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March 19,1984 Des Moines, Iowa Vol. 12 No. 48 I R A A Goes to President, Governors, Congress to Stop the Comptroller N AN EFFORT to forestall Comp troller of the Currency C. Todd Conover from ap proving the ap plication of Di mension Finan cial Corp. for 31 non-bank banks across 31 states, IB A A President James D. Herr ington has writ ten a letter to J.D. HERRINGTON President Reagan to protest the Comptroller’s actions and requesting the President to “ re view his (the Comptroller’s) poli cies.” Mr. Herrington, who is chair man of Coldwater National Bank in Coldwater, Kans., also wrote each of the 50 Governors, all Senators and Representatives, asking their sup port in the IB A A fight to overturn the Comptroller’s policies and place the matter before Congress. Mr. Herrington’s letter of March 7 to President Reagan follows: I Dear Mr. President: One of your major campaign planks is to return decision-making power to the states and to the people. Our association strongly supports this policy position. Unfortunately, a key member of your Administration does not share your same vision or goals. Through past and prospective regulatory action, the Comptroller of the Currency—C. Todd Conover—is putting into place a “ non banking’ ’ system parallel to the existing banking system which looks towards de stroying one of the most fundamental state rights, namely the right of states to determine their own financial struc ture. This right of the states is guaran teed by federal statute, as expressed in the McFadden A ct of 1927 and the Doug las Amendment to the Bank Holding Company A ct. The Comptroller’s actions will have the effect of overriding this longstan ding legislation, directly usurping the power of the states and of the U .S. Con gress. Such action would also breach the lawful separation of banking and com merce, since there is no reason why any commercial enterprise such as MCDON A L D ’S could be prevented from owning the type of non-bank bank that the Comptroller is authorizing. W e believe these actions demand your personal attention because of the sharp conflict with your policy of promoting state rights and because of the political fallout already rising within an angered banking industry. A t issue is the Comptroller’s granting of national bank charters to a series of entities known as “ non-bank banks,” which operate outside the existing regu latory and legal structure required of all other banks. These non-banks generally engage in all types of banking activities except the making of commercial loans. The Comptroller is now apparently pre pared to approve an entire chain of non bank banks called “ Dimension” which would operate in as many as 25 states. Approval of the Dimension chain would obliterate the right of the states under McFadden/Douglas to determine their own financial structure and whether they wish to allow banking institutions in their state to be owned by out-of-state organizations. W e believe that the premise of regula tory action should not be to undermine existing laws. W e believe that the premise of regula tory action should not be to usurp the powers of the states. W e believe that the premise of regula tory action should not be to do by regu lation that which is in the domain of the Congress. W e believe that you and your Admin istration share these principles, and this belief deepens our disappointment in the unbridled and unsound actions being pursued by your Comptroller of the Cur rency. W e ask that you review his poli cies and intercede to impose consistency with the stated goals of your Adminis tration. The precedent-setting approval of the Dimension chain should not be al lowed. This is an issue of fundamental importance to the future financial and economic structure of our nation. Sincerely, James D. Herrington President, Independent Bankers Association of America CALL ON THE “PERFORMANCE TEA M ” where common transactions are handled uncommonly well. Illlillllll 1 FIRST NATIONAL LINCOLN 13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis HkH Norwest Bank Des Moines, N.A. mmmmm Call (515) 245-3131 or toll-free (800) 362-2514 NORWEST BANKS MMMMM MM y MM Member FDIC Teamwork: one of the reasons we’re first in Iowa. Gary M cd im en Bob Buenneke Iowa News April 7-11 are the dates for this year’s Washington, D.C. trip. Iowa bankers will leave on the seventh for Washington and begin their stay with a briefing at the Vista Hotel. Activities for the four days include meetings and briefings with various regulatory and government officials, as well as tours, dinners and recep tions. Bankers will return to Iowa on the eleventh or take the side trip to Sea Island, Ga. CHARITON: Gilbert Garton has re signed as chairman and chief ex ecutive officer of National Bank & Trust Co. He is succeeded as CEO by Larry Rolfstad, who was named president in December, succeeding ASK T E R R Y M A R TIN to m ake M NB w ork for you. Toll free 1- 800 - 332-5991 Merchants A National Bank 151 Member F.D.I.C. MANSON: E.W. Gene Youell, Jr., 75, vice president, Manson State Bank, died March 8 after an ex tended illness. Mr. Youell had man aged the Manson bank for many years. Recently he disposed o f his in terests in the State Bank o f Spirit Lake. He is survived by his wife, Jane Youell, chairman of Manson State Bank. A 'BANKS OF IOWA’ BANK Mr. Garton as president. Marion Coons, formerly chairman, has reas sumed that post. Dale E. Bankus also has resigned from National Bank as executive vice president. Martha Lovell was named cashier, taking over duties formerly held by Howard Swainey, who continues as vice president, and Debbie McGee, formerly assistant cashier, was elected auditor to succeed Ms. Lovell. DES MOINES: Eugene G. “ Bud” Precht, 55, informed the board of Norwest Bank Des Moines, N.A., at their March 13 meeting o f his inten tion to take early retirement Decem ber 31 from his post as chairman and CEO of the bank. Mr. Precht will continue for one year on a con sulting basis with Norwest through 1985, and his official retirement then will complete 35 years with the company. Harry Benson, 61, Nor west regional vice president head quartered in Des Moines, will as sume the additional duties as chair man and CEO o f Norwest Bank Des Moines. Nebraska News The Nebraska Bankers Associa tion 1984 Agricultural Outlook Con ference will be taking place this week, March 21-22, at the Holiday Inn, Kearney. On the first day, attendees will hear Bruce Ginn, director o f re search at Livestock Business A dvi sory Services, Kansas City, give a “ Cattle and H og Outlook.” “ Today’s Crop Insurance Program” will be presented by a representative from the Federal Crop Insurance Corp. in Washington, D.C. followed by Bill Holstine, Hertz Farm Management, Inc., Nevada, talking about “ Help ing Your Customers Market for a P rofit.” In the afternoon Bill Brandt, NBA, will give a legislative update and a representative from the Governor’s Water Congress Task Force will talk about Nebras ka’s water issues. The afternoon will conclude with a tour o f Sperry New Holland in Lexington. The evening’s dinner speaker is Carol Brookins, president o f World Perspectives, Inc., W ashington, D.C. who will present “ The Future of Production Agriculture.” The second day will begin with a discussion of Nebraska’s conversa tion followed by “ Grain Outlook” presented by Neal Harlan, presi dent, Scoular Grain Company, Omaha. Noon luncheon and adjourn ment will close the conference. LYTTON: An agreement has been signed by Harry Tokheim of Iowa National Bank (formerly Lytton Savings Bank) to sell the Tokheim interests in the bank to Earl Geiger o f Edina, Minn. The transaction is awaiting regulatory approval. Mr. Geiger also owns the Holstein State The Nebraska Bankers Associa Bank in Iowa, as well as Minnesota tion 1984 Bankers Blanket Bond banks. Professional ... Responsive... Call Mark Christen for any correspondent service. Call toll free (800) 622-7262 Valley National Bank ia A BANKS OF IOWA' BANK DES MOINES, IOWA 50304 Member FDIC https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Supplement to Northwestern Banker Newsletter 3-19-84 WE CAN HELP COMPUTERIZE LOAN PAPERWORK WITHOUT USING A COMPUTER. How would you like a calculator on your desk that would figure loans in minutes and determine which type of loan was best for your customer? Here is a programmable calcula tor that can be inter faced to a printer. NOW, your installment loans can be automatically typed! Reduce error, speed paper work and automate your Loan Dept. Fill in the back side, fold, staple and mail. We will call for an appointment! CHECK THESE N EW PROGRAMS NOW A V A IL A B L E □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ Buy-Rate C.D. Penalty Compound Interest IRA IRA Withdrawal Money Market Yield Principal Reduction Actuarial Pay-Off Amortization Commercial Note Construction Loan Dealer Reserve Farmer’s Skip Irregular Payment Loan Accruals Loan Extension Revolving Credit Rule of 78ths Teacher’s Skip Yearly Interest Single Payment Installment Loan Balloon Loan Principal Reduction Wrap-Around Mortgage Mortgage Discount Mortgage Modification Buy-Down Mortgage Yield-Price APR Checker Real Estate Mortgage FHA Mortgage PMI Mortgage G.E.M. Loan Adjustable-Rate Mortgage Single Payment Mortgage Real Estate Amortization Quick-Solve ELECTRONIC OFFICE SYSTEMS https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1124 Locust Street, Box 65, Des Moines, IA 503Q1 (515) 2 4 4 .4 1 5 5 NO POSTAGE NECESSARY IF MAILED IN THE UNITED STATES BUSINESS REPLY MAIL FIRST CLASS PERMIT NO. 6841 DES MOINES, IOWA POSTAGE WILL BE PAID BY: ELECTRONIC OFFICE SYSTEMS P.O. Box 65 Des Moines, Iowa 50301 □ Please send me additional information □ Please call and make arrangements for a demonstration NAME___________________________________________ __ PHONE#____________ BANK ______ ___________________________________________________________ ADDRESS ______________________________________________________________ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Seminars will be offered on three dates in April at different locations; April 10—North Platte Holiday Inn; April 11—Lincoln Villager, and April 12—Norfolk Holiday Inn. Registration fee is $35 per person and includes breakfast, lunch and all seminar materials. Registration at the door will be $45. The one day seminars will run from 8:30 a.m.—4:00 p.m. and have been approved by the Department of Insurance of the State o f Nebraska for six continuing education hours. FULLERTON: Calvin E. McClurg has been elected president of Fuller ton National Bank, succeeding Levetta M. Hosier, who has retired. Mr. McClurg has moved from Nor folk, where he was vice president at The DeLay First National Bank & Trust Co. Also, John Nootz was ad vanced to cashier, replacing Clara Umstead, who was promoted to as sistant vice president. LINCOLN: First National Lincoln has announced the appointment of R. Mark Hahn and Marvin Hefti as assistant vice presidents in the cor respondent banking division. Mr. Hahn joined the bank in 1980 and Mr. Hefti started in 1976. MC COOK: A t the annual meeting o f the McCook National Bank, Donald L. Miller, cashier, was named vice president-cashier. He also serves as a director. Angus Garey, assistant vice president and ag rep was named vice president. Mike Messersmith, ag rep, was advanced to assistant vice president and ag rep and Diana Koetter was added to the officer staff as data processing manager. M EAD : Neil Seiko, formerly with the First State Bank of Tabor, Iowa, has purchased the Bank of Mead, and will replace William C. Foxley as president. OM AH A: Edward A. Kohout, presi dent and chairman o f Norwest Bank Omaha South, N.A., has announced that the board has elected Margie J. Bowen and James E. Stewart vice presidents in the commercial busi ness division and John J. Krajicek vice president in the retail business division. Minnesota News C O L U M B IA H E IG H T S : M ar quette State Bank o f Columbia https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis An im portant new profit center fo r your bank: -F■ Lwrnwm E %a computerized '0 " pA K local billing/credit service Contact: Leroy Bell or Milt Hennick 319-291-5412 National Bank of Waterloo 315 East 5th St. • W aterloo.• IA 50704 P _ . Pn._ Member Federal Reserve System FDIC Heights recently promoted Larry E. who has been elected vice chairman. Pietrzak to senior vice president and Mr. Loffredi also served as president Kathy Welle to vice president. Mr. of Thornridge State Bank in South Pietrzak joined the bank in 1980 as Holland until a recent election to vice president. Ms. Welle most re vice chairman of that bank. cently was assistant vice president and cashier. ED IN A: Wendell E. Lotthammer has been named senior vice presi dent/comptroller o f First Bank Southdale and manager o f the bank’s retail and operations divi sion. Previously he was vice presi dent o f operations. ST. PAUL: Western State Bank of St. Paul recently announced the pro motions of Stephen C. Erdall and Dennis J. Prchal to senior vice presi dent; Terry Ann Saber and Kirk S. Duholm to vice president, and Molly A. Lynchosky to cashier. W ORTHINGTON: Paul Means has been elected senior vice president in charge o f credit administration and Rich Scanlan as vice president and manager of commercial loans at First Bank Worthington. Mr. Means had been vice president in commer cial loans. Mr. Scanlan most recent ly was with First Bank in Southside Missoula, Mont. Illinois News LANSING: First National Bank o f L ansing recently prom oted Thomas C. Cornwell to senior vice president; Helen M. Kennedy to vice president and cashier and June C. Mikulich to assistant vice president. SOUTH HOLLAND: Robert J. Necastro has been promoted to presi dent o f Thornridge State Bank and elected to the board. He formerly had been the bank’s executive vice president. He replaces Robert Loffredi, who has been promoted to vice chairman. TIN LEY PARK: Robert A. Loffredi, executive vice president of Tinley Park Bank, has been elected president. He succeeds Donald Moll, South Dakota News R A P ID CITY: President Charles T. Undlin of Norwest Bank Black Hills, N.A., has announced the promotion o f Bob Worth, vice president and manager, Lead/D eadw ood; Jim Johnson, vice president, main office, and Ed Toms, vice president and manager, Villa office. SIOUX FALLS: Vance O. Williams, executive vice president of Norwest Bank Black Hills, N.A., Rapid City, was elected regional vice president and senior credit administrator for Norwest Corporation, Region VI, and executive vice president/loan administration for Norwest Bank Sioux Falls, N.A. He had been with Norwest Bank Black Hills since 1976. Wyoming News W RIGH T: Sally Fernau has been appointed vice president o f First W yoming Bank. She has been in banking 27 years and with the Wright bank since 1982. Ag Banking Personnel Let us help you. Call the ag lending personnel specialists without cost or obligation. Confi dential. Employers pay us to hire the best. Linda: 515/394-5827 New Hampton, la. 50659 I Jean 515/263-9598 if no answer, 712/779-3567 Massena, Iowa 50853 50n CAREERS, INC. • J THE ORIGINAL AGRICULTURAL RECRUITER W A N T ADS SERVING PROFESSIONALLY Rates are $5.00 per line per insertion. Add $3.00 for file letters per insertion. Identity of file letter advertisers cannot be revealed. Bankers Available Banking, Financial & Business Personnel Iowa and Nationwide President of $400 m illion bank with top credentials and references, MBA in Business Management, Loan Portfolio over $200 m illio n ...................................... Salary negotiable N O R TH W ESTE R N B A N K E R CAPITAL PERSONNEL SERVICE 306 15th Street Des Moines, Iowa 50309 Phone 515/244-8163 714 U.C.B. Building, 515-283-2545 Des Moines, Iowa 50309 Senior Executive in $150 m illion bank, Experienced in all phases of lending, trust and investments. Master's degree .....................................................................................$48,000 POSITION AVAILABLE EXPERIENCED TRUST OFFICER to form and head a trust department in a $200 m illion financial institution. Position requires law degree w ith approximately 5 years experi ence in all phases of trust services. Applicants should be aggressive and personable in order to be considered. Ex cellent benefits and salary commensurate w ith experi ence. Send resume, salary history and requirements to file WAH, c/o Northwestern Banker. All inquiries confidential. AN EQUAL OPPORTUNITY EMPLOYER. (PA) SKI THE SUMMIT One, two and three bedroom units for sale or rent. Most with hot tubs. Phone 1-800/922-2590. Dwayne Smith PARADISE PROPERTIES Box S Dillon, Colorado 80435 CEO, 47, now running a $25 m illion community bank. Ex cellent earnings record and references... .Salary $45,000 Commercial Lender w ith 15 years experience. Now senior vice president and trust officer in $50 m illion bank............ .............................. .........................................Salary $43,000 Commercial Lender with over 10 years experience in major market banks. Excellent background in documentation and financial statement analysis................ Salary $38,000 Young CEO running $15 m illion bank. Heavily ag-oriented proven record in lending. Iowa State Graduate, seeks Number One or Number Two position or Senior Ag posi tion with larger bank...................................... Salary $38,000 Planning and Development Specialist for $150 m illion bank, experience plus Master’s D egree... .Salary $38,000 CEO of $11 million bank. Excellent record. Master’s Degree from Iowa State. Seeks position in larger bank or multi-bank network. Fine personality and references. . . . Salary $40,000 BANK PRESIDENT for $36 m illion suburban bank. Experi enced in total bank management, asset lia b ility manage ment, advertising, loans, investments and marketing. Send resume and salary requirements to: Midwest Finan cial Management Corp., attention: M.J. Rooney, 1702 1st National Bank Building, 13th & M Sts., Lincoln, NE 68508. _______________________________________________ (PA) TRUST ADMINISTRATOR—Large eastern Iowa bank seeks individual to administer personal trust and estate ac counts in $80 million department. Prefer 2-4 years experi ence in trust or other related financial services. Excellent growth opportunity and compensation program. Send let ter of inquiry and resume to file WAN, c/o Northwestern Banker. An Equal Opportunity Employer. (PA) CEO of $16 million bank. Iowa State Master’s Degree. True bottom line manager with earnings record to prove i t .......... ...........................................................................Salary $40,000 Sr. Ag Lender with 11 years banking experience in $40 million community bank, Iowa State graduate - 45 - married. Excellentpersonality........................................ Salary $32,000 CPA/ Bank Auditor, College graduate in accounting/Magna Cum Laude.................................................................. $24,000 Sr. Ag Lender with outstanding school and community record. Graduate of Iowa State University................. $32,000 AG LOAN OFFICER progressive bank group looking for ag lender in $65 m illion bank in Boone, IA. Prefer 5-10 years banking experience. Salary commensurate w ith experi ence. Send resume to Jack Ayres, P.O. Box 486, Bellevue, NE 68005. (PA) Installment Lender with both banking and finance company experience. Serious minded, business-like... Salary $25,000 Operations and Accounting Officer, Graduate in accounting from University of Wisconsin. Over 19 years bank experience ...........................................................................Salary $28,000 REAL ESTATE LOAN OFFICER — The Hills Bank and Trust Company has an excellent opportunity for the right person to head our real estate loan department. Minimum three or four years experience required • to process FHA, VA loans and to handle loans on secondary market. We are a $142 m illion bank with two locations serving the Iowa City area. Interested candidates should send resume in confidence to: Gordon Hinz, H ills Bank and Trust Company, 131 Main Street, Hills, Iowa 52235. (PA) Investment Officer in major market bank, 10 years ex perience, proven track record. TOP references...................... ...........................................................................Salary $45,000 If you have aninterest in one or more of the above ap plicants, Write or call Malcolm Freeland c/o Freeland Finan cial Service, Inc., 1032 Carriers Bldg., Des Moines, Iowa 50309. Phone 515/282-6462. Employer pays modest fee. Please let us know your needs, since this is only a partial list of our bankers available. INSTALLMENT OFFICER for $20 million southwest Iowa community bank. Experienced, licensed in all insurance lines. Ag experience helpful. Send resume to file WAO, c/o Northwestern Banker. (PA) B A N K IN G PLA CE M EN TS “ Successful Banking is Quality Personnel” Portable ModularBankBuilding Eighteen years banking experience serving as president of rural and metropolitan banks enables me to find the “right” banking position for you as a banker or the “right” officer for your bank. D O N -^C H O O L E R £ AND I I P ASSOCIATES 2508 East Meadow • Springfield, Missouri 65804 417/882-2265 COMPLETELY CONFIDENTIAL ___ _________“Employment Service”_____ ______ POSITIONS A V A IL A B L E REAL ESTATE LOAN - manage $6MM real estate dept, for com m unity bank. Majority of portfolio is single fam ily residential. $25,000 BURROUGHS L-9000 AND READER—Available immedi ately. Contact Ed or Ken, Peoples State Bank, De Smet, SD. Phone 605/854-3321. (FS) CEO - $50MM com m unity bank w ith heavy emphasis on agricredits. Ideal candidate w ill have proven ad m inistrative record and superior agrilending skills. $ Open BANK VAULT DOORS— 1 Oval, 273/4” Dx8’ 1V2” L&W, $12,500; 2 Rectangles, 1st - 24” Dx59” Wx97” H, 2nd - 27V*" Dx52” Wx96” H, $6,500 each. Contact Duff Brown, 515/283-0631. (FS) COMMERCIAL/INSTAL. LOAN - $25MM com m unity bank. Position requires 2-4 yrs. lending in bank environment. $25,000 NCR 481 PROOF MACHINE AND NCR MODEL 38 POSTING MACHINE. Phone Marvin at 515-448-5111. (FS) IBM SYSTEM 34 MODEL E35 COMPUTER— 128K-128MB disk, magazine drive. 300 LPM printer. On IBM mainte nance. Phone 701/968-3314, Baker Electric Cooperative, Box 608, Cando N D 58324. (FS) General Bank Equipment Si Systems, Inc. CORRESPONDENT OFFICER - position requires ex perience in the analyses and docum entation of participa tion and bank loans. Limited travel. $40,000 PITNEY BOWES MODEL 5640 MAILING MACHINE, excellent condition. Cali Jody Bailey, (512) 250-0794. (FS) NCR 796-301 CRTs. Four available immediately. Eligible for maintenance. Call Teresa George, (512) 250-0794. (FS) KODAK 450E MICROFILMER. Call Ms. Whitten. (512) 250-0794. (FS) IMB, NCR, DIEBOLD, DOCUTEL NEW & USED ATM’s, TELLER, PROOF & COMPUTER HARD WARE. Buy and Sell. Phone Omaha Computer Ex change Inc., 402/333-3203. (FS) REAL ESTATE/BIZ. DEVELOPMENT - $65MM suburban bank desires real estate lender w ith strong construction and commercial real estate background. Biz. development skills a must. $35,000 RR 45, Box 115 Hiway 73,3 Vz Miles North of Int. 680 Omaha, Nebraska 68152 (402)453*3000 Lease* Rent* Buy Resume and salary history requested. All inquiries con fidential. TO M H A G A N & A SSO C IA TE S P.O. Box 12346 - 2024 Swift North Kansas City, MO 64116 816/474-6874 “ Serving the Banking Industry Since 1970” Vol. 12 No. 48 Northwestern Banker Newsletter (USPS 873-300) is published weekly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309, (515) 244-8163. Subscriptions $1.00 per copy, $18.00 per year. Second class postage paid at Des Moines, Iowa. Address all mail subscriptions, changes of address (Form 3579), manuscripts, mail items to above address. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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