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Vol. 17 No. 8 ____________________ Des Moines, Iowa June 6,1988 Low Cost Accounts Continue to Climb ORE than half of the nation’s M banks are currently offering low cost “ basic bank accounts” to • • ® ^ a £ the general public, according to results of a recent survey by the American Bankers Association. The survey found that 52 percent of all banks and seven in ten large banks (assets of $1 billion or more) offer basic bank accounts, reflecting a continuing trend toward greater availability of such accounts. An ad ditional 6 percent of all banks said they plan to start offering these accounts in the near future. Last year’s survey found 44 per cent of all banks and seven in ten large banks offering basic bank ac counts. Basic bank accounts are designed to meet the needs of low-income con sumers, and provide limited banking services at no or low cost. These accounts are also frequently used by senior citizens, students, and retirees. “ Basic bank accounts help keep bank services affordable to all members of the community by al lowing both the customer and the bank to curtail unnecessary expen ses,” says Robert W. Moyer, chair man of A B A ’s Consumer Issues Task Force. Mr. Moyer is also vice chairman and chief executive officer of Wilber National Bank, Oneonta, New York. Less than one-fourth of the banks participating in the survey reported that they made a profit on their basic bank accounts, while more than 60 percent reported that the ac counts broke even or were subsidiz ed by other accounts at the bank. A B A ’s Basic Banking Survey was based on responses from 872 banks selected from a national pro bability sample based on bank assets size, and was conducted in the fourth quarter of 1987. Results are summarized below: • -more than 90 percent of the plans offered free unlimited teller tran sactions; • nine in ten banks offered free unlimited use of ATM s for deposit and balance inquiries; be tween 75 and 83 percent (depen ding on bank size) offered free unlimited ATM withdrawals; • about 2 percent required direct deposit; • 66 percent required an initial deposit (median $50 for large banks, $100 for small banks); • 30 percent reported a minimum balance requirement ($200 me dian); • 67 percent required some type of monthly maintenance charge; about four in ten required a charge regardless of the balance in the account (median $2.00- J e ff S im s https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Correspondent Services $3.00 depending on bank size); 31 percent charged only when the balance fell below an established minimum (median $3.00-$4.00, depending on bank size); • one in four banks offered their basic banking customers unlim ited free checking; 27 percent pro vided a limited number of free checks (median 10) and typically charged $.30 per check above the free limit. About 20 percent charged for every check. • 27 percent of the banks gave basic/no frills customers reducedprice check printing. • typically, between 25 percent (small banks, assets less than $100 million) and 6.9 percent (large banks, assets more than $500 million) of all checking ac counts were basic accounts; typ ical account balances for basic ac counts were just over $300; • 94 percent reported providing monthly statements, and 12 per cent used check truncation (can celled checks retained by the bank) with their basic banking ac counts; • nearly half the banks expect thenbasic banking fees to remain the same over the next 12 months. Since 1985, A B A ’s Consumer Issues Task Force has directed an educational campaign promoting basic banking services. ABA has met with national consumer leaders and continues to promote the con cept of basic banking services. □ S tu a rt B ecker Correspondent Services « Norwest Bank Des Moines , N.A. NORWEST BANKS Call (515) 245-3131 or toll-free (800) 362-2514 Member FDIC « k mmmmm mmmmm mmimm Teamwork: one of the reasons we’re first in Iowa. Jay Nichols Tom Quinlin National Bank. He has spent the last 20 years with Merchants Na In the May 23 W eekly N ews tional Bank of Cedar Rapids in letter, the lead article on page one numerous executive positions, most titled, “ How Tax Act Affects Direc recently assistant vice president in tors Fees,” had a typographical er the personal banking division. ror that needs to be corrected in order to clarify for readers the mean SIOUX CITY: Carleton C. Van ing of the tax law language. In the Dyke, 72, a prominent northwest second paragraph, a sentence reads, Iowa banker, died May 19 of heart “ Therefore, deferred director fees failure. Mr. Van Dyke’s family was are not subject to self-employment affiliated with the Toy National taxes in the year the services are Bank of Sioux City for several performed . . . ” It should read, “ are generations. He joined the bank in now subject to self-employment 1940, served as president from taxes in the year the services are January, 1957, until January, 1972, and was vice chairman for one year performed. . . ” before leaving Toy National to Iowa News manage his own banks in Anthon, CEDAR RAPIDS: Jerry Strait has Marcus and Remsen. His wife, Vir been named a vice president at City ginia, continues to live at the family home at 510 North Briar Path, Sioux City 51104. Correction! Nebraska News ____ D ic k R e tz MNB Correspondent Banker Together We Can Accomplish Great Things Call 319-368-4806 or toll free 1-800-332-5991 Strength Eastern |owa https://fraser.stlouisfed.org Merchants National Bank Si Cedar Rapids. Iowa 52401 Federal Reserve Bank of St. Louis BANKS OF IOWA BANK Harley D. Bergmeyer, president, Saline State Bank, Wilber, was ad vanced to the presidency of the Nebraska Bankers Association at the NBA’s 91st annual convention in Omaha recently. He follows Donald E. Blaha, president, First National Bank, Ord. Succeeding Mr. Bergmeyer as president-elect is James F. Nissen, chairman and CEO, Vistar Bank, Lincoln. Full convention details and photos are in the June N orthwestern B anker . BELLEVUE: First United Bank of 9 £ - ì f1igll %Mît .J P Bellevue has announced that Darrell A. Legband has been elected pres- £ ident/CEO. He replaces John R. Young who resigned recently. Mr. Legband has been serving in various senior management positions over^fe the last ten years and most recently^^ was vice president and manager of the commercial loan division at Delay First National Bank and Trust in Norfolk. OMAHA: Douglas County Bank & Trust Co. has announced the promo tion of Lawrence Ziska, Jr. to ex ecutive vice president of Great Western Securities, the holding company of the bank. He has been with the bank since 1974, and in 1982 was named to his previous position as the bank’s executive vice president. 712-277-6769 Minnesota News The Minnesota Metro Chapter of the American Institute of Banking in Minneapolis has announced seminars to be held during June. Dates and topics are: 14th—Re c h a r g in g Y ou r P r o d u c t iv it y Through Time Management; 15th— Lotus 1-2-3: “ Data” Commands and Special Functions; 22nd—Lotus 1-2-3: Introduction to Macros; 23rd—Leadership: Know Your Po tential; 28th—Uniform Commercial Code for Operational Personnel. For more information, contact Judy A Meeting Of The Minds. At Security National Bank, our minds are on meeting all your Correspondent Banking and Investment needs. We’re Security for you! I B ¿ I *» Richard Ktmz SECURITY NATIONAL BANK IN SIOUX CITY, IOWA. ^ ^ ^ OMAHA: Among recent promo tions by Norwest Bank Nebraska was the naming of two vice pres idents. William J. Hoelting is a vice president in the private banking # department at the Regency location. He joined Norwest in 1980 and previously was assistant vice presi dent. Terry J. Jaros was promoted to vice president in the business ® banking department at the 13259 Millard Avenue office. He join ed ^ k that bank in 1978 when it was th e^ ^ Bank of Millard and previously was an assistant vice president. ® W ilma Weeks Correspondent Services Officer ^ M EM BER F.D.I.C. Investment Representative 712-277-6522 OVER 60% p * OFA LL BANKS IN OUR M A RKETAREA A RE NOW IN SURED BY TH E KANSAS BA N KERS SU R ETY COMPANY That’s R ig h t. . . In th e nine states w e serve w e h ave solved th e b o n d in g needs for 6 of every 10 banks. That's over 16.4% of all banks in the United States # THE REASONS. . . «A SUPERIOR SERVICE MOST COMPETITIVE PREMIUMS REALISTIC UNDERWRITING PROMPT CLAIMS SERVICE IF YOU’RE NOT GETTING THE SAME FROM YOUR BONDING COM PANY... GIVE US A CALL - YOU’LL BE GLAD YOU DID. a THE KANSAS BANKERS SURETY COMPANY DAVID E. ABENDROTH Senior Vice President DONALD M. TOWLE President 611 Kansas Avenue P.O. Box 1654 Topeka, Kansas 66601 Phone 1 -9 1 3 -2 3 4 -2 6 3 1 W FINANCIAL IN STITUTIO N BONDS, SAFE DEPOSITORY LIA BILITY, CHECKS KITING FRAUD INDEMNIFICATION, DIRECTO RS AND O FFICERS LEGAL DEFENSE AND LIM ITED INDEM NITY PO LICIES https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OVER 6 0 % OFA LL BANKS IN OUR M A RKETAREA A RE NOW IN SURED BY TH E KANSAS BANKERS SU R ETY COMPANY That’s R ig h t. . . In th e n in e states w e serve w e h ave solved th e b on din g needs fo r 6 of every 10 banks. « # That's over 16 .4% of all banks in the United States THE REASO NS... SUPERIOR SERVICE MOST COMPETITIVE PREMIUMS REALISTIC UNDERWRITING PROMPT CLAIMS SERVICE • # » IF YOU’RE NOT GETTING THE SAME FROM YOUR BONDING CO M PANY... GIVE US A CALL - YOU’LL BE GLAD YOU D ID. THE KANSAS BANKERS SURETY COMPANY DAVID E. ABENDROTH Senior Vice President DONALD M. TOWLE President 611 Kansas Avenue P.O. Box 1654 Topeka, Kansas 66601 Phone 1 -9 1 3 -2 3 4 -2 6 3 1 FINANCIAL IN STITUTIO N BONDS, SAFE DEPOSITORY LIA BILITY, CHECKS KITING FRAUD INDEMNIFICATION, DIRECTORS AND OFFICERS LEGAL DEFENSE AND LIM ITED INDEM NITY PO LICIES https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Serving th e H e artla n d of A m erica since 1 9 0 9 • F irs T ie r Correspondent Services 3 More of what it takes to serve you well. F irs T ie r B an ks Lincoln • Omaha FirsTier Bank, N.A., Lincoln and FirsTier Bank, N.A., Omaha, Members FDIC Clark at (612) 338-8482. MINNEAPOLIS: Norwest Bank Minnesota has named Thomas W. Longlet president of its Osseo/ Maple Grove office. He succeeds James Heig, who has been president there since 1973 and has announced his intention to retire at the end of the year after over 39 years with Norwest. Mr. Longlet previously was president of the East St. Paul office of Norwest Bank Minnesota. He joined Norwest in 1973. MINNEAPOLIS: Norwest Bank Minnesota has named Steven D. Rapp president of its office in Arden Hills. He previously was manager of business banking at the bank’s MetroWest office in Minneapolis. He joined Norwest in 1979. ST. PAUL: David F. Bodine has been appointed vice president and business development manager for .the institutional trust division of ?irst Trust, a subsidiary of First Bank System. He joined First Trust from Norwest Bank, where he served as vice president and manager of institutional trust sales. Previously he worked in marketing with both Network Systems Cor poration of Minneapolis and IBM Corporation’s Minneapolis data pro cessing division. Illinois News CHICAGO: William G. Hoskins has been named president of First Col onial Bank of Lake County, a new First Colonial Bankshares Corpora tion bank located in Vernon Hills. He has worked more than 20 years in Lake County as president and chairman of First National Bank of BANKING c a r eers quality service by experienced professionals 525 M erle H ay T ow er Des M oin es, Iowa 50310 5 1 5 -276-1151 Libertyville, which was acquired by American National Bank in 1984. He most recently served as presi dent of Suburban Bank of HoffmanSchaumburg. Sandi Garner 515- 832-1258 Tues / Wed / Fri the theme for the 34th annual con vention of the Upper Midwest Agricultural Credit Council, which will be held July 6-8 at the Howard Johnson Motor Lodge in Rapid City. Keynote speaker will be John Bor- South Dakota News Christine Schirber, executive vice president, Dewey County Bank, Isabel, became the first woman to head the South Dakota Bankers Association when she was advanced to the presidency of the SDBA at its recent convention in Sioux Falls. She succeeds Larry Ness, president & CEO, First Dakota National in Yankton. Moving up to be presi dent-elect was David Birkeland, president, First Bank of South Dakota, Sioux Falls, and Leroy Hofer, president, First State Bank, Armour, was elected vice president. Full convention details and photos are in the June N orthwestern Come to the Investment Specialists committed to quality. B anker . * * * “ Serving the Customers and Im proving the Bottom Line—In a Changing Rural Environment’ ’ is Your benefits: • New high net worth customers • A dded profit • Reduced deposit loss to competitors • Ability to offer complete financial services For information contact: INVESTMENT https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Jean Eden 515- 276-1151 Confidential. Fees Paid b y Employer. DOES YOUR BANK NEED AN INVESTMENT CENTER? ■■■■■■a 'Professional assistance in hiring and career advancement" I n these times of change and uncertainty, rely on the time-tested quality invest ment recommendations of the Investment Banking Division of United Missouri Bank. 1-800-544-7113 First Dakota Building P.O. Box 2796 Bismarck, ND 58502 or P.O. Box 65697 West Des Moines, IA 50265 UNITED MISSOURI BANK “ ember FDIC o f K a n S a S City, n.a. 10th & Grand • P.O. Box 419226 Kansas City, Missouri 64141-6226 (816) 556-7200 4 COUNTONIt Count on C om m erce for superior capabilities and personal attention to your correspondent banking needs. A com bination w e’ve upheld for m ore than 120 years. Give us a call. 1800 892*7100 1800 821*2182 * * - * (Outside Missouri) chert, Regents Professor at the University of Minnesota. More in formation about the conference can be obtained by contacting Gailen Meyerink at Community First State Bank, Platte, SD 57369. Montana News The Montana Bankers Associa tion has announced a correction con cerning its upcoming convention in Kalispell. The receptions on Wed nesday and Thursday will begin at 5:00 p.m., not 6:00 as previously an nounced. POSITION AVAILABLE HIRING! Government job s—your area. $15,000-$68,000. Call (602) 838-8885. Ext. 9397. (PA) WANT TO BUY WANTED— Need Diebold equipment for 2 drive-in lanes, lobby teller windows, and camera system. Want newer, quality equipment. (402)476-1204, Paul or Bob. (WTB) CANDIDATES AVAILABLE AG LOAN OFFICER Loan volume down? Here is the proven professional who can make the numbers roll in. Three plus years in the farm credit system, the last two developing a sophisticated calling program. Top notch ag skills, well versed in all types of farming. Meets customers well. $23K. OPERATIONS OFFICER Unusual capacity for problem solving. Spent two years in $30M bank generating outside reports, overseeing tellers and producing call reports. Experienced w ith student loans and very professional. Can g«t things done needing little supervision. $25K. SR COMM’L OFFICER Take charge achiever. Set this manager loose and there’s no telling where your organization can go. Tremendous performer increased commercial portfolio by 45% in Just three years growing deposits by even more. Strong trainer in all phases of commercial and technically sound in all areas of management. $60K. FOR FURTHER INFORMATION CONTACT KURT ROSENCRANTS ROBERT W 1LF OF ■OWB.MC. 317 6th Ave, Ste. 650 Des Moines, IA 50309 (515) 244-4414 ALL FEES COMPANY PAID S¿*\ Commerce Bank '* * * of Kansas City GREAT FALLS: First Bank Sys tem has named Daniel Ewen presi dent, market manager and director of First Bank Great Falls and First Bank West Great Falls. He most recently served as vice president and manager of the Great Falls of fice of First Trust Montana. Serving bankers quietly and efficiently. CAPITAL PERSONNEL SERVICE 815 Office Park R<±, Suite 6 West Des Moines, Iowa 50265 515-226-0510 POSITION WANTED F O R SALE RECONDITIONED BRANDT Coin Sorters-Counters BRANDT Currency Counters New Warranty 402 - 571-5577 BANK HOLDING CO. FOR SALE Owner of one bank holding company w illing to sell one-half interest and remaining interest on contract. The bank, w ith $10-15mm in assets, is located w ithin a 50 mile radius of Des Moines. Purchaser would assume mgmt. responsibilities. Persons may indicate their interest by mail to P.O. Box 93341, Des Moines, IA 50393. P O S IT IO N S A V A I L A B L E TRUST MARKETING • large urban bank. Requires degree and trust experience. $35K ^ REAL ESTATE LOAN - single fam ily residential and secon dary market experience required. Proximity of major mein) area. $40! # ipB* PRESJCEO or #2 person w ith potential of pres, in 2 yrs. 25 yrs. experience includes adm inistration, lending & opera tions. Strong in ag loan workouts. C ontact File WNL c/o Northwestern Banker. (PW) LENDING AND ADMIN. Over 12 yrs. exp. in admin, and len ding, incl. ag, light comm., consumer, and R.E. Graduate Banking School and Comm. Lending School. Looking for growth position w/progressive bank.C ontact File No. WNO c/o Northwestern Banker. (PW) AG/COMM./R.EJCONS. LENDER—4 yrs. exp. Done it all. FmHA and SBA. A rticulate, energetic, dependable worker. Ready fo r new challenge. Contact File WNN c/o North western Banker. (PW) LOAN REVIEW - large bank experienced required. Bot junior and senior level positions available. $28-$40K COMMERCIAL LENDING - V.P. positions in urban and large suburban banks. Personal portfolios from $20MM to $50MM. $40K A ^ BRANCH MANAGER - handle small business and con sumer credits. Med-size com m unity a ffiliate of multibank holding company. $24K Additional listings for commercial lending and trust officers. Resume’ requested. T O M H A G A N & A S S O C IA T E S P.O. Box 12346/2024 Swift North Kansas City, MO 64116 816/474-6874 “ Serving the Banking Industry Since 1970” COL. GORDON E. TAYLOR Box 949 - Mason City, la. 50401 515/423-5242 Professional Auctioneer Real Estate Broker and Appraiser F inancial Institution S ervices Corporation Specialists in Turn-Key Tax-Advantage Marketing Programs For Financial Institutions Providing: Customer Retention Increased Fee Income Full Service Banking 815 Office Park Road, Suite 8 West Des Moines, Iowa 50265 (515)224-5880 POSITIONS AVAILABLE EVP—Growing acquisition-oriented bank in west Minn, seeks Sr. Lender w /8 + yrs. exp. Must have com ’l and ag lending bkgrd. & mgmt. exp. Oversees all loan admin., cred. policy, market relationships and is Instrumental in day-to-day mgmt. of bank. Exc. long term potential incl. a presidency. To Mid-$40’s base + incentives. Job #NW3382 ^ VP/MGR. TRUST DEPT.—Are you ready to manage your own dept.? Profitable growing trust co. in a major ND city seeks sales driven mgr. Desire 4 + yrs. trust admin, exp. and degree. To$38K. Job#NW3383 LOAN OFF.—Scenic Wis. resort area bank seeks Loan Off. to work into #1 lender pos. Handle r.e., cons, and com’l loans. High performing bank! 2 + yrs. lending w/r.e. ^ emph. req. $20K + Bonus + Exc. Benefits! Job#NW3384 “ CALL PAUL GENTZKOW OR BILL BENSON ROBERT RRLF OF M M NESOTA.M C. 3636 IDS Center Minneapolis, MN 55402 (612) 339-9001 ALL FEES COMPANY PAID Vol. 17 No. 8 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 https://fraser.stlouisfed.org St., #201, Des Moines, Iowa 50309. Federal Reserve Bank of St. Louis #
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