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June 6,1983 Des Moines, Iowa Vol. 12 No. 7 Dakotas Leaders’ Views Differ the direction that Vice President George Bush’s task force on financial services is taking is a “ dangerous and serious threat to independent community banks in states like North D akota,” Rep. Byron Dorgan (D., N.D.) re cently wrote the vice president that his state’s system o f community banks is the best banking system he knows. He said that system keeps the depositors’ money working for the people in the area. The North Dakota Bankers A sso ciation reprinted for its members a story with Rep. D organ’s views which appeared in the May 26 issue of the Fargo Forum. That story re ported that Rep. Dorgan wrote Vice President Bush when he learned that a task force official had told bankers the group is considering allowing branch banking anywhere in the United States. “ If the vice president’s task force m oves to strike down laws that cur rently allow states to prohibit branch banking,” wrote Rep. Dor gan, “ then the big eastern bankers, who have been licking their chops for years trying to get into rural areas and get those deposits will ul tim ately take over banking in states like North Dakota. That would be a threat to rural Am erica,” he stated. The story said Mr. Dorgan be lieves task force officials are falling in line with Treasury Secretary Don D e s c r ib in g ever, a later story indicated Citicorp preferred locating its insurance unit in nearby Delaware. The South Dakota banking com m ission has approved application to charter a new bank in Rapid City to M ichigan National Corporation that will be used to expand that holding com pany’s credit card operations. Those operations are handled through a subsidiary, M ichigan National Bank in Lansing. M ichigan has an 18% usury ceiling, while South Da_kota rem oved its credit card usury ceiling, thus attracting Citicorp card operations tw o years ago. The First National Bank o f Omaha already an nounced its intention, as noted here April 25, to purchase Valley State Bank o f Yankton, as an additional base for its credit card operations. M oves in the Minnesota, Iowa and Nebraska legislatures to emulate in part South Dakota’s open door policy were defeated in recent months. □ ald Regan’s plan to change the en tire financial industry in America. “ H e’s trying to homogenize the en tire industry,” Mr. Dorgan said. “ His approach will mean that the com m unity-based financial institu tions such as banks and savings and loans will be bought up by large outof-state institutions and deposits will be siphoned away.” Shortly before Rep. Dorgan made his statements in W ashington, D.C., South Dakota Governor William Janklow was telling South Dakota bankers at their state convention in Sioux Falls that he has mailed en graved invitations to the chairmen o f the nation’s 100 largest holding companies in order to invite them to investigate opportunities in South Dakota made possible by that state’s revised banking laws. He said the response has produced a stack so high you ju st can’t believe it. (A more detailed report on Gov. JankIowa News low ’s remarks at the South Dakota Group 11 will hold its annual golf convention coverage is in the June outing Thursday, June 9 at the Keo N o r t h w e s t e r n B a n k e r .) kuk Country Club. G olfing is at your Gov. Janklow reviewed the m ove leisure with dinner scheduled for o f Citicorp’s credit card business to 6:30 p.m. Sioux Falls, which has produced sev Send reservations to W illiam Lo eral hundred job s for that communi gan, president, The State Central ty. Citicorp also recently indicated Bank, 601 Main, Keokuk, la. 52632. its interest in purchasing American State Bank in Rapid City as a base AM ES: A group o f organizers head to get into the insurance business, ed by Donald E. Kearney have filed as authorized by the South Dakota an application with the Comptroller legislature earlier this year. How o f the Currency to form the National RISMILLER, HILL AND YAKE G e t t i n g it d o n e f o r y o u * £ r _ ^ David Rismiller G. Carlton Hill, Jr. ^ President Executive Vice President Ernie Yake Senior Vice President Commerce Bank of Kansas city" https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis h / IC M D C D c m r MEMBER FDIC T o lo n h n n o V 2 g ------------------------------------------------------------------^ Recipe for success.. .V. Bemie Miller, Correspondent Banking Officer, has over 30 years of banking experience, and the ''reälpe^oFSSSo^ Don't gam b le when choosing o correspondent bonk. Com e to the professionals. Help yourself by calling Bemie MH}erat319/582-1841-“ .— Bank o f Iowa, located at 413 Kel logg in Ames. Organizers in addition to Mr. Kearney include G. Dale Cowle, W esley M. Shubert, Warren E. Isra el and Jordan L. Larson. Proposed Capital Structure for the new bank is: capital - $500,000 and surplus -$500,000, totaling $1,000,000. AM ES-N EVAD A: State Bank & Trust Co., Nevada, and First Na tional Bank, Am es, have filed an ap plication with state and federal reg ulators to becom e affiliated under a common bank holding company. The two Story county banks, with depos its totaling $121 m illion, have received approval from both boards o f directors and have sent the pro- posal to shareholders. No change in directors, officers or other personnel of the two banks is contemplated. Completion o f the affiliation is ex pected to take five months. APLIN GTON : Gary Larson, presi dent o f the State Savings Bank, has announced the recent prom otion of Dale H. V oss to the position o f sen ior vice president. Mr. V oss has been with the bank over 20 years. Arlyn Hemmen was also elected as vice president o f the bank. He previously was vice president o f the Parkers burg State Bank. E X IR A : H.F. Schroeder, chairman and owner o f Exchange State Bank has announced an agreement to sell the bank to Gordon Nicholas, chair man and president o f First W hitney Bank & Trust Co., Atlantic. E x change State had $22,145,000 de posits at year-end, while First W hit ney had deposits o f $50,346,000. M AQU OKETA: Reid Erickson, for mer executive vice president o f Hawkeye Bank & Trust, has been named president o f the Bank of Osseo, W is. ASK D O U G K EIP ER SLATER: John A. W alther, who is joining South Story Bank & Trust as president and a director, as an nounced here last week, has been president and chief executive officer OF DES MOINES, N A ■ MEMBER FDIC ■ (SIS) 245-7111 AFFILIATED WITH UNITED CENTRAL BANCSHARES, INC. TOLL FREE NUMBER (800) 362-1615 o f Renwick Savings Bank for the past 17 years. His previous affilia tion was om itted from the earlier story. W EST DES M OINES: an eight per son investor group headed by David L. Miller, president o f W est Des Moines State Bank, has offered to buy the Chase Investm ent fam ily in terest in the bank. The offer is for more than 101,000 o f the bank’s out standing 144,000 shares (70%), and under the agreement, Chase fam ily members would deliver a minimum o f 55,000 shares. The purchase price was pegged at $140.00 per share. It is anticipated the sale will be closed by mid-July, Mr. Miller said. No changes in staff or directors are planned. Nebraska News The Nebraska legislature ad journed M ay 25, a day early and will reconvene next January 4 for a 60-day session. In the session just completed, legislators finally passed LB 343, which establishes a new system of central filing/indexing and sidetracks efforts of some blocs that would have diluted banks’ security interest in farm products. The com- to make MNB work for you. r ,M « s U M t«s0N Toll free 1- 800- 332-5991 Merchants ^ National Bank IS I Member F.D.I.C. A BANKS OF IOWA BANK https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • CO U N T ON s f t I» (OVIA Supplement to Northwestern Banker Newsletter 6-6-83 For those ¡H i investments. ■V our assets are much too « B P a ■ ■ You deserve the benefits - 5 J im portant to leave in of our years o f experience. W e unproven hands. A t United never vary from our consistently Missouri, you have the advantage high standards. W e give you w h at of the proven perform ers. you need, w hen you need it And Since the 19 2 0 ’s, our our quality is your assurance of Investm ent Banking Division has success both today and tomorrow, built an outstanding track record C all United Missouri for providing sound, high-quality Bank today. You’ll appreciate the bond investm ents. proven quality. tl Investm ent Banking Division UNITED MISSOURI RANK “ ,'“c of Kansas City, iua. United we grow.logethen https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis y; Hutton One Carriers Building Des Moines, Iowa 50309 Telephone: (515) 243-1203 NEW ISSUE We own and offer subject to prior sale and change in price and subject to our attorney’s approving opinion: $2,800,000 CITY OF DES MOINES, IOWA Commercial Development Revenue Bonds (Capitol Center II Project) DATED: May 1,1983 DENOMINATION: $5,000 Both principal and semiannual interest (November 1 and May 1; first coupon due November 1,1983) payable at the principal office of the Trustee. IN THE OPINION OF COUNSEL INTEREST ON THESE BONDS IS EXEMPT FROM ALL PRESENT FEDERAL INCOME TAXES MATURITY _______________ 8 3/4%_______________ $2,800,000 May 1,1993 8.75 LEGALITY TO BE APPROVED BY BELIN, HARRIS, HELMICK & HEARTNEY, DES MOINES, IOWA The Issuer is a municipal corporation and political subdivision of the State of Iowa. Capitol Center II Limited Partnership is an Iowa limited partnership organized in May 1983, whose partners are F.M. Hubbell, Son & Company, Incorporated, Fultz Development Corporation, Ltd., and Middlewood, Inc., an Iowa corporation and a wholly owned subsidiary of Iowa Resources Inc. The payment of principal of and premium, if any, and interest on the Series 1983 Bonds will be unconditionally guaranteed by IO W A RESOURCES IN C . — f a [lo iu a R e s o u r c e s ] Iowa Resources Inc., an Iowa corporation, is the owner of all of the common stock of Iowa Power and Light Company and other sub sidiaries, including Middlewood, Inc., one of the partners of the Company. Iowa Power and Light Company is engaged in the generation, pur chase, transmission, distribution and sale at retail of electric energy and the purchase, distribution and sale at retail of natural gas. Iowa Power and Light Company’s service area covers 5,600 square miles in central and southwest Iowa and encompasses 130 communities, in cluding Des Moines and Council Bluffs, Iowa. The proceeds of these bonds will be used to finance the construction of three condominium units consisting of the second, third and fourth floors in a four-story commercial and office building located in Des Moines, Iowa. The information contained herein is not guaranteed, but is derived from sources we deem reliable and is that on which our purchase of these bonds are based. Bonds of a particular maturity may or may not still be available or may now be available at a price or yield different from that indicated above. Supplement to the Northwestern Banker Newsletter 6-6-83 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3 CALL ON THE “PERFORMANCE TEAM ijj where comm on transactions are handled uncomm only well. FIRST NATIONAL LINCOLN 13th & M Street • Lincoln, Nebraska 68501 • M em ber, F.D.I.C. I □ I would like to sell my majority bank stock. □ I would like to buy ma jority bank stock. Please Contact: J. Mason Henry Charles E. Walters Co., Inc. 1 39 GingerWoods Road, Valley, Nebraska68064 Phone: (402) 553-6400 I___ __________________________ _ - i 1 promise was endorsed by banks throughout the state and calls for continued filing with the county clerk, who will now file the security interest directly with the Secretary of State's computer by AgN et ac cess. The bill requires a commission appointed for a two-year term which will oversee its development to make effective electronic access of the central file by all parties. Ele vator operators, for example, would then issue two-party checks to in clude the bank, if a lien on behalf of the bank is recorded. * * * The Nebraska Bankers A ssocia tion will be conducting a Compliance W orkshop on four consecutive days beginning June 13 at the H oliday Inn, Ogallala; June 14 at Ramada Inn, Kearney; June 15 at N orfolk Villa Inn, and June 16 at Lincoln Village M otor Inn. # LINCOLN: M ary J. Combs has been named president o f First Security National Bank, effective June 1, ac cording to an announcement by SERVING PROFESSIONALLY Banking, Financial & Business Personnel Iowa and Nationwide Donald O. Clifton, bank chairman. LINCOLN: National Bank o f Com merce recently elected Tom Clabaugh and John Munn as correspon dent bank officers, and Rick L eggott as trust investment officer. Minnesota News M INNEAPOLIS: William H. Queenan, president o f Norwest Bank Bloom ington, N. A ., has been elected to the additional post o f president of Norwest Bank M etroSouth, N .A. TH IE F R IV E R FALLS: Gary Lochow has been prom oted and trans ferred to senior vice president at Norwest Bank. He has managed the agricultural loan department o f Nor west Bank W ahpeton for the past six years. South Dakota News BROOKINGS: Lawrence H. Kolkman has been named vice president and branch manager o f Norwest Bank o f Brookings. Mr. Kolkman succeeds Alan G. H odgson, who was named vice president and manager of the retail banking department at Norwest Bank in Sioux Falls. Mr. Kolkman had been serving as assis tant vice president and assistant branch manager o f Norwest Bank, Aberdeen’s Milbank location. TOWN HOMES FOR SALE At Pre-Construction Prices W ith 121/2 % * Financing Available DWAYNE SMITH Paradise Properties Box S Dillon, Colorado 80435 Phone 1-800-922-2590 -Subject To Change the Illinois Bankers Association: June 12-18—Agricultural Lend ing School at Illinois State Universi ty, Normal. June 15-18—Advanced A g Lend ing Clinic at Illinois State Universi ty, Normal. June 19-25—Commercial Lending School at Illinois State University, Normal. July 10-22—Illinois E xecutive Graduate School o f Banking, Uni versity o f Illinois, Champaign. Wyoming News CASPER: Henry A . Hitch, presi dent o f First Interstate Bank of Casper, has announced that Greg Schrader, vice president, was named department head o f the bank’s in stalment loan area, and Andy Milliken, vice president, now heads the commercial loan department. Portable Modular Bank Building Illinois News Several schools and clinics have been planned for June and July by CAPITAL PERSONNEL SERVICE 714 U.C.B. Building, 515-283-2545 Des Moines, Iowa 50309 COMMERCIAL LOAN OFFICER Must have a minimum of 3 years commercial lend ing experience preferably in a commercial bank. Position requires a working knowledge of State and Federal laws and regulations as they relate to banking. Responsibilities will include originating, negotiating, servicing, supervising, and collecting loans. Excellent benefits and salary commensurate with experience. All inquiries will be kept in strict con fidence. Contact Lois Kriebs, AVP, Personnel, (515) 245-6142, for an interview or send resume to the Personnel Dept. Valley National Bank 6th & Walnut P.O. Box 906 Des Moines, Iowa 50304 An Equal Opportunity Employer https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Estate Appraisals Purchase o f Collections Sale o f Rare Coins Reliable and respected service for over 20 years Used by bankers throughout the midwest Ben E . Marlenee Coins 913 Locust Des Moines, Iowa 50309 515-243-8064 General Bank Equipment S Systems, Inc. RR 45, Box 115 Hiway 7 3 ,3 1/2 Miles North of Int. 680 Omaha, Nebraska 68152 (402)453-3000 Lease* Rent* Buy Does an airline flight attendant’s ap pearance impress you? Call us today and find how your tellers can do the same to your customers. MeAjyioekk-^ CAREERAPPAREL N. Main St., Carroll, la., 51401 712-792-2748 AG LOAN OFFICER $85 million southeastern Montana bank has an immediate opening for an AG LOAN OFFICER with ability to take charge of ag loan portfolio. Ex perience very important. Must be able to deal with ag people and be familiar with ag credit, real estate mortgages, cash flow projections. Please send resume and salary requirements to: First Security Bank & Trust Box 250 Miles City, Montana 59301 (PA) POSITIONS AVAILABLE EXEC. V.P.- $64 Million Bank—Degree and ad vanced degree preferred, also strong commercial lending skills. To $50 M + . EXEC. V.P. - $125 Million Bank-20 years exper ience and strong ag lending required. To $60 M +. POSITIONS AVAILABLE CEO for $40 million northern Iowa bank. Must have solid ag credit and administrative experience. Salary to $45,000 CEO for western Illinois bank of $30 million. Emphasis on ag lending....................................................... Salary Open < £ • Increasing Bank Deposits Through... 1 » KEITH WEIGEL IRA’s...Keoghs...Pension Plans Serving Banks in Iowa and Minnesota INDEPENDENT SERVICE C O M P A N Y P.O. Box 171 • Albert Lea, MN 56007 507/373-8216 POSITION AVAILABLE Commercial Lenders for eastern Iowa banks of $70 million up. .......................................................... Salary to $40,000 Commercial Lender for $100 million Wisconsin bank. Pre fer experienced lender from Wisconsin, eastern Min nesota or northern Illinois.........................................Salary$30,000 CEO for community bank in eastern Iowa. Must be ag-oriented and desire to live in smaller town. . Salary to $32,000 Ag Rep and office manager needed by central Iowa bank. ...................................................................... Salary $25,000 Ag Rep with at least three to five years bank experience for northern Illinois community bank.............Salary to $28,000 Audltor/CPA for major bankoutside of Des Moines in Iowa..........................................................Salary to $25,000 Ag Lender for southern Minnesota bank located in major town..........................................................Salary to $30,000 Installment Officer for major northern Iowa bank. .$23,000 Second person for Colorado bank located In resort area. Must have operations and some lending background. Posi tion could lead to president. Prefer resident of Mountain States or western Nebraska...................................... Salary$26,000 INSTALLMENT LOAN MANAGER for $75 million west cen tral Minnesota bank. Send resume to file TBX, c/o North western Banker. (PA) Operations person with good administrative ability for Twin Cities suburban bank. Must have demonstrated lead ership abilities...................................... Salary CEO POSITION available for $40-$50 million midwestern bank. Agricultural lending experience necessary. Salary open. Send resume to file TBY, c/o Northwestern Banker. ___________________________________________ (PA) Bank affiliated agency has immediate opening for experienced INSURANCE AGENT. Please send resume or direct inquiries to: Larry Stobbs, P.O. Box 69, North Platte, NE 69103. Phone: 308/532-5570.________ (PA) Operatlons/lnsurance position for northwest Iowa com munity bank. Lending experience a plus. Salary $25,000 Both positions offer executive PERKS and should be considered as a final move in your career. If qualified, please call: Phyllis S. Lynch GUMBERT EXECUTIVE EXCHANGE, INC. 11246 Davenport Omaha, NE 66154 (402) 330-3260 (PA) Write or call Malcolm Freeland c/o Freeland Financial Ser vices, Inc., 1032 Carriers Bldg., Des Moines, IA 50309. Phone 515/282-6462. Employer pays fee. BANK PLACEMENT SPECIALISTS (Our 34th year) Call experienced professionals to locate the right candidate for your vacancy ... or the right “ move-up” for yourself. CORPORATE RECRUITERS MIDWEST BANKING DIVISION 202 S. 71st Street 402/393-5515 Omaha, Nebraska 68132 WANT TO BUY HAVE BUYERS—Want bank in northern Illinois with total assets of $25MM to $200MM. Write file UBA, c/o North western Banker. (WTB) MARKETING MANAGER $104 million in assets, 32,000 member credit union. Quali fied applicants only. Please send resume to: Layton M. Stump, Manager John Deere Employees Credit Union P.O. Box 6000 Waterloo, Iowa 50704 <pa > BANKERS AVAILABLE CEO with proven high performance record in $40 million community bank seeks new opportunity. . .Salary $45,000 Commercial Lenders with experience ranging from three to 20 years............ ................................Salary to $50,000 EASTERN MISSOURI STATE BANK, 80% ownership of bank, 100% of approved holding company, assets over 10 million, 1.75 times book value. Price $1,300,000. Serious and qualified buyers only. Write National Banking Com pany, P.O. Box 14634, West Omaha Station, Omaha, Nebraska 68124. (FS) Six used nests of SAFETY DEPOSIT BOXES. For more in formation contact Ralph Adams, President, Chambers State Bank, Chambers, NE 68725. Phone: 402/482-5222. _________________________ (FS) BANKS FOR SALE—$22MM-ldaho, $15MM-Colorado, $16MM-Montana. Clean, profitable banks. Principals only. Write file TB2, c/o Northwestern Banker. (FS) Ag Banking Personnel Let us help you. Call the ag lending personnel specialists without cost or obligation. Confi dential. Employers pay us to hire the best. Senior Ag Lenders with experience ranging from 5 to 20 years........................................................Salary to $40,000 Junior Ag Lenders with one tp five years experience. .................................................. ............Salary to $25,000 MURPHY TRUCK & TRAILER SALES 15-5th Ave. S.E. 515/456-2511 HAMPTON, IOWA 50441 POSITIONS AVAILABLE SECOND OFFICER—handle comm’l and ag credits for $40MM community bank. Opportunity to assume #1 posi tion. $38,000 OPERATIONS OFFICER—#3 position in $45MM bank. Re quires degree and 5 yrs. + experience in similar size bank. $32,000 EXECUTIVE VICE PRESIDENT—excellent lending and ad ministrative skills required for aggressive $50MM bank. $45,000 CASHIER—rural $50MM bank. Position offers advance ment possibilities. Prefer degree andasset/liability management experience. $30,000 AGRI-LOAN—$30MM community bank close to large ur ban area. Handle ag and some comm’l credits. $28,000 Administrative Officers with major banking experience. ............................................................... Salary to $50,000 Installment Lenders with over five years banking ex perience................................................. Salary to $25,000 Operations people with over five years experience............ ............................................................. . Salary to $30,000 If you are considering an additional officer, we have dozens of qualified applicants listed in most job cate gories. Write or call Malcolm Freeland c/o Freeland Finan cial Services, Inc., 1032 Carriers Bldg., Des Moines, IA 50309. Phone 515/282-6462. Employer pays reasonable fee. REPOSSESSIONS We are professional truck people with over 30 years experience dealing with repossessed trucks, semi tractors and trailers. No obligation for our advice. INSTALLMENT LOAN—bank experience required. Enter as #2 in $4MM dept, and assume management of dept, within one yr. $18,000 Resume' and salary history requested. Linda: 515/394-5827 Jeannle: 515/263-9598 if New Hampton, la. 50659 no answer, 712/779-3567 4 Massena, Iowa 50853 BanG4REERS, IN C . THE ORIGINAL AGRICULTURAL RECRUITER TOM HAGAN & ASSOCIATES of Kansas City 2024 Swift - Box 12346 North Kansas City, MO 64116 816/474-6874 “ Serving the Banking Industry Since 1970” Vol. 12 No. 7 Northwestern Banker Newsletter (USPS 873-300) is published weekly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309, (515) 244-8163. Subscriptions $1.00 per copy, $18.00 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 to $30,000
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