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Vol. 9 No. 47 Des Moines, Iowa A t Banking Leadership Conference— A B A Supports Federal Spending Cuts T T H E American Bankers Association’s Banking Leader ship Conference held in Washington on February 25-27, the more than 400 bankers attending the meeting passed overwhelmingly the follow ing resolution of support for the national economic recovery pro gram, now pending before the Congress, to achieve national economic self-discipline: “ The battle to control inflation is so important that we cannot afford to disagree over details. “ The urgent and overriding need is to reduce the growth of government significantly; the econ omic health of the American people depends on it. “ The American Bankers Associa tion enthusiastically supports the proposed spending reductions, knowing full well that some o f the cuts will apply to programs we favor. They should be enacted as soon as possible. “ Tax cuts are needed to encourage savings, investment and productivity, and these also should be enacted quickly. However, they should not be allowed to increase the federal deficit. “ W e also continue to support monetary restraint to control inflation and regulatory reform to lift unproductive and inflationary burdens imposed on all citizens and businesses. A “ The American Bankers Associa tion will act on its own, and it will encourage its member banks, to support the national economic recovery plan. I t may be our last opportunity to put America on the road to economic self-discipline and health.” Current Status A s of this writing, the Senate leadership apparently intended to speed up the legislative process by imposing spending limits at the start o f the process. B y utilizing this approach, the Senate budget committee sets an overall spending limit within which the appropria tions committee and its subcommit tees must make their decisions. B y M ay 15, all spending author ization bills must have been approved by the relevant commit tees, and the Congress must agree on an overall spending ceiling via its first budget resolution. B y September 15, Congress must agree on a “ final and binding” budget resolution for the federal fiscal year which starts in October. March 16,1981 A B A will report Congressional action on the economic recovery plan via recordings on its toll-free telephone number: 800-424-2871 (D.C.: 467-5288), 8 a.m. to 9 p.m. Eastern Time daily. W ith much o f the world watching to see whether Congress will be able to discipline itself, and with members of Congress looking to their constituents for the political support that they must have in order to make difficult decisions, it can be expected that far-reaching actions will be taken between now and September 15, The A B A statement said. Whether these actions are positive or negative depends in large part on the politicians’ perception o f the w ill of the people. And it is in that arena that bankers have an opportunity to make a difference, A B A emphasizes. Bankers Comment Sought In adopting their resolution supporting the economic recovery plan, the members of A B A ’s Banking Leadership Conference urged the members of the A B A to use their own influence as commun ity leaders to generate support for these proposals at the grass roots. M any bankers will have opportun ities to comment on the effort to achieve national self-discipline over the next few months while the proposals are being debated in Congress. I t is only through their perception o f what the people want that the members o f Congress will Don't gam ble when choosing a correspondent bonk. Com e to the professionals. For any correspondent bonking need . . . overline assistance, d ata processing services, investm ent counseling . . . just give us a call. W e're the professionals w h o put the response in correspondent bonking. Central National Bank & Trust Com pany DES MOINES • MEMBER FDIC • TOLL FREE NUMBER (800) 362-1615 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W illiam D. Greaves, Vice President W hen It conies to total service, you’ll get a lot of help for your money. IOWA . nesMoines A m N A T IO N A L la te o f N o rth w e s t B a n c o rp o ra tii BANK Banco« be able to make spending cuts that are necessary but politically un popular. I f the economy is to be turned around, disagreements over in dividual details will have to be submerged by the general need to rescue the nation’s economy, A B C concludes. □ Iowa News A seminar titled “ Management of Conflict and Change” will be conducted by the National Associa tion o f Bank Women A pril 9-10 at the H yatt House in Des Moines. The $225 cost per person includes luncheons both days, seminar workbook and handout materials. Members o f the N A B W Education Foundation staff from Chicago and outside consultants will conduct the seminar. This is the third in a series of similar training sessions initiated a year ago by N A B W and offers information and techniques applied "Opportunity ww I\Ji I l a 9 e e e Robert Scott, Correspondent Banker to actual banking situations. Based on N A B W ’s principal thrust toward education, the first seminar was on “ Management Skills,” centering on self-study modules; the second was a “ Management Process” seminar, offering self evaluation, and this third is the follow-up to the previous seminars. The first day will give a look at positive and negative aspects of change, the bank’s climate for dealing with conflict, and assess ment o f one’s own conflict management style. The second day will offer simulation in change, conflict change intervention strate gies and when to use them, and action plans for change. Norma Harmison of Warren County Brenton Bank and Trust, Indianola, is seminar director. replacing Larry Hutchinson, who recently accepted the position of president o f the Momingside State Bank in Sioux City. * * * SPE N C E R : Dave A w try has joined Spencer National Bank as an officer, after resigning as vice president at Dickinson County Savings Bank, Milford, to accept the new position. A n ID E A Annuity training meeting, sponsored by Iowa Bankers Insurance & Services and Iowa Bankers Association, will be held March 25 from 9:00 a.m. to 4:00 p.m. at the Des Moines H yatt House. C E N T E R V IL L E : A t the Center ville National Bank, W .R . Rush has been promoted to executive vice president. Mr. Rush has been with the bank 25 years. Also, Richard Park has been promoted to senior vice president. O pportunity Town Clock Plazo. Dubuaue. Iowa Coll 319-582-1841. COLLECT https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis V A N H O R N E: Keith Lazar has been promoted to executive vice president o f the Van Horne Savings Bank. Mr. Lazar joined the bank’s affiliate, Tama State Bank, in 1974. CRESTON: Funeral services were held here last week for John C. Elliott, president of Seymour State Bank in Seymour. DES M O IN E S : The Iowa Invest ment Bankers Association will hold its annual meeting Thursday, March 19, in the Hermitage Room at the Des Moines Club, 34th floor of the Ruan Building. Bill Goodwin of R.G . Dickinson Co., Des Moines, president o f the IIB A , will call the meeting to order at 4:45 p.m. This session will be followed by the board of governors meeting, with cocktail hour immediately following, and dinner at 7:00 p.m. Dinner speaker will be Johnny Orr, head basketball coach at Iowa State University. E L D O R A : Roger W . Martin has been elected vice president o f the Hardin County Savings Bank. Mr. Martin was previously cashier. America* & Savings Dank S IO U X C IT Y : Keynote speaker for the 1981 Women’ s Seminar to be hosted April 2 by Security National Bank will be Jessica Savitch, Washington correspondent and an anchor for NB C -TV. The “ Excel lence in the ’80s” theme will offer three workshops—one on credit, one on understanding money, and a third on expanding personal growth, the latter conducted by Kathy Fisher, human resources director for the Iowa Bankers Association. Tickets for the seminar are $15. Interested persons may contact Dave Holub, marketing director for Security National. N E W T O N : Jerome L. Ballard has joined the Jasper County Savings Bank as vice president and cashier, ASK STAN FARMER 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 Carleton D. Beh Co. Investment Securities ■ Des Moines Building • Des Moines, Iowa 50309 ■ 515/288-2152 S&PRating ___________ Below is a summary of certain information contained in the Preliminary Official Statement relating to an offering of Floating Rate Student Loan Revenue Bonds and is not intended to be complete. This memorandum is not a substitute for, nor a part of, the official documents whose contents shall prevail in the event of any conflict. The final documents are in final draft form; however, we have not verified for comparison purposes the contents of the final official documents. $40,000,000 IOWA STUDENT LOAN LIQUIDITY CORPORATION Floating Rate Student Loan Revenue Bonds, 1980 Series A Dated: March 1,1981 Due: March 1,1996 Issuer. Iowa Student Loan Liquidity Corporation, an Iowa nonprofit corporation organized pursuant to 504A of the Code of Iowa and in compliance with the provisions of the Higher Education Act of 1965 and Section 103(e) of the Internal Revenue Code of 1954, as amended. The Bonds. $40,000,000* aggregate principal amount of Floating Rate Student Loan Revenue Bonds, 1981 Series A, maturing March 1,1996. Interest on the 1981 Series A Bonds is payable semiannually on each March 1 and September 1 commencing September 1, 1981. Floating Rate Formula. . . The interest rate on the 1981 Series A Bonds will be based on a per annum interest rate which is the arithmetic average of approximately------%* of the bond equivalent interest rate applicable to 13-week United States Treasury Bills. The rate will be calculated and adjusted on the basis of the results of the regular weekly Treasury Bill auction In no event will the interest rate on the 1981 Series A Bonds be less than 6% or greater than 131/2% per annum. tfoor«feS /^®v®nu® an^ Security. (1) Existing or new Eligible Student Loans to be acquired with approximately $32,885,000* of Bond proceeds. Each Eligible Student Loan will have an annual interest rate of at least 7.00%, and will be insured as described below. (2) Debt Service Reserve Account to be funded from Bond proceeds and required to be maintained in an amount equal to 11% of the outstanding principal amount of Bonds of any series. (3) Loan Reserve Account to be funded from Bond proceeds and required to be maintained in an amount equal to 3% of the outstanding principal amount of Bonds. (4) Revenues from Federal interest subsidy payments and special allowance payments on Eligible Student Loans. (5) Additional accumulation of excess revenues, if any, which will be used to redeem Bonds until such time as the payment of the Bonds has been provided for. Insurance. All Eligible Student Loans acquired by the Corporation will be (1) covered by 100% guarantee of principal and accrued interest by the Iowa College Aid Commission and reinsured between 80% and 100% of claim payments made on defaulted Eligible Loans by the Secretary of Education; or (2) covered by 100% insurance of principal and accrued interest by the United States of America under its Direct Federally Insured Student Loan Program. Redemption. The 1981 Series A Bonds are subject to redemption prior to maturity at the times and the redemption prices described in the Official Statement including (a) mandatory sinking fund redemption, (b) cumulative sinking fund ♦k h m m i © n c re^®mPt'on made from the Optional Redemption Account. It is anticipated that a substantial portion of the 1981 Series A Bonds will be redeemed at par prior to their stated maturities pursuant to the sinking fund provisions of the Supplemental Resolution. Use of Bond Proceeds. Approximately $32,885,000* will be reserved for the acquisition of existing and new Eligible Student Loans, $4,400,000* will be deposited into the Debt Service Reserve Account, $1,200,000* will be deposited into the Loan Re?eJ7e^ C™ rlt ’ $225<000* wMI be deposited into the Operating Account for the Corporation’s initial operating expenses, and $1,290,000 will be used to pay costs of issuance and Underwriters’ discount. The Federal Guaranteed Student Loan Program was established by the Higher Education Act of 1965, as amended. Student loans originated by commercial banks, savings and loan associations, credit unions, and state agencies may be directly insured by the federal government through its Federal Insured Student Loan (FISL) Program or such loans may be guaranteed by a state agency (GSL), which in turn reinsures with the federal government. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis In Iowa the Iowa College Aid Commission operates as the guaranty agency and maintains a loan reserve account equal to 2% of the loans guaranteed. Under the terms of the guarantee the agency pledges 100% reimbursement on each loan it administers. The Commission was established in May, 1979. As of December 31,1980, a net amount of approximately $115 million in student loans has been guaranteed. The loan reserve account maintained by the Commission had a market value of $4,959,270 as of December 31, 1980. On August 16,1978, the Commission and the Secretary of Education entered into a reinsurance agreement (the Guaranty Agreement), which provides for reimbursement by the Commission acting in its role of guarantor for amounts expended by the Commission in discharge of its obligations. For the period ending August 16, 1983, the Secretary is required by the Higher Education Act to pay 100% of the amounts expended by the State Guarantor, to discharge such obligations. Thereafter, reimbursement by the Secretary may range between 80% and 100%, depending upon the annual claims rate. Servicing of Eligible Student Loans. The Issuer will service its portfolio of Eligible Student Loans with the assistance of the programs presently in use by the Pennsylvania Higher Education Assistance Agency (PAEAA). This servicing system is presently in operation in four states in addition to Pennsylvania and is being used by the United Student Aid Funds, Inc. and the Student Loan Marketing Association. Issuance of the Bonds. The 1981 Series A Bonds will be issued pursuant to the General Student Loan Purchase Program Bond Resolution (General Resolution) and the First Supplemental Student Loan Revenue Bond Resolution authorizing the issuance of Floating Rate Student Loan Revenue Bonds, 1981 Series A. Each succeeding issue of bonds will be authorized under the terms of the General Resolution and an additional supplementary resolution. THE BONDS ARE GENERAL OBLIGATIONS OF THE CORPORATION PAYABLE FROM THE REVENUES AND OTHER ASSETS PLEDGED UNDER THE GENERAL RESOLUTION. THE BONDS DO NOT CONSTITUTE A DEBT, LIABILITY OR OBLIGATION OR A PLEDGE OF THE FAITH AND CREDIT OF THE STATE OF IOWA OR ANY AGENCY OR POLITICAL SUBDIVISION THEREOF. * Subject to Change https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Supplement to Northwestern Banker Newsletter 3-16-81 CALL ON THE “PERFORM ANCE TEA M ” where comm on transactions are handled uncomm only well. IB M FIRST NATIONAL LINCOLN 13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C. Nebraska News C L E A R W A T E R : Dean Sladek has been promoted from executive vice president to president o f Citizen State Bank. Also, C. Brad N oll was promoted from assistant vice president to vice president. H A S T IN G S : James T. Prange has joined City National Bank & Trust Co. as director o f business development and marketing. H E R S H E Y : K elly J. Sittner has been elected vice president o f the Hershey State Bank. He was previously with the Rawlins Nation al Bank in Wyoming. IM P E R IA L : John Adams has been promoted to president o f the Chase County Bank & Trust Co. M elvin H. Adams, Sr., has retired as chairman. The Adams family purchased controlling interest in the bank in 1972. M IN D E N : Grant Pedersen has joined the First National Bank as vice president. H e has been a bank examiner with the U.S. Comptroller of the Currency the past three years. NEBRASKA C IT Y : Ellsworth Merkel, president of Otoe County National Bank, has been named chairman and Paul Albrecht succeeds him as president. Mr. Albrecht was previously president of Southroads Bank in Omaha. OG A L L A L A : George C. Haynes has joined the First National Bank as an ag loan officer. M r. Haynes was previously manager o f the Ogallala branch of the North Platte Production Credit Association. S P R IN G F IE L D : E. Dean Kugler Call our Bond Department 4* ^ For up-to-the-minute, accurate information Commerce https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis has been named vice president of Springfield State Bank. He has 23 years of banking experience. S P R IN G V IE W : David Van Metre has been promoted from cashier to vice president o f the First National Bank. U N A D IL L A : George E. Brandt, 85, president of the First National Bank, died recently. He entered the banking profession in 1925, and joined the First National Bank full-time in 1944. V A L P A R A IS O : Dennis L. Siedlel has been promoted from vice president and cashier to executive vice president of the Oak Creek Valley Bank. W A Y N E : Bill Dickey has been appointed executive vice president of the First National Bank to fill the position vacated when Bob Reeg was elevated to president a year ago. Illinois News Legislation introduced in the Illinois General Assembly to remove interest rate limitations has been endorsed by the Association for M odem Banking in Illinois. The legislation, H B 438, is sponsored by Speaker of the House George Ryan (R-Kankakee) and former Speaker William Redmond (D-Bensenville). Minnesota News The Minnesota Bankers Associa tion 1981 Agricultural Workshops are scheduled for the week o f March 16 and will feature a discussion o f agricultural lending procedures and forms. A lv in Peterson, chairman of the workshop planning committee and president, State Bank of Chandler, says workshops are scheduled for: March 16, Holiday Inn Downtown, Rochester; March 17, Orchid Inn, Sleepy Eye; March 18, Holiday Inn, Willmar; and March 19, Holiday Inn, Moorhead. The series is sponsored by the MBA Agricultural and Rural Development Committee, chaired by Donald Morrison, First National Bank, Blooming Prairie. * * * The Marketing Conference of the Minnesota Chapter of the Bank Marketing Association and the Minnesota Bankers Association has been scheduled for March 31 at the Registry Hotel in Bloomington. The program is geared to commun ity banks and will cover marketing, professionalism, and advertising. CLO Q UET: Jonathan R. Carlson, vice president at First National Bank since 1974, has been elected president and a director. H e started his banking career in 1967 at First National Bank of Virginia. South Dakota News C A N O V A : A n application by the Security State Bank to move its main office to Madison and to establish a branch at Canova has been approved. C O L M A N : The Dakota State Bank has applied for approval to establish a branch at Madison. B E L L E FO U RCH E : The Bank of Belle Fourche has applied for approval to establish a detached drive-in facility at Spearfish. Tom-Steffens John Henderson Tony Paugoulatos Vice President Vice President Asst. Vice President Asst.Vice President Bond Officer 234-2462 234-2463 234-2647 Jim McLaughlin 234-2673 Rusty Reese 234-2674 10th and Walnut Dave Wittenborn Bond Representative 234-2691 (816) 234-2000 PARTIAL LIST OF AVAILABLE POSITIONS LENDING - N.W . Iowa bank seeking ag lender with at least 2 yrs exp. $18,000. ASST. VP- Large Des Moines bank looking for heavily experienced commercial lender who has a keen sense of business judgment. $28,000. COMMERCIAL LENDING OFFICER - Must have at least 3 yrs experience and ability to run a branch. $23,000. SENIOR TRUST OFFICER - Need heavily experienced indiv to come into trust dept and eventually assume full responsibility for trust dept. $21,000. LENDER • Nebraska bank seeks indiv with ten years of experience in commercial and especially agriculture lending. $25,000 + 2ND PERSON/INSTALLMENT LENDER - Need at North Dakota News D R A Y T O N : Directors of Drayton State Bank have promoted K elly Dakken to executive vice president and managing officer, Gladys Brosseau to vice president, Joy Bakken to assistant vice president, and Bob Merrill to manager of Drayton Insurance Agency. This follows purchase o f the 24% stock interest held by Kenneth J. Fish, president, and Ronald L . Kuznia, vice president and cashier, by 14 local persons. J A M E S T O W N : William N. DuToit has been promoted to senior vice president for loan administration at the First National Bank. WANTADS 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 St. ____________ Des Moines, Iowa 50309____________ W A N T TO BÜY Burroughs Sensimatic F6211 series in working condition. Phon (712) 688-2214, Auburn Savings Bank, Auburn, IA (WTB) A g B an kin g Specialists sj^ E Whan h comas ta agriculture, banking and p erso nnel. . . ge to the spedalists — go to AGRIcareers, 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 ASST. V.P./BRANCH M G T............... IA .$16-22,500 INSURANCE MANAGER................... N E .$16-19,000 SALES & MKTG. REP.-FINANCE. . . . N Y .$20-25,000 COMMERCIAL LENDING OFFICER.. IA .$15-16,000 Ask our banking specialist, Linda, w hat's available without cost or obligation. (515) 394-3145 ■ NEW HAM PTON, IA 50659 SOnC4RraB,INC. j THE ORIGINAL AGRICULTURAL RECRUITER $19 million bank for sale near the Twin Cities; 1.75 x book. W rite file MBV, cl o Northwestern Banker. (FS) least 2 yrs of exp handling installment loans, student loans, mastercharge and direct & indirect loans. $17,000. ALL FEES COMPANY PAID. FOR FURTHER INFORMATION RESPOND IN CONFIDENCE TO: Bank Division ROBERT HALF of iowa. inc 317 6th Ave. Des Moines, IA 50309 (515) 244-4414 ALL FEES COMPANY PAID Number Two Person for $60 million Iowa bank. Should be generalist with solid commercial lending experience..............................................Salary to $30,000 P O S IT IO N W A N TE D Ag Lender for Southwest M innesota ban k ..................... ................................................................. Salary to $28,000 Cashier needed by Nebraska bank in town of 10,000 .....................................p ..............I ...................... $25,000 CASHIER OR OPERATIONS OFFICER - Have over six years banking experience. Call (314) 497-2564. ................................................................. Salary to $20,000 Write or call Malcolm Freeland, Freeland Financial Service, Inc., 306 - 15th Street, Des Moines, Iowa 50309. Phone (515) 244-8163. Employer pays fee. BANK PRESIDENT/C.E.O. with opportunity to invest to 25% of capital. Newly chartered bank in central Minnesota. Send resume and financial statement to File MBI, c /o Northwestern Banker.____________ (PA) MARKETING REP - W e are seeking an aggressive, hard working professional to market business forms and equipment throughout Des Moines and Iowa area. College degree required and sales experience preferred. Call Bill Fugenschuh, (515) 282-6525. (PA) _____________Burroughs Corporation____________ AG LOAN OFFICER - Northeast Iowa bank with Insurance agency needs aggressive and experienced Ag Loan Officer. Excellent community. New modern facilities. Top Salary and fringe benefits. Send resume in confidence to file MBT, c /o Northwestern Banker. _____________________________________________ (PA) AGRI-LOANS - 2-3 years lending experience. Large Montana bank; $290 million assets. Salary DOE; excellent benefits and promotion opportunities. Send resume to Thomas R. Cover, Security Bank - N .A ., P.O. Box30918, Billings, M ontana59116. E.O.E. (PA) $100 million northwest Iowa bank looking for someone to manage the bank’s agricultural and farm management portfolios. Supervises three. Must be degreed, have 7-8 years ag lending experience, and proven sales and supervisory ability. W rite file MBU, c /o Northwestern Banker._____________________ (PA) SECOND PERSON - Must have experience in accounting, regulations, and operations. Some loan experience helpful. Salary commensurate with experience, inquire in confidence to: R.W. “Dick” Anthony, Valley State Bank, Box 400, Baggs, WY 82321. Phone(307) 383-2025.___________________(PA) LOAN OFFICER - Im mediate opening for Loan Officer familiar with all types of lending including agriculture fora$40 million bank Idbated in Central Nebraska. 3-4 years experience. Send resume to file M BN, c /o Northwestern Banker._________________________ (PA) UPDATE YOUR ALARMS (PW) POSITIONS WANTED Marketing Officer for$150 million bank in Io w a ........... Commercial Loan Officers with 3 to 20 years experience seek new opportunities............. $25,000 up CEO of community bank wants greater challenge. W ill consider number one or two po sitio n ...............$28,000 Installment Loan Officer with finance company wants to join community bank in Iow a......................... $18,000 Ag Lending Officer with insurance licenses desires central Iowa p o s itio n ...........................................$26,000 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. (515) 244-8163. Employer pays fee.____________________ BANKERS PARTICIPATING I LeasePlan.Inc. 545 - 31st Street Des Moines. Iowa 50312 R. L. “DICK” SELLON POSITIONS AVAILABLE SECOND OFFICER - Strong operations experience with some knowledge of lending procedures required for position with $65MM suburban bank...........$35,000 OPERATIONS OFFICER - Growing $35MM bank with opportunity for advancement. Prefer 5 yrs. or more operations experience........................................... $28,000 COMMERCIAL LENDER - Manage loan portfolio for medium size suburban bank. Potential for advancement to CEO spot.....................................$30,000 AGRI-LOAN - Ag Degree and 7 yrs. or more solid ag lending experience required. President’s position will be available in short tim e.......................................$30,000 REAL ESTATE OFFICER - Must have some knowledge of secondary market functions and be business development oriented............................................ $20,000 JUNIOR OFFICER - Position available in small rural Professionally installed closed circuit television and 35mm auto cameras. iowa bank for officer with 1-3 yrs. general banking experience. Duties will primarily include lending. ..................................................................................$16,000 A u to m a tic ta p e d ia le rs and p o lic e panel connection are available to suit your needs. Please forward detailed resume’ and salary history to: SECURITY SYSTEMS, INC. J Lh A i W 3920 Delaware Des Moines, IA 50316 [515] 265-1161 TOM HAGAN & ASSOCIATES Of Kansas City P.O. Box 12346- 2024 Swift North Kansas C ity, MO 64116 Phone (816) 474-6874 SERVING THE BANKING INDUSTRY ___________________ SINCE 1970 Vol. 9 No. 47 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, change of address [Form 3579], manuscripts, mail items to above address. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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