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Vol. 10 No. 7

Des Moines, Iowa

A B A Monitors Economic Recovery
A

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M OST of the bankers and other
IV I concerned citizens of this
country have been watching closely
the progress of the administration’s
economic recovery plan as it moves
through Congress. Although the
ABA regards the successful passage
of this plan as the nation’s most
important priority, A B A is still
continuing its role as the principal
voice of full service banking in
seeking deregulation of the banking
industry.
There are, in fact, three distinct
areas of deregulation on which the
membership of the A B A has
established a sold consensus. And the
A B A is conveying that consensus to
the federal authorities.
Deregulation
The first thought that comes to the
minds of bankers and other business
men and women when the word
“ deregulation” is mentioned is
“ compliance.” All bankers are aware
of the expensive and unproductive
time and effort that they must spend
keeping up with the flood of
regulations and statutes that come
from Washington every day. The
A B A welcomes the change in attitude
that the new administration is
bringing to this problem. But the
A B A is continuing to ask Congress
and the regulators for relief from the

excessive reporting requirements of
the Community Reinvestment Act,
the Home Mortgage Disclosure Act,
the Truth-In-Lending Act, and other
laws that were meant to protect the
consumer, but which few consumers
seem to be aware of, much less want
to pay for. Related to this is the
reform of such over-zealous consum­
er-oriented legislation as the new
bankruptcy law and the Financial

Institutions Regulatory Act, both of
which have only raised costs to
consumers for no discernible public
benefit.
The second area that the A B A
includes in its working definition of
deregulation is the reform of laws
that allow the government to price
the services that banks provide their

June 8,1981
customers. There are very few
industries in this country for which
the government actually sets prices,
but this is clearly true of banking.
Banking’s most basic services are the
taking of deposits and the making of
loans. But for both of these services,
the government sets the interest
rates that banks may charge or pay.
Particularly in a time when inflation
is the biggest factor in the economy,
this policy of setting the prices for the
banking industry must change.
In line with this policy of seeking
deregulation of prices, the A B A is
supporting legislation that will create
a federal override on all usury
ceilings, to complete the work begun
last year with the passage of the
Omnibus Banking Law. And the
ABA is pressing ahead with its
petition to bring about the promptest
possible phase-out of Regulation Q,
also a reform begun by the Omnibus
Banking Law.
Reform
And the government not only
regulates the prices of bank services,
but it regulates the products and
services themselves. This is the third
major area of deregulation that the
A B A is trying to accomplish. The
A B A is trying as a top priority item
to reform the Glass-Steagall Act
which prohibits banks from under­
writing revenue bonds and from
offering commingled agency ac-

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CENTRAL
Cyrus D. Kirk, V ice President
OFDES MOINES, INI.A. • MEMBER FDIC • TOLL FREE NUMBER (800)362-1615
AFFILIATED W ITH UNITED CENTRAL BANCSHARES, INC.

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2

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PfiS^ reasons we’re
first in Iowa.
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BANK

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JERRY TRUDO
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1-800-332-5991

Merchants
A
National Bank 151
A ‘BANKS OF IOWA’ BANK


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I MM 9

wr

Robert Scott,

O O O Correspondent Banker

George Kushman

An Affiliate of Northwest Bancorporation

Member FDIC

counts, which would allow banks to
compete on a level playing field with
the money market mutual funds. The
ABA also supports legislation to
remove some of the restrictions that
keep banks from participating in the
secondary mortgage market.
In all these three broad areas of the
term “ deregulation,” the A B A has
secured the consensus of its members
about the direction that change
should take. There is also a fourth
area that is of concern to some of
A B A ’s members, but one on which
the A B A has neither reached nor
attempted to reach a consensus for
change in the current law. That is the
whole complex of laws that govern
the geographic placement of banking
facilities. We believe that there is

Member F.D.I.C.

AnAffliate°fNorti

"Opportunity

S ig i

BANCO'*

(5 1 5 } 245-3131
2 4 5 -3 1 31 or
n toll-free (800) 362-2514
Call (515)

ample work to be done to achieve the
reforms that have been agreed upon,
and the A B A will continue to work
vigorously to bring these reforms
about.
Another objective of deregulation
is, of course, a more equitable sharing
of the regulatory burdens among all
financial institutions. Sound public
policy demands that all institutions
offering similar services be regulated
in the same way. Current anomalies
in the laws, such as the complete
freedom of the money market mutual
funds from reserve requirements
imposed on full service banks, should
be corrected.
The A B A , therefore, has a
comprehensive definition of “ deregu­
lation.” And the A B A will continue
to represent the banking community
in seeking meaningful deregulation in
every sense in which its members
establish a consensus for change.
And of course, the principal
economic issue in this country today
remains the matter of inflation.
Bankers and all concerned citizens
have won a major victory in the
successful passage of the preliminary
budget resolutions in May. But one
banker has compared this first step to
the first payment on a troublesome
loan that has been restructured. It is
very reassuring to receive that first
payment, but there are 29 others still
to come. The banking community
was an influential voice in helping
secure passage of the first resolution.

Iowa News
The Iowa Independent Bankers’
Executive Council meeting has been
rescheduled due to conflicts on June
18. The meeting will now be
Thursday, June 11, at 10:30 a.m. in
Room 220 of the Hotel Savery in Des
Moines.
CEDAR RAPIDS: Dale C. Froehlich
has been promoted to vice presidentcorrespondent banking department,
at Merchants National Bank.
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.,C hlc.; Mer, N.B., Cedar Rapids; lowaD.M. N.B., Des Moines; Mfrs. Han. Tr., N.Y.; United
CentralN.B., Des Moines; 1st N.B., Mason City; Bkrs.
Tr., Des Moines.

COUNCIL BLUFFS: Stanley Duysen has been elected president of the
First National Bank. Dale Ball, who
has served as president, will continue
as board chairman. Mr. Duysen has

Carleton D. Beh Company

Supplement to Northwestern Banker Newsletter 6-8-81

A Division of E.F. Hutton

Investment Bankers/Financial Consultants

SALE DATE:

NEW ISSUE
$2,475,000
APPLETON, WISCONSIN

June 3,1981

MOODY’S: Aa

General Obligation Corporate Purpose Bonds, Series 1981
Dated:

July 1,1981

Denomination:

$5,000

Both principal and semiannual interest (January 1 and July 1, first coupon due on January 1,1982) payable at the
City Treasurer’s Office, Appleton Wisconsin.
IN THE OPINION OF COUNSEL INTERESTON THESE BONDS IS EXEMPT FROM ALL PRESENT
FEDERAL INCOME TAXATION.
MATURITIES
9.25%
10.40%
July
1, 1993
$125,000
$100,000 July 1, 1982 7.75
9.40%
125,000 July 1, 1983 8.00
125,000 July 1, 1994
125,000 July 1, 1984 8.10
9.50%
125,000 July 1, 1985 8.20
125,000 July 1, 1995
125,000 July 1, 1986 8.30
9.60%
8.40%
125,000
July
1, 1996
8.40
125,000 July 1, 1987
9.70%
8.55%
125,000 July 1, 1997
125,000 July 1, 1988 8.55
9.80%
8.70%
July
1, 1998
125,000
8.70
125,000 July 1, 1989
9.90%
8.85%
125,000 July 1, 1999
125,000 July 1, 1990 8.85
9.95%
9.00%
125,000 July 1, 2000
125,000 July 1, 1991 9.00
10.00%
9.10%
July
1, 2001
125,000
9.10
July
1,
1992
125,000
LEGALITY TO BE APPROVED BY BORGE& PITT, ATTORNEYS, CHICAGO,

9.25
9.40
9.50
9.60
9.70
9.80
9.90
9.95
10.00
ILLINOIS

Appleton, the county seat of Outagamie County, is located in the mideastern section of the State, approximately 31 miles southwest of
Green Bay, 180 miles northwest of Chicago and 257 m iles east of M inneapolis-St. Paul. Appleton is the largest of the seven cities and
villages along the Fox River that are frequently referred to as the “ Fox C ities” and comprise a population of over 200,000. The Fox River
Valley is one of the great paper making centers and as a result, a considerable number of other products used in the industry are
manufactured here, notably by firm s in the combined metal working, machinery, transportation and equipm ent fields. There are 45 paper
plants w ithin a 30 mile radius of the City and an estimated 40% of Appleton’s work force is engaged in paper production or related
businesses. Some of the largest employers in the City include: M iller Electric Manufacturing Company; Presto Products; Appleton Papers;
Zwicker K nitting M ills; A llis Chalmers; Foremost Foods; Rich Products; and Riverside Paper Company.
These bonds are being issued in accordance w ith W isconsin Statutes to provide funds to finance various improvement projects in the City.
In the opinion of counsel, these bonds are legal and binding general obligations of the City of Appleton, W isconsin, and all taxable property
located therein is subject to the levy of su fficie n t taxes to pay the principal of and interest on the bonds w ithout lim it as to rate or amount.

FINANCIAL STATEMENT
Equalized valuation, taxable property, 1980
Assessed valuation, taxable property, 1980
Net direct debt, including this issue
Total direct and overlapping debt
Population, 1980 estimate: 59,032

$1,124,834,510
708,400,806
32,976,341
38,033,901
Net direct debt per capita: $558.62
Total debt per capita: $644.29

There are no tax delinquencies in Appleton, Wisconsin, as according to Wisconsin Statutes the County absorbs
all delinquencies with the exception of personal property taxes.
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 reliable and is that on which our purchase of these bonds are based.
Bonds of a particular maturity may or may not s till be available or may now be available at a price or yield different from that indicated above.


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Des Moines Building • Des Moines, Iowa 50309 • 515-288-2152


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iiHmn

where com m on transactions are handled uncommonly well.

1

FIRST N A TIC )N A L L IN C O -N
13th & M Street • Lincoln, Nebraska 68 501 • Member, F.C>.I.C.

been with the bank and its holding
company since 1969.
DAVENPORT: Richard Horst has
been appointed vice president and
cashier of Davenport Bank & Trust
Co. Mr. Horst joined the bank in
March 1980, and was previously
correspondent banking officer.
LARRABEE: The Farmers National
Bank of Aurelia has filed with the
Comptroller of the Currency for
permission to open a new branch
office on North Main Street here.
OTTUMW A: The annual Group 11
Golf Day will be June 22 , not June 23
as was reported earlier. The event is
hosted by First National Bank,
South Ottumwa Bank and Union
Bank.
POCAHONTAS: B.H. Amlie, presi­
dent of the Commercial State Bank
from 1960 until 1979, died recently
from Parkinson’s disease. He was
also a director of the Farmers
National Bank in Webster City for 15
years.
SAC C ITY : The Garst family of Coon
Rapids has made an offer to purchase
the Jones family controlling shares of
Sac City, Ltd., a holding company
which owns Sac City State Bank.
George H. Pingrey, president of the
bank for the past 19 years, said that
no personnel changes will be made.
A. W . Jones founded the bank in 1926
and was succeeded by his son, Robert
D. Jones, who died in 1973. Sac City
State has about $30 million in assets.
The Garst family owns Iowa Savings
Bank in Coon Rapids, where Garst
headquarters is located, and has
other banking interests in the state.

Departm ent
For up-to-the-minute,
accurate information

companies and one additional office
for commercial banks. The bill must
receive a favorable vote by the
committee before it can reach the
house floor.

Nebraska News

LB 376, the multi-bank holding
company bill which passed the
legislature by a 25-24 vote May 28,
has been signed by Lt. Gov. Roland
Luedtke. The legality of the bill was
North Dakota News
challenged after Lt. Gov. Luedtke
BISM ARCK: Lyle Weismantel has
cast the deciding vote, and Governor
joined First Bank Bismarck as senior
Charles Thone refused to sign it into
vice president, effective June 15. He
law. However Lt. Gov. Luedtke,
was previously vice president and
acting as Governor, did sign it June 1
manager of the National Bank of
when the Governor was out of town.
South Dakota in Madison.
Now, with the signature, the bill is in
the custody of Secretary of State
South Dakota News
Allen Beermann, but won’t take
New SDBA officers for 1981-82
effect for 90 days.
The matter was brought before the recently elected at the annual
legislature May 29, with the convention in Sioux Falls are:
legislature reporting it considered the President- Nels E. Tumquist, chief
bill passed. The Nebraska Bankers executive officer and chairman,
Association reports that Attorney Natonal Bank of South Dakota,
General Paul Douglas plans to meet Sioux Falls; First Vice Presidentin the near future with banking Dean O. Mehlhaff, president, Eureka
representatives of both sides and State Bank; Second Vice Presidentstate officials to discuss the best way Charles W . Ekstrum, president,
First National Bank, Philip.
to bring the issue to court.

Minnesota News
RICHFIELD: The following promo­
tions have been announced at
Summit State Bank: Pete Patzke to
executive vice president, Steve
Jeatron to senior vice president and
Jeff Mack to vice president-commer­
cial lending.
WORTHINGTON: The Fed has
approved the acquisition of State
Bank of Worthington by N.W.
Bancorporation.

Grow
withthis
pro!

Illinois News
SPRINGFIELD: The Illinois House
Financial Inst. Comm, was scheduled
to discuss S.B. 578 on Thursday,
June 4 as this issue went to press. The
bill would allow multi-bank holding

UNITED MISSOURI BANK
OF KANSAS CITY, N.A.
10th and Grand o Kansas City, Mo.
816-556-7903
Member FDIC

Tom Steffens
Vice President

John Henderson
Vice President

Tony Paugoulatos Jim McLaughlin
Rusty Reese
Asst.Vice President Asst.Vice President Bond O ffic e r

Dave Wittenborn
Bond Representative

234-2462

234-2463

234-2647

234-2691

234-2673

wsi C ommerce Bank of Kansasaty hm.and


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M em ber FDIC

'

234-2674

(816) 234-2000

Colorado News
The Independent Bankers of
Colorado will hold a Marketing
Presentation meeting Friday, June
12, from 9:30 a.m. to 2:00 p.m. at the
Denver Airport Sheraton. The cost of
$12 includes lunch. IBC reports
Roger Ailes, a New York media
consultant, will present a bank
marketing program.

Insurance for
Financial Institutions

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 op portunities............$20,000 up
Ag Loan Officer seeks Illinois po sitio n............$23,000
Office Manager with well rounded operations
experience seeks new opportunity in Io w a ... .$23,000
Operations Officer with solid experience seeks new
op p o rtu n ity........................................................$24,000
Fed Land Bank Officer wants to join midwest bank
.................................................................... Salary open

Automated Systems of Iowa, Inc.
301 N. Ankeny Blvd., Suite 220
Ankeny, la 50021
515-964-1358

SERVING PROFESSIONALLY
Banking,Financial & Business Personnel
Iowa and Nationwide

CAPITAL PERSONNEL SERVICE
714 Central National Bldg. 515-283-2545
_______ Des Moines, Iowa 50309

— WANT ADS —
Rates are $5.00 per line per insertion.
Add $3.00 for file letters per insertion.
Identity of file letter advertisers
cannot be revealed.
Northwestern Banker
306 - 15th Street
______Des Moines, Iowa 50309______

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.______________

POSITIONS AVAILABLE
Trust O fficerform ajorN .E . Iowa bank .. .Salary Open
Ag Lender for Southern Illinois b a n k ..............$20,000
Second Person for S.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 Salary open
Second Person for N.W. Iowa bank.................. $25,000
Salary
open

CEO fo r$10 million western Illinois bank........$26,000
Ag Loan Officer for Indiana bank. Fine opportunity
.......................................................................$23,000 up
Write or phone Malcolm Freeland, Freeland Financial
Service, Inc., 306 - 15th Street, Des Moines, Iowa
50309. Phone (515) 244-8163. Employer pays fee.
BANKERS PARTICIPATING

asePlan,lnc.
545 - 31st Street

Des Moines. Iowa 50312

R. L. “DICK” SELLON

TRUST OFFICER - Central IA Bank needs heavily exp
indiv for Trust dept. JD a must! $30,000.
LENDER - Bank seeking Real Estate Loan Officer.
Need 2 + yrs exp processing ap’s, closing loans along
with packaging and selling on secondary market.
$ 20,000.

AG LENDER - NE IA Bank seeks Ag Business
graduate. $12,000.
LOAN OFFICER - Need 2-3 year Banker that knows a
broad spectrum of banking operations. $18,000.
SR. TRUST OFFICER - Nebraska Bank seeking
generalist. JD + + . $25,000.
INSTALLMENT LENDER - NE IA Bank is looking for
indiv with 2 yrs consumer lending exp. Degree a must.
$19,000.
ALL FEES COMPANY PAID.
FOR FURTHER INFORMATION
RESPOND IN CONFIDENCETO:
Bank Division

ROBERT HALF

of Iowa, Inc.

317 6th Ave.
Des Moines, IA 50309
(515) 244-4414

WANT TO BUY
WANT TO BUY used equipment to complete the
building of a new facility— used vault door, used
under counter equipment, teller counters, and any
other used equipment. Phone (308) 532-5570 and ask
for Vern Ehlers or write Box 69, North Platte, NE
69101._________________________________ (WTB)
USED NIGHT DEPOSITORY. Contact John A.
Hulshof, Little Rock, Iowa 51243. Phone (712)
479-2286._______________________________ (WTB)

ALL FEES COMPANY PAID

Ag Banking
Specialists8'^
When it comet to agriculture, banking and
p e n o n n e l. . . go to the specialists — go to
A G R Icaraars, Inc.
Progressive bankers pay us to find the people
they need.

AG LOAN OFFICER/INS. M G R ........ IA .$15-20,000
2ND MAN IN SMALL BANK.................N E .$15-22,000
[A S S T.V .P ./B R A N C H M G T.................IA .$16-22,500
INSURANCE MANAGER..................... N E .$16-19,000
SALES & MKTG. REP.-FINANQE . . . . N Y .$20-25,000
I COMMERCIAL LENDING O FFIC E R .. IA .$15-16,000

POSITION AVAILABLE
TRUST OFFICER for $80 m illion (assets) Trust
Department. Seeking attorney with 5 years trust
experience. Immediate opening due to retirement.
Excellent benefit package including a pension and a
thrift plan. Send background information, salary
history, and requirements to: Personnel Director, The
Waterloo Savings Bank, P.O. Box 88, Waterloo, Iowa
50704. “ An equal opportunity employer, M /F ”
(PA)
BANK EDP SALESPERSON - Knowledgeable person
to sell mini-computer systems to banks in Nebraska
and Iowa; $25,000. Phone Mark at 402/330-5040,
Benchmark Computer Systems-Omaha.________ (PA)
AG LOAN OFFICER - East Central Nebraska area. Two
to five years experience desired. Ag college graduate,
and prefer applicant being born and raised on a farm in
East Central Nebraska area. Write file NBH, c /o
Northwestern Banker._______________________ (PA)

Ag Loan Officer for western N. Dakota bank

PARTIAL LIST OF
AVAILABLE POSITIONS

POSITIONS WANTED
Executive Officer wants 1st or 2nd position in western
Iowa bank...........................................................$34,000

Ask our banking specialist. Undo, w hat's
available without cost or obligation.

(515) 394-3145
■ NEW HAMPTON, IA 50659

PERMANENT OR TEMPORARY - Sale or lease
financial facilities. Available immediately: 12’x40’ w /2
DUW’s in Nebraska, 14’x60’ in Missouri, 24’x60’ in
Illinois, and 12’x50’ in Minnesota. SON CORPORA­
TION, Box 684, Wichita, KS, 67201, (316) 942-8167,
call collect. __________________________ (FSorLS)

FOR SALE
BLOCK 10 Drawer Note Bus for sale. Call John Campe
or Pat Brennan at the Klossner State Bank, Klossner,
Minnesota 56053, (507) 354-8899.______________(FS)
Burroughs S-100012 pocket proof machine. Like new.
Towner County State Bank, phone (701) 968-4421 .(FS)
Used Mosler drive-in teller unit. Phone (307) 532-2174.
_________________________________________ (FS)
TWO DOCUTEL ATM’s - TT300. Three years old (good
machine) and T5 Total Teller good for parts. Also, (1)
Docucoder III Magnetic Plastic Card Encoder.
Contact-Judy Fisher, Central National Bank, P.O. Box
A, Sterling IL61081. Phone: (815)626-4321.
(FS)
NCR 7750-2211 12 pocket proof machine. Used 11/2
years excellent condition. State Savings Bank,
Cantrill, lowa52542. Phone(319)397-2401.
(FS)

J3qnCAREERS, INC,
I

J

THE ORIGINAL AGRICULTURAL RECRUITER

POSITIONS AVAILABLE
OPERATIONS - $50 MM southern Missouri bank
desires operations officer w ith degree and supervisory
experience. Advancement possible.
$25,000
JUNIOR OFFICER - opportunity to become Cashier of
$75MM bank. Immediate duties involve supervision of
lobby and branch personnel. D.P. knowledge helpful.
$18,000
COMMERCIAL OFFICER - $80MM metro-area bank
has opening for officer with real estate and
commercial loan experience. Must have superior
business development skills.
$22,000
JUNIOR OPERATIONS - Iowa bank of $50MM seeks
recent college graduate with previous bank
experience. W ill train for mid-management position.

$12,000
NATIONAL ACC’TS. OFFICER - major midwestern
bank has opening for experienced commercial loan
off icerto join their national accounts division. $40,000

UPDATE YOUR ALARMS

LENDING OFFICER - position requires 2-4 yrs.
general lending experience and some knowledge of
ag-credits. Degree desired.
$16,000

Security and video system s profes­
sionally designed to fit all your needs.

SECOND OFFICER - excellent opportunity with new
suburban bank. Position requires commercial loan
and business development experience.
$30,000

For inform ation and com plete survey
call:

Inquiries held in confidence. Please forward salary
history and resume’ to:

SECURITY SYSTEMS, INC.
3920 Delaware
Des Moines, IA 50316 [515] 265-1161

P.O. Box 12346,2024 Swift
North Kansas City, MO 64116
816/474-6874

TOM HAGAN & ASSOCIATES
of Kansas City

“ Servi ng the Banki ng I ndustry Since 1970”

Vol. 10 No. 7 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.
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