Full text of The Northwestern Banker : March 3, 1980 : Northwestern Banker Newsletter, Vol. 8, No. 45

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Vol. 8 N o. 45

Des M oines, Iowa

Noted Economist Challenges

Beat Inflation, Be World Leaders
AJOR responsibility for a re
turn to a more economically
stable world rests with the United
States, according to Dr. Sung Won
Son, senior vice president and chief
economist at Northwestern Nation
al Bank of Minneapolis. Dr. Son was
in Omaha recently to address the
Rotary Club there and participate in
a news conference at Banco affiliate
U nited States N ational Bank o f
Omaha. Dr. Son’s periodic analysis
of the economy also has just been
published in N orthw estern Na^
tional’s “ Indicators.”
Dr. Son told his audiences “ when
the United States sneezes, the rest
of the world catches cold,” and also
cautioned there are no “ quickie sol
utions” that can be deemed safe and
rem edial. The so-called “ quickie
solutions” like wage and price con
trols, he stated, cannot cure the eco
nomic, social and political disease of
inflation . “ I ’ m disturbed b y the
growing possibility of mandatory
price controls,” Dr. Son said. “ They
have never worked and they never
will work, but the growing senti
ment shows that people are willing
to grab that last straw.”
Pointing to root causes, Dr. Son
laid the blame for current inflation
squarely on Congress and the A d
ministration. He estimated govern
ment regulations will cost over $100

billion in 1980, then stated, “ We
have 536 legislators who have
10,000 full-time employes making
up forms and establishing regulat
ions. When we give $100 billion to
the Arabs, at least we get oil. When
we give $100 billion to government

U.S. Nat’l. Pres. James R. Campbell (left)
and Dr. Sung Won Son discuss economic
conditions at an Omaha press confer
ence.

forms, we get inflation.” He added
that the outlook for curbing inflat
ion in 1980 is bleak. He also warned
against blaming President Carter
for present inflation, noting that it
results primarily from “ mismanage
ment of the economy over the past
20 to 30 years.”
Dr. Son points to a key relation
ship between the United States and
other nations; i.e., the relative inde

March 3 ,1 9 8 0

pendence the United States enjoys
by being able to furnish much of its
own needs, while other nations rely
on a far higher percentage of exports
and imports in relation to their gross
national product. In 1977, he notes,
United States exports were only
8.3% of GNP as opposed to 29.5%
for the United Kingdom. Also in
1977, our purchases from Canada
equalled 17.6% of that country’s
output. A similar relationship exists
with most other nations. Further,
Dr. Son states, in the other nations
“ there is relatively little more these
countries can do to control their
econom ic destinies. The main
responsibility for a return to a more
economically stable world lies with
the United States.”
In Dr. Son’s view, the time is now
for United States leaders to act like
statesmen and world leaders and re
assume a position of genuine leader
ship in the international community
for this nation.
□

Iowa News
Iow a Bankers E xecu tiv e V ice
President Neil Milner has alerted all
Iowa banks that early this month
the Iowa savings and loan industry,
in conjunction with a life insurance
company, will offer customers an
opportunity to invest in CDs at s&ls
with the interest to be treated as
annuity income and, therefore, de
ferred and tax exempt until with-

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regional administrator of national
banks to open an office at 1200 35th
St. in West Des Moines.
FARLEY : Joseph D. Daly has been
promoted from cashier to vice presi
dent and cashier of the Farley State
Bank.

"Opportunity
T

a II(C
WW Robert Scott,
I \ J I I 1 m 9 e e e Correspondent Danker

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#•

HAW KE Y E : Leon Dietzenbach has
been promoted from assistant cash
ier to cashier of the Citizens Savings
Bank here.
Voldy Vanags

drawn. The plan reportedly has been
approved by the SEC, FSLIC and
Federal Home Loan Bank Board.
M r. M ilner said insurance co m
panies are reportedly also seeking
approval for similar plans from bank
regulators.

KEYSTONE: StevenL. Wilson, 30,
has joined Keystone Savings Bank
as assistant vice president. Previ
ously, he was vice president of Van
Home Savings Bank and prior to
that was with the Iowa department
of banking a number of years.
K N O X V IL L E : The Com m unity
National Bank & Trust Co. has re
ceived consent from the regional ad
ministrator of national banks to
locate a CBCT unit at 1210 N. Lin
coln St. here.
PERRY: The Perry State Bank has
received consent from the FDIC to
establish a remote service facility at
511 First St. here.

CEDAR FALLS: Banks of Iowa,
Inc., Cedar Rapids, has received
consent from the Federal Reserve
System to acquire the Cedar Falls
Trust & Savings Bank.

R E A D L Y N : Capital o f R eadlyn
Savings Bank has been advanced
from $50,000 to $150,000 by a stock
dividend.

D ES M O IN E S: V alley N ational
Bank has received consent from the

SIOUX CITY: William F. Kabourek, vice president of Security Na
tional Bank, has been named head of
the commercial lending division.

B en
E ild e rs:
BANKERS’
BANKER
come

w ith u s

Nebraska News
A T K IN S O N : John C. W atson ,
president of the First National Bank
here, has been elevated to chairman
of the board. He is succeeded as
president by Lawrence J. Kramer,
most recently executive vice presi
dent. Joyce Seger was named an
assistant cashier.
CAIRO: The State Bank of Cairo

has received consent from the state
department of banking and finance
to transact a trust business.
COLUMBUS: Robert C. Labenz,
assistant vice president o f the
Columbus Bank & Trust Co., has
been named a trust officer.

Des Moines, Iowa 50304

H O L D R E G E : D irectors o f F irst
National Bank have promoted Glen
J. Anderson to senior vice president
and Kenneth J. Slominski to vice
president. They named three new
assistant cashiers: A . Lucille Erick
son, who is also auditor, Bernice
Lindgren and Patricia Peterson.
GRAND ISLAND: Robert C. Hellbusch has been promoted to vice
president of the agricultural loan
division at the Commercial National
Bank & Trust Co.
NORFOLK: Duane Acklie, presi
dent of the Bank of Norfolk, has
been elected chairman of the board.
Succeeding him as president is RayN EBRASK A NEWS . . .
(Turn to page 4, please)

”

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Federal Reserve Bank of St. Louis

FREMONT: Ronald D. Kranz has
joined the First State Bank here as
executive vice president and a di
rector. Most recently he was cash
ier, trust officer and a director of the
York State Bank & Trust Co.

W re Committed.
Bankers Trust

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SECURITY N A TIO N A L BAN K
SIOUX CITY, IOWA 51101

MEMBER F.D. I.C.

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East Fifth and Locust, Des Moines, 515/244-5111
Member FDIC

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BANKERS PARTICIPATING

Usase P lan . Inc.

545 - 31st Street

Des Moines. Iowa 50312

R. L. “DICK” SELLON • P.D. “DUANE” DEVAULT

*•

N EBRASK A NEWS . . .
(Continued from page 2)
4

m on d T ie d je , form erly executive
vice president. James Herbolsheimer, vice president, was elevated to
senior vice president. W . Spencer
Madden was named vice president,
and Roberta Richter was named
assistant cashier.
NORFOLK: The DeLay First Na
tional Bank & Trust Co. has increas
ed its amount of common stock from
$900,000 to $1,800,000.
RANDOLPH: Donald Backer has
been promoted to cashier at First
State Bank. He has been with the
bank six years.
SOUTH SIOUX CITY: Organizers
o f the S iouxland N ational Bank
have received charter approval from
the Comptroller of the Currency.
The bank’s agent is Irwin R. Ryan.

Minnesota News
A bill sponsored by the Minne
sota Bankers Association to permit
state chartered banks to charge up
to 1% above the Federal Reserve

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LOCUST AT 6TH/DES MOINES, IA 50309
MEMBER FDIC
^ A F F IL IA T E D WITH CENTRAL NATIONAL BANCSHARES. INC.

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Federal Reserve Bank of St. Louis

4
Minnesota Gov. Al Quie signs S.F. 687, an MBA-sponsored bill authorizing state chart
ered banks to charge up to 1 % above the Fed discount rate for loans of any kind. From
left: Sen. Robert Tennessen, Mpls., chmn., Senate commerce comm., Senate chief
author; MBA Exec. V.P. Truman Jeffers; Rep. Stephen Wenzel, Little Falls, vice chmn.,
House fin. inst. & ins. comm.; MBA Pres. James T. Gowan, v.p., First Bank, St. Paul;
MBA Immed. Past Pres. Leslie W. Peterson, pres., Farmers State, Trimont; Rep. O. J.
Heinitz, Wayzata; Rep. Bernard J. Brinkman, Richmond, chmn., House fin. inst. & ins.
comm., House chief author, and MBA Genl. Counsel John S. Jackson.

discount rate for loans of any kind
was enacted into law by the Minne
sota legislature and signed by Gov.
Albert Quie the following day. The
new law, according to M BA Execu
tive V ice President Truman L.
Jeffers, currently permits a maxi
mum rate of 14% on loans previ
ously restricted to 12 % or less. The
discount rate was 12% the day the
bill was signed and was raised by the
Fed the following day to 13 % . The
new law applies to bank instalment
loans and single paym ent loans
made to individuals. National banks
already had such authority.

dent o f the Fairm ont N ational
Bank. James A. Haeckel, vice presi
dent, has been promoted to senior
vice president.
FOREST LAKE: Organizers of the
T ri-C oun ty N ational Bank here
have received charter approval from
the Comptroller of the Currency.
The bank’s agent is Alan G. Atha.
ORTONVILLE: David L. Fuchs
has been promoted from operations
officer to cashier at the Northwest
ern State Bank here.

Illinois News
C O L U M B IA H E IG H T S : M ar
quette State Bank o f Colum bia
Heights has received consent from
the FDIC to establish a detached
facility in Fridley.
FAIRMONT: Paul A . Childers has
been promoted from vice president
and cashier to executive vice presi

AUBURN: W . Wayne Anderson
has joined the State Bank of Auburn
as vice president and loan officer.
He formerly held a similar position
at the Jersey State Bank in Jersey ville.
CARBONDALE: The MidAmerica
Bank & Trust Co. of Carbondale has

■fiv.

■4

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CALL ON THE “PERFORMANCE TEAM”
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where com m on transactions are handled uncom m only well.
FIRST N A TIO N A L LINC O LN

►

13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C.

♦
'#■
*

received a certificate of conversion
as a result of its conversion from the
Carbondale N ational Bank. The
bank’s capital stock of $480,000 is
divided into 24,000 shares with a par
value o f $20 each. Surplus is
$1,520,000 and undivided profits
and reserves exceed statutory re
quirements.
C H IC A G O : E xchange N ational
Bank will file an application for con
version to a state charter, according
to Ira J. Kaufman, chairman.
EAST ST. LOUIS: The First Illin
ois Bank has received a certificate of
conversion as a result of its conver
sion from the First National Bank at
East St. Louis. The bank’s capital
stock of $1,250,000 is divided into
100,000 shares with a par value of
$12.50 each. Surplus is $1,850,000
and undivided profits and reserves
exceed statutory requirements.

North Dakota News
*

BISM ARCK: The Bank of North
Dakota’s prime rate has been in
creased from 14.25% to 14.75%.
This compares to the 15.75% now
being charged b y m ost m oney

center banks around the nation.
HETTINGER: An application by
the West River State Bank here for
federal deposit insurance has been
approved by the FDIC. The bank’s
capital accounts total $1 million. A
spring opening in planned. Incor
porators of the new bank include
Paul A . R ichter, president, and
August C. Kirschemann of Regent,
and Arvel A . Anfinson, Jay B.
Lindquist and William G. Goetz of
Hettinger. Mr. Richter is also pres
ident of the First State Bank at
Regent.

South Dakota News
Governor Janklow on February
19 signed into law HB 1046, which
exempts banks from all limitations
on rates charged for their loans. The
bill contained an emergency clause
stating provisions “ shall be in full
force and effective from and after its
passage and approval.”
SIOUX FALLS: The Comptroller of
the Currency has approved the
m erger o f the S pringfield State
Bank into the Northwestern Na
tional Bank of Sioux Falls.

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Federal Reserve Bank of St. Louis

Colorado News
COLORADO SPRINGS: The Bank
at Broadmoor, located at Four Elm
Ave. here, opened for business on
February 14. Directors include the
bank’s president, Don E. Hammer,
Blakemore McCarty, Gordon Price,
Mary Ross and Paul H ow es.^
DENVER: Anton F. “ Tony” Shafer
is the new vice president for busi
ness development and marketing at
the Columbine National Bank.
FO RT C O L L IN S : H arleigh C.
Howerton has been promoted to
senior vice president of the newlycreated consumer loan division at
the First National Bank here. Other
promotions include Wesley H . Sarg
ent, vice president-marketing; Vir
ginia Morley, vice president-operat
ions, and Cathy Schott, Trudy M.
Trethewey and Bryant M. Pulley,
assistant vice president.
W H EAT RIDGE: Jack D. Nunn
has been named president of FirstBank of Wheat Ridge, N .A ., replac
ing R. Kent Landmark who was
tapped as executive vice president
of the parent FirstBank Holding
Company.

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Phone: (402)553-6400

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Payment in advance, please.
NORTHWESTERN BANKER
306-15th St., Des Moines, Iowa 50309

Ben E, Marlenee Coins
913 Locust
Des Moines, Iowa 50309
515-243-8064

PARTIAL LIST OF
AVAILABLE POSITIONS
LENDING— Rural la. bank. Handle installment loans
& collections. Also do some ag lending. Must be able
to work on own. $15,000.
VP— Be responsible for entire loan portfolio of small
ag bank. Must know lending regs. Lending is the key
to this spot. Other bank experience a plus. $16,000.

OPERATIONS—SD bank needs operations officer.
Supervise bookkeepers and tellers. W ill handle all re
ports. $17,000
OPERATIONS—Asst, to operations officer in large
Iowa bank. Must have operations experience, be ag
gressive and prospect oriented. W ill supervise 15.
$23,000.
EVP—#2 position in Minnesota bank. Lending is com
mercial, with some ag. Must have experience in all
areas. Equity potential for right person. $28,000.

♦

■4
-♦

TRUST OFFICER— Iowa bank is establishing new
dept. Must be experienced in trust area and be able to
set up a dept. $26,000.
AG LENDER— Real opportunity for person with 2-plus
years experience. W ill do all ag lending for east Iowa
bank. Bank wants person that can make decisions and
operate on own initiative. $22,000
ALL FEES PAID BY MANAGEMENT
FOR FURTHER INFORMATION
RESPOND IN CONFIDENCETO:

POSITION AVA ILABLE

Second Officer—Newly-chartered Community Na
tional Bank of Muscatine, la. Minimum of four to six
years instalment and/or operations experience de
sired. Salary open. Contact Charles S. Bullock at (319)
263-1122.
(p a )
Consumer Loan Officer for $30 million bank. Applicant should be fam iliar with consumer loan legis
lation. Good opportunity for quick advancement.
Write file J B L ,c /o Northwestern Banker.
(PA)
Ag Lender with a minimum of three years experience
needed by progressive community bank In midwest.
Excellent opportunity and benefits. Write or call
Malcolm Freeland, c /o Northwestern Banker.
(PA)
Regional Auditor
Wyoming Bancorporatlon seeks experienced auditor
to conduct corporate audit program within our south
east region. Based in Cheyenne, this position is re
sponsible for the internal audit activities for five banks
withina100 mile radius. Qualifications include degree
in accounting, at least two years of public or private
audit experience for a financial institution and sound
communications skills. Some travel required. Starting
salary to $20K with excellent benefits. Respond in
c o n fid e n ce w ith d e ta ile d resume to Charles M.
Huebner, Wyoming Bancorporation, P.O. Box 1706,
Cheyenne, Wyo, 82001
(p a )
________ Equal Opportunity Employer M/ F________
Personnel Director
$80MM holding company bank with 100 employees
seeks personnel professional with generalist back
ground to direct its human resource program includ
ing selection, salary administration, payroll, EEOand
policy coordination with holding company. Position
reports to top management and requires at least two
years of current personnel management experience,
preferably forafinancial institution. Starting salary to
high teens with excellent benefits. Respond in confi
dence with detailed resume to Charles M. Huebner,
Wyoming Bancorporation, P.O. Box 1706, Cheyenne,
Wyo. 82001.
(PA)
-_____ Equal Opportunity Employer M / F
Ag Lending Officer— North central Iowa bank of $38
million deposits. Ag grad and some operating experi
ence preferred. Write file JBN, c /o Northwestern
Banker.______________ ___________
(PÀ)
Operations. Supervisory position in large Iowa bank.
Accounting in bank operations experience needed.
Potential for advancement for aggressive and pro
spect oriented person. Salary commensurate with
education and experience. Write to file JBO, c /o
Northwestern Banker. _____________________ (PA)

Agricultural Lending Officer. Bank of $75 thousand in
western Montana. Write file JBR, c /o Northwestern
Banker.___________________________
(p a )
Personnel Officer. Bank of $75 thousand in western
Montana. Write to file JBS, c /o Northwestern Bank(PA)
ËL____________________ _ ___________
Insurance Agency Manager— Position open for exper
ienced, aggressive insurance agency manager in
north central Iowa. Salary plus. Send resume and
salary requirements to file JBQ, c /o Northwestern
Banker._________
(p a )

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Golf & Tennis Resort

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Burroughs TC-750 posting machine. Call Mr. Deal at
(312)231-1800._____________________________ (FS)
12 NCR 152-70 teller machines in excellent condition,
$695 each. Also, three Burroughs T-100 encoders in
exce lle n t c o n d itio n , $425 each. Phone (512)
836-5864._________________________________ (FS)

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714 Central National Bldg. 515-283-2545
Des Moines, Iowa 50309
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317 6th Ave.
Des Moines, IA 50309
(515) 244-4414

LENDING OFFICER. . .N W I A ................$15-$20,000
AG LENDING OFFICER. . . N W I L ........$18-$21,000
AG LENDING OFFICER. . .SEM N . . . . $16-$19,000
AG CREDIT VP. . . EIA ..........................$20-$23,000
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POSITION WANTED
Students in the Rural Banking & Ag Finance Program
have completed 1800 hours of classroom work in
banking, agriculture and insurance. They are now
seeking employment or internship positions with
banks in the areas of management or management
trainee. Students are available for interviews. Please
contact Terri Beckman, Instructor, Red Wing AVTI,
RedWing, MN 55066. Or call (612)388-8271.
(PW)
AG POSITION WANTED— Man with farm background
and four years long-term plus three years short-term
ag lending experience, seeks opportunity in country
bank with promotional possibilities. W rite file JBM,
c /o Northwestern Banker.___________________(PW)

BANKERS WANTED
AGRILN— Near metro area ..................................20K
BR. MGR.— Michigan ........................
23K
AUDITOR— New position ..................................... 24K
COML. LN— Minnesota ......................................... 30K
INS. AGENCY— I o w a ..........................................+18K

fiUTGiTifiTED SVSTEmS
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301 N. A nke ny B lvd ., S u ite 220
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CREDIT SUPERVISOR. . .Denver ..........$15-$20,000
INSURANCE OFFICER. . .NW IA .......... $18-$20,000

1É

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CORRESP. BKR— Missouri

..................................25K

E.V.P.— Minnesota ............................................... 30K
Send resume and salary history in confidence to:

TOM HAGAN & ASSOCIATES
Box 12346 / North Kansas City, Mo. 64116
(816)474-6874
____________ Bank Personnel Service

8 N ° - 45 Northwestern Banker Newsletter [USPS 873-300] is published weekly by the Northwestern Banker Company, 306

Fifteenth Street, Des Moines, Iowa 50309. Subscriptions 25 cents per copy, $8.00 per year. Second class postage paid at Des Moines
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Iowa. Address all mail subscriptions, changes of address [Form 3579], manuscripts, mail items to above address.
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Full text of The Northwestern Banker : March 3, 1980 : Northwestern Banker Newsletter, Vol. 8, No. 45

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