Full text of The Northwestern Banker : March 27, 1967, No. 1024

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No. 1024

Des Moines, Iowa

March 27,1967

Name Rye New M innesota Commissioner
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ST. PAUL: Marvin L. Rye takes
office today, March 27, as Minne
sota’ s new Commissioner of Banks.
Mr. Rye has been in the banking
business sin ce 1940 and has been
managing officer of the State Bank
o f Conger, Conger, Minn., since
1949 and is executive vice pres
ident here. He was born in Fertile,
Iowa, September 21, 1921, and be
gan his banking career with the
Citizens Savings Bank in Hanlontown, Iowa in 1940. Floyd Smith,
who has been acting commissioner
sin ce Joseph Ringland left the
commissioner’ s post March 6th,
resumes his duties as assistant
commissioner today.

Prime Rate To 5-1/2%
A
basic or “ prime” lend
ing charge on business loans grew
more widespread in the banking
industry as Morgan Guaranty Trust
C o., a leading New York bank, an
nounced it was cutting its minimum
charge to that level from 5%%, e f
fective March 23.
The action brought an end to
the suspense, which had grown
more intense in recent days, as
to whether a key money-center
bank would reduce its prime rate
to the 5%% level adopted nearly
two months ago by Chase Manhat

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tan Bank, New York C ity’ s largest.
Most other major banks, in
cluding Morgan Guaranty, cut their
prime rates only by a quarter per
centage point, to 5%%.
First Pennsylvania Banking &
Trust C o., Philadelphia’ s largest
bank, announced it will reduce its
prime rate to 5l/2% in line with the
Morgan move.
Major banks in Chicago and
other midwestern banking centers
were reported to be studying the
move to the lower rate.

SOUTH DAKOTA NEWS
Workshops for discussion o f the
Uniform Commercial Code, which
becomes effective in South Dakota
July 1, 1967, will be held as fo l
low s: March 2 8 --Rapid City; March
29 —Pierre; March 30 —Watertown;
March 31 - - Sioux F alls.
BLUNT: Fred Stuart McDaniel, Jr.,
58, died recently. He had been
cashier o f the Dakota State Bank
and was associated with the bank
sin ce graduation from the Univer
sity o f Iowa in 1931. He was a
native o f Cedar Rapids, Iowa. Mrs.
McDaniel died last July. His son,
J. S. McDaniel, su cceed s him as
cashier.
MURDO:

John

Meyer

has

been

named ch ief executive officer of
the Jones County Bank. He re
signed as vice president of Sibley
State Bank, Sibley, Iowa, to take
the position. He had been in Sibley
sin ce November, 1965, and prior to
that had been with the Millbank,
S. D. branch of First National of
Aberdeen.

RAPID CITY: John T. Vucurevich
has repurchased control of Rushmore State Bank, and also has pur
chased the Lyman County Bank at
Kennebec, S. D. He has been e le c
ted president and chairman of both
banks. Mr. Vucurevich had sold
the Rushmore State Bank in Janu
ary, 1966 to Billy O. Phillips, a
building contractor, and Maurice L.
T est, attorney, both of Des Moines.
Mr. T est has been president of the
bank sin ce that purchase. No per
sonnel changes will be made, a c
cording to Mr. Vucurevich.
RAPID CITY: Neil G. Simpson,
president o f the Black Hills Power
and Light C o., has been elected
a C lass B director of the Federal
Reserve Bank of Minneapolis. He
su cceeds Joyce A.Swan, executive
vice president and publisher, Min
neapolis Star and Tribune. Mr.
Swan was named a C lass C direc
tor and chairman of the board.

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JOHN DIEFEND0RF and GENE HAGEN
Represent

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The Bank for Personal
Service in Sioux City

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SECURITY NATIONAL BANK

Sixth and Pierce Sioux City, Iowa

IOWA NEWS
ALTOONA: Directors of Altoona
State Bank recently increased the
board from seven to nine members
and voted increases in capital
and surplus. The capital was
raised from $75,000 to $100,000
and surplus from $37,500 to$ 5 0 ,000,
by a stock dividend. The two new
directors are Lester J. Vos and
Robert T . Townsend. A long-time
director, John Meilike, resigned
and has been succeeded by Earl
Freel, cashier.
ARMSTRONG: Andrew Johnson,
88, a director of First Trust &
Savings for 30 years, died last
week in a nursing home.
BETTENDORF: Douglas S. Grinde
has been advanced from executive
vice president to president at
Bettendorf Bank & Trust. His p osi
tion as cashier has been filled by
promotion of Larry E. Makoben.

C H R IS T Y
A R M S TR O N G

LEO
KANE

LEO
S C H L U E TE R

‘WE HAVE WHAT YOU WANT
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9TH AND MAIN, DUBUQUE, IOWA
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CASCADE: Cascade State Bank
is constructing a drive-in facility
adjacent to the bank.
DAYTON: Paul H. Albrecht starts
April 1 as cashier of Iowa State
Bank & Trust. The past 2J/£ years
he has been with East Des Moines
National Bank, Des Moines.
DES MOINES: The Iowa State Bank
ing Conference will be held this
next Thursday, March 30, in the
Kirkwood Hotel, with registration
starting at 8:00 a.m. and business
session starting at 9:00 a.m. There
is no registration fee. Luncheon
tickets are $2.50 each.
DE WITT: First Central State Bank
will open early in May, it is re
ported by Doyle A. Butts, execu
tive vice president o f the bank,
which was chartered last Septem
ber.
NEW HAMPTON: Harlan A. P ose,
cashier, First National Bank, re
ports that open house in the new
bank building will be scheduled
for the latter part of April.
NORTH LIBERTY: The application
of Coralville Bank & Trust, Coralv ille, to open an office in North
Liberty has been approved by the
state superintendent of banking,
John Chrystal.
PLEASANTVILLE: Controlling in
terest in the Pleasantville State
Bank has been sold by Clyde M.
Core, president, and Clair G.
Prange, vice president. The pur

KEEP US IN MIND
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Member FDIC

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Homer Jensen

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Federal Reserve Bank of St. Louis

BANKERS TRUST COMPANY
Mambar Fedaral Deposit Insuranca Corporation

Largest Locally-Owned Bank in Des Moines

chasers are Harry F. Soults, ex
ecutive v ice president, State Bank
of Prairie City, and his a s s o c i
ates. Mr. Core will continue on
an active j basis with the bank
as executive vice president. Mr.
Prange has resigned as v ice pres
ident. Mr. Soults Was elected pres
ident and director. He reported
to the Northwestern Banker that
he will continue actively with
the State Bank of Prairie City
and spend some of his time at
Pleasantville. Vernon Johnston,
cashier, and other employees at
Pleasantville
will continue in
their same positions. Deposits of
the bank are $2,150,000.

*
PROTIVIN: John Bouska, 86, pres
ident o f the Bohemian Savings
Bank sin ce 1942 and a director
sin ce 1935, died recently at a
C resco hospital.
SIOUX CITY: Gene R. Bishop, a s
sistant vice president, First Na
tional Bank, has been appointed
chairman of the general community
division of the million dollar fund
drive being conducted by Briar
C liff C ollege of Sioux City.
SPENCER: Daniel E. Jessen, a s
sistant cashier of Cherokee State
Bank, has resigned to accept a
position as manager of installment
loan department of Farmers Trust
and Savings Bank, Spencer.
WATERLOO: Approval has been
granted by the state banking de
partment to P eoples Bank & Trust
C o., to construct a parking lot
office at 2325 Kimball Avenue.

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NEBRASKA NEWS
Duane Earl Pope, who has re
ceived a death sentence for the
murder of three bank o fficia ls at
Big Springs, Nebr., during his hold
up of the Farmers State Bank
June 4, 1965, has been moved from
the Nebraska state penitentiary
to the federal prison at Leaven
worth, Kansas. The Eighth Circuit
Court of Appeals in St. Louis, Mo.,
affirmed his conviction on Febru
ary 13, and on March 17 denied a
motion for a new hearing. His
attorneys said they will ask for
a stay of execution, scheduled for
April 4 at Leavenworth, and are

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BANK PLANNING
Waterloo, Iowa

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Jerry Nelson

M em b er F e d e r a l D e p o s i t In s u r a n c e C o r p o r a tio n

appealing the case to the U. S.
Supreme Court.
BATTLE CREEK: A 75-foot addi
tion with Colonial style front will
be constructed for the Battle Creek
State Bank, according to William
Swoboda, president. He also an
nounced that Lawrence Praeuner
has been hired as cashier, a p osi
tion that had also been held by
Mr. Swoboda.
BELLEVUE: Glenn E. Donaldson
has moved from East Troy, Wis., to
become executive vice president
and cashier at the Bank of Bellevue.
He has been in banking for 25
years. Thomas F. Finnegan also
has joined the staff. He will be
in the installment loan department
and was formerly with A ssociates
Discount Corporation of Nebraska
in Omaha. Mr. Donaldson su cceed s
George F. Buser, who has resigned.
DIX: A hearing has been set for
April 26 in Lincoln on the appli
cation of Lee Shirk for a state
bank charter in Dix. Mr. Shirk is
president of Banner County Bank
at Harrisburg, Nebr.
LIBERTY: O fficers named at the
recent annual meeting of State
Bank of Liberty are: Herman Bachenberg, president; Emil Haas, vice
president; Ed Podtburg, cashier,
and Ralph Larsen, assistant cash
ier.
OGALLALA: The Keith County
Bank has recently observed its
fifth anniversary sin ce founding.
Pete Hansen, loan department, has
been elected assistant cashier.
OMAHA: An application has been
filed with C. R. Haines, acting
director of banking, to change the
name and location of Indian H ills
Bank. It was filed by the new

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Federal Reserve Bank of St. Louis

- -_ ™

owners, Industrial Loan and De
velopment Corp., whose president
is Louis Dillman. Under the pre
vious owner, Paul Dunlap of Red
Oak, Iowa, permission had been
granted to move from 7746 Dodge
Street to 120th & Center Streets
and change the name to Gateway
Bank, Inc. The new application
now asks to have the bank moved
to 304 South 42nd Street and a
name change to Mid City Bank,
Inc. This is the location of Indus
trial Loan at the corner of 42nd &
Farnam Streets.
Security National Bank, organ
ized in 1964, has only recently
moved into its new building at
35th and Farnam, just seven blocks
east of the applicant’s location.
Center Bank is located directly
south at 42nd & Center Streets.
A hearing has been set for
May 18 at 9:30 a.m. in Lincoln.
OMAHA: James C. Karlik, 36, was
found dead in his garage at home
last week, a victim of carbon mon
oxide poisoning. He was at one
time an assistant vice president
of South Omaha Stockyards Nation
al Bank, later was an officer with
the Bank of V alley, V alley, Nebr.,
and then moved to the west coast.
Since October he had been office
manager for Becker Brothers Gar
age in South Omaha.
PLAINVIEW: Keith D. Redinbaugh
has been promoted from assistant
vice president and farm represent
ative to vice president. He has
been with the bank since January,
1965, serving previously with the
Farm Home Administration.
VALENTINE: Construction of a
new building for the Bank of Valen
tine is underway. The crescen t
shaped
building
encom passes
9,000 square feet and will provide
off-street parking. Bank Building

__ -

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to A ll Y our
C orrespondent N eeds
CALL

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AREA CODE

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Member Federal Deposit
Insurance Corporation

& Equipment Corp. is
and general contractor.

architect

WAUSA: Commercial State Bank
has employed Dale Pohlmann,
formerly of Lexington, as ag re
presentative.

MINNESOTA NEWS
CLARKFIELD: C .C. Elkjer was
honored at open house March 17,
at the Farmers & Merchants State
Bank on the occasion of his com
pletion of 50 years in the banking
business. He began his banking
work in South Dakota and su bse
quently worked in North Dakota
and Minnesota before purchasing
with W.J. Strate the controlling
interest in the F&M Bank in Clarkfield. Mr. Elkjer was president
from that year until January, when
he retired and was named the
bank’ s chairman.
KARLSTAD: N.O. Folland, presi
dent of Karlstad State Bank, has
announced the addition of Stuart
M. Folland to the staff. Mr. F o l
land plans to remain as president
and director of the bank but plans
to retire from active management
in the near future. Stuart Folland
has been employed since 1962
with First National Bank of Minn
eapolis in its staff training pro
gram. His father is I.S. Folland,
president of the Greenbush State
Bank, Greenbush.
PAYNESVILLE: Joe Spaulding has

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LISTED, UNLISTED A N D LO CAL STOCKS
412 Farm Credit Building, Omaha, Nebraska 68102
Phone 546-6677

been appointed a v ice president of
Farmers and Merchants State Bank.
He has been in banking sin ce
graduation from Paynesville High
School in 1960, and has returned
there from Clark, S. D., where he
has been operations officer and
auditor for First National Bank.
ST. PAUL: The compromise bill
that will end non-par banking in
Minnesota November 1, 1968, ap
pears headed for passage by the
State Senate with no problems. The
compromise bill was agreed upon
in the House by the sponsors of
opposing b ills. The Senate com
mittee received it Monday, March
20, passed it out to the floor un
animously and substituted the
House file number. Observers feel
it will pass with no trouble.
ST. PAUL: The Senate Commerce
Committee o f the Minnesota State
Legislature will have hearings at
8 a.m. and at 4 p.m. on Monday,
April 3, in the basement of the
C apitol, Room 28, on the bill be
fore the Senate that would grant
branch banking powers to Farmers
and Mechanics Savings Bank,
Minneapolis.
ft

WINONA: Gordon R. Espy, 43, was
named president of Merchants Na
tional Bank at a specia l directors
meeting. He su cceed s G. M. Grabow, who died suddenly in Florida
while vacationing. Mr. E spy had
been v ice president and cashier.
Norman W. Schellhas, 56, was ad
vanced to vice president, and Ken
neth A. P oblocki, 40, was moved
from auditor to cashier. Herbert W.
Peter, 33, was named auditor.

FORT MORGAN: John H. B loedom ,
77, president of the Farmers State
Bank from 1919 until retiring last
month when he was elected chair
man, died in a Denver hospital
recently. He was a native of Platte
Center, Nebr., and was a former
president of the Colorado Bankers
A ssociation and vice president for
the state of the A .B .A .

NORTH DAKOTA NEWS
FARGO: Merton A. Bobo has been
elected a trust officer with First
National Bank & Trust Co. He has
moved to Fargo from Holyoke,
M ass., where he has been sin ce
1962 with Safe Deposit Bank and
Trust Co. of Springfield, Mass. He
was graduated from Calvin C oolidge
Law School, Boston.
JAMESTOWN: Darwin Ronngren has
been advanced from assistant ca sh
ier to cashier at Jamestown Nation
al Bank. He joined the bank in 1960.
RUGBY: Dr. William R. Fox and
Arthur Zurcher have been elected
to the board of directors at C iti
zens State Bank.
WILLISTON: James H. B ailey has
been elected an assistant cashier
by directors of the American State
Bank. James Raaum and Vernon
Owen were promoted from adjusters
to representatives.

COLORADO NEWS
DENVER: Charles C. Van Dyke,
63, a national bank examiner and
Denver resident for 45 years, died
March 16.
DENVER: The Colorado bank board
has approved the application for
a state bank charter for Mid-States
Bank, to be located at E. Florida
A ve. and S. Harrison St.
The new bank will open soon
in a portable office building, while
its permanent quarters are being
built as part of an 8-story office
building in the shopping center

things are happening at C E N T R A L N A T IO N A L ...
things that mean even better service
to Iowa banks.

„

CENTRAL NATIONAL BANK AND TRUST COMPANY
M ember Federal Deposit Insu rance Corporation

MONTANA NEWS
HELENA: Henry Loble, attorney,
was elected recently to the new
position o f chairman of the board
of the Commerce Bank and 'Trust
Co. at the regular March meeting
o f directors. Lyle E. Olson re
mains as president and managing
officer.

WYOMING NEWS
CHEYENNE: Mrs. Ruth Ray, a s
sistant cashier, American National
Bank, will be a member of the
panel on “ The Art of Management
and the Bank” at the regional
conference of the National A s s o c i
ation of Bank Women at Holiday
Inn-Riviera Hotel in Palm Springs,
C alif., April 13-15.

WANT ADS
Rates 25 cents per word per
insertion.
Minimum:
12 words.
NORTHWESTERN BANKER
306 15th St., Des Moines, Iowa

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No. 1024 Northwestern Banker is published five times monthly by the Northwestern Banker Company, 306 Fifteenth Street, Des
Moines, Iowa 50309. Subscriptions 50tf per copy, $6 per year. Second class postage paid at Des Moines, Iowa. Address all mail
changes of address (Forms 3579), manuscripts, mail items to above address.
Digitized for subscriptions,
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