and
will consist of BankAmericard—issuing banks throughout the United
States.
*
It is designed to facilitate advertis
ing, marketing and operational pro
cedures on a national scale, D. R. Mc-y.
Bride, president of BankAmerica
Service Corp., and D. W. Hock, chair--* 4
man of the organizing committee,
jointly explained.
Previously, Mr. McBride noted,
BankAmericard—issuing banks oper
ated under licenses from BankAmer- ^
ica Service Corp. Memberships in the
new corporation will replace the *'>
present licensing program. Member
banks will elect directors to run the
new National BankAmericard, Inc.,
and BankAmerica Service Corp. will
act as a consulting body and continue
the overseas expansion of the Bank
Americard program.
Mr. Hock emphasized that each
issuing bank will continue to operate *
its own independent BankAmericard
program.
National BankAmericard
will, for the benefit of its members,
solicit and train new members, de
velop and coordinate the use of ad- * V
vertising materials, computer systems
and programs, a program to control *
fraud and related problems, an interchange system using data transmis-’
sion facilities and devices, and a pro
gram for serving national merchant
accounts.
♦
It will also develop and disseminate
operatinginformation and training *
programs.
^
National BankAmericard will elect
directors this June. The corporation
is expected to be in full operation by
July, he said.
*

"T.Q" TELEPHONE QUICK

ORDINARY
LIFE INSURANCE
DICK PAPES

SERVICE
WATS

our

YALE BANKLOCK SERVICE
D IV IS IO N

LINE

IN NEBRASKA
DIAL YOUR ACCESS CODE
THEN 800— 742-7335

E. D A V E N P O R T
2066
FARNAM

OMAHA,

NEBRASKA

OFFICE
ST.
68102

Y O U R STATE B A N K E R S A S S O C IA T IO N
SP E C IA L IS T S IN SALES A N D
SER VIC E OF SE C U R IT Y EQ U IP M EN T
'X

N o rfor
t h wFRASER
e s t e r n B a n k e r , J u n e , 7970
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

103

aWith Max, one
numberdoes it!
”
8

From anyplace call 800-328-4567 for a
guaranteed car anywhere.

National makes it easy—you remember just one
number for car rental. You call it toll-free from any
place and Max, our computer, gets you a guaranteed
car reservation anywhere . . . at any one of
2400* worldwide locations.
Max knows where every one of our cars is every
minute—the other guys are just guessing. Max
doesn’t promise; he guarantees. Which you’ll appreciate
if you’ve ever tried to drive a promise.
Call Max to reserve a Chevy, Buick, Pontiac,
Oldsmobile, Cadillac or other fine car. You’ll get S&H
Green Stamps, too. So next time, call Max. (He’s
available whenever you are.) Only Max can guarantee
car reservations, and only National Car Rental has
Max. Let Max do it.
*Tilden-Rent-A-Car in Canada.

SO WHO NEEDS
A PHONE BOOK?

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Norihwesfern Banker, June, 1970

104

*
4 Ml
A
A
A

CtMlRJTERiZE.
Your checking accounts.
Your savings accounts.
Your certificates of deposit.
Your proof-transit.
Your bookwork headaches.
Cali Paul Griffith for a
free feasibility study.
Phone (515) 283-2421.

"th e
p a c e s e tte r
bank"

Bankers Trust

SIXTH AND LOCUST, DES MOINES

Member: F. R. S. Et F. D. I. C.

Northwestern
Banker, June, 1970
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

105

IBA general counsel, and Ed Lenaghan, insurance consultant.
Also attending the meetings were
Thomas H. Huston, president, Colum
bus Junction State Bank, and Mrs.
Huston. His candidacy was announced
earlier in the year for election to the
office of vice president of the Iowa
Bankers Association at the state con
vention this fall.
The candidacy of William P. Ronan
for the office of IBA treasurer during
the 1970-71 year was re-endorsed by
Mr. Ronan’s fellow members of Group
4 during their meeting at Decorah.
W a H He
a isn president
k e r s of Decorah State Bank.

Io w a

NEW S
J. C. BLACKFO RD
A. E. L IN D Q U IST , JR.

President
Secretary

Ottum wa
Des Moines

1 ^

At Iowa Group Meetings
S u p e r i n t e n d e n t
y j

President’s Remarks

" ! t e n

u r e

o f M

o n e y

r o k e r s

Y*-*
lly

M ALCOLM

y r>

►
>
►

FREELAND,

Publisher

and
REN

WARNING to Iowa bankers to be
wary of unsolicited, large depos
its from money brokers was issued
last month by Collin W. Fritz, Iowa
superintendent of banking. Mr. Fritz
emphasized his warning at each of the
eight group meetings held during May
by the Iowa Bankers Association.
Involvement with money brokers,
he said, was the principal cause for
the closing earlier this year of the
State Bank of Prairie City, Iowa, the
closing of a Michigan bank more re
cently, and the closing of several other
banks in other states. Since money
brokers apparently are putting much
pressure on banks throughout the mid
west, a more detailed account of Mr.
Fritz’ explanation of their procedure
is given in a special feature article in
July. Mr. Fritz stressed that the vast
majority of Iowa banks are in good
shape. He paid special tribute to the
banking department staff.

H A L L E R , J R ., Editor

The May group meetings drew a to
tal attendance of approximately .......
Good weather prevailed throughout
both weeks of the scheduled meetings,
although strong, gusty winds added a
few strokes to most golf scores.
Officers of the Iowa Bankers Asso
ciation turned out in force for the
meetings. Attending all eight meet
ings were these IBA officers and their
wives: President, J. C. Blackford, presdent, Union Bank & Trust Company,
Ottumwa; James H. Redman, presi
dent, The State Bank, Fort Dodge;
treasurer, Kenneth Bean, vice presi
dent, Marion County State Bank, Pella,
and immediate past president, James
W. Lipton, Jr., executive vice presi
dent and cashier, Ida County State
Bank, Ida Grove.
Attending from IBA headquarters
office were Arthur E. Lindquist, Jr.,
executive vice president and secretary,
with Mrs. Lindquist; Wendell Gibson,

President Blackford stressed two
points in his remarks. The first was
on the “image of banking” which he
said bankers inherit to some degree
because of the highly regulated life
they must live. Bankers do have a
unique story of community involve
ment to tell the public, he asserts, and
they need to determine the extent of
the personal involvement by staff
members, then find some way to let
the local public know exactly how
much contribution is being made in
money, time and talent by the bank
and its staff.
The importance of the livestock in
dustry to Iowa was Mr. Blackford’s
second principal point, particularly an
all-out effort that is needed to expand
cow-calf operations in the state. He
said 23,000 people are employed in
Iowa packing plants with a payroll of
more than $220 million annually. If
the Iowa livestock industry permits
these plants to close in Iowa and
gravitate to other livestock centers in
the nation where cattle feeding is on
the increase, the financial conse
quences to Iowa would be severe, he
said.
“We need to find the money to

A
V'
K

k
.(

G RO U P 2— J ack L. Cam pbell, Jr., pres., Humboldt T&S, new gp. chum., with L u in B. Cox, exec, v.p., 1st State, Belmond, retiring
gp. chmn. The new gp. secy, is G eorge H . Shadle, exec, v.p., Iowa T&S, Estlierville, not pictured. G RO U P 3— A lb e rt L. M orse, exec,
v.p., Home T&S, Osage, chmn., and H arold M . W a lton , v.p., 1st Natl., Mason City, secy. G RO U P 4— R ob ert M. M cQ ueen, pres., Farmers
State, Ridgway, retiring chmn.; R. E. Tool, pres., Farmers & Merchants Savings, Manchester, new chmn.; V oln ey Palm er (standing),
pres., Citizens Savings, Hawkeye, new secy., and W m . P. Ronan, pres., Decorah State Bank, Gp. 4’s candidate for election next fall

as treasurer of the Iowa, Bankers Assn.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Northwestern Banker, June, 1970

106

Iowa N ew s

■% Vi

finance cow-calf expansion in Iowa,”
he told his audience, and challenged
Iowa bankers to take the lead in this
progressive move.
Secretary’s Report

Mr. Lindquist, in his report on asso
ciation affairs, noted that there is a
tendency on the part of government
agencies and other organizations to
look to banks when more funds are
needed for housing mortgage loans,
for student loans, for urban renewal
funds—and at the same time they let
other solicitors of the public’s deposit
money go unchecked. Banks are be
ing forced more and more, he said, to
commit funds to social-oriented loans.
“There has to be some limit to the
percentage of any bank’s assets that

can be committed to these purposes,”
Mr. Lindquist stated. He added it is
the job of banks to explain to the pub
lic their function in the lending and
financing business.
In 20 years, he said, Iowa banks
have gone from over 5,000 employees
to more than 12,000 employees, main
ly because of demands by customers
for more services—more complex and
faster services. He noted there are
still about the same number of Iowa
banks, but they are serving more cus
tomers and handling more dollars
than 20 years ago.
Mr. Lindquist also said there is an
acceleration in placing responsibility
on younger bankers earlier in their
careers. “This means your association
must continue to place more emphasis

on providing training and education
sessions,” he stated. In this report,
he described the program worked out
by the IBA and the Iowa chapter of
the National Association of Bank
Women through which AIB classes
have been incorporated into Iowa’s
area community colleges. It is hoped
that eventually all AIB elementary
courses will be included in all 16 area
community colleges.
The need for further seminars and
school sessions for executive man
agement personnel is evident, Mr.
Lindquist said, and plans are being
made to expand the number of these
sessions in Iowa to supplement the
training received at the School of
Banking at the University of Wiscon
sin.

R E P R E S E N T A T IV E S of the First National Bank of Chicago presented this 38-pound squealing, squirming pig as a gift to E d H.
Spetm an, Jr. (second from left), and 1ns two sons (at right). Mr. Spetman is pres., Council Bluffs Savings Bank. The picture was
taken at his “ Flying Spur Ranch” just outside Council Bluffs. Shown with Mr. Spetman are (from le ft): R a y D ieball, a.v.p.; C. E.
Bud Cross, Jr.; N evin Bow ser, v.p., and Judson T. M cM a n iga l (kneeling), a.c. and livestock specialist, all with 1st of Chicago. RIGHT

—Groups 2 and 8 were entertained at Fort Dodge and Clinton by student musical groups from the Area Community Colleges in their
localities. The group shown here entertaining at Clinton Country Club is representative of both groups and both brought resounding
applause for their vivacious, talented presentations.
Northwestern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Southwest Iowa’s
Most Progressive Bank

B u ild in g B I G G E R

to Serve You BETTER
C o u n c il B lu ffs
S a v in g s B a n k

MEMBER

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

FEDERAL

DEPOSIT

INSURANCE

HOME OF
BANKAMERICARD
AND
BALANCE PLUS

CORPORATION

108

Iowa News
Bank Security

The Hon. Harold A. Thorsden, Re
publican state senator from Daven
port, spoke at the four group meet
ings during the first week on “The
Bank Security Act.” He reviewed the
requirements of the legislation en
acted at the federal level last year and
the timetable for compliance by com
mercial banks.
Women Bankers

A woman bank officer from the Iowa
Chapter of the National Association of
Bank Women discussed the purposes
of NABW at each of the meetings.
Each program had a different speaker,
from within the group holding the
meeting. They described the two sur
veys published earlier by NABW di
rected at better money handling and
budgeting by younger people, as well
as outlining the expanding role being
played by women in banking.
Classified Loans

Holmes Foster, deputy superintend
ent of banking, addressed the first
week of group meetings while Super
intendent Collin Fritz was attending
the national convention of the Nation
al Association of Supervisors of State

Banks. On the matter of classified
loans he said there has been an in
crease in these in recent years “and
it’s just a matter of how excited we
want to get.” He told about long
term capital loans of $20,000 to $40,000
that are not reduced and apparently
no plan for repayment has been of
fered.
“ It is hard, sometimes,” he said, “to
distinguish between capital loans and
accumulated unpaid loans from year to
year.” He said he is not opposed to
cow-calf loans as outlined in IBA Pres
ident Blackford’s proposal, but he does
feel that such loan contracts should
reflect in the bank records some pro
vision for regular repayment, and this
schedule should be followed.
Traveling Humorist

Leonard Passmore, secretary-coun
sel for the Texas Bankers Associa
tion, provided a real humorous touch
to the second week of group meetings.
His soft spoken slow moving delivery
was a surface mask for one of the best
straight-faced humorists seen in a
long time. A few examples, delivered
in a soft, deliberate, mostly unsmiling
manner:
“I’m asked frequently what Con

gressman Wright Patman has against
banks. As a young boy, he had a
piggy bank. You couldn’t get the
money out without breaking the bank -i
—this was his first experience with - W k\
‘tight money.’ Since he’s grown up
he still looks at banks the same way.” >'
“Also, many of you have asked
I
about what LBJ is doing—and who
he’s doing it to. I’m happy to say he’s
still not discriminatory in this regard.” *■ *
Urges Credit Life Bill

* \\

The Hon. Robert R. Rigler, presi
dent, Security State Bank at New
Hampton, who announced recently he
will not seek re-election to the Iowa
Senate where he has been majority ’f
leader, spoke at the Group 7 meet
ing in Waterloo. He urged bankers to
support a bill for credit life insurance x
regulation in Iowa, calling it “a boil
which might be lanced.” Mr. Rigler
said credit life insurance is “a very
lucrative business” and recalled that *
a bill to permit the Iowa insurance
i|
commissioner to set fair and reason
able rates was passed by the Senate *
this year but was not considered in
the House.
He stated that credit life is an im
portant source of revenue for other

G RO U P 7— A . V . D ieken, pres., Farmers Savings, Grundy Center, secv.; D onald E. N oller, pres., 1st Natl., Evansdale, climn., and Don
Lindam an, v.p. & cash., Cedar Falls T&S, who is pres, of Black Hawk County Bankers Assn, and was climn. of meeting arrangements.
G RO U P 8— L. J. H orst, v.p. & cash., Central State, Muscatine, retiring ehrnn.; L e R o y A . M ohr, cash., Miles Savings, new climn., and
L ou is L. M o rf, v.p., Monticello State, new secy.

"■f
A
W A T E R L O O B A N K S were host to the Group 7 meeting. Pictured at that meeting in these two photos are, from left to right: R ob ert
Sterling, pres., Bankers Trust Co., Des Moines, with M rs. K ilg o re and R. L. K ilgore, pres., Natl. Bank of Waterloo; G erald Curran,
cash., Waterloo Savings, and M rs. Curran; B ill M cK in ley , DeLuxe Check Printers, Des Moines, and R ob ert Buresh, a.c., State Bank

of Toledo.

Northwestern
Banker, June, 1970
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Tired of your correspondent
giving you bland service?

CALLTHE

DROVERS. OURS IS WELL SEASONED.

Just like salt and pepper our style of service is measured to your taste.
For example: are you getting all those little "extras” that you often need and are entitled to?
Are you getting prompt service? Do you feel you’re taken for granted?
If your answer is "Yes” to any or all of these questions —stop reading and start calling The Drovers.
Ask for Fred Cummings our Senior Vice President who heads the division,
or Bernie Miller or Larry Makoben who assist him.
Ask for any one, or all three of them, because our "old salts” have a lot of pepper in ’em.

the

DROVERS

THE DROVERS NATIONAL BANK OF CHICAGO
47th and Ashland Avenue «Chicago, Illinois 60609 *(312) 927-7000

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

110

Iowa News

G RO U P 10— L ester P oole, v.p., Peoples Natl., Albia, retiring chmn., and W ard K ilogre, exec, v.p., Decatur County State, Leon, new
ehmn. The new secy, is John A . M anning, v.p. & cash., Farmers State, Keosauqua, not pictured. Eight— Thom as H. H uston, pres.,
Columbus Junction State Bank and candidate for election next fall as v.p. of the Iowa Bankers Assn., with K enn eth Bean, treas. of

the IBA and v.p., Marion County State, Pella.

It V]

LEFT— H om er Jensen, v.p., Capital City State, Des Moines, with A lv in G. H ansen, pres, of State Bank of Bussey and his son, Kim N.
Hansen, exec. v.p. RIGHT— Iowa State Senator H arold A . Thordsen (left) of Davenport, was one of the speakers during the first
week of group meetings. He is pictured here with M rs. Thordsen and Thom as H. H uston, pres., Columbus Junction State Bank, a >
candidate for election next fall as v.p., Iowa Bankers Assn.

lending institutions, but not for banks,
adding, “Why do we want to hurt our
image by, in effect, defending their
practices? It’s not worth it.”
G ro u p O fficers
O f th e 10 g r o u s in th e I o w a B a n k e r s
A s s o c ia t io n , th e e v e n -n u m b e r e d g r o u p s
e le c t o ffice r s in e v e n y e a r s , th e o d d n u m b e re d g r o u p s e le c t in od d y e a rs.
T h e n e w ly - e le c t e d o ffice rs t a k e office at
th e C o u n cil o f A d m in is tr a t io n lu n ch e o n
th e la s t d a y o f th e I B A c o n v e n t io n th is
fa ll, O c to b e r 21. T h e n e w o ffice rs a r e :
G ro u p 2
C h a irm a n — J a c k B. C a m p b e ll, Jr.,
p re s id e n t, H u m b o ld t T r u s t & S a v in g s
B a n k , A d el.
S e c r e t a r y — G e o r o g e H. S h a dle, e x e c u
t iv e v ic e p re s id e n t, I o w a T r u s t & S a v
in g s B a n k , E s t h e r v ille .
G ro u p 4
C h a irm a n — R ic h a r d E. T o o l, p re s id e n t
a n d c h a ir m a n , F a r m e r s an d M e rc h a n ts
S a v in g s B a n k , M a n c h e ste r .
S e c r e t a r y — V o ln e y P a lm e r, p re s id e n t,
C itiz e n s S a v in g s B a n k , H a w k e y e .
G ro u p (»
C h a irm a n — D a v id T a y lo r , p re s id e n t,
F ir s t F e d e r a l S ta te B a n k , D e s M oin es.
S e c r e t a r y — G e o r g e M e rria m , se n io r
v ic e p re s id e n t, D a lla s C o u n ty S ta te
B a n k , A d e l.
G roup 8
C h a irm a n — L e R o y A. M ohr, ca sh ie r,
M iles S a v in g s B a n k , M iles.
S e c r e t a r y — L o u is L. M o rf, v ic e p r e s i
dent, M o n t ic e llo S ta te B a n k , M o n t ic e llo .
G ro u p 10
C h a irm a n — W a r d K ilg o r e , e x e c u t iv e
v ic e p re s id e n t, T h e D e c a t u r C o u n ty
S ta te B a n k , L e o n .
S e c r e t a r y — Joh n M a n n in g , v ic e p r e s i
d en t an d c a s h ie r, F a r m e r s S ta te B a n k ,
K e o sa u q u a .
O fficers f o r G ro u p s 1, 3, 5, 7 an d 11
c o n t in u e in office u n til 1971.

Northwestern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Federal Legislation

Oliver A. Hansen, a past president
of the Iowa Bankers Association and
president, Liberty Trust and Savings
Bank, Durant, addressed Group 8 at
Clinton on “The Washington Scene.”
He gave a tough, straightforward re
port on legislation, especially H. R.
6778 (one-bank holding company) and
told the bankers there is an impera
tive need now for total commitment
by all banks to get involved in this
important legislation.
Livestock Film

An outstanding new film showing
Iowa’s present position in beef cattle
production and projected needs for
the near future was shown by Dr. S.
A. Ewing, assistant dean, agricultural
research Iowa State University. This
color, sound slide-film was projected
on two screens and is one of the most
professional productions the univer
sity has put on. It notes that Iowa’s
share of national beef cattle produc
tion has dropped slightly, but is still
just under 17 per cent of the national
total. To maintain this position, Iowa
will need to increase present produc
tion by 1.5 billion pounds, represent

ing $500 million additional farm in
come for the state. The multiplier I
effect from the expenditure of this^
income means a total of $1.5 billion in
newly-generated Iowa income, accord- «
ing to the film.
Equity Market

Robert D. McIntosh, vice president
in charge of research, Piper, Jaffray
■
Hop w ood, Minneapolis investment
firm, spoke to Group 4 bankers in De-t *
corah on “The Equity Market—Possi
bilities and Pitfalls.” Mr. McIntosh ^
said, “ I have enough confidence in our^ \
profit system that we will see a pick
up in activity and profits by summer,^ „
We’ll hit a trillion dollar economy in
this country, primarily through infla--4
tion.”
He listed LBJ’s “guns and butter” ^
program as the primary cause of our^
present economic troubles. Because
of the increasing alarm over the mag-- j
nitude of the problem inherited from
the previous administration, Mr. Me- * ,
Intosh thinks this country right now
is not far from wage and price con- 1
trols.
M
U'
“ I predict we’ll hit bottom in an- I
other month. Watered down stocks** I

I ll

“Now w hat?”

“As I say, our Loan Committee can’t see
an Equipment Loan for you right now . . . .
Another angle of approach would be to get in
touch with LeaseAmerica Corporation, in
Cedar Rapids.
W e've had good experience with them. By
leasing, you can get the equipment now with
out really touching your working capital.”

>
*
V.
t
1

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Northwestern Banker, June, 1970

112

Iowa News
V
I N

e t u r v s

T a k e n

I o w

t i r o u p

e e t i a y s

L E F T __M rs. M a rga ret H ough, a.c., M erchants N atl., Cedar R apids, addressed the Gp. 8 m eetin g at Clinton
Chapter o f N A B W C E N T E R — G eorge E. T aylor, v.p. & t.o., 1st N a tl., Clinton, and pres, o f C linton C ounty
charge o f arrangem ents f o r the Gp. 8 m eetin g there. H e is pictu red w ith A rth u r E. L in dqu ist, Jr., exec. y.p.
Assn. R IG H T — Group 2 bankers and w ives ate under “ The B ig T op ” on the grounds o f the Sheraton M otor In n
steaks w ere b roiled on charcoal units in foregrou n d .

still have a shaking out to come, but
quality stocks are stabilizing and prof
its will return soon.” He feels too
much emphasis is placed on the DowJones average, and thinks greater em
phasis should be placed on other ac
cepted measures of performance and
progress.
He listed utilities, oils and chemi
cals as having a low labor content.
Utilities, however, are very regulated,
he said. Oils and chemicals are pro
duced by costly, complex equipment.
Other areas he listed favorably in his
“concept buying” list of interesting
categories was container concept, and
industries serving youth market (rec
ords, entertainment and clothing).

Holding Company

Larry Mote, economist for the Fed
eral Reserve Bank of Chicago, gave
information on “Bank Holding Com
pany Legislation” to Group 2 bankers
at Fort Dodge. Mr. Mote reviewed
the history of bank holding compa
nies, the total deposits they control in
the United States today ($178.6 bil
lion, or about half the deposit total),
and then reviewed current legislation
and the proposals offered by various
groups. At the time of this meeting,
several Senators had stated they felt
the House bill (H. R. 6778) was high
ly restrictive and vindictive in nature,
indicating hope that any Senate-passed
version would be considerably less re
strictive and punitive.— End.

Iowa’s New Cave

Dave Jagnow, a geology graduate
student at the University of Iowa,
showed a color slide presentation of
his “Discovery of Coldwater Cave” to
the Decorah meeting. He and two
other companions located this wet
water cave two years ago on a geolog
ical expedition and the color films he
took of the interior of this new cave
were fascinating—not only because of
the beauty of the cave, but also be
cause it was evident that the three
young men had exhibited great cour
age and the explorers’ age-old desire
to discover what lies ahead. The cave
measures several miles long in a
winding, often-times hazardous course,
which they explored fully in several
trips by means of scuba diving equip
ment, wet suits, field packs and caches
of food and supplies. The photog
raphy done by Mr. Jagnow was su
perb, and was in itself a masterpiece
of accomplishment under the most
difficult of situations.
Northwestern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

New Bank Under Construction
Completion of the new First State
Bank of Webster City is expected
about August 1 when the bank will
move out of the building it has occu
pied for seventy years. The new
structure is to have a colonial appear
ance, with eight white columns along
the front.

Ogden Officers Elected
City State Bank of Ogden recently
elected officers. They are L. A. Good,
president, H. A. Boehm and Helen
Lass, vice presidents; and Carl F.
Danilson, A. V. Doran, Carl E. Jones,
and Albert O. Miller, directors. Don
ald Nelson advanced from assistant
cashier to cashier.

Branch Office Opened
The First Trust and Savings Bank
of Davenport has recently opened a
new branch office at Thirty-seventh

on b eh a lf o f the Iow a
B ankers Assn., w as m
& secy., Iow a B ankers
at Clear L ak e. D eliciou s

and Division Streets in Davenport.
Included in the facility are two drivein banking areas.

Retires After 37 Years
G. T. Taylor, officer and director of
the Goldfield State Bank for 37 years,
recently retired. He started his bank
ing career in 1924 in Elmore, Minne
sota, and has been in Goldfield since
1933.

Joins Oakland Staff
William Kelso, Carson manager of
the Council Bluffs Savings Bank, has
resigned from that position and has
joined the staff of the Oakland Sav
ings Bank. Bank president Harold
Spencer made the announcement say
ing that Mr. Kelso will assume duties
of operations officer.

Marshalltown Banker Retires
John Bartine, 43 year employee of
Fidelity Savings Bank of Marshall
town, recently retired at the age of
65. He was presently serving as vice
president of the bank. He began work
ing for the bank in 1927 as bookkeeper
and has been very active in com
munity affairs in Marshalltown.

Staff Changes at Creston
Joseph G. Knock, president of the
Iowa State Savings Bank at Creston,
announced the following staff changes:
Mrs. Jean Trussell, bookkeeper, will
assume the duties as general book
keeping and savings accountant; Lee
McNichols, a former employee, will
rejoin the bank in the note and loan
department, and Mrs. Elois Hertz, who
has served in various positions, is re
signing from the staff.

113

>
**

S in ce 1872 our dedication lias
y+

lieen to providing complete facil
ities and individualized tanking
service.

Can we lie oí service to you?

V a lle y B a n k a n d

T ru st C o m p a n y

DES MOINES

M em b er F ederal D e p o s it Insurance C o rp o ra tio n

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Northwestern Banker, June, 1970

114
David G. Wright, president of the
Northwest Des Moines National Bank,
recently announced the promotions of
two staff members. James Angstead
has been promoted from assistant vice t >
president to vice president, and Wil
liam H. Withey from assistant cashier
to assistant vice president.
Mr. Angstead, a commercial and real ► V
estate loan officer, has been with the
bank since 1967 and was previously
with the Dallas County State Bank in
Adel, Iowa. Mr. Withey joined the
bank staff in 1968 and is a business de
velopment and installment loan officer.

Des Moines News
F OLLOWING a meeting of the board
of directors of the Iowa-Des Moines
National Bank, John R. Fitzgibbon,
president, announced the election to
the board of Jack A. MacAllister, vice
president and general manager in Iowa
for Northwestern Bell Telephone Com
pany.
Mr. MacAlister is a native of Humeston, Iowa, and is a graduate of the
University of Iowa. He began his
career with Northwestern Bell in 1950

j. a . M cA l l i s t e r

r. c. p a l m e r

N. P. MILLER

MRS. OLSAN

and has served in a number of capaci
ties. Prior to becoming general man
ager for Iowa in May of this year, Mr.
MacAllister served as secretary-treas
urer of the telephone company in Oma
ha.

The following promotions were also
announced at the Iowa-Des Moines:
Robert C. Palmer was named trust
real estate officer. Mr. Palmer holds a
degree in agricultural business from
Iowa State University. He joined the
bank in 1963 and was named assistant
trust officer in 1966.
Ned P. Miller was named trust offi
cer. Mr. Miller holds a law degree
from the University of Iowa. He has
been with the bank since 1964 and has
been assistant trust officer since 1967.
Lois M. Olsan was named corporate
trust officer. Mrs. Olsan has been
with the bank since 1953 and was
named assistant trust officer in 1967.
* * *
Richard Z. Wolf of the Capital City
State Bank, Des Moines, was elected
president of the Des Moines chapter
of the American Institute of Banking
at the group’s annual meeting. Other
newly elected offices include: John A.
Walker, Central National Bank &
Trust Company, first vice president;
Tom Stelpflug, Iowa-Des Moines Na
tional Bank, second vice president;
William Withey of Northwest Des
Moines National Bank, treasurer; Con
nie Saunders, Capital City State Bank,
secretary, and Mrs. Betty Thorpe of
Bankers Trust Company, women’s
chairman.
* * *

B. C. Grangaard, president and chair

man of the Cen
tral Na t i o n a 1
Bank & Trust
Company, has an
nounced the re
cent election of
Dale U. Klauss to
the p o s itio n of
commercial loan
officer i n t h e
bank. Mr. Klauss
has been c o n
D. L. KLAUSS
nected with Asso
ciates Financial Services Company,
Inc., since 1950, most recently in their
Des Moines office.
* * *
The National Association of Bank
Women, Inc., recently held their an
nual Tri-Regional Conference in Des
Moines, Iowa. During the conference,
scholarships tothe graduate schools
of banking were announced. Mrs.
Mary F. Holstad, assistant cashier of
Central National Bank and Trust Com
pany of Des Moines, was named as one
of the winners.
Mrs. Holstad has had 21 years of
banking experience with Central Na
tional.

The board of directors of the Cen
tral National Bank & Trust Company
of Des Moines recently declared a reg
ular quarterly dividend of 25 cents per
share, according to an announcement
by B. C. Grangaard, chairman and
president of the bank.

G EN ER A L U N IT E D
L IF E

O le

Oponte oß (Credit

P.O. BOX 1302

Northwestern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

IN S U R A N C E

•

COM PANY

Oniurance

DES MOINES, IO W A 50305

M iss D oroth y R oon ey, asst, v.p., D ouglas
C ounty State Bank, Law i’ence, K an., ch a ir
man o f Scholarship Com m ittee M id w est
R egion , presents scholarship aw ard to M rs,
M a ry H olstad.

L
^
^4

115

hr y

>
* *
. b
\* M
>
r

Central N ational’s com puter service can save you
a lot of work. And tim e. You can do demand deposit
accounting by phone so items never leave your bank.
Our punch-tape system is fast. Reliable.
We’ll gladly explain how we can do this for you.
If th a t’s the kind of service you want from a
correspondent bank, call. Area 515-243-8181.

*■

You don’t
need us.
We need you!
k

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Central National Bank & Trust Company
LOCUST AT SIXTH AVENUE, DOWNTOWN DES MOINES, PHONE 243-8181. MEMBER FDIC.

Northwestern Banker, June, 1970

116

Iowa News

Two Des Moines area banks have
applied with the regional administra
tor of national banks to establish new
offices of their respective banks. The

H ank it itifs B a seba ll Suits

Northwest Des Moines National Bank

of Des Moines is seeking to establish a
detached office in the vicinity of
Forty-second and University Avenue
in Des Moines. The First National
Bank of West Des Moines has applied
to change location of its head office
from 228 Fifth Street, West Des
Monnes, to the intersection of Twentysecond Street and Interstate 235 in
West Des Moines.

Director Appointed
The Randall State Bank recently an
nounced the appointment of Myron
Rod, Story City business leader, to its
board of directors. Mr. Rod replaces
Howard Richey, former manager of
the Ellsworth turkey plant.

Postmaster Becomes Banker
Gordon Tull of Taintor, manager of
the Taintor Bank and Postmaster of
Taintor for nearly 10 years, recently
began duties at the Taintor Savings
Bank of New Sharon. Mr. Tull was
previously a turkey farmer outside
of Taintor.

N E W B A S E B A L L U N IF O R M S w ere presented to R uthven school officials recen tly in
preparation fo r the summer L ittle League program at R uthven, Iow a . The R uthven
State B ank purchased the u niform s fo r the entire summer recreation program in clu d in g
P ee W ees, M ites and M id gets. M rs. John B. K eelin e, board chairm an o f the bank,
presented the u niform s to A1 Puterbaugh. In m akin g the presen tation she stated, “ W e
hope that these u niform s w ill tell our you n g people w e have fa ith in them .” P ictu red
at le ft is high school prin cip a l E ugene Johnson. A t righ t is Supt. W illia m L ogan .

Honor Altoona Bank

A Unique Service:
Architectural Design
Our staff of registered architects and
space planning designers can develop
your bank project offering the greatest
efficiency.

Bankers Donate Towards Drive *

i - s e r v

Box 333

Earl Freel, president of the Altoona
State Bank, Altoona, accepted a “cita
tion of appreciation” presented to the
Altoona State Bank by American,
Legion Post No. 682.
The citation read: “ This citation of .<*
appreciation is gratefully presented to
Altoona State Bank in recognition and M
sincere appreciation of outstanding
service and assistance which con- d
tributed to the advancement of the Y
<
American Legion programs and activ
ities dedicated to God and Country.”
«

i c e ,

i n

Hampton, Iowa

Call Collect

c .
50441

1-515-456-4640

THANK
US

YOU

FOR

GROW

Plymouth County bankers association recently donated $470 toward a 7
$5,000 goal in a fund drive in that-*.county for measles vaccination. The
check was presented by Cliff Carlson, -4
president of the Plymouth County
Bankers Association and cashier at **
the Farmers State Bank of Merrill.

HELPING

EACH

YEAR!
-i
A

United States Check Book Company
P. O . B O X 3 6 4 4
Northwestern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

OMAHA,

NEBRASKA

68103

*
yék

117

>
t f

LaSalle gives
its correspondents more
than a slap on the back!
La Salle can save you time
during bank examinations

Call our Correspondent Banking Depart
ment, and we’ll call the Fed or any other
Correspondent Bank.
We guarantee to have your safekeeping
list and statement out of our bank in one
day!

La Salle helps you get the greatest
possible use of your money
Need quicker availability on your clear
ings? Would an adjustment of your sort
pattern reduce analytical charges upon
your account? Let La Salle help. It can
free more fundsto increase your earnings.

V
A
►

La Salle’s Teller Referral Guide
can help your tellers work
more efficiently
It’s a handy card that gives your tellers a

complete step-by-step procedure for the
proper handling of their various opera
tions. Yours without charge. Just write or
phone.

LaSalle helps you pass the service
charge along to your customer
La Salle will be glad to provide a photo
copy of each check, front and back, for
your customers who deposit non-par
items with you.

When you have a gripe —
La Salle does something about it
We aren’t perfect, but we have three men
who specialize in correcting our imper
fections. If you ever have a problem re
garding any area of our Bank, call Tom
Roth, Jack Ramey, or Rick Anderson. If
they don’t have the answer on the tip
of their tongues, they’ll get it for you —
FAST!

If you’d rather have help
than a slap on the back,
talk to Cyrus D, Kirk or Max Roy,
your La Salle men in Iowa.

X
V
X*
CYRUS D. KIRK

MAX ROY

LaSalle National Bank

A FULL\
SERVICE
BANK,

—your fast-moving friend on the financial Main Street of Mid-America
LA SALLE BANK BUILDING • 135 SOUTH LA SALLE STREET * CHICAGO • ILLINOIS 60690 • PHONE (312) 782-5200

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Northwestern Banker, June, 1970

118

f owa News
The modern building is carpeted
throughout. The basement provides
public lounge where coffee and rolls
are served during the day to custom- *
ers. Color television also is installed
in the room.
y F

Award for Pella Bank

mrnmm

N E W B U IL D IN G oponed b y Com m unity Bank & Trust in Traer.

M o d ern Mtnifdinfj fo r T ru er
HE First Community Bank and
Trust of Traer held open house
last month in its new building, located
on a new site at First and Main
Streets. William Beohm, president,
said the building was constructed to
serve present needs of customers, yet
allowing ample room to adapt to
future growth.
The new building offers drive-up
window service as well as a 20-car
parking lot adjacent to the bank. The
new vault has a capacity of more than
1,000 safe deposit boxes. The entire
premises are protected by latest secu
rity devices, including a lobby camera
covering the tellers windows.

Northwestern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Five teller windows and space for
two more are provided in the lobby.
The bookkeeping area is directly
behind the tellers and separated by
glass walls and door. This permits
employees in the bookkeeping room
to help out at lobby teller windows
or the drive-up window at the rear of
the room when customer traffic is at
peak loads.
Mr. Beohm said a special pipe was
installed under the bookkeeping floor
to permit installation at a future date
of any necessary electrical wiring that
might be needed for future machines
“should this ever become a checkless
society.”

Jerry Leahy, president, Pella Na-V *
tional Bank, Pella, Iowa, was recently
presented with the Director Award *
for Outstanding Operating Achieve
ment by Paul D. Dunlap, president, ~
Hawkeye Bancorporation, an Iowa
registered bank holding company of ^
which the Pella bank is a member.
The award is presented annually to
the member or proposed member bank * V
that posts the best year-end figures
relative to growth, profitability, and *
other pertinent economic factors.
In addition, two senior promotions
have been made in the Pella Bank..* .
Claire W. Gifford, vice president, was
elected to the Bank’s Board of Direc- *
tors, and Charles L. Vander Ploeg was
advanced to senior vice president
^

C. B. Bank Starts New’ Office
State Bank and Trust of Council
Bluffs has started construction of a
new branch office in Underwood. The 4
building will be completed in early
summer according to Calvin Spencer,
vice president.

119

You’d be surprised at what Howard Beermann, Wayne Obrecht, Bob
Norrish, Alan Meyer and Don Anderson see when they look out of the window.
Cornfields. Cattle. Soy beans.
Maybe you find it hard to believe that you could find a country
banker in a great big city like Chicago.
But you will at Central National Bank.
For many of our men were born and raised on farms. Some are still
actively associated with farming.
They understand country banking.
They understand agriculture.
From integrated feedlot operations to capital expenditures for
farm equipment, they understand—and talk—your customers’ language.
So talk to Howard, and the rest of our agricultural banking group.
They understand your problems and needs, so they’re great guys to
exchange views with.
WE UNDERSTAND.
CENTRAL NATIONAL BANK IN CHICAGO
ILaSALLE& MONROE
MEMBER: F.D.I.C.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Northwestern Banker, June, 1970

120

Iowa News

*."V* i *,
A R T I S T ’ S D R A W IN G of Council Bluffs Savings Bank as seen from Broadway and Pearl. Directly behind the bank are three drive-

up windows.

M A I N B A N K IN G Q U A R T E R S offer 14 toller windows and two circular lounge areas for customers. The estate and trust department 4

is located on the third floor.

f'on n cil IIInit's
Finishes

The bank’s terrazzo floor (3,700
Savtinnii
square feet) is made up of a mixture

lletnnileling.

PEN house was held early this central lobby, as well as an entrance
month for the public in the new to the walk-up window area in a
ly remodeled and greatly expanded
separate lobby, and entrance can be
building of the Council Bluffs Savings
gained from this area to the install
Bank in Council Bluffs. Visiting bank ment loan department after main
ers were taken on tours of the build hanking hours.
ing last month during the Group 5
The exterior of the building is cov
meeting in Council Bluffs.
ered with white marble, quarried in
E.
H. Spetman, Jr., president of the Alabama. The black granite at the
base of the building was quarried in
hank, said the expansion of the old
hank building into present quarters
the Andes Mountains and the blocks
were shipped to Brazil for splitting
has provided an overall space gain
and then to Omaha, Nebraska, for siz
of 60 per cent, thus affording future
ing and polishing.
expansion room as well as taking care
of current needs.
A walnut travertine marble used m
the area in back of the 14 teller’s
Council Bluffs Savings Bank took
counters, was quarried in Italy near
over an adjoining building and the
architect, John Latenser & Sons of
“ Castel Firoentino,” built by Roman
soldiers before the time of Christ. As
Omaha, working with its contractors,
combined both structures (with previ fabricated and installed, the pieces are
ously different floor levels) into one
“book-matched” horizontally and “endunified building.
matched” vertically thus nearly con
There are two main entrances to the cealing the joints through illusion.

LEGAL FORMS
Any form you need we stock, or
will print. Special forms then
stocked for prompt shipment on
reorders.
IOWA LEGAL BLANK
& PRINTING CO.
Box 238, Webster City, Iowa 50595
Northwestern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

of marble chips and white cement
bonded to the concrete base with a
special epoxy adhesive. The black
marble chips came from Roanoke,
Virginia, and the yellow marble chips
from Italy.
All wood paneling is in natural wal
nut. Teller counters and fronts, as
well as some special built-in cabinetry
and desks throughout the first and
third floor, are of imitation gun-stock
walnut veneer of laminated plastics.
Stone veneer on the third floor is
called driftwood and was quarried
near Blythe, California.

Elected at Clinton
The Board of Directors of First Na
tional Bank, Clinton, Iowa, announced
the election of Kenneth E. Moseley as
Instalment Loan Officer. A native of
Hudson, Iowa, Mr. Moseley attended
the Iowa State University, Ames,
Iowa. He was with a finance company
in Des Moines, Iowa, before coming to
Clinton in February, 1970.
A V A IL A B L E

B A IN K
MSI6 M CONSULTANTS
BOX 87 PH. 1-717-2621499
S P E N C E R ,I O W A 51301

Cash-Flow Budget and Farm Loan
Application forms for the banker
who wants to update his farm loan
procedures. Samples for inspection.
Farm Business Council, Inc., P.O.
Box F, Urbana, Illinois 61801.

I owa N e w s

Honor Retiring Employee
Miss Edith Himstreet recently re
tired from service with the Peoples
* Trust and Savings Bank of Indianola.
She was honored at the bank at a
coffee by employees. She has been
> with the hank for 24 years in various
positions.

Employees Meet at Dinner
► Two hundred forty-five employees
representing 39 banks in northwest
* Iowa met recently at a dinner spon
sored by the Siouxland Conference of
the Bank Administration Institute.
The dinner was held in Storm Lake
with Dale Martin of the Commercial
r r Trust and Savings Bank, Storm Lake,
serving as chairman.

Colonial Design to Bank
The Clay County National Bank in
Spencer is opening its new bank
facility in colonial design with pillars
> and landscaping.

Osage Bank Near Completion
Midsummer completion is expected
for the new $150,000 bank building of
the Osage Farmers National Bank in
Osage. This announcement was made
by E. A. Heiden, bank president. The
new building, which was started last
. August, is of red brick with white
marble chip roof.

nounced. Richard Skrivsetl has been
promoted from assistant cashier to
assistant vice president. Loren Nolting of the personal loan department
and Tom McAndrews of the farm de
partment have been advanced to loan
officers in their respective depart
ments.

►-

Joins First Mid America
^ Jane C. Smith has joined First Mid
^ America Inc., an investment banking
firm, as an account executive. She
m will be in the Atlantic, Iowa, office of
the firm. Larry Turner, manager of
> the Atlantic operation, made the an
nouncement.

Staff Changes Announced
v
Howard L. Timmins, former assist^ ,ant vice president with the First Na
tional Bank in Byron, 111., has been
named cashier and operations officer
of Jackson State Bank & Trust Com' pany of Maquoketa. He will replace
Marguerite Sokol, who is retiring after
35 years with the bank.
^
Other staff changes were also an
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Organizers

Name Walsh Chairman
Charles H. Walsh, president of
Farmers & Merchants Bank & Trust
of Burlington, Iowa, has been named
Iowa state chair
man for the Foun
d ation for Full
S e rv ice Banks,
Allen P. Stults,
Foundation trus
tee for the sev
enth Federal Re
serve district an
nounced.
Mr. Walsh will
handle memberc. H. WALSH
. .
, i. .
ship and liaison
activities for the Foundation in Iowa.
Currently, 55 banks in Iowa represent
ing 63 per cent of deposits, are Foun
dation members.
Mr. Walsh joined Farmers & Mer
chants bank in 1938 and has served
as president since 1950. He was presi
dent of the Iowa Bankers Association
from 1963 to 1964.

First C.B.A. in Iowa Dies
C. W. “Bill” Ralston, auditor for the
T oy National
Bank of Sioux
JF
\
City, died recent
ly from an appar
ent heart attack
at his Sioux City
home. Mr. Ral
ston, 50, was the
first bank auditor
in Iowa to hold
the title of C.B.A.,
Chartered
Bank
c. w. RALSTON
Auditor.

121

Sam T. Lawler
Sam T. Lawler, a banker in Casey
and Menlo for nearly 60 years, died
recently in Des Moines at the age of
83. He was still a member of the
board of directors of the Casey and
Menlo Securities State Banks at the
time of his death.

Joining Pocahontas Staff
George (Tom) McCartan, Jr., who is
receiving his BA degree in business
administration this year from the
University of Iowa, will join the staff
of the Pocahontas State Bank upon
graduation. Mr. McCartan is a native
of Pocahontas.

MCN Office Opens
A local franchised office of Manage
ment Computer Network Inc. (MCN),
New Hampton, Iowa, has been opened
at 1890 Kennedy Road, Dubuque,
under an agreement between MCN
YALE BANKLOCK SERVICE
D IV IS IO N
F.

E. D A V E N P O R T OFFICE
2066
FARNAM ST.
OMAHA, NEBRASKA 6 8 1 0 2

Y O U R STA T E B A N K E R S A S S O C IA T IO N
SP E C IA L IS T S IN SALES A N D
SER V IC E OF SE C U R IT Y EQ U IP M E N T

O F F IC E R S of the newly-activated Web-

ster-Humboldt County Bankers Associa
tion are shown seated above, left to right:
Pres.— Carl Elm ore, Jr., cash., 1st State
Bank, Gowrie; V.P.— Joh n A . W alther,
pres., Renwick Sav. Bank, and Secy.Treas.— W . B yron Johnson, a.v.p., Iowa
State B&T, Dayton. Standing is John
R ow les, v.p., Union T&S, Port Dodge, who
headed the reorganization committee.

and a new Dubuque firm, Northeast
Iowa Data, Inc.
The franchise development agree
ment was announced jointly by Larry
O. Kurtenbach, MCN president, and
John W. Riley, president of Northeast
Iowa Data.

Elected at Camanche Bank
Following the annual meeting of the
shareholders of Camanche State Bank,
it was announced that Roger J. Shaff,
state senator and previously president
of the bank, has been named chairman
of the board. Philip W. Hall, formerly
executive vice president and cashier,
is now president and cashier.
Other officers re-elected were: D. W.
Franks, vice president, Alan J. Smith,
assistant cashier, Ellen T. Johnson,
assistant cashier, and Robert J. White,
secretary to the board.
At the meeting, Mr. Hall reported
to the shareholders that in the first
four months of 1970 there was a 10
per cent increase in loans outstanding
and an 18 per cent increase in deposits
in the bank.

25 Years Service Honored
Employees of the Humboldt Trust
& Savings Bank recently threw a sur
prise party for Mrs. Shirley M. Zenor
in honor of her 25th year with the
bank. She was presented with a
plaque and a gift by John L. Campbell,
Jr., president of the bank.

ACORN

Registers

"Accepted Sale Registers by Bank
Clerks Everywhere”
For information w rite

THE A C O R N PRINTING CO .
Oakland, Iowa
Northwestern Banker, June, Ì970

In the

DIRECTORS9

<
>»
I

C o ld Cream

The little girl watched in fascina
tion as her mother put on heavy cold
cream over her wrinkles.
“Why do you do that?” the girl
asked.
“ To make me beautiful,” answered
the mother, who then proceeded to
remove the cream with facial tissue.
“What’s the matter?” asked the
child. “Give up?”

the last page. Preaching vigorously,
the minister came to the words, “ So
Adam said to Eve . . .”
His voice trailed off as he discov
ered his text had been tampered with.
Horrified, he stalled for time and re
peated, “ So Adam said to Eve . . .”
In a low voice, and forgetting the
amplifier was on, he added . . . “there
seems to be a leaf missing.”
R estricted V isio n

F a m ily R ese m b la n ce

The motorist and his wife had got
ten
into a violent argument and
neither would budge. They hadn’t
spoken for miles when the wife sud
denly pointed to a mule in a pasture
and she asked: “Relative of yours?”
“Yes,” he replied. “By marriage.”
“ O op s! . . .

A long-winded minister who always
read long sermons placed his text on
the pulpit an hour before the service.
One young member of the congrega
tion sneaked to the pulpit and took

i .\ i m

:\ o f

Officer: Your license says glasses,
lady.
Lady: But officer, I have contacts.
Officer: I don’t care who you know
lady—you’re still getting a ticket.

B a n k e r s C a p ita l L ife I n s u r a n c e Co. ..6 2 -6 3
B a n k e r s T ru s t C o m p a n y — D e s M o in e s .104
B a n k o f A m e r ic a ............................................. 24
C
C e n tr a l B a n k a n d T r u s t C o.— D e n v e r . . 82
C e n tra l N a tio n a l B a n k — C h ic a g o ............ 119
C e n tr a l N a tio n a l B a n k a n d T ru s t
C o m p a n y — D e s M o in e s .............................. 115
C h a se M a n h a tta n B a n k ............................... 19
C h e m ic a l B a n k ................................................. 15
C h iles & C o m p a n y ............................................101
C o lo r a d o N a tio n a l B a n k ............................. 81
C o m m e r ce B a n k o f K a n s a s C i t y .............. 35
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 ru s t C o ................................................... 11
C o n tin e n ta l W e s te r n In s u r a n c e C o .......... 12
C o n tin e n ta l W e s te r n L ife In s u r a n c e
C o m p a n y .......................................................... 50
C o u n cil B lu ffs S a v in g s B a n k ..................... 107

Northwestern Banker, June, 1970

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

61
75
78

In M e m o r ia m

Seen in a church bulletin: Mr. John,
J. Smith has donated a new loud
speaker to the church in fond mem
ory of his departed wife.

D ie b o ld , I n c ............................................................
9
D o u g la s -G u a r d ia n W a r e h o u s e C orp . . . .123
D o w n e y , C. L., C o .............................................. 45
D r o v e r s N a tio n a l B a n k .................................109

M in n e s o ta C o m m e r c ia l M e n ’s A s s n .......... 64
M o r t g a g e G u a r a n ty I n s u r a n c e C orp. . . 14
M o s le r S a fe C o..................................................... 43 ^
M u r d o c k , D a v id H., D e v e lo p m e n t Co. . . 21

F ir s t N a tio n a l
F ir s t N a tio n a l
F ir s t N a tio n a l
F ir s t N a tio n a l
F ir s t N a tio n a l
F ir s t N a tio n a l
G r e a t F a lls ,
F ir s t N a tio n a l
F ir s t N a tio n a l
F ir s t N a tio n a l
o f C heyenne
F ir s t N a tio n a l

................ 10

L in c o ln

B a n k — B r o w n in g , M on t
B a n k — C a sp e r ..................
B a n k — C h ic a g o . .
17
B a n k — D e n v e r ..................’
B a n k — G le n d iv e , M ont.
B an k—M o n t...............................
B a n k — O m ah a . .
B a n k — St. P a u l
B a n k & T r u s t Co.
...........................................
B a n k an d T r u s t C o .—

.............................................................

86
76
33
87
86
85
91
53
77
99

F ir s t N a t io n a l C ity B a n k — N ew Y o r k . . 6-7
F o u n d a t io n f o r F u ll S e r v ic e B a n k s . . .
71
F r a n k lin N a tio n a l B a n k ......................
59
G e n e ra l U n ite d L ife I n s u r a n c e C o ............114

I o w a - D e s M o in e s N a tio n a l B a n k . .
124
I o w a L e g a l B la n k & P r in t in g C o .......... 120
I r v i n g T r u s t C o m p a n y .................................. 31

K ir k p a t r ic k , P e ttis , S m ith , P o lia n I n c ,. 95
K o o k e r , E. F., A s s o c ia t e s ............................ 120

L a S a lle N a tio n a l B a n k ...................................117
L e a s e A m e r ic a C o r p o r a t io n ........................I l l
L in c o ln B e n e fit L ife C o m p a n y ................... 102

D ain , K a lm a n & Q u a il I n c ............................
D e L u x e C h e c k P rin te r s , I n c ........................
D e n v e r U. S. N a tio n a l B a n k ......................

v<:i.

One morning, just as the owner of
a little tobacco shop was opening up,
a little fellow with a pipe in his mouth
came in, walked over to the cigar
case, lit his pipe on a gas flame and
walked out.
He came in after that each morning
for a week and went through the

A c o r n P rin tin g - C o m p a n y ............................ 121
A llis o n - W illia m s C o m p a n y ...................... 64
A m e r ic a n E x p r e s s C o m p a n y .................... 47
A m e r ic a n N a tio n a l B a n k a n d T ru s t
C o m p a n y — C h ic a g o .................................... 39
A m e r ic a n N a tio n a l B a n k a n d T ru s t
C o m p a n y — St. P a u l ......... -.52, 56, 60, 65, 84

F oresig h t

E m p lo y e r s M u tu a l C o m p a n ie s

JUNE, 1970

V irtu e is . .

Marriage teaches you loyalty, for
bearance, self-restraint, meekness and ««r
a lot of other virtues you wouldn’t
need if you’d stayed single.

We can’t begin to realize all of the *
things that have to be thought about^
and provided for in a space-orbit flight.
The millions of technical details are
only part of it.
For instance, the State Department *
issues passports to astronauts to carry ^
with them just in case they land some
where and need them.

W h o E ls e ?

A D V ER TISER S

same routine. Finally the owner said
to him: “Say, who are you, anyhow?”
“Don’t you know me?” replied the
other. “ I’m the fellow who comes in
every morning to light his pipe.”

M a r q u e tte N a tio n a l B a n k ........................... 55
M e rc h a n ts N a t io n a l B a n k —
C e d a r R a p id s .................................................
2
M id la n d N a tio n a l B a n k — M in n e a p o lis . . 51

N a tio n a l B a n k o f C o m m e r ce .................... 93
N a tio n a l C a r R e n t a l ....................................... 103
N a t io n a l F id e lit y L ife I n s u r a n c e Co. . . 56 ^
N o r th C e n tr a l C o m p a n ie s ........................... 13
N o r th e r n T r u s t C o m p a n y B a n k ..............
3
N o r th w e s t e r n N a tio n a l B a n k —
4
M in n e a p o lis .................................................... 48
N o r th w e s t e r n N a tio n a l B a n k —
S ou th St. P a u l ............................................... 54

O m ah a N a tio n a l B a n k

.................................. 97^

P a c k e r s N a t io n a l B a n k — O m a h a ............ 100 4
P r o t e c t iv e G rou p , T h e .................................. 57 ^
S
S c a r b o r o u g h & C o m p a n y ..............................
4 t
S e c u r ity P a c ific N a tio n a l B a n k ................ 37
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 ............................................................. 86 ^
S tu d ley , S h u p e r t T r u s t In v e s t m e n t
C o u n cil ...............................................................
T

T a lc o tt , J a m es, I n c ............................................ 41
T o y N a tio n a l B a n k ......................................... 118

U n io n B a n k a n d T r u s t C o.— H e le n a . . . 84^4
U n i-S e r v ic e ......................................................... 116 ^
U. S. C h e c k B o o k C o m p a n y ..........................116
U. S. N a tio n a l B a n k — O m a h a .................... 88
U n iv e r s it y C o m p u tin g C o m p a n y .............. 23

x -

V a lle y B a n k & T r u s t C o m p a n y —
D es M o in e s .......................................................113
V a n H o r n e I n v e s tm e n ts , I n c .......................... 102 41
Y

Y a le B a n k lo c k S e r v ic e .........................102, 121 vA

There is a big difference in field warehousing—the difference
in the way your bailee does the job. For years at DouglasGuardian, we have used the bulldog as our symbol. He is a
good watchdog, certainly. More than that, he is the symbol
of our determination to give borrower and lender the highest
level of service. That means cutting red tape; providing
clear, accurate records; reducing time and paperwork and,
above all, acting as a strong responsible link in the financial
chain between bank and businessman. So when you require
the best in field warehousing service, try the determination
of the bulldog. You will appreciate the results.

Douglas-Guardian Warehouse Corporation
P. O. Box 52978, New Orleans, La. 70150, Phone 5 0 4 /5 2 3 -5 35 3
Offices in 15 Principal Cities

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Every bank should have this card up its sleeve.
If your bank still isn’t in the charge
card business, it should be. Your
customers want it, and it can be a
highly profitable banking service.
Master Charge is the world’s
fastest growing and most widely
accepted bank charge card sys

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

tem. It’s an all-purpose charge
card with over 3000 banks behind
it. And the name of your bank
goes on the front of the card.
Find out what Master Charge
can do for you. Phone or stop in
and visit with Bob Krane. He’ll

show you how Master Charge
stacks the deck in your favor.

The Yes Bank
lowa-Des Moines fj

National Bank