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MARCH 1969 ..... . r. üi ■. . ; ■ BankAmericard MIDW EST BANKCARD Your Bank and the Charge Card Plan Bankmark — Page 21 Respond to Farm Changes or Cease! — Page 22 L IN D L E Y F IN C H Unique Open House Promotion — Page 26 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CHOOSING A CITY CORRESPONDENT? Select one with investment counseling to meet your standard of performance. Your city correspondent should help you build your portfolio with the same regard for security and profitability it has for its own. The experi enced, specialized counselors working on your city correspondent’s investments should also be avail able to advise you on your investments. Be sure you receive nothing less. And make sure of these other features: 1. Safekeeping that services as well as protects your securities; 2. Overline services that meet your needs; 3. An International Department to help you assist your customers with their foreign trade; 4. An electronic datacenter for the most up-todate services one bank can offer another. MNB has these services and continues to add to them as new banking ideas become practicable. So when you choose a city correspondent, do what over half the banks in Iowa do — bank at MNB. MERCHANTS NATIONAL BANK so many ways we can help you CEDA R RAPIDS, IO W A 52401 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3 For men who find a way when there is no w ay... TRUST NORTHERN T rust N orthern to find an inven tive way to solve your problem s... and help you m ake more profit. W hether it’s for profitable invest m ent of short term funds... portfolio assistance... new business develop m e n t.. .or any of m any correspond e n t b a n k in g se rv ic e s...y o u c a n Trust Northern to have the m en who have the skills to find the answers. O f course, there’s more to our service than the m en who visit you personally. There are the specialists back at the Bank—bond specialists who help you show more after-tax profit, autom ation specialists, new business experts. All are working behind the scenes— to help you. Try our brand of correspondent banking service—it’s personal and it’s flexible. Call or write Mr. N. H all Laym an, Vice President, Cor respondent Banking Departm ent. NORTHERN TRUST g l COMPANY BANK NORTHWEST CORNER LASALLE & MONROE Chicago 60690 • Financial 6 -5 5 0 0 • Member F.D.I.C. No. 1149. N orthw estern Banker is published five tim e a month by the N orthw estern Banker Company, 306 F ifteenth Street, Des Moines, Iowa 50309. Subscription 50c per copy, $6 per year. Second class postage paid at Des M oines, Iowa. Address all m ail (subscriptions, change of address, Form 3579, m anuscripts, m ail item s) to above address. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o rth w e ste rn Banker, March, 1969 4 Scarborough policies provide banks th e b est fine p rin t in th e business I n m o s t c a s e s , S ca r b o r o u g h p u t s t h a t fin e p r in t in to t h e p o lic y . T h a t is , w e c r e a te a n d w r ite th e e n tir e p o lic y —fin e p r in t a n d a ll. T h e u n d e r w r ite r s a u th o r iz e u s t o d o t h a t . T h ey a u th o r iz e i t b e c a u se w e sp e c ia liz e in h a n k s; th e y d o n ’t . T h e y k n o w t h a t w h e n w e w r ite t h e p o lic y , t h e b a n k is in s u r e d b e t t e r , a n d t h a t g iv e s th e m a c o m p e titiv e ed g e. Or a serv ice e d g e , d e p e n d in g o n y o u r v ie w p o in t. S in c e w e b e lie v e t h a t t h e b e s t a n d c h e a p e st cover for b a n k s is a lw a y s t h e b r o a d e st cover, w e e n g in e e r b road cover in t o every p o lic y w e c r e a te a n d w r ite . W h ich b r in g s u s t o t h e fin e p r in t e x c lu sio n s. T h er e are few er o f t h e s e e x c lu s io n s a n d e x c e p tio n s in S c a r b o r o u g h -p r e p a r e d p o lic ie s b e c a u s e o f w h a t w e fo u n d o u t y ea rs ago w h e n w e offered t h e u su a l sta n d a r d fo rm p o lic ie s. S o m e o f t h e s e h a d m a n y e x c lu sio n s. In s e ttlin g c la im s , w e fr e q u e n tly ob served t h a t o n e e x c lu sio n , e x c e p tio n or o m is s io n in th e p o lic y h ad c o st th e in su r e d b a n k t h e fu ll a m o u n t o f w h a t it th o u g h t it w a s in su r e d for; t h e b a n k c o u ld n ’t c o lle c t it s c la im b e c a u se t h e c la im j u s t w a s n ’t covered . As b a n k sp e c ia lis ts , w e d ecid ed th a t w e o u g h t to c h a n g e t h a t . And w e d id . As th e u n d erw riters saw th a t t h e rem o v a l o f th is e x c lu sio n or th a t e x c e p tio n d id n ’t tu r n th e ir w orld s u p sid e d o w n , th e y a llo w ed u s to rem o v e m o re . . . S ca rb o ro u g h & C o m p a n y , 33 N . D earb orn S tr e e t, C h icago 60602. SCARBOROUGH the bank insurance people N o rth w e ste rn Banker, March, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5 To T ravel I llin o is For N o rth w estern B an k er F red L. B e rry h as been appointed Illinois field re p re se n ta tiv e for th e N o r t h w e s t e r n B a n k e r , according to M a lc o lm F r e e land, p u b l i s h e r , and B en H aller, Jr., editor. Mr. B erry, w ho r e s i d e s in St. Louis, h as a long association w i t h th e b a n k in g in du stry . H e w ill specialize in sub s c rip tio n and F. L. B E R R Y new s service for th e N o r t h w e s t e r n B a n k e r , w hich is now observing its 75th an n iv ersary . The publication has tw o o th er key field personnel. Al K erbel serves th e N ebraska and South D akota area, and P aul M asters serves th e U pper Mid w est and M ountain States area. N am ed M idw est Card D ir e cto r > y M idw est B ank Card System , Inc., has elected Jo h n T. B orm an to its board of directors, R obert M. M artindale, president, announced. Mr. B orm an is a vice-president of T he F irs t N ational B ank of Chicago, and is in charge of th e F irstC a rd divi sion. He joined th e b an k in N ovem ber, 1968, and w as p reviously vicepresident, airlin e sales for th e A m eri can E x p re ss Com pany. The M idw est B ank Card System , is an association of 16 m em ber b anks th a t issue charge card plans u n d e r th e ir ow n nam es and an o th e r 835 p a r ticipatin g b an k s th a t offer th ese card plans. The com patible system h as ap proxim ately tw o m illion cardholders and 90,000 m e rc h a n t locations in Il linois, Indiana, M ichigan and K en tucky, plus p a rts of W isconsin and Ohio. O ld est F in a n cia l J o u r n a l S erv in g T h e C entral an d W estern States for your M A R C H , 1 9 6 9 , reading 75th Year No. 1149 EDITORIALS 16 Across the Desk from the Publisher FEATURE ARTICLES 6 Bank Promotions and Changes 8 Convention Calendar 10 Corporate News 21 Your Bank and the Charge Card Plan — A N o r t h w e s t e r n B a n k e r Survey 22 Respond to Farm Changes—or Cease!— Bindley Finch 24 The Bankers’ Dilemma— Robert M. Cross 25 Business Must Help Teach Personal Finance— Mike Braude 26 Unique Open House Promotion 28 Over 1,800 to Attend Independent Bankers Convention 30 BPRMA Conference Scheduled for Des Moines 34 Insurance Companies Report Progress in 1968 Operations STATE BANKING NEWS Illinois Minnesota Twin City South Dakota North Dakota Montana Colorado News News News News News News News 38 43 44 58 61 62 63 64 Wyoming News 67 Nebraska News 68 Omaha News 72 Lincoln News 81 Iowa News 84 Group Meeting Report 90 Des Moines News H arris U ses N etw ork TV H arris T ru st and Savings Bank, Chi cago, w ith deposits of m ore th a n $1.5 billion, w ill becom e th e first b an k in th e U. S. to use n e tw o rk television for its adv ertisin g m essages. \ W illiam N. F lory, H a rris m a rk e tin g services vice p resident, h as a n nounced a n atio n al ad v ertisin g cam paign u sin g ABC-TV golf show s. D esigned to reach co rporation exe cutives, one-m inute spots w ill be used > on four n e tw o rk golf to u rn am en ts, sta rtin g A pril 19 w ith th e T o u rn am en t > of C ham pions. The com m ercials w ill tie in w ith an eight-page, four-color r b ro chure w hich w ill ap p ear in B u si ness W eek, F o rtu n e and Forbes m aga zines. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OTHER FEATURES 98 98 Index of Advertisers In the Directors Room NORTHWESTERN BANKER 306 15th S treet, Des Moines, Iow a 50309, Telephone (A re a Code 515) 244-8163 C hairm an Clifford De Puy Publisher E ditor Malcolm K. Freeland Ben J. H aller, Jr. A ssociate E ditor Barbara A d vertisin g A ssista n t Mildred Savich Field R epresen tative Al Kerbel Franklin C irculation D epartm en t Lena Sutphin Field R ep re se n ta tive Joe M. Smith A u ditor Bertha Soderquist Field R ep re se n ta tive Paul Masters Frank P. Syms, Vice President, 663 Fifth Avenue, New york 10022, JUdson 2-7126 N o rth w e ste rn Banker, March, 1969 6 Kanh P r o m o t io n s C h a n y v s ROMOTIONS and announcem ents have been m ade by th e follow ing banks: P Bank of America, San Francisco: Roger T. D uncan has been prom oted to vice p resid en t in th e national division. He w ill m ain tain a com plete b an k in g re l a t i o n s h i p w ith firm s in th e tra n s portatio n , finance, insurance and public utilities fields. B a n k e r s Trust C om pany, N e w York: C. W adsw orth F a rn u m , senior vice p resid en t in charge of th e fidu ciary d ep artm en ts, has been elected to the b a n k ’s board of directors. He heads th e b a n k ’s tr u s t operations and is responsible for its overall in v est m en t policies. Chase Manhattan Bank, New York: C harles E. F iero has been nam ed sen ior vice p resid en t in charge of cor porate planning, effective M arch 1. He is re tu rn in g to Chase a fte r 10 m onths of g o v ern m en t service in W ashington as th e first directo r of th e Office of F o reig n D irect In v e st m ent. As p a rt of th e Com m erce De p artm en t, th e office oversees th e flow of d irect in v e stm e n t dollars abroad, in an effort to decrease th e balance of paym en ts deficit. Commerce Trust Company, Kansas City, Mo.: The prom otion of 11 officers and ad vancem ent of 13 o th er p er sonnel to officer sta tu s has been an nounced as follows: Vice P r e s i d e n t — El me r E rism an, business developm ent; Donald F lott, b ank operations, and Jo h n R. M cKin ney, B ankA m ericard m anager. C orporate T ru st Officer—A lfred L. Fluegel. T ru st Officer—W illiam D. Raine. A ssistan t Vice P resid en t—Don H. A lexander, Mrs. B etty Crow, Ronald J. F ran cis, E d w in L. M a r g r a v e , C larence D. R efer and H. Deane Rob ert. Mr. F ran cis is assigned to th e corresp o n d en t b an k d e p a rtm e n t (M is souri and A rk an sas). A ssistan t C ontroller — W illiam H. Vohs. A ssistan t C ashier—R ichard D. Conn, W illiam E. Dealy, T hom as C. Duke, R obert D. F in n ey , Joseph A. H erring, M ary Belle Jessee, R obert E. N ichol son, W illiam G ary Resa, E dw ard A. Spence, G ordon R. Thom pson and Jam es Upson, Jr. N o rth w e ste rn Banker, March, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A ssistant C orporate T ru st Officer— Miss Shirley Lam bert. Continental Illinois National Bank and Trust Company, Chicago: T hree m en have been elected second vice p residents. T hey are: Donald J. Howe, form erly in the loan division and now a m em ber of th e b a n k ’s o perating departm ent. B laine E. Rieke, a tru s t officer in th e b a n k ’s tru s t business developm ent division. K ornelis J. W alraven, form erly an associate econom ist, now in the in te r national b an king departm ent. The C ontinental board announced th e following o th er appointm ents: P aul T. Dahlke, Jo h n A. McAdams, Jam es M. Voss and E dw ard T. Lenahan, a ssistan t cashiers. L a rry D. Gibb, rep resen tativ e in Geneva, Sw itzerland, office. M arvin J. K rueger, a ssistan t secre tary , tru s t departm ent. First National Bank of Chicago: H om er J. L ivingston retired last m onth as ch airm an of th e board and chief executive officer. He will con tin u e to serve the b ank as a director and as ch airm an of the executive com m ittee. Mr. L ivingston recently reached age 65, the b a n k ’s retirem en t age. He entered the law d ep artm en t H. J. L IV IN G S T O N G. A. F R E E M A N E. F. B L E T T N E R J. E. D R IC K of th e b ank in 1922, w as elected p resi d en t in 1950 and has served as chief executive officer since 1955. He w as elected ch airm an in 1960 upon the d eath of E dw ard Eagle Brow n. Succeeding Mr. L ivingston as ch air m an of th e board and chief executive officer is Gaylord A. F reem an, Jr., 59. A grad u ate of D artm outh College and H arv ard Law School, he en tered th e b a n k ’s law d ep artm en t in 1934, w as elected presid en t in 1960 and vice chairm an in 1962. The board also elected E d w ard F. B lettner, 61, as vice ch airm an of the board, and Jo h n E. Drick, 57, to suc ceed him as president. The board also approved th e fol low ing prom otions and elections to of ficer status: Joseph L. Casey to vice p resid en t and general m anager of th e b a n k ’s B russels branch. A ssistant Vice P resid en t—R ichard K. C harlton, W alter E. Jen k in s, Jr., Roy L und, W illiam N. P aul and F ra n k E. Kalapos. A ssistan t C ashier—Louis A. Blanc, Jr., Lew is S. Caliento, Jero m e R. D oherty, R obert E. K ulik, R obert E. Pollock, J. R and Sparling and C hester F. W ilczak. T ru st Officer—Donald S. F inkelm an. A ssistan t A uditor—R obert E. Bowyer. L ucian B. W ilkinson, tru s t d e p a rt m ent vice president, re tire d J a n u a ry 31 after 37 y ears w ith th e bank. First National Bank of Kansas City: 4I[ B a rre t S. H eddens, Jr., president, w as elected by directors at th e ir an n u al, m eeting last m onth to th e additional position of chief executive officer. He has been presi d en t of th e b an k since J a n u a r y , A s CEO he succeeds T ay lor S. A bernathy, ch airm an of the*« board, w ho con tin u es as ch air m an of th e exe cutive com m ittee and of the tru s t B. S. H E D D E N S , JR. su p ervisory com m ittee. * 4j The board prom oted C. Ted Mc C arter, com m ercial division, and Rob e rt J. W harton, tru s t division, from vice p residents to senior vice p resi dents. P au l B. R ossan w as elected a vice p resident and assigned to th e opera-. tions division. He w as fo rm erly w ith't A rth u r A ndersen & Company, certified public accountants. O thers prom oted to vice president, all in th e com m ercial division, are M ichael F. M ayer, L ynn M itchelson and W illiam H. Shackel ford III. New a ssistan t vice presid en ts are: Donald H. Kasle, P aul A. P eterson, D. T hom as C hapm an II, W illiam J. Oelklaus, Jam es P. Sw earingen, Roy D. W itham and Miss Alm a Cross. Mr. P eterso n is assigned to th e b a n k ’s 7 SCOPE y > Another good reason why more banks do business with Chase M anhattan than any other bank in the world *> !> > The bank with the wide world reach offers you scope, imagination, innovation, creativity, vision—five plusses that have put Chase far out in front as the world’s number-one correspondent bank. In breadth of services performed, we bow to no one. Chase, through its world-wide network of associates, correspondents, representatives and branches can serve your customers fully and efficiently. Our International Department staff knows the markets of the world intimately. Consolidated Correspondent Service for you; full, global service for your customers—specialties of Chase. THE C HA SE M ANHATTAN BANK N .A ./l Chase Manhattan Plaza, N.Y., N.Y. 10015 • Member FDIC https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o rth w e ste rn Banker, M arch, 7969 8 ita tili i*roinotians anil l'lianijvs. . . corresp o n d en t division, covering te r r i to ry in N ebraska and K ansas. New assista n t cashiers include: Jo h n R. S h earer II, W illiam J. F ish er, P hilip M. H ininger, Jr., W illiam J. M cKay and Jo h n M. E ricsson. First National Bank in St. Louis: E. Leslie Bloom w as elected vice p resi d en t last m onth. He w ill rem ain in th e corresp o n d en t b an k d e p a rtm e n t w here he re p re se n ts th e b an k in Illi nois, In d ian a an d K entucky. LaSalle National Bank, Chicago: Jo h n O. Logan, p resid en t of U niversal Oil P ro d u cts Com pany, w as elected by LaSalle N ational sh areh o ld ers re c e n t ly as a directo r of th e bank. D irectors of th e b an k last m o n th elected Lew is H. H arm o n as vice p re si den t in th e real estate loan d e p a rt m ent. He comes to LaSalle from th e B erk sh ire Life In su ran ce Com pany, Pittsfield, Mass., w h ere he had been a m ortgage loan officer. CONVENTIONS M arch 1 0-12 — ABA 21st N atio n al C red it C onference, Sheraton-C hicago. M arch 17-19 — In d e p e n d e n t B ankers Assn., 39th A n n u a l C onvention, H o te l Sahara, Las Vegas. M arch 27-29—A BA N a tio n a l In sta ll m en t C re d it C onference, H ilto n , San F rancisco. M arch 30 - A p ril 1— Assn, of R eserve C ity B ankers, 58th A nnual C on ven tio n , A rizona B iltm o re, P h o e nix. A p ril 9 -1 0 — S outh D akota B ankers Assn., A g ric u ltu ra l C onference, P ie rre. A p ril 14-17—N a tio n a l Assn, of S uper visors of State B anks, 68th A nnual C onvention, C hase-Park Plaza, St. Louis. A p ril 15-17—B ank PR M A R egional, H o te l Savery, Des M oines. A p ril 16-19—ABA E xecutive C ouncil S pring M eeting, T h e G re en b rie r, W h ite S u lp h e r Springs, W. Va. M ay 4 - 6 — N ebraska B ankers Assn., 72nd A n n u al C onvention, Fonten e lle H otel, Om aha. May 8 -1 0 — South D akota B ankers Assn., 77th A n n u a l C onvention, H o lid ay In n , A berdeen. M ay 1 4-16 — N o rth D akota B ankers Assn., 84th A n n u al C onvention, C larence P a rk e r H otel, M inot. May 18-20—B ank A d m in istra tio n In stitute, N o rth e rn R egional, H otel S heraton-S chroeder, M ilw aukee. M ay 19-21—A BA N a tio n a l A utom a tio n C onference, C onrad H ilto n H o tel, Chicago. M ay 21-23— N atio n al Assn, of B ank W om en, Inc., L ake M idw est, N o rth C entral R egional C onfer ence, R adisson H otel, M inne apolis. N o rth w e ste rn Banker, Marsh, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Mercantile Trust C o m p a n y , St. Louis: Effective M arch 17, Mack A. A ldrich, vice president, w ill exercise early re tire m e n t to become chairm an, ......... president and chief executive of ficer of th e Cen tra l W e s t E n d Bank in St. Louis. W illiam G. Moore, Jr., vice pr e sid e n t, will succeed Mr. Aidrich as head of th e b a n k ’s n atio n al accounts divi W . G. M O O R E , JR. sion. Jo h n Thieb a u th III, a ssistan t vice president, has been tra n sfe rre d to the national ac counts division from M ercantile’s b anks and ban k ers departm ent. Mr. A ldrich joined M ercantile T ru st in 1953 as a vice presid en t in banks and b an k ers and w as assigned to n a tional accounts division in 1962. Mr. M ay 25 -27 — Illin o is B ankers Assn., 78th A n n u a l C onvention, C onrad H ilto n , C hicago. M ay 26-28 — A m erican In stitu te of B anking, 67th A n n u a l C onvention, H ilto n H otel, P o rtla n d , Ore. M ay 29-31 — C olorado B an k ers Assn., B ro a d m o o r H otel, C o l o r a d o Springs. J u n e 9-11—M innesota B ankers Assn., 79th A n n u al C onvention, H ilto n H otel, St. Paul. Ju n e 10-13— C harge A ccount B an k ers Assn., 16th A n n u al C onvention, C en tu ry P laza H otel, Los A ngeles. Ju n e 11-12— N atio n al Assn, of B ank W om en, Inc., R ocky M ountains, W estern R egional C onference, F ro n tie r H o tel, Las Vegas. Ju n e 12-14—W yom ing B ankers Assn., 61st A n n u a l C onvention, Jackson L ake L odge, M oran. Ju n e 19-21— M ontana B ankers Assn., 66th A n n u a l C onvention, Jackson L ake L odge, M oran. Sept. 21-25—N a tio n a l Assn, of B ank W om en, Inc., 47th A nnual C on ven tio n , St. F ran cis H otel, San Francisco. Sept. 28 - Oct. 1 — A m erican B ankers A ssociation, 95th A n n u al C onven tion, H on o lu lu . Oct. 19-22—Iow a B ankers A ssociation, 83rd A nnual C onvention, H otel F o rt Des M oines, Des M oines. Oct. 25-29— R o b e rt M orris Associates, 55th A n n u al F all C onference, San Ju a n , P u e rto Rico. Oct. 26-29— B ank A d m in istra tio n In stitu te, 45th A n n u al C onvention, S heraton C leveland H otel, Cleve land. Nov. 2-7— B ank PR M A , 54th A nnual C onvention, A m e r i c a n a H otel, B al H a rb o u r, Fla. Nov. 16-18—A BA 18th N atio n al Ag C red it C onference, H otel F o rt Des M oines, D es M oines. Moore joined th e ban k in 1947 and w as nam ed a vice presid en t in 1959. Mr. T h ieb au th w en t w ith M ercantile « in banks and ban k ers in 1966, re p re sen tin g th e b an k in M issouri and Texas, and w as appointed vice presi-. dent earlier in F eb ru ary . Morgan Guaranty Trust Company, New York: E lection of R o bert V. L indsay as a senior vice p resid en t and of A lexander M. V agliano as p re s id e n ts of M organ G u aran ty In te rn a tio n a l B anking C orporation w as an n o u n ced “*last m onth. Mr. Lindsay, 43, has been nam ed head of a new ly form ed staff services group in th e general b an king division including credit, client services and < m ark etin g services d ep artm ents. A, Security Pacific National Bank, Los Angeles: Jam es B. Griffith, vice presi- , dent and a d m in istrato r of the opera tions d ep artm ent, has been appointed vice p resident and cashier. He has been w ith the ban k for 22 years. Lhiited C a lifo r n ia Bank, Los^ Angeles: A ppointm ent of L aw rence B. W ilson to th e new ly established A post of d irector of u rb a n affairs for the b ank has been announced by N or m an B arker, president. The first Negro cultu ral affairs officer appointed by th e U. S. D epartm ent of State, fo r, the Bom bay C onsulate G eneral, Mr. W ilson developed program s th a t ef fectively solidified U. S.-India re la tions. Manufacturers Hanover Trust Com pany, New York: Jo h n F. McGillicuddy has b e e n ’'"-] elected a m em b er of th e gen* e r a 1 a d m in istra tive board, w hich c o n s i s t s of 12 m e m b e r s re p re senting the b a n k ’s«, senior m anage m e n t . Mr . Me* V| Gillicuddy is in c h a r g e of t h e J. F. M cG IL L IC U D D Y b a n k ’s w e s t e r n region business and supervises its re p resen tatio n in 31 states, com prising*, th e m id-w estern, southw est-w estern and cen tral areas of th e n a tio n aldivision. , A N am e C hairm an fo r A n n u al B ank PRM A C o n ven tion r Buell G. D uncan, Jr., vice president, F irs t N ational Bank, Orlando, F la.r w ill be general program ch airm an of th e 54th ann u al convention of th e A B ank Public R elations and M arketing Association, to be held N ovem ber 2-7, 1969, at the A m ericana H otel in Bal^ H arbour, Fla. 9 The information contained herein is general in nature and is drawn from sources deemed to be reliable. Any application to a particular farming operation requires the advice of qualified experts and is subject to limitations of good management, weather and other conditions present at the individual location. Bankers find many HARVESTORE® owners have a more efficient way to grow, a more efficient way to save. One reason HARVESTORE owners can make more money is because they can save more money. Consider these advan tages provided by a HARVESTORE feed processing system: A HARVESTORE owner can feed more livestock without additional manpower or acreage. He can harvest forage and grain crops early. At peak nutrition, before field losses take their toll. More total digestible nutrition can be taken from every acre. Feed efficiency can be increased. Feed costs can be decreased. And the feed is palatable. Animals like it. HARVESTORE cuts labor require ments, too. Harvesting takes less time. Back-breaking handling is virtually eliminated. Expensive artificial drying is not necessary. Feeding becomes push-button simple. Saves time and labor. For data that can help you help efficient farmers make extra profit by financing a HARVES TORE system through your bank, mail the coupon below, today. Carl K. Clayton A. O. Smith HARVESTORE Products, Inc. 550 W. Algonquin Road, Dept. 304 Arlington Heights, Illinois 60006 —} > A HARVESTORE system helps make farming more efficient. More profitable. Which is why many farmers and feeders who started with one HARVESTORE, added others. HARVESTORE Please send me m o re in fo rm a tio n o n s p e c ia l fin a n c e p la n s and w ays th e H A RVESTO R E system can be u tiliz e d by o u r fa rm c u s to m e rs . Produci B a n k o r C o m p a n y: M ultiplies M anpower and Landpower. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T o w n :____________ N o rth w e ste rn Banker, March, 1969 Athens, Greece on-the-spot refunds in 10 places... Athens, Georgia on-the-spot refunds in 4 places. The Everywhere Worldwide, only First National City Travelers Checks has over 28,000 on-the-spot refund points. No other travelers check comes near this figure. Check the box at the right to see the thousands more locations all around the world where your customers can get refunds fast. They’re more profitable to you because of our generous com mission schedule. You keep 100% of the commission on all sales from $10 to $50. And 90% on all sales over $50. First National City Travelers Checks are presold at home and abroad with a powerful consumer advertising campaign that tells millions of travelers their many advantages. You also get hard selling point-of-sale posters and materials that promote First National City Travelers Checks in your bank —plus pro motional aids that sell your other services. All free of charge. N o rth w e ste rn Banker, March, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Acceptability? First National City Travelers Checks are issued by the leader in worldwide banking. So, they're known anirf welcomed everywhere your customers go—in more than a mil lion places around the globe! They’re available to you in the widest range of denominations. r * And, if you wish, pre-packaged checks are available in both "five packs” and "ten packs.” r ‘ Available everywhere. Acceptable everywhere. Refundable everywhere.. .The Everywhere Check. When we say First National City Travelers Checks offer your customers the best V travelers check service in the world—we mean it! If you’re not already selling our travelers checks, phone collect to: Mr. Irving Johnson, First National City Travelers Checks,^ New York City. The number to call is: (212) 559-4961. 11 Amsterdam, Holland Amsterdam, NewYork on-the-spot refunds in 10 places..« on-the-spot refunds in 3 places. Check Worldwide Refund System: Your customers can get refunds fast and in more places than with any other travelers check. To show our complete coverage, at right are listed the number of our onthe-spot refund points by major geographical area. North America................. . . 1 4 ,0 1 3 1,7 0 0 South America................. Central America & 1,545 Caribbean................... 7 ,2 3 0 Europe ............................ Asia ................................ . . 2 ,1 0 0 Africa ............................... . 1,100 1,1 6 0 Australia & New Zealand 2 8 ,8 4 8 First National CityTravelers Checks N o rth w e ste rn Banker, M arch, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ORPORATE prom otions and an nouncem ents of special in te re st to C read ers of the N orthw estern B anker include th e following: Bank Building and Equipment Cor poration of America, St. Louis. W il liam F. Cann, president, has a n nounced t h r e e m a j o r m anagem ent prom otions. P e rry C. L angston w as appointed d irecto r of technical system s and sen ior architect. In his new position, Mr. L angston w ill explore and evaluate P. C. L A N G ST O N C. P. G U A R IG L IA advanced system s and m ethods re quired to m ain tain and expand the BANKS THAT ARE EMPLOYING THIS SERVICE ENJOY Adequate Liquidity Increased Earnings and Greater Investment Portfolio Effectiveness of p ‘ hil°ad'eNlph,a Perhaps your bank could enjoy these same benefits. Write for our explanatory brochure STUDLEY, SHUPERT & CO., INC., o f P h ila d elp h ia 860 Suburban Station Bldg. • Phila., Pa. 19103 N o rth w e ste rn Banker, March, J 969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis com pany’s leadership position in de sign, p lan n in g and construction m an agem ent of financial stru ctu res. Mr. L angston received a Bachelor of Science degree in m echanical engineer ing from W ashington U n iversity and joined B ank B uilding in 1946. He served as chief arch itect since 1964. C harles P. G uariglia has been ap pointed th e m anager, arch itectu re and engin eering division, and chief arch i tect. He w as g raduated from W ash ington U n iversity w ith a degree in arch itectu re and joined B ank B uilding in 1952. A fter serving as associate arch itect for seven years, he w as nam ed a ssistan t chief arch itect in 1964, and m anager, design and plan ning, in 1968. The new position of director of spe cial projects and production control has been assigned to H. B erny Engel. He w ill develop, im plem ent and ad m in ister a com pany-wide production control system and w ill be responsible for th e developm ent of a sm all build ing p roduct line to be coordinated w ith the arch itectu ral, estim ating, account ing and construction divisions. Mr. E ngel is a g raduate of K ansas U n iv ersity w ith a degree in architec tu re. In th e com pany’s ann u al report, L. J. Orabka, ch airm an of the board of B ank B uilding C orporation, rep o rts V to stockholders th a t n et earnings for the fiscal year w ere $880,415 on sales ^ of $34,266,893, equivalent to $1.01 p er 4 share. Total assets of th e firm rose from $11,082,457 at the end of th e fiscal^ year October 31, 1967, to $11,570,984 at the close of the 1968 fiscal y e a r last < October 31. V Bankers Capital Life, Minneapolis: Year-end totals indicate th a t th e convpany has continued its stro n g surge du rin g 1968, exceeding national aver-* ages for grow th of insu ran ce companies. In su ran ce in force reached $80,643,487, w ith an increase of 60 p er cent over th e previous y e a r’s spectacular ^ 49 per cent grow th. A ssets jum ped nearly 30 per cent to $314 m illion/ w hile in v estm en t incom e attain ed 70 per cent gains. P rem iu m incom e reached $2,159,247, up m ore th a n 46 per cent over last year. D uring th e y ear BCL w as licensed- — to provide service in 10 additional states, m aking a total service territo ry * • of 14 states. B ankers C apital Life offers insur- ^ anee plans and services, available A, th ro u g h banker-agents. Diebold, Incorporated, Canton, O hio:' A lbert S. Davis has been appointed d i-^ recto r of m ark etin g for ban k secu rity system s of th e com pany, it w as an nounced by Diebold b ank division vice president, E a rl W earstler. P rio r to joining the ban k secu rity and office equipm ent m an u factu rer, Mr. D a v i s w a s + assista n t security d irector of the* Mitre Corpora t i o n of B o s t o n , Mass., and served on th e f a c u l t y o f N o rth w estern U n iv ersity in the D e p a r t m e n t ofw ¿ S ecurity and Law E nforcem ent. a . s. D A V IS He is p resen tly a m em ber of th e M assachusetts and F ed eral bars and at one tim e w as a crim inal inv estig ato r for th e F e d e ra l’ B ureau of Investigation. He lately, served as the civilian secu rity ex p ert for th e New E ng lan d D ivision of th e . U. S. A rm y Corps of E ngineers. Mr. Davis w ill coordinate th e sales ’ efforts of th e b an k division’s alarm s and secu rity equipm ent and he w ilír conduct sem inars in th e area of secur ity. Gamble-Skogmo, Inc., Minneapolis: F o rest R. L om baer w ill join Gambles as corporate vice presid en t for p e r sonnel, according to B. C. Gamble, board chairm an. Mr. Lom baer, know n 13 y IT'S NO GAMBLE! YOU CAN BET ON THE MEN OF MARQUETTE TO SUPPORT THE IBAA S E E YOU IN LAS VEGAS AT 35th CONVENTION MARCH 17-18-19 CARL POHLAD, President CORRESPONDENT BURT NOAH, Executive Vice President BANK DEPARTM ENT AVERY PICK, Vice President LEN ERICKSON, Assistant Vice President I Credits) OTTO PREUS, Vice President DOUG PETERSON, Assistant Vice President IComputersi BILL ADDINGTON, Assistant Vice President PAUL ROCHE, Assistant Vice President f Investments) LORNE NEWHOUSE, Assistant Vice President DON SAND, Assistant Vice President I Investments! M arquette National Bank SEVENTH AT MARQUETTE, MINNEAPOLIS, M IN N ESO TA/333-5411 Member Federal Deposit Insurance Corporation e N o rth w e ste rn Banker, March, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 14 n atio n ally as a leading retail person nel executive, has been w ith the Jo h n Shillito Company, th e C incinnati divi sion of F ed erated D ep artm en t Stores, Inc., w h ere he has for th e p ast five y ears been vice presid en t for organi zation developm ent and a m em ber of th e m an agem ent board. WALKER “ We are very grateful for THE PICTURE Publications” writes Harold Walker, V. P. THE HOME NATIONAL BANK of Arkansas City, Kansas “ We feel that The Picture Publications are the most effec tive customer relation service we have ever been able to offer. They have certainly helped our customers to do a better job — for themselves as well as for us at the bank. We are grateful for this information. ” Harold Walker, Vice President. The better way to find E A R L F. C R O U S E RO N D ILLIN G H A M P R E S ID E N T . & ED ITO R V IC E P R E S ID E N T S A L E S Please circle the star that ex presses your need, attach to re g u la r b a n k le tte rh e a d an d mail ^ S e n d samples ^ A s k a R epresentative to call ^ G i v e us a Free 6 0 -day reser vation and outline an action program Q Send samples of your farm loan application and cash flow forms THE PICTURE PUBLICATIONS PHONE 2 1 7 / 3 6 7 - 6 5 7 8 P. 0. BOX F. URBANA, ILLINOIS 61801 N o rth w e ste rn Banker, M arch, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Walter E. Heller & Company, Chi cago: N et profits reached a new rec ord high for th e six th consecutive year, th e diversified c o m m e r c i a l finance com pany rep o rted last m onth. N orm an B. Schreiber, presid en t and chief executive officer, said n et income for th e y ear ended D ecem ber 31, 1968, w as $12,955,398 vs. $12,228,414 in 1967. A fter p referred dividend req u ire m ents, earnings p er com m on share w ere $1.28 on 8,633,018 shares o ut stan d in g as com pared w ith $1.22 on 8,462,569 shares in 1967, a rise of 4.9 p e r cent. Mr. S chreiber said volum e of finance business handled in 1968 w as a record $3,259,809,481, up 11.9 p er cent from $2,913,365,693 in 1967. N et receivables at year-end w ere $636,044,424 com pared w ith $542,376,559 in 1967, a gain of 17.3 per cent, and a new high. Finance o perations show ed sh arp ly increased earnings, risin g to $10,297,185 from $8,582,241 in 1967, an increase of 20 p er cent, and an all-time high. Mosler, Hamilton, Ohio: W alter C. Brow n, vice presid en t—b ank sales, for M osler since 1960, re tire d Decem b er 31, 1968, after 45 y ears of serv ice. Mr. B r o w n , a leading a u th o rity on b ank security systems, repre sented M osler at m eetings of the In su ran ce R ating Board to help re vise i n s u ra n c e w. c. b r o w n . ._ .. classifications m 1967-68, and has also acted for M osler in m eetings w ith F ed eral R eserve b an k s th ro u g h o u t th e nation. T he assets of A P F In d u stries, an A m erican-Standard com pany, have been purchased by M osler, according to C linton M. Starks, M osler executive vice president. A P F In d u stries, w ith plants in B uf falo and F ran k lin v ille, N. Y., produces co u n ters and under-counter steel as sem blies, and has a total em ploym ent of appro xim ately 85. Sales in 1968 am ounted to m ore th a n $1 m illion. T he organization w ill operate as the C ounter System s D ivision of Mosler, and w ill re p o rt to D aniel J. Hobbs, vice p resid en t and general m anager of th e b an k and com m ercial division. National Fidelity Life Insurance Company of Kansas City, Mo.: The com pany, now in its 53rd year, in creased insu ran ce in force in 1968 to $1,131,763,178 as of Decem ber 31, 1968, according to R obert F. R osenburg, president. The gain of $160,297,357 w as an increase of 17 per cent over th e to tal life insu ran ce in force a year ago of $971,465,821. The gain includes an increase in F ed eral E m ployees G roup Life In su ran ce of $68,187,670. A new production record w as set in th e volum e of new individual life sales of $100,097,575, a gain of 26 per cent over $79,300,116 for 1967, w hich in tu rn w as a gain of 22 per cent over $64,911,845 for 1966. The volum e of group -<L life insurance production, including credit life insurance, w as $377,989,844 V - - com pared to $316,330,601 last year, a f* gain of 19 per cent. T otal assets gained 8 per cent to < $51,335,560, an increase of $3,840,983 over D ecem ber 31, 1967. T he com pany now has $1.19 of assets for each $1.00 ♦ of liabilities. Talcott National Corporation, Chi A cago: The com pany has filed a reg is f tra tio n statem en t w ith th e Securities and E xchange Com m ission covering a proposed sale to u n d e rw rite rs for sale to th e public of $35 m illion convertible subordinated deb en tu res due 1994. T he com pany is th e parent-holding com pany of Jam es Talcott, Inc., 115- A year-old factoring and finance organi zation. In D ecem ber, T alcott N ational agreed to acquire su b stan tially all of th e o u tstan d in g capital stock of Beggs & Cobb, Incorporated, leath er m an u factu rers and processors based in Bos ton, Mass. Proceeds of th e u n d e rw ritin g w ill be used as a co n trib u tio n to th e capital of Jam es Talcott, Inc., for th e p u r V* chase from T alcott of all th e o u tstan d ing capital stock of L ift P a rts Mfg., W< Inc., acquired by T alcott last May, and for fu tu re acquisitions. U n d erw riters led by W hite, W eld & Co. and G oldm an Sachs & Co. w ill m ake the offering. B. C. Ziegler and Company, W est Bend, Wis.: Bond sales in 1968 su r passed th e $100 m illion m ark for the six th consecutive year, according to th e rep o rt m ade at th e an n u al stock holders m eeting by T hom as J. K enny, p resid en t of th e n atio n ’s larg est u n d e r t— w rite r of in stitu tio n al bonds for churches, schools, hospitals and n u rs Y ing and re tire m e n t hom es. A Mr. K enny rep o rted 1968 bond sales of $114,022,000 and N ew ton F u n d sales of $5,200,000 for a volum e of $119,222, 000. Commerce Trust is very big in securities Commerce Trust is the Bond Information Center for the midwest. Correspondents rely on Commerce because they know that when it comes to knowledge of the bond market, Commerce Trust is the best possible source. To stay on top of the rapidity changing bond market, Commerce has its own fully staffed Bond Department. These people keep in touch daily with the bond market through big-volume operation in governments and municipals. All it takes is one phone call to the Bond Information Center at Commerce Trust and you’ll have the latest up-to-date market information. The next time you’re thinking of govern ments or municipals, call Commerce Trust, the midwest’s Bond Information Center. COMMERCE TRUST RANK Kansas City, Missouri Member Federal Deposit Insurance Corporation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis No rthw e ste rn Banker, March, 1969 16 ACROSS [jM ttit t h e (Utah. J. X . m ukjc: President, Independent Bankers Association, President, National Bank of Athens, Georgia Your organization will soon be holding its 39th annual convention, and advance registration figures show that some 1,800 bankers and their wives will attend the 1969 meeting in Las Vegas (March 17-19). One of the big drawing cards for your record registration is the convention site, which offers fabulous floor shows and marvelous golf courses, plus a wide variety of other types of entertain ment. It is hoped that your members will spend at least a portion of their time reflecting on the more serious aspects of the meeting. To our knowledge, there has never been a time in the history of the Independent Bankers Associa tion that branch banking was being advocated in so many areas. In some instances, branching is not labeled as such, but is merely described as a way to expand bank services and facilities. At the same time, the most eager advocates for branching will admit that the Independent Bankers Association is a potent force, and many of them have learned this from actual experience in one or more legislative battles. Your organization cannot look back to its past success. It must move forward and face some of the practical issues of today. Two current prob lems that should concern you are: (1) the fact that very small towns cannot under ordinary cir cumstances survive another generation as any thing like full service towns, including bank charter service, and (2) the difficulty experienced by younger men in buying control in independent banks. John Chrystal, Iowa superintendent of banking, elaborated on the first point at recent Iowa group meetings. He stated that there is no justification for an artificial economic system which attempts to hold rural America at a status quo. In making this statement, he was not advocating branch bank ing, but he was taking a realistic view. The second point is of equal concern. We have seen a number of your most active members change their minds when it came time to retire and sell their stock. The philosophy of independent bank ing was forgotten and the bank was sold to a N o rth w e ste rn Banker, March, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis DESK P u M U h e /i conglomerate or non-banking group. In our opin ion, you cannot completely blame the banker. You have to blame the system. Something must be done to aid younger men in banking so that they will have a chance to buy the stock in their local bank, where in many instances they have spent a good share of their banking careers. If conglomerates and other groups are offered tax advantages, perhaps individual buyers should be given equal or even greater advantages. Capital structures are so heavy in so many country banks today that a younger banker under present tax laws would have to live two lifetimes to pay off the debt, His best approach now seems to be the formation of a onebank holding company, providing there is an in surance agency connected with the bank. Perhaps it is time for the Independent Bankers Association to formulate a plan whereby their younger members can acquire at least working con trol with the balance of the stock sold within the community. It seems to us that the way it is now, the IBA is putting out a lot of fires, but it is not putting its finger on the basic cause of the trouble. J jo ¿HI (BanksAA: Recent editorial treatment by some of our gen eral news media proves once again that the bank ing profession is frequently misunderstood by the people in key positions to ‘'educate” the public. Most bankers, we believe, have to plead guilty to spending too much time talking among themselves. The “message” never reaches the general news media and the public. For example, one editor of the editorial pages of a leading daily paper suggested to us recently that it might be better to do away with state super vision entirely and assign it to federal authorities. He knew nothing about the advantages of the dual banking system. He felt that a system of national banks might better serve the interests of the public. I t is high time that individual bankers and the various bankers associations decide to work more closely with the key people in the general news field. This calls for more than handing out a news release from time to time. It means inviting them to attend as many functions as possible so that some of the true facts about banking will be bet ter known. - > M a k in g it easy fo r custom ers to say "Y e s " reduces Bank C h eck Expense Most banks have a small percentage of their checking account customers who have resisted conventional sales and marketing approaches calculated to get them to purchase their own Personalized Checks. So far, they have not done so . . . they want the “free ones.” To help eliminate the expense these ac counts represent, our “Line Check” or “Name Only” check packages incorporate a new mer chandising technique to encourage customers to reorder fully Personalized Checks at their own expense. An attractive miniature catalog DELUXE featuring personal checkbooks in six different styles—on six colors of paper—with a wide choice of attractive “Fashion*Chec” covers is included in each package. It brings the story and advantages of Personalized Checks to the free check user at just the right time. Special, dual order forms in “Yes” and “No” versions make reordering easy. Banks using these checks have been gratified by the response. May we extend an invitation for your bank to participate in this phase of our total marketing program? CHECK PRINTERS, INC. STRATEGICALLY LOCATED PLANTS FROM COAST TO COAST M /tr^ liu /û c ^ o rn https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Ranker. h/lar ch. /9<S9 F o u n d a t io n E le c ts O ffic e r s OGER D. KN IG H T, JR., chairm an, R D enver U. S. N ational B ank, w as re-elected ch airm an and p resid en t of th e F o u n d atio n for F u ll Service B anks, and tw o new m em bers w ere elected to th e executive com m ittee at th e ann u al m eeting of th e board of tru stees held in P hilad elp h ia last m onth. A llen P. S tults, president, A m erican N ational B ank and T ru s t Com pany of Chicago, w as nam ed finance chairm an, replacing H. P ren tice B row ning, fo r m er F o u n d atio n ch airm an and presi- AS&i Message Center combines friendly persuasion with community service. An AS&I Message Center effectively uses lights and motion to sell any financial service you consider tim ely . . . for example, a drive for savings accounts. Or, you may wish to announce an important new service. Whatever the occur rence or service may be, you’ll sell it better, 24 hours of the day, with a Message Center. A Message Center will enable you to provide an appreciated community service by announc ing civic events and fund drives . . . all things of importance to you and your community. Any member of your staff can quickly and easily program any sales or civic message you choose. Please, write or phone collect for full details. A M E R I C A N a n d S I G N I N D I C A T O R CORPORATION Home Office: N. 2310 Fa richer W ay, Spokane Wash. 99206 Area Code 509 KE 5-4101 Regional Offices: New York, New York; Dayton, Ohio; Jacksonville, Florida; Dallas, Texas; Des Plaines, Illin o is; Omaha, Nebraska Representatives and Field Engineers serving every city. N o rth w e ste rn Banker, March, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R. D. K N IG H T , JR . A. P. S T U L T S den t of A m erican F letch er N ational B ank and T ru st Company, In d ian a polis, w ho is re tirin g from the organi zatio n ’s board. Jo h n A. Forlines, Jr., p resident of th e B ank of G ranite, G ranite Falls, N. C., w ill become m em bership coch airm an w ith responsibility for all b u t th e top 300 and reserve city banks. Clifford C. Sommer, president, Secu rity B ank and T ru st Com pany of O w atonna, Minn., w ho previously held th e position w ill continue as a tru stee. E lected to a th ree y ear term as tru ste e for the 11th F ed eral R eserve D istrict w as T. C. F ro st, Jr., president, F ro st N ational B ank of San Antonio, Texas. Lew is K. McKee, chairm an, N ational B ank of Commerce, M emphis, Tenn., w as elected to com plete th e tw o-year u n ex p ired term of the late Jo h n B. M itchell, as tru ste e for th e E ig h th F ed eral R eserve D istrict. Mr. M itchell w as p resid en t of F irs t N ational B ank in St. Louis. A ndrew Price, Jr., chairm an, N a tional B ank of Com m erce of Seattle, W ash., w as elected to a one-year term as tru ste e for th e 12th F ed eral Re serve D istrict. New trustees-at-large elected to the board were: J. J. C um m ings, Jr., p resi dent, In d u stria l N ational B ank of Rhode Island, for th ree years; B. M eyer H arris, ch airm an and p resi dent, The Y ellow stone Bank, L aurel, Mont., for two years; and H ow ard W. McCall, Jr., president, Chem ical B ank New York T ru st Company, for th ree years. Jam es E. B row ir senior vice p resi den t f o r s a l e s and m ark etin g at M ercantile T ru st Company, N.A., in St. L o u i s , has been appointed to th e a d v e r t i s i n g advisory group of foundation, it w as a n n o u n c e d by G e o r g e Briggs, vice p resid en t of J. E. B R O W N S eattle-F irst N a tional Bank, Seattle, W ash. Mr. B riggs is ch airm an of th e ad v ertisin g ad visory group. The F o u ndation conducts a $2.5 m il lion ad v ertisin g and prom otion pro gram in n etw o rk television and lead ing national m agazines to educate th e public about th e benefits of F u ll Serv ice banking. The adv ertisin g advisory group serves as advisory liaison be tw een the F ou n d atio n tru stees and the ad v ertisin g agency, D ancer-FitzgeraldSample. Mr. Brow n, w ho is also p resident of C redit System s, Inc., the bank-ow ned com patible credit card center, w as form erly vice presid en t in charge of M ercantile’s 1,120 co rrespondent b ank ing system . B o f A N am es B ob T ru ex T o It’s M anaging C o m m ittee G. R obert T ruex, Jr., has been ap pointed executive vice presid en t of B ank of A m erica NT & SA and nam ed to t h e b a n k ’s managing com m i t t e e , it wa s a n n o u n c e d last m onth by Board C h a i r m a n Louis B. L undborg. Mr. T ru ex w ill continue to serve as senior credit e x e c u t i v e for S outhern Cali G. R. T R U E X , JR. fo rnia at the b a n k ’s Los A ngeles head q u arters, Mr. L undborg said. P rio r to joining B ank of A m erica in 1966, as head of th e in tern atio n al banking office in Los Angeles, Mr. T ruex w as a senior vice p resid en t in charge of the national division at Irv ing T ru st Com pany in New Y ork City. In 1967, he w as appointed senior vice presid en t in B & A’s executive d ep art m ent. L a u n ch es D irect L easin g V alley N ational B ank of A rizona is launching a d irect leasing service, w h ereb y th e b ank w ill purchase heavy equipm ent needed by in d u strial and m an u factu rin g concerns and lease th e equipm ent to the user. The VNB is th e first bank in A ri zona to offer such a service, w hich is designed to m eet the needs of the sta te ’s rapidly-expanding in d u strial sector and co n trib u te to th e grow th of the s ta te ’s economy. P r e s i d e n t E arl L. Bim son an nounced th a t th e program w ill in itial ly be lim ited to heavy-duty in d u strial equipm ent w hich w ill be purchased by the bank and leased to the user-cus tom er on a long-term basis. 39 T h e standard w ay to m icrofilm 6 4 ,5 0 0 checks. Our n ew est way. > S> V > New thin-base Recordak Datapak film, on the right, more than doubles the film capacity of the standard 100-foot microfilm reel. Actually, it holds 215 feet. You have twice the reference capacity at your fingertips. At a reduction ratio of 45-to-1, a single reel of this strong, stable, fine-grain film will hold up to 64,500 images. That’s some 34,500 more than usual. The secret lies in Datapak film’s super-thin, ultra-tough Kodak Estar base. The new Recordak Reliant 600-K microfilmer can be ordered with a film unit to accommodate Datapak film. In fact, many other late-model Recordak microfilmers and film readers can be readily adapted for use with Datapak film by your local Kodak service representative. Additional savings: Film loading/unloading fre quency is cut in half. Mailing costs are also re duced by 50 percent. And there’s a substantial dollar saving every time you order Recordak Datapak film. Want to know more? Call or write: Eastman Kodak Company, Business Systems Markets Divi sion, Dept. 0-3, Rochester, N. Y. 14650. ®Recordak is a registered trademark for microhm equipment designed and produced by Kodak. Microfilm Systems by Kodak https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis No rthw e ste rn Banker, March. 1969 Problem in Waterloo: Float could be collected, but it’s still enroute. Answer in Chicago: Call the First...where routing lags get more than routine action. When you need sophisticated cash letter service, all it takes is a call to your correspondent banker at The First National Bank of Chicago. He and his team of correspondent bankers can streamline operations. They’ll examine every phase of your routing procedure. Each detail receives exhaustive attention to in sure maximum item availability. If your present system demands more efficient ground/air handling, they’ll map it out. Efficiently. Pro fessionally. They’ll show you how trim schedules result in earlier pro cessing. More accurate books. You’ll get a program geared to your special needs—flexible enough to meet the challenge of future growth. The correspondent banker at The First is n 't lim ited to cash letter solutions. ■ ■HMaaL Hm HI Your call to (312) 372-0408 brings action on overlines. U p -to -th e second credit information. Invest ment details on everything from Repurchase Agreements to Federal Funds. We'll soon be on the 10th floor of the world's most modern bank building. Call us when you need a solution to a problem. The First National Bank o f Chicago Member Federal Deposit Insurance Corporation N o rth w e s te rn Banker, March, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 21 Your iSan/¿ aini ilio Cart! Vlan An e x c lu siv e NORTHWESTERN BANKER s u r v e y o f Illinois banks. 'H A T are th e positive ad v an tages a b an k receives by af-y ▼▼ filiating w ith one of th e m ajor cred it card system s (such as M idwest, ■‘‘B ankA m ericard, M aster C h a r g e or B an k m ark )? C om m ents received from a crossv section of b an k ers in Illinois indicate th a t w hile th e y find th e offering of a b an k charge card valuable, th e y do n ot sh are th e sam e en th u siasm for it as does th e ir city cousin, w ho op erates as a fully-licensed agent. R espondents w ere p r e s i d e n t s of banks ran g in g in size from $12.5 m il lion in deposits to $145 m illion in de*<*-posits. P o p u latio n of cities ranged from 5,000 to 110,000. All had offered a b an k charge card for one y e a r or longer. M ost b a n k ers rep ly in g are af‘filiated w ith th e M idw est B ank Card System; how ever, it is felt th a t th e ir com m ents w ould be th e sam e, re g a rd less of th e specific system . Important Service A m a jo rity of th e com m unity b anks ’find th a t th e b an k charge card is an y im p o rta n t factor in re ta in in g and se r vicing local m erch an ts. In addition, . th e y find th a t som e custom ers a p p re ciate th e convenience of being able to ~~ use th e card. As a general rule, an affiliation w ith a m ajo r card system ^creates “a good im age.” T ypical com m ents were: 7 D e p o s i t s , $16,000,000; Pop. 8,400: “W hile sm all, our b an k charge card plan has provided an o th er source of incom e w ith little or no additional w o rk or expense. As th e acceptance "of th e use of charge cards grow s, so w ill th e incom e derived from th em .” Deposits, $30,000.000+; Pop., 20,000: https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis “I feel th a t a b an k charge card plan is practical and th a t its continued p o p u larity is inevitable. It is certainly n o t unprofitable, since we do receive a p ercentage of the m erch an ts’ dis counts.” Deposits, $25,000; Pop., 29,000: “In come, although com paratively m odest, am ply covers our costs of service. P articip atio n as a depository b ank m em ber enabled service to, and re te n tio n of, com m ercial account custom ers th a t are m erch an t m em bers of the sys tem .” Yet to Bring Profit A lthough several of th e responding b a n k ers considered a b an k charge card plan practical for th e ir institu tio n , sev eral stated th a t this program has y et to b rin g any profits to the bank. Deposits, $58,000,000; Pop., 28,000: “The need for th e credit card system w as n o t g reat in our area, b u t it has been practical in th e sense th a t the paper w o rk has been handled reaso n ably well, b u t not profitable.” Deposits, $50,000,000; Pop., 75,000: “H as y et to be profitable, b u t it is practical and, hopefully, w ill becom e profitable.” Deposits, $13,000,000; Pop., 6,000: “Our charge card plan has not been profitable. Our custom ers have n o t ac cepted th e plan and still p refer to hav e accounts w ith local m erch an ts.” Deposits, $12,500,000; Pop., 18,000: “Our charge card plan has drained off our year end and in stallm en t loans for C hristm as and holiday expenses or ex cesses and has deeply cut into per sonal loans d u rin g th e y ear.” Deposits, $36,000,000; Pop., 90,000: “I t has not been profitable from a direct standpoint. Our costs to process charge activity still exceed rev en u e from it.” Deposits, $68,000,000; Pop., 110,000: CHARGE CARD . . . (T urn to naere 32. «lease) W O-THIRDS of th e fam ilies in Chicago and its far-reaching su rb u rb s have and use m ajor cred it cards, a surv ey of th e eight-county area revealed. In a m ailed q u estionnaire only one-third of th e fam ilies replied th a t th ey had none of th e cards listed, w hich included n ational oil com p any cards, large Chicago d ep artm en t store cards, national trav el and e n te rta in m e n t cards and b an k charge cards. The su rv ey show ed th a t holders of b an k cards tend to carry o th er cards, too. One-half of th e resp o n d en ts w ho have cards in th e M idw est B ank Card System , Inc., (issued in th is area by five Chicago banks) also have an oil com pany card, and one-half of th e respondents also have a card w ith a large Chicago d ep artm en t store. Less th a n half of all th e b an k cardholders carry four or m ore cards. In th e surv ey conducted for a m ajor b ank in the M idw est B ank Card System s, Inc., m ore th a n 1,700 respondents indicated th e cards held by m em bers of th e ir fam ilies. The su rv ey w as conducted in Cook, D uPage, Kane, Lake, M cH enry and W ill counties in Illinois and in Lake and P o rte r counties in Indiana. T N o rth w e ste rn Banker, March, 1969 22 « C h allen ge to R u ral B an k ers _____ Respond to Farm Changes ( ■«* <By LINDLEY FINCH V ice P r e s id e n t Continental Illinois National Bank & Trust Company of Chicago E are inclined to view ag ricu ltu re as w e see it in our ow n com m unity. In th e M idw est w e see it as corn, soybeans, hogs, and cattle. B u t agricul tu re should nev er be considered as m erely local in n a tu re. It is w orld-w ide in scope. In o th er p a rts of the w orld such crops as cotton, rice, tobacco, sorghum , and ju te are m ore im p o rtan t. And th e y com pete w ith us d irectly and in d irectly a t all tim es. W Agriculture Embraces Many Interests W e need to be rem inded th a t ag ricu ltu re is n o t a single industry ; instead it is a large group of delicately balanced in d u strie s w ith diverse products, needs, problem s and opportu n ities. I t em braces m u tu al in te re sts and con flicting interests: • p ro ducers w a n t high prices • consum ers w a n t low prices • processors w a n t stable prices • speculators w a n t fluctuating prices • retailers w a n t prices acceptable to th e consum er. We need to be rem inded, too, of th e econom ic d iv er gences th a t are ch aracteristic in ag ricu ltu re. I t not only contains in te rn a l inconsistencies, b u t th e ag ricultural econom y as a w hole som etim es ru n s co u n ter to general business conditions. More confusion and m isu n d erstan d in g are involved w ith ag ricu ltu re today th a n gen erally has been th e case in th e past. F o r exam ple, w ho really re p re se n ts agri cu ltu re in Congress? The gap b etw een th e re ta il price of food and th e price of th e ra w pro d u ct at th e producer level is grow ing increasingly w ider, and consum ers don’t u n d e rsta n d th e reasons. P rices are said to be u n d er such pressu re as to req u ire subsidies; y et land prices continue to rise. F in an cin g h as becom e so frag m en ted th a t the group consisting of m erch an ts, dealers, and individuals is now fu rn ish in g m ore cre d it to farm ers th a n are the com m ercial banks. Two Important Conditions for Farmers In all th is confusion, how ever, th e re are tw o v ery im p o rta n t conditions th a t concern com m ercial farm ers as w ell as those w ho serve com m ercial ag riculture; they are: 1. The over-expanded condition of ag ricu ltu re and, 2. The effort to cut cost. N o rth w e ste rn Banker , M a rc h , 7969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Our E xcess C a p a city The tru e situation w ith resp ect to our poten tial p ro ductive capability has n ot alw ays been clearly and can didly stated. Likew ise, the tru e dem and for food and fiber has n ot alw ays been p resen ted w ith com plete h o n esty. Two y ears ago some professed to believe th a t a shortage of food appeared to be im m inent. Only a few m onths later it developed th a t we w ould probably have surp lu ses for a t least th e n ex t decade. I t is clear now, how ever, th a t w e are dealing w ith an in d u stry w ith a g reat deal of excess production capacity as related to dom estic dem and at prices satisfacto ry to th e farm er— and his capacity to over-produce is increas ing each year. F u rth erm o re, w e have v ast u n u sed re serves w hich can be b ro u g h t into production w hen needed. Public policy d u rin g th e p ast th re e decades reflects our search for political solutions to th e economic prob lem s of ag ricu ltu re ra th e r th a n rep resen tin g an enlight ened effort to b rin g about fu n dam ental changes in supply and dem and for food and fiber. The w orld food supply p er capita has rem ained rem ark ab ly stable for the last th ree decades—n ot good, b u t stable. W e are m indful of th e g reat need for m ore food in m any p a rts of th e w orld today, including our own country. B ut it is m ost im p o rtan t th a t a clear distinc tion be m ade betw een th e need for m ore food and th e effective deynand for m ore food. T he real problem is how to convert th e needs of h u n g ry people to effective dem and; in short, w ho is to pay for m ore food? W hy is it so im p o rtan t th a t we u n d ersan d th is dilem ma at this tim e? Production Geared to Exports The reason w e m u st u n d erstan d th e difference be tw een need and dem and is because our p re se n t level of ag ricu ltu ral production is geared to a high volum e of exports. A bout one-fourth of total U. S. production is exported; for exam ple, we export about 50 per cent of r our w heat; 40 per cent of soybeans; 20 p er cent corn; 40 per cent tallow; 50 p er c en t hides. A su b stan tial am ount of our exports has been generated th ro u g h p ro m otional program s of various kinds involving develop ing countries w hich do n ot have th e purch asin g pow er to buy from us on any reasonable credit term s. These program s include Public Law 480. T here are several economic forces at w o rk th a t tend 23 V y L or Cea fe*' A to depress a g ric u ltu ra l exports. Our inflated prices m ake it m ore and m ore difficult to sell our p ro d u cts to o ther countries, w hile th e sam e inflated prices a ttra c t im ports, .—X some of th em in d irect com petition w ith us. Some of the developing co u n tries are rap id ly le a rn in g th a t th ey can increase food p roduction d ram atically (and conserve th e ir foreign exchange) w h en th e econom ic clim ate is favora ble for in d u stry to produce th e in p u ts a t realistic prices. Also, it w ould ap p ear th a t m ost of the recen t develop m en ts in food technology w il b rin g new com petitors to conventional food producers. Such new developm ents include filled m ilk, fish m eal, and p ro tein from p etro leum and from alfalfa, to nam e ju s t a few. Some econom ists feel because of expanding populations w ith risin g living stan d ard s, possible adverse w eath er p a tte rn s abroad and ch an g in g price stru c tu re s, th a t ex po rts can be expanded. O thers feel th a t exports n ot only cannot be expanded b u t m ay even decline. Still others contend th a t dom estic consum ption can be stepped up ^ to reduce th e need for exporting. I believe th e expansion of exports, for th e n e x t few y ears at least, is v ital to A m erican ag ricu ltu re and to those in d u stries th a t serve A m erican ag ricu ltu re. The econom ic and political prob►lem s involved in in te rn a tio n a l com m erce are com plex and in a c o n sta n t state of change. The stakes are v ery > high. W e shall w atch fu tu re developm ents w ith grave . concern. Cost Cuttinfi A gricu ltu re is w ell into, b u t n o t n e a r th e end of, farreach in g and fu n d am en tal ad ju stm en ts in alm ost all seg m ents. W e see th e ad ju stm en ts as expansion of indi- iy vidual operations, consolidation, specialization, m oderni zation, and v ario u s form s of in te g ra tio n and risk sh a r ing. B ut we should recognize th ese as m anagem ent techniques being em ployed in a concerted effort to re duce th e p er-unit cost of output. A nd ag ricu ltu re has been spectacu larly successful in c u ttin g costs as m eas u red in te rm s of inp uts. P ro d u ctiv ity of w o rk ers in ag ri cu ltu re has been increasin g som e th re e tim es faster th a n th a t of those em ployed in o th er in d u stries. Since W orld W ar II, those w ho have profited have done so, w ith few exceptions, b y redu cin g costs, ra th e r th a n by benefiting from increases in prices of farm products. In in d u stry , a new developm ent som etim es em erges https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis as a new product. In agriculture, how ever, new tech nology em erges in the form of low er production costs, g reater output, im proved quality, or a com bination. M oreover, as I m entioned earlier, new technology often b rin g s new com petitors to ag ricu ltu re—as for exam ple, plastics, detergents, and sy n th etic fibers have displaced a su b stan tial p a rt of th e m ark et for leather, soap, and n a tu ra l fibers. What Are Ingredients Needed? W hat are th e ingredients needed to m ake an effective cost-cutting mix? I t takes huge am ounts of new capital in order to em ploy th e new cost-reducing technology. I t also takes a know ledgeable farm m anager, oriented to financial approaches th a t have proved effective in in d u stry , and responsive to new situ atio n s and opportunities. New capital is being attracted to ag ricu ltu re m uch faster th a n th e grow th ra te of savings by farm ers from th e ir operations and faster th a n ru ra l b ank resources are increasing. T his condition necessitates th e m ovem ent of m oney from m ajor financial centers to ru ra l areas for use by farm ers. T his m ovem ent of m oney is quite confused a t th e p resen t tim e and involves a nu m b er of organizations, of w hich th e com m ercial banks are one. It has been profitable to in v est new capital to gain efficiency, and those w ho have invested first in new tech nology have received th e g reatest com petitive adv an tage. T his accounts for th e v ery rapid capital in v est m ent tre n d in agriculture. In view of th e h ig h and risin g level of research and developm ent, it seem s th a t th e need for new capital w il continue to accelerate into and beyond th e foreseeable future. New Breed in Farming B anks and oth ers serving com m ercial farm ers are observing a n in creasing nu m b er of w ell-trained, sm art, tough, and w ell-adjusted young m en en terin g th e farm ing business. T hese m en are w ell aw are of th e p ressu res and are not tied to tra d itio n b u t are w illing to m ake changes and accept risks. M ost im p o rtan t of all, th ey are en terin g th e in d u stry by choice, n ot by default. F o r those serv in g farm ers th e challenge of th e fu tu re seem s clear. W e are in th e position of a supplier w ho has had to learn how to serve the m anager of a su p er m a rk e t as opposed to th e p ro p rieto r of a sm all grocery RESPOND TO CHANGE . . . (T u rn to page 54, please) N o rth w e ste rn Banker, March, 1969 24 T h e Httnkei's* ËHlemma B y ROBERT M. CROSS F irst S o u th d a le N ational B a n k E din a, M in n e sota LL th ro u g h o u t our c o u n try w e h e a r senior b a n k m an agem ent calling for good q u ality new m anagem en t for th e ir replacem ents. W e find executive officers and p e r sonnel officers searchin g th e co u n try to fill th e rap id ly increasin g n u m b er of b an k in g vacancies (both due to re tire m e n t and new technological ad vances). I call th is a DILEMMA, because it is a problem th a t could h av e been avoided a long tim e ago. Like any co u n try or in d u stry , w e all learn from h istory. T his problem cam e about over th e last 30 y ears w hile b an k ers w ere n o t p re p a rin g for th e fu ture. A Age Gap in Banking W e have found th a t th e re is a sta rtlin g age gap in b an k in g (also I m ay say th e sam e holds tru e in th e rapid gro w th of o th er in d u stry ). In banking, w e have th e group w hich started in b an k in g back in th e th ir ties, for th e basic reasons of job sa t isfaction, com pensation and p restige Then, all of a sudden, th e re w as a long period of tim e d u rin g w hich few people en tered into th e profession. T hen cam e th e late fifties, and senior b an k ers realized th a t th e ir re tire m e n t days w ould be com ing in th e n ex t few y ears and decided to look for th e ir replacem ents. M uch to th e ir am azem ent, th e re w ere n o t m any younger, qualified people available. How did th is problem come about? T here w as th e depression, W orld W ar II and th e K orean W ar, w hich all had a d irect b earin g in th is dilem m a. B ut som e of th e item s I feel w ere m ajor u n d erly in g causes were: N o rth w e ste rn Banker, March, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The younger people banking had a ttra cted w ere n ot paid properly for th e responsibility th ey w ere re q uired to handle. T he old th eo ry (and w e still see th is in a large segm ent of our b a n k in g w orld) th a t it takes m any y ears of hard, up-the-ladder w ork to m ake a ju n io r officer in a bank. Is it n o t tru e, how ever, and n ot su rp risin g either, th a t on every step up on th is ladder, w hen th e person w as given th e p ro p er step, he learned it am az ingly fast? M aybe th e problem w as m ore one of co n ten tm en t to rem ain fixed and n ot striv e rig h t on to th e n ex t step of th e ladder. This can only be an sw ered by each individual. W e found in sm aller banks, m any fam ily-controlled areas. The fa th e r w as th e v ery successful ow ner and president, w ho sent his child ren to college to becom e doctors, dentists, engineers and teachers. Now th e fa th e r is approaching re tire m e n t and is in a dilem m a. T here is no one w ho w ill be able to tak e over his life’s w ork. L e t’s hope now th a t w e have re alized b y our p ast m istakes, and we w ill be able to look forw ard and ac qu ire th e new m anagem ent needed in th e y ears to come. Training Programs L arg er banks and holding com pan ies have set up extensive m anage m en t tra in in g program s. T hey w an t th e college graduate, for w e need now to tra in th e m an fast and hope we can keep him . B anks have found th a t p restig e alone w ill not keep th is p e r son. T hey w ill have to m eet his sal a ry needs as well. B anks have tak en g ian t strides in th is direction, b u t as recen tly published as last fall, “B anks are still on th e low end of th e totem pole.” W h at are th e answ ers? Only fo r ward-looking, senior m anagem ent can answ er this. The sm all in d ependently ow ned ban k s face a real problem . R ecently I h eard about a large holding com p any b ank interv iew in g in a sm all, u p p er m idw est, state-college tow n. T his com pany had posted its display, and stu d en ts w ere w alking by—ju st laughing. F inally, th e com pany re p re sentative asked w hy th e y w ere lau g h ing and one of th e stu d en ts told him th e local in d ependent b an k w as m aking offers of $280 a m o n th as a sta rtin g salary to college graduates. T his b an k er has quite a dilem m a, and if he doesn’t get back into th e w orld of th e tw en tieth century, th e re w ill be an o th er sm all, in dependent bank w ith out replacem ent m anagem ent. T here is one im p o rtan t an d m uchoverlooked area in w hich p a rt of th e dilem m a I have been talk in g about can be p artially overcome. The over looked area, u n til recently, has been th e m any dedicated w om en in b a n k ing. M anagem ent recen tly has been finding th a t tw o m en m ake v ery capa ble officers. Look at th e nu m b er of w om en officers th e re w ere 10 years ago, com pared w ith today. H ere is a large n u m ber of high-quality b an k em ployees who, given the op p o rtu nity, w ill do w onders in our in d u stry . T here is going to be a lot of fast plate changing in th e nex t 10 years, and m any w om en w ill be tak in g over th e positions as good senior officers.— End 25 -> > k H asiaess ' « M us A - Ilf * /// M*ersonal F in a n ce -— LARGE percen tag e of our high school g rad u ates m ove in to col lege or into gainful em ploym ent know in g th e biological kingdom of th e butterfly, b u t th in k in g th a t a comv - m ercial b an k is a governm ent-ow ned enterp rise. T hey have learn ed th e b u tterfly ’s phylum , b u t th e y are u n a w are of th e difference betw een sim ple and com pound in terest. T hey have com m itted a b u tte rfly ’s genus to m em ory, b u t th e y have no idea w h a t a m u tu a l fund is. T hey w ill not soon for get th e b u tte rfly ’s specie, b u t th ey have n ev er learn ed th e difference be tw een p e rm a n e n t and te rm life in surance. The above is certain ly n o t intended to disparage th e stu d y of biology; _> ra th e r it should illu stra te our sec o ndary education sy stem ’s failu res in •> th e area of p re p a rin g y o u th s to ade q u ately live th e ir econom ic lives. T his lack of p re p a ra tio n has dangerous im plications for th e business commu* nity. It should signal th e need for ac tion by a le rt com panies and en lig h t ened executives to assist in rem edy~~ -iy in g th e situation. It has, in fact, m o tiv ated w orkable and successful be ginnin g s in th is direction. A “Personal Finance Gap” Before exploring these efforts, le t’s exam ine th e consequences to Ameri^ can business of th e “P erso n al F inance G ap” in secondary education. • F irst, and p erh ap s of g re a te st sig nificance, ignorance breeds m istru st. * The fact th a t m an y stu d e n ts in th e ir late teen s have no com prehension of th e stre n g th s of our profit-oriented https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis By MIKE BRAUDE V ice P r e s id e n t Mercantile Bank & Trust Company Kansas City, Missouri business system accounts for the often-quoted statistics on th e large percentage of b rig h t stu d en ts w ho in ten d to sh u n careers in th e business w orld. T hey are not tu rn in g th e ir backs on com m erce because th ey don’t respect it; in m ost cases, th e y sim ply have had no exposure. W ith o u t th a t exposure, firm s w here th e lack of capable personnel is a big problem w ill not even be considered by m any p o ten tially capable fu tu re executives. • Secondly, th e stu d en t w ho never has been ta u g h t how to handle his b an k in g or how to p ro perly arran g e an in su rance program or even how to m anage his incom e and outgo w ill doubtless seek th e altern ativ e of m ore and m ore governm ent intervention. The ratio n ale is: “I don’t know how, so let th e governm ent do it for m e.” The im plications to business of th is th in k in g h ard ly need elaboration. • N ext, th ere w ill be a large p er centage of young people w ith no back g round in personal finance w ho, early in th e ir financial lives, w ill m ake se rious m istakes. No tra in in g in budg etin g w ill lead to h e artb reak in g p er sonal b ankruptcies. A lm ost as se r ious, m any w ill quickly become saddled w ith unm anageable personal debt. Its consequences w ill be re flected in fru stratio n , m arital conflict and th e necessity of passing up o th er w ise fru itfu l opportunities. H e r e again, th e business suffers rig h t along w ith th e u n h ap p y young people. Business Action The problem is real and it has be come a p p aren t th a t we cannot rely soley on our education to solve it on its ow n initiative. B usiness m ust pitch in both in concert w ith th e schools and also th ro u g h independent action. B usiness leaders m ust regard such action and the tim e and expense involved as im p o rtan t in v estm ents in the fu tu re of individual com panies and in th e w elfare of our economic system . Some executives have paved the w ay in the m ost basic, b u t often m ost effective, m anner. M any of them are being elected to school boards and are becom ing officers of p a re n t teacher organizations. Once e l e c t e d , th ey b rin g pressu re to get sound courses in personal finance and elem entary economics into th e high school c u r riculum . T hey go one step beyond and cooperate w ith schools and teach ers in enriching th e content of such courses once th ey are established. V isits to in v estm en t houses, banks, re ta il stores and local in d u stries are arran g ed th ro u g h th e ir efforts. P rac tical teaching aids are provided, and speakers from th e business w orld are enlisted. A ssisting Organizations T he above activities along w ith m any m ore are often coordinated by B U S IN E S S M U S T H E L P . . . (T u rn to page 64, please) No rthw e ste rn Banker, March, 1969 26 Y EXAMINING deposit cylinder used in newly installed Tel-Air motor banking system at 1st Natl. Bk., Marion, Iowa, are (1. to r .): Bob Norrish, a.c., Central Natl. Bk., Chicago; Phil Morris, pres, of Marion Bk.; Howard Beermann, v.p., Central Natl. Bk., Chicago. Unique Open House Promotion IT H com petition in th e b an k ing business becom ing m ore intense, how do you sell y o u r b a n k ’s “p lu s” values? H ow do you m ak e su re th a t old custom ers continue to send th e ir business y o u r w ay and th a t potential custom ers are aw are of th e m an y new services you have to offer? P hil M orris, p resid en t of th e F irs t N ational B ank, M arion, Iowa, believes th a t one of th e best tim es to sell b a n k ing services is w h en th ey first become available. Plans Grand Opening T his w as th e th o u g h t in m ind w hen th e F ir s t N ational B ank of M arion— Io w a’s oldest natio n al b an k —planned th e g ran d opening of its new Tel-Air m otor-bank. Since tw o of th e b a n k ’s com petito rs had also opened new m o to r b an k facilities n earb y in recen t w eeks, m erely opening an o th er m otor b an k w as not enough. So th e F irs t N ational, in its opening prom otion, chose to play up its new Tel-Air sys tem , th e new L eF eb u re v isual con tro l pneum atic m otor b an k in g sys tem —a first in eastern Iowa. T his w as done w ith a driv e-th ru opening at the m otor bank, p rio r to opening of the e n tire new facility. D uring th e driveth ru opening, only the m otor bank N o rth w e ste rn Banker, March, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis area of the b a n k ’s new 6,000-squarefoot facility w as open. Mailed invitations, designed by the b a n k ’s ad agency, announced the d riv e-th ru Tel-Air open house about four days in advance of th e opening of th e re st of the facility. Inv itatio n s m entioned th a t in order to w in a prize, official e n try blanks on the backs of th e in v itatio n s had to be deposited th ro u g h Tel-Air. In th is way, the people them selves could see how easy it is to use Tel-Air. Handles All Banking All phases of b anking can be h a n dled th ro u g h th e Tel-Air system , in cluding deposits, w ithdraw als, open ing checking accounts, m aking in stall m en t loan paym ents an d even a rra n g ing for finance-in-advance auto loans. The u n it contains a deposit cylinder w hich is opened to tra n sa c t business. The cylinder is th e n replaced in a send tube, and a b last of air shoots it along a tu b e into th e m otor b ank building. T here, a teller takes care of th e tra n s action and re tu rn s deposit slip, pass book, etc. E n try blanks for th e drive-thru opening w ere m ailed to all the b a n k ’s re g u la r custom ers and w ere included in g ran d opening ads carried in local papers. In addition to g ettin g a sm all gift w hen depositing his e n try blank, the custom er w as en titled to partici pate in a draw in g for a color tele vision set and o th er sm all prizes. M anpow er girls w ere em ployed at th e ban k and tra in e d in how to use the Tel-Air system from th e custom e rs’ end and from th e outside station. These girls gave brief explanations to each custom er and assisted in th e m e chanics of usin g the system . P u b lis h e s B r o c h u re A brochure entitled “6 E asy Steps to th e New, F a st P ersonal A pproach to M otor B anking” w as p rin ted by the b ank to explain the new system and introduce th e ban k officers re sponsible for th e operation. These b rochures w ere m ailed out w ith sta te m en ts to custom ers. A rrangem ents also w ere m ade to have tw o or m ore b an k officials circu latin g am ong cars a t th e m otor bank, d istrib u tin g these b rochures and let tin g th e people w aitin g in cars know th a t th e b an k appreciated th e ir tim e and patience in w aitin g in line. F ro m 9 a.m. th e day of th e driveth ru opening u n til 5:30 p.m. th a t sam e day, cars m oved th ro u g h th e th ree lanes of th e fully covered Tel-Air m o to r b an k b u m per to bum per, w ith o u t a break. A pproxim ately 180 cars per h o u r drove th ro u g h th e facility. In Ti 27 ■ th e one and a half days of th e drivej| ^ th ru opening, approxim ately 2,600 cars P p were m oved th ro u g h th e facility. T he m ain objective of th e drive-th ru facility is to provide a v a rie ty of serr ‘ vices in one con v en ien t location. And, I according to Mr. M orris, th e opening t ^ w as n o t held u n til th e m otor b an k w as f com plete in every detail—building, painting, equipm ent, fu rn itu re , etc. k> T he M onday follow ing th e in tro d u c tion of Tel-Air, additio n al operational areas of th e new facility w ere opened. K Also on th a t sam e day, in v itatio n s ^ w ere m ailed to custom ers and th e genk^ > e ral public in v itin g th em to an open house th e follow ing T hursday, F rid ay and S aturday. T hese in v itatio n s w ere coded, an d a recip ien t holding a lucky in v itatio n w as en titled to a prize. U ses “Mystery Teller” In connection w ith th is prom otion, th e b an k used a device called a « “M ystery T eller,” w hich w as supplied by D iversified F in an cial Services of Chadds Ford, P ennsylvania. The de vice played taped m usic and had an in fra re d lig h t attach m en t. People , b ro u g h t th e ir in v itatio n s and inserted th em into th e device. If th e in fra re d lig h t detected a code on th e card, th e m usic stopped and th e device played a fanfare. The holder of th e w in n in g card w as th e n en titled to a prize. P rizes also w ere given to custom ers opening an account in excess of $50 or adding $50 or m ore to th e ir p re se n t ac» count. M anpow er girls again served as hostesses d u rin g th e opening and ex plained to v isito rs th e m any new fea ►A* tu re s of th e bank, such as w alk-up w i n d o w s , sit-dow n teller stations H (an o th er o perational first in eastern l > . I o w a ) , th e U n iv au lt secu rity room com pletely alarm protected w ith Lek F eb u re E lectro g u ard I system , Tel-Air, com m ercial w indow , including packY age receiver, etc. In v ita tio n s w ere m ailed to all the banks in th e county in v itin g chief ' # officers and th e ir w ives to a special evening session on th e n ig h t p rio r to the public opening of th e en tire W facility. B ank officers and th e ir w ives served as ho sts and hostesses d u rin g th is special session. M ailed in v itatio n s I also w ere sen t to a selected group of L ^ b a n k e rs outside th e county to atten d W a special session th e second n ig h t of 1 ^, th e opening. A ccording to Mr. M orris, th is u nique pr * prom otion re su lte d in “num ero u s new checking and savings accounts, plus a nice increase in d eposits” and a m p renew ed in te re s t in th e b an k by old custom ers. T he new facility is geared _> to handle 600 to 700 tran sactio n s per h o u r at peak periods. — E n d . LEFEBURE’S new Tel-Air system of mo tor banking allows customers to transact all phases of their b a n k in g b u s i n e s s from the convenience of their cars. ^ rr https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis DESPITE cold w ea th e r, a p p ro x i mately 2,600 cars passed through the new 1st Natl, motor b ank d u r in g its u n iq u e d r i v e - t h r u opening. EXTERIOR VIEW of new 1st Natl, mo tor bank, which is de signed to handle 600700 transactions per hour d u r in g p e a k periods. INTERIOR VIEW of 1st Natl, motor bank, where George Hum phrey, a.v.p., and Mrs. Jane Bixby, a.c., will be in charge of oper ations. No rthw e ste rn Banker, M arch, 1969 28 Oren' U t O O Tn .4 i t e m i in d e p e n d e n t H u n k e r s t'n n re n tin n S ite W ill B e Las V egas, M arch 1 7 -1 9 ORTENTS of autom ation, oneb a n k holding com panies and space trav el for th e co m m u n ity b ank in A m erica will be explored by speak ers and p an els d u rin g t h e 38th an n u al con v en tio n of th e In d ependent B an k ers A s s o c i a t i o n of A m e r i c a in mid-M arch a t Las Vegas, N evada. M ore th a n 1,800 T. H. M IL N E R , JR. persons a r e ex pected to p articip ate in th e M arch 1719 m eeting a t th e H otel Sahara, re p re sen tin g 6,550 m em ber b anks in 40 states. A dvance reg istratio n s had ex ceeded 1,500 by m id-February. P rogram details w ere announced by H ow ard Bell, executive directo r of th e association of m edium size and sm aller b an k s a t its h e a d q u a rte rs in Sauk Centre, M innesota. M ajor addresses to th e convention w ill be given by C hairm an W rig h t P P atm an and C ongressm an R obert G. Stephens, Jr., (D-Ga.) of the H ouse B anking and C urrency Committee; M onroe K im brel, p resid en t of th e F ed eral R eserve B ank of A tlan ta and p ast p resid en t of th e A m erican B ank ers A ssociation, and by one of th e as tro n a u ts of the NASA staff. H igh lig hting th e convention pro g ram w ill be tw o panel discussions. One, on M arch 18, w ill concern au to m ation in th e sm all bank. The m oder a to r w ill be W. H. W heeler, Jr., vice president-data processing, M erchants N ational Bank, Muncie, Indiana, and p a rtic ip a n ts w ill be J. H. Beaulieu, G lenview State Bank, Glenview, Illi nois, and tw o others rep resen tin g th e B u rro u g h s Com pany and N ational Cash R egister C orporation, m anu fa c tu re rs of electronic data processing equipm ent. The second panel, scheduled M arch 19, w ill appraise one-bank holding com panies and th e ir possible im pact upon independent banks and banking. W illiam J. Begin, a M inneapolis p a rt n e r in th e firm of A rth u r A ndersen & Prime Short-Term Notes $25,000-$10,000,000 D enom inations In all M aturities — 3 to 270 Days Discount or Interest Bearing Now available for Delivery and Settlement in Chicago For Current Rates and Orders Call Collect: (312) 782-9048 • Minneapolis For Current Rates and Orders Call Collect: (612) 330-8473 New York, N. Y. 10019 Assets Over $650,000,000 Capital Funds: $145,000,000 Chicago • Dallas • Detroit Atlanta • Boston Miami • Minneapolis • Newark Hartford • Los Angeles New York • Philadelphia • Phoenix • Puerto Rico • San Francisco V N o rth w e ste rn Banker, March, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R EP. W . P A T M A N R. G. S T E P H E N S , JR. M. K IM B R E L J. H. B E A U L IE U Com pany w ill be m oderator. P a rti cipants w ill be W illiam G. K irchner, Richfield, M innesota, b a n k e r and state senator, and A tto rn ey Donald Bundlie, M inneapolis. Social events w ill include sep arate luncheons for m en and wom en, a b u f fet breakfast, a Saint P a tric k ’s Day festive d in n er w ith en terta in m e n t and a gala b an q u et M arch 19 to cli m ax th e three-day convention. On a free afternoon, convention re g istra n ts and guests w ill take a tw o-hour scenic coach to u r of Las Vegas and environs. A Georgian, Thom as H. M ilner, Jr., president, The F irs t N ational B ank of A thens, w ill preside over th e con vention sessions. He is th e 29th p res ident of th e association th a t w as founded in 1930. N ation al B an k s S h ow ed G ood G ains in 1 9 6 8 C om ptroller of th e C u rrency W il liam B. Camp announced th a t to tal re sources of th e 4,716 natio n al banks reached $296.5 billion on D ecem ber 31, 1968. This p relim in ary figure reflected a 12.6 p er cen t increase d u rin g 1968, and a 74 per cent increase d u rin g th e p ast five y ears for th e natio n al b a n k ing system . O utstanding loans of n ational banks totaled $154.7 billion at y ear end, an am ount 13.1 p er cent g re a te r th a n th at at the end of 1967. T otal deposits of $257.8 billion re p resen ted an 11.4 per cent increase d u rin g th e year. Of th e deposit increase, tim e and savings de posits again show ed a h igher ra te of increase th a n dem and deposits; th e figures w ere 13.8 p er cent and 9.4 p er cent, respectively. Total capital accounts of national banks reached $21.6 billion, a 9.6 per cent increase for the vear. 29 The other Hot Line. At o n e en d i s ’’T h e R o o in ” at 2 0 P in e St. W h ere C h em ica l B a n k ’s p r o fessio n a ls k e e p on to p o f th e m o n e y m ark et. Upto -th e-m in u te rates o n m u n ic ip a l an d g o v e r n m e n t b on d s. T reas ury B ills. C o m m ercia l P aper. C.D.’s. F ed era l F u n d s. F ore ig n E x c h a n g e. At th e o th e r e n d are co rresp o n d en t banks th r o u g h o u t th e co u n try . To fin d th e b e s t in v e s t m e n t o p p o r tu n itie s, th ey n e e d j u s t o n e p h o n e c a ll. (2 1 2 ) 7 7 0 - 2 5 6 7 . C h em ica l B an k s i v e s th e m th e fa c ts. H a n d le s a ll th e d eta ils, in c lu d in g sa fe k e e p in g a n d th at im p o rta n t r em in d er o f m atu rity . C h e m ic a l Bankas m o n e y H o t L in e . T h e lin e is d irect. T h e se r v ic e su re an d im m ed ia te . W h e n y o u w a n t th e r e s o u r c e s a n d s e r v ic e s o f a $9 billion global h a n k , t a l k to t h e m a n f r o m C h e m ic a l B a n k . M ore th an 1 ,5 0 0 o f th e n a t i o n ’s le a d in g l o c a l b an k s do. W h e n their n e e d s a re f in a n c ia l, th e ir r e a c tio n is C h em ical. Chemical Bank MEMBER F D I C https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o rth w e ste rn Banker, March, 1969 30 Ht* R M A C on f e r e n e e S e h e d n ie d f o r Eies M o in e s AN K ERS th ro u g h o u t th e nation are invited to atten d th e regional conference of th e B ank Public R ela tions and M arketing A ssociation at th e Savery H otel, Des Moines, on A pril 15-17. “The Challenge of C hange” w ill be th e them e of th e two-day program , featu rin g o u tstan d in g sp eakers includ ing individuals d irectly involved w ith business developm ent, public re la tions, ad v ertisin g and m arketing. An “early b ird ” p a rty is scheduled for T uesday evening, A pril 15, from 6:00-7:00 p.m. to provide an o p p o rtu n ity for early arriv als to v isit and get acquainted. A pro g ram w ill be provided for th e ladies in attendance on W ednesday, A pril 16, sta rtin g w ith lunch and end in g at 5:00 p.m. a t th e hotel. A dvance re g istra tio n for th e m eet in g is $40; re g istra tio n on th e day of ;he m eeting w ill be $45. Non-mem b ers of th e A ssociation also are urged to atten d th e convention. H otel re s e r vations should be m ade d irectly w ith H otel Savery, conference h ead q u ar ters. R eserv atio n form s m ay be obtained from BPRM A h ead q u arters, 120 W. M adison S treet, Chicago, or Iow a B an k ers A ssociation, 630 L ib erty Bldg., Des Moines, Iowa. B Tuesday, April 15 P.M. 3:00 R egistration. 6:00-7:00 E a rly B ird R eception. R em ainder of evening Free. 10:15-10:30 Coffee Break. 10:30-12:00 D epartm entals. 1. Social Change—H erb ert W. Thom pson, educational serv ices director, M ontgom ery W ard & Co., Chicago, 111. 2. Charge Cards—-James Brow n, senior vice president, M er cantile T ru st Company, St. Louis, Mo.; Jam es Sm ith, vice president, Security Pacific N ational Bank, Los Angeles, Calif.; H ow ard McGloon, vice president, Chase M anhattan Bank, New Y ork City. P.M. 12:15 L unch—All Des M oines B ank P resid en ts Invited. A ddress—R ay Cheseldine, exe cutive vice president. E n tertain m en t. “Case H isto ry ” clinics. 1. How to A ttain Effective C om m unity R elations—F red Chase, dir. of area in d u stry developm ent, N o rth ern N at u ral Gas Com pany, Omaha, Neb. 2. How to A ttract th e W om an C u s t o m e r —La dy sp e a k e r from a b an k w om en’s d e p a rt m ent, to be announced. 3. How to In troduce a B ank Charge Card—Don Healy, business developm ent officer F irs t N ational Bank, M arion, Iowa. 3:15-3:30 Coffee Break. 3:30-4:30 “Case H isto ry ” Clinics. 1. How to Sell Check G uarantee and O verdraft B anking—Dick Sellon, vice president, Iowa- M h o spitality—H om er R. Jensen, vice president, B ankers T ru st Company; r a r r a n g e m e n t s — Euge ne Blaskovich, a ssistan t vice president, South Des Moines N ational Bank; e n te rta in m e n t —George T. Nelson, assista n t vice president, C entral N ational B ank and T ru st Company. The executive com m ittee consists of Mr. Johnson of th e C entral N ational; R ichard C. Lee, ch airm an of the C apital State Bank, and A rth u r E. L indquist, Jr., executive secretary of th e Iow a B ankers A ssociation. AKING up th e Des Moines Re gional BPRM A Com m ittee are: G eneral ch airm an —Iv an Johnson, vice president, C entral N ational B ank and T ru st Company; program —Dale C. Sm ith, vice president, C entral N ational B ank and T ru st Company; prom otion and p ublicity—Jam es R. Rasley, assist a n t vice president, Iowa-Des Moines N ational Bank; finance—Allon E. McG lothlen, vice president, V alley B ank and T ru st Company; reception and re g istra tio n —David W right, president, N o rth w est Des Moines N ational Bank; 2:00 W ednesday, April 16 A.M. 9:00 Conference O pening Cerem ony and G eneral Session. W elcom e and R em ark s—G over nor of th e S tate of Iowa, R obert D. Ray. K eynote Speaker—W illiam N. F lory, vice president, H a rris T ru st & Savings B ank, Chicago, 111., and BPRM A tre a su re r. D. G. W R IG H T H. R. J E N S E N No rthw e ste rn Banker, March, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I. L. JO H N S O N D. C. S M IT H J. R. R A SL E Y E. B L A S K O V IC H G. T. N E L S O N R. C. L E E A. E. M cG L O T H L E N f A. E. L IN D Q U IS T , JR. -w 5 OLD S T Y L E COIN W R A P P E R A U T O M A T I C C O IN W R A P P E R B a s ic c o in w ra p p e r in e x tra s tro n g k r a ft s to c k . P rin te d in 6 A m o u n ts a n d d e n o m in a tio n s a u to m a tic a lly i n d i c a t e d b y d if fe r e n t s ta n d a rd c o lo rs to d i f f e r e n t i a t e d e n o m in a tio n s . p a te n te d “ r e d b o rd e re d w in d o w s ” . A m o u n t s in w in d o w s T r i p le d e s i g n a t io n t h r o u g h c o lo rs , p r i n t i n g a n d le tte rs . a lw a y s in re g is te r . . . e lim in a te s m is ta k e s . A c c o m m o d a te s T a p e re d e d g e s . a ll c o in s fro m l c to $1.00. 6 K W A R T E T COIN W R A P P E R T U B U L A R C O IN W R A P P E R W ra p s 4 d e n o m in a tio n s in h a lf size p a c k a g e s . A m in ia tu r e o f E s p e c ia lly d e s ig n e d fo r m a c h in e f illin g . . . a re a l tim e -s a v e r. th e p o p u la r “ A u to m a tic W ra p p e r” . . . 25c in p e n n ie s , $1.00 in P a cke d fla t. In s ta n t p a te n te d " P o p O p e n ” a c tio n w ith fin g e r n ic k e ls , $2.50 in d im e s , $5.00 in q u a rte rs . t ip p re s s u re . D e n o m in a tio n s id e n tifie d b y c o lo r c o d in g . . . 6 d if fe r e n t s ta n d a rd c o lo rs . 7 F E D E R A L BILL S T R A P P a cka ge c o n te n ts c le a rly id e n tifie d on fa c e s a n d e d g e s b y R A I N B O W C O IN W R A P P E R c o lo r c o d e d p a n e ls w ith in v e rte d a n d re v e rs e fig u re s . M a de C o lo r c o d e d fo r q u ic k , e a sy id e n tific a tio n . Red fo r p e n n ie s . . . o f e x tra s tr o n g s to c k to a s s u re u n b ro k e n d e liv e rie s . O n ly p u re b lu e fo r n ic k e ls . . . g re e n fo r d im e s . . . to in d ic a te q u a n tity d e x trin e g u m m in g u sed . a n d d e n o m in a tio n s . . . e lim in a te s m is ta k e s . T a p e re d e dg e s. 8 C O L O R E D BILL S T R A P D U Z I T A L L C O IN W R A P P E R E n tire s tra p is c o lo r c o d e d to id e n tify d e n o m in a tio n . P rin te d E xtra w id e . . . e x tra s tro n g . D e s ig n e d fo r a re a s w h e re h a lv e s a m o u n t a p p e a rs o n to p a n d b o tto m o f p a c k a g e . E xtra w id e a re w ra p p e d in $20.00 p a cks . . . “ re d b o rd e re d w in d o w ” fo r fo r m a rk in g a nd s ta m p in g . E xtra s tro n g s to c k fo r s a fe d e liv e ry ease o f id e n tific a tio n . A c c o m m o d a te s $20.00 in d o lla rs , $20.00 a n d s to ra g e . P u re d e x trin e g u m m in g . in h a lv e s . T a p e re d edg e s. 9 B A N D IN G S T R A P S Id e a l fo r p a c k in g c u rre n c y , d e p o s it tic k e ts , c h e c k s , e tc . . . . d o n o t b re a k o r d e te rio ra te w ith age. S ize 10 x % in c h e s a n d m a d e o f s tro n g b ro w n K ra ft s to c k w ith g u m m e d e n d fo r e a s e o f s e a lin g . P acked 1000 to a c a rto n . SEE Y OUR D E A L E R OR S E N D FOR FREE S A M P L E S M I S S O U R I D E P T . N No rthw e ste rn Banker, March, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 32 6:00 7:00 Des Moines N ational B ank, Des Moines. 2. How to Conduct and Use M arket S urveys—Bill Long m an, p resident, C entral S u r veys, Inc., S henandoah, Iowa. 3. H ow to C reate Y our D esired B ank Im age—B onnie B row n, m a r k e t i n g director, W eld C ounty B ank of Greeley, Greeley, Colo. Cocktail P a rty —sponsored by Des M oines C learing H ouse B anks. D inner. Speaker—to be announced. Thursday, April 17 A.M. 7:30 D aw n D u ster B reakfast. “M ark etin g In fo rm atio n Con tro l C en ter”—W. R o b ert W idener, president, In fo rm atio n M an agem ent F acilities, Inc., New York. 9:00-10:15 “Case H isto ry ” Clinics. 1. H ow to Decide th e F easi b ility of New B ank Services —C. J. P en n im an , H ubbard & P en n im an , Inc., Chicago, per cent in J u s t Two Y ears— A rt W ilke, president, Union State Bank, St. C harles, Mo. 10:15-10:30 Coffee B reak. 10:30 G eneral Session. A shton J. A lbert, vice p resi dent, T r u s t Company of Georgia. “U nder th e U m brella of C hange” —new ideas to take hom e. 12:00 A djourn. Ladies Program, April 16 12:00 L uncheon and Style Show. Y ounkers Tea Room. P.M. 2:00 T our—Des Moines A rt Center. 3:30 T our—S alisbury House. 5:00 B us re tu rn s to H otel Savery ch a rg sT c a r d . . . (C ontinued from page 21) “W e had to en ter into th e charge card plan because o thers did. I feel the need w as overstated. To date, the m ajo r stores have continued th e ir in d ependent plans. The issuance of cards on a m ass basis w as w rong and caused credit losses due to lack of good credit checks.” 111. 2. H ow to P rovide W h at th e C u st o m e r W a n t s — Doris Capps, b a n k hostess, The C enter B ank, Omaha, Neb. 3. How to Increase Profits 67 Suggested Improvements Several of the responding b ankers h ad suggestions for im provem ents th e y w ould like to see adopted in charge card plans. Follow ing are sev YOUR CHOI CE OF EITHER THE 3= 27 or 3= 9 SHEETS WITH THE BILT IN CARBONS OR CARBONLESS TYPE* FOR IM MEDIATE DELIVERY. (Often referred to as NCR type) W rite for samples and prices or send your orders to BLACK SALE SYSTEM Fullerton, Nebr. 68638 Telephone number (Area Code 308) 536-2651 and ask for E. ML Black N o rthw e ste rn Banker, March, 196 9 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis eral • • • • • • ® • of these suggested im provem ents:« C entralized au th o rizatio n center. Less indiscrim inate issuance. More benefits for p a r t i c i p a t i n g banks. P ublication of a m erch an t m em ber directory. More u n iform charge for all p a r-v_ ticipating m erchants. N ational reciprocal agreem ents. 4 B etter com m unication and m ore responsiveness from th e sponsor ing bank. Rem oval of th e in sta n t cash fea tu re. (The tim e involved on the*, telephone m ore th an offsets the fee earn ed .)—End. * C hase F o rm s G rou p to S p u r Latin A m erica n T rad e < The Chase M an h attan B ank has an nounced form ation of a new coordinat-<*ing group to help prom ote trad e and developm ent am ong L atin A m erican *' countries. The first chairm an of th e coordinat ing group, w ho presided over recen t v m eetings in P eru, is Dr. A lfredo M achado Gomez, presid en t of B anco* M ercantil y Agricola, Venezuela. The group is composed of com m ercial ' banks and believed to be the first of its kind draw n exclusively from the priv ate sector. P rojects being explored include es tab lish in g an export program to stim u late the exchange of capital goods am ong countries in L atin America,^ establishing an in terch an g e of tech n i cal specialists am ong m em ber banks to counsel on and sh are in specialized know ledge, a n d p r o v i d i n g advisory services to custom ers on trad e oppor tu n ities in each country. “W e feel th e group can play an im p o rta n t role in focusing on th e need to develop m ore in tra-L atin A m erican trad e and to realize th e trem endous p o tential w ith in th is h em isphere,” Dr. M achado Gomez said. “W e w a n t to do w h a t w e can to un leash th is po ten tial.” A ssu m es D istrict P ost Lee W. M cN orton has been elected to th e B ank A d m inistration In s titu te ’s n ational board of directors, for a term ending Ju n e 30, 1970. He w ill serve as director of th e I n s t i t u t e ’s d i s t r i c t seven, succeeding C. M. M iller, p resi den t of th e F a rm e rs and M erchants S tate Bank, Colby, K ansas, w ho re signed because of th e pressu re of o th er 1 business. ^ Mr. M cN orton is a ssistan t vice p resi den t of B oatm an’s N ational B ank of * St. Louis, M issouri, and m oves up from state d irector of M issouri, a po- A sition to w hich he w as appointed last J u ly 1. 33 You can’t make a garden grow by turning it over in your mind At Manufacturers Hanover, our National Division officers’ number one job is to get things done for you. It involves a lot of thinking—and a lot more doing. OUR DOERS IN THE MID-WESTERN STATES: John J. Evans, John F. King, George R. B ennett, Carl G. Carlson, Nathaniel S. Howe, Jr., Russell H. Eichman, Frederic J. Sears, Thomas I. Chatfield ... it’s good to have a great bank behind you M A N U FA C T U R ER S H ANO VER TRUST Member Federal Deposit Insurance Corporation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o rthw e ste rn Banker, M arch, 1969 34 i n s u r a n c e C o m p a n ie s R e p o r t Progress in I f HUS O p e r a tio n s B a n k ers’ A gen cy B ankers Agency, M inneapolis, re ported a seven-fold increase in n e t in come last year. P aul S. H a rg a rte n said n et incom e for th e fiscal y ear ending O ctober 31 rose from $9,995 in 1967 to $70,400 in 1968. Gross in come d u rin g th e sam e period in creased 4.5 tim es, from $202,480 to $916,578. N et incom e p er sh are in creased 2.3 tim es from 23 cents to 54 cents. Mr. H a rg a rte n said th e com pany’s n et w o rth w as n early doubled in F eb ru a ry as a re su lt of th e sale of an ad ditional 100,000 sh ares of stock to th e public. N et proceeds of th e sale w ere $380,000 and w ill be used for m obile hom e p a rk acquisition w ith th e bal ance going into w o rk in g capital. B an k ers’ A gency has general offices a t 80 E. V adnais Blvd., V adnais H eights, Minn. C o n tin en ta l W estern T he C ontinental W estern G roup of Des Moines, Iowa, rep o rts progress to date is v ery satisfactory, according to J. D. K ent, Jr., p resid en t of W estern H olding C orporation. Mr. K ent also is p resid en t of C ontinental W estern In su rance Com pany and ch airm an of C ontinental W estern Life In surance Company. W estern M utual In su ran ce Com pany, the co rn er stone of th e cor poration, w as or ganized in 1907 and operated as a m u tu al fire and c a s u a l t y in su re r u n t i l A p r i l 1, 1968. A t th a t tim e, it w as reorganized into a w h o lly ow ned stock sub J. D. K E N T , JR. sidiary of W estte rn H olding C orporation and its nam e changed to C ontinental W estern In s u r ance Com pany. L ater in 1968, In s u r ance C om pany of Des Moines also w as m erged into C ontinental W estern. T his gave th e com panies approxim ate ly $6,800,000 in capital an d surplus. F o r the nine m onths fro m A pril 1 •»CN) to th e end of 1968, C ontinental W est ern In su ran ce Com pany increased capital and su rp lu s by m ore th a n $800,000, gross prem iu m volum e by 10 per cent, and prem ium incom e in De cem ber and Ja n u a ry by m ore th a n 15 per cent. W estern H olding also has an a ir plane leasing su b sid iary and a p re m ium finance subsidiary, w hich w ill soon become operative. The group now has u n d er consideration other acquisition opportunities. W estern H olding’s stock w as issued in A pril, 1968 a t $1.00 p er sh are and has increased to a recen t bid of $3.00 per share. C ontinental W estern Life, form ed in June, 1966 by W estern M utual, sold all its organizing shares a t $3.00 by July, 1967. V alue of th e stock has in creased to a recen t bid of $8.50 per share. The life com pany has one w holly ow ned s u b s i d i a r y , th a t being a S.E.C.O. broker-dealer licensed in Iow a and know n as C. W. M anagem ent Cor poration. C. W. M anagem ent C orpora tion in tu rn owns 50 p er cent of the ou tstan d in g shares of A m erican In vestors M a n a g e m e n t C orporation 7 6 t h A N N U A L F IN A N C IA L S T A T E M E N T December 3T, 1968 LIABILITIES AND SURPLUS Bonds: (Amortized) ........................................$19,943,098.81 Government ................... $ 3,903,132.16 State, County and Municipal ............ 11,237,344.55 All Other .......... 4,802,622.10 Stocks: (M arket—N.A.I.C.) ........................... 566,136.00 67,528.00 Preferred ....................... Common ....................... 498,608.00 Mortgage Loans—on Real E s ta te ..... 37,715.09 Real E state—Including Home Office Building 759,109.25 Cash and Bank D eposits..................... 518,057.05 Agents Balances and Reinsurance Receivable 2,526,113.99 Interest Due and Accrued ............................... 199,135.47 Reserves for: $ 3,811,376.87 Losses and Loss Expense ................. Contingent Commissions ......................... 1,239,292.08 Taxes (Other than Federal Income) ..... 324,627.88 Federal Income Tax ................................. 745,826.56 Unearned Premiums ................................. 3,918,192.41 Funds Held Under Reinsurance Treaties 259,015.99 Reinsurance Loss Balances in Course 787,737.20 of Payment .............................................. 260,649.87 All Other ..................................................... TOTAL ............................................... $24,549,365.66 TOTAL ............................................... $24,549,365.66 MAX D. RUTLEDGE, President TOTAL LIABILITIES .$11,346,718.86 Surplus as Regards Policyholders . SI 3,202,646.80 ALBERT RUTLEDGE, Secretary DALE DEN HARTOG, Treasurer Home Office 2323 Grand Avenue, Des Moines, Iowa N o rth w e ste rn Banker, March, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 35 ► » * is Heller > > y s e c u red lending p a rt n e rs h ip ^ H e lle r , and Banks ^ ,rticlp ation -i i Heller cooperates w ith banks. T h a t’s w hy we “ succeed” in losing ou r best clients, while our b an k friends regain better custom ers. It starts w hen a b an k refers a custom er situation to us. G enerally, th e re ’s a need for m ore funds th a n the b an k can lend o n its ow n. O r, th e b an k w ants to relieve itself o f a portfolio item th a t’s causing concern. We’ll m ake a quiet, confidential investigation. T alk w ith com pany principals ab o u t their plans. Survey th e firm ’s m arket position. If th e re ’s p o ten tial, it’s likely th a t th e necessary funds can be provided. T h ro u g h a particip atio n , if th e b an k w ants to m ain tain a position in th e loan. O r, th ro u g h a Heller advance large enough to pay off th e b an k , an d augm ent th e co m p an y ’s w orking cash. So it can get o n w ith its plans for a tu rn -aro u n d . E ither way, th e arrangem ent w ith Heller norm ally continues until th e co m p an y ’s financial position has progressed to the p o in t w here it can again o b tain co n ven tio n al b an k financing th a t’s adequate for its needs. T h en , Heller will arrange th e retu rn to th e b ank. T h a t’s our policy, an d it keeps th e referrals com ing in. T o replace th e good clients we lose. We’d like to send you ou r brochure, “ H eller an d 1Banks in P articip atio n .” D rop us a note, or call a Heller office n ear you. W alter E. H eller & C om pany J 105 W est Adams Street, Chicago, Illinois 60690 New York • Boston • Philadelphia • Atlanta • Miami • New Orleans • Dallas • Los Angeles • San Francisco Portland • Santurce, P. R. Brussels • London • Paris • Mainz, West Germany • Utrecht, Holland • M ilan • Barcelona • Johannesburg M anila • Copenhagen • Bergen, Norway • Stockholm • Winnipeg • Mexico City • Kingston, Jamaica The question: Who has the policy of assisting clients in the transition back to complete bank financing as soon as they become “bankable”? https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis No rthw e ste rn Banker. March. 1969 36 w hich is th e in v estm en t advisor and p rin cip al u n d e rw rite r for A m erican In vestors D iversified F u n d , Inc. of Bloom ington, 111. C ontinental W estern Life has been w ritin g b u siness for about sixteen m onths and now has approxim ately $74,000,000 in su b m itted b u siness plus over $11,000,000 in su b m itted credit life business. A nnualized prem ium s from business now in force totals over $1,500,000. C ontinental W estern L ife’s P resid en t, A. D. Loomis, has now licensed 500 agents as rep resen tativ es of th e com pany. On F e b ru a ry 28, W estern H olding su b m itted a te n d e r offer to all of th e sh areh o ld ers of C ontinental W estern Life offering to exchange 3.68 H olding sh ares for each life sh are tendered. T he exchange offer w as unan im o u sly approved by th e boards of d irectors of both W estern H olding Coporation and C ontin en tal W estern Life and con fidence w as expressed th a t th e holders of th e req u ired 80 p er cent of th e issued and o u tstan d in g sh ares w ould exchange for H olding shares. P rio r to th e te n d e r offer, W estern H olding in d irectly controlled Life th ro u g h th e su b stan tia l ow nersh ip of sh ares by W estern H olding’s subsidiary, Con tin e n ta l W estern In su ra n c e Company. H ow ever, the W estern H olding m an agem ent w ishes to com plete its in su r ance and financial service package by obtaining over 80 p er cent of ow ner ship of C ontinental W estern Life Stock. T his group of com panies plans to build a com bined new hom e office b uilding on land th e y have purchased a t Douglas A venue and In te rsta te s 35 and 80 in Des Moines, Iowa. T hey ex pect to b reak ground th is sp rin g and hope to be in th e new q u a rte rs in the su m m er of 1970. E m p lo y ers M utual C om p an ies E m ployers M utual C asualty Com pany, Des Moines, Iowa, had an o th er good y ear as m easured by th e m odest stan d ard s of prof itab ility in the non-life insurance in d u stry , it w as rep o rted by Robb B. dent. A ssets rose over $9 m illion to $90,672,522, a n d su rp lu s increased b y $ 1 ,3 9 4 ,0 0 0 to $22,000,000. N e t R. B. K E L L E Y p rem i um s in creased 15 p er cent to $66,200,000. U. S. federal incom e taxes exceeded $550,000 and C anadian taxes w ere over $175,000. T his increase included th e 100 per cent rein su ran ce of th e new ly acquired U nion M utual In su ran ce Com pany of Providence, R hode Island, w hich is th e m ark etin g arm of the E m ployers M utual C asualty C om pan ies in New E ngland. EMCASCO In su ran ce Com pany, a w holly-ow ned subsidiary, w rote $6,713,105 in low-rate, com pany-billed autom obile and hom e ow ners p rem i um s. T his com pany is rein su red 100 p er cent by the p a re n t com pany. E m ployers M odern Life Company, a wholly-ow ned subsidiary, m ark etin g th ro u g h the sam e indep en d en t agency system , increased its assets from $1,173,045 to $2,483,524, by th e addition of $1,000,000 in capital and su rp lu s d u r ing th e year and th e w ritin g of $15,000,000' additional in su ran ce to b ring th e in-force to $57,796,000. M erchants M utual B o n d in g Kelley, presi R esults for M erchants M utual Bond ing Com pany w ere m ost satisfactory. P rem ium volum e, assets and policy holders su rp lu s m ade new highs w ith su rp lu s i n c r e a s i n g approxim ately eight p er cent, according to W. W. W arner, president. T he com pany continues to lead all o th er com panies in su re ty volum e in YOU WILL MAKE THE STRIKES AND ADD SOME SPARES ALSO BY BEING A MEMBER OF BOTH TEAMS FIRE & CASUALTY LIFE CO N TIN EN TAL W ESTER N INS. CO. CO N TIN EN TAL W ESTER N LIFE INS. CO. 616 10th S treet Des M oines, Io w a 5 0 3 0 8 3 8 3 9 M erle H ay Road Des M oines, Io w a 50310 Continental W estern HOME • BUSINESS • AUTO • LIFE N o rth w e ste rn Banker, March, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis vs Y s V i A .« r V 4 37 Iow a w ith th re e fieldm en w ork in g al m ost exclusively in th is area. E fforts are being continued to p ro duce in creased w ritin g s in South Da kota, N ebraska, K ansas, O klahom a and T exas th ro u g h th e addition of new sales personnel. F in a n c ia l S ecu rity G rou p The th re e p ro p e rty and casu alty in surance com panies of th e F in an cial S ecurity In su ran ce G roup rep o rted a decline in n e t in come a fte r taxes f o r 1968, b u t scored gains in assets, policyhold ers su rp lu s, p re m ium s and n et i n v e s t m e n t in come. J. p r e s i d e n t of H aw key e-Se c u r i J. S. T R E S S L E R ty and U nited Se c u rity In su ran ce Com panies, re p o rt ing for th e th re e com panies w hich also includes th e N o rth e a ste rn In s u r ance C om pany of H artfo rd , sta te d th a t th e prem iu m s increased 6 p er cent to a new all-tim e record of $40.3 m illion. A ssets also increased to a new high of $66.5 m illion, up 8.6 p e r cent. Pol icyholders su rp lu s in creased $3.5 m il lion to a total of $25.6 million. The n et incom e afte r taxes on a sta tu to ry basis declined from $1.8 m illion to $1.5 m il lion, a decrease of 19 p er cent. The com posite o perating ratio s for th e th ree com panies w ere 101.7 for H aw keye-Security, 106.3 for U nited S ecurity and 97.8 for N orthw estern. A 28 p er cent increase in the n et in v estm en t income, including capital gains, w as rep o rted w ith a n et in v est m en t incom e of $2.6 m illion com pared to $2.1 m illion. H aw keye-Security is celebrating its 50th a n n iv ersary this y ear w hich w ill be com m em orated by special events th ro u g h o u t th e y ear and concluded w ith a com pany-wide A gents Sales C onference to be held in December. M ilw au k ee M utual M ilw aukee M utual com pleted its ressler, in 1968 w ith p re 51st y e aS. r inTbusiness m ium s of $16.9-million and assets of $25-million. M ilw aukee Life rep orted $34.4-million in su ran ce in force a t th e end of 1968. The com panies are licensed to do business in W isconsin, M innesota, In diana, Iow a and Illinois. G en eral U n ite d L ife G eneral U nited Life In su ran ce Com pany, Des Moines, is young in years, b u t over $1 billion old in service and experience. The new firm, form ed as a re su lt of m ergers w hich took place on Ja n u a ry 1 of this year, is a com bi nation of five life com panies th a t sell flexible and diversified life, accident and health, and group in surance plans. These com panies are en tered in 42 states and are rep resen ted by 4,700 li censed in surance agents. G eneral U nited Life includes am ong its m any services th e w ritin g of credit insu ran ce on bank-financed loans h av ing acquired, in th e Ja n u a ry m erger, th e N ebraska N ational Life In su ran ce C om pany of Lincoln, N ebraska. Ac cording to Doug Johnson, vice p resi dent of th e credit in su ran ce d ep art m ent of G eneral U nited Life, th e com p any is now offering credit life in su r ance th ro u g h 600 banks in 12 states in th e m idw est and has a com plete cred it in surance portfolio. In addition to credit life insurance, G eneral U nited also m akes available to b an k deposi tors life, health, and disability secu rity plans. Indicative of grow th of th e cred it insurance division in 1968 w as th e ad dition of 129 banks as servicing agents. W ith in tw o years, th e expansion to service in all of th e 42 states now b eing served by G eneral U nited Life is an ticipated. M odern businessm en enjoy two solid advantages from Leasing the business equipm ent they need: 1. Leasing conserves working capital. 2. Leasing leaves existing credit lines intact. W hat else can M orris Plan Leasing do for you? It provides you w ith new equipm ent now. Leasing makes so m uch sense b ecause its the only w ay for any company, small or giant, to acquire profit-making equipm ent w ithout capital strain. You can lease almost any kind of m anufactured equipm ent. H ere’s a small sam ple of the kinds of business equipm ent we have leased: Calculators, trucks, desks, typew riters, lathes, copym achines, welding tools, office furniture, electronics gear, etc. Find out how Morris Plan Leasing can help your company get w hat it needs. Call for details on a tailored leasing program. MORRIS PLAN LEASING 200 American Building, Cedar Rapids Phone 366-5331 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis No rthw e ste rn Banker, March, 1969 38 m in o is NEW S ALLEN P. STULTS President Chicago ROBERT C. SCHRIMPLE Exec. Vice Près. Chicago lilin o is droops E T A IL S of th e 10 group m eetings being conducted th is m onth by th e Illinois B an k ers A ssociation have been announced as follows: March 4—Group 7—U. S. G ran t Mo tor In n and M asonic Tem ple, Mattoon. B usiness M eeting, 3:45 p.m. Social H our, 5:00-6:00 p.m. D inner, 6:30 p.m., M asonic Tem ple. Send reserv atio n s to G ran t F leenor, F irs t N ational B ank, M attoon 61938. D inner, $6.00. March 5—Group 10—U n iv ersity Cen ter, S outh ern Illinois U niversity, Carbondale. Luncheon, 1:00 p.m. B usi ness M eeting to follow th e L uncheon. D inner, 6:30 p.m. D ancing at th e Carbondale E lk s Club follow ing D inner. Send reserv atio n s to R aym ond C. B urroug h s, City N ational B ank, Murphysboro 62966. L uncheon, $3.00. D in n er, $6.00. March 6—Group 9—A ug u stin e’s R es ta u ra n t, Belleville. B usiness M eeting, 4:00 p.m. Social H our, 5:30 p.m. Din n er, 6:30 p.m. Send reserv atio n s to R o bert G. DeRousse, N ational Stock Y ards N ational B ank, N ational Stock Y ards 62071. D inner, $5.00. March 12—Group 4—Sheraton-R ock Islan d M otor Inn, Rock Island. B usi ness M eeting, 3:00 p.m. Social H our (sponsored by th e Rock Island C ounty B anks), 5:00 to 6:00 p.m. D inner, 6:30 p.m. Send reserv atio n s to Om ar C. W ilhelm s, F irs t State B ank, Shannon 61078. D inner, $7.00. March 13—Group 2—Olym pia Fields C o u n try Club, Olympia Fields. B usi ness M eeting, 4:00 p.m. Social H our, 5:00 p.m. D inner, 6:30 p.m. Send reserv atio n s to E arle O. Corley, U nion N ational B ank, M arseilles 61341. Din ner, $8.00. March 18—Group 5—H oliday Inn, Quincy. B usiness M eeting, 4:00 p.m. Social H our, 5:30 p.m. D inner, 6:30 p.m. Send reserv atio n s to R obert E. Richie, State B ank of Je rse y ville 62052. D inner, $5.50. March 19—Group 8—H otel Orlando, Decatur. B usiness M eeting, 3:45 p.m. Social H our, 5:15 p.m. D inner, 6:30 p.m. Send reserv atio n s to C hester D. W ilson, M cLean C ounty B ank, Bloom ington 61702. D inner, $6.00. D N o rth w e ste rn Banker, March, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Meetini/s March 20—Group 6—H otel Pere M arquette, Peoria. B usiness M eeting, 3:30 p.m. Social H our, 5:30 p.m. D in ner, 6:30 p.m. Send reserv atio n s to Q. D. Baily, Table Grove State Bank, Table Grove 61482. D inner, $8.00. March 26—Group 3—P h easan t Run, St. Charles. B usiness M eeting, 3:30 p.m. Social H our, 5:30 p.m. D inner, 7:00 p.m. Send reserv atio n s to Jo h n H. Beaulieu, G lenview State Bank, G lenview 60025. D inner, $7.50. April 8—Group 1—P i c k - C o n g r e s s Hotel, Chicago. B usiness M eeting, 5:00 p.m., L incoln Room, 3rd floor. Social H our, 6:00 p.m., A venues E ast & W est, S treet Level. D inner, 7:00 p.m., G reat Hall, 2nd floor. Send reserv atio n s to M argaret R. H adley, 188 W est R an dolph S treet, Chicago 60601. Social H our and D inner, $15.00. C hicago American National B & T Stockholders of A m erican N ational B ank and T ru st Com pany of Chicago have approved reorganization into a one-bank holding com pany. The bank, fifth larg est in Chicago, w ill be oper ated as a w holly-ow ned subsidiary of ANBATCO, Inc. Stockholders also approved a board of d irecto rs’ proposal to exchange th re e sh ares of A m erican N ational com m on stock for four shares of ANBATCO com m on stock. According to th e plan, ANBATCO shares w ill pay th e sam e one-dollar dividend ra te as th e p re se n t A m erican N ational shares, re p re se n tin g a 33% per cent cash divi dend increase. A llen Stults, A m erican N ational president, said it is anticipated th a t d ata processing operations and real estate ow ned by the ban k w ill become subsidiaries of the holding com pany. It is n o t anticipated th e new firm will engage in operations u n related to com m ercial banking or financial fields. An authorized capitalization of 500,000 sh ares of p referred stock, $1 par value, and 2,500,000 sh ares of common stock, $1 p ar value, is planned. A fter issuance of 2,000,000 shares to stock holders to cover c u rre n tly o u tstan d ing A m erican N ational stock plus th e one-third stock dividend, and afte r reserving 100,000 shares for issuance u n d er the stock option incentive plan, th ere w ill be 400,000 authorized b u t unissued shares of com m on stock. Mr. S tults also rep orted an 18.1 per cent increase in n et profits for 1968. N et operating earnings rose from $6,914,692 to $8,166,944 for th e year. To tal resources D ecem ber 31, 1968, w ere $882 million, com pared w ith $800 m il lion D ecem ber 31, 1967. D eposits rose from $713 m illion to $755 m illion and loans from $400 m illion to $469 m illion for th e year. Bank for Svgs. & Loan Assns. George J. Bodie and Mrs. M arrilee G. Payne have been elected assista n t cashiers by th e B ank for Savings and Loan Associations. Beverly Bank Mrs. A nn C. D ahlgren has been nam ed a personal banking officer at the B everly B ank in Chicago, accord ing to T hom as V. M arkle, president. Mrs. D ahlgren has been w ith th e bank since 1958. Federal Reserve Bank Donald M. G raham , ch airm an of the board and chief executive officer of th e C ontinental Illinois N ational B ank and T ru st Company, has been appoint ed a m em ber of the F ed eral Advis ory Council of th e F ed eral R eserve System for 1969, according to F ra n k lin J. Lunding, ch airm an of th e Federal R eserve B ank of Chicago. He sueceeds David M. K ennedy in th e post. In addition, A llen P. Stults, p resi den t of A m erican N ational B ank and T ru st Com pany of Chicago, w as appointed Mr. G raham ’s altern ate on the council. The advisory council, composed of rep resen tativ es from each of the 12 Federal R eserve districts, m eets w ith the F ed eral R eserve board of govern ors at least four tim es yearly. Mr. G raham recen tly succeeded Mr. K ennedy as C ontinental Illinois chairm an w hen the la tte r w as nam ed Sec re ta ry of the T reasu ry by P resid en t Nixon. He w as form erly vice ch air m an of th e board. La Salle National Bank La Salle N ational B ank of Chicago w as the successful bidder recen tly for $125,000 in general obligation p ark bonds from M arion, Iowa, a t a bid of 100.01 for various coupons, resu ltin g in an average n et in te re st cost of 4.22 per cent to the m unicipality over the life of the bonds. The bonds w ere re offered at 3.90 per cent in 1970 to 4.20 per cent in 1978. Marina City Bank W ayne K. B rin k m an has joined The -«~ •» 4 4 , < 4 * A f 4 v ^ % f r ^ -»•* 39 SEN IO R V.P. JIM BROW N >a^so president of B ankm ark’s Credit Systems, Inc., was elected to the Board of Directors of Interbank Card, Inc. Bankm ark’s Interbank membership makes the card international in sco p eaccepted by 360,000 m erchants in 48 states plus Canada, England, Mexico, Japan and France. In terb an k ’s intercharge system keeps Bankm ark geared to all developments in the rapidly expanding bank charge card field. BA TTER U P - Baseball’s almost here. And J u n e 18 is the date for M ercantile’s Annual Correspondent Baseball Party. M ark your calendar now for this exciting and en tertain ing program—and be with us here in St. Louis! M E R C ’S LEASING SERVICE* Just a year old>is filling many correspon dent needs, reports V.P. Bob Butler, head of this operation. Typical ex ample: A $100,000 equipment leasing arrangem ent providing substantial benefits to an Illinois bank. Leasing equipment, rath er than buying, frees capital invested in fixed assets, and can provide a cash advantage by applying lease paym ents against current income. Ask your M an from Merc how Leasing can help you. M E R C ’S GROUP LIFE INSU RA N CE PLA N , ju st installed a t one of Indiana’s larger banks, now serves 126 banks with 1900 staff members—and has $17,000,000 life insurance in force. M ercantile’s program has an excellent dividends-paid record—provides your choice of the Regular Plan, the 50% Plus Plan or the Double-Plus Plan. Ask your M an from Merc about this valuable fringe benefit for your staff. A ■V y W HATEVER YOUR QUESTION» one of our 180 officers has the right answer! Recently, an Illinois bank requested help in planning a civicimprovement organization, and V.P. Leigh Doxsee, M arketing and Research (formerly St. Louis Cham ber of Commerce), provided experienced counsel —highlighting approaches available, relationships with local government, even sources of funds. No request or problem is too big—or too small—for your M an from Merc. Call him a t 314-231-3500. / https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis / From the desk of John Obermann No rthw e ste rn Banker, March, 1969 40 Illinois News M arina City B ank as vice p resid en t in charge of lending operations. Mr. B rin k m an w as form erly vice p re si den t in th e com m ercial lending de p a rtm e n t of th e M erchandise N ational B ank in Chicago, w h ere he w as asso ciated for 15 years. H arriso n I. Stearns, ch airm an of the bank, also announced th e election of five new m em bers to th e board of di rectors. T hey are: H ow ard A rvey, p a rtn e r in th e law firm of A rvey, Hodes & M antynband; L. W. C antrell, vice presid en t in charge of operations for Science R esearch Associates; L es lie O. Copeland, ch airm an and chief executive officer of N orth A m erican Life In su ran ce Company; Jam es G. Costakis, a fo rm er IBM executive, w ho w as nam ed vice ch airm an of th e board, and T hom as B. H u n ter, III, a p a rtn e r in Thom as B. H u n te r and As sociates. Mount Greenwood Bank Mrs. E lsie Schneider and D ennis O’Keefe w e r e appointed personal b an king officers at M ount Greenw ood B ank in Chicago recently. Mr s . Schneider has been w ith th e bank since 1957, and Mr. O’K eefe joined the H itpas, tru s t officer; Mrs. Jean ette Cravens, a ssistan t tru s t officer, and W illiam S. A lexander and V erna M. E ngelke, a ssistan t cashiers. H insdale Jero ld K. McCoy has been elected executive vice p resident of The F irs t N ational B ank of H insdale at the recent an n u al m eet ing of stockhold ers. Mr. McCoy w as also elected to th e board of di recto rs to fill the vacancy occa sioned by the re cent re tire m e n t of H arold R. Klein, executive vice presid en t and di J. K. M cCOY recto r of th e bank. Mr. McCoy, a grad u ate of the U ni v e rsity of W isconsin G raduate School of B anking, joined th e ban k in 1963 as an a ssistan t vice presid en t and w as elected vice p resid en t in 1966. O ’K E E F E MARTINEZ ban k last fall after a six-year associa tion w ith C entral N ational B ank in Chicago. R aul A. M artinez w as appointed as sista n t operations officer. He joined th e b an k one year ago. N o rth ern T ru s t Co. Max W. E v an s has joined N o rth e rn T ru st C om pany and has been ap pointed se cretary in th e real estate and farm m anag em en t division of the tru s t d ep artm en t. He w as fo rm erly assist a n t cashier and farm re p re se n ta tiv e at Irw in U nion B ank & T ru st Com pany of Colum bus, Indiana. Chicago H eights H en ry R obustelli, Jr., has been elected assistan t cashier of Olympia State B ank in Chicago H eights, ac cording to W ayne Van H orne, p resi dent. Mr. R obustelli joined th e b an k in 1966. Edw ardsville Several officers w ere recen tly elect ed at E dw ardsville N ational B ank and T ru st Com pany. T hey are R obert E. N o rthw estern Banker, M arch, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1969 a 4 < «"» v ^ * ^ ^ * t * N aperville R ichard E. B urow and Jo h n D. N eesley have been elected directors of th e B ank of N aperville. Mr. B u r row is p resid en t of K roehler M anu factu rin g Com pany and Mr. N eesley is m an ag er of ad m in istrativ e services for th e S tandard Oil Technical Center. R o ck fo rd SC H N EID ER L avergne A venue, early last m onth, T he $1 m illion building w ill have ap proxim ately 25,000 square feet of space w ith drive-in facilities equipped w ith four television units. A rchitect for th e building is Loebl, Schlossm an, Benn e tt & D art. Occupancy is slated for late 1969. A 10 per cent stock dividend w as also declared at th e an n u al m eeting, increasing th e b a n k ’s stock from $700,000 to $770,000. Alva W. Phelps, ch airm an of th e board, announced th e follow ing pro m otions of officers: B ruce D. H arp er, vice presid en t and cashier, to vice presid en t and controller; R o bert E. H oy and R obert C. K raem er, vice p res idents to senior vice p resid en ts and as sista n t tru s t officers; Jam es R. McDerm ott, a ssistan t vice presid en t to cash ier; Jam es T. Soohen and E d ly n B. Bokhof, a ssistan t vice presid en ts to vice presidents; C harles E. S tew art and Joseph W. Diesi, a ssistan t cash iers, and Carole J. B artm an, real es tate officer, to a ssistan t vice presidents, and Sam uel E. P incich to as sista n t cashier. R ussell C. Gibson, presid en t and chief executive officer of J. L. C lark M anufacturing Com pany in Rockford, was elected a director of the F irs t N a tional B ank and T ru st Com pany of R ockford at the recent an n u al m eet ing. Mr. Gibson is also c u rre n tly vice p resid en t of the Illinois State C ham b er of Commerce and a m em ber of th e board of counselors at Rockford College. Skokie S tockholders of Old O rchard B ank & T ru st Company, Skokie, voted at th e an n u al m eeting to become a w hol ly-owned subsidiary of a new ly or ganized one-bank holding com pany, Old O rchard F inancial C orporation. T erm s of th e proposal call for sh are holders to exchange th e ir ban k stock for th e holding com pany common stock on a share for share basis. The plan is subject to approval of th e Il linois Com m issioner of B anks and the FDIC. Louis E. Rieger, presid en t of the b an k and of th e holding com pany, also announced th e beginning of con stru ctio n of th e new b ank building, to be located at Old O rchard Road and W heaton R aym ond J. E belt, 52, senior vice presid en t and director of W heaton N ational Bank, died suddenly F ebru- y ary 7. Mr. E b elt w as in ban k in g his e n tire career. He joined W heaton N ational in 1962, after long associations w ith f The F irs t N ational B ank of W est Chi cago an d The F irs t N ational B ank of 1 Chicago. He w as active in a n u m b er of banking and civic organizations a t th e tim e of his death. -m C entral N ational, Chicago Plans H olding C om pany S hareholders of C entral N ational B ank in Chicago gave ratification and confirm ation to a m erger ag reem ent w hich provides for the b an k to become a wholly-ow ned su bsidiary of the C entral N ational Chicago Corpora- t tion. I t w as also announced, follow ing th e ann u al sh areh o ld ers’ m eeting, th a t ap proval w as given to an increase of th e authorized capital stock of th e b a n k <. from 817,500 shares to 856,500 shares by the declaration and issuance of a y stock dividend of 39,000 shares of capital stock. These announcem ents w ere m ade by F ra n k E. B auder, chairm an. Mr. B auder, in an address to th e shareholders, drew a tten tio n to y th e 1968 n et o perating earnings of $2.91, w hich rep re se n t a 28 per cent a increase from last year, and a fouryear increase in p er share earn in g s 4 from $1.75 to $2.91, or a 66 p er cent gain. Why not try a warmer bank? Each of the better Chicago banks offers its cor respondents pretty much the same range of services: Investment Service, Automated Book keeping, Complete Trust Services, International Department, and so on. But we try to keep the banking climate several degrees warmer at La Salle. Max Roy, your La Salle man in Iowa, takes his custom ers’ problems very personally. And he doesn't waste any time in getting you personally acquainted with specialists on La Salle's team who feel the same way. Our customers are our most important assets. Before you've done business with us very long, we think you’ll feel that you have a good friend on the financial main street of Mid-America. N A T IO N A L B A N K 135 SOUTH LA SALLE STREET, CHICAGO, ILLINOIS 60690 • PHONE: 312/782-5200 Your good friend on the financial main street of Mid-America https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o rthw e ste rn Banker, March, 1969 42 Smooth, fast ^ computer starts <aw A bank in Wisconsin had decided to convert its Demand Deposit Accounting- to computer and management had narrowed the choice to two computers, when Jim Sullivan of Northwestern Bank made his initial call. Jim outlined Northwestern Bank’s computer capabilities. Management was interested but hesitant because of the shortage of time. Jim assured bank management of top priority and immediately Northwestern Bank computer experts went into action. Within four working days, a cost analysis and detailed presentation was made. Management chose the Northwestern Bank computer because it was the right program, and because when there is an emergency, Northwestern Bank reacts fast. There’s more to being a correspondent banker, than just being a correspondent banker. sw r Jim Sullivan, Correspondent Bank Representative for Iowa, Wisconsin, Upper Michigan Northwestern National Bank of Minneapolis Department of Banks and Bankers MEMBERS FEDERAL DEPOSIT INSURANCE CORPORATION No rthw e ste rn Banker, March, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis u A 43 > Minnesota -> NEW S > J. J. CHOROMANSKI K. A . WALES President Exec. S ecretary Crystal Minneapolis C o m m is s io n e r t ti/e T e lls o f fín n liiiiff C r o ir th ANKING C om m issioner M arvin L. Rye re p o rts th a t 524 M innesota state banks, th re e tr u s t com panies, and one savings b an k had to tal assets of $3,696,899,244 as of D ecem ber 31, 1968, an increase of $399,125,405 over Decem ber 31, 1967. T otal deposits increased d u rin g the period by a n et of $371,957,720 to a total of $3,391,900,516. The principal change reflected since D ecem ber 31, 1967 is an increase of $235,754,748 in tim e deposits of individuals, p a rtn e r ships, and corporations, and an in crease of $119,845,030 in th e sam e type of dem and deposits. T otal capital accounts increased by $19,166,018 d u rin g th e period to a to tal of $262,712,681. Loans show a to tal of $1,902,380,498 and this is an in crease of $186,037,146 since D ecem ber 31, 1967. P ercentage of to tal loans (gross) to total deposits in th e 524 com m ercial state banks w as 51.71 per cent as com pared to 52.13 p er cent on D ecem ber 31, 1967, and in all in stitu tio n s the new percentage w as 56.08 p er cent as com pared to 56.83 p er cen t as of De cem ber 31, 1967. B den t in charge of the installm en t loan d ep artm ent. A sm und V. H ughum , assistan t vice president, has been nam ed assistan t vice p resid en t and assistan t tru s t offi cer. H arold N uessm eier, a ssistan t cashier, has been p u t in charge of com puter services and the sale and servicing of com puter services o ut side th e bank. Mrs. Shirley T erry has been advanced to assistan t tru s t offi cer, and Mrs. H elen G udenburg has been placed in charge of th e new ac counts d epartm ent. P ro m o ted at A lbany R oger J. Voit has been advanced to cashier and G erald M auriz w as nam ed an assistan t cashier at th e an n u al m eeting of th e Stearns C ounty N a tional B ank, Albany. R. J. V O I T G. M A U R I T Z Mr. V oit joined th e F irs t State B ank in Ju n e, 1957. He w as nam ed a ssistan t cashier in 1962. He joined th e Stearns C ounty N ational at the tim e of its con solidation in 1966. He w as also elected a director. F irst National Bank H. W. M atfeld, m anager of th e A us Mr. M auritz joined the b an k in No tin C ashw ay L u m b er Store, w as elect vem ber, 1964. ed to th e board of d irecto rs a t th e re cent an n u al m eeting of th e F irs t N a Belle P laine tional B ank of A ustin. R ichard R. C arpenter joined the State B ank of Belle Plaine as cashier P resid e n t R. F. L ichty also repo rted last m onth. He also m anages the several new officer assignm ents in th e bank. R ichard L. Duholm , vice p re s b a n k ’s in su ran ce departm ent. Mr. C ar id en t in charge of th e in sta llm e n t loan p e n te r w as form erly cashier of the dep artm en t, has been assigned to the N ational B ank of Boyceville, W iscon com m ercial loan d ep artm en t. R ich sin, and p rio r to th a t w as w ith the ard L. K elly h as been advanced from L ib erty State B ank of St. Paul. assista n t vice p resid en t to vice presiThe S tate B ank of Belle P laine w as https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Benson The board of directors of the F irs t State B ank of B enson has elected F ra n k Sim m onds of DeGraff as an additional m em ber of th e board. Mr. Sim m onds is a p a rtn e r in Sim m onds Feed and F ertilizer in DeGraff. B rain erd H jalm er E. G ustafson of B rainerd and E a rl W olleat, m anager of N o rth w est P ap er Com pany of B rain erd and Pom ona, California, have been elect ed to th e board of the Citizens State B ank of B rainerd. Also announced w as th e prom otion of G erald A. Benson from a ssistan t cashier to a ssistan t vice p resid en t and the election of Miss Stella M. Perpich and Mrs. Louis S chuster as a ssistan t cashiers of th e bank. C larkfield A u stin Austin State Bank The A ustin S tate B an k has received th e perm ission of th e M innesota b an k ing division to increase its capital stock from $400,000 to $500,000 by m eans of a stock dividend. host to Scott C ounty b an k ers for a program presented by th e F ederal B ureau of In v estig atio n last m onth. The Sem inar, presented by agent M arvin L. Shay of th e M inneapolis office, included films tak en du rin g ac tu al b ank robberies, w ith special em phasis on p reventive m easures and steps to be tak en before, du rin g and afte r a ban k robbery. Sheriff W. B. Schroeder particip ated in th e pro gram . The 63 em ployees w ho attended re p resen ted banks from Belle Plaine, Jordan, New M arket, New Prague, Savage and Shakopee. M em bers of the Scott C ounty sheriff’s office and Belle Plaine police d ep artm en t w ere also in attendance. Mrs. Alice Sm ith w as elected to the board of directors at th e recen t a n n u al m eeting of th e F arm ers & M er ch an ts S tate Bank. P resid en t D. R. N elson also announced the election of E lroy F rib erg as a ssistan t cashier. The bank also observed the comm eration of its 50th an n iv ersay last m onth. A special golden an n iv ersary open house w as held at the bank. D elano Miss G ertrude Stoltz, vice president of the State B ank of Delano, has re tired after 48 years w ith th e bank. Miss Stoltz w as honored by th e b a n k ’s directors, officers and em ployees w ith a dinner. Dodge C enter Lowell G rasdalen w as advanced from ag ricu ltu ral rep resen tativ e to a ssistan t vice presid en t and agricul tu ra l rep resen tativ e at the N o rth w estern S tate B ank recently. Mr. G rasdalen has been w ith th e ban k th ree y ears as a loan officer and w ill continue to serve in th a t capacity. N o rthw e ste rn Banker, March, 1969 44 < "4~ i, i « V V 4, 4 k M inneapolis b u sinessm en w ere recen tly elected to th e board of di recto rs of N o rth w estern N ational B ank of M inneapolis. T hey are Harold H. Hammer, vice p resid en t and chief fi nancial officer of C ontrol D ata Corpo ration; Raymond O. Mithun, chairm an, Cam pbell-M ithun, Inc.; John W. Mor rison, corporate vice p resid en t and chief financial officer of H oneyw ell, Inc.; William G. Phillips, p resid en t of In tern atio n a l M illing, Inc.; George S. Pillsbury, group vice president, Pillsb u ry Com pany, and David M. Winton, ch airm an of th e P as L um ber Com pany, Ltd. IX S HAMMER PH IL L IPS M IT H U N PILLSBURY M O RRISO N W INTO N T hey fill vacancies on th e 25-man b oard created by th e re tire m e n t of Stephen P. Duffy, c h airm an of Our Own H ard w are Com pany, and George B. Clifford, Jr., th e resig n atio n of O. Meredith W ilson, form er p resid en t of th e U n iv ersity of M innesota, and by th e designation of th re e long tim e di recto rs as advisory m em bers of th e board. T hese are F. Peavey Heffelfinger, Lucian S. Strong and DeW alt H. Ankeny. John A. Moorhead, ch airm an of th e board, pointed o u t a t th e an n u al m eet ing th a t th e b a n k ’s to tal reso u rces su r passed $1 billion d u rin g 1968. T otal deposits increased by 30 p er cent to N o rth w e ste rn Banker, M arch, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $1,035,669,907. Consolidated n et oper atin g earnings w ere $7,904,942 for the year, re p resen tin g a seven per cent in crease over 1967. Gross operating earnings w ere up 23 per cent to m ore th a n $51 million. Capital accounts w ere increased to $78 million. * * * A two-for-one split of common stock w as approved recently and an increase in th e q u a rte rly dividend from 57 %c to 60c p er sh are w as declared by the d irecto rs of N orthwest Bancorporatlon. The stock split w ill be proposed form ally to stockholders at the annual m eeting M arch 27 and, if approved, w ill become effective M arch 31. C u rren tly, seven m illion shares of com m on stock, $3.33 p ar value, are authorized, of w hich over 5.7 m illion sh ares are outstanding. T he new cap italizatio n w ould consist of 14 m illion auth o rized sh ares of com m on stock, $1.67 p a r value, of w hich approxi m ately 11.4 m illion shares w ould be o utstanding, and 200,000 shares of p re se n tly authorized p referred stock of $100 p a r value, none of w hich is o utstanding. * * * Thomas F. Olson has been elected a ssista n t cashier at th e F irs t State B ank in N o rth St. Paul, according to William Herrick, president. Mr. Ol son, w ho joined th e b an k one y ear ago, w as form erly an in stallm en t loan m anager. * * * Mrs. Marion Diekmeier has been elected a ssistan t cashier of th e Citi zens State B ank of St. Louis P ark. She has been w ith th e b ank since 1953 and p resen tly serves in th e cus to m er relatio n s and loan d epartm ents. * * * Jam es E. Dorsey, Jr., p resid en t and ch airm an of th e F irs t H ennepin State B ank in M inneapolis, announced re cently th e ap p o in tm en t of Ben Fiterman of M inneapolis to th e b a n k ’s board of directors. Mr. F ite rm a n is p resid en t of L iber ty C arton Company, F id elity File Box Com pany and Safco P rod ucts Com pany, all of M inneapolis. * * * Gordon Murray, ch airm an of the board at th e F irs t N ational B ank of M inneapolis, announced th e election of th ree new directors follow ing th e an n u al m eeting. T hey include: Elm er S. Conover, p resid en t of Toro M anu facturing Corporation; Terrance Hanold, presid en t of th e P illsb u ry Com pany, and W. T. Noll, vice p resid en t of H oneyw ell, Inc. V acancies on F irs t N ational’s board occurred w ith the re tire m e n t of five directors w ho chose not to stand for reelection. T hey are John Cowles, Totton P. Heffelfinger, Jay Phillips, Philip W. Pillsbury and Paul B. Wislxart, all of w ho w ere nam ed directors CONOVER HANOLD NOLL em eritus. In addition, David M. L illy has resigned to become a d irector and deputy ch airm an of th e F ed eral Re serve B ank of M inneapolis. * * * David L. Groshens has been elected a ssistan t cashier of th e F irs t G rand A venue S tate B ank in St. Paul. In his new position he w ill be in charge of b an k operations and w ill assist in the in stallm en t loan d ep artm ent. Mr. G roshens joined th e b an k in 1957 and since 1963 has held th e position of auditor. * * * William R. Chapman, p resid en t of M idland N ational B ank of M inneapo lis, is a m em ber of th e faculty of th e RMA Com m ercial L ending Sem inar sponsored by The R obert M orris A s sociates and th e G raduate School of B usiness at In d ian a U niversity. The first sem inar w as a new edu- , -* * v' ” * (_ A _< X y * 45 W e 'll see you in Æ È S Ë S k :V--V : Tllsl-i È ,y H m fill :f!! i i8 ; " % ig |iS r m ss at th e 3 9 th A N N U A L IN D E P E N D E N T B A N K E R S OF A M E R IC A C O N V EN TIO N M A R C H 17th, 18th and 19th GEORGE W. BENZ C h a irm a n o f th e Board JOHN F. NASH P re s id e n t ROBERT E. SIPPLE A d m in is tr a tiv e V ic e -P re s id e n t A RTHUR A. HAESSIG V ic e -P re s id e n t Meet the correspondent bankers who care about indepen dent bankers. Ask them about banking the American Way . . . they’ll be happy to help you. ■ Visit the American’s Hospitality Suite at the Hotel Sahara, Tuesday, March 18th, 5:00 p.m. to 7:00 p.m. AMERICAN NATIONAL BANK and Trust Company Seventh & Robert • St. Paul • Phone 222-6666 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MtmberFD1C BANKS & BANKERS D IV IS IO N ROBERT E. S IP P LE Administrative Vice-President A R TH U R A. HAESSIG Vice-President JO H N D. CLEARY Asst. Vice-President D ONALD H. JOH N SO N Asst. Vice-President A R TH U R I. NELSON Correspondent Bank Officer N o rth w e ste rn Banker, M arch, 1969 Minnesota News 46 cational program for th e senior loan officer, designed to assist him in m an agem ent of th e com m ercial lending function. P a rticip a n ts included sixty senior executive lending officers from com m ercial b anks in 33 states. * =1= * Bernard Badzin has been elected a d irector of F irs t B loom ington Lake N ational B ank in M inneapolis. Mr. Badzin is p resid en t of E llio tt Auto Supply C om pany in Edina. * * * John Fox has joined th e F id elity B ank and T ru st C om pany of M inne apolis and has been elected tr u s t offi cer. H e w ill be assigned to t h e new business area. Mr. F ox h a s been a tr u s t offi cer at C e n t r a l B ank of M ontana, G reat Falls, for th e p a s t f o u r years, p r i o r to w hich he w as in th e insurance business. A g rad u ate of th e U n iv er sity of M ontana, he atten d ed th e N a tional T ru st School at N o rth w estern U niversity and T ru st D evelopm ent School of K ennedy-Sinclair, N ew York City. * * * Thomas Ticen, law yer and state re p resen tativ e from su b u rb an B loom ing ton, w as recen tly nam ed to th e board of directo rs of th e C om m unity State B ank of Bloom ington, according to Clifford Jerpbak, chairm an of the board. * * * Earl E. Olson, vice presid en t of th e F irs t State B ank of St. Paul, has been elected to the b a n k ’s board of direc tors. Mr. Olson began his banking career w ith the F irs t N ational B ank of St. P aul in 1928. He joined the F irs t State B ank in 1930 and has been vice p resid en t since 1962. * * * Stanley F. Bachman has been elect ed a d irector of Richfield B ank & T ru st Company, William G. Kirchner. p resid en t of th e su b u rb an bank, an nounced recently. Mr. B achm an is vice p resid en t of B achm an’s, Inc., M inneapolis floral w holesale-retail op eration. The b ank also prom oted Dirk K. Gasterland from credit an aly st to as sista n t loan officer. * * * Fred R. Friswold, vice president, and Dale R. Olseth, vice president, have been elected directors of Dain, K alm an & Quail, Inc., M inneapolis in v estm en t ban k in g firm. Mr. F risw old sta rte d w ith th e firm in 1958 as a securities an aly st and la te r becam e a m em ber of th e corpor ate services d ep artm ent. He w as elected a ssistan t vice presid en t in 1966 and vice presid en t in 1968. Mr. O lseth joined th e com pany in 1961 as a research an aly st and w as elected a ssistan t vice presid en t in 1966. He w as appointed m anager of the research d ep artm en t in 1967 and w as also elected a vice presid en t last year. * * * Robert W. McDougall, m ayor of Shorewood Village, joined th e M inne tonka State B ank of E xcelsior last m onth in th e new post of d irector of business developm ent. Mr. McDougall has been associated w ith A m erican Can Company, M arathon division, for th e p ast 13 years. * * * Gerald L. Johnson has been pro m oted from cashier to vice presid en t and cashier at th e G u aran ty S tate B ank in Robbinsdale. * * * Robert J. Dahlin of N o rth w estern M utual Life In su ran ce Com pany of M ilw aukee has been elected p resid en t of th e M ortgage B ankers A ssociation of M innesota. O ther officers include: Karl F. Kel ler, K eller Corp., vice president; Clyde D. Nelson, H. & Val J. R othschild, Inc., tre a su re r, and Marlowe A. Knutsen, a ssistan t tre a su re r of F a rm e rs & M echanics Savings Bank, secretary of th e association. * * * Seventeen officer prom otions w ere announced recen tly at N o rth w estern N ational B ank of M inneapolis. Elected vice presid en ts w ere: John M. Selover, com m ercial loan d e p a rt m ent—division A; James L. Buckles, custom er service division; William T. Arnold, tru s t estate division; C. Roger Dain, Kalman & Quail knows what makes him go HO-HO HO T h e valley of th e Jolly G reen G ia n t is fam iliar te rra in to our research group . . . th e y v isit th e re fre q u e n tly to o b ta in u p -to -d a te in v e stm e n t d a ta on G reen G ia n t C om pany. W e do th e sam e kin d of personal research on m ore th a n 60 o th e r n a tio n al, publicly-held firm s based in th is 6 -sta te region. W rite or call for a free research re p o rt on G reen G ia n t C om pany. W e o ffe r : I n v e s t m e n t B a n k i n g / I n v e s t m e n t M a n a g e m e n t / L i s te d a n d U n lis te d S e c u r itie s / M u n i c i p a l B o n d s / M u t u a l F u n d s / P o r tfo lio M anagem ent A n E qual O pportunity E m ployer Investment D a i n , K a l m a n I SCO RPORATED N o rth w e ste rn Banker, March, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis & Q u a i l Research W ith a Regional Accent M e m b e r N e w Y o r k S t o c k E x c h a n g e / 1 0 0 D a in T o w e r , M p ls . 47 Who'll replace John Raymond in the Dakotas? S O L U T IO N : R O N O LSO N \ S O U T H :c A K O T A . He II fit in ju s t fin e / M unicipal Finding the right m an to replace Jo h n R aym ond had us puzzled for awhile. But we finally solved it. We picked capable R on Olson for the job. A nd, to m ake the change-over sm ooth and unhurried, John Raym ond will be traveling w ith R on during the year—acquainting him w ith b oth the area and our m any D ak o ta banker and investor friends. R on has a wealth o f experience in the operations, commercial and investm ent banking fields, plus an extensive sales background. H e’s a native M idwesterner, and is fam iliar with the econom ic and clim atic cycles peculiar to this region. R on will be stopping in for a chat soon. H e’ll come equipped with a likeable m anner, a helpful attitude and a full selection o f municipals w ith attractive yields and m aturities. W e’re sure he’ll fit right into your investm ent plans. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Underwriting Department First N atio nal Bank of Saint Paul N o rth w e ste rn Banker, March, 1969 48 Minnesota News SELOVER BUCKLES ARNOLD HEEGAARD SHAW W ILLARD Bailey, Jr., personal tr u s t division; Henry C. Egan, Jr., Peter A. Heegard and W illis F. Shaw, tru s t in v estm en t division, and David H. Willard, cor porate tr u s t division. E lected a ssista n t vice presid en ts w ere: Larry D. Buegler, n atio n al ac counts—in d u strial developm ent divi sion; W alter J. Burke, tellers section; Thomas 31. H innenthal, com m ercial loan d ep artm en t—division C; Lee H. Rickard and Richard D. Schneider, com m ercial loan d e p a rtm e n t—division D; Floyd J. Stewart, co rrespondent ban k in g division; Herbert E. Swift, in stallm en t b an k in g division; Gerald T. Tovsen, co rresp o n d en t b an k in g divi sion, and Harold G. W ahlquist, com m ercial loan d e p a rtm e n t—division A. * * * H. William Blake, ch airm an of th e board of N o rth w estern S tate B ank of St. Paul, has been nam ed a d irector of Telm ont C orporation, St. P au l toy m ark etin g com pany. * * * The In d ep en d en t B an k ers Associa tion of M innesota h as announced a “K eym an S em in ar” for A pril 22-23 at th e T h u n d erb ird M otel in B loom ing ton. Chet Eggen, vice p resid en t of th e association and executive vice p resid en t of th e Richfield B ank & T ru st Com pany, is head of th e com m it tee in charge of th e sem inar. The two-day p ro g ram w ill consist of large and sm all group discussions, talk s by v ario u s M innesota b an k ers and speak ers from th e M anagem ent C enter of th e College of St. T hom as in St. Paul. A full pro g ram for th e sem i n a r w ill be published soon. * * * F irs t P ly m o u th N ational B ank, a new full-service bank, opened for busi ness F e b ru a ry 17 a t 1723 P lym outh A venue N o rth in M inneapolis. The ban k is designed to serve th e econom ically disadvantaged of th e area in an N o rth w e ste rn Banker, M arch, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BAILEY E GA N STEW ART TOVSEN effort to offer com plete ban k in g se r vices and to seek to develop solutions to th e financial needs of individuals and businesses in th e area. John 31. Warder, pro m in en t Minneapoils citizen, has been nam ed first p resid en t of th e bank. Kenneth C. Sheehan, form erly w ith th e F irs t Na tional B ank of M inneapolis, w ill be executive vice presid en t and cashier. Lloyd D. Ratkovich, form er assistan t vice p resid en t of th e F irs t E dina N a tional B ank, is a ssistan t vice p resid en t of th e new institu tio n . The board of directors w ill re p re se n t m inority groups, area businessm en and the b an k in g in dustry. F irs t N ational had previously oper ated a F inancial C ounselling C enter at th e site. A new b ank building will be co nstructed on p ro p erty to be ac q uired from th e M inneapolis H ousing and R edevelopm ent A uthority. * * * Joel Bennett, presid en t and general m anager of th e St. P aul U nion Stockyards, has been nam ed a director of th e N orthw est e rn N a t i o n a l B ank of South St. Paul. He su c c e e d s A. L. Olson, for m er p resid en t of th e St. P a u l U nion Stockyards, J. B E N N E T T y e a rs Mr. y a rd s id en t being W h° haS SerV ed m ore t h a n 20 on th e b a n k ’s board of directors. B en n ett joined th e U nion Stockin 1961 and served as vice p res and general m anager p rio r to nam ed p resid en t last m onth. Thomas Welch, tru s t officer, has been elected vice p resid en t a t M ar q u ette N ational B ank of M inneapolis. He rem ain s head of th e tru s t d ep art m ent. Mr. W elch joined th e b ank in 1965, after serving u n d er th e Comp tro ller of th e C urrency in th e N in th F ederal R eserve D istrict for th ree years. Richard Egan, w ho joined th e b an k in 1956, has been elected a ssistan t vice presid en t in the m ortgage loan d ep artm ent. Thomas Herbst has been appointed re ta il b anking officer. He has been in th e co n tro ller’s division since joining th e b ank in 1963. R etirin g from th e b ank staff are 31iss Genevieve Howe and Philip 31endelson. Miss Howe has been w ith th e b an k 30 y ears and is c u rre n tly m ana ger and safe deposit d ep artm en t offi cer. Mr. M endelson joined th e ban k in 1956 and has been in tern atio n al ban k in g officer since establishing the in tern atio n al d ep artm en t for th e b ank in 1966. * * * Six v eteran staff m em bers of The F irs t N ational B ank of St. Paul, w hose com bined careers re p re se n t 267 years of service to th e bank, retire d re cently. The m en, to g eth er w ith the y ears th ey have been w ith th e bank, include: Harold C. Anderson, senior com m er cial teller, 39 years; 3Ierrill W. Hallen, senior teller in the com m ercial loan d ep artm ent, 43 years; Clarence J. Hoff man, special e n try clerk in com ptrol lers d ep artm ent, 44 years; Hjalmer Nelson, senior auditor, 48 years; John E. Schaffhausen, hom e loan app raiser and in terview er, 47 years, and 31oody F. Wilford, chief acco untant in the au d itin g d ep artm ent, 43 years. * * * Earl Ewald, ch airm an of th e board of N o rth ern States P ow er Company, w as appointed presid en t of th e U pper M idw est R esearch and D evelopm ent Council last m onth. O ther officers are William F. Foss, presid en t of Fabri-Tek, Inc., vice p res ident; William R. Pearce, vice p resi d en t of Cargill, Inc., secretary, and Phillip H. Nason, p resid en t of The F irs t N ational B ank of St. Paul, re elected treasu rer. * * * William C. Bronner, vice president, fiscal agency d ep artm ent, F ed eral R e serve B ank of M inneapolis, retired J a n u a ry 31. He left high school after the second y ear and, a t age 15, w en t to w o rk at th e Fed as a m essenger in 1921. In 1933 he w as tra n sfe rre d to th e fiscal agency d ep artm en t and w orked his w ay up to th e positions of adm in istrativ e a ssistan t and th en a ssistan t d e p artm en t head. He tra v eled w ith th e exam ination staff of the Board of G overnors of th e F ederal R eserve System d u rin g 1954. Upon his re tu rn to fiscal agency, he becam e th e ju n io r officer in th e d ep artm ent. BANK OF YOUR CITY YOUR CITY, U. S. A. " y im tiA JjK5_id.^ P a y TO T H E p i : O R D E R O F iJ i, Ü liiÄ Ä I JOHN A. CUSTOMER NOT OVER TWENTY-FIVE UNITED STATES DOLLARS TftMBAM .CA«O C-H Ì Pftye*‘ BANK OF YOUR CITY J W ~ £V O vie*m#. amo«a«««*; < ZJ If you’re interested in opening new personal checking accounts, retaining present checking cus tomers, and multiplying your consumer loan volume with higher-yield loans, you’ll be interested in this offer and program. This new business idea is simply an extension of your present checking account service which pro vides a supply of guaranteed checks with a built-in loan reserve feature for your qualified customers. This gives your checking accounts national acceptability. If you follow our new marketing formula in introducing this service, you have our assurance that a number equal to 15% of your personal checking account customers will sign up for Bancardchek during the first year, or the entire fee paid to us will be returned to you. In addition, 40% to 60% of this group will use the built-in overdraft feature — within one year. And, you will be grossing up to $75 per customer per year in addition to your service charge income. How can we be so sure of success? Because in the past six months, bank after bank joining this Pro gram has already equalled or exceeded these figures. Surely your bank wants increased checking and loan profits in 1969. With the new competitive edge of Bancardchek, you’ll not only meet your goals but more importantly, you move forward without the risk and doubt associated with check guarantee cards and other programs. In fact, we guarantee it. OUR GUARANTEE Following our new marketing formula, developed and tested with member banks, you can be sure that without even increasing your present advertis ing budget, a number equal to 15% of your personal checking account customers will sign up for BANCARDCHEK service within one year. If this result is not achieved, our entire fee will be returned to you. For the plan, case histories and type of results you can expect, call A.R. Greene, President, 617-787-3000. Or Write: First Group, Inc., 304 Western Avenue, Boston, Mass. 02135. Gentlemen Please send me full information. BancarddieK https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis GUARANTEED CHECK N am e T itle Bank A d d re s s C it y S ta te Z ip C o d e 50 Y SPECIAL HONOR w as p re s e n te d b y MBA Pres. J. J. Choromanski a n d MBA Exec. Secy. Kenneth A. Wales to Dr. Herbert V. Prochnow, fo rm e r p re s., F i r s t N a tl. B k., C hicago, a n d D ir., C e n tra l S ta te s School o f B a n k in g , U n iv e rs ity o f W isco n sin , fo r his w o rk in th e e d u c a tio n a l field. R IG H T — Marvin R. Campbell p re sid es as vice ehm n. M B A B a n k M a n a g e m e n t C om m ittee. M BA I Hs c us s a s E n t e r t a i n s S t a t e L e g is la to r s Ma By M ALCOLM FR E E LA N D P u b lis h e r H E boss has died. W h at th e hell do we do now ?” This is an o th er w ay of expressin g th e them e for th e N in th A nn u al B ank M anagem ent Con ference held by th e M innesota B an k ers A ssociation in M inneapolis last m onth for 600 delegates and th e ir wives. B ank m anagem ent w as analyzed and discussed by some of th e forem ost a u th o ritie s in th e b a n k in g field, includ ing George W ard, directo r of p erso n nel adm in istratio n and m anagem ent T for th e ABA; M arvin R. Campbell, MBA vice p resid en t and president, F irs t N ational Bank, Crookston, and Roger R. P alm er, vice president, F irst N ational B ank, St. Paul. Mr. W ard suggested th a t banks m ake a stu d y of four key areas: (1) salary ad m in istratio n —w hereby salary plans are review ed as to perform ance and ability of individual employees. (2) E m ployee benefits (com pared to o th er firm s in the area). (3) Com m unications—w h ereby you determ ine MBA SCHOLARSHIP is now b e in g u tiliz e d b y David Wang ( l e f t ) , g ra d u a te stu d e n t a t b u sin e ss a d m in is tra tio n school of th e U n iv . of M inn. Dr. Paul Jessup, a sso c ia te p ro fe s so r of finance No rthw e ste rn Banker, March, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis your ability to com m unicate (and listen) to yo u r em ployees. (4) Super visory analysis w hereby you analyze key people (including y ourself). Mr. Cam pbell em phasized th a t the search for ta le n t in the b an k in g busi ness is a co n stan t one. He w arn ed th a t ban k s should re c ru it th e b est ta l e n t available and be p rep ared to pay. He recom m ended th e estab lish m en t of good w o rk habits, th e delegation of responsibilities and th e continual tra in in g of both young and old em ployees. Some ban k ers seem ed a bit uneasy w hen Mr. Cam pbell asked if th ey had ever asked ju n io r b an k offiers to a tten d a d irecto rs’ m eeting or to sit in on th e evaluation of a loan request. He recom m ends th a t all com m unications, including le tte r carbons and com m ent sheets on loans be cir- a t th e U n iv . of M inn., is show n w ith sc h o la rsh ip w in n e r. R IG H T — P a n e l on B a n k P r o te c tio n A c t in c lu d e d Lee J. Sutton, regiona l m gr. fo r D iebold, a n d Roger B. West, sup. exam ., F D IC . 51 „ * » * . ‘ * * h\ culated am ong all ju n io r officers and key em ployees. R oger P alm er, d raw in g on his ex perience as a p lan n in g officer for th e F irs t N ational B ank, St. Paul, recom m ended th a t b an k s tak e tim e to decide now w h a t g row th th e y can expect at th e end of one, two, th ree, or even five y ears in loans, deposits, new services, profits an d o th er areas. He said th a t resp o n sib ility for accom plishm ent should be assigned, p rogram s scheduled, goals established, and a m eans for ju d g in g perform ance determ ined. A h ig h lig h t of th e C onference w as th e aw ard of an h o n o rary plaque to Dr. H e rb e rt V. Prochnow , form er p resid en t of th e F irs t N ational B ank of Chicago, and d irecto r of th e C entral >i tion: (1) the high incidence of crim e, (2) th e distance of the ban k from a law enforcem ent agency, and (3) the cost of security devices in relatio n to th e cost of a b u rg lary plus the bad publicity th a t m ight occur. In d ep en d en t bankers, w ho are eith er concerned about servicing the debt on a b ank purchase or p lan n in g th e ir in dividual estates, received valuable in form ation from W illiam J. B egin of A rth u r A ndersen & Co., M inneapolis, w ho described the “P ros and Cons of th e One B ank H olding C om pany.” A discussion of b anking legislation in th e 1969 session of the M innesota legislature w as conducted on th e day p rio r to th e B ank M anagem ent Con ference. T he MBA has endorsed the U niform Com m ercial C redit Code, w hich now offers lim ited free entry. Q uestions on free e n try provisions, charge card rates and legal lending ra te s w ere presen ted by m em bers of th e audience. The legislative discussion w as fol low ed by a reception and din n er for m em bers of the legislature and state officials. N early 1,000 w ere in a tte n d ance. —End. est am ount of indebtedness at th irty tim es the am ount of capital and ac tu al surplus. O rtonville P atrick Daly has been elected to th e board of directors of th e N o rth w estern State B ank of O rtonville. Mr. Daly is ow ner and operator of P. D. P roducts in Ortonville. Red W ing E. H. Lidberg has retired from the board of the F irs t N ational B ank of Red W ing after serving as a director 54 years. Mr. L idberg has been in th e real estate business in Red W ing since 1908. Also resigining from the board w as B ruce Akerson. Elected to replace th e re tirin g di recto rs w ere R ichard A. Gillmer, p res ident of R em nicha, Inc. and Red W ing Potteries, Inc., and Dr. Clarence H. Schlauderaff, Red W ing v eterin arian . Sauk C entre R obert G. E ssler has been advanced to tim epay m anager of th e F irs t N a tional Bank, according to M arw in H. Brow n, president. Jackson f yf CALL TO ORDER—Philip M. Harder, sr. v.p., F i r s t N a tio n a l B k., M in n e ap o lis, a n d elim n. M B A B a n k M a n a g e m e n t C om m ittee, ch eck s p ro g ra m w ith M B A Secy. Truman Vo*. L. Jeffers. * « States G raduate School of B anking, U niversity of W isconsin. The M inne sota B an k ers A ssociation p resen ted * th e aw ard to Dr. P rochnow for his trem en d o u s co n trib u tio n to education in banking. L a te r in the day, Dr. Prochnow spoke to a “stan d in g room * only” audience on th e subject, “W here ► th e N ation S tands.” He w a rn e d th a t w e w ill face a tu rb u le n t w orld for ¥ v m any years, and th a t w e m u st rem ain econom ically, socially and m orally strong. He said th a t we are en te rin g th e critical m o n th s w h en we m u st deal ’ * w ith inflation. R eferrin g to th e bank,* ing business, he said th a t th e re is clearly a squeeze on liquid assets of * ban k s and th a t th e tre n d w ill increase. The B ank P ro tectio n Act of 1968 w as explained by Lee J. Sutton, re gional m anager for Diebold, Inc., and by R oger B. W est, su p erv isin g ex» am iner for FDIC. Mr. S utto n re m inded th a t b an k s p lan n in g secu rity ^ ** program s should tak e into considera Stockholders of th e F irs t N ational B ank in Jackson recently voted to increase the size of the board of direc to rs to six and nam ed R onald V. Jo h n son, a vice presid en t of the bank, to fill th e ex tra position. Mr. Johnson joined th e b an k in 1960 as an ag ri cu ltu ral rep resen tativ e and w as elect ed vice p resid en t in 1966. All o th er officers and directors w ere reelected. L akefield D ouglas L. Lee has joined the staff of th e F irs t N ational Bank. Mr. Lee w as associated w ith the M arquette N ational B ank of M inneapolis from 1963 to 1965, w hen he en tered the A rm y. Le C enter A t th e recen t an n u al m eeting of th e F irs t S tate Bank, stockholders voted to increase the capital account from $75,000 to $100,000 and to increase the su rp lu s account from $60,000 to $100,000. All officers and directors of the b ank w ere unanim ously reelected, ac cording to A. C. T am borino, president. Sauk R apids E lm er A. Voss of St. Cloud has been elected to the board of directors of the N o rth w estern State B ank of Sauk Rapids, K eith W inge, president, re cently announced. Mr. Voss is p resi d en t of X-Cel Optical Com pany of Sauk Rapids. Starlm ck V irgil C. A m undson has joined the F irs t N ational B ank of Starbuck, w ith duties in th e in su ran ce d ep artm en t and in te rn a l b ank operations. Mr. A m undson w as previously ow ner of the W indom Car W ash and the Windom Sports C enter in W indom . P rio r to th a t he w as a ssistan t m anager of th e corporate tru s t d ep artm en t at the F irs t N ational B ank of M inneapolis. Stew artville F red B aker has resigned from the board of directors at the F irs t N a tional Bank. He served on th e board for 30 years. Stillw ater L uverne T he M innesota b anking division has au thorized th e N o rth w estern State B ank of L uv ern e to increase its capi ta l stock from $150,000 to' $200,000 by a stock dividend, and to set th e h igh R oderick A. Law son, senior a tto r ney in the Stillw ater firm of T horeen and Law son, has been elected a direc to r of the F a rm e rs and M erchants State Bank. Mr. Law son has practiced law in Stillw ater since 1948. N o rth w e ste rn Banker, March, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 52 Minnesota News "P rofit tn p ro vem en t" for .7 -2 .7 ita n k rrs P R O F IT IM P R O V E M E N T w as th e th em e fo r th e F i r s t N a tl. B k. of S t. P a u l C o n fe ren c e la s t m o n th . S how n a t le f t a re : R o g e r R. P a lm e r, v.p. of p la n n in g ; W allac e L. Boss, sr. v.p. in c h arg e of c o rre sp o n d e n t b a n k d e p t., a n d C h a rle s E. A rn e r, sr. v.p., a ll V ER 324 b a n k e rs and th e ir w ives atten d ed a day-long conference on “P rofit Im p ro v em en t T hro u g h M an agem ent Science” as g uests of the F irs t N ational B ank of S ant P au l last m onth. W allace L. Boss, senior vice p re si den t in charge of th e co rresp o n d en t b an k division of th e bank, p resided a t the m eeting. All speak ers w ere of ficers of th e F irs t or its affiliate, F irs t T ru st Com pany of St. Paul. The B an k P ro tectio n A ct of 1968 w as explained by C harles E. A rner, senior vice president. P rofit P la n n in g w as discussed by R oger R. P alm er, vice president. He advised th e estab lish m en t of goals now for one, two, th re e and even five years ahead. M anagem ent developm ent w as de scribed by R oger W. Berg, assistan t vice president. P h ilip H. Nason, p resid en t of th e host bank, extended greetings a t th e noon luncheon session. He em phasized th a t th e b e tte r b an k s a re m anaged, th e m ore secure th e in d u s try ’s fu tu re w ill be. He w arn ed th a t com m ercial ban k s had lagged in th e area of m a r k e t research —b u t w ere catch in g up fast. C larence G. F ram e, executive vice president, rem in d ed b a n k ers th a t com m ercial lending tak es dilligence and ingenuity. H e said th a t custom ers w hose loans w ere follow ed th ro u g h to com pletion have fre q u e n tly tu rn e d o ut to be to d ay ’s b est cu stom ers for th e bank. F ra n k lin T ruax, sen io r vice p resi dent, explained th e c u rre n t problem s in th e field of cred it cards, including th e ra te lim its now im posed in M inne sota. E d w ard B. Chapin, vice president, speaking on th e m oney m ark et, p re O No rthw e ste rn Banker, March, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis fro m h o st b a n k . R IG H T — “ T he T h ree J o h n s ” o f th e F i r s t N a tl. B k .’s in v e s tm e n t d e p t.— J o h n W o o ld rid g e, J o h n E . R ay m o n d , J o h n F . M ullen, a ll v.p.s. dicted a continuance of high in terest rates. T he program co ntinued w ith discus sions on accrual accounting, au d it con trol, profit sh arin g and pension plans, in v estm en ts in non-governm ent secu rities, and com puter portfolio analysis. G uests w ere e n tertain ed at a recep tio n and d in n er p a rty to conclude the event. The increase w ill be accom plished by a stock dividend. Gordon H ew itt, president, also an nounced th e re tire m e n t from the board of directors of Oliver Benson, Clifford W arren and H arv ey L arson. Mr. Benson and Mr. L arson are vice p residents of th e bank. E lected to re place th e re tirin g directors w ere Otto R ehn, Clifford Lof and Donald P rit chett. G ilb ert R. B. V entrucci, cashier of th e F irs t D u lu th N ational B ank of G ilbert, w as elected Duluth National Bank to th e b a n k ’s board of directors a t the W alter R. W esolow ski w as elected recen t a n n u al m eeting. All officers a ssistan t cashier of th e D uluth Na and o th er directors of th e b an k w ere tional B ank a t th e b a n k ’s recen t an reelected. nu al m eeting. Mr. W esolow ski w ill C loquet City National Bank S tockholders of th e City N ational B ank in Cloquet have authorized th e sale of 1,350 shares of additional com m on stock at $75 per share. The stockholders also approved th e sale of $75,000 of subordinated capital 10y e a r d eb en tu res for public sale. The issue is su bject to th e approval of the C om ptroller of th e C urrency. All offi cers and d irectors of th e b ank w ere reelected at th e ann u al stockholders m eeting. F irst National Bank Donald W. P y k konen has been elect ed a ssista n t cashier of th e F irs t N a tional B ank of Cloquet, A. M. Castle, president, announced follow ing the a n n u al m eeting. Mr. P y k konen joined th e b an k in 1967. All o th er officers and directo rs of th e b ank w ere re a p pointed. D orset The F a rm e rs S tate B ank of D orset has been g ran ted perm ission by the sta te b an k in g division to increase its capital stock from $40,000 to $100,000. serve as a lending officer in th e timepay d ep artm en t in his new position. He began his b an king career in 1960 w ith N o rth ern C ity N ational B ank of D uluth and joined D uluth N ational B ank in 1964. Northwestern Bank of Commerce R ay Cam pbell re tire d last m onth as vice p resid en t of N o rth w estern B ank of Com m erce afte r n early 46 y ears in th e b an king business. Mr. Cam pbell began his career in 1923 w ith th e A m erican E xchange N ational B ank in D uluth. H e joined the B ank of Com m erce as cashier in 1946 and has been w ith th e b an k and its successor, N o rth w estern B ank of Commerce, since th a t tim e. E ast G rand F o rk s A rvy J. L arson has been elected as sista n t vice p resid en t and a g ricu ltu ral rep resen tativ e for th e F irs t N ational B ank of E a st G rand F orks. He re places R obert Solien, now w ith th e Jam estow n, N orth Dakota, N ational Bank. Mr. L arson has been affiliated w ith th e b an k as a ssistan t cashier since 1966. 53 > •v> y» T h e w in n in g hand th a t in cre a se s in sta lm e n t cre d it p ro fit Used by hundreds of large and small banks This new automated instalment loan system speeds up your operation and assures accuracy, with reduced personnel. CUTS REFILING TIME BY 90%. CARDS ARE NEVER MISFILED. ydl'YouTk) isCoUec[thecMone)/~ C um m i 9 fe No capital investment required . . . No minimum charge . . . You pay only for the ledgers and records furnished. Savings are greater than cost. Instantly available information for management decisions is gravy. For more details, see your local Cummins or National Fidelity Representative, or call . . « Bankers Business Service Division. 312-5 6 1 -6 6 0 0 . C U M M IN S -C H IC A G O CO RPO RATIO N , A CUMMINS - ALLISON COMPANY Your, “ key to more p ro fits ,” bulletin https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis SINCE 188/ Ê 4 7 5 8 R a v e n sw o o d A ve. - C h ic ag o , 111. 6 0 6 4 0 m S a le s a n d S e rv ic e In a l l P r in c in a l C itie s N o rth w e ste rn Banker, March, 1969 54 Minnesota News tte s p o n d (C ontinued from page 23) ricu ltu re and m ake the necessary ad justm ents, th e to t 'h a m jvagperiod . . . ahead is b rig h t indeed. Those w ho do not ad ju st store. T hey handle m any of th e sam e p roducts b u t th ey do not operate the same. The su p e rm a rk e t operator, in co n trast to the sm all grocer, probably does n o t own his building, uses v ast am ounts of o th er people’s money, operates on a high volum e, know s his costs, requires the service of m any o th ers—and his m otive is profit. These sam e c h aracteristics could w ell describe today’s com m ercial farm er. If we continue to allocate too m any resources to ag ri culture, as m any th in k w e w ill do, p u re econom ics will p rev en t an increase in prices of farm products. Con tinued p rograss th e n in reducing th e p er-unit cost is an absolute n ecessity if a farm o p erato r is to prosper. Banks Must Respond or Cease F o r those w ho u n d e rsta n d th e changes in com m ercial to the new conditions w ill cease to compete. Sim ilarly, com m ercial banks w ill have to be responsive to the changes confronting th e ir custom ers or also cease to be com petitive. If p re se n t tren d s continue, as some au th o rities believe th ey will, com m ercial banks w ill become progressively less im p o rtan t in financing ag ricu ltu re—not because th e channels do n ot exist to move m oney to areas w here it is needed, and not because the m etropolitan banks are d isin terested or lack the capacity to su p p o rt th e ru ra l banks. M any of the large city banks do have th e facilities to move the dollars and do have th e in te re st in doing so. T hey are ready, w illing, and able to su p p o rt ru ra l banks to a ttra c t and retain the credit business of com petent farm operators.—End. i proniotions Announced iti/ A m erican NationalL St. t*anl HE A m erican N ational B ank and T ru st Com pany of St. P aul has a n nounced the election of C harles W. Betz, p resid en t of The L indsay Com pany, as a direc tor. P rio r to his election to t h e presidency of The L indsay Com pany in 1966, he had been presid en t of th e B u r r o u g h s Manufacturing Com pany of K al C. W. B E T Z amazoo, Mi c h i igan. P rio r to th at, he had been w ith B u rro u g h ’s p a r e n t firm, A m erican M etal P roducts of D etroit and oth er subsidiaries. T W. L. B R U M M U N D L. A. H A G E M E Y E R R. N IC H O L S T. M. C U M M I N G S N o rthw e ste rn Banker, March, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A t th e ann u al sh areholders m eeting Jo h n F. N ash, p resident and chief ex ecutive officer, announced th e follow ing changes and prom otions in the m an agem ent staff. W illiam L. B rum m und was elected vice p resid en t and chief fiscal officer; R obert Nichols, vice p resid en t and g eneral auditor; L oren A. H agem eyer, controller; T e rry M. Cum m ings, audi tor; E d w ard G. G utzm ann, Donald R. Rigsby, and F ra n k L. W im er w ere elected a ssistan t vice p residents in th e in stallm en t loan division and Sherw in M. G oldberg w as elected tru s t of ficer. In his new assignm ent, Mr. B rum m und w ill assum e the broad responsi b ility for th e b a n k ’s o perating results. He w ill counsel m anagem ent on fiscal control and profitability. He directs th e p rep aratio n s of all fiscal reporting, such as cost accounting budgets, F ed eral R eserve and governm ental re ports, and assum e responsibility for th e direction of th e C ontroller and A uditing Division. Before joining the A m erican in 1962, Mr. B rum m und w as w ith th e B ank of Palm Beach as com p troller. He w as elected vice presid en t and controller of A m erican in 1968. Mr. Nichols assum es responsibility for establishing, conducting and coor E. G. G U T Z M A N N D. R. R IG S B Y d inating all activities w ith in th e b ank having to do w ith audit control func tions covering operations of th e bank. H e w ill also assum e responsibility for coordinating all activities w ith in th e b an k having to do w ith design, devel opm ent and in stallatio n of electronic system s and will serve as liaison of ficer betw een operations and electron ic data processing. Mr. Nichols w ill review contem plated and suggested changes in oper atin g m ethods, procedures and ro u tines and w ill p articip ate in th e con version of various d ep artm en tal and division operational system s. Mr. Nichols joined th e A m erican in 1951 as au d ito r and in 1967 h e w as elected vice presid en t and d irector of research and planning. R alph R. G ram s w as elected cash ier and security officer. He joined th e A m erican in 1966 as a ssista n t vice president, operations division. In 1968, he w as elected cashier. Mr. H agem eyer joined th e b ank in 1966. His previous em ploym ent had been w ith several CPA firms. Mr. C um m ings joined the ban k in th e au diting d ep artm en t in 1968. Mr. G utz m ann sta rte d w ith A m erican N ational in 1958 and serves in the in stallm en t loan division. Mr. R igsby w as associ ated w ith M arquette N ational for 16 y ears p rio r to joining A m erican in 1966. Mr. W im er came to the b ank in 1967 and Mr. G oldberg in 1968. F. L. W I M E R S. M. G O L D B E R G R. R. GRAMS r«P* "Say, m aybeTalcott could help me out of this situation, to o ! When such obstacles as credit restrictions or bank policy block a loan approval, depend on Talcott to suggest a good recovery shot. Talcott Maturity Factoring, for example, helps the customer get what he needs while you retain his account and good will. How can we serve you? Write for “ Talcott and Banks.” Or call our nearest office and Talk to the Man from Talcott. James Talcott Factors A DIVISION OF JAMES TALCOTT, INC. • FOUNDED 1854 Maturity • Conventional • Non-Notification • Export & Import • Factoring Services & Financing 1290 Avenue of the Americas, New York, N. Y. 10019 • (212) 956-3027 One Wilshire Building, Los Angeles, Calif. 90017 • (213) 628-9718 First National Bank Bldg., Atlanta, Ga. 30303 • (404) 524-6960 N o rthw e ste rn Banker, March, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 56 Minnesota News F ergu s F alls First National Bank Jo h n D onelan h as been elected as sista n t cashier at th e F irs t N ational B ank of F e rg u s F alls. Mr. D onelan joined th e b an k in 1966 a fte r being as sociated w ith In te rn a tio n a l B usiness M achines. Elected a directo r of th e b an k w as C harles J. U nderw ood, p u b lish er of th e D aily Journal and p resid en t of F erg u s Jo u rn a l Company. Security State Bank R. F. Glasoe, p resid en t of th e Secu- rity State B ank of F erg u s Falls, has rep o rted the election of W arren K. Nye to th e board of directors. Mr. Nye is vice p res i d e n t of O t t e r Tail P ow er Com p an y in F erg u s F a l l s and also s e r v e s as vice p resid en t a n d a d irector of B ank ers F in an cial Cor poration. Mr. Nye also serves on the board of the F irs t N ational B ank of D rake, N o rth Dakota. H u tc h in so n C harles F. D raeger has joined the staff of th e F irs t N ational B ank of H utchinson as an a ssistan t vice p res ident, according to W. T. R ichards, president. Mr. D raeger has been cash ier of th e F irs t S tate B ank at Brownton the p ast ten years. M adison T he K lein N ational B ank recently opened its new ban k in g qu arters. The building, begun a y ear ago last fall, is of b rick co nstruction and featu res a pool w ith a lighted fo u n tain in th e center. Six te lle r w indow s, an offi cers’ area, a d irecto rs’ room and m an aging officer’s q u a rte rs are also in cluded. T he low er level of the build ing contains a com m unity room and k itchen for public use. A n ig h t de pository is located at th e fro n t door of th e new building. T he old b an k building is being to rn dow n to m ake w ay for a driv ew ay and drive-in teller station. P a rk in g space is located behind th e building. Open house in th e new b an k building will be announced soon, according to George C. Klein, president. T he b an k has announced th e pro m otion of A lden R. C hester from as sista n t cashier to cashier, a position fo rm erly held by Leo A. N ikolai, ex ecutive vice president. < b< i <■ < -J **- L, M ankato M alcolm L anger has been elected assista n t cashier a t th e N o rth w estern N ational B ank in M ankato, according to a recen t announcem ent. Mr. L ang er, w ho joined th e b ank in 1967, is as signed to th e personal loan d ep art m ent. M in n eota Who paid a billion dollars for our institutional bonds? R obert N elson has been advanced from au d ito r to a ssistan t cashier and au d ito r a t th e F irs t State Bank. Mr. N elson has been w ith th e b ank since 1963. Since 1913, we have underw ritten and sold more than a billion dollars worth of institutional bonds. Who bought them? In dividual investors, tru s t companies, credit unions, pension and insurance funds. And hundreds of banks! Right now, many of our institutional bond issues are yielding as high as TVz%. They are well worth your looking into . . . for your own portfolios . . . or for your customers. M on tevid eo R ichard E. Benson has been elected a ssistan t cashier in charge of th e in stallm en t loan d ep artm en t a t th e F irs t N ational Bank. Mr. Benson joined the b an k one y ear ago, follow ing eight y ears of consum er lending experience in Des Moines. B. C. ZIEGLER and CO M PANY N ew P ragu e West Bend, Wisconsin 53095 • 414-334-5521 BRA N CH O F F IC E S : N ew York • Chicago • St. Louis • San Francisco • Minneapolis • Milwaukee • Toledo Memphis • Dubuque • Appleton • Green Bay • Madison • Fond du Lac • Kenosha Fort Atkinson • La Crosse • Wausau • Rockford • Springfield • Peoria ___________________________ N o rth w e ste rn Banker, M arch, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis J Several prom otions of officers w ere m ade a t th e recen t an n u al m eeting of th e S tate B ank of New Prague. George Benesh, a ssistan t cashier, w as elected a ssista n t vice president. Miss Lucille N ickolay w as advanced from assist a n t cashier to cashier, and Miss Rose A J Minnesota News A- M ary Gill and Mrs. Ju lie Schoenbauer w ere elected a ssista n t cashiers. M orris A rth u r L. H anson w as recen tly nam ed a ssista n t cashier a t th e C iti zens B ank in M orris. Mr. H anson be gan his b an k in g career in 1960 and joined th e Citizens B ank last sum m er. vice president. He has served w ith th e b an k since 1922. Y erdonn R. M eyer w as advanced from cashier to vice presid en t and cashier. Gene H. C hristianson has been nam ed field su p ervisor for the bank. Mr. G a rra tt and his w ife w ere hon ored by th e b ank w ith a re tire m e n t p arty. N ew U lm Jo h n Campe has joined th e F a rm ers and M erchants S tate B an k of New Ulm as cashier. Mr. Campe, a 1962 g rad u ate of th e U n iv ersity of M inne sota, w as associated w ith th e F ir s t N a tional B ank of F a irm o n t u n til 1965, w hen he joined th e N ational B an k of W ash in g to n in Tacom a, W ashington. H e m ost re c e n tly held th e p o st of ex ecutive officer a t th a t in s titu tio n ’s College B an k in g C enter in Ellensburg, W ashington. Ok le e George Lee h as been appointed vice p resid e n t an d cashier of th e S ecurity S tate B an k of Oklee. H e succeeds th e late Soren B irk elan d in th e position. O w atonna F irst National Bank Donald W. H u tch in so n has joined th e staff of th e F irs t N ational B ank and h as been elected assista n t cash ie r and m an ag er of th e tim epay de p artm e n t. Mr. H u tch in so n has been w ith th e F irs t N ational B ank in Boze m an, M ontana, since 1963. Security Bank & Trust Co. R euben A. K aplan recen tly re tire d as ch airm an of th e board a t S ecurity B ank & T ru s t Com pany of O w atonna. Mr. K aplan w as first elected a d irec to r of th e b an k in 1942 and w as nam ed ch airm an one y e a r ago. He is also th e foun d er and ch airm an of th e O w atonna Tool C om pany and ch airm an of th e B oard of T ru th , Inc. of O w atonna. P ip e s to n e C onrad L. S everson h as been elect ed assista n t vice p resid en t of T he P ipestone N ational B ank. H e first joined th e b a n k in 1957, and w as as sociated w ith T he F irs t N ational B an k a t W o rth in g to n from 1960 to 1963, w h en he re tu rn e d to P ipestone as as sista n t cashier of th e bank. P r e sto n t H A. L. C hristianson, vice president, has been elected p resid en t of th e F a rm e rs & M erchants S tate B an k at P resto n to succeed re tirin g P re sid e n t W. A. G arratt. Mr. G a rra tt h as been designated ch airm an of th e board and R oseau Jam es W ilson, form erly cashier, w as advanced to senior vice presid en t and cashier of th e C itizens S tate B ank of R oseau recently. A llan D allum w as prom oted from in stallm en t loan offi cer to a ssistan t vice president. W il liam P rovance, ag ricu ltu ral re p re se n t ative, w as also elected a ssistan t vice president. St. C loud S tockholders of th e St. Cloud N a tio n al B ank approved a proposal to change th e nam e of th e b an k to St. Cloud N ational B ank and T ru st Com p an y a t th e recen t an n u al m eeting. All directors of th e b ank w ere re elected, and D. J. F o u q u ette w as re nam ed chairm an of th e board and Donald N. P aren t, presid en t of the bank. Shakopee Mrs. Janice B asty r w as elected as sista n t cash ier and w om en’s re p re sen tativ e at th e recen t annual m eet ing of The F irs t N ational B ank of Shakopee. Mrs. B asty r joined the b an k in 1960. All o ther officers and directo rs w ere reappointed at the m eeting. S p r in g fie ld H e n rie tta A braham has re tire d as a ssista n t cashier of th e F a rm e rs and M erchants State Bank. Miss A braham began h er ban k in g career w ith the F irs t N ational B ank in Springfield in 1918. In 1931 she joined th e F a rm e rs and M erchants S tate B ank. D irectors, officers and em ployees of th e b ank honored h e r w ith a re tire m e n t p a rty and dinner. V irg in ia George T. Galloway w as advanced from cashier to vice p resid en t and cashier and R ichard L. K lein from as s ista n t vice p resid en t to vice p resi d en t a t th e F irs t N ational B ank of V irginia. Mr. Galloway has been w ith th e b an k since 1960 and Mr. K lein since 1964. LeRoy E. Fiegel, president, also an nounced th e re tire m e n t from th e board of directors of B yron E. Staver. 57 Mr. Staver, w ho has been a director and inactive vice presid en t of th e b ank since 1940, w ill continue as an advis ory director. N ew ly elected to th e board w ere Dr. David J. R ichter and A lfred B. S trand. Dr. R ichter is a director and sh are holder of E a st R ange Clinics, Ltd. Mr. S trand is p resid en t of W. T. Bailey L um ber Com pany in V irgina. W h eaton Roger Schm itz has been elected as sistan t cashier at th e S tate B ank of W heaton. Mr. Schm itz has been w ith th e b ank since 1967. W illm ar Several prom otions w ere announced by P resid en t Oscar Sm ith of th e B ank of W illm ar follow ing th e recen t an nual m eeting. R ichard W. Schurtz w as prom oted from a ssistan t vice presid en t to vice president; A lvin O. Grove from assist a n t cashier to a ssistan t vice president; W ayne J. K uka from a ssistan t cashier to a ssistan t vice p resid en t and m ana ger of th e in stallm en t loan d e p a rt m ent, and Jam es B uism an, assistan t cashier, also nam ed a ssistan t m anager of th e in stallm en t loan departm ent. W in d o m T he W indom State B ank has been authorized by th e state ban k in g di vision to increase its capital stock from $100,000 to $200,000 by m eans of a stock dividend. W in n eb a g o Jo h n F. B utler, ru ra l W innebago farm er, w as elected to th e board of directors of th e F irs t N ational B ank at th e recen t an n u al m eeting. All o th er directors and officers of th e b ank w ere reelected. W in on a First National Bank Dr. R obert A. D uF resne, p resid en t of W inona S tate College, w as elected to th e board of directors of th e F irs t N ational B ank recently. Dr. D uF resne has headed th e college since 1967, p rio r to w hich he held positions at K earney, N ebraska, S t a t e College, M ankato State College and th e A ustin public school system . Winona National and Savings Bank S. J. K ryzsko, p resid en t of th e Wiona N ational and Savings B ank, has been nam ed ch airm an of th e board of tru stees for th e College of St. T eresa in W inona. Mr. K ryszko heads a list of five m en w ho are th e first laym en ever elected to th e board of th e 1,200stu d en t w om en’s liberal arts college. No rthw e ste rn Banker, March, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 58 Council for the Small B usiness Ad m in istration. Mrs. D rew has headed the O katon State B ank since 1950. South Dakota NEW S R. F, PETSCHOW NEIL MILNER President Secretary Huron The South D akota D ep artm en t of B anking and F inance has published com parative figures for th e 131 statech artered b anks in South Dakota. Total assets for D ecem ber 31, 1968 w ere $653,408,192, com pared w ith $594,932,956 D ecem ber 31, 1967. De posits at year-end 1968 totalled $594,466,081, a g row th of $53,818,267, or n early 10 p er cent, for the one-year period. Loans and discounts of th e 131 re po rtin g b anks w ere $289,978,756 for 1968, $22,563,916 m ore th a n in 1967. C apital accounts in the state banks grew by $3,871,535 to a record high of $55,337,332 d u rin g 1968. A berdeen Aberdeen National Bank Joseph H. B a rn e tt and H ow ard B. Jo h n so n have been elected to the board of A berdeen N ational B ank, ac cording to L. A. Johnson, president. Mr. B a rn e tt is a p a rtn e r in th e A ber deen law firm of Agor, Siegel, B ar n e tt & Schütz. Mr. Jo h n so n is ow ner and m anager of th e E. O. John so n M otor Com pany of A berdeen. The tw o m en replace R obert Artz, w ho recen tly m oved from A berdeen, and Olwin Ackley, w ho died last year. Mr. John so n rep o rted th a t all oth er directors and officers w ere reelected at the an n u al m eeting. c t*i> A it First National Bank Six prom otions w ere announced at th e F irs t N ational B ank of A berdeen follow ing the annual m eeting. Jerald Chase, m anager of the E ast A berdeen bran ch office, w as elected vice p resi dent. Mr. Chase joined th e bank in 1955 and w as m anager of the in stall m en t loan d ep artm en t before being nam ed to head the b ranch office. D ennis Larson, a ssistan t cashier and a ssistan t m anager of th e G roton b ran ch office, w as elected assistan t vice president. Joseph E n g elh art and M ichael Sw anton, both of the Mobridge b ran ch office, w ere elected as sista n t cashiers. Ronald R ivett, form erly assistan t cashier, w as designated a ssistan t tru s t officer. Mrs. Jean n e G rover of the tru s t d e p a rtm en t w as nam ed tru s t sec retary . No rthw e ste rn Banker, March, 1969 The F irs t N ational B ank of P hilip recently moved into its new building, according to Scott Lovald, president. B ank B uilding and E q u ip m en t Corpo ratio n w as th e general co n tractor for the stru ctu re. <« M iller Adolph J. W altner, vice p resid en t of th e F irs t N ational B ank of F re e m an, has retired afte r 48 y ears of ser vice w ith the bank. As announced earlier, H ow ard J. P eterk a, form erly executive vice pres ident and cashier of th e F irs t N a tional B ank of M iller, has been < \elected p resid en t of th e ban k to H i succeed Lloyd E. W eaver, w ho has retired. Mr. P e te rk a be gan his ban k in g career in 1949 w ith the H uron b ran ch of the N a H. J. P E T E R K A tional B a n k of South Dakota. A fter serving in th e U. S. A rm y from 1950 to 1957, he joined the F irs t P o tter C ounty B ank at G ettysburg. He came to the F irs t N ational as vice presid en t and cashier in 1964 and w as elected executive vice p resid en t in 1965. He is c u rre n tly p res ident of the M iller Civic and Com m erce Association. * Mr. W eaver joined th e b ank in 1932 as cashier. In 1949 he w as nam ed presid en t and chairm an of the board, posts he held u n til his recen t re tire m ent. Also prom oted w as Dean B artels, advanced from a ssistan t cashier and ag ricu ltu ral rep resen tativ e to assist a n t vice president. Mr. B artels has been w ith the bank since 1966. H a rtfo rd Rapid City W illiam J. B erdahl of Colton sub m itted his resignation as vice p resi d en t and d irector of the C om m unity B ank of H artfo rd at th e annual m eet ing. Mr. B erdahl com pleted 50 years of ban k in g last N ovem ber and had been w ith th e C om m unity B ank since the opening of its Colton b ran ch in 1941. D. S. W healy, vice p resid en t and m anager of th e Colton branch, and Jam es E. Moore, H artfo rd attorney, w ere elected as new m em bers of the board of directors. First National Bank of the Black H ills Neil G. Sim pson and Joyce A. Swan, both of R apid City, w ere elected to th e board of th e F irs t N ational B ank of th e Black H ills at the b a n k ’s re cent an n u al m eeting. Mr. Sim pson is p resid en t and a di recto r of Black H ills Pow er and L ight Company. Mr. Sw an is p resid en t and pu b lish er of th e R apid City Journal and p resid en t of th e Great Falls T ribune of G reat Falls, M ontana. Both m en are form er m em bers of th e board of th e F ed eral R eserve B ank of Min neapolis. In o th er action, K enneth G. T hom as of th e Villa R anchaero b ran ch office w as elected assistan t cashier and Pat- Fairview O. L. G reguson, presid en t of the F airv iew State Bank, retire d recently a fte r a b an king career of 59 years. A n ativ e of Iowa, Mr. G reguson attended A u gustana College in C anton and be gan his b anking career in F airview in 1910. F reem an ttv d C H A R L E S S H E E H A N (1 .), a sst, cash., F i r s t N a tl. Blc., W a te rto w n , re ce iv e s 1968 W a te rto w n Ja y c e e D istin g u is h e d S erv ice A w a rd fro m 1967 a w a rd w in n e r, J e r r y M ille r, a sst. v.p. of th e b a n k . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis P h ilip Elkton R ep o rt 1 968 B ank Figures < -yi O katon Mrs. H azel A. Drew, p resid en t of th e O katon State Bank, has been ap pointed to th e South D akota A dvisory 59 If you need to reach a banker in California before you break for lunch, callU C B. There’s ample time. We’re on the job 8 to 5 our time in California. It makes a long day, but being full-time bankers makes a big difference when our customers and correspondents need answers before lunch time in the East. Like the Chicago businessman who called us from his luncheon club. Needed to know how much cash our Remittance Division had collected the previous day for his Western Regional office. Or the Eastern banker who needed a fast financial rundown on a California electronic firm before noon. Convenient too, to get action after hours, like the comptroller who suddenly got approval-and called u s -a t 7 :30 E.S.T. to buy P o ltfr \r r H o M i m ir 'in a lc If you want a bank out West that breaks the time barrier-consider UCB. We can do a little more for you. (213) 624-0111 in Los Angeles; (415) 397-2022 in San Francisco. u (C wmm^ 1 1 UNITED CALIFORNIA BANK M E M B E R F . D . I . C. The bankers who do a little more for you Wo h o r l t n Northw estern Banker, M a rc h, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1969 60 South Dakota News rick H. F oley of th e M ountain View b ran ch office in R apid C ity w as elect ed a ssista n t cashier. Jam es A. J e n nings of th e Spearfish b ran ch w as pro m oted from a ssista n t cashier to assist a n t vice president. Rushmore State Bank The election of Mel B ach and Leo J. H erdin a to th e board of d irectors of R ushm ore S tate B ank w as recen tly announced by Jo h n T. C ucurevich, president. Mr. Bach is p resid en t of Mel Bach B uilding Supply C om pany in R apid City. Mr. H erd in a is m an ag er of the Black H ills M ilk P ro d u cers A ssocia tion. Sioux Falls F irst National Bank Orville L. B onacker, vice p resid en t and cashier of th e F irs t N ational B ank of Sioux Falls, w as elected to the board of d irecto rs a t th e recen t annual stockhold ers’ m eeting. W. S. B aker w as advanced from as sista n t vice p resid en t to vice p resi den t of th e b an k and N orm an C. Grosz and G lenn E. M iller w ere elect ed a ssista n t cashiers. Northwestern National Bank T hree new d irecto rs have been elected to th e board of N o rth w estern N ational B ank of Sioux Falls. They Special Get Acquainted Offer MONTHLY FARM NEWSLETTER for 1 year Keep current with the authoritative m onthly farm newsletter: DOANE’S Farming for Profit.® W ritten by leading agricultural experts espe cially for banks. Special Get Acquainted Offer! Just send your name and bank le tte r head. You will receive 1 year (12 issues) of DOANE’S Farming for Profit free! Address Mr. Duane Gorr, Manager, Bank Services, DOANE AG RICULTURAL SER V IC E, INC. 8 9 0 0 M a n c h e s te r Road S t. L o u is , M o . 6 3 1 4 4 N o rth w e ste rn Banker, March, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis i B O S T IC HASCHE FISCHER are L au ren Lewis, p resid en t of All A m erican T ran sp o rt, Inc., and ch air m an of M idw est Coast T ransport, Inc.; W. R ay Laird, vice presid en t of Sioux F alls R end ering Company, and K eifer L ehm an, p resid en t and m anager of th e Sioux Falls Stockyards Company. The re tire m e n t of four m en from th e board w as also announced. T hey are A lb ert F. Larson, J. V irgil Lowe, Carl E. Voigt and H en ry T. Quinn, all of Sioux Falls. Mr. L arson has served on th e board since 1929, Mr. Lowe since 1935, Mr. Voigt since 1951 and Mr. Q uinn since 1952. Several officers of the b ank have also been prom oted. H obart Cox has resigned as au d ito r at th e m ain office. E ldon D. Hasche, fo rm erly controller of th e bank, w as nam ed auditor. Suc ceeding him as controller is Clyde H. F ischer, fo rm erly a ssistan t vice p resi den t in th e credit departm ent. T ru m an D. P helon w as advanced from a ssistan t cashier to a ssistan t vice president. He is assigned to th e credit d e p a rtm e n t at th e m ain office. Carrol Odland, a ssistan t m anager of the Stockyards b ran ch office, w as also ad vanced from assistan t cashier to assist a n t vice president. In th e B rookings b ran ch office Sid A. Bostic, form erly a ssistan t cashier, w as nam ed assistan t vice p resid en t and given added responsibilities in the com m ercial loan and m a rk etin g areas. G lenn E. A nderegg w as elected p er sonal loan officer. N orbert J. Sebade of th e M adison b ranch office w as elect ed o perations officer. PHELON ÖDLAND W aterto w n Ju n io r C ham ber of Com m erce D istinguished Service A w ard. W ebster L. G. Grosz, p resid en t of th e Secu* rity B ank in W ebster, has reported th e election of th ree officers of the bank at th e an n u al m eeting. R odney W. F ouberg, a g ricu ltu ral rep resen tativ e, w as prom oted to as sistan t vice p resid en t and w ill con tin u e his duties as a g ricu ltu ral re p re sentative. Mr. F o uberg joined th e b an k in 1967 afte r serving as asso ciated county agent of R oberts County five years. FOUBERG ZUBKE KNEBEL Jerald A. Zubke and G ary J. K nebel w ere elected a ssistan t cashiers. Mr. Zubke, c u rre n tly head teller, joined th e b ank in 1965. Mr. K nebel is m an ager of the in stallm en t loan d e p a rt m ent. W essington The B ank of W essington recently observed its 60th an n iv ersary . An open house w as held for custom ers of th e bank. T he b ank w as originally established at V ayland in 1909, and m oved to W essington in 1934. ^ alley Springs Y ankton T hom as W. Long, vice p resid en t and m an ag er of th e V alley Springs branch of th e U nited N ational B ank of B ran don, has announced th e com pletion of constru ctio n on th e b ranch office’s new addition to its q u arters. T he addition contains office space and a conference room, and is carpeted and panelled. The outside has brick facing to m atch th e original building. Open house w as held in th e office M arch 1. Jam es Deam, presid en t of the A m er ican State B ank of Y ankton, has been appointed by South D akota G overnor F ra n k F a rra r to th e state B oard of R egents of Education. Mr. Deam, w ho joined the Y ankton b an k as execu tive vice presid en t in 1964, is also ch airm an of th e B an k ers’ A dvisory Com m ittee to th e governor. As announced earlier, H arold E. E dm unds has retired as chairm an of th e board of the A m erican State Bank. Mr. E dm unds began his banking ca re e r in 1906 w ith th e form er Y ankton N ational B ank and becam e associated w ith th e A m erican State B ank in 1911. W atertow n C harles Sheehan, a ssistan t cashier at th e F irs t N ational B ank of W atertow n, w as recen tly aw arded th e 1968 61 rectors by G randin. North Dakota N E »V S E. L. OLSON W . J. DANER President Secretary Bismarck r -> > A. J. R oth, p resid en t of th e F irs t N ational B an k of Belfield, w as nam ed ch airm an of th e board at th e recen t an n u al m eeting. Succeeding him as p resid en t of th e b an k is E. A. N acht w ey, fo rm erly vice president. F ra n k R eardon w as elected vice president, and Jo h n K nopik w as elect ed to th e b a n k ’s board of directors. > B ism a rck ■y r ■+ ó Je L o rin E. D uem eland, p resid en t of P a tte rso n H erefords, w as elected a di recto r of th e F irs t N ational B an k and T ru s t C om pany of B ism arck at th e re cen t an n u al m eeting. Mr. D uem eland heads one of N o rth D akota’s oldest and larg est fam ily ran ch in g com pan ies. B ow m an >» ► Cy F u lto n p resid e n t to of th e F irs t m an at th e Jo h n Rouzie w as advanced from vice executive vice p resid en t N ational B ank of Bow recen t an n u al m eeting. is p resid en t of th e bank. C arrington F irst National Bank Jam es D. S tew art w as elected assist a n t cashier a t th e F irs t N ational B an k of C arrin g to n at th e re c e n t an n u al m eeting. All o th er officers and direc to rs w ere reelected, according to Jo h n H. Spink, president. ► ► V Foster County State Bank F ra n k Jo h n so n w as recen tly elected to th e board of d irecto rs of th e F o ste r C ounty S tate B ank to replace W. G. M orris, w ho died last D ecem ber after serv in g 34 y ears on th e board. H ow ard Roe w as prom oted from as sista n t vice p resid en t to vice p resi dent. D ic k in so n --»■ 'V A llan R u stan h as been elected as ch airm an of th e board of th e A m eri can State B an k in D ickinson. Mr. R u s ta n has been a m em ber of th e b a n k ’s board since 1964. All o th er officers and d irecto rs of th e b an k have been re elected. Dakota Natl. Bank & Trust L. M. B olstad has been elected vice P au l G unkelm an of G rand F o rk s Grand Forks B e lfie ld J. p resid en t of the D akota N ational B ank and T ru st Com pany in Fargo. Mr. Bolstad, w ho is in charge of th e timepay d ep artm ent, joined th e b an k in 1965 and w as nam ed assistan t vice p resid en t one year ago. E. G. P reston, w ho recen tly joined th e b an k as a loan officer, w as elected a ssista n t cashier. Fargo Fargo Natl. Bank & Trust R o b ert G. Olson and Donald F. Magloughlin w ere elected vice p residents of F argo N ational B ank and T ru st C om pany at th e recen t an n u al m eet ing. B oth Mr. Olson and Mr. Magloughlin joined th e b ank in 1948. Mr. Olson w as nam ed a ssistan t cashier in 1950 and a ssistan t vice p resid en t in 1961. Mr. M agloughlin served as m an ager of the in stallm en t loan d e p a rt m e n t and w as nam ed a ssistan t vice p resid en t in 1964. The F irs t N ational B ank in G rand F o rk s recen tly com pleted th e rem od eling of th e en tire b an k building. The $300,000 rem odeling, covering 11,000 square feet on five floors, includes low ered ceilings, new lighting, new w indow s and a year-round climatecontrol system w ith individual office control. New draperies and 1,300 square yard s of carp et w ere also in stalled. N inety per cent of th e in terio r is vinyl or panelling of Old E n g lish oak. A rchitects for th e p roject w ere W blls and D enbrook Associates. G eneral co n tractor w as B aukol Con stru ctio n of G rand F orks. P ersh in g Boe is p resid en t of th e bank. Jam estow n D aniel Schorsch, vice p resid en t of th e F irs t Jam es R iver N ational B ank, w as elected executive vice presid en t at th e b a n k ’s ann u al m eeting. He joined th e b an k in 1957, w as elected a ssistan t cashier in 1961, cashier in 1962 and vice p resid en t in 1965. He w as elected a director of th e b an k in 1967. E. W. H au ser rem ains as p resi den t of th e bank. L in ton Jam es L. T ib ert w as elected assist a n t vice presid en t and Joseph Lindell w as elected a ssistan t cashier at th e re cen t ann u al m eeting of The W alsh C ounty Bank. Mr. L indell joined th e b an k in 1965. Mr. T ibert, w ho joined th e b an k in 1961, h as been a g ricu ltu ral re p re se n ta tive and m anager of th e in surance de p artm e n t. He is succeeded in th e la t te r position by Noe Moe, assistan t cashier. George A. H o rn er w as elected p resi den t of th e F irs t N ational B ank of L inton a t th e recen t an nual m eeting. Mr. H orner, a form er m ayor of L in ton and cu rren tly a d m in istrato r of L inton H ospital, said he w ill n o t as sum e an active role in th e b a n k ’s op erations. He succeeds th e late J. D. M eier as F irs t N ational president. V ern McCulley w as elected to th e b a n k ’s board of directo rs to succeed his fath er, Alex McCulley, w ho re tired. K. A. M eier is executive vice presi dent of th e bank. H illsb o r o M cV ille G rafton L eonard Beal has retire d from the board of directors of th e N o rth w est e rn S tate B ank of H illsboro a fte r a 35-year association w ith th e bank. He w as p resid en t of th e b an k from 1951 u n til 1965, a fter w hich he rem ained on th e board and as ch airm an of the loan com m ittee. Mr. Beal began his b anking career in 1919 w ith th e M iddlew est T ru st C om pany of V alley City. W hen th a t b an k and th e A m erican E xchange B ank m erged in 1929 as th e A m erican N ational Bank, he served as vice p res id en t of th e resu ltin g in stitu tio n u n til joining th e N o rth w estern State B ank in 1933. He is succeeded on th e board of d i The application of th e McVille State B ank to increase its capital stock from $50,000 to $75,000 by m eans of a stock dividend has been approved by the office of th e state ban k in g exam iner. W illiam Schatz is p resid en t of the bank. M inot American State Bank C harles W eiser and Noel H ansen have been elected a ssistan t cashiers at th e A m erican State B ank in Minot. Mr. W eiser retain s his position as ag ric u ltu ra l rep resen tativ e of th e ban k and Mr. H anson rem ains as auditor. Mr. W eiser joined the b an k in 1966 and Mr. H anson in 1967. N o rthw e ste rn Banker, March, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 62 North Dakota News First National Bank Mrs. E v e re tt S hirley w as recen tly elected a ssista n t cashier of the F irs t N ational B ank of M inot. Mrs. Shirley, w ho joined th e b an k in 1964, is p resi d en t of th e M inot ch ap ter of the A m er ican In stitu te of B anking. K enneth K iem ele w as nam ed audi tor. He joined th e b an k last year. M unich assista n t vice p resid en t to executive vice p resid en t of th e F irs t W estern State B ank in M inot recently. Mr. Leslie has been w ith the b ank since 1964. P alm er R ustan, Jam es N orton and R olland R edlin w ere elected vice p res idents of the bank. Mr. R u stan w as also elected to the board of directors. L a rry F iedler w as advanced from a ssista n t cashier to assistan t vice president, and Mrs. A lan Seitzer w as elected cashier. New a ssistan t cash iers nam ed include Miss S heryl B erg strom , Miss Glory A nn D ickinson and R obert E. Larson. Jo h n J. H illm an, p resid en t of the F irs t B ank of M unich for 15 years, has been nam ed ch airm an of the board. He is succeeded as p resid en t by Donald P. Wold, m anager of the b a n k ’s S ta rk w e a th e r branch. First State Bank M. I. H offm an w as prom oted from M aurice DesRoches and Dr. Duane cashier to executive vice president, and Thom as Dawley, fo rm erly assist D. G lasner have been nam ed to the board of The F irs t State B ank of a n t cashier, w as elected cashier. Rolla. Mr. DesRoches is a farm er in Kolia th e Rolla vicinity and Dr. G lasner is First W estern State Bank a Rolla physician. Alex D. Leslie w as prom oted from D ennis L. F a st has been advanced from a ssistan t cashier to cashier of the bank. Roger C. P eterse n has been elected a ssistan t cashier and tim epay m anager. NEW S J. D. STREET R. C . WALLACE President Bozeman Secretary Helena Schedule Installm ent C redit C onference and floor plan leasing. D etails and reg istratio n inform ation w ill be m ailed to ban k ers soon. The 1969 M ontana B an k ers Asso ciation In sta llm e n t C redit Conference has been scheduled for A pril 10-12 at the N o rth e rn H otel in Billings. R. C. W allace, secretary -treasu rer of the association, said th e p rim a ry purpose of th e conference w ill be to cover all legal m a tte rs before th e as sociation, especially R egulation Z and th e U niform C onsum er C redit Code. D iscussion sessions are p lanned to cover the fu n d am en tals of mobile hom e financing, leasing, farm equip m ent and heav y equipm ent financing # 9 6 9 MBA W ashington T rip The MBA E xecutive Council has ap proved plans for an o th er trip to W ashington to v isit m em bers of Con gress and various federal banking agencies. The dates are A pril 20-23, and th e trip will again be m ade in conjunction w ith the N orth D akota and South D akota B ankers Associa tions. A lthough the final program is not com plete, all w ho plan to m ake th e trip are urged to inform the as sociation im m ediately. M o n ta n ti iìv tu tp Group 5 6 7 2 4 1 3 Date May 8 May 9 May 10 May 12 May 13 May 15 May 17 N o rth w e ste rn Banker, March, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3 ie e tir if/s Place Tow nsend Tw in Bridges Bozem an Miles City C ulbertson H avre W hitefish < W ahpeton W illard Strege, a farm er and form er state legislator, has joined th e staff of The W ahpeton N ational B ank as ag ricu ltu ral rep resen tativ e. All o ther officers and directors w ere reelected at th e b a n k ’s ann u al m eeting. W est Fargo Mrs. Jean L. B u rn er has been elect ed assistan t cashier and D aniel F. W alen has been appointed loan officer at the F irs t N ational B ank of South w est Fargo, according to G. H. P ier )< son, executive vice president. Mrs. B u rn er joined th e b an k in 1965 and has been head teller. Mr. W alen joined th e bank in 1967. G reat Falls Montana A B ancorporation of M ontana has re ported a new high in to tal assets of $63,048,559 as of D ecem ber 31, 1968. C onsolidated n et op eratin g earnings of m em ber banks am ounted to $353,827 for th e year, up from $296,605. E arn in g s w ere equal to $1.75 p er share of com m on stock for 1968, com pared w ith $1.53 p er share in 1967. Total consolidated deposits w ere $55,768,342, up 15.1 per cent from De cem ber 31, 1967. Loans also rose to a record high of $29,944,527, a 20.8 per cent increase over th e previous year. A portion of these increases is a t trib u ted to th e acquisition of tw o banks du rin g th e fo u rth q u a rte r of 1968. Book value p er sh are of com m on stock on D ecem ber 31, 1968 w as $17.53, com pared to $16.88 per sh are on De cem ber 31, 1967. D irectors declared a reg u lar q u a rte rly dividend of I 6 V2 cents per share on Ja n u a ry 15. H am ilton E. T errill Nobles and R obert T al bot recen tly joined the staff of the Citizens S tate B ank of H am ilton. Mr. Nobles has been elected a ssista n t cashier in th e in stallm en t loan de partm en t. He has been an exam iner in Corvallis for th e M ontana S tate B anking D ep artm en t th e last five years. Mr. Talbot w as nam ed assistan t cashier and ag ricu ltu ral re p re se n ta tive. He replaces R obert J. H anson, w ho resigned to accept a position w ith the N ational B ank of Com m erce in Seattle. Mr. Talbot has been w ith the state banking d ep artm en t for eight years, m ost recently as senior bank exam iner. 63 > First National Bank D. T hom as Carney, Jr., assistan t vice presid en t at The F irs t N ational B ank of Denver, has been nam ed head of th e b a n k ’s in tern atio n al division. Mr. C arney holds a M aster’s degree from th e U n iversity of Colorado and has been w ith th e bank since 1959. Colorado N ew s D. E SCOTT President Colorado Bankers Association Steam boat Springs B o u lder >~V-4 Six officer prom otions w ere re c e n t ly announced a t th e F irs t N ational B ank in Boulder. R ichard I. M ore land, w ho has been w ith th e b ank since 1953, w as advanced from vice presid en t to senior vice president. B rian R. Phillips, a data processing officer, w as elected a ssista n t vice p res ident. Jam es R. A ndes w as elected a ssista n t tr u s t officer. N am ed assist a n t cashiers w ere Donald J. Cerney, K enneth W. C harlton and Jo h n Wolny. D enver Colorado National The prom otion of tw o long-time corresp o n d en t b an kin g officers has re sulted in a reo rg an izatio n of th a t service departm en t. E ugene H ultm an, a career b an k er of 42 years, left th e co rrespondent de p artm e n t to becom e p resid en t of th e Lakew ood Colorado N ational B ank, a su b u rb an D enver b an k recen tly p u r chased by a group of directo rs of Colorado N ational. Jo h n L. G uyer w as recen tly tra n sfe rre d to an o th e r sub sidiary, South Colorado N ational, w here he assum ed th e position of vice p resid en t and cashier. The new organization of th e b a n k ’s corresp o n d en t b an kin g d e p a rtm e n t in cludes W illiam W. (P eter) G rant, vice president; M elvin E m eigh, assistan t vice president; Leon W in ters, assistan t vice president; W illiam F lem ing, as sistan t vice president; and L olita H an sen, corresp o n d en t b an k officer. Mr. G rant h as been w ith Colorado N ational since 1958. He is a grad u ate of Yale. He has been head of th e b a n k ’s natio n al accounts division. Mr. W in ters has p reviously been liaison officer b etw een th e b a n k ’s Bank-A m ericard C enter and its 134 cooperating b anks in Colorado, Mon tana, New Mexico, W yom ing and w este rn N ebraska. He has been w ith Colorado N ational since 1961. Mr. F lem ing joined Colorado N ation a l’s co rresp o n d en t b an k in g d e p a rt m ent a fte r gaining experience w ith S heridan and L aram ie, W yom ing, banks. Lolita H ansen, w ith Colorado N a tional since 1943, has tra n sfe rre d to the Loveland corresp ondent b anking d ep artm en t from tr u s t investm ent. M elvin J. R oberts, presid en t of th e Colorado N ational B ank, has reported th a t th e re are now a total of 134 banks in Colorado, W yom ing, M ontana, Ne b rask a and New Mexico p articip atin g in th e b a n k ’s B ankA m ericard pro gram . Colorado N ational obtained a five-state franchise for B ankA m eri card in April, 1967. Denver U. S. Bancorporation D enver U. S. B ancorporation P resi den t Roger D. K night, Jr., recently re p orted th a t year-end to tal consolidat ed assets of m em ber banks w ere $631 m illion, a 55 per cent increase since th e holding com pany began opera tions in F eb ru ary , 1964. N et operating earnings for 1968 reached $4.75 m illion, a 16 per cent increase over 1967. P er share e a rn ings for th e year w ere $2.00, com pared w ith $1.72 for 1967. Consolidated deposits for th e five m em ber banks reached a record $552 m illion, a $63 m illion increase over D ecem ber 31, 1967. A 15 per cent in crease in loans w as also reported, to a record $350 m illion for th e year. D uring 1968 the holding com pany form ed th ree new subsidiaries, in cluding Lincoln Agency, Inc., w hich operates a general insurance agency business in casualty and h azard in surance, chiefly on p ro p erty pledged or m ortgaged to subsidiary banks; F id elity N a t i o n a l Life Insurance, w hich rein su res credit life insurance policies issued to subsidiary b an k cus tom ers; Service In v estm en t Company, w hich acts as agent for th e m em ber b an k s in developing sources of m o rt gage paper, m aking credit investiga tions, closing loans and arran g in g sales of loans to investors. D enver U. S. B ancorporation subsid ia ry b anks p resen tly include A rapa hoe V alley B ank of L ittleton, D enver U. S. N ational Bank, F irs t B ank of A urora, M ercantile B ank and T ru st C om pany of B oulder and W eld Coun ty B ank in Greeley. The F ederal R eserve B oard is cu r re n tly review ing th e com pany’s appli cations to acquire controlling in te re st in th e Poudre Valley N ational B ank in F o rt Collins and th e A rkansas Valley B ank of Pueblo, H arold M. Pickier, p resid en t of the Home State B ank in Loveland, an nounced recen tly th a t controlling in te re st in th e b ank has been purchased by a group of investors headed by C. K. B ixler of F o rt Collins and Bennie D. Coon, executive vice presid en t of th e South P latte N ational Bank, L a Salle. O thers in th e purchasing group in clude Mr. and Mrs. R ichard B. Stev ens of V erm illion, South Dakota, and L ym an G. Linger, Loveland rancher. R ocky F ord H. Lee Sturgeon, presid en t of the F irs t N ational B ank of Rocky Ford, has disclosed th a t the b ank is joining tw o Colorado Springs B anks in ap plying for perm ission to form C entral Colorado B ancorporation. The C entral Colorado B ank and A cadem y B oule vard Bank, both of Colorado Springs, announced in Ja n u a ry th ey w ere ap plying to th e F ed eral R eserve Board to form the holding com pany. Mr. S turgeon said he w ould con tinue as presid en t of th e F irs t N ation al B ank and w ould become a director of th e proposed holding com pany. F o u n d atio n Bills T op TV Stars on N etw ork Special The fo u rth television special of the c u rre n t season to be sponsored by the F o undation for F u ll Service B anks w ill be a one hour m usic and comedy program featu rin g top en tertain ers, George Briggs, F o undation ad v ertis ing chairm an, has announced. D inah, Shore, Lucille Ball and the com edy team of R ow an and M artin w ill head th e list of sta rs on th e show, according to Mr. Briggs, w ho is also vice p resident of Seattle-F irst N ational Bank. The program w ill be p resented over NBC-TV n etw o rk Sunday, A pril 13, from 9 to 10 p.m. (E ST ). Co-sponsored w ith Timex, it w ill replace th e Julie A ndrew s Show w hich has been post poned u n til nex t fall due to Miss A n d rew s’ m ovie com m itm ents. “B anks th a t have ordered ad v er tisin g tie-in m aterial th ro u g h F irst F inancial M arketing Group for the Ju lie A ndrew s program w ill au to m ati cally receive sim ilar m aterial for the D inah Shore Show,” Mr. Briggs said, “and th ere w ill be no additional cost to the banks for th e new m aterial.” N o rthw e ste rn Banker, March, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 64 B ank of R iverton. Mr. B enesch is vice p resid en t of the bank. Wyoming News MAX E. FISHER Laramie President Wyoming Bankers Assn. W y o m in g B an ks H ave R eco rd Y ear S tate B anking E x am in er D w ight D. B onham has rep o rted th a t th e assets of W yom ing’s 30 state b an k s and 40 natio n al b anks clim bed to a new high of m ore th a n $784 m illion on Decem b er 31, 1968. T otal capital funds of th e 70 W y om ing b an k s topped $63 m illion by th e end of 1968. L oans rose to a rec ord high of $378 million. T im e deposits as of D ecem ber 31, 1968 reg istered $324.5 m illion. De m and deposits, excluding those of the U. S. governm ent, state and political subdivisions, and of o th er banks, stood at $267.6 m illion. W B A O pp o se s C redit Code T he W yom ing B ankers A ssociation voted un an im o u sly to oppose th e pas sage of th e U niform C onsum er C redit Code a t th e fifteenth an n u al W BA C redit C onference, held F e b ru a ry 1314 in Casper. “W e as an association and as in d i vidual b a n k ers are firm ly against the passage of th is act,” Max E. F ish er, W BA president, said. H e added th at, “The federal tru th in-lending law is new, u n tried , and m any details of its operation rem ain to be w orked out. W yom ing should adopt a ‘w ait-and-see’ a ttitu d e tow ard th is type of law. In th e m eantim e, w hile th e operation of th is type of law is being tested in practice, th e consum er b o rro w ers’ in te re st in th e disclosure field is already being fu l ly protected by federal law and any action on th e p a rt of th e state is p re m atu re and u n n ecessary .” on B anking Policies and Practices for th e T w elfth N ational B ank Region. C h eyen n e The F irs t N ational B ank and T ru st C om pany of C heyenne has purchased a half-block dow ntow n area n o rth of th e b a n k ’s p resen t location for the constru ction of drive-in b an king and p a rk in g facilities. B. R. W eber, vice p resid en t of th e bank, said architects are now w o rk in g on plans for th e fa cilities and surfacing of th e area is expected to be com pleted by spring. G reyb u ll L a rry P robst, ow ner of P ro b st W est e rn Store in G reybull, has been elect ed to th e board of the F irs t N ational B ank of G reybull. Mr. P ro b st has been in business in G reybull since 1945. Ja ck so n The Jackson State B ank presented a decorative m etal seal to T eton Coun ty recently. T he seal w as presented by b an k P resid en t F elix B uchenroth, Jr., Mrs. B u chenroth and Mrs. F elix B uchenroth, Sr. and w as h u n g behind th e ju d g e’s bench in th e courtroom of th e new T eton C ounty C ourthouse. T he seal, com m issioned by Mr. B uchenroth, depicts Ju stice w ith h e r scales in th e center, surro u n d ed by a fort, a conestoga wagon, gold m iners and a stagecoach, chosen by th e a rt ist as sym bols of W yom ing. T his is th e second gift to th e co u rt house from the bank. A t th e tim e of th e dedication of the courthouse last year, specially-designed clocks w ere given by th e b ank for each room in th e courthouse. C asper T he election of Jam es A. H icks as a m ortgage loan officer w as announced recently by th e W yom ing N ational B ank in Casper. Mr. H icks joined th e b ank in 1966 and has been in the real estate d ep artm en t since 1967. All o th er officers and d irecto rs of th e b ank w ere reelected at th e recen t an n u al m eeting. I t w as also announced recen tly th a t R. W. Miracle, p resid en t of th e bank, has been appointed to a tw o-year term on th e R egional A dvisory Com m ittee N o rthw e ste rn Banker, March, 1969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N ew castle Mrs. F aye H auber has been elected a ssista n t cashier of the F irs t State B ank in New castle. Mrs. H auber has been w ith th e b ank since 1955 and is c u rre n tly head of the bookkeeping de p artm en t. R iv erto n J o h n B enesch has p resented several sets of reference books to the lib rary a t C entral W yom ing College recently on behalf of th e A m erican N ational ^ < R o ck S p rin gs First Security Bank Jam es H. M agagna of Rock Springs has been elected a d irector of th e F irs t Security B ank of Rock Springs. Mr. M agagna is m anager of M agagna B rothers, Inc., a sheep-ranching oper- * ation in Sw eetw ater, S ublette and F rem o n t Counties based in Rock ' ^ Springs. He succeeds th e late L. M. R ushm ore on th e board. Rock Springs National Bank ^ Jo h n W. Hay, Jr., ch airm an of th e board of Rock Springs N ational B ank, ^ has been nam ed to a tw o-year term on the Regional A dvisory Com m ittee 4 J on B anking Policies and P ractices, ac cording to J. R. Thom as, adm inistra to r for th e T w elfth N ational B ank Region. T o rrin g to n The Citizens N ational B ank and T he F irs t N ational B ank of T o rrin g to n recently cosponsored a m eeting for farm ers and ran ch ers in terested in im proving ag ricu ltu ral record-keeping system s in cooperation w ith the Goshen C ounty E x ten sio n Service. F o u r m ajor areas w ere covered, including th e use of credit in farm and ranch operations; p rep aratio n of operating budget show ing expected incom e, ex penses, cred it needs and rep ay m en t schedule; p rep aratio n of a profit and loss statem en t for the ag ricu ltu ral op eration and long-range financial planning. <^ ^ ^ |Y * >4- B U SIN E SS M UST H E L P . . . (C ontinued from page 27) local Councils F o r Econom ic Educap tion. These groups, com prised of businessm en and educators, h a v e ^ g reatly enlarged th e scope of th e ir activities in recen t years. F o r ex am ple, in several cities th ey have produced a series of personal finance program s for educational television. 4 These have been quite successful in attack in g personal financial illiteracy. 4 M oreover, th e councils have sought th e aid of C ham bers of Com m erce, - ^ civic clubs and labor unions in identifying th e problem and w o rk in g to w ard its solution. T he Y oung Presi- y dents O rganization in m any cities has been influential in fu rth e rin g th e ^ activities of such councils. Individual com panies also are rec- * ognizing th e possibilities of m aking notew orthy co n tributions on th e ir own. A m id-w estern i n v e s t m e n t A house actually organized hypothetical in v estm en t clubs for high school stuA dents. T heir in v estm en t education program and counseling service w as 65 identical to th a t afforded ad u lt in v estm en t clubs. The only difference w as th a t no in v estm en ts w ere actu ally m ade. The in te n t w as to cultiv ate fu tu re bu sin ess and to provide a w o rth w h ile public service. T h e s e goals w ere u n d o u b ted ly achieved. As an added bonus, a n u m b er of p a re n ts becam e im m ediate cu stom ers of th e firm. T hese adults w ere deeply im pressed w ith th e efforts of th e b ro k e r age firm. A large b an k inv ited every g rad u ating high school senior in tow n into th e b an k for a fu ll d ay ’s program . T his pro g ram included a to u r of th e b ank and com prehensive sem in ars on how to handle m oney a t college, in th e service or on th e first job. C om petent b an k officers explained th e w orkings and services of each d ep artm en t. C arefully tra in e d college stu d en ts, w ho w orked for th e b an k all sum m er, conducted th e sem inars. W ith o u t selling p ressu re, a large po rtio n of th e guests opened accounts im m ediately, and those accounts w ill grow along w ith th e bank. Some of th e ir p aren ts also sw itched b an k in g allegiance. F inally, b usinessm en are joining th e faculties of schools on a part-tim e basis d u rin g th e ir w o rk in g y ears and on a full-tim e basis a fte r re tire m e n t. T his tre n d produces ad v antages not ju s t for th e stu d en ts, b u t also for th e businessm en involved. T he stim u la tion and challenge of th e stu d e n ts’ in te re s t cannot help b u t charge th e b a t te ry of a w o rk in g executive. Sim ilar ly for a retiree, he continues to m ake a m eaningful contrib u tio n , w hile th e stu d e n ts gain th e benefits of his p rac t i c a l e x p e r i e n c e s and insights. Schools, com panies and executives are rap id ly becom ing cognizant of the m u tu al benefits of such arran g em en ts. A lternatives In sum m ary, th e a lte rn a tiv e s seem clear. In h e re n t in th em w e should find a clear call for bu sin ess action. On th e one hand, w e can accept th e em ergence of a gen eratio n of econom ically u n so p h isticated g rad u ates w ho blun d er th ro u g h th e ir perso n al finan cial lives an d w ho grow to d istru st our free e n te rp rise system . T hey tu rn to g o v ern m en t for th e an sw ers business should give them . T hey dis tru s t us. B ut, isn ’t it fa r b e tte r to stan d up to our role in h elp in g to tu rn out econom ically a le rt y oung people? S houldn’t w e help tra in y o u th s w ho not only w ill p articip ate in our w ay of doing business, b u t w ho w ill be lieve in it and defend it? A m erican b u siness has alread y tru ly becom e socially conscious. T he tim e is a t h an d to becom e m ore “education ally” conscious.—End - -*r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis =' If your customers want to start something in Canada there’s one bank to see: Bank of Montreal. Get the Canadian business information your cu sto m ers need from Bank of M o n tre a l, C anada’s first bank. Ever since 1817, w e ’ve been in the very center of Canadian industry. Today, with more than 1000 offices across the nation, the bank is a superb source of informa tion on marketing, plant sites, im port/export rules and other business questions. Contact any of our six U. S. offices. ; .. : M i « m m m m i ■ - jfïiïÉ . m Bank of Montreal C o v e r s C a n a d a . . . S p a n s t h e World N ew Y o rk: Tw o W a ll S tre e t C h ic a g o • H o u s to n • San F ra n c is c o • Los A n g e le s • S a c ra m e n to A sse ts Exceed $6.5 B illio n mm i:-vï V N o rth w e s tern Banker, M arch , 1969 \ |H A i\ y ÆWÊmLj /V/W \ m j ^ P a pi 1 ( . . . and nobody knows it better than the cattle rancher who has watched his wintering costs pile up with the drifts. Funds sometimes melt away before the snow does . . . and that’s when a rancher’s best friend is his banker. Our ex perienced correspondent men can help you All help him because they understand both cattle feeding and financing. Call on U. S. National to work with you in developing sound financing programs tailored to the needs of your cattle rancher customers. the services of U.S. National are yours for a phone call . . . 341-8765, Omaha JAY BORDEWICK Vice President HOWARD NIELSEN EVERETT BROWN Vice President Assistant Vice President DALE F. FAGOT JESS ZIMMERMAN Assistant Vice President Assistant Vice President Member F.D.I.C N o rth w e s tern Banker, M arch , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 969 67 the bank. T he new an d rem odeled q u a rte rs now include four te lle r w in dows, tw o priv ate offices, custom er w aitin g area, conference room, glassenclosed bookkeeping area and new safety-deposit vault. A bout 2,000 people to u red th e new facilities, according to T. L. Trueblood, executive vice president. Nebraska : NEW S > H . GRAM AN N, JR. President Adams W . H. OSTERBERG Exec. Mgr. Omaha ► Chadron liliifl lia ni.' ' Seminar Schedule Told ATES and speak ers for th e 1969 N ebraska B a n k e r s A ssociation B ank M anagem ent Sem inar have been > announced by F. W. Jackm an, ch air m an of th e NBA C om m ittee on B ank * M anagem ent and p resid en t of th e v F a rm e rs N ational Bank, G rant. D president, said th a t arch itects are now designing th e new building and con stru ctio n w ill begin about Ju ly 1. A drive-in w indow w ill be included. Avoca E lm er H allstrom , p resid en t of the F a rm e rs S tate B ank a t Avoca, recently noted his 50th a n n iv e rsa ry w ith the bank. Mr. H allstrom began his b an k ing career in 1912 w ith th e M urray S tate B ank and served w ith th e for m er U nion State B ank in Om aha from 1917 to 1919. B lue Springs A rlington * T he A rlington S tate B ank has a n nounced plan s to co n stru ct new b a n k ing q u arters. C l a r e n c e Rockwell, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F re d F. M undil died recently. Mr. M undil, 81, w as associated w ith th e F a rm e rs & M erchants B ank a t Linwood, w hich la te r m oved to S chuyler as th e F irs t N ational Bank. H e w as in th e b an king business over 60 years. Cozad J u h l Sm ith w as nam ed ch airm an of th e board a t th e an n u al m eeting of th e F irs t N ational B ank in Cozad. T hom as C um m ings rem ains as p resi d en t of th e bank. B ruiting Franklin T he F ra n k lin S tate B ank has re ceived approval from th e state b an k ing d ep artm en t to change its location. C onstruction of a new b an k building is slated to begin soon, according to P. L. Slocum, president. F rem ont W. A. S A W T E L L The sem in ar has been scheduled for >Jh W ednesday and T hursday, M arch 19 an d 20, a t th e C o rn h u sk er H otel in > Lincoln. The sem in ar w ill open W ed nesday evening w ith a social h o u r and * dinner, followed by a discussion of state and federal legislation. * Speakers for th e T h u rsd ay session include: H e rb e rt V. Proehnow , re tire d p resid e n t of T h e F irs t N ational B ank y of Chicago; George H. Clay, p resid en t of th e F ed eral R eserve B ank of Kan^ sas City, Mo.; C harles T. U ndlin, p re si d en t of th e F irs t N ational B ank of th e * Black H ills, R apid City, So. Dak., and W. A. Saw tell, Jr., NBA legal counsel. R eg istratio n fee is $25 p er person. / Clarkson D uane F. Stokebrand has joined the Blue S prings S tate B ank as vice p re s ident. Mr. Stokebrand h as been an ex am in er w ith th e N ebraska D epart m en t of B anking for six years. T h e B ru n in g State B ank has an nounced th e prom otion of H arlan W. Sm ith to a ssista n t vice p resid en t and loan officer. Mr. Sm ith joined the b an k la st fall afte r being w ith the P ioneer V alley Savings B ank in Ser g ean t Bluff, Iowa. C. T. U N D L I N C. F. Coffee, ch airm an of th F ir s t N ational B ank of C hadron, has re tire d after m ore th a n 60 y ears w ith th e bank. The board of directors last m onth elected C. F. Coffee, I I I , of Corona del Mar, C alifornia, to succeed his fath er as chairm an of th e bank. Mr. Coffee w as first elected an offi cer of the b an k in 1913, w as nam ed presid en t in 1936 and ch airm an of th e board in 1966. Burr V ictor Goerke, 78, died recen tly in B urr. Mr. G oerke re tire d from the A m erican B ank in B u rr in 1963 afte r a 50-year ban k in g career. Carroll D avid R. L u h r has been elected as sista n t cashier a t th e F a rm e rs State B ank in Carroll. Mr. L u h r has been a g ric u ltu ral re p resen tativ e since jo in ing th e b ank one year ago. Central City The F a rm e rs N ational B ank in Cen tra l City held a public open house last m o n th to display its rem odeled and enlarged ban k in g qu arters. The b uilding pro g ram included the co n stru ction of a drive-in facility, w h ich w as com pleted last Septem ber, and an addition on th e south side of A 100 p er cent stock dividend w as declared by stockholders of th e F irs t S tate B ank of F rem o n t a t th e an n u al m eeting. The action increases th e cap ital stock from $75,000 to $150,000, w hile su rp lu s rem ains a t $150,000. All officers and directors of th e bank w ere reelected, according to Jam es H. Moore, Jr., president. F u llerton E rn e st Y etter has been elected a di recto r of the F irs t N ational B ank in F u llerto n . He succeeds th e late W. H. Russell, w ho served on th e board m ore th a n 40 years. Leigh Joseph A. Sindelar, a ssistan t cashier, w as prom oted to cash ier of th e B ank of L eigh a t th e ann u al m eeting last m onth. N o rth w e s te rn B anker, M arch, Ì9 6 9 O m aha N ew s R E SID E N T Edward W. Lyman of since Ju n e, 1966, and is m anager of th e U nited States N ational B ank U. S. N atio nal’s B ankloan departm ent. has announced th a t fo rm er O m ahan Duane A. Ferguson w as advanced to Edgar M. Morsman, Jr., 30, has joined a ssista n t vice presid en t and continues th e ban k as an a ssista n t vice p resi as a com m ercial loan officer. dent. Mr. M orsm an, w ho for th e past Noble E. Vosburg and Donald L. Jor six y ears has been w ith th e M organ gensen w ere prom oted to a ssistan t G u aranty T ru st Co. in New York, is cashier. Mr. V osburg received his assigned to th e com m ercial loan de M aster of A rts degree in B usiness Or p artm en t. ganization and M anagem ent from the U n iv ersity of N ebraska in July, 1968, and joined the b an k at th a t tim e. He is p ro ject coordinator for th e b a n k ’s M aster Charge credit card operation. Mr. Jo rg en sen joined the b an k in 1952 a fte r g ra d u atin g from South High. In 1966 he becam e m anager of clerical o perations in the tru s t division and w ill con tin ue in th a t position. Dillon R. Ross, III, joined U. S. N a BURNHAM MORSMAN FERGUSON tional on F e b ru a ry 3 after serv in g an o th er O m aha h an k for tw o years. He is p re se n tly serving as m ark etin g m an ag er of the b a n k ’s M aster Charge operation. P Donald E. Benson and Eunice B. Simonsen have been nam ed second vice p resid en ts of The Omaha N ational VOSBURG JORGENSEN R OSS A 1960 g rad u ate of Stanford (Cali fornia) U niversity, Mr . M o r s m a n joined M organ G u aran ty u pon com ple tion of tw o y ears A rm y d u ty in 1962. A fter com pleting th e b a n k ’s m anage m en t tra in in g program , he w as as signed to th e E u ro p ean D ivision of th e in tern atio n a l d ep artm en t. He w as p ro m oted to a ssista n t vice p resid en t in July, 1968. Mr. M orsm an is fluent in F ren ch , Italian and Spanish. He called upon these skills in his w o rk a t M organ G u aranty w hile m aking fre q u e n t b u si ness trip s to M editerran ean countries. The prom otions of four staff m em bers and addition of one new officer w ere announced in an earlier issue by Mr. L ym an. John R. Burnham, prom oted to vice president, has been w ith th e b ank N o rth w e s te rn Banker, M arch, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7969 L. E. B E N S C O T E R E. S I M O N S E N D. E. B E N S O N L. O. O L S E N Bank. Mr. B enson joined the b an k in 1961 and has been in th e m ortgage loan d ep artm en t since 1966. Mrs. Sim onsen w as w ith the L ivestock N a tional B ank from 1947 u n til it m erged w ith Omaha N ational in 1954. She has been a loan officer since 1964. Larry E. Benscoter and Leonard O. Olsen have been nam ed operations officers. Mr. B enscoter has been an a ssistan t data processing officer at th e W estern N ebraska C om puter C enter in Scottsbluff since 1966. Mrs. Zolonia A skevics w as ap p o in t ed a ssistan t operations officer and Marcus H. Ford, Jr., w as nam ed as sistan t security officer. Michael B. Rock has been nam ed as sista n t personnel officer. Mr. Rock joined the b ank in 1965. * * * Otis T. Alvison, 87, re tire d vice p res ident of The Om aha N ational B ank, died recen tly in Omaha. Mr. A lvison began w ork for the b an k as an office boy in 1899 and w as elected vice p res ident in 1930. Since his re tire m e n t in 1949, Mr. A lvison had been engaged in w ritin g a h isto ry of T he Omaha N ational Bank. He w as also in s tru m ental in form ing th e Omaha chap te r of th e A m erican In stitu te of B ank ing in the early 1900’s. * * * Services w ere held last m o n th in R ising City, N ebraska, for John F. Bates, 76, form er vice presid en t of th e F irs t N ational B ank of Omaha. Be fore joining th e b ank in 1956, Mr. B ates w as senior exam iner for th e Ne brask a D ep artm en t of B anking for 15 years. P rio r to th a t he w as associated w ith th e F a rm e rs State B ank in R is ing City. * * * L. C. Petersen has been advanced from vice p resid en t to senior vice presid en t and d irector of K irk p atrick , P ettis, Sm ith, Polian, Inc. H e has been w ith th e com pany since 1966. * * * As rep o rted earlier, several prom o tions w ere announced by th e F irs t N a tional B ank of Omaha last m onth. G. f l H j Brown has been e le c t e d a \ i c e p resid en t in th e c o rre sp o n d e n t b an k d ep artm en t. Mr. B row n joined th e b an k in 1963, prio r to w hich he w as e x e c u tiv e vice p resid en t and general m anager G. R. B R O W N of M iller Chem i cal Company. H is te rrito ry includes Iowa, N ebraska and South D akota. Tom W. Allen and Stanley E. Crowl 69 meet our computer services specialists These are the highly trained men of the ONB Computer Services Department. They can save your life on Demand Deposits, Installment Loans, Time C.D.’s and Savings. Clockwise, from the top right: John Marcell, Lou Narke, John Wear, Ron Calek, Marv Schutte, Gary Woods and Gary Fenster. Every member of our Computer Services team is a specialist in explaining . . . installing . . . and servicing computerized banking operations. They’re always on call at the Computer Serv ices Department of The Omaha National Bank. 17th and Farnam Streets. AC 402 341-0100. T h e O m a h a N a t io n a l B a n k Member Federal Deposit Insurance Corporation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o rth w e s te rn B anker, M arch, Ï 969 Nebraska News 70 T. W. A L L E N S. E. C R O W L have been elected tr u s t officers. Mr. A llen joined th e b an k last y ear as an assista n t tr u s t officer a fte r an asso ciation w ith F irs t N ebraska Securities. Mr. Crowl, w ho holds a doctorate in law from th e U n iv ersity of Iowa, ad- A„ S C H U L Z D. H E N K E L m in iste rs tru s ts for individuals, fam i lies and corporations. Alan Schulz;, w ho joined th e bank in 1961, was elected a ssista n t tr u s t officer. He is also a ju n io r securities a n a ly st for th e in v estm en t d e p a rt m ent. Dale Henkel w as appointed a loan officer. He cam e to th e b an k in 1967, afte r being m anager of Dial F i nance C om pany’s Om aha office. The appointm ent of Joseph Hallas as m anager of the new in tern atio n al d ep artm en t of the U. S. N ational Bank of O m a h a h a s b e e n announced by Edward YV. Lyman, president. Mr. H allas, vice p resid en t of the bank, s a id th e new d ep artm en t w as established to fill th e grow ing need of businesses and individuals in J. H A L L A S the area for for eign m a rk et and financial inform ation, d ra ft collections, letters of credit and foreign exchange. A ccording to Mr. H allas, th e new d ep artm en t w ill w ork closely w ith its New Y ork affiliate, th e N o rthw est In te rn a tio n al Bank, and w ill have b an k ing connections in num erous m ajor cities of th e w orld. * H5 A n n o u n c e m e n t w as m ad e la s t m o n th of the election of John D. Mace, E. D e a n M ille r a n d T h o m a s L. Kizer, Jr., as sen i o r v ic e p r e s i d ents of C e n t r a l States H e a l t h & Life Company. Jerome G. K raem er a n d Lew is E. Lillich w ere elected re gional vice presj. d . m a c e . , , 1 , i d e n t s , and Charles H. Hayes w as elected assist- MUNICIPAL AND CORPORATE BONDS LISTED STOCKS UNLISTED AND LOCAL STOCKS E. D. M I L L E R Hi HAYES KRAEMER < o m i *a \ MEMBER, MIDWEST STOCK EXCHANGE 412 F arm C red it B uilding, O m ah a, N e b ra sk a 68102 P h o n e 346-6677 (A rea C ode 402) T elety p e 402 348-1040 O th e r O ffice s L o c a te d in LINCOLN Nebraska N o rth w e s tern B anker, . M arch, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis LEXINGTON Nebraska 1969 . VERMILLION South Dakota HOFFMAN W ECKERLIN STREMLAU t W illiam J. Ross, K earney attorney, has been nam ed to th e board of direc- < to rs at th e E xchange B ank of Gibbon, according to R onald E. B ycroft, presi- a dent. Mr. Ross succeeds R ichard A. Dier, recen tly appointed as F ed eral 'A D istrict A tto rn ey in Om aha by P resi den t Nixon. * Orders Executed on All Principal Exchanges i i l i :s v LILLICH a n t vice p resid en t and m anager of the benefits departm ent. \ \ . YY7. Hoffman w as prom oted to agency secretary, Bernard Stremlau to regional m anager and Leo B. YVeckerlin to m anager of th e special ser- ++ vices departm ent. * * * 1 YVilliam T. Martin, m anager of th e ^ Om aha office of Dean W itte r & Com pany, Inc., has been elected a v ic e , ^ p resid en t of the in v estm en t firm. Mr. M artin joined C entral R epublic 4 Com pany in Om aha in 1953 and be came associated w ith Dean W itte r & 1 Com pany w h en th e tw o firm s m erged in 1957. He w as nam ed resid en t man- ‘ ager of th e Om aha office in 1960. G ibbon u T. L. KI ZE R . JR. y H astings R alph Phelps has been elected vice p resid en t and F ran cis W eiler has been elected assista n t vice p resid en t * * at th e F irs t N ational B ank of H ast ings, according to T. L. Rask, presi dent. Mr. P helps w as previously as sista n t vice p resid en t and ag ricu ltu ral re p resen tativ e and Mr. W eiler w as an assista n t cashier. 71 YOUR CAPITAL C U V CORRESPONDENT GIVES YOU CO M BIN A TIO N FOR ALL YOUR RANKING i * N BC com bines a n experienced field te a m w ith a com plete C o rre sp o n d e n t B a n k in g D e p a rtm e n t to provide you w ith ''ro u n d -th e-clo ck ” serv ice an d g u id a n ce in a ll y o u r c o rre sp o n d e n t b a n k in g m a tte rs . National Bank of Commerce LINCOLN, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NEBRASKA N o rth w e s te rn B anker, M arch, 1969 72 and Mr. H a rris w as vice president. Stockholders also voted to tra n sfe r $5,000 from undivided profits to th e su rp lu s account, increasing th e su r plus to $50,000. L in coln N ew s <• * H ordville R. C. G ustafson, presid en t of th e 4 F irs t S tate B ank at H ordville, w as honored by stockholders a t th e recen t -■* an n u al m eeting on th e occasion of his 50th an n iv ersary w ith th e bank. 4J Ravenna H E stockholders of th e N ational B ank of Com m erce have voted on th e reorg an izatio n of th e b an k into a one-bank holding com pany called NBC T he stockholders of th e N ational B ank of Com m erce have voted on the reorgan izatio n of th e b an k into a oneb an k holding com pany called NBC Company. Over 85 p er cent of th e o u t stan d in g sh ares of th e b an k w ere rep resen ted a t th e m eeting, and th e vote w as u n an im o u sly in favor of th e reorganization. Inform al approval has been received from th e federal reg u lato ry a u th o ri ties. T here m u st be a thirty -d ay w a it ing period, and it is expected th a t final approval w il be on M arch 17. Glenn Yaussi, ch airm an of th e board, advised th e stockholders th a t th ey could forw ard th e ir stock to th e ban k for th e exchange. T hey w ill be issued two sh ares of NBC Co. stock for each share of b an k stock th ey now own im m ediately a fte r the date of M arch 17. * * * Karl E. Dickinson, executive vice p residen t of th e G atew ay B ank, w as elected to th e b a n k ’s board of direc tors a t th e recen t an n u al m eeting of stockholders. * * * F irs t Mid A m erica, Inc., in v estm en t banking firm of Lincoln, has nam ed Budd Duvall as m anager of its com m odities d ep artm en t in th e Lincoln office. Mr. D uvall w as form erly w ith T L am son B ro th ers & Com pany in L in coln. * * * Roland H. Tornblom, presid en t of the City N ational B ank of Lincoln, rep o rted a record-breaking year for th e b ank a t th e ann u al m eeting last m onth. Mr. T ornblom cited a nearly 30 per cent rise in deposits to $8,256,626 and a 32 p er cent rise in loans to $4,799,360. O p e r a t i n g e a r n i n g s in creased from $1.93 p er sh are to $3.68 p er sh are du rin g th e year, and total resources of th e b ank now stand at $9,203,285. Mr. T ornblom also announced th a t rem odeling of th e Rock Island Depot for a rem ote drive-up facility of the b ank is expected to begin im m ediately. He also rep o rted th a t all directors and officers of th e b an k w ere re-elected by shareholders. H arrison The Sioux N ational B ank in H a rri son is in th e process of rem odeling its building, according to Theodore King, president. F e a tu re s w ill include carpeting, new p riv ate offices and a di re c to rs’ room. T he p roject is expected to be com pleted soon. M onroe A t a recen t an n u al m eeting of th e B an k of Monroe, Lee K. H arris w as prom oted to p resid en t and Gwen A. H a rris w as nam ed vice president. She w as prev iously p resid en t of th e bank ^ The R avenna B ank has increased its capital stock from $100,000 to $200,- * 000, according to J. H. Oliver, presi- , dent. The b ank is also p resen tly u n dergoing extensive rem odeling, w hich * < w ill include tw o new consultation of fices, carpeting and new lighting. * Schuyler * R ichard G. Folda, Schuyler attorney, w as elected a director of the Schuyler ' S tate B ank at th e recen t an n u al meet- ^ ing. Mr. Folda is a p a rtn e r in Folda and Com pany law firm and is presi- ^ d en t and d irector of the Schuyler F ed eral Savings and Loan A ssociation. < All o th er officers and directors of th e b ank w ere re-elected. York Dean Sack, board ch airm an of th e Y ork S tate Bank, has announced th a t P e rry R eichlinger has joined th e bank staff as a vice presid en t in charge of farm property. Mr. R eichlinger w as previously b ran ch m anager for W al n u t P roducts Com pany in W est Point. <_ * C orrespondent C onferences Planned by C om m erce Trust Commerce T ru st Company, K ansas City, is m aking plans for a series of four conferences for correspondents, according to Jam es M. K em per, Jr., chairm an of th e board. B ankers w ill have th e op p o rtu n ity to choose from one of four dates: A pril 9, A pril 18, A pril 22 or May 1. P ro g ram details w ill be announced in mid-M arch. -* \ v * A AV 1201 SOUTH SIXTEENTH STREET OMAHA, NEBRASKA 68108 V yt * ! 1 Ì i ¡UnitedStates ‘i i QieckbookCofSjMjjy - li Al . -V i N o rth w e s te rn Banker, M arch , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1969 Roger C u n n in g h a m I t ’s n i c e t o b e r e c o g n i z e d L yle S to n e m a n C haves D ale S h o em ak er L este r C u rra n ........■..... ..... ■ ■ When your customers carry a BankAmericard, they carry the one credit card that is readily recognized virtually every where... honored by over 397,000 retail establishments and 3,000 banks in 46 states. Would you really want your customers to settle for anything less? R obert Jo h n so n ' mÊm W illia m Edgecom b We invite you to get full particulars on our BankAmericard program for Agent Banks domiciled in Nebraska. Write or call. F IR S T N A T IO N A L B A N K S T r u s t C o m p a n y of Lincoln 12th and N Street • Lincoln, Nebraska 68501 Phone: (402) 477-4455 © S e rv ic e m a rk s ow ned and licensed by the BankAm erica Service C orporation. First N ational Bank & Trust Com pany of Lincoln, Nebraska, licensee. M ax S ch n eid er https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o rth w e s te rn B anker, M arch, 1969 74 Nebraska News SPEAKERS a t th e N B A In s ta llm e n t C re d it S e m in a r in c lu d e d th e s e N e b ra s k a b a n k e rs. L E F T — Mel Adams, p re s., K e ith C o u n ty B& T, O g a lla la ; R. Keith Jobes, v.p., 1st N a tl., G ra n d Is la n d , a n d chm n. of th e N B A comm, on in s t. c re d it, a n d Charles R. Leffler, v.p., 1st N a tl. B& T, L in co ln . RIGHT— (S e a te d ) Don W. Ryan, v.p., 1st N a tl., O m aha, p a n e l m o d e ra to r, and Theodore L. Bahe, a.c., S ta te N a tl. B&T, W ay n e . (S ta n d in g ) John A. Fauber, v.p., 1 st N a tl. B&T, B e a tric e , a n d H. D. Huff, pres., S e c u rity S ta te , O xford. 150 MHseuss Installm ent Credit B y BEN HALLER, JR. E d ito r 150 N ebraska dicate th a t tru e profit is som ew hat less ban k ers p articip ated in a one-day th a n m an y b an k ers lead them selves to In sta llm e n t C redit Sem inar in Omahabelieve th ey are m aking on in stall last m on th to consider th e types of m en t loans, since m any cost factors in stallm e n t loans, d ep artm en tal o pera are overlooked. tions, and special featu res of th e p ro Panel gram s and tools a b an k uses in th is area of lending. Don W. Ryan, vice president, F irs t Sponsored by th e N ebraska B ankers N ational B ank of Omaha, m oderated a A ssociation, th e pro g ram w as con panel of th ree o u tstate N ebraska b an k ducted by R. K eith Jobes, chairm an of ers on th e subject “The Tools We th e NBA com m ittee on in stallm en t W ork W ith .” E ach m an discussed one credit and vice p resid en t of th e F irs t specific type of loan briefly, th e n the N ational B ank of G rand Island. balance of th e session consisted of A “View from th e T op” w as given questions and answ ers, and com m ents by Horace Dunagan, Jr., president, from th e floor on experience w ith F irs t S tate B ank, C aruthersville, Mo., these types of loans. w ho discussed th e role of in stallm en t John A. Fauber, vice president, credit from th e executive officer’s F irs t N ational B ank & T ru st Co., view point. He cited th e need for a B eatrice, talked about FH A borrow well-developed policy by d irecto rs and ing. He noted th a t th e T itle I O perat executive m an agem ent of an y b ank ing Guide can be obtained from the en terin g in to th e field of in stallm en t H ousing and U rban D evelopm ent De credit, followed by selection of p ro p a rtm e n t in W ashington, D. C. These fessional p ersonnel to ru n th e d e p a rt loans are for im provem ent or livability m ent. Mr. D unagan also discussed the of existin g stru ctu res. HUD has in m ark etin g and ad v ertisin g program s creased discount rates recently—5.5 th a t had b u ilt his b an k and its in p er cen t on th e first $2500 and 4.5 per stallm en t loan departm en t. cent on th e excess of $2500—m a tu rity Harley N. Patton, Jr., senior vice has been increased to seven y ears and presid en t of C entral B ank and T ru st 32 days, and th e principal am ount Company, D enver, centered his talk now is u p to $5000. T his loan is g u a ra n on “Profitability.” He review ed in de teed by th e governm ent so it has an tail th e need for know ing exact o p e ra t in su ran ce featu re of one-half of 1 per ing cost figures for th e in stallm en t cent of th e principal. It is g u aranteed d ep artm en t, before an accurate pictu re th ro u g h th e F ed eral H ousing A dm in can be obtained of tru e profit. H e gave istra tio n on 90 per cent of th e loan. figures from his ow n b a n k ’s operations I t is necessary to com ply w ith periodic and those from o th er sources to in re p o rts req u ired from lenders. A p p r o x im a t e l y N o rth w estern Banker, M arch, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1969 A lender should be a le rt to detect any u n u su al n um ber of com plaints on one contractor. A bank can also set up its own hom e m odernization loan, generally along th e lines of F H A T itle I loans, and the b an k th e n is not restric te d by the rate set on F H A ’s. He concluded by statin g th a t T itle I ’s are good earn in g assets. H. Dan Huff, president, S ecurity State Bank, Oxford, and a form er auto dealer before becom ing a banker, talked appro p riately about auto loans. His b ank is ju s t over $2 m illion in total footings. The b an k uses U. S. Check Book’s form to com ply w ith the U niform Com m ercial Code. T he bank checks out w h a t a custom er is tra d ing in to determ ine if it’s paid for, and w h a t value is listed for it in th e NADA Used Car Guide. G enerally do n ot finance cars older th a n 1961. If the b o rro w er is a solid custom er the ban k w ill loan m ore •i < th a n th e book value. He m entioned th a t th e nu m b er of farm ers and sm all -4 com m unity people w ho like m onthly « p ay m en ts is tru ly surprising. If a new car is involved, he asks the dealer for recourse. People buying a car w ill answ er application questions because th ey w ould have to do the sam e for o th er types of loan firm s dow n th e street. H is b an k sells acci dent and health, credit life and full auto protection in alm ost every case. Before m aking a loan, Mr. Huff checks th e car itself to see if it m eets w h at is stated. H e added th a t Ne b ra sk a ’s new car inspection law should A help in th is regard. No m oney is ad vanced u n til all p apers com pleted and necessary inform ation is on hand. If an under-age person is involved, he 75 V **r * H > ^ A* , ' * k >«f -* ^ ''~r ' -v K > x" y » >w * ti j ** has th e p a re n ts sign th e loan. All m ortgages are filed. Follow ing th e above rules, he said, has m ade th e risk nil in h is b an k and no auto loan losses have been experienced. P a rt of th is h as been due to good follow -through in collections. Notes overdue five days call for an im m ediate contact. The b an k p re se n t ly has no p ast due paper. Theodore L. Bahe, a ssista n t cashier, State N ational B ank & T ru s t Co., W ayne, discussed d ire c t loans. He stressed also th e im portance of having com plete in fo rm atio n filled in on th e application at th e v ery beginning of a loan processing. He advises to ru n a cred it check if you don’t know th e custom er. R ates can ru n to 9 per cent on th e first $1000 and 6 per cent on th e balance, so each b ank m u st definitely know its costs w hen pegging its ra te w ith in th e m axim um allowed. If household goods are collateral, go out and inspect th em and m ake sure th e y w ill cover th e loan, and also determ in e th a t th e goods are free and clear. Give th e custom er a copy of all papers. H is b an k sends out five-day p ast due notices and calls a fte r 10 days. If th e custom er can ’t pay, he says, th e n loan him th e m oney to m ake th e p ay m ent. Two excellent p resen tatio n s w ere m ade in th e afternoon. Charles R. Leffler, vice president, F irs t N ational B ank & T ru s t Company, Lincoln, discussed “D irect and In d irec t In sta llm e n t L en d in g ” w ith th e aid of a series of c h a rts to d iagram each step required. T hese included one show ing o rganization of a typical in stallm en t loan d e p a rtm e n t listing each section by function u n d e r managem ent, one th a t listed th e adv an tages of d ire c t paper, and one show ing advantages of dealer paper. In summ ary, he said, “Be sure y o u r b an k has adequate capital to finance dealer business. H ave som eone w ho u n d e r stan d s dealer b u siness—auto finance statem en ts, for exam ple. I t is in cum ben t on th e b an k to do business w ith rep u tab le dealers so th e customer w o n ’t blam e th e b an k if som ething goes w rong. In o th er w ords, th e dealer is p u ttin g y o u r b a n k ’s re p u ta tio n on th e line.” The o th er p resen tatio n a t th is session w as by Mel A dam s, p resid en t of K eith C ounty B ank & T ru st Co., Ogallala. H is ta lk covered th re e things: 1. S etting up an in stallm en t loan d ep artm en t. 2. The review func tion. 3. A look at accrual accounting. F o r th is talk, Mr. A dam s had prepared ring-binder books for ev ery p e r son reg istered for th e Sem inar. These G e ts U C S A w a r d HONORED—John R. Lauritzen, c h a irm a n of th e e x e c u tiv e c o m m itte e a n d p re s id e n t o f th e F i r s t N a tio n a l B a n k o f O m aha, le f t, is show n a t a n O m ah a C h a m b e r of Com m erce P u b lic A ffa irs L u n ch e o n h e ld la s t m o n th a t th e S h e ra to n -F ro n te n e lle H o te l. F. Phillips Giltner, e x e c u tiv e vice p re s i d e n t o f th e b a n k , rig h t, is c o n g ra tu la tin g M r. L a u ritz e n fo r c o n d u c tin g th e m ost su c c essfu l U n ite d C om m unity S e rv ice s C a m p a ig n in its h isto ry . T he d riv e n e tte d m ore t h a n $3 m illio n , a n d M r. L a u ritz e n w a s h o n o re d a t a sp e c ia l luncheon. contained every docum ent and ac cepted form needed in th e process of settin g up or com pleting each of the above th ree points. The book w as re view ed quickly, and th en considerable tim e w as devoted to accrual account ing m easures. The concluding speakers th e follow ing m o rning w ere Jam es G. Jeffrey, a ssista n t vice president, S ecurity N a tio n al B ank, Sioux City, and W. A. Saw tell, Jr., NBA legal counsel. Mr. Jeffrey ’s topic w as “M arketing and F o recasting.”—End. City N ational Bank Plans One Bank H oldin g Com pany D irectors of The City N ational B ank and T ru st Com pany of K ansas City have adopted plans for a reorganiza tion w hich, if approved by tw o-thirds of th e sh areholders of th e bank, w ill re su lt in th e form ation of a b ank hold ing com pany. The nam e of th e hold ing com pany w ill be M issouri Bancshares, Inc. The proposed reorganization w ill be accom plished by m erging City N ation al into a new n ational ban k in g associa tion, all of th e stock of w hich, (except for d irecto r’s qualifying shares) w ill be held by th e holding com pany. In conjunction w ith the m erger, each of th e $25 p ar value sh ares of common stock of City N ational B ank w ill be converted into tw o shares of th e $12.50 p ar value com m on stock of th e hold ing com pany, M issouri B ancshares, Inc. City N ational presen tly has 520,000 shares of stock o u tstan d in g and m ore th a n 500 stockholders. Federal A dvisory C ouncil Elects New Officers Jo h n A. M ayer, ch airm an of th e board, Mellon N ational B ank and T ru st Company, P ittsb u rg h , w as elected presid en t of th e F ed eral Ad visory Council of the F ed eral R eserve System for 1969 at a m eeting held on F e b ru a ry 17 in W ashington, D. C. J. H arvie W ilkinson, Jr., ch airm an of the board, S tate-P lanters B ank of Com m erce & T ru sts, Richm ond, Va., w as elected vice president. D irectors elected w ere: George S. Moore, ch airm an of th e board, F irs t N ational City Bank, New York, N. Y. P hilip H. Nason, president, F irs t Na tional Bank, St. Paul, Minn. F red erick G. L arkin, Jr., chairm an of th e board, Security Pacific N ational Bank, Los Angeles, Calif. The above constitute th e executive com m ittee of th e Council. H erb ert V. Prochnow , p resid en t (re tired ), The F irs t N ational B ank of Chicago, w as reelected secretary, and W illiam J. K orsvik, vice president, The F irs t N ational B ank of Chicago, w as reelected a ssistan t secretary. We can h e lp y o u . G O V E R N M E N T A G E N C Y S E C U R IT IE S Ask us about tax savings . . . marketability . . . better yields N o rth w e s te rn https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Banker, M arch, 1969 76 Nebraska N e w s < and dynam ic in stitu tio n .” Mr. S tu a rt added th a t the new cam paign w ill com plem ent c u rre n t ad y.«r v ertisin g of individual b ank services. * A] “In fact, w e have incorporated ‘B ank of A m erica—for th e business of living’ W-rinto all savings, checking and consum er loan ad v ertisin g .” The cam paign w ill be a million-dol lar, m ulti-m edia effort, according to Jackson Little, ban k ad v ertising m an ager. The agency for B ank of A m erica image, checking, savings and consum er loan ad v ertisin g in C alifornia is G rey A dvertising Inc., B everly Hills. **■< First N ational A nnounces M oving D ate Is A pril 2 5 BUSINESS OF LIVING — H e re ’s th e kick o ff m ag a zin e a d v e rtis e m e n t in B a n k of A m er ic a ’s new c o rp o ra te im ag e c onsum er a d cam p aig n . I t a p p e a re d in re g io n a l e d itio n s of Life a n d Look m ag azin es. BotA Sturts 'Image3A tl Campaign ANK of A m erica has announced plans for a corporate im age con sum er ad v ertisin g cam paign, th e first such cam paign u n d e rta k e n by the b an k in m ore th a n 10 years. The cam paign w ill be centered around th e b a n k ’s new im age them e, “B ank of A m erica—for th e business of living,” according to C harles R. S tuart, Jr. The vice p resid en t and directo r of ad v ertisin g said the cam paign w ill ex B plain how th e b ank helps people w ith th e m an y financial req u irem en ts of m odern life. “The concept com bines in one p h rase both the form and function of th e b an k ,” Mr. S tu a rt pointed out. “W e’re an agency of business, b u t w e are also an in stru m e n t of life. E ach and every one of our services helps som ebody m ake it. We believe th is kind of ad v ertisin g w ill enhance th e b a n k ’s position as a progressive Our target: Big returns George Knack Howell Roberts Warren Bedell W illiam Gourley M unicipal Bonds and Governm ent Agency Securities are th e ir specialties They know th e ir business. Let them help you w ith yours. ( m / / ( J m . M em ber, M idwest Stock Exchange Omaha 1605 Howard 342-7262 N orthw estern Banker, M arch , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Lincoln 1200 “ 0 " 475-4571 7969 Council Bluffs 133 Park Bldg. 323-7101 Sioux City 218 Badgerow Bldg. 252-1238 * The long-anticipated move of The V <. F irs t N ational B ank of Chicago into its t a p e r i n g , 6 0 - s to r y h ead q u arters 4y building w ill begin A pril 25th, w hen F irs t N ational takes full possession of its banking space. The m ajor portion of the move w ill be m ade du rin g the period of May 16-26, R obert K. Wilm outh, senior vice p resid en t of the bank and vice ch airm an of the build ing com m ittee, announced at the an nual F e b ru a ry stockholders m eeting. W hen com pleted, th e move w ill rep resen t “a task roughly equivalent to m oving 1,000 fam ilies, all a t once, <-vl into a new hom e,” Mr. W ilm outh said. M ost of th e office possessions of 4,000 em ployees, eight com plex com puter system s and th e contents of 3,800 filing cabinets w ill be tran sp o rted th ro u g h a 13-foot w ide bridge connecting the old and new building at the sixth floor 4 level. A large portion of the move w ill be m ade on a non-stop, round-the-clock basis, w ith up w ard s of 80 m en w o rk ing in 12 ho u r shifts. Mr. W ilm outh added th a t th e move is one of the larg est in the h isto ry of Chicago, although it w ill cover only about half a block. He said final p rep aratio n s are now und erw ay to add the finishing touches necessary for occupancy. Low er levels of the 22 floors to be occupied by the b ank a r e a l m o s t r e a d y to receive equipm ent. G ranite flooring is being laid on th e plaza, first and second n f floors. The decorative ceiling, teller counters and o ther functional item s A also are being installed. The rem ain in g floors are all nearin g com pletion, w ith a few having re ceived th e final p ain t coat, carpeting and cabinets. O ther floors are ready for the in stallatio n of door h ardw are and d rap ery tracks, and w alls and p artitio n s a r e e i t h e r b e in g primecoated, panelled or fitted w ith m arble and granite, room, M arch 15, - v -- Nebraska News * Aiiiioiinvv'4Aliteli Wtiffoii IRST N ational B ank of O m aha’s 4th A nnual C huck W agon R ound up w ill be held on T hursday, M arch T* 27, 1969, at Ak-Sar-Ben F ield in Omaha. In v ited guests w ill be cor* resp o n d en t ban k ers, and th e ir farm er* k stockm en custom ers, from seven states. N early 900 guests w ere p re se n t y—■«. at th e 1968 event. T hese F irs t N ation al B ank-sponsored events are a “see> and-hear” type of m eetin g w here, du rin g a fast-m oving program sta rtin g * at 10:00 a.m. in th e m o rn in g and con> v eluding by 3:00 p.m. in th e afternoon, some of th e b est ta le n t in A m erica is * b ro u g h t to g eth er to cover some of th e n ew est and m ost exciting h appenings >'*' in livestock and ag ricu ltu re today. M ervin F. A egerter, th e b a n k ’s sec* ond vice p resid en t and livestock spe^ .c ia lis t, announced th a t the m orning p rogram w ould headline tw o wellknow n m id w estern ag ricu ltu re econo m ists, Dr. Abe Epp, and Jim G reer, both from th e College of A griculture, U n iv ersity of N eb rask a at Lincoln. T h eir p a rt of th e pro g ram w ill deal w ith th e rapidly-expanding credit needs being recognized in ag ricu ltu re today, and th e m odern b a n k e r’s p ro gram of service. T hey w ill p re se n t a h y p o th etical and typical m id w estern livestock and farm in g operation, and w ith audience participation, c arry th em th ro u g h th e projected cash flow budget and an aly sis of th e case at hand. H igh-lighting th e afternoon program w ill be Dr. R obert A. Long, form erly w ith the U n iv ersity of Georgia, and ■p rese n tly associated w ith A nkony A ngus, of R hinebeck, New York. Dr. Long w ill ta lk about th e new em phasis on cu tab ility in livestock selection and how it’s affecting our in d u stry . G uests in atten d an ce w ill be able to learn how a cattle feeder can get paid for p roducing anim als w ith high cutability ratin g . P a rt of his pro g ram w ill include a live anim al d em o n stra tio n on selection of y earlin g feeder steers, as w ell as th e selection of th e ultim ate end pro d u ct—th e finished steer—th a t w ill m eet th e above re quirem ents. Dr. Long is recognized as one of th e o u tstan d in g au th o rities in th is field, not only in th e U nited States, b u t in th e en tire w orld. He ju s t re tu rn e d from a trip to South A m erica, w h ere he w as engaged in tra in in g leading ’ y cattle b u y ers in th e A rgentine. He has also occupied th is sam e role w ith some of th e larg er packing com panies in th e U nited States. F * M ichigan’s seventh d istrict in Con gress for 27 years, served as chairm an of th e H ouse B anking and C urrency C om m ittee du rin g the 82nd Congress and w as board ch airm an of th e FDIC for six years, died at his hom e in Chevy Chase, Md., at th e age of 75. He had been in ill health d u rin g recen t y ears and had suffered several strokes. FDIC General C ounsel C hairm an K. A. R andall of th e F ed eral D eposit In su ran ce C orporation 77 has announced th e ap p ointm ent of Leslie H. F ish er as general counsel of the C orporation. H e succeeds S. R ex Lewis, w ho has been general coun sel since D ecem ber 1967. Mr. Lew is is re tu rn in g to Provo, U tah, w here he w ill be a p a rtn e r in the law firm of H ow ard and Lewis. Mr. F ish er has been on the C orpor atio n ’s legal division staff since 1954. In 1962 he w as prom oted to assistan t general counsel, and he has been dep u ty general counsel since 1966. Mr. F ish er is a grad u ate of th e U ni v ersity of K ansas and the W ashington LTniv ersity School of Law in St. Louis. "Pass the buck to us on livestock banking transactions The buck stops w ith us. W e 'll take over your livestock bank ing transactions and handle everything with accuracy and speed. O u r more than 83 years o f experience in these m a t ters makes us the number I specialists. C a ttle p a rticip a tio n loans, clearing customers' livestock receipts or anything in volving the livestock industry is our "m e a t." G ive us a call. H elpful w ith P ersonal STOCKYARDS NATIONAL BANK OMAHA, NEBRASKA B a n k in g a Touch > Jesse W alcott D ies Jesse P. W alcott, w ho rep resen ted M em ber F .D .I.C . N o rth w e s te rn https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis B anker, M arch, 1969 Nebraska News Nebraska investm ent OfHeers Our newman in Omaha, Max B. Beyer We are pleased to announce that Max B. Beyer is now associated with us as a Registered R epresentative in our Omaha Office. P ip e r , J a f f r a y Ôc HOPWOOD Established 1895 Members New York Stock Exchange 100 City Nat'l. Bank Bldg.* Omaha Neb. 68102 Phone 342-2020 ELECTED re c e n tly a s officers o f th e N e b ra s k a In v e s tm e n t B a n k e rs A ssn, w e re (1. to r.) : Dale Tinstman, F i r s t M id A m erica, L in c o ln , secy.; Don Anderson, C hiles & Co., O m aha, 1 st v .p .; William J. Raynor, G. H. W a lk e r & Co., O m aha, p res., a n d Robert Ingles, M e rrill L y n c h , P ie rc e , F e n n e r & S m ith , O m aha, 2nd v.p. N o t p ic tu re d is Cliff R. Rahel, First N ational to Form O ne Bank H oldin g Com pany G aylord A. Freem an, Jr., chairm an of th e board of The F irs t N ational B ank of Chicago, announced th a t the board of directors has approved for m ation of a one b ank holding com p any to be called F irs t Chicago Cor poration. A special m eeting of the stockholders has been scheduled for A pril 15, 1969, to consider th is pro posal. U nder th e plan, th e stockhold ers of th e b ank w ould exchange each share of th e ir b ank stock for a share of stock in th e F irs t Chicago C orpora tion. T hus w hen th e plan becomes effective, the ban k w ill become a w holly-ow ned su bsidiary of F irs t Chi cago C orporation. First N ational City Offers C om puter Program s to Banks F irs t N ational City B ank has an nounced th a t it is offering an extensive lib rary of com puter tim e-sharing pro gram s to correspondent banks and o th er financial in stitu tio n s on a sub scription basis. As one of the m ajor ban k innovators in th e field of com puter tim e-sharing, C itibank has developed a large lib rary of p rogram s covering a broad range of financial problem s such as forecast ing, bond trading, loan analysis, in v estm en t analysis and m ark et re search. The program s, developed and tested in v arious d ep artm en ts of th e bank over th e last tw o years, have been modified for use by o th er financial in stitu tio n s and are installed in com p u te r tim e-sharing centers across the N o rth w e s te rn B anker, M arch , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1969 < - J . Cliff R a h e l & Co., O m aha, tre a s . of th e N IB A . country. New program s w ill be added to the lib rary at freq u en t in tervals, w ith access fees scaled to reflect the range of program com plexity. The lib rary m ay be used by sim ply re n tin g a teletype m achine and dialing one of the com puters on an ord in ary telephone. A long w ith th e program s, th e new C itibank service provides u ser m anuals and in itial tra in in g w hich w ould en able co rrespondent banks and o th er in stitu tio n s to develop th e ir ow n pro gram s w ith o u t fu rth e r investm ent. B o f A Shareholders A pprove O ne Bank H oldin g Com pany B ank of A m erica sh areh o ld ers last m onth approved a plan of corporate reorganization involving th e creation of a “one b an k holding com pany.” Called B ankA m erica C orporation, th e new com pany becom es the ow ner <Aof B ank of Am erica. Stock in th e b an k w ill be converted on a share for share basis into th e com m on stock of th e new holding com pany u n d er term s of the plan ap proved at th e an n u al sh areholders m eeting in San Francisco. In o ther action, shareholders elected 25 directors, including th ree new m em bers of the board of th e continuing bank: Lloyd L. M azzera, retire d ex ecutive vice p r e s i d e n t of B a n k of America; F ra n k lin D. M urphy, board ch airm an of th e Tim es M irror Com r * pany, and D. C. S utherland, b an k ex ecutive vice president. T hey succeed S. C lark Beise, Neil P etree and G rover D. Turnbow , w ho are re tirin g after m any y ears on the board. 79 *H >y Who Knows How Far BankAmericard Will Go? Get this card for your custom ers today, for w hatever tom orrow brings. B ankA mericard ® A U TH O RIZED SIG N A TU R ES 4 1 8 1S3 M5h, G O O D T H RU ^ OO/OO BAC JOHN DOE • v_------------------------------------ ------------------------ —----- BankAmericard is the credit card. It’s the only credit card your customers will ever need. The First National Bank of Omaha is the licensee bank for BankAmericard in Nebraska, Iowa, South Dakota and North Dakota. If you are interested in obtaining BankAmericard for your customers, contact Mr. J. William Henry at the First National Bank of Omaha. He’ll tell you how you can offer this national-international credit card, BankAmericard, as an entirely new service to your customers. F ir s t National Bank of V Omaha M e m b e r F .D .f.C . <r ' DON'T FORGET Our 4th Annual Chuck Wagon Roundup at Ak-Sar-Ben Field Thursday— March 27 © S e rv ic e m a rks o w n e d and lic e n s e d by B a n k A m e ric a rd S e rv ic e C o rp. Northwestern https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis B anker, M arch , Ì9 6 9 ■ P it i* * Before you can file vour customer’s loan renuest we will call back an okay on the overline Phone the pertinent facts on the overline to Homer Jensen. He’ll be back to you with an okay on Bankers Trust’s participation before you can file your customer’s loan folder. Bankers Trust can make overline decisions ‘Tight now” . Your customer is pleased, impressed and you have put profitable new7 business on the books. Call 283-2421. See if we’re as fast as our promise. N o rth w e s te rn Banker, M arch, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1969 CORRESPONDENT BANK DEPARTMENT HOM ER JENSEN Vice President G A R Y STEVENSON Correspondent Bank Officer Bankers Trust co, SIXTH A N D LOCUST. DES M O IN E S Member: F.R.S. & F.D.I.C. 81 p artm en t, and Mrs. D orothy E astin has been prom oted to a ssistan t tru s t officer. y Iowa ►* NEW S > y J. W . LIPTON, JR. President A . E. LINDQUIST, JR. Secretary Cedar Rapids D ennis H rab ak has been nam ed as sistan t cashier and secu rity officer of th e U nited State Bank. Ida Grove C enterville Des Moines H ankege Mtuneorporntion Edites .’ttiO.OOO-Shnre Stock Offering A W K EY E B a n c o r p o r a t i o n has filed w ith th e Securities and E x change Com m ission an offering of 360,000 sh ares of com m on stock. The offering, to be m anaged by F irs t Mid A m erica C orporation, w as ten tativ ely scheduled for th e w eek of M arch 3 at a m axim um offering price of $11 p er share. Proceeds of th e offering w ill be used to re tire p re se n t indebtedness. H aw keye B ancorporation is one of th e tw o b a n k holding com panies op e ratin g exclusively w ith in th e state of Iowa. The com pany ow ns co ntroll ing in te re st in five banks; th e H ough ton State B ank a t Red Oak; th e Lyon C ounty B ank at Rock Rapids; the B u rlin g to n B ank and T ru s t Com pany a t B urlington; th e F irs t N ational B ank a t Clinton; and th e P ella N ational B ank at Pella. A ssets of th e com bined b an k s w ere $97 m illion on D ecem ber 31, 1968, and com bined earn in g s w ere $781,000 for th e year-end. H aw keye B ancorporatio n ’s proform a earn in g s for th e sam e period w ere $585,000. H A del R ussell H orn, vice p resid en t of the Dallas C ounty State Bank, h as been nam ed p resid en t of th e Adel C ham ber of Commerce. of directors, increasing th e n u m ber of d irectors from seven to nine. B urlington Burlington B & T B u rto n B. Cross has joined th e in stallm en t loan d ep artm en t of th e B u r lington B ank and T ru st Company. Mr. Cross is a n ative of B urlington and has had five years experience w ith th e Comm ercial C redit Corporation. Farmers & Merchants B & T W ill Schnirring, m anager of the B urlin g ton C ham ber of Commerce since 1959, has resigned to become as sista n t vice presid en t at F a rm e rs and M erchants B ank and T ru st Company. Mr. S ch n irrin g w ill head th e b a n k ’s public relations and business devel opm ent departm ents. First National A lvin L. V arner, Iow a S outhern U tilities Com pany d istrict m anager, has been nam ed a d irector of F irs t N ational B ank of B urlington. He suc ceeds th e late M erle T u rner. Jo h n M anning and R i c h a r d D. W rig h t have been nam ed a ssistan t cashiers in th e in stallm en t loan de A rm s tro n g R obert E. Rich has been elected a new d irector of th e Iow a T ru st and Savings Bank. Mr. Rich is tre a su re r of th e Iowa S o uthern U tilities Com pany. Charles City Dan N. F ru d d en has been elected to th e board of directors of th e Com m er cial T ru st and Savings Bank, succeed ing his late father, W. E. F rudden. D irectors have authorized th e tra n s fer of $100,000 from th e b a n k ’s u n d i vided profits account to surplus, in creasing the su rp lu s account to $400,000. C herokee M errill H artliep has been elected as sista n t cashier at the Steele State Bank. He has w orked for th e bank for m ore th a n tw o’ years. Clear Lake Jam es F. Connell, general m anager and d irector of W oodford W heeler L um ber Company, has been nam ed a d irector of th e Clear Lake B ank and T ru st Company. Clinton Clinton National H erb ert E. L indhe, D uP ont m ana ger, has been elected to th e board of directors of th e Clinton N ational Bank. f ie n i o d d i n g Und Am es R odney Sm ith, w ho has been em ployed w ith the Citizens B an k of Colome since 1964, h as accepted a posi tion w ith the U nion T ru st and Sav ings B ank in Ames. Boone Merico A quilani, assistan t cashier and tr u s t officer a t th e Citizens N a tional B ank, has been advanced to a ssista n t vice president. M erle Hove, farm rep resen tativ e, has been nam ed a ssista n t cashier, and Mrs. A nn Hove, w ho has been w ith th e b an k for the p ast 11 y ears, also has been advanced to a ssista n t cashier. H ans H. G oeppinger and R ich ard T. Jo rd an have been nam ed to th e board REMODELING h a s been s ta r te d b y th e F ir s t T r. & S av. B k., A rm stro n g . A n a r c h ite c t’s d ra w in g of th e a d d itio n is show n here. T he a d d itio n w ill be 70 b y 24 fe e t. M ille r Con s tru c tio n , E m m e tsb u rg , is th e g e n e ra l c o n tra c to r. E . F . K o o k e r A sso c ia tes, b a n k d esig n c o n s u lta n ts fro m S p e n c er, is th e d esig n er. N o rth w e s te rn / https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Banker, M arch , 1969 82 Iowa News N e ir I t u i l t i i i i f i in C e n t r a l C ity E m m etsburg < G ary H ughes has been advanced from assista n t cashier to a ssista n t vice * " p resid en t a t th e Iow a T ru st an d Sav- < ings Bank. E llen Jo y n t has been nam ed a ssistan t cashier. * Evansdale PICTURED ABOVE is th e n e w b u ild in g o ccu p ied se v e ra l m o n th s ago b y C ity S ta te B a n k of C e n tra l City, Io w a . D esig n ed b y C u ck ler C om pany o f M o n tice llo , i t is 72 b y 42 fe e t in size a n d is of b ric k c o n stru c tio n w ith m e ta l ro o f. John L. Erbes, v.p., sa id m ore th a n 1,000 persons a tte n d e d a n open house in th e n ew b u ild in g . Iowa State Savings A xel G. Jo rgensen, Clinton co n tract or, has been nam ed a d irecto r of th e Iow a S tate Savings B ank. Mr. J o r gen sen is tre a s u re r of O. Jo rg en sen a n d Sons C onstruction Com pany. C oon Rapids Jo h n C hrystal, p resid en t of th e Iow a Savings Bank, has announced a b an k g ift of $25,000 to th e N ew St. A n thony R egional H ospital D evelopm ent P ro gram . Corydon T he S ecurity S tate B ank a t A llerton, th e Citizens S tate B ank a t H um eston a n d th e L ineville S tate B ank a t Lineville have been com bined into th e new S ecu rity S tate B ank, w ith h ead q u ar te rs in Corydon. Offices w ill be m ain tain ed a t th e A llerton, H um eston and L ineville locations, w ith business to be tra n sa c te d n e a rly as u su al in these th re e locations. Cloyd M cCarty w ill have charge of th e A llerton facility, and A rdys Jennison and Otis S tuteville w ill be in charg e of th e H um eston and L ineville facilities respectively. Glen G reenlee w ill be cashier a t th e b an k in Corydon. W ayne R ow land of Corydon w ill be vice p resid en t in charge of th e en tire operation. C ouncil Bluffs M rs. E v ely n C. S pencer has been elected to th e n ew ly created post of tre a s u re r of th e Bluffs Savings and L oan A ssociation. D avenport First National Ju n iu s Clyde B ren to n has been pro m oted from vice president, cashier and a ssista n t tr u s t officer a t th e F irs t N a tio n al B ank to sen io r vice p resid en t a n d a ssista n t tr u s t officer. R ussell C. M akeever has been adN o rth w e s tern Banker, M arch, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7969 vanced from a ssista n t vice presid en t to vice president, public relations; R obert L. De M eulenaere from assist a n t cash ier to cashier; Mrs. E llen E. Jew ell from a ssistan t cashier to as sista n t vice president; Mrs. Florence S chroeder from officer train ee to as sista n t cashier and office m anager. Northwest B & T C arlton E. Schau has been nam ed to th e b oard of directo rs of th e N o rth w est B ank and T ru st Company. George H. Sm ith has re tire d from th e board, and T h eron P. T hom sen has resigned. F ra n k S tark has joined th e b a n k ’s staff and w ill be calling on area busi nessm en and individuals w ith regard to b an k services. Mr. S ta rk has been a re ta il grocer in th e D avenport com m u n ity for over 40 years. D ubuque American Trust & Savings S everal prom otions have been an nounced a t th e A m erican T ru st and Savings Bank. K ing H err, R obert H olscher and F re d J. Pape, Jr., have been advanced to vice presidents; Thom as J. Reilly, Mrs. H a rrie t B. Jeck lin and M iss Ja n a n n M. Spahn have been prom oted to a ssistan t vice p residents; R ichard Blum, Gail Olson, George M eyer and A nthony M. Panto have been prom oted to a ssistan t cash iers. First National Two new directors hav e been elected to th e board of th e F irs t N ational B ank. T hey are R ussell T. W alker, p re sid e n t of A. Y. McDonald M anu fa c tu rin g Com pany, and C harles J. Spahn p resid en t of Rose L um ber Com p an y and D ubuque Stone Products. The F irs t N ational B ank of E v an s dale plans to change its nam e to F irs t A m erican N ational B ank and to in crease capitalization from $250,000 to $800,000. The b an k also p lans to open a second facility in th e area n e a r th e new C rossroads Shopping C enter in W aterloo. Fayette R obert K. D aniels an d R obert G. Lorge have been elected to th e board of th e S tate B ank of F ay ette. Mr. D aniels is a F ay ette druggist, and Mr. Lorge is vice presid en t w ith th e U n it ed H om e B ank and T ru st Com pany in M ason City. F on tan elle H arv ey W allace has been elected as sista n t cashier at th e State Savings Bank. Fort D odge Two new d irecto rs have been elected at th e F irs t N ational Bank, increas ing th e n u m b er on th e board to 12. T hey a re E a rl W. Uecke, vice p resi dent in charge of the b a n k ’s loan di vision, and Jo h n A. B onnell, p resid en t of Colonial H eating and Sheet M etal Company. H am burg J. H. S tew art, w ho had been w ith Iow a State B ank for 25 y ears and w as senior vice p resid en t a t th e tim e of his re tire m e n t on J a n u a ry 1, 1969, has m oved w ith his w ife to a new hom e in Bella V ista Village, Ark. Hills T hom as R. Jam es, vice p resident and cashier at th e H ills B ank and T ru st Company, died recen tly a t his hom e follow ing a sh o rt illness. He w as 64. Mr. Jam es, a g rad u ate of Iow a City H igh School, served as a ssista n t cash ier a t the K alona Savings B ank from 1938 to 1941. He had been w ith H ills B ank and T ru st since 1942 and had served as cashier, vice p resid en t and director. He also w as a p a rtn e r in th e Droll and Jam es In su ran ce A gency at Hills. D unlap M rs . B arbara S tew art, a ssistan t cashier a t th e D unlap Savings Bank, has resigned h er position afte r serving 25 y ears in th e bank. No replacem ent has been nam ed. W est U nion The F irs t N ational B ank has com pleted sale of 2,000 additional shares of com m on stock, increasin g its capital y accounts by $300,000. < When bankers get together the discussion eventu ally turns to correspondent banks and how they perform. Since so much of our new business is based on personal recommendations by bankers, our per formance must be satisfactory, at least. One reason is a loan policy that permits us to say "yes" when others decline. We don't have restric tions that prevent us from working things out. And we are D ECISIO N -M AKERS, able to respond quickly to your requests. When you hear two bankers talking about American Trust and Savings Bank, why not eavesdrop. C H R IST Y F. ARM STRONG Executive Vice President LEO F. KANE Senior Vice President ROBERT G. SCOTT Senior Vice President ■* 4 American Trust and Savings Bank DUBUQUE, IOWA Member FDIC, Federal Reserve System > https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o rth w estern B anker, M arch, 1969 84 Iow a News At February Group M eetings Moira Bankers Take Care of B aral Loan Needs B y MALCOLM FREELAND P u b lis h e r BEN HALLER, JR. E d ito r OWA b an k ers w ere w arn ed last m o n th th a t it is im p erativ e for th em to finance ag ricu ltu re and in d u stry to th e full ex ten t of th e ir capabilities in order to re ta in ru ra l b an kin g and ru ra l A m erica. In fact, one sp eaker stated m any sm all Iow a tow ns are in th e ir last gen eratio n as full service tow ns. These observations w ere m ade at the an n u al m eeting of G roup 1 in Sioux City and G roup 11 in B u rlin g ton. The o th er eight group m eetings of the Iow a B an k ers A ssociation w ill be held as u su al in May. A ttendance at Group 1 w as 850 and at G roup 11 it w as 700. I New Group Officers Group 1: C h a ir m a n — Len C. Lam ar, vice p resid en t and cash ier, F irs t T ru s t & Savings Bank, Rem sen, S ecretary — R ichard A. Schneider, vice president, Secu rity State B ank, Sheldon. Group 11: Chairman — Denis T. Jones, cashier, H en ry C ounty Savings Bank, Mt. P leasant. Sec re ta ry —F e rd E. Skola, president, F a rm e rs Savings Bank, K alona. Group 1 Speakers James W. U p ton , Jr., p resid en t of th e Iow a B an k ers A ssociation and executive vice p resid en t and cashier, Ida C ounty State Bank, Ida Grove, cautioned Iow a banks against taking th e easy ro u te of investing in govern m en t bonds ra th e r th a n accepting the risk s of providing funds for farm ers, local b usinessm en and in d u stry . He said Iow a b an k ers could learn from and adapt th e techniques of th e ir com petitor credit in stitu tio n s so as to serve m ore com pletely th e com m un ities financial loan needs, w h eth er th e y be for farm , hom e or in stallm en t purposes. He also w arned th a t a lack of ini tiativ e by banks in providing needed local lending w ill only encourage m ore govern m ental agencies to en ter the local financing m arket. In this regard, he also added th a t banks find it in creasingly difficult to com pete w ith the inequitable situ atio n of low er taxes paid by com peting financial in stitu tions and the no-profit policy of gov ern m e n t finance agencies. D espite this, he said, “I t w ill be v e ry easy th is year to tu rn dow n the young farm er, th e grow ing in d u stria l ist or the struggling m erch an t in favor of a high-yield bond, b u t this could m ean th a t your sm all com m u n ity died a little m ore or th a t the corporate farm came a little closer to y o u r tow n.” John Chrystal, Iow a su p erin ten d en t of banking, told his audience in Sioux City and B urlington th a t he w ill be leaving office soon after serving five NEW SECRETARY of Gr. 11, Ferd E. Skola, p res., F a rm e rs Sav. B k. K a lo n a , is show n a t l e f t w ith Robert Walcott, a sst, v.p., A m e ric a n N a tl. B k . & T r. Co., C hicago, a n d Mrs. Skola. C E N T E R — J. E. King, p re s., P e o p les N a tl. B k., A lb ia, ( s ta n d in g ), is show n w ith Mr. and Mrs. J. C. Blackford, p re s., U n io n N o rth w e s te rn Banker, M arch, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1969 NEW OFFICERS of G roup 1 a re Richard J A. Schneider ( l e f t ) , v.p,, S e c u rity Stattr^w J Sheldon, secy, o f th e g ro u p , a n d Len C. Lamar, v.p. & cash., 1st T & S, R e m s e n ^ J chm n. o f th e group. y ears in th a t post. He w ill re tu rn to Coon R apids w here he is p re sid e n t of th e Iow a Savings Bank. j As rep o rted in an earlier issue, Miv- v J C hrystal stated th a t increased capital I req u irem en ts for ag ricu ltu re w ill af-« n feet the fu tu re stru c tu re of ru ra l bank-^ J ing. He said specialization and iii- j creased ag technology, along w ith thq _J tren d tow ard less equity capital, w ill j GROUP CHMN. Thomas H. Huston, exec, v.p., C olum bus J u n c tio n S t. B k., e n jo y s th e d ix ie la n d m usic p ro v id e d b y Tlie^ % N o rth e rn T r. Co., C hicago, a t G r. 11. <V B k. & T r. Co., O ttu m w a. M r. B la c k fo rd is v.p. of th e Io w a B a n k e rs A ssn. R IG H T — Richard J. Nachazel, v.p., F a rm e rs M er. B k. & T r., B u rlin g to n , w elcom es A. T. Wollenhaupt, exec, v.p., S ta te B k. o f W apello. ^ 85 Bill’s an expert In every area of bank operations. He knows ways of eliminating duplication of effort, and how to combine bookkeeping and other functions to help you streamline your operations. He’s well equipped too, through experience, to help you handle the intricacies involved in the buying or selling of banks. And like the other members of American National’s Correspondent Bank Division, he’s highly adept at giving you solid counsel on such matters as tax savings, eco nomic forecasts, and the complexities of one-bank hold ing-companies. Bill is fully qualified to initiate action on the spot, w ithout time-consuming committee approvals or other red tape. Why not give Bill a call at (312) 621-5053. He’s one of the good reasons we’re called the Idea Bank. And he’s probably got an idea right now, you can use today. The Idea Bank American National Bank and Trust Company of Chicago La Salle at Washington 60690 Phone (312) 621-5000 Member FDIC https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, M arch , 1969 86 Iowa News th a t we have w itnessed a decrease of farm s to th ree m illion, w ith one m il lion of them producing 90 p er cent of* the n atio n ’s food, Mr. B arber said the ru ra l b an k er has an o p p o rtu n ity to aid th e expansion of th e in d u strial base in ru ra l A m erica. BUSINESS SESSION a t Gr. 11 w a s h e a d e d b y J. C. Blackford p re s., U n io n B k. a n d T r. Co., O ttu m w a , a n d v.p., Io w a B a n k e rs A ssn.; Arthur E. Lindquist, J r ., secy, of IB A , a n d Wendell Gibson, g e n e ra l counsel of IB A . m u sh ro o m th e needs of Iow a agricul tu re ju s t a t th e tim e w h en th e n u m b er of ag ricu ltu ral custom ers is declin in g and increased deposits are m ore difficult to obtain. The effects of a sh rin k in g farm population are alread y evident, he be lieves, to th e v ery ex ten t th a t sm all Iow a tow ns cannot survive an o th er g e n era tio n operatin g as full service to w n s—and he included b anks in this. He em phasized th a t Iow a b an k s can a d ju st to th is situ atio n due to th e 40y ear old b an k office law th a t perm its placing of offices in tow ns not large enough to w a rra n t a c h artered bank. He said he w ould like to see such of fices m ade p erm an en t after th e g ra n t ing of a new c h a rte r in th e sam e tow n, if one is later w arran ted , and th en b an k s w ould be encouraged to invest in b e tte r buildings and m anagem ent w ith such an atm osphere of p e r m anency. The effect of th e 40-year old office law, he said, is to give Iow a v ery lim ited area b ran ch b an king and he feels th is is perfectly capable of m eet ing Iow a’s changing needs. He cau tioned b an k ers against adopting the a ttitu d e th a t th e statu s quo is suffi cient. “The statu s quo,” Mr. C hrystal said, “is no good!” S tanley R. B arber, president, W ell m an Savings Bank, and form er presi d e n t of the Ind ep en d en t B ankers A ssociation of A m erica, also discussed th e needs of ru ra l A m erica. N oting In order to b rin g in in d u stry to ru ra l areas, he urges ban k ers to pro-, m ote V ocational Technical schools, now established around the state, to tra in th e labor force needed to a ttra c t in d u stry . Since Iow a has such a low’"'*’“ unem ploym ent rate, one of its c u rre n t problem s is critical lack of a skilled labor force. , The federal governm ent, he said, can do certain th in g s to revitalize r u r a l' A m erica, and these include: y 1. T ax advantages for businesses m oving from overcrow ded areas to « ru ra l areas. 2. More equitable distrib u tio n of* funds to states. , He belives th e ru ra l developm ent m ovem ent w ill help com bat develop-* ing problem s in m etropolitan areas caused by crow ding. In line w ith this, it w ill be necessary to expand the_ q u a n tity and q u ality of educational and cu ltu ral o pportunities in ru ra l Am erica. He said the N ixon adm in istratio n is com m itted to stro n g sup. p o rt of ru ra l America. Dr. Paul L. Farris, professor of agri cu ltu ral economics at P u rd u e Univer-, L E F T — R. D. Stewart, a.c., 1st S ta te B a n k , S ioux R a p id s, a n d John Mangold, v.p., M e rc h a n ts N a tl., C e d ar R a p id s. C E N T E R — E. V. Slife, p res., B a n n e rs S ta te , H a w a rd e n , a n d Bernie Miller, v.p., a n d Larry Makoben, corresp., re p r., b o th w ith D ro v e rs N a tl., C hicago. R IG H T — Charles Walcott, v.p., 1 st N a tl., S ioux C ity , a n d J. R. Lodwick, p re s., K iro n S ta te . , L E F T — William Edgecomb, v.p., 1st N a tl. B & T, L in c o ln , N e b r., a n d Stanley Evans, p re s., N o rth w e s te rn N a tl., S io u x C ity. RIGH T-— Bill Drommer, d ist. m gr. in S ioux C ity fo r L e E e b u re C orp. of C e d a r R a p id s ; Gerry Chapman, a.c., a n d Henry Ahlers, v.p., b o th w ith L eM a rs S a v in g s, w ho a re w e a rin g th e ir “B ro th e rs o f th e B ru s h ” L e M a rs C e n te n n ia l b u tto n s to e x p la in th e b e a rd s, a n d Hal Haver, v.p., B a n k e rs T ru st, D es M oines. N o rfh w e s fe rn B an ker, M arch , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7969 v at the Iowa Bankers Association's Group Meetings While we’re certainly not strangers to most Iowa bankers, we realize that there are some we have yet to meet. That’s why we hope you’ll want to accept our friendly invitation to visit with us while attending the group meetings. But first, let us introduce ourselves... starting from the left is Fred Cummings, Vice President, Correspondent Banking Division; opposite him is our president, Bob Lough; next in line is Bernie Miller, Vice President, Correspondent Banking Division; and that’s Larry Makoben, Iowa Representative on the right. We’ll be watching for you, and we promise to bring along some excellent ideas. Just look us up. J L IIV w V JljJv O N a tio n a l B a n k o f C h ic a g o 47 th and Ashland • Chicago, Illinois 60609 Phone 312 — 927-7000 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 88 Iow a News Photos Taken a t Group I in Sioux L E F T — Wm. J. Grotenhuis, p res., S e c u rity S ta te B a n k , S ta n to n , a n d Bill Aldrich, a.v.p., A m e ric a n N a tl. B & T, C hicago. C E N T E R — Gene Hagen ,v.p., S e c u rity N a tl., S ioux C ity, a n d Bill Connellan, a s s t, tre a s ., C hase M a n h a tta n B a n k , N ew Y ork. R IG H T — Loren* ' Anderson, pres., C herokee S ta te B a n k , a n d Burt Poulson, v.p., T oy N a tl., Sioux C ity. a L E F T — Stan G. Smith, exec, v.p., S ta te B a n k of R ock R a p id s, a n d Dick Weyrauch, v.p., a n d Fred Haw, a.v.p., 1st N a tl., M in n e a p o lis. C E N T E R — Richard A. Breyfogle, a.v.p., Toy N a tl., Sioux C ity ; N. H. Kortum, v.p. & m gr., U n ite d N a tl. B a n k , G a y v ille , S. D., 4" a n d Arthur I. Nelson, co rresp . bk . off., A m e ric a n N a tl, of S t. P a u l, M inn. R IG H T — Ted Thompson, pres., a n d John Diefendorf, v.p., b o th w ith S e c u rity N a tl., S ioux C ity, a n d Max Kiernan, v.p., A lto n S a v in g s B a n k . TENSION Panel-Lok* & Tab-Lok' Stop the "slippin around" that makes statement addresses disappear. Two Tension exclusives that assure posi tive positioning, easier (moistureless) sealing and fewer mailroom grumbles. Call in a Tension specialist or contact: 22 WAYS TO MAKE YOUR POSTAL DOLLARS GO FURTHER T E N S IO N EN VELO PE C O R PO RA T IO N 1912 Grand Avenue Des Moines, Iowa 50305 SEND FOR FREE BOOKLET TE -285 N orthw estern FACTORIES: S. Hackensack, New Jersey / M emphis, Tenn. / St. Louis, Mo. / Des Moines, Iowa / M inneapolis, M innesota / Kansas City, Mo. / Ft. W orth, Texas / Los Angeles, California. Banker, M a rch , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1969 sity, su b stitu ted at Sioux City for the dean of the P u rd u e ag school, Dr. E arl L. Butz. Dr. F a rris discussed the “C hanging S tru ctu re of A griculture.” He said th e bulk of disappearing farm s have been sm all ones, w hile the g re a te st grow th has been in mediumsize farm s. “The one or two-m an u n it,” he stated, “if com pletely m ech anized, is totally com petitive in to d ay ’s a g ricu ltu re.” He said th e share of business done by large farm s w ill continue to grow because th ere are m ore large farm s com ing into existence, n ot because the p re se n t large ones are becom ing real giants. One trouble point he noted is th a t th e fa rm e r’s options for selling his products are lessened as m ark etin g changes take place and reduce the n u m b er of selling outlets. He said industrialized cattle feeding has been questioned as a th re a t to th is business on th e fam ily farm . In his opinion, this need not be true. Dr. F a rris said larg er u n its are sure to come, b u t w e w ill also see m ore coordinated m ark etin g system s. He listed these four altern ativ es to shaping the fu tu re of th e ag ricu ltu ral stru ctu re: 1. An open com petitive system of m ark etin g all ag products. This sounds highly appealing, he said, b u t critics say it is politically unfeasible. 2. D irect restrictio n of farm size in order to retain a large n u m ber of ^ farm s, and discontinuing corporate farm s by m aking purchase of land less desirable. H ow ever, he w arned, th a t such a restrictiv e policy w ould also «A re stric t technological advance. 3. Continue p re se n t policies, thus"* producing fu rth e r decline in th e use of ^ open m arkets, an increase in use of contracts and v ertical in tegration. C orporate farm ing still w ould not com pletely take over, he said, because farm ing ju st doesn’t offer th a t good a re tu rn com pared to o ther investm ents. * 4. Give farm ers increased flexibility « to expand th e ir operations and the ability to organize w ith th e govern- m ent m ore effective, controlled m a r k etin g procedures. 4 Dr. F a rris also questioned w h eth er, from the stan d p o in t of society, th e fam ily farm should be allowed to dis- « appear. The four w ays from w hich he considered th is question w ere: 1. Mor-yvjr ality—not applicable, for farm ers are no b e tte r or w orse th a n an y o ther seg- ** m ent of th e population. 2. D em ocracy ^ —it w on’t necessarily be preserved or destroyed by the farm . 3. Efficiency— * m any say this is tru e r on fam ily farm s, b u t it is not readily ap p aren t * th a t fam ily farm s are m ore efficient, b u t it also can ’t be proven w rong. * 4. Econom ic advantage to th e n atio n — ^ th is is th e best reason, in his opinion, for preserv in g th e fam ily farm . Histo ry show s th a t th e few er producers 89 Donald Daggett ( l e f t ) , cash., M e lv in S a v in g s B a n k , g e ts e x p la n a tio n of new E a s t m an K o d a k R e co rd a k e q u ip m e n t fro m Don Keller, O m aha, w ho has re p re se n te d E a s tm a n K o d a k in th e a re a m ore th a n * ^ 20 y e ars. V th ere are of anything, the m ore they tu rn th e term s of sale to th e ir favor. M ore open m ark etin g is to th e econom ic advantage of th e n ation w h en th e re are m ore fam ily farm s, ra th e r th a n few er ones and ow ned by big corporations. Dr. F a rris concluded by sta tin g an ag ricu ltu re m ade up of fam ily farm s PRE-CONVENTION PARTY held on th e e v e n in g b e fo re th e Gr. 11 m e e tin g w as a t te n d e d b y o v er 400. Show n w ith Earl Rodibaugh, exec, v.p., F i r s t N a tl. B k., F a irfie ld , ( r ig h t) a re Mr. and Mrs. Fritz Breitenstein, a.v.p., S ta te C e n tra l S av. B k., K e o k u k . M r. B re in te n s te in a u th o re d th e p rin te d p ro g ra m fo r th e group. can be saved and th is w ill preserve decision-m aking in the hands of m any ra th e r th a n in th e hands of a few. Arthur E. Lindquist, Jr., secre tary, Iow a B ankers A ssociation, Des Moines, gave a rep o rt on legislation c u rre n tly being considered by the Iow a legislature as it affects banking The principal bill u n d er discussion is th e one related to recodification of Iow a banking laws, th a t has been the subject of tw o y ears of research. The bill, w ith am endm ents, is m aking its w ay th ro u g h both houses. A bill to raise the legal in te re st rate from 7 per cent to 9 per cent is to the advantage of th e public, Mr. L indquist said. A bill to raise the m axim um legal GROUP MEETINGS . . . T u rn to page 94, please) EVERYO N E TA LK S A BO U T SERVICE WE GIVE T IE M T IO N A L SIOUX CITY, IOWA https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N o rthw estern Banker, M arch, 1969 90 Des Moines News IRST Mid A m erica Inc., in v est m en t b an k in g firm h ead q u artered in Om aha and Lincoln, f o r m a l l y opened a Des M oines office at 500 Lo cust S treet on F e b ru a ry 17. Malcolm D. Livengood, vice p resi den t in charge of Iow a operations for th e firm, has been appointed m anager of th e Des Moines office. Mr. L iven good said F irs t Mid A m erica chose to locate in Des Moines because of th e city ’s position as a cen tral financial center of Iow a and th e m idw est. The new office, w hich occupies 2,500 square feet in th e C entral N ational B ank B uilding A nnex, has a contem p o rary Spanish them e, w ith te x tu re d w alls, oak-lined arches and beam ed ceiling. A rch itect for th e office w as S tanley J. H ow and A ssociates, Inc., of Omaha, and co ntracto r w as th e W eitz Com pany, Inc., of Des Moines. A ssisting Mr. Livengood in th e Des Moines office are F re d e ric k A. Kamm eier, Jam es A. S tannard, Jam es Glas er and M ichael O’Connor. Mr. S tan F n ard w as form erly w ith L a m s o n B ro th ers and Com pany in Des Moines and Mr. G laser w as associated w ith T. C. H enderson & Com pany in Des Moines. The Des Moines office is th e eighth for th e firm, w hich also has offices in A tlantic, Cedar R apids and Sioux City, Iowa, and Omaha, Lincoln, G rand Is land and H astings, N ebraska. F irst Mid A m erica recen tly changed its nam e from F irs t N ebraska Securities, Inc., to reflect its rapid grow th, geo g raphically and otherw ise. * * * S everal prom otions and elections w ere announced by Charles O. Russell, p resid en t of H ighland P a rk State B ank, follow ing th e recen t annual m eeting. A dvanced from a ssistan t vice presi d en t to vice p resid en t w ere Daniel H. Griffin and Dean R. Betts. Mr. Griffin is in charge of b an k operations and Mr. B etts is in th e loan departm ent. John Chatham w as advanced from as sistan t cashier to a ssistan t vice p resi d en t and nam ed head of th e b a n k ’s 'i * new E a st Euclid A venue office. Elected assista n t cashiers w e r e Michael J. Kasper, head teller; Donald D. Krough, in charge of th e com puter center; Richard G. O’Conner, in stall m ent loan d ep artm ent, and John F. Outhier, note d ep artm ent. Robert H. Clark, a ssistan t vice pres ident of C entral N ational B ank and T ru st Com pany, w as vice ch airm an for th e 1969 H e a rt F u n d Cam paign in Iowa. H e a rt F u n d Sunday in Iow a w as F e b ru a ry 23, w ith a goal of $475,000 in contributions. * * * Mrs. Fleda Way has been elected a ssistan t cashier at th e N o rth w est Des Moines N ational B ank, according to David G. Wright, president. Mrs. W ay has been w ith th e b ank since 1954, and is c u rre n tly sup erv iso r of th e book keeping and accounting d ep artm ents. * * * Senneff T ravel has been purchased by R uan F in an cial C orporation of Des Moines, and th e tra v e l agency w ill now operate as a division of th e fi nancial corporation. Mrs. Martha Lee Senneff, th e trav el agency’s president, w ill continue to head th e firm, w hich is located at 1218 Savings and L oan B uilding in dow ntow n Des Moines. The agency w ill soon announce expansion and de velopm ent plans, Mrs. Senneff said. * * * William H. B renton, p resid en t and a d irector of B ren to n B anks, In co r porated, of Des Moines, w as elected chairm an of th e board of directors at th e an n u al m eeting of th e organiza tion last m onth. Mr. B ren to n w ill fill th e position EXECUTIVES of F i r s t M id A m e ric a C o rp o ra tio n a re p ic tu re d a t l e f t in f r o n t of th e firm ’s n e w b ra n c h office lo c a te d in th e h e a r t of <*d o w n to w n D es M oines. L e f t to r ig h t a re : Charles F. Heider, exec, v.p., O m aha; Richard Westcott, v.p., Lincoln; Malcolm D. Liven good, v.p. & m gr., D es M oines, a n d Dale C. Tinstman, p res., L incoln. A n in te r io r p ic tu re of th e new g e n e ra l sales office is show n a t ^ rig h t. T h e sp e c ia lly d e sig n ed ro ll-to p d esks a re th e first com plete in s ta lla tio n of th is new d e sk in Io w a. N o rth w e s te rn Banker, M arch, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1969 4 We found one place w here you need us. D o in g business in th is c o u n try is o ne th in g . O ve rse a s it's s o m e th in g else. re a lly be o f s e rvice to y o u . tio n s of in m o st c o rre s p o n d e n t f o r you o verseas. m a rkets banks. o r le tte rs H o w ? W e have c o n n e c overseas th ro u g h We c o lle c t m onies can Pay overseas sellers. a p p o in tm e n ts f o r y o u . fin a n c in g . T h a t's w hy we can o f c r e d it. a ch ain S e t up W r it e tra v e le rs checks We can a rra n g e overseas If y o u 're overseas and run o u t o f m o n e y w e 'll send som e to tid e you o v e r. Those a re ju s t a fe w o f th e th in g s we can d o f o r you overseas t h a t you p ro b a b ly c a n ’t d o fo r y o u rs e lf. W a n t m o re in fo rm a tio n o r h e lp ? C a ll Ray J o h n s to n , 243 -8 1 81 . Central National Bank 8 -Trust Company L O C U S T A T S IX T H A V E N U E , DOWNTOWN D E S M O IN ES, PH O N E 2 4 3 -8 1 8 1 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MEMBER F.D. I.C. N o rth w e ste rn Banker, M arch, 1969 Iowa News 92 held for m any y ears by his fath er, W . H a ro ld B ro n to li, w ho died sud denly in S eptem ber, 1968. A t the sam e m eeting, C. Rob ert Brenton w as elected to fill the position of p re si d en t of th e com p a n y , fo rm e rly held by his brothW. H. B R E N T O N „^ W ill. TT e r , W i l l i a m H. Also, Junius C. Brenton, w as elected to fill th e position of tre a s u re r w hich C. R obert B ren to n had fo rm erly held. C. R. B R E N T O N J. C. B R E N T O N B rento n B anks, Inc., is a reg istered b ank holding com pany operatin g 14 affiliated b anks in Iow a w hich, w ith th e ir branches and offices, cover 31 locations th ro u g h o u t th e state. The 32nd b an k in g location w ill be estab lished th is y e a r in D avenport w hen suitable q u a rte rs are found. W illiam H. B ren to n is also p resid en t of the N ational B ank of Des Moines, and of B renco A utom ation Center, Inc., w hich is a w holly-ow ned com- ^anfetns Jflemories by R ic h a rd C. N e w lin ln_ J 928, som e of the best-known b a n k in g au thorities a gre e d that m any of the bank failures in the U nited States have been due to the fact that banks have been u n d e rc a p ita l ized. Le gisla tors were u rge d to pass laws p ro h ib itin g o rg a n iz a tion of new banks with less than $25,000 capital. O v e r the past 40 years, the trend has continued towards higher cap ital re quirem ents. C once rn was expressed in 1928 for banks show ing ca p ita l of $10,000 to $25,000, and realistic ___ g o a ls of $50,000 to $100,000 were set_ for the "a v e r a g e b a n k ." Today, regulatory a gencies continue to urge realistic c a p ital requirem ents. See MR. NEWLIN before you sell or buy a bank. BANK INVESTORS A Division of Iowa Realty 3521 Beaver Avenue Des Moines, Iowa Phone 515— 277-6211 N o rth w e s te rn B anker. M arch , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7969 p u te r com pany serving the en tire organization. C. R obert B renton has been tre a s u r er of th e com pany since 1964 in addi tion to serving as director of all of the affiliate banks. He is also presid en t of B renton B rothers, Inc., a farm op erat ing com pany, and is on the directorate of th e Iow a State F o undation F arm s. Ju n iu s C. B renton, new ly elected tre a su re r, is senior vice p resident of th e F irs t N ational B ank of D avenport and serves as a d irector of several of the affiliate banks. Thomas C. O’Neil, m anager of the Des M oines office of Dean W itter & Com pany, Inc., has been elected a vice presid en t of the firm. / ■' % Mr. O’Neil w as Ë I'llmlSil elected at a recent w x board m eeting in the firm,s w a n k Z /ilf S treet offices. He joined th e b ro k er ¡SL ■age firm in 1962 % as an account exe cutive. He w as X appointed a s s i s t T. C. O ’N E I L a n t m anager of th e Des Moines office in 1965 and assum ed his p resen t position in F e b ru ary, 1966. A nativ e of Des Moines, Mr. O’Neil received a B.A. degree in business ad m in istratio n from the College of St. Thom as in St. Paul, M innesota. He is c u rre n tly presid en t of th e Iowa In v e stm e n t B ankers Association. Hugh H. Van Hosen has been ap pointed second vice presid en t of the N ational B ank of Des Moines and w ill be m anager of the dow ntow n office of th e bank at 10th and Grand A venue. Mr. Van H osen is a native of D e s Moines. M ost recen tly he has been affiliated w ith th e W itm erH. H. V A N H O S E N K auffm an - E vans In su ran ce Agency. P rio r to 1967, he w as em ployed by B ankers T ru st Com p any of Des Moines for 33 years. * >k * H olstein W ork has begun on a m ajor rem od eling project and the addition of a drive-up b anking facility at the Hol stein S tate Bank, according to N orton D. O brecht, president. The rem odeling project w ill include th e addition of a d irecto rs’ m eeting and conference room and p riv ate of fices; low ering th e b ank ceiling; and carp etin g th e in terio r ban k in g area. The drive-up facility w ill be added to the w est side of th e bank. The en tire project w ill ta k e four to five m onths for com pletion. T his is the first m ajor rem odeling p ro ject at the ban k since its co nstruction in 1926. Iowa City T hree new officers h av e been nam ed at the F irs t N ational Bank, and a n u m b er of o th er prom otions have been made. New officers are Mrs. R alph Oxford and P aul Maske, a ssistan t cashiers, f and Dallas Hogan, assista n t tru s t of ficer. Thom as J. O’B rien has been pro m oted from vice p resid en t to senior vice president; David L. Stochl, from cashier to vice president; Jam es A. Sangster, a vice president, also nam ed Mcashier; V incent L. M aurer, from tru s t officer to vice president; Jo h n W. Bock, A R obert M. Sierk and M ark Thom pson, all from a ssistan t cashiers to a ssistan t V C vice presidents. H arv ey H. Davis has been re-elected r ch airm an of th e board of directors, and H. Clark H oughton has been re-elected president. K eokuk H ardin W. M aster has been elected to th e board of th e State C entral Sav ings Bank, filling the vacancy created by the resignation of G. L. W eissenburger, w ho is retiring. Mr. M asters, tru s t officer at th e b an k for the p ast year, has been elected vice presid en t and tru s t officer. Mr. Weissen b u rg er has been a m em ber of th e board since 1938. 4 M Le Mars The tw o directors have been added to the board of th e F irs t N ational Bank. T hey are Jam es Bowers, p resi dent of Bow ers C lothing in Le M ars, and F ay W ells, p a rtn e r in th e W ells D airy of Le Mars. Cy O rtm an has been prom oted to vice p resid en t and ag rep resen tativ e, and N orm K ehrberg has been elected a ssistan t cashier and in stallm en t loan officer. The b ank also has increased its cap ital from $100,000 to $200,000 by a 100 p er cent stock dividend, according to A1 Maser, bank president. Storm Lake E v e re tt R. Stock, cashier of th e Citizens F irst N ational Bank, has retired afte r m ore th an 40 y ears of service to the bank. He joined th e b an k in 1928 as a bookkeeper and teller, w as prom oted to a ssistan t cashier in 1930 and la te r becam e cashier. V * ^ * 4 93 - <► *- * traveling? we'll spoil you on Ozark! like this. y- and this. and this. you'll like it. and so will we! ►r X. •» * ii •* »y •» V< * y * N o rth w e s tern https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis B anker, M arch , 1969 94 Iowa News Photos Talivu at Group and 1 Meeti LEFT—Stephen B. White, a.c., T he N o rth e rn T r. Co., C hicago: Jack Beets, a.v.p., C ity N a tl. B k & T r. Co., K a n sa s C ity ; Duncan Edmundson, a.c., F i r s t N a tl. B k., S t. L ouis, a re show n w ith Mr. and Mrs. Dale Kelley, exec, v.p., F i r s t N a tl. B k., B u rlin g to n . R IG H T — Mr. and Mrs. Dale C. Smith, v.p., C e n tra l N a tl. B k. &*-* T r. Co., D es M oines, a re show n w ith Mr. and Mrs. Richard Fer guson, v.p., T ip to n S t. B k. GROUP MEETINGS . . . (C ontinued from page 89) lending ra te from 7 p e r cent to 9 per cent, if passed, w ould probably induce m ore funds to be loaned in local com m u nities instead of being placed in h ig h er re tu rn in v estm en ts th a t are presen tly available. w- AM G roup 11 Speakers “G etting in th e new s can be good new s for Iow a ban k in g .” T his is th e com m ent m ade by IBA Vice P resid en t J. C. B lackford, vice p residen t of th e U nion B ank and T ru st Company, O ttum w a, w ho spoke at the mm3 Merchants Mutual Bonding Co. Io w a ’s O ld e s t S u re ty C o m p a n y pany with experienced conservative m anage ment is proud of its 300 bank agents in Iowa. A REPORT on S o u th D a k o ta ’s h e a v y sn o w fa ll is g iv e n b y John Krastins ( l e f t ) , a.v.p., N o rth w e s te rn N a tl. B a n k , S ioux F a lls , to Syl Franklin, a.c., a n d Vince Flynn, 2nd v.p., C o n tin e n ta l B a n k , C hicago; T. P. Hunt, exec, v.p., S e c u rity S a v in g s, S c ra n to n , a n d * " * D. H. Reed, S c ra n to n . M G roup 11 m eeting on behalf of IBA page 22 of this issue. P re sid e n t Jam es W. Lipton, Jr., w ho Mr. C hrystal and Mr. L in dquist also w as unable to attend. gave th e ir rep o rts at th e Group 11 4 Mr. B lackford explained, “Now, m eeting. A m ore th a n ever before, b anking is in th e public eye. F o r th is reason, it is M anchester p a rtic u la rly im p o rta n t th a t legislators The follow ing 1969 officers have been be b e tte r inform ed on c u rre n t b an k elected for th e D elaw are County B ank ing problem s.” He em phasized th a t ers Association: E. G. Schm idt, cash contacts w ith legislators can best be ier, Delhi Savings Bank, D elhi—presim ade on th e local county level. dent; W. K. W iewel, president, F irs t K ey sp eaker at the ann u al luncheon State Bank, M anchester—vice presi- ** w as B indley F inch, vice presid en t and dent; M arvin Lucas, executive vice ag ric u ltu ral con su ltan t for Continen- president, Citizens State Bank, Hoptal-Illinois N ational B ank and T ru st k in to n —secretary -treasu rer. Com pany, Chicago. H is com m ents on The association’s an n u al m eeting th e c u rre n t ag ricu ltu ral situ atio n as w as held at th e M anchester Golf and it p ertain s to banking, are featu red on C ountry Club last m onth. W. W. Warner President M. J. Corbin GENERAL UNITED Vice President LIFE HO M E OFFICE 2100 Grand Ave. Des Moines. Iowa he ^Jlom e 2015 GRAND AVENUE N orthw estern Banker, M a rch , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1969 INSURANCE oß (Credit • COMPANY in s u r a n c e DES MOINES, IOWA 50312 4 Iowa N e w s ^rM aquoketa Jackson State Thom as 0. M cA ndrew s has joined th e staff of th e J a c k s o n S ta te B ank. He w ill be s e r v i n g in th e b a n k ’s farm de p artm en t. P i c t u r e d is Lew is Lein, exec u tiv e vice p re si d en t of th e Jackson S tate B ank, w ho recen tly ob L. S. L E I N served 50 y ears in ►>b an king —as rep o rted in the F e b ru a ry N o r t h w e s t e r n B a n k e r . th e b a n k ’s capital stock and su rp lu s to $270,000, an increase of $70,000. M uscatine 95 floor of the building also w as ex ten sively rem odeled after relocating th e stairw ay and in stallin g an elevator. The D ecem ber 31, 1968, footings of the b an k reached $9,200,000, w hich is th e first tim e a b ank in M itchell Coun ty has reached $9,000,000. Jo h n B. R igler, p resid en t of C entral S tate Bank, has announced th e addi tion of a new board m em ber and th e prom otion of th re e m em bers of the New H am pton b a n k ’s staff. A. J. F orkenbrock, inactive vice Gordon Day, w ell-know n Sw eetland p resid en t and a d irector of th e Secu T ow nship farm er, has been nam ed to rity State B ank since it w as organized th e board of directors. in 1937, has died a t th e age of 66. J. Joe W rig h t has been prom oted to Mrs. M arcella K am m eyer has been a ssista n t vice p resid en t and farm m an nam ed a ssistan t cashier. She has been ager, and E d Caliger and R oland P au l w ith th e b an k since 1961 and w as for sen have been elected assista n t cash m erly dep u ty county auditor. iers. Mr. W rig h t joined th e b an k in 1965. Mr. Caliger, w ho has been w ith th e b an k since 1960, is assista n t m an a O skaloosa State Bank R obert Scott has been advanced g er of th e in stallm en t loan d e p a rt Roger S tew art has been prom oted from a ssista n t cashier to assista n t vice m ent. Mr. P aulsen is in charge of th e ^ f r o m a ssista n t vice p re sid e n t to vice p resid en t a t th e M ahaska S tate B ank. savings d ep artm en t and has been w ith p resid en t a t th e M aquoketa State Mr. Scott cam e to th e b an k in 1963, th e b an k for th e p ast tw o years. **B ank. D elbert J e tte r and G ary B ennis after g rad u atin g from Sim pson Col h av e been n am ed a ssista n t cashiers. lege, Indianola. W hile atten d in g col Osage All o th er officers and d irecto rs have lege, he w as em ployed at th e People The H om e T ru st and Savings B ank been re-elected. T ru st and Savings B ank there. recen tly held an open house in its com pletely rem odeled b anking facili -«•Mason City Ottumwa ties. The U nited H om e B ank & T ru st M anley O. Stevens, ch airm an of the Included in the rem odeling, w hich Com pany, M ason City, h as announced doubled th e space of th e bank, w as F irs t N ational Bank, has re tire d from th e app o in tm en t of E u gene C. Chase th e addition of a drive-in facility and active banking. Mr. Stevens has been as cashier of th e bank. He replaces com plete rem odeling and refu rn ish in g associated w ith th e b an k for 15 years, ^ Dale D. K ennedy, w ho has joined U ni th e in te rio r of th e bank. The second first as a director and th en as presibank, an associated com pany of th e U nited Hom e B ank, as vice president. Mr. Chase h as been w ith th e b ank v»^and its affiliates in th e field of b ank auditing and operations since 1963. ^ ^ H e atten d ed th e U n iv ersity of Minnesota and is a g rad u ate of H am ilton College. r Mr. K ennedy has been w ith th e FOR INVESTMENT b an k 32 years. 1 R ichard J. Morel, ow ner of M orel Jew elers, Inc., M ason City, has been STATE elected to th e board of th e U nited COUNTY Hom e B ank and T ru st Com pany. The b an k also has p resen ted a check CITY fo r $2,000 to N orth Iow a A rea C om m u n ity College to s ta rt th e NIACC DorSCHOOL «vrmitory F und. T he p re se n ta tio n w as m ade by R obert Isensee, b an k presi* ** dent. FREE FROM ALL FEDERAL INCOME TAXES MUNICIPAL BONDS M ineola -y x FREE FROM MONEYS AND CREDITS TAX IN IOW A Mrs. C arroll H enderson has been elected a ssista n t cashier of th e Mineola S tate Bank. M ontezum a Stockholders of th e M ontezum a S tate B ank have voted to increase YOUR STATE BANKERS ASSOCIATION OFFICIAL SAFE, VAULT AND TIMELOCK EXPERTS F. E. DAVENPORT & CO. TH E W H IT E -P H IL L IP S C O ., INC. DAVENPORT OFFICES First N ational Bldg. Phone 326-2527 T eleptype 319-322-0026 DES MOINES OFFICES Flem ing Bldg. Phone 282-1456 OMAHA N o rth w e ste rn https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis B anker, M arch, 1969 96 Iowa News dent. H e served as president from 1956 u n til 1967, w hen he w as nam ed chairm an. Mr. Stevens w ill continue as board chairm an, b u t w ill not m ain tain an office a t the b an k as he has in the past. Pella J e r r y Leahy, presid en t of th e Pella N ational Bank, has announced two prom otions at th e bank. Claire W. Gifford has been advanced from as sista n t vice p resid en t to vice p resi den t and Gene Dop to secu rity officer. P e rry Ja c k Lenz, Jr., has been elected as sista n t cashier a t the F irst N ational Bank. He joined th e b an k in A ugust, 1968, as an a g ricu ltu ral loan officer. M ary M ow rer and Agnes Malcolm, both a ssistan t cashiers, have been nam ed a ssistan t vice presidents. G. L. Owens, b an k vice president, has been elected presid en t of the P er ry C ham ber of Commerce. Pisgah ACORN Registers "Accepted Sale Registers by Bank Clerks Everywhere" For information write THE ACORN PRINTING CO. O akland, Iow a P ictu red here is J e rry L. Vance, w hose election as executive vice p r e s i d e n t of Pisgah Savings B a n k w a s an nounced earlier last m onth. Mr. Vance has been e m p l o y e d since 1965 b y A v c o F i n a n c e Co., j. l . v a n c e S iou x C i t y- He has now moved to P isgah to take up his new duties. P ostville Ted Green, director of the Citizens S tate B ank for the p ast eight years, has resigned. He has been replaced by Jo h n Falb, Jr., p resid en t of the F alb M otor Com pany of Postville. R o lfe yp W illiam V. Spencer, an em ployee of the Rolfe B ank since 1946, has been* prom oted to a ssistan t cashier. Shelby +* Mrs. L. O. Stoker, vice p resid en t and d irector of the F arm ers Savings Bank, has died a t th e age of 75. H er son,, * T hom as M. Stoker, is presid en t of the F a rm e rs Savings Bank. Sioux City First National Bank -t « Two prom otions and an addition in personnel w ere announced by Joe T. G rant, president, follow ing th e a n n u a l stockholders m eeting. Dwaine D. S tinger w as promoted* from a ssistan t cashier to a ssistan t vice presid en t and**controller; B e r n a r d M. “Mike"** Broderick w a s t p rom ote d from a ssistan t c a s h i e r * to a ssistan t vice p r e s i d e n t ; an d 1' N e i l E. H elvig w a s appointed" m anager of the ^ f a r m manageB. M. B R O D E R I C K x . x m en t d ep artm ent. Mr. Stinger joined th e b ank as a teller in 1957. He w as nam ed auditor in 1963 and a ssistan t cashier in 1967. Mr. B roderick has been w ith F irstS * N ational B ank since 1960, w h en h e*,** joined th e tra n s it d ep artm en t. He is in the correspondent b an k depart- ** m en t now. Northwestern National S tanley W. Evans, p resid en t of th e k N o rth w estern N ational Bank, has an nounced the form ation of an A dvisory * v. Board for the M orningside B anking Center. A ppointed to the board, w hich has been created to give the b an k an o p p o rtu n ity to b e tte r serve the sub u rb an area, w ere four M orningside R oland J e r r y H anna, cashier at the R oland State B ank since 1965, has been elect ed to th e board of directors. BANKERS: Profit 3 ways with the new 12 at 21 plan For full information WRITE: Bank Department HAW KEYE NATIONAL life insurance co. 202 Insurance Exch. Bldg. N o rth w e s te rn B anker, M arch, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7969 ■ Des Moines, Iowa 50309 D. C. GI EHM A. P A L M E R YOUR STATE BANKERS ASSOCIATION OFFICIAL SAFE, VAULT AND TIMELOCK EXPERTS F. E. DAVENPORT & CO. OMAHA 4 Iowa News vice president. G ary C uttell has been elected a ssistan t cashier. Six m en have been appointed to th e b a n k ’s advisory council. T hey are: C harles R. Gossett, H arold A. Jacob sen, D uane S. K idder, E d w ard C. P alm er, George C. Pechstein and H. P. P ra tt. W. R E H A N D. S E V E R E I D E -Area resid en ts and businessm en: Dr. Donald C. Giehm, A lbert C. P alm er, %iWaidy J. R ehan and D onald L. Sev<peide. A dditional ap p o in tm en ts will *"be m ade a t a later date. Security National Seven officers have been prom oted and one new officer elected at th e Se c u r i t y N ational Bank. T hom as C. H o rn has been advanced iro m senior vice p resid en t to executive T. C. H O R N D. L. M I D D L E T O N P. F. COOK C. J. T IC E vice president; D aniel L. M iddleton „^from vice p resid en t to senior vice presiden t; P a tric k F. Cook from vice ►•'■president to vice p resid en t and cash ier. C harles J. Tice, R. E. “G ene” H agen and Jam es Jeffrey, all a ssista n t vice presidents, have been nam ed vice A presid en ts and B ruce Kolbe assistan t https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis J. J E F F R E Y resigning in 1950 to accept the post as m anager of th e A llw orth L um ber Company, M ediapolis, Iowa. F o r the p ast th re e years, he has been w ith the Rock Island M illw ork Company. Washington J e rry B ryan has been elected a ssist a n t cashier of the W ashington State Bank. F o r the past seven years, he has been em ployed by the C entral N a tional B ank and T ru st Com pany of Des Moines, m ost recently in th e com p u te r services departm ent. Waukon Mr. Tice, new ly elected vice presi dent, also has been appointed to the Iow a A dvisory Council for th e Small B usiness A dm inistration. Jam es Campbell has been prom oted to a ssistan t vice presid en t at th e W au kon S tate Bank, after serv ing as as sista n t cashier a t th e b an k since No vem ber, 1968. Mrs. Alm a E llingson and Mrs. Hazel K olsrud have been nam ed assistan t cashiers at th e bank. Tipton West Bend F irst National T h ree new directors have been elect ed to th e board of the F irs t N ational Bank. T hey are L aw rence Kleppe, Clarence; L e o n N o s h b i s h , W est B ranch; H arlan Voelker, Stanwood. Douglas Phelps, fo rm erly em ployed at th e F irs t S tate Bank, W est B ranch, has joined th e b ank staff. B ank stockholders have voted a 10 for 1 stock split. H ow ard G arton, assistan t cashier at Palo Alto County State Bank, Em m etsburg, since 1967, has resigned to ac cept the position of a ssistan t vice p res ident of th e Iowa State B ank at W est Bend. F ro m 1962 u n til 1967, Mr. Garton w as farm m anager and a ssistan t cashier at th e B enton C ounty B ank and T ru st Com pany of V inton. State Bank M ichael H. Cord has joined the T ipton S tate B ank as m anager of the in sta llm e n t loan departm ent. He w as form erly m anager of the Seaboard F i nance Com pany office in Clinton. Mr. Cord has assum ed the duties of R. L. L ehm eier, w ho has been prom oted to cashier. M. T. Jensen, re tire d senior vice presid en t of the F irs t T ru st and Sav ings Bank, W heatland, is vacationing in H aw aii. P rio r to his re tire m e n t last Ju ly 1, Mr. Jen sen w as senior vice presid en t and cashier. H is duties as cashier w ere later tak en over by W en dell H. R ensink, w ho is also vice p re s ident of th e bank. Walford Winterset B. K O L B E G. C U T T E L L The F a rm e rs Savings B ank has in creased its capital by a 100 p er cent stock dividend. C apital now stands at $75,000, su rp lu s at $100,000 and u n d i vided profits and reserves a t $112,000. Ivor W. Stanley, tre a su re r of Iowa M idland Supply, Inc., of Cedar Rapids, has been elected to the board of direc tors, replacing W illiam See, w ho has resigned because of his health. Wapello R. E. H A G E N 97 B ern ard P arsons has been nam ed cashier of th e State Bank, succeeding Joe Johnson, w ho resigned to purchase a b an k in Speer, 111. Mr. P arsons had form erly been w ith th e S tate B ank for 10 y ears before Wheatland Two new directors have been nam ed at the U nion S tate Bank. T hey are E lm er F. Lange and Jean W. Lange, both of Sac City, Iowa. The Lange b ro th ers purchased controlling in te r est in the b ank last July. New Marketing D ivision The F irs t N ational B ank of Chicago has form ed a new retail banking de p a rtm e n t m ark etin g division, headed by David J. M cElroy, vice president. Besides the new m ark etin g division, F irs t N ational’s retail b an king d ep art m ent incorporates th e savings, hom e m ortgage loans, personal checking, in stallm ent credit and F irstC ard divi sions. N o rthw e ste rn Banker, March, 1969 98 In the DIRECTORS T ru ly A m azing The m an a tte n d in g a m ovie sat be hind a y o u n g lady w ith a collie dog. T he dog sa t up in th e seat and laughed at all th e hu m o ro u s p a rts of th e show along w ith th e o th er people. Amazed, th e m an leaned over and said: “I ju s t couldn’t help m yself. I have to tell you th is is th e m ost asto n ish ing th in g I ’ve ever seen. Im agine, a dog lau g h in g like th a t and seem ing to en jo y th e m ovie so m uch.” “I ’m am azed, too,” she replied. “He h ated th e book.” 2. E ach pronoun agrees w ith th e ir antecedents. 3. D on’t use no double negatives. 4. Jo in clauses good, like a conjunc tion should. 5. In letters m em os rep o rts et cetera use com m as to keep a strin g of item s apart. 6. D on’t use, com m as w hich a re n ’t necessary. 7. Check to see if any w ords out or m ade any m isteaks in spelling. Question If th e w orld is g ettin g sm aller, w hy do th e y keep raisin g th e postal rates? D ubious P rom otion The capable vice p re sid e n t of a large co rp o ratio n died suddenly and a b rash ju n io r executive asked th e president: “Do you suppose I could tak e his place?” “I t ’s fine w ith m e,” re tu rn e d th e p resid en t, “if you can a rran g e it w ith th e u n d e rta k e r.” H a p p y Neiv Year M any a New Y ear’s resolution dies F o r lack of sufficient exercise.—A r nold Glasow. No Vacancy The hotel clerk w as losing his p a tience. “Look,” he said, “I ’ve told you a dozen tim es, w e don’t have any v a G ram m arian s A dvice can t rooms. W e’re filled up.” 1. V erbs has got to agree w ith th e ir “If th e presid en t of th e U nited subjects. States cam e in,” persisted th e m an, D e L u x e C h e c k P r in t e r s , I n c ........................... 17 D o a n e A g r i c u l t u r a l S e r v ic e , I n c ................. 60 D o w n e y , T h e C. B ., C o m p a n y ............... 31 D r o v e r s N a t i o n a l B a n k ................................. 87 I N D E X OF A DV ER TISER S E E a s tm a n K o d a k C o m p a n y — B u s in e s s S y s t e m s M a r k e t s D i v i s i o n ....................... „ MARCH, 1969 Acorn P rin ting Company ................................. A m e r ic a n N a t io n a l B a n k a n d T r u s t C o m p a n y — C h ic a g o ......................................... A m e r ic a n N a t i o n a l B a n k a n d T r u s t C o m p a n y — S a in t P a u l ................................. A m e r ic a n S ig n a n d I n d ic a t o r C o r p o r a tio n .......................................................... A m e r ic a n T r u s t a n d S a v in g s B a n k — D u b u q u e ................................................ B B a n c a r d c h e k ............................................................. B a n k e r s T ru st C om pan y— D e s M o in e s .......................................................... B a n k I n v e s t o r s ..................................................... B a n k o f M o n t r e a l ................................................ B la c k S a le S y s t e m ........................................... C C e n t r a l N a t io n a l B a n k a n d T r u s t C o m p a n y — D e s M o i n e s ................................. C h a s e M a n h a t t a n B a n k ................................. C h e m ic a l B a n k ..................................................... C h ile s & C o m p a n y ................................................ C om m erce T ru st C om pan y— K a n s a s C i t y .......................................................... C o n tin e n ta l W e ste r n In su ra n ce C o m p a n y .................................................................. C u m m in s - C h ic a g o C o r p o r a t io n .................. D a in , K a lm a n & Q u a il I n c . D a v e n p o r t , F . E ., & C o. . N o rth w e ste rn Banker, March, 7969 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F F a r m B u s i n e s s C o u n c i l ............................ 14, F a r m e r s M u tu a l H a i l I n s u r a n c e 96 85 45 18 19 96 C o m p a n y ............................................................ 34 F i r s t N a t i o n a l B a n k — C h ic a g o ! ! ! ! . . ' ! ! 20 F i r s t N a t i o n a l B a n k — O m a h a ..................... 79 F i r s t N a t i o n a l B a n k — S a in t P a u l .......... 47 F ir s t N a tio n a l B a n k a n d T r u st C o m p a n y — L in c o ln ......................................... 73 F i r s t N a t i o n a l C it y B a n k — N e w Y o r k .......................................................1 0 - 11 83 G G e n e r a l U n it e d L i f e I n s u r a n c e Com pany .......................................................... 94 49 G r o ss , 80 92 65 32 H a w k e y e N a t i o n a l L if e I n s u r a n c e C o ..................................................................................... 9 p, H e lle r , W a l t e r E ., & C o m p a n y 35 91 7 29 70 15 36 53 K ir k , C o .................................. . I o w a - D e s M o in e s Iow a L eg a l B an k . 96 N a t io n a l B a n k ...............100 & P r i n t i n g C o ................... 9 6 K K o o k e r , E . F ., A s s o c i a t e s ........................... 96 L a k e T o w e r I n n ................................................ 12 L a S a lle N a t io n a l B a n k ................................. 41 “y o u ’d find a room for him , w o u ld n ’t you?” ^ “W ell, of course w e w o u ld ,” ad m itted th e clerk. A “ T h e n le t m e h a v e th a t room. H e’s M n ot co m in g.” Paris Tim e S ig n in an an tiq u e shop: “ O u r * * F r e n c h clo cks go ‘T icq u e-T o cq u e.’ ” R.I.P. H ig h w a y outdoor billb o ard for a * m otel: “3 0 0 y a r d s to th e rest of y o u r life.” L a s t y e a r I m ade a list o f th in gs, T h a t I reso lved to do; I ’ll use th a t list a g a in th is year, I t ’s s till as good as n ew .— J a ck H er bert. Com m on Sense Doctor: Y o u are o v e r w e ig h t again, Mrs. F u ller. Y o u h a v e n ’t been k e e p in g s tr ic tly to th a t d iet I g a v e y o u ,V * h a ve you ? M rs. F u ller: W ell, no, doctor. A fter" all, I don’t w a n t to sta r v e to d eath ^ for th e sak e of liv in g a little b it longer. f Master Security Systems, Inc................ 99 ^ Mercantile Trust Company ................ 39 * Merchants Mutual Bonding Co............... 94 Merchants National Bank— * Cedar Rapids ...................................... 2 F Morris Plan Leasing ............................... 37 x . N National Bank of Com m erce................ 71 Northern Trust Company Bank ......... 3 Northwestern National Bank— Minneapolis ......................................... 42 ^ 0 _. P _ It Omaha National Bank ........................... 69 Ozark Air Lines ...........................’ ’ ’ ’ ’ 93 Piper, Jaffray and Hopwood ................ 78 Rahel, J. Cliff, & Co.................................. 76 S T Talcott, James, Inc..............................28, 55 Tension Envelope Corporation ....... .’ 88 Toy National Bank— Sioux City ......... 89 U United California Bank ....................... 59 United States Check Book Company . . 72 U. S. National Bank— O m a h a ................ 66 V Van Horne Investments, Inc................... 75 W M a n u fa ctu rers H a n o v e r T ru st C o m p a n y .................................................................. 33 M a r q u e t t e N a t io n a l B a n k ............................ 13 t >- Scarborough & Company .................... 4 Smith, A. O., Harvestore, Inc................ 9 _ Stockyards National Bank— Omaha .. 77 Studley, Shupert & Co., Inc................... 12 White-Phillips Co., Inc........................... 95 z Ziegler, B. C., & Co.................................. 56 ** AN OPEN LETTER TO BANK SECURITY OFFICERS Protecting Businesses and Homes Against Robbery, Theft and Arson MASTER SECURITY SYSTEMS INC. P.O. Box 456 • West Des Moines, Iowa 50265 • Phone 274-3871 (515) Dear Mr. Security Officer: Now that you have been designated as your bank’s security officer, in accordance with the Bank Protection Act, you have assumed important responsibilities. You are now accountable for your bank’s efforts in discouraging robberies; also for identification, apprehension and prosecution of criminals who rob, or attempt to rob your bank. By March 15, 1969 you must file a report on your bank’s existing protection facilities. By July 15,1969 you must file with the Federal Reserve Bank your bank’s Board-approved security program. By January 1, 1970 you must have surveyed your bank’s security needs and provided for installation, maintenance and operation of an adequate security system. By June 30,1970 you must file a certificate of compliance. Don’t be dismayed! Master Security Systems will help you. We are staffed with trained, experienced bank security specialists, who will work with you in planning, installing, inspecting and maintaining a security system to fit your needs. We don’t install the system and forget you. Every six months we inspect and test all of your bank’s security equipment. When your bank installs a Master Security System, our service maintenance agreement assures you of a completely serviced security system that meets your specifications. As needs arise, or as new and better equipment becomes available, we improve or update your bank’s system. For more information, phone or write for our brochure, “Anti-Theft Programs,” or ask for. our representative to call. Yours for Bank Safety, MASTER SECURITY SYSTEMS, INC. G. D. Andrews President https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis B ob B uenn eke Assistant Vice President V ties We think you'll find our Credit Department a little bit faster. And a little bit better in analyzing those facts to provide you with a really valuable basis for making vitallyimportant credit decisions. Call Bob Buenneke or any of our officers any time you want any kind of correspondent service . . . that's always a little bit better. IOWA-DES MOINES NATIONAL BANK Sixth and Walnut. Des Moines 50304 • 284-8686 Member Federal Deposit Insurance Corporation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NOW IN OUR SECOND CENTURY, OF BANKING J