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■H SnH 'C À ^ i N f i v i u n e v Vol. 9 No. 7 Des Moines, Iowa “ Bank Regs Aid Competitors” ERTAIN contradictory and in C effective laws and regulations govern in g in ¡-4 nR 4 vestments are cou n ter - p r o ductive to the g o v e rn m e n t’ s stated goal of “creating a level playing field be tween financial intermediaries, for encouraging savings and for L. E. GUNDERSON stopping inflation,” according to Lee Gunderson, president-elect of the American Bankers Association. Mr. Gunderson, who is also presi dent of the Bank of Osceola, W is., expressed his concerns about the regulations a ffectin g b a n k in g’ s ability to compete during the Na tional Conference of American In stitute of Banking Leaders held re cently. “ A t a time when banks need all the flexibility we can muster to serve our customers and commun ities, we find ourselves subject to laws and regulations—both pro posed and already on the books— which are out of step with the times. Furthermore, they are contradic tory, non-productive and increas ingly expensive to comply with,” Mr. Gunderson said. To achieve a “ level playing field” for financial institutions, Mr. Gun derson said the A B A is working to end situations where bank regula tion is “ used as a weapon against banks by our competitors. ” He cited the recent growth in money market funds as a prime example. Money market funds have gained more than $62 billion in assets in less than two years, primarily because banks and other traditional depository in stitutions are subject to federally controlled interest rate ceilings whereas money funds are not, Mr. Gunderson said. He added that, unlike banking, money funds have no penalty for early withdrawal and can operate freely on a national basis—all of which add up to a competitive dis advantage for banks and other financial institutions. Mr. Gunderson also warned that consumers are often misled by the money funds’ use of banking terms such as check, deposit and with drawal. “ The consumer may be fool ed by ads using such terminology which imply that the money fund offers some things that bank deposi tors take for granted . . . such as federally insured deposits . . . or a constant interest rate yield.” In working towards a more com p etitive financial environm ent, A B A ’s Money Market Mutual Fund Strike Force has taken definitive action, Mr. Gunderson said, includ ing: June 9,1980 • A request to the Securities and Exchange Commission to immedi ately enforce a rule that “ prohibits misleading statements that omit explanations, limitations or other statements necessary to clearly de fine the investment being offered.” • Commending the Federal Re serve Board for imposing reserve re quirements on the money market mutual funds, and recommending MONEY FUNDS . . . (Turn to page 3, please) Drovers Bank, Chicago Sponsors BP Check g sa «ef m if iSTED ■i LOBBY RS BANK 91 Frank E. Bauder, pres., Drovers Bank of Chicago, was the first to have his blood pressure checked by Judith Drich, a nurse from C entral C om m unity H o sp ital, Chicago, during three days of blood pres sure screening at the bank. The program was co-sponsored by the bank and the hospital. More than 500 people had their blood pressure taken. Don't gam ble w hen choosing a correspondent bonk. Com e to the professionals. «srefwg For any correspondent banking need . . . overline assistance, data processing services, investment counseling . . . just give us a call. W e're the professionals w ho put the response in correspondent bonking. Central National Bank & Trust Company DES MOINES • MEMBER FDIC • TOLL FREE NUMBER (800) 362-1615 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis r_i— ISwiSl JBjraA V&Sv ^ j j f Eddie A. Wolf, Sr. Vice President « 2 CALL ON THE “PERFO RM ANCE TEA M ” m o m where com m on transactions are handled uncommonly well. FIRST NATIONAL LINCOLN 13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C. Iowa News CLARION: Larry Ites has joined the First National Bank here as an assistant vice president. He was previously with the Webster City PC A , Security State Bank at Shel don and Commercial Equipment Corp. EARLH AM : Richard Z. W olf, formerly president of the Union Savings Bank, Manchester, Mich., has joined the Earlham Savings Bank in an executive position. MUSCATINE: L.G. “ Larry” Ham burg has accepted the position of vice president and cashier of the new Community National Bank in Mus catine, which recently completed its public stock offering and is schedul ed to open for business July 1. Mr. Hamburg has been in banking in the Sioux City area for several years. Nebraska News The NETS board of directors on June 2 voted to continue with MICOR for a one-year contract and two one-year options. The current contract, which expires in October, 1980, was for three years. NETS di- C ana BANKERS’ BANKER 1-800-362-1688, toll-free in Iowa rectors met in the preceding week with officials of the Iowa Transfer System to discuss an ITS proposal that it become the central switch for both states. As reported earlier, two of the NETS processing banks—First Na tional and National Bank of Com merce, both of Lincoln—presently are incompatible with ITS, although the other processing banks are. Although no reference was made to this in announcing the new one-year contract with MICOR, it is believed the NETS interest in a joint opera tion with ITS continues. change for the Calumet State Bank. The bank will move from Calumet to Grand Rapids and will be known as the Itasca State Bank of Grand Rapids. A detached banking facility will operate at the former Calumet location. Ron Nelson of Grand Rapids will continue as president. AUBURN: Keith A. Bourn has been named executive vice president of the Carson National Bank here. He formerly held a similar position at the Martell State Bank and has served with banks in Lexington and Wyoming. Illinois News HARRISON: The Sioux National Bank here has received consent from the department of banking and finance to convert to a state bank and to transact a limited trust com pany business in a trust depart ment. The bank will operate as the First Sioux Bank. NELIGH: Promoted recently at the National Bank of Neligh were Ralph C. Schrader, cashier to vice presi dent; Carolyn Johnson, assistant cashier to cashier; Barbara C. Hughes, assistant cashier to trust officer, and William R. Bates and Kirk K. Cisler to loan officer and assistant cashier. OAKLAND: Robert J. Keating, a 1980 graduate of Wayne State College, has joined the Farmers & Merchants National Bank in the in surance department. OM AH A: Robert J. Thilgenhas left his post as president of the Nebras ka State Bank of Omaha to assume the presidency of the First Nebraska Savings Company of Papillion. He had been president of the bank since 1978. Minnesota News https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CALUMET: The Minnesota Com merce Commission has approved a relocation and corporate name EMMONS: The conversion of the First National Bank of Emmons in Freeborn County to the First State Bank of Emmons has been complet ed. A state bank charter was issued effective June 2. Herbert A. Lund is president and managing officer. COAL VALLEY: Funeral services were held in April for Gustav Dick, 65, chairman of the Coal Valley State Bank. A Moline resident, Mr. Dick was a retired Deere & Co. exec utive and had served as the bank’s chairman since 1971. ELMHURST: Carl A. Lofgren has been appointed comptroller of the Elmhurst National Bank. Gene vieve M. Carbray was promoted to assistant cashier. 4^ South Dakota News SIOUX FALLS: Three promotions were announced recently at the Northwestern National Bank of Sioux Falls. They are Leonard S. Dankey, personal loan officer, Westwood office; Robert C. Oliver, commercial loan officer, main office, and Marilyn J. Murray, personal banking/student loan supervisor, main office. Colorado News LITTLETON: Jack Todd has been promoted to assistant vice presi dent, cashier and security officer of i------------------------------------------------- i i □ I would like to sell my majority bank stock. □ I would like to buy ma jority bank stock. ! I I i I I Please Contact: J. Mason Henry Charles E. Walters Co., Inc. P.O. Box 1313, Omaha, Nebraska68101 Phone: (402)553-6400 L ________________ I I i i I ' ,v ■^7 Supplement to Northwestern Banker Newsletter 6-9-80 C a r le to n D . B eh C o . Investment Bankers/Financial Consultants NEW ISSUE SALE DATE: June3,1980 $26,000,000 AMES, IOWA MOODY’S: MIG 2 Electric Revenue Pledge Orders, Series 1980 Dated: June 1,1980 Denomination: $25,000 Both principal andsemiannual interest (June 1 and December 1, first coupon due on December 1,1980) payable at the Office of the City Treasurer, Ames, Iowa; and Citibank, N.A., New York, New York. IN THE OPINION OF COUNSEL INTEREST ON THESE PLEDGE ORDERS IS EXEMPT FROM ALL PRESENT FEDERAL INCOME TAXES AND ALL PROPERTY TAXATION IN THE STATE OF IOWA. MATURITY $26,000,000 6.75% due J u n e l, 1981 6.25% LEGALITY TO BE APPROVED BY BELIN, HARRIS, HELMICK & LOVRIEN, ATTORNEYS, DES MOINES, IOWA The City of Ames is located in Central Iowa, approximately thirty-two miles north of the City of Des Moines, the State capital. Incorporated in 1869, the City has experienced steady growth and has become the principal city in Story County. The City occupies an area of approxi mately 20 square miles and has a population estimated by the City to be 46,796. While the City is adjacent to and is within the economic influence of the Des Moines/Polk County Standard Metropolitan Statistical Area, it maintains a unique cultural and economic identity in the Central Iowa region. Iowa State University, with an anticipated fall 1979 enrollment of 23,400 and a staff of over 7,000, is an integral and major part of the community. Major industry provides a considerable proportion of local employment and contributes significantly to the economic vitality of the City. Ames also serves as a retail center, with a regional shopping center complementing retail and service establishments. The Ames Municipal Electric Light and Power Plant and System was established pursuant to an election in 1896. Since that time the system has been periodically updated within the area of generating capacity and distribution facilities. The System now serves the entire City, as well as certain installations of Iowa State University, either by direct service or by wheeling power generated by the Iowa State University generating facilities, which system is interconnected with that of the City. The present service boundary of the Ames Electric Utility covers an area of approximately 19 square miles and includes approximately 12,300 residential customers, 1,400 commercial cus tomers, and 170 industrial customers. These Pledge Orders are being issued pursuant to the provisions of Chapter 384, Code of Iowa, 1979, as amended and constitute a promise to pay out of the Net Revenues of the Municipal Electric Utility. In the opinion of counsel, these Pledge Orders are a first lien of the follow ing bond issues: Electric Revenue Bonds, Series 1978,1971,1968 and 1967, all of which are payable solely and only from the future net revenues of the Municipal Electric Light and Power Plant and System of the City. EARNINGS STATEMENT Year Ended June 30 V Total revenues Total expenses Net Revenues 1979 $12,349,883 8,249,588 $ 4,100,295 1978 $9,810,800 6,903,917 $2,906,883 1977 $8,647,535 6,496,445 $2,151,090 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 ou r purchase of these bonds was based. Offered subject to prior sale and change in price. https://fraser.stlouisfed.org Des Moines Building • Des Moines, Iowa 50309 • 515-288-2152 Federal Reserve Bank of St. Louis 607 Marquette Ave. • Minneapolis, Minnesota 55402 • 612-332-8825 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Working for Bache Is often our brokers’ second encounter with S U Some were in sales. Some were brokers elsewhere. Some were entrepreneurs. Most were successful. What they have in common is a trait we seek in all our people—a winning attitude. Ifyou have been successful selling on commission or have owned your own business, you have already exhibited to us that you want to write your own paycheck. However, you still might be selling yourself short. We offer an uncommon alternative: no territories, no quotas, no income ceilings. Bache is one of the world’s largest investment banking and brokerage firms and we could offeryou the same incentives we offer all our brokers, a prestigious job with a truly unlimited income potential. If you’re selected to become one of our brokers, you’ll receive what we believe to be one of the best training programs in the business. You’ll be selling over 65 financial products and services, and you’ll benefit from the kind of research, marketing services and computer tech nology that a major full-service firm like Bache can provide. If you’d like to consider becoming a Bache broker for the prestige, unlimited income potential, minimal travel or, in short, the opportunity to pursue a higher level of success, please get in touch. We might like to consider you... Call Gregory Fisk, toll free (800) 221-5737. Positions available in our Des Moines office. t Bache The winning attitude at Bache. Put it to work for you. Bache is an equal opportunity employer m / f . More than 190 offices worldwide • Member SIPC Member of all leading exchanges https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Supplement to Northwestern Banker Newsletter 6-9-80 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Randy Smith, ag loan officer and manager of the agricultural depart ment. l'Opportun ity% Knocks..." W North Dakota News A SK TER R Y MARTIN to make MNB work for you. Toll free 1- 800 - 332-5991 Merchants A National Bank 151 Member F.D.I.C. A BANKS OF IOWA' BANK the Arapahoe Colorado National Bank. James A . Hesman was named an assistant vice president, and Robert Collins III was promot ed to loan officer. Montana News HAVRE: Several appointments have been announced at First Bank Havre including: Melanie Dickin son, commercial loan officer; Karen Miller, personnel officer; Bill Filler, manager of the instalment loan de partment; Tom Kuka, instalment loan representative; Don Lloyd, compliance and loan review repre sentative; Farrel Alleman and John S to tt, m anagem ent a ssociates; Jean Scofield, operations officer; Carolyn B egger, auditor, and Call our Bond Department For up-to-the-minute, accurate information The following North Dakota banks have increased their amounts of capital stock by stock dividends: Bank of Beulah, $300,000 to $600,000; Grant County State Bank, Carson, $150,000 to $200,000; First State Bank of Casselton, $100,000 to $300,000; American State Bank, Dickinson, $100,000 to $500,000; Stutsman County State Bank, Jamestown, $500,000 to $600,000; American State Bank, Killdeer, $300,000 to $450,000; American State Bank, New Eng land, $100,000 to $250,000; Citizens State Bank of Ray, $180,000 to $270,000, and Strasburg State Bank, $100,000 to $105,000 (by cash subscription). GOODRICH: Roy W . Dockter has joined the First State Bank of Good rich as a loan officer. He succeeds Magnus Meier who has accepted a position at the newly-established West River State Bank at Hetting er. Wyoming News CHEYENNE: James L. Hunnicutt has been named to succeed Roger Schreiner as executive vice presi dent of the Wyoming State Bank. Mr. Hunnicutt, who will serve as managing officer, formerly was vice president and manager of the con sumer loan department at the First National Bank and Trust Company of W yoming in Cheyenne. SHERIDAN: Construction is un derway for a new nine-lane drive-in banking facility for the Bank of Com m erce here, a ccord in g to Robert Ferril, president. The archi tecture will feature wood beams with crushed marble panels and copper trim. MONEY FUNDS . . . (Continued from front page) that reserve requirements be made permanent. • Repeated requests to the new Depository Institutions Deregula tion Committee to “ consider com petitive conditions surrounding the operations of regulated depository institutions versus those of the money market funds.” In addition, A B A has also expressed support for legislative authority that will “ en able banks to create new types of de posit instruments or to alter the terms of existing instruments to better compete for depository dol lars with the money fund invest ment vehicles,” Mr. Gunderson said. Reform Mr. Gunderson added that the money fund situation makes it im portant for banks “ to press our case for reform of the Glass-Steagall A ct with extra effort. This would permit banks to underwrite municipal revenue bonds, offer commingled agency accounts and other competi tive services that would greatly benefit the public, as well as bank ing's competitive picture.” Pressing for such reform will help make “ the new decade one that bankers and consumers can look for ward to with confidence,” he con cluded. □ m m Tom Steffens Terry Mercurio Jim McLaughlin Vice President Vice President Asst.Vice President Asst.Vice President Vice President Bond Representative 234-2462 234-2458 234-2673 Tony Paugoulatos 234-2674 234-2647 C o m m e r c e BANK o f Kansas City M em ber FDIC https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ' \ John Henderson 234-2463 10th and Walnut Rusty Reese (816) 234-2000 4 BANKERS PARTICIPATING I LeasePlan.Inc. 545 - 31st Street Des Moines. Iowa 50312 R. L. “DICK” SELLON • P.D. “DUANE” DEVAULT KINGSTON-FPC, Inc., one of the West’s leading bank placement firm s, is seeking qualified per sons in the following areas for positions in the Sunbelt: Trust Operations to$28K Trust A uditor 27K Cashier (new bank) 30K These other opportunities are now open! If you are a capable BANKER . . . interesting in locating in the West, send you resume in confident to: KINGSTON-FPC, Inc. 3030 N. Central Ave. - Su ite 1017 Phoenix, AZ85012 or Cal I at: (602)264-1484 W ANT ADS Rates 50 cents per word per insertion. Ad $2 for file numbers. Identity of file number advertisers cannot be revealed. Payment in advance, please. NORTHWESTERN BANKER 306-15th St., Des Moines, Iowa50309 PARTIAL LIST OF AVAILABLE POSITIONS ASST. VP—Good spot fo ra generalist. Small bank in rural community wants a person that can help them grow. $20,000 LENDING—Great opportunity to join a solid bank and grow with it. Responsibilities are general in nature and you w ill be groomed for the #2 spot. $18,000 TRUST—Senior officer. Experience needed. W ill eventually take full responsibility for department. $22,000 EVP— Must have sol id experience and be able to run a small bank. Should have experience in commercial and ag. $28,000 #2— Ground floor opportunity with new charter. W ill be involved w ith all aspects of the bank. $25,000 EVP— Minnesota bank. Must have BA degree w ith 5 + years experience. Ideal background w ill have both commercial and ag lending. $32,000 ALL FEES PAID BY MANAGEMENT For further information respond in confidence to: r o r lunni Bank Division H ROBERT HALF ® of Iowa, Inc. 317 6th Ave. Des Moines, IA 50309 (515) 244-4414 FOR SALE OR LEASE Portable Modular Bank Building One Olivetti P-603 posting machine with a BRD disc. $1,800. Call (515) 245-7222._____________________ Saxon Bond Copier. $800. Call (515) 245-7222. Lease • Rent • Buy Estate Appraisals Purchase of Collections Please call for details: Sale of Rare Coins General Bank Equipment & Systems, Inc. Reliable and respected service for over 20 years 13312 Giles Road Omaha, Nebaska68138 Phone: (402) 895-6200 AG BANKING CAREERS SENIOR LOAN OFFICER. . .In d ia n a ........ $16-23,000 CREDIT MANAGER. . .O h io .......................$23-25,000 AG LENDING OFFICER. . .SE Minnesota $16-18,000 COMMERCIAL. . .Io w a .............................. $20-25,000 LOAN OFFICER. . .Io w a ............................ $15-20,000 CREDIT SUPERVISOR. . .Ohio ................$17-21,000 Since 1968, banks and other ag-related employers have been paying us to find the personnel they need. For more information, give Linda (our banking spec ialist) a call today. B O H C4REERS, IN C m J AGRICULTURAL PERSONNEL RECRUITERS (515394-3145 New Hampton, IA 50659 Our credit union is looking for someone to take charge in areas of electronic funds transfer. We are an aggressive credit union and desire to hire an experienced person to move us rapidly for ward in this growing field. The person we select w ill be responsible for the further development of our current programs in the areas of EDP, direct deposit, ATMs, demand deposit accounts (share drafts) and will come to us with complete working knowledge in these areas. Your reply to this ad should contain complete job and training biography, current and required wage requirements. Applications will be ac cepted through June 30,1980. A ll replies should be mailed to: Layton Stump, Manager John Deere Employees Credit Union 1827 Ansborough Avenue Waterloo, Iowa 50704 Phone (319) 235-4441 Executive Officer to manage new head office of Landmands National Bank in Audubon, Iowa. Contact Bruce Lauritzen, Box 3128, Room 525, Omaha, NE 68103; or phone (402) 341 -7030.______________ (PA) Bank President needed in suburban Omaha (Neb.) bank. Assets $10 m illion. Great opportunity; salary negotiable. Send resume to file KBL, c/0 Northwestern Banker._______________________________ (PA) Used by bankers throughout the midwest Ben E. Marlenee Coins 913 Locust Des Moines, Iowa 50309 515-243-8064 POSITION WANTED Christian banker, with 19 years experience in opera tions and lending, seeks new opportunity. Write or call Freeland Financial Service, Inc., 306 15th St., Des Moines, IA 50309; or call (515) 243-8163. Employer pays fee.__________________________________(PA) Trust Officer in major midwest bank seeks new oppor tunity. Excellent references and qualifications. Con tact Malcolm Freeland, Freeland Financial Service, Inc., 306 15th Street, Des Moines, IA 50309. Call (515) 244-8163. Employer pays fee.________________ (PW) CEO in north central community bank seeks new opportunity. Excellent track record and references. Contact Malcolm Freeland, Freeland Financial Serv ices, Inc., 30615th Street, Des Moines, IA 50309. Call (515) 244-8163. Employer pays fee.____________ (PW) Iff you are seeking a qualified officer fo r your bank, call Malcolm Freeland, president, Freeland Financial Service, Inc. at (515) 243-8163. Experienced people are available from $20,000 to $40,000. Employer pays service fees._______________________________ (PA) Ag Banker with ISU degree wishes to relocate in central Iowa. Write or call Malcolm Freeland, Freeland Financial Service, Inc., 306 15th St., Des Moines, IA 50309. Phone (515) 244-8163. Employer pays fee. (PW) SERVING PROFESSIONALLY Banking, Financial & Business Personnel Iowa and Nationwide POSITIONS AVAILABLE EXECUTIVE VICE PRESIDENT— New charterin excellent suburban area. Opportunity for#1 spot in 2-3 years................................ 30K AGRI LOAN— Position w ill be second officer in Rocky Mountain bank. Prefer 5-7 years experience................................................... 25K INVESTMENT OFFICER— Manage entire port folio for $50MM midwestern bank. Finance degree desirable..............................28K SENIOR ANALYST— Background in analysis of banks and related financial institu tions required. PreferCFA. 28K OPERATIONS OFFICER—3-4 years experience w ith a large bank desired. This is the #2 spot with opportunity to advance to top spot................................................................ 22K COMMERCIAL LOAN—$30MM suburban bank seeks lending officer with commercial and real estate experience. W ill advance to executive vice president........................... 25K JUNE IS JR. OFFICËR MONTH We are featuring experienced officers in the 14M to 18M range. If you are in the salary bracket and want to make a change or if your bank is looking for a junior officer, ptease eaH us. CAPITAL PERSONNEL SERVICE TOM HAGAN & ASSOCIATES OF KANSAS CITY 714 Central National Bldg. 515-283-2545 Des Moines, Iowa 50309 P.O. Box 12346 / 2024 Swift North Kansas City, Missouri 64114 ________________ (816) 474-6874________________ Vol. 9 No. 7 Northwestern Banker Newsletter [USPS 873-300] is published weekly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309. Subscriptions 25 cents per copy, $8.00 per year. Second class postage paid at Des Moines, Iowa. Address all mall subscriptions, changes of address [Form 3579], manuscripts, mail items to above address. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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