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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


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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


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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.

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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


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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


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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


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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.

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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
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They’re more profitable to you because of our generous com­
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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


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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


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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


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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


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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.

-

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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-

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Regional Offices: New York, New York; Dayton, Ohio; Jacksonville, Florida; Dallas, Texas;
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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

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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
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When you need sophisticated cash
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Member Federal Deposit Insurance Corporation

N o rth w e s te rn Banker, March, 1969


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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:

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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

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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

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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
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In all M aturities — 3 to 270 Days
Discount or Interest Bearing
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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”?


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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

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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

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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.

/


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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

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4

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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

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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
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43

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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

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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
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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-

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45

W e 'll see you in
Æ È S Ë S k

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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


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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


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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

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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

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N o rthw e ste rn Banker, March, 1969


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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.

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___________________________
N o rth w e ste rn Banker, M arch, 1969


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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


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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 .


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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,


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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

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N o rth w e ste rn Banker, March, 1969


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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

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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,
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;
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:
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
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P a pi

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. . . 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 ,


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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,


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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,


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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


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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.

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1201 SOUTH SIXTEENTH STREET

OMAHA, NEBRASKA 68108

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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
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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.

(

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.

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

/

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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,


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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 .

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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 ,


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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


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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 ,


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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


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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


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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