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• Vol. 16 No. 11 Des Moines, Iowa June 29,1987 Upper Midwest Nonfarm Outlook Is Optimistic Says 9th Fed W,T" HE nonfarm economy of the Ninth Federal Reserve I District is predicted to grow at moderate to strong rates through 1988, according to a set of forecasting models maintained by research economists a t the Fed^ e ra l Reserve Bank of Minneapolis. (The Ninth District ^includes Minnesota, Montana, North and South Dakota, northwestern Wisconsin, and the Upper Pen insula of Michigan.) The prediction of moderate to strong growth is the ^ result of the recent robustness of district labor mar kets and the predicted strength of the national eco nomy, says economist Dick Todd in the Bank’s recent ly published District Economic Conditions. Especially rapid growth is expected for Minnesota £ and Wisconsin, where both nonfarm employment and earned income are predicted to exceed their historical average growth rates of two to three percent. Else where in the district, growth is forecast to be more moderate. Unemployment rates are predicted to fall 0 rapidly in 1987 and remain low in 1988. Higher farm incomes and more stable farmland prices, reported in this Bank’s recent survey of rural bankers, could help portions of the district’s nonfarm economy. For several years, financial stress has forced % farm households to cut their spending. Even a leveling out of farm household spending would ease this re straint on rural trade and service business. Improved farm finances come at a cost, however. For example, the same government subsidies that have raised # farmers’ incomes have hurt some farm input suppliers by inducing farmers to cut production. Despite the favorable outlook, Mr. Todd warns that some factors may restrain district growth. Nationally, first-quarter consumer spending was sluggish and • growth was channeled into accumulating inventories. This could cause production cutbacks in the current quarter and beyond. Also, last winter’s growth in the district construction industry may have been merely a temporary response to an unusually mild winter. □ Economic Growth and Unemployment Rates in the Nation and the Ninth District* Nonfarm Employment United States Montana North Dakota South Dakota Minnesota Wisconsin Upper Peninsula of Michigan Actual 1986 Model Predictions 1987 1988 2.4% -0.6 -1.2 2.2 2.0 1.5 4.0% 2.4 3.2 2.8 4.8 3.6 3.3% 1.2 2.3 2.1 4.1 2.7 2.4% 1.9 2.5 2.2 2.6 2.1 1.1 0.7 1.7 0.0 Nonfarm Income United States Montana North Dakota South Dakota Minnesota Wisconsin 3.4% -1.8 -1.1 6.3 3.8 3.4 4.3% 2.5 2.4 3.4 5.3 4.4 3.4% 1.2 2.6 2.7 4.4 3.1 3.0% 2.1 2.9 2.7 3.3 2.5 Unemployment United States Montana North Dakota South Dakota Minnesota Wisconsin 6.8% 7.9 6.1 4.5 5.1 6.8 5.7% 7.3 4.3 3.9 4.7 5.5 5.3% 7.1 4.9 3.9 4.3 5.3 6.9% 6.4 4.5 3.9 5.4 6.2 *F o r nonfarm employment and income: 4th-quarter changes from one year earlier. For unemployment: actual rate in 4th quarter. See also " N o te s . . . " on inside cover. “ For nonfarm employment and income: average of annualized quarterly growth rates from 1s t quarter of 19 6 4 to 4th quarter of 19 8 6 . For unemployment: average of quarterly levels from 1s t quarter of 1 9 7 0 to 4th quarter of 19 8 6 . Together We Can Accom plish Great Things Call Dick Retz, M NB Correspondent Banker 319-398-4806 or Toll Free 1-800-332-5991 The" Strength Eastern |owa https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Historical Average** Merchants National Bank 2 Randy Endelman have been pro moted to vice presidents. Mr. mmmma Schenck works in special loan a d -£ Call (515) 245-3131 or toll-free (800) 362-2514 NORWEST BANKS Member FDIC ministration and also serves as the bank’s compliance officer. He joined the bank while attending the U. of Nebraska and became an install Y ea rn work: ment loan officer in 1973. Mr. Endel-0 man works in the tru st department. one of the reasons From 1973 he was in private prac we’re first in Iowa. tice as an attorney as well as counsel for an insurance company. For two Tom Quinlin years he worked for the federal g o v-0 John Rigler ernment and then joined Norwest in 1979. of the Iowa Trust Association at Iowa News their annual conference in Marshall The IBA will hold its fourth an town. He joined the bank in 1973. Minnesota News ^ nual President’s Golf Tournament IOWA CITY: Jack A. Koberg has MINNEAPOLIS: Susan B. E d d y * on August 17 at Thunderhills Golf joined the Iowa State Bank & Trust has been named manager of Norwest Course in Peosta, near Dubuque. Last year’s IBA president, Bruce Company as senior vice president, Corporation’s private banking busi Meriwether, is host. Proceeds go to heading the loan department. Most ness segment, succeeding Patrick J. the ag “war chest’’ fund. Cost is recently he served as a senior vice Donovan, recently elected president 0 $50, which includes green fees, one- president with United Oklahoma of Norwest Bank St. Paul. She was private banking product manager half cart and a prime rib dinner. Bank in Oklahoma City. Cost for no cart is $45. Tee times SPENCER: Steven A. Grell has for the corporation. Ms. Eddy has begin at 11:45, a cocktail hour been elected president and CEO of responsibility for supporting line begins at 6:00, and dinner is at 7:15. First Interstate Bank of Spencer. managers of 17 private banking 0 To register, contact Lori Graf at the His responsibilities will include sites in Norwest’s seven-state bank IBA office. bank administration and manage ing region. She has been with Nor ment for Spencer and Clay counties. west since 1983 when she joined CLINTON: James E. Stachour has He was previously employed by Norwest Bank Minneapolis. been named executive vice president First Bank, Fargo, N. Dak., where Illinois News of Clinton National Bank. He joined he was vice president, site manager. the bank in 1985 as senior vice presi He has also served as president and New officers were recently elected dent, after serving 15 years with the CEO of First Bank in Cando, N. for the Illinois Bankers Association. First National Bank in Sioux Cen Dak., and Pipestone, Minn. They are: President—Jack Emmons, ter. Prior to that he was employed pres. & CEO, Security Bank by the Toy National Bank, Sioux Trust Co., Mt. Carmel; Vice Presi Nebraska News City, since 1962. OMAHA: Randal J. Burns has been dent—David Webber, S.V.P., Harris DES MOINES: Iowa State Bank elected executive vice president and Trust & Savings Bank, Chicago; has announced the appointment of COO of American National Bank. Secretary—Randall Killebrew, pres. Jack R. Schreiber as vice president He also holds several positions with & CEO, F irst National Bank, and senior tru st officer. Before join the bank’s holding company, Ameri P etersb u rg ; T re a su re r—W ilbur ing the bank, he had been associated can National Corporation. He is sec Meadows, pres. & CEO, National with First Interstate Bank of Des retary of the board of both the bank Bank of Canton. Moines for the past 22 years, most and the corporation as well as execu recently as vice president and senior tive vice president and CEO of the trust officer. holding company’s other Nebraska New Wisconsin Bankers Associa bank. Mr. Burns joined American tion officers elected during the reDUBUQUE: Robert J. Donovan, National Corporation in 1982. vice president and tru st officer, We Can Help With American Trust and Savings Bank, OMAHA: A t Norwest Bank Neb Dubuque, has been elected president raska, Richard E. Schenck and C. Your Employment Needs! Hk H Norwest Bank Des Moines, N.A. t ;; For Professional Correspondent Service Call 1-800-622-7262 Specialists in Bank Recruiting and Consulting Since 1971 David L. Hansen, CCP HAMILTON ThereJs A Difference In Banks... Valley National Bank ft Main Office - Sixth and Walnut DES MOINES, IOWA 50304 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A BANKS OF IOWA BANK Member FDIC A S S O C IA T E S JAMES F. MacLEAN Vice President H. PETER DeROSIER Vice President 100 Court Ave., Suite 306 Des Moines, Iowa 50309 515/282-0221 ROBERT»HALF NOI RSONNHJFROM OU Som e special candidatesfrom Robert H a lfs Banking D ivision 4DMMERCIAL LENDER. B .S . Are you sick of babysitting your lenders? Do you need someone that can “ hit the street running” and imple ment your strategic plan? This multi-talented lender has excellent credit skills but still understands the need for business development. Currently administers a 114mm loan portfolio with over 85 clients. ASKS: $35,000 EXECUTIVE VICE PRESIDENT. B .S . This no-nonsense administrator has great people handl ing skills! 10 + years lending experience with excellent credentials in loan workout and management. Currently a #2 person in a small community bank looking for a new opportunity. A great choice for either a clean up or business development situation. ASKS: $45,000 AG LENDER. B .A . lb you need an ag lender with excellent technical abilities? This high achiever has 4 + years ag lending ex perience and most recently helped clean up a problem ag Jgan portfolio. This natural leader has successfully demonstrated community involvement skills that are necessary at any bank. A hard charger that is accustom ed to the long hours of a small bank. ASKING: Low $30’s CASHIER. B .S . This profit-minded individual has proven management abilities to identify and solve problems! A high energy trouble shooter who has over 10 years banking ex perience. Currently manages both the installment len ding and the operational areas of a $30mm bank. Great image! Open to tri-state area! EARNS: $35,000 SENIOR LENDER. B .S . •b u r worries will be over with this hard charger! 5 + years of solid ag and commercial lending experience. A problem solver by nature with a keen eye for a ^teriorating credit situation. A terrific manager ready for afor new challenge. Open to relocation. Digitized FRASER https://fraser.stlouisfed.org ASKS: Upper $30’s Federal Reserve Bank of St. Louis TRUST OFFICER, MBA. A take charge manager with over 3 years trust ex perience. Currently oversees 13 people. Strong back ground in employee benefit plans, estate planning, and various computer software systems. Prefers larger com munity. EARNS: $30,000 PRESIDENT. Do you need a proven administrator to manage in a multi-bank environment. This shirt-sleeve type has 15 + years commercial banking experience with emphasis in lending and operational areas. Currently manages the direction of a 4 bank holding company that has shown a steady profit stream. An excellent community type who can be effective immediately. Perfect for a turn around situation. ASKING: 165,000 BRANCH MANAGER. MBA. Here’s a performance motivated achiever! Has successful ly managed a 1135mm branch operation demonstrating excellent administrative abilities. 5 + years lending ex perience including direct and indirect paper coupled with a strong RE background. Willing to relocate. ASKS: Mid $20’s AG LENDER. Do technical exceptions and problem ag loans have y (# worried? This hard charger has excellent analytical abilities to verify that those loans really have the cash flow to pay back. 3 + years ag lending experience in a medium sized bank provide this team player with souiffl negotiating skills. Ready for a move. ASKING: $28,000 COMMERCIAL LENDER. B .A . # Do you need a commercial lender wth formal credit training? This results oriented achiever completed a nine month commercial credit training program with a $7 billion bank. Currently handles a loan portfolio of $6m S to a wide variety of industries. With over 3 years com mercial lending experience this ambitious team player can handle those delicate negotiating situations. Willing to relocate. TO 130,OW COMMERCIAL LOAN OFFICER. B .A . A strong technician with outstanding business develop ment skills! This diligent producer has 5 + successful years as a commercial lender in a medium-sized bank. A skillful communicator with excellent people skills! ASKS: Low $30’s PRESIDENT. B .A . Do you need an MBO type manager who can turn results? This success oriented achiever has 15 + years banking experience in medium sized banks. Has manag ed an $80m bank with excellent results. A proficient manager who understands commercial, real estate, co% sumer and ag lending extremely well. Is versed in all operation areas. ASKING: $60,000 Range LOAN WORK OUT SPECIALIST. B .S . An action-oriented individual who will tackle any pro blem! Over 10 years of ag banking experience with the ability to see a job through! Has a professional personali ty and is able to communicate effectively with ag pro ducers. Will burn the midnight oil to clean up a port folio! ASKS: 140,000 CREDIT ANALYST. B .S . • Are you looking for a razor sharp technician to spread financial statements or maybe conduct documentation reviews. This analytical problem solver has 2 years ex perience spreading financial statements in a medium s i ^ ed bank. With formal credit training this proven per former can get through those more sophisticated finan cial statements and loan requests. Looking for a n e ^ challenge. ASKING: $22,000 Range For Further Inform ation R egarding A n y o f These Candidates or to A rrange A n Interview C a ll — Paul Gentzkow Placement Manager The Banking Division Robert Half of Minnesota, Inc. 3636 IDS Center, Minneapolis, MN 55421 ROBERT ||||T R https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ( 612) 339-9001 IOWA BANKERS PROBLEMS WITH YOUR BANK’S BOND? ARE YOUR UNDERWRITERS DEMANDS EXCESSIVE? HA VE YOUR PREMIUMS SKYROCKETED? We have been solving Bankers bonding problems for over 75 years . . . AND AT THE LOWEST POSSIBLE PREMIUM! CALL OR WRITE IOWA BANKERS INSURANCE AND SERVICES, INC. 104 EAST LOCUST STREET DES MOINES, IOWA 50308 1-800-532-1423 or (515) 286-4344 KANSAS BANKERS SURETY COMPANY • https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis P.O. BOX 1654 TOPEKA, KANSAS 66601 (913) 234-2631 SOUTH DAKOTA BA NKERS PROBLEMS WITH YOUR BANK’S BOND? ARE YOUR UNDERWRITERS DEMANDS EXCESSIVE? HA VE YOUR PREMIUMS SKYROCKETED? Are you FORCED to write one type of insurance with a company at a higher premium, just so they will write another type of policy for you? IF SO... PLEASE CONSIDER THIS We have been solving Bankers bonding problems for over 75 years . .. AND AT THE LOWEST POSSIBLE PREMIUM CALL OR WRITE KANSAS BANKERS SURETY COMPANY P.O. BOX 1654 TOPEKA, KANSAS 66601 (913) 234-2631 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OWNED BY BANKERS SERVING BANKERS 3 F irsT ier Correspondent Services More o f what it takes to serve you well. FirsTier. B an ks FirsTier Bank, N.A., Lincoln and FirsTier Bank, N.A., Omaha, Members FDIC cent convention are: P resid en tRichard P. Klug, chmn. and CEO, fF & M Bank, Menomonee Falls; Vice President—Thomas L. Schiefelbein, pres., The Security National Bank of Durand; Treasurer—Jess S. Levin, pres., Bank of Elmwood, Racine. North Dakota News Officers elected to serve the North ^ Dakota Bankers Association at its recent convention are: President— John W. Pierson, chmn., Norwest Bank, Minot; President-Elect— Roger Berglund, pres., Dakota 0 Western Bank, Bowman; Vice President/Treasurer—Ken Reno, pres., United Bank, Bismarck. • South Dakota News RAPID CITY: First Bank of South Dakota has elected Mark O. Burns vice president, First Bank Rapid ^ City. He joined the bank in 1984 as assistant installment loan manager. Prior to joining First Bank, Mr. Burns held a similar position at Omaha National Bank for five and a £ half years. SIOUX FALLS: A t First Bank of South Dakota, James J. Gartner has been elected senior vice president and cashier. He joined First Bank of B South Dakota in 1985 as senior vice president in Rapid City. Prior to that he ws employed 17 years by the Comptroller of the Currency, most recently as regional director. The B bank has also elected Daniel P. Mur phy vice president. He joined First Bank of South Dakota as a tru st ad ministrator in 1982. Colorado News AURORA: William J. Farrell has been elected president of Central Bank of E ast Aurora. He joined Central Bank of Denver in 1982 and most recently served there as vice president and manager of the indus trial banking department. He will continue in this function in his new position. COLORADO SPRINGS: Gary J. Roberts has been elected president and CEO of United Bank of Colo rado Springs, and Thomas P. O’Rourke has been elected the bank’s chairman. Mr. Roberts has been with United Banks since 1972. He leaves his position as chairman, president and CEO of United Bank of Arapahoe in Denver, which he has held since 1984. Mr. O’Rourke will continue as chairman and CEO of United Bank of Colorado S p rin g sEast (formerly IntraW est Bank of Colorado Springs). He has over 30 years banking experience, all with IntraWest. In addition to his re sponsibilities at both banks, Mr. O’Rourke will become United’s re gional executive for its southern region. Meanwhile, R obert G. Baker, formerly president of United Bank of Colorado Springs, will become its executive vice president. Mr. Baker came to United with the merger of Colorado Springs Na tional Bank and United Bank of Colorado Springs in 1985. DENVER: Virginia K. Berkeley has been elected a vice president respon sible for a commercial loan portfolio of the Colorado National Bank of Denver. She joined the bank last year, having been associated with the United Bank of Denver since Lincoln • Omaha 1980. She had previously served the National Bank of Commerce. DENVER: R. Dennis Littlejohn has been elected a vice president of Rocky Mountain BankCard System, Inc., a subsidiary of Colorado National Bankshares, Inc. He joined Rocky Mountain BankCard in 1975 after five years with the Government Em ployees Finance Company. He is currently the division manager of the credit services area. SERVING THE UPPER MIDWEST R egency RECRUITERS, INC. Diane Evans 1102 Grand Avenue, Kansas City, MO 64106 816/842-3860 “THE RIGHT FIT” Banking Placement Specialist For Your Staff: □ Top Professional Bankers who are confidentially screened to find “The Right Fit” □ We recruit nationally through our over 200 independent affiliates as well as locally for our clients □ Contingency of Retainer Fee arrange ments □ Contact Sue Lundquist or Mel Hansen, CPC Banking Specialists . H H iB ELLS Ells Personnel Systems 1129 Plymouth Building Minneapolis, MN 55402 612-333-1131 CELEBRATING OUR 75th A N N IVERSARY BY SERVIN G OU R BANKING CLIEN TS W ELL! https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NEW OPPORTUNITIES CEO—Small Iowa bank needs a seasoned professional _ with good operations, ag lending background. .To $40,000 w JR. REAL ESTATE LENDER—Top rated group is looking for a sharp, aggressive professional with 2 years experi ence and desire to move up.................................. To $24,000 COMMERCIAL LOAN— Prefer large bank training and ex perience for a $40mm commercial department. To $38,000 BANK AUDITOR—CPA/CIA or CBA with bank audit experi- MB ence and supervisory skills................................... To $28,000 w AG LOAN OFFICER—Good opportunity for a Jr. Officer to improve career path...............................................To $23,000 Financial Careers, Inc. Two Ruan Center/Sulte 1000, Des Moines, IA 50309 515/245-3786 Employer pays fee. # Please contact Lorraine Lear or Malcolm Freeland con cerning these and other Midwest banking opportunities. POSITIONS AVAILABLE EXECUTIVE V/PRESIDENT tact Jerry Burger @ (515) 245-5608 if interested. Estate Appraisals Purchase o f Collections Sale o f Rare Coins ONE NCR 271 PROCESSOR and 28-956 Disk Packs. Contact Ron Warford or Al Eygabroad, First Trust & Savings Bank, Armstrong, Iowa 50514. Phone (712) 864-3250. (FS) Serving bankers quietly and efficiently. Reliable and respected service for over 20 years CAPITAL PERSONNEL SERVICE Used by bankers throughout the m idw est 714 First Interstate Bank Building Des Moines, Iowa 50309 515-283-2545 Ben E. Marlenee Coins 913 Locust Des Moines, Iowa 50309 515-243-8064 POSITIONS WANTED COMML/R.E. LENDER Head of real estate/comm’l dept over the past 6 years supervising 8 with prior exp as a bank examiner. Detail oriented achiever looking for #2 spot in rural bank. $36K. CEO High performance mgr has been successfully running a $20m + institution averaging a ROA of 1 + . Grew up on a farm, college degreed. A banker who can keep community spirits, profits and loan quality running at a peak. $37K. AQ/OPS Enjoys small towns! Operations skills and insurance licenses. Current duties include cashier duties, lending, analyzing financial statements, cash flows and appraising real estate. $23K. COMM’L LENDER County seat banker who has supr understanding of day to day commercial lending in rural bank. 6 years of lending includes real estate, main street commercial and some consumer. Ready to contribute to new team and build your bank. $36K. FOR FURTHER INFORMATION CONTACT KURT ROSENCRANTS I 317 6th Ave, Ste. 650 Des Moines, IA 50309 (515) 244-4414 ALL FEES COMPANY PAID (FS) Used CANON NP270 COPIER. Letter, legal size, reduction, enlargement. $1,195.00 or best offer. West Bank (515) 277-5300._______________________________________ (FS) SCHOOLER In "associates "Successful Banking is Quality Personnel" POSITIONS AVAILABLE VICE PRES. COMMERCIAL REAL ESTATE, 90,000,000 metro bank. 10 or more yrs. experience. Degreed. Technical expertise in analyzing, nego tiating, documenting, perfecting, and dispensing. Background in multi-family, construction, shop ping centers, strip centers, and subdivision........... ...$45-55,000 S&K options, ESOP, 401K, medical. COMMERCIAL HEAD, 100,000,000 + metro. De greed (major univ and top honors a plus.) Forward looking strong growth organization. Must want higher management position. Social and civic background must be strong. Likes business devel opment. Trains lenders....................................... ............................ $50-55,000 -1- excellent benefits V.P. & LOCATION MGR., #1 rated bank, strong re spected organization. 80,000,000. Likes smal towns. Dislikes poor credits. Good with new bus! ness contacts. Likes teamwork concepts......... .............. $35,000 top benefits, good future growth PRESIDENT, 40,000,000 independent. Degreed Complete & solid track performance in past Small town lender in community projects. Solid relationship with regulators.................. $50-55,000 SVP #2 OFFICER, 75mm + . Degreed. Solid bank ing school. Hands on operations and accounting expertise. Solid community leader. A/L mngmnt, long range planning, cost control, budgeting, in vesting. Tandem leader with bank president.......... ............ $45-50,000 excellent retirement benefits, strong town. DON W. SCHOOLER 2508 East Meadow Springfield, Missouri 65804 (417) 882-2265 Are you fed up with false promises? Are you management material? Then the #2 spot in a $125mm commercial bank within 1 hour of the twin cities might be for you. As the ex ecutive Vice President you will manage the entire lending( function while assisting in the management of the opera tions areas. An outstanding opportunity that requires a de gree and 10+ years commercial lending experience. %. . . To $65 K. Job #NW1832. CASHIER Has the time come to make a major move? A profitable holding company bank located in Eastern Montana has an I immediate opening for a Cashier. This key management spot will direct the entire financial & operational func tions. Desire a degreed professional with 2 + yrs opera tions exp., and ability to balance the general ledger. Hot! To$28K. Job #NW1867. AG LENDER ( Do you feel like your progress has tapered off? Take tim e' for this major move! A profitable bank 100 miles west of the TC’s needs a strong ag lender. Must be degreed with 1 + yrs ag lending exp. Prefer a knowledgeable ag person that has a solid grasp of the industry. This position will be part of the key mgmt team. To$26K. Job#NW1836. FOR MORE INFORMATION CONTACT PAUL GENTZKOW OR JEAN TODD m , ' ROBERT HALF 3636 IDS Center ® Minneapolis, MN 55402 (612) 339-9001 ALL FEES COMPANY PAID POSITIONS AVAILABLE • COMML LOAN • $50MM suburban bank with excellent growth and earnings history. Handle majority of commer cial credits. Report directly to President. $38K CEO • suburban de novo bank. Experience as CEO or COO required. Strong commercial loan and business develop ment skills desired. Open a LOAN REVIEW • large urban bank affiliated with major midwestern holding company. Degree and 2-3 yrs. loan review/workout experience desired. $30K TRUST OFFICER • medium size community bank with growing trust dept. JD preferred but not mandatory. $27K COMML LOAN - $100MM community bank. Supervise com mercial lending function. Future advancement possible. A $45K Additional positions available in midwestern states for experienced bankers. TOM HAGAN & ASSOCIATES 2024 Swift - Box 12346 North Kansas City, MO 64116 816/474-6874 _ W “ Serving the Banking Industry Since 1970’’ Voi. 16 No. 11 Northwestern Banker Newsletter (USPS 873-300) is published weekly by the Northwestern Banker Company, 1535 Linden Street, Suite 201, Des Moines, Iowa 50309, (515) 244-8163. Subscriptions $1.00 per copy, $24.00 per year. Second class postage paid at Des Moines, Iowa. Address all mail subscriptions, changes of address (Form 3579), manuscripts to Northwestern Banker, 1535 Linden Digitized forSt., FRASER #201, Des Moines, Iowa 50309. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ^ ^
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