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Vol. 10 No. 9 Des Moines, Iowa Anderson Lauds Reagan Program O D AY’S unsteady markets, approaching 8 % , virtually no gain in high interest rates, and ruinous real income, and major problems in inflation spring many industries, Anderson said the from a critical proposed budget cuts in Washington weakness in pre would trim the federal government’s vious anti-infla share of gross national product from tion efforts that nearly 23% today to 19% by 1984 — the Reagan A d “ the proportion we had in the ministration is prosperous 1960s.” now striving Beyond changing government mightily to cor patterns, success will also depend rect, Chairman “ on individual enterprises doing all Roger E. Ander they can to boost their own son of Chicago’s R.E. ANDERSON productivity,” Mr. Anderson noted, Continental Bank told Continental reporting on further resource alloca Illinois Corporation stockholders at tion and expense control efforts that their recent annual meeting. he said have given Continental one of “ Changing public expectations is the best productivity records in the heretofore hidden key,” he banking. stated. “ The new Administration is “ Our inflation-adjusted assets per focusing on the right areas to restore employee last year rose while the confidence and lead people to believe median for our peer group declined, that inflation can and will be brought and our ratio of earnings to expenses under control. on a per employee basis continued to “ The policies appropriate in any climb,” Mr. Anderson said. “ The area are open to debate, but the areas challenge is not only to cut costs, but themselves are not, if we want to to ensure that we get the maximum succeed in reversing the inflationary return. Between simply doing what trends,” Anderson said. Previous was done before, or simply picking efforts failed to match money supply the smaller of two numbers, there is a management with federal spending world of room for intelligent choices. restraint, he noted, and “ lacked the That is where we want to operate — will to stick with the effort and see it on everything — in every area.” through.” Silas Keehn New Fed With the country still facing an imbedded, underlying inflation rate Reserve Bank President of nearly 10 % , unemployment The appointment of Silas Keehn as T June 22,1981 president of the Federal Reserve Bank of Chicago, effective July 1, 1981, has been announced by the bank’s board of directors. Mr. Keehn, 50, was chairman of the Board of Pullman, Incorporated in Chicago, and prior to that was vice chairman of Mellon National Corpor ation and Mellon Bank, N .A. in Pittsburgh, Pa. Mr. Keehn joined Mellon Bank in 1957 after receiving an undergradu ate degree in economics from Hamilton College in Clinton, N.Y. and an M BA from the Harvard University Graduate School of Business Administration. While at Mellon Bank he held positions of increasing responsibility in the credit division, the international depart ment, and the national department prior to being appointed to the bank’s executive office. A t one time before heading Mellon’s national department he was responsible for the middle western division, which covered an eightstate area and included the cities of Chicago, Des Moines, Detroit, Indianapolis and Milwaukee. Mr. Keehn left Mellon Bank in 1980 when he was named to the Pullman post. Mr. Keehn has served on the boards of numerous civic and professional organizations. Mr. Keehn becomes the Reserve Bank’s seventh president, succeeding Robert P. Mayo who retired recently at age 65. As president of the Chicago ASK JERRY TRUDO to make MNB work for you. Toll free: 1-800-332-5991 lerchants National Bank F.D.I.C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis is i A BANKS OF IOWA’ BANK 2 Don't gam ble when choosing o correspondent bonk. Com e to the professionals. OF DES MOINES. N A ■ MEMBER FDIC ■ (SIS) 24S-7111 AFFILIATED WITH UNITED CENTRAL BANCSHARES, INC. TOLL FREE NUMBER (800) 362-1615 Reserve Bank, Mr. Keehn will serve on the Federal Reserve System’s Federal Open Market Committee (FOMC) which establishes and directs national monetary policy. In addition, Mr. Keehn will be chief executive officer of the Reserve Bank that provides services to the greatest number of financial institutions in the Federal Reserve System. The region served by the Chicago Fed includes most of Illinois, Indiana, Michigan, Wisconsin and all of Iowa. In addition to the Reserve Bank’s head office in Chicago and Detroit Branch, it operates regional check processing offices in Milwau kee, Indianapolis and Des Moines. dent of the Iowa Bankers Associa tion, has announced the appointment of Randy P. Steig as executive manager of the IBA, effective July 15. Mr. Steig, 34, currently assistant to the Iowa superintendent of banking, will succeed Dave McNichols, who is leaving the IB A to accept the position of executive manager of the New Hampshire Bankers Associ ation. Steve Bill, news anchor for A B C ’s “ Good Morning, America” program based in Washington, D .C., will be one of the speakers at the Iowa Independent Bankers Association annual convention scheduled for July 16-18 at Lake Okoboji. CLARION: The 1980 year-end figures for the First National Bank in Clarion were omitted inadvertently during makeup process of the 1981 Iowa Bank Directory. Directory subscribers may attach the following information to page 66, where the First National of Clarion listing is printed: Cash & Due U.S.Secur. OtherSecur. Loans $ 2,099,000 7,133,000 10,232,000 21,748,000 Deposits Capital Surplus P&R $38,564,000 100,000 725,000 2,315,000 Cont. III. N.B.,Chic.; Mer. N.B., Cedar Rapids; lowaD.M. N.B., Des Moines; Mfrs. Han. Tr., N.Y.; United Central N.B., Des Moines; Is tN .B ., Mason City; Bkrs. Tr., Des Moines. GRINNELL: Max A. Smith, presi dent of the Poweshiek County National Bank, has announced the promotions of David S. Burrell from assistant vice president to vice Iowa News president-commercial and ag loans, Neil Milner, executive vice presi- and Dennis H. Hanson, from assistant cashier to assistant vice president. Mr. Burrell joined the bank staff in 1976. Bankers Service GRUNDY CENTER: Allen Cramer was promoted to v.p. in charge of LOAN ACTIVITY BULLETIN names of all debtors in the county recorded during the period What: name of secured party When: the date the loan was filed with the Secretary of State Where: location where loan made BANKERS PARTICIPATING asePlan.Inc. Who: 545 - 31st Street Des Moines. Iowa 50312 R. L. “DICK” SELLON f a s t s e r v ic e Linda Collins ® Ä 0BDS ;E A R C H , l " c - g Tfit 6'029 ? S » 0 m__ES S0309 ./-w » cSTATION t a TION 50309 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Farmers Sav. Bk. loan portfolio. Dwight Stewart, ag loan officer from Houghton St. B k ., Red Oak, is a new v.p. and adm. off. to the CEO. NEWTON: Denis G. W ilcox has been named president of the Jasper County Savings Bank. He replaces Donald R. Runger, who was elected chairman of the board of directors. Mr. Runger has assumed additional responsibilities with Hawkeye Bancorporation. PRESTON: Dr. Walter Nehrkorn, chairman of the board of Farmers Savings Bank, has announced the hiring of Norman Nielsen as vice president. Mr. Nielsen was most recently with Maquoketa State Bank as an assistant vice president. ROCK RAPIDS: Jack Hoogeveen has been named president of the Lyon County State Bank. He succeeds Lewis Lowe, who resigned to accept a management position with Hawkeye Bancorporation. Mr. Lowe will retain his post as board chairman. Nebraska News CRETE: Bill Fulton has been appointed president of the City Bank & Trust Co. according to an announcement by Fred Kerst, board chairman. Mr. Fulton succeeds Carleton Flynn, who resigned recently. He has served as assistant vice president of City Bank for the past four and a half years. NORTH PLATTE: The 1980 yearend figures for the North Platte State Bank were inadvertently omitted from the 1981 Nebraska Bank Directory. Directory subscribers may attach the following information to page 107, where the North Platte State Bank listing is printed: Directors - Richard Coleman, Samuel Gillette, Hugh Hansen, C.F. Heider, Jr., Homer Loutzenheiser, Gary Meyer, Robert Phares, Zane Scheer, E.H. Shoemaker, Jr., Ronald L. Schwindt. Cash & Due $2,736,000 Deposits $30,893,000 U.S. Securities 2,464,000 Capital 650,000 Other Securities 6,566,000 Surplus 970,000 FF Sold 2,650,000 P&R 603,000 Loans 18,372,000 Natl. B. of Comm., Lincoln; First N.B., Lincoln; United Bk. of Denver; Continental Bk., Chicago. pirst in Iowa, by putting Iowa first. IO W A . An Affiliate of Northwest Bancorporation ¥ I naton Æ ba™? MemberFDic Banco Call (515) 245-3131 or toll-free (800) 362-2514 Carleton D. Beh Company Supplement to Northwestern Banker Newsletter 6-22-91 A Division of E.F. Hutton & Company Inc. Investment Bankers/Financial Consultants NEW ISSUE SALE DATE: • $1,325,000 INDEPENDENT SCHOOL DISTRICT #423 HUTCHINSON, MINNESOTA June 16,1981 MOODY’S: A General Obligation School Building Bonds of 1981 Dated: July 1,1981 Denomination: $5,000 Both principal and semiannual interest (February 1, and August 1, first coupon due on August 1,1982) payable at a bank to be designated. • IN THE OPINION OF COUNSEL INTEREST ON THESE BONDS IS EXEMPT FROM ALL PRESENT FEDERAL INCOME TAXATION. MATURITIES $ 50,000 125,000 135,000 145,000 • 8.00% February 8.10% February 8.25% February 8.40% February 1, 1983 8.00 $180,000 1, 1984 8.10 180,000 1, 1985 8.25 360,000 1, 1986 8.40 150,000 8.60% February 8.80% February 9.00% February 9.10% February 1, 1987 8.60 1, 1988 8.80 1, 1989 9.00 1, 1990 9.10 LEGALITY TO BE APPROVED BY DORSEY, WINDHORST, HANNAFORD, WHITNEY & HALLADAY, ATTORNEYS, MINNEAPOLIS, MINNESOTA £ Independent School District 423 is located approximately 40 miles west of the Minneapolis/St. Paul metropolitan area and is situated primarily in McLeod County, with smaller portions in Meeker and Renville Counties. Municipalities comprising the District include the Cities of Hutchinson and Cedar Mills, and all or portions of ten townships. The economy of the District is based primarily on agriculture and the businesses and industries located in the City of Hutchinson. Major employers in the District and the number of employees include: Minnesota Mining & Manufacturing (2,060 employees); ISD # 423 (330 employees); Hutchinson Industrial Corp (257 employees); Mid-America Dairymen (150 employees); and Hands, Inc. (125 employees). ^ ^ These bonds are being issued pursuant to Chapter475, Minnesota Statutes to finance various improvements to Hutchinson Junior-Senior High School and Hutchinson Elementary School. In the opinion of counsel, these bonds are legal and binding general obligations of the Independent School District #423, Hutchinson, Minnesota, and all taxable property located therein is subject to the levy of sufficient taxes to pay the principal of and interest on the bonds without lim it as to rate or amount. FINANCIAL STATEMENT Indicated market valuation, taxable property, 1980 Assessed valuation, taxable property, 1980 Net direct debt, including this issue Total direct and overlapping debt Population, 1981 estimate: 11,604 $402,146,263 58,909,032 3,773,794 11,336,334 Net direct debt per capita: $325.21 Total debt per capita: 976.93 Area: 100,800 acres: Net direct debt per acre: 37.44 Total debt per acre: 112.46 Tax collections have approximated 99.35% of taxes levied for the past three years. We own and offer subject to prior sale and change in price and subject to our attorney’s approving opinion: The information contained herein is not guaranteed, but is derived from sources we deem rel ¡able and is that on which our purchase of these bonds are based. Bonds of a particular maturity may or may not stil I be available or may now be avai lable at a price or yield different from that indicated above. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Des Moines Building • Des Moines, Iowa 50309 • 515-288-2152 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CALL ON THE ‘PERFORM ANCE TEAM ” where com m on transactions are handled uncommonly well. FIRST NATIONAL LINCOLN 13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C. Minnesota News CLARA CITY: Dave E. Peterson has been elected a vice president of the Clara City State Bank. His responsibilities will be with the American Bank-Willmar, a detached facility of the bank scheduled to open in the Kandi Mall in early August. STILLW ATER: Cosmopolitan State Bank has promoted Steven Hirsch to vice president from assistant vice president. Illinois News CHICAGO: Elected officers of the Illinois Bankers Association last week were: president, James A. Fitch, pres., South Chicago Savings Bank; 1st vice president, Donald R. Lovett, pres., Dixon Savings Bank; 2nd vice president, Kenneth A. Skopec, pres., The Mid-City National Bank, and treasurer, Thomas F. Bolger, pres., McHenry State Bank. A complete report will be featured in the July magazine. Yorktown, which opened in December 1968, has been purchased by Sidney J. Taylor and Irwin H. Cole, principal owners of the Drovers Bank of Chicago and the Main Bank of Chicago. Local news sources quoted the price as being $4,140,000. Edward J. Shaw is president. JACKSON: Donald R. “ Buzz” Wassenberg, president, State Bank of Big Piney, was elected president of the Wyoming Bankers Association at its annual convention. Named first vice president was Henry A. Hitch, president, First National Bank of Casper. The new second vice president is Don H. Babbitt, president, Stockgrowers State Bank in Worland. A complete report with pictures will be featured in the July issue of Northwestern Banker magazine. North Dakota News CHICAGO: Jewell Co’s, Inc. and the Network Electronic Funds Transfer, Inc. announced an agreement to install electronic banking units in all 180 Jewell Food Stores in the Chicago area. Included in the network are six local savings and loans, the First National Bank of Chicago and 12 other financial institutions. DRAYTON: The board of Drayton State Bank has elected Kelly E. Dakken president. Mr. Dakken succeeds Kenneth J. Fish, now board chairman. Mr. Dakken joined the bank in 1973, and was previously assistant vice president and auditor. Mr. Fish has been with Drayton State since 1973, after serving as president of the Security State Bank Wyoming News UPDATE YOUR ALARMS LOMBARD: The $42 million Bank of Security and video systems profes sionally designed to fit all your needs. SERVING PROFESSIONALLY For information and complete survey call: Banking, Financial & Business Personnel Iowa and Nationwide CAPITAL PERSONNEL SERVICE 714 Central National Bldg. 515-283-2545 Des Moines, Iowa 50309 G ill our Bond Departm ent For up-to-the-minute, accurate information C ommerce https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis in Harlem, Mont. He is also currently a director of the State Bank of Bottineau, N.D. FARGO: Thomas E. Hansen has been promoted from commercial loan officer to vice president and manager of the commercial loan department of First National Bank, according to George W . Schwartz, president. Mr. Hansen worked for Northwest Bancorporation as a management trainee prior to joining First National in 1976. Colorado News DENVER: Colin C. Johnston was elected president and chief executive officer of Dominion Bank of Denver, effective June 15. He was formerly vice president in the correspondent bank division at First National Bank of Chicago. Mr. Johnston succeeds Daniel G. Hunter, who will head up the newly-chartered Dominion Na tional Bank of Denver, to be located in downtown Denver when it opens in a few months. Both banks are part of Stapleton Bancorporation, Ltd. l 'O pportun lty<a _ K n o c k s../ ' w SECURITY SYSTEMS, INC. 3920 Delaware Des Moines, IA 50316 [515] 265-1161 Tom Steffens John Henderson Vice President Vice President Asst. Vice President Asst.Vice President Bond Officer Bond Representative 234-2462 234-2463 234-2647 Tony Paugoulatos Jim M cLaughlin 234-2691 234-2673 Rusty Reese 234-2674 10th and Walnut Dave W itten b o rn (816) 234-2000 PARTIAL LIST OF AVAILABLE APPLICANTS Service 1. 2. 3. 4. 5. Filina of Claims. Review of Insurance Coverages. n U lU llln ic L J b V b lb ill b Risk Management. □F kOLUfijnC. Credit Insurance. 301 N. Ankeny Blvd., Suite 220 Brokerage Business. Ankeny, la 50021 515-964-1358 POSITION AVAILABLE □ My majority bank stock is for sale. □ I want to purchase majority stock in a bank. Please contact Ellis Jones, Broker JONES REALTY 205 South Eaton St. Lakewood, Colorado 80226 Phone: (303) 232-1189 FOR LEASE Mobile Bank unit, 12’x62’. Complete banking equipment, including drive-up window, night depository, two teller stations, private office off lobby. Available now. Drommer Leasing, 401 Queens Court, Sioux City, Iowa 51104, (712) 239-2315. (FL) FOR SALE Burroughs S-100012 pocket proof machine. Like new. Towner County State Bank, phone (701) 968-4421 .(FS) NCR 349 Printer. 200 LPM. Full acoustical cabinet. Excellent condition, under service contract. Phone (605) 426-6031, Roy Lippert, Ipswich State Bank. (FS) POSITIONS WANTED Executive Officer wants 1st or 2nd position in western Iowa bank........................................................... $34,000 CEO seeks key position in Des Moines area... $38,000 Loan Officer with four years exp. and grad, of Univ. of Nebr. wants new challenge in Eastern Nebraska ........................................................................... $24,000 Commercial Loan Officers with 3 to 20 years experience seek new opportunities........... $20,000 up Ag Loan Officer seeks Illinois position............$20,000 Office Manager with well rounded operations experience seeks new opportunity in Iowa___$23,000 Operations Officer with solid experience seeks new o p p o rtu n ity....................................................... $24,000 Fed Land Bank Officer wants to join midwest bank ........ ........................................................... Salary open Marketing Specialist with de gree.................... $25,000 Loan Officer with insurance and real estate licenses wants to relocate near Des M o in es.................. $28,000 If your bank needs a qualified officer, we have many more applicants in a wide range of experience. Call: Malcolm Freeland, Freeland Financial Service, Inc., 306 - 15th Street, Des Moines, Iowa 50309. Phone (515) 244-8163. Employer pays fee.___________ TRUST OFFICER/NEW BUSINESS MANAGER— Challenging opportunity in a $150-200 m illion trust department. This position requires a law degree with experience in all phases of trust services in order to direct trust business development. Excellent benefits and salary commensurate with experience. Send resume and salary requirements in confidence to Valley National Bank, Personnel Department, Box 906, Des Moines, Iowa 50304. An Equal Opportunity Employer._________________________________(PA) Central Iowa bank located in excellent small community seeking aggressive young college graduate as trainee for agricultural loan officer position. No previous experience necessary. Write file NBM, c /o Northwestern Banker.______________ (PA) EMPLOYMENT OPPORTUNITY for an experienced trust officer with legal background. Contact: R.O. Johnson, President, First National Bank, 120 North Mill Street, Fergus Falls, Minnesota 56537. Phone: 218-739-4461.___________________________ (PA) Ag Banking Specialists8'^ When it come* to agriculture, bonking end personnel. . . go to the specialists — go to AGKIcareers, Inc. Progressive bankers pay us to find the people they need. Retail Finance Rep . . . IA / N E . $20-22,000 2 Ag Lending O fficers___N D . $20-24,000 Ag Loan Officer/ Insurance IA . $15-20,000 Professional Farm Mgrs. ( 2 ) ........IA & IL . ................................................. $20-25,000 Ag Lending O ffic e r..........N E . $15-16,000 Sales & Mktg. Rep........... N Y . $20-25,000 Ask our banking specialist, Linda, what's available without cost or obligation. (5 1 5 )3 9 4 -3 1 4 5 ■ NEW H A M P T O N , IA 50659 laancareers, inc. « J THE ORIGINAL AGRICULTURAL RECRUITER BANK EXAMINERS/CREDIT ANALYSTS Outstanding opportunities for credit administration program specialist who will examine loan portfolios of Farm Credit System lending institutions, review the credit decisions on individual loans, and participate in making comprehensive evaluations of the credit operation of Farm Credit System banks. Salaries range from $18,000 to $49,000. Positions are located in the following cities: Columbia, South Carolina; St. Louis, Missouri; Bloomington, Minnesota, or Spokane, Washington. Travel w ill be 50 to 60 percent. All applicants must demonstrate a knowledge of agricultural financing, and a general knowledge of farm operations. Depending on quality and quantity of experience, appropriate qualifications requirements may be met by relevant: (1) academic training, (2) work in commercial banks and lending institutions, or (3) credit administration work in other business enterprises. Send resumes or SF-171S to: FCA Farm Credit Administration 12101 Woodcrest Executive Drive Suite 315 St. Louis, Missouri 63141 r.»m credit ADminiYRATion Telephone: (314) 263-7101 An Equal Opportunity Employer VP CASHIER -1 4 yrs banking with heavy operations exp. Loan exp includes Ag and Commercial. Excellent supervisory and communication skills. Has BS degree with Bus Admin major. $23,000 V.P. - Resp fo r mgmt and control of Ag and Commercial loans. Other exp includes insurance sales, new business development, dealer floor planning and inventory financing. Major in Ag Business and Finance. $28,000. CASHIER-LOAN OFFICER - MBA, Finance Major. Primary responsibility includes Ag loans, fu ll charge of accounting functions and counsel president on banking laws and regulations. Previous exp includes 3 yrs as bank examiner. $21,000. LENDER - Exposure to Commercial, Agriculture and Consumer Lending. Desires large bank. $20,000. BRANCH MGR - BS degree in Ag business. Well versed in Ag credit, budgets and planning, business development, insurance sales and supervisory skills. $26,500. AG LENDER - Has one yr exposure to Ag Lending. Real Estate License and BA degree in Accounting and Business. $17,000. ALL FEES COMPANY PAID. FOR FURTHER INFORMATION RESPON DIN CON FI DENCE TO: Bank Division ROBERT HALF of iowa, inc. 317 6th Ave. Des Moines, IA 50309 (515) 244-4414 ALL FEES COMPANY PAID POSITIONS AVAILABLE Trust Officer for major N.E. Iowa bank . . . Salary open Ag Lender for Southern Illinois b a n k ............. $18,000 Second Person forS.E. Iowa b a n k ..................$25,000 Ag Lender for major N.W. Iowa b a n k ..............$22,000 Operations Officer for southern Iowa bank .. .$17,000 Second Person for N.W. Iowa bank..................$25,000 - Ag Loan Officer for western N. Dakota bank___Salary open CEO for$10 million western Illinois bank........$26,000 Ag Loan Officer for Indiana bank. Fine opportunity ...................................................................... $23,000 up Second Person for large central Illinois bank. . . Salary open Operations Officer forW yoming bank___Salary open Write or phone Malcolm Freeland, Freeland Financial Service, Inc., 306 - 15th Street, Des Moines, Iowa 50309. Phone (515) 244-8163. Employer pays fee. POSITIONS AVAILABLE COMMERCIAL LOAN $100MM suburban bank seeks addition to staff. Duties involve commercial lending and some commercial real estate credits. Prefer 3-5 yrs. experience. $28,000 OPERATIONS - excellent opportunity for officer with 4-6 yrs. general operations background who wishes to live in western state. Advancement possible. $25,000 AGRI-LOAN - position is #3 in $45MM bank. Prefer Ag Degree and 5 yrs. bank experience. W ill also handle portion of commercial portfolio. $25,000 AUDITOR - due to promotion, growing $50MM bank needs internal auditor with some banking experience. Knowledge of EDP systems necessary. $20,000 FACILITY MANAGER - full service facility located close to major metro area. Prefer lending experience with some knowledge of Ag credits. $16,000 OPERATIONS OFFICER - $70MM affiliate of major midwestern holding company seeks officer to supervise internal operations. Prefer degree and five yrs. or more experience. $25,000 CASHIER -$25MM rural bank has opening for junior operations officer. Position will lead to cashier’s position in short time. Degree preferred. $16,000 Many other fine positions available in midwestern banks. To inquire, please submit resume’ and salary history to: TOM HAGAN & ASSOCIATES of Kansas City P.O. Box 12346,2024Swift North Kansas City, MO 64116 816/474-6874 “ Serving the Banking Industry S incel 970” Vol. 10 No. 9 Northwestern Banker Newsletter [USPS 873-300] is published weekly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309. Subscriptions $1.00 per copy, $15.00 per year. Second class postage paid at Des Moines, Iowa. Address all mail subscriptions, changes of address [Form 3579], manuscripts mail Items to above address. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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