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Vol. 1. No. 44 Des Moines, Iowa Independent Bankers Meet March 12 -15 Independent bankers from 40 states will assemble in Bal Harbour, Florida, March 12-15 for their 42nd annual con vention. Advance registrations have exceeded 2,100, according to Howard Bell, Sauk Centre, Minnesota, executive director o f the Independent Bankers Association o f America. The convention program will include addresses at general sessions Tuesday and Wednesday, March 14 and 15, by speakers upon subjects that affect the future o f the independent bank. A governor o f the Federal Reserve Board, an agricultural economist, a spec ialist in bank investments, the co-director o f staff for the President’s Commission on Financial Structure and Regulation, and a Portland, Oregon physician will head the list o f speakers. Following the keynote speaker, Pres ident Donald M. Carlson o f Elmhurst (Illinois) National Bank, will be Vice Chairman J. L. Robertson o f the Federal Reserve Board; Dr. Harold F. Breimyer, University o f Missouri; Bohdan J. Kekish, senior vice president and research director, M ood y’s Investors Services; Don Jacobs, chairman, finance depart ment, Northwestern University Graduate School o f Management, and Dr. Clinton S. McGill. Pre-convention sessions o f standing committees on federal legislation; gov ernment fiscal policy, competing finan cial institutions, bank study, agriculture and rural America will be held on Sun day, March 12, while two-day sessions o f the 50-member Executive Council and the 30-member Resolutions Committee will begin on the same day. Social activities will include a getacquainted buffet breakfast, an evening D. M. Carlson H .L . Gerhart dinner with entertainment, and a festive climax banquet. Tw o Irish television and cabaret personalities, Austin Gaffney and Hal Roach, both o f Jury’s Hotel, Dublin, are flying over to entertain the bankers, their wives and guests in a program March 13 that will anticipate St. Pat rick’s Day. Organized in Minnesota in 1930, the Independent Bankers Association o f America has a record high membership o f 6,835 commercial banks in 40 states, and maintains its national headquarters in Sauk Centre, Minn. H. L. (Bud) Gerhart, president, First National Bank, Newman Grove, Neb raska, is slated to move up from first vice president to president o f the Association. High Court To Hear Greeley Bank Case The Supreme Court o f the United States has agreed to make the proposed acquisition o f the First National Bank o f March 6, 1372 Greeley, Colo., by the First National Bancorporation o f Denver the nation’s first test o f Justice Department power to stop banking alignments through anti trust charges. The decision o f the court to hear the case was reported from Washington by United Press International, which termed the case. It is the first antitrust challenge o f the recent trend for bank holding com panies to become dominant by acquiring leading small local banks. The court said it will hear the issue next fall or winter and decide it by written opinion. The decision to hear the case is a setback to First National Bancorpora tion, which won in the lower court. A federal court in Denver on July 12, 1971, dismissed a complaint by the Justice Department, which was trying to block the acquisition. Study New Formula For Setting Prime Rate Tw o committees o f the American Bankers Association have undertaken a study o f the base-lending-rate concept with an eye toward developing a new formula which might be accepted by commercial banks in setting their best lending rates, Allen P. Stults, president of the ABA, said recently. The work o f the tw o committees — research and planning, and econom ic advisory — has been under way for two months and is proceeding thus far on an informal basis, Mr. Stults emphasized. However, at Mr. Stults’ suggestion, (Turn to b a ck page, p le a s e ) The only correspondent bank you’ll really ever need. That’s a promise. Central National Bank & Trust Company https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis LOCUST AT SIXTH AVENUE, DOWNTOWN DES MOINES, PHONE 243-8181. MEMBER FDIC. 7th Fed in Chicago to the 10th Fed for clearinghouse purposes as part o f the Omaha region. There are so many ways we can help you That’s why over half the banks in Iowa are — MNB correspondents ASHLAND: Richard D. Edwards has been elected v.p. at Farmers & Merchants Nat’l. DAVID CITY: Promoted at David City Bank to v.p. was Larry J. Sloup and Mrs. Terry L. Novak was elected a.c. Terry Martín A s s is ta n t V ic e President IIb MERCHANTS NATIONAL BANK CEDAR RAMOS, IOW A 52*01 DAVID CITY: Mrs. Helen Hendricks was named a.c. at 1st Nat’l. Member FDIC IOWA NEWS CEDAR RAPIDS: Brenton Banks, Inc., has been given permission to operate temporary facilities on the site o f its new bank. The permanent building is to be constructed in the spring. on the Land Value Survey taken in Iowa each fall. POLK CITY: A new building for Polk City Savings Bank will be constructed this year, according to W. C. Miller. N EBRASKA NEWS DES MOINES: Legislation to limit reg istered bank holding companies in Iowa by asset size and liberalize the bank office laws has passed both the Senate and the House and awaits the signature o f Governor Ray. In the final version, no multibank firm can control more than 8% o f the state’s total bank deposits. Other phases o f the “ Omnibus Banking Bill” remained unchanged, including more offices for urban complexes and “ grandfather rights” for Northwest Bancorporation to acquire additional banks in Iowa. More complete details will be published in the March issue o f the NORTHWESTERN BANKER magazine. DES MOINES: The Iowa Bankers Assn, will distribute a new 1972 edition on March 15 o f “ An Iowa Schedule for the Preservation and Destruction o f Bank Records” prepared by the Destruction o f Obsolete Records Committee o f the IBA. MARION: 1st National entertained its farm customers Feb. 24 with a buffet dinner and movie. Dr. Wm. G. Murray o f Iowa State U., Ames, spoke on the Living History Farms and gave a report BETTER TALK TO A DROVERS MAN FRED CUMMINGS BERNIE MILLER ED RIETZ LARRY MAKOBEN March 1 marked the opening day o f a new Regional Clearinghouse that en compasses 179 banks in a 90-mile radius around Omaha, including Lincoln as well as a small corridor out to Grand Island, Aurora and Bradshaw. Operated through the Federal Reserve Bank o f Kansas City branch in Omaha, it provides, in effect, one-day clearing o f checks among banks in the area. First National B&T and National Bank o f Commerce o f Lincoln have joined with Omaha Nat’l., U.S. Nat’l., 1st Nat’l., Northwestern Nat’l. and Packers Nat’l. o f Omaha in the Omaha Clearing house. Checks are exchanged at the Fed building each morning at 9:15 a.m. and all clearings in the region are completed by the following day. This cuts into the “ float” time that1the Fed has avowed to eliminate or diminish as much as pos sible. The seven city correspondent banks named above will have a Fed transit routing number o f 1040. The other 172 banks in Omaha, Lincoln and the rest o f the 90-mile radius will be designated 1049, while the balance o f Nebraska banks will be 1041. This is believed to be the fourth or fifth such regional clearinghouse center established by the Fed in a program that will be nationwide within coming months. One o f the first was the Denver region. Discussions have been underway looking to the possibility o f transferring nine counties in western Iowa from the PHONE (312) 927-7000 DROVERS 47th and Ashland Ave. Member https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OMAHA: Morris F. Miller, chmn. o f Omaha Nat’l. said the bank expects to make an offering o f $ 15 million principal amount o f IVi year capital notes due Sept. 1, 1979. OMAHA: Hawthorne Arey, 66, a native o f Omaha and former vice chmn. & dir. o f Export-Import Bank, Washington, D.C., died o f a heart attack recently. PERU: Jess Zimmerman, pres, o f Bank o f Peru has announced the election o f Donald L. Yates as exec. v.p. & chief exec. off. & dir. Most recently, Mr. Yates has been with Beatrice State Bank. Prior to that he was with Gamble Skogmo, Inc. for 9 years. Bemie Kersey «7 % SO. SIOUX CITY: A t Dakota County State Bank new officers elected are: Thomas L. Williams, cash.; R. D. Wessendorf and George E. Olson, a.v.p., and Merle Rost, a.c. IL LIN O IS NEWS Illinois Bankers Association group meetings this week will be: March 7 — Group 7 at U.S. Grant M otor Inn and Masonic Temple in Mattoon. Business meeting 3:45 p.m., recep tion 5:00 p.m., dinner 6 :3 0 p.m. March 8 — Group 10 at University NATIONAL BANK Chicago, III. 60609 F.D.I.C. MULLEN: Donald Pearson was elected a.c. at Bank o f Mullen. IOWA-DES MOINES NATIONAL BANK OF CHICAGO hÿ HAY SPRINGS: New officers at 1st Nat’l. are John D. Carpenter, pres., and Arlan Krugerud, v.p. & cash. We know the importance of your bank to your community. Correspond with us. At The Most Experienced Agricultural Financial Center In Chicago. THE HASTINGS: H. Jack Moors, pres., 1st Nat’l., has announced the appointment of John F. Farrell as v.p. Mr. Farrell has been v.p. at Northwestern Nat’l. o f Oma ha and will be v.p.-mktg. and commercial loans at Hastings. Member Federal Deposit Insurance Corporation X. A á) 4 m ■4% Call on the ” Perf ormanc Team ?.. where common transactions are handled uncommonly well. FIRST NATIONAL BANK GlTR UST COMPANY OF LINCOLN 1 3 t h a n d M S t r e e t • L in c o ln , N e b r a s k a 6 8 5 0 1 • M e m b e r . F .D .I.C . A- Center, Southern 111. U., Carbondale. Luncheon and business meeting, dinner at 6:30 p.m., dancing. March 9 — Group 9 at Augustine’s Restaurant in Belleville. Business meeting 3:45 p.m., reception 5 :3 0 p.m ., dinner 6:30 p.m. > CHICAGO: New vice presidents at Illi nois State Bank are Melvin C. Marks, auditor; Thomas A. Hickey, trust officer, and James A. Monroe, controller. CHICAGO: Thomas J. Annerino has been elected v.p.-bus. dev. div. HINSDALE: Don F. Warnke, pres, o f 1st Nat’l. since 1954, has been named chmn. & chief exec.; Jerold K. M cCoy, exec, v.p., was advanced to pres. & chief admin, o ff.; Mrs. Dorothy Crossett was named v.p., and Mae Dahms was elected a.c. Mr. Warnke was an Iowa banker prior to moving to Hinsdale. Y MATTESON: Raym ond J. Lenart, cash., was also advanced to v.p. CHICAGO: Daniel L. Fries has been elected cash, at Northwest Nat’l. to succeed Joseph P. Spingola, who con tinues, as sr. v.p.; Arthur T. Pressney was elected v.p., and Irene Cobb, Muriel Kregg, Raymond Lanners and John Westa have been elected a.c.’s. * ► » HIGHLAND PARK: Willerd J. Blumhardt has been advanced to sr. v.p. and Frederick G. Ash was named asst, to the pres. A ► MINNESOTA NEWS ALEXAN D RIA: The new Community State Bank opened here for business Feb. 22 . BLAINE: Don Guimont will be pres. & man. off. o f the newly approved Blaine State Bank. His most recent position was pres, o f Gambles Continental Bank, St. Paul. The new bank will be at 101st & University Ave. in Blaine. The charter was granted last summer and FDIC ap proval came in January. Capital accounts are $600,000. Opening is scheduled for May 1. EDINA: William J. B ohnoff has been elected v.p. in charge o f commercial lending at First Southdale Nat’l. He moved from First Hennepin State and succeeds Darrell G. Knudson, who as sumed new duties March 1 as v.p. at Merchants Nat’l. B&T o f Fargo, N.D. EDINA: Three officers have been added and one promoted at Americana State Bank. New officers are Neil W. Peterson, v.p., and H. Wm. Strandquist and Jeffrey D. Litman, loan off. Promoted to head o f the installment loan dept, was Orville J. Spanier. Mr. Peterson has been v.p. at Summit State Bank, Bloomington. Mr. Strandquist returns to Americana State after one year as v.p. at 1st Nat’l., New Prague. Mr. Litman has been with West ern National, Duluth, the past three years. MINNEAPOLIS: First Bank System, Inc., has filed with SEC for a proposed public offering o f $70 million o f notes dues Sept. 15, 1979. MINNEAPOLIS: New exec, officers o f Dainf, Kalman & Quail are: Robert W. Fischer, chief exec, o ff.; Thomas R. Felt, chmn. o f the bd.; Richard D. McFarland, pres.; James G. Peterson, chmn. o f exec, comm ., and John L. Walton, chmn. o f fin. com m . & chief oper. off. NEW HOPE: The request for reconsider ation o f a petition for a new bank in New Hope was rescheduled for April 10 by the Minnesota Commerce Commis sion. COLORADO NEWS DENVER: The Fed has approved the United Banks o f Colorado acquisition o f the St. Vrain Valley Bank in Longmont. Started in 1964, the Longmont bank showed assets at year-end o f $8,700,000. United Banks o f Colorado now owns 11 banks in the state. The holding company has also signed a letter o f intent with the Mon trose National Bank, Montrose, Col orado. The letter establishes a basis for an exchange o f stock between the share holders o f the bank and United Banks. United Banks reported year end assets o f $854 million. NORTH DAKOTA FARGO : The N. D. Banking Board has approved organization o f the new Union State Bank to be located in the area o f 13th-Ave. So. & Interstate 29. Organizers are E. G. Clapp, Jr., Noel Fedje, Dr. George R. Thom pson, Paul P. Feder, Leo B. Murphy, A. M. Krider and Charles H. Corwin. Capitalization is $500,000. NEW ENGLAND: Allen C. Anderson, exec. v.p. o f Citizens State, has an-; nounced two new officers. They are Frank Emch, v.p., and Don Neprash, a.v.p. Mr. Emch comes from Dickinson where he has been an officer o f Ameri can State Bank for two years. r Call Everett P. Brown for V A P e rso n a l A tten tion to A ll Y ou r C orresp on d en t N eed s A. * f ► T V https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CALL 402 AREA CODE 536-2000 Member Federal Deposit Insurance Corporation N A T IO N A L k BANK OMAHA j you’re in first national territory first national bank of omaha NORTH DAKOTA NEWS BISMARCK: L eR oy Gilbertson has been named manager o f the mortgage loan department o f the Bank o f North Da kota. Prior to joining the bank in Decem ber, 1969, he was with the Minot Federal S & L. In another announcement, the bank announced the resignation o f C. Christie Bantz, vice president. FAR G O : The Comptroller has dis approved an application for a branch for the Merchants Nat’l. Bk. & Tr. Co. in the West Acres Shopping district. INDEPENDENT BANKERS. . . (Continued from front page) the ABA committee have examined a weighted composite index utilizing five money market rates in comparison with the performance o f the prime rate over a five-year period. The proposed ABA for mula compares favorably with move ments in the prime, he said. WANT ADS Rates 25 cents per word per insertion. Minimum: 12 words. NORTHWESTERN BANKER 306 15th St., Des Moines. Iowa AGGRESSIVE BANK . . . . . . in metropolitan Des Moines area offers a fine • opportunity as o ffice manager to an individual who is interested in a challenging position with an open future. Previous general banking experien ce preferred. Salary is open, commensurate with ex p eri en ce and ab ility . Liberal em ployee b e n e fits . We are an equ al opportunity em ployer. Write F ile C T B , NORTHWESTERN B AN K ER, 306 - 15th St., Des M oines, Iowa 50309. WANTED Operations O fficer in $17 million bank, location Northeastern Montana. Send resume to F ile NBM, in care of NORTHWESTERN BANKER, 306 15th St., Des M oines, Iowa 50309. WANTED Set of teller fixtures and lobby d esk . Must look rea son a b ly new. Write B ox N FD , NORTHWESTERN B AN K ER, 306 F ifteenth Street, Des M oines, Iowa 50309. WANTED Used drive-up window by June 1, 1972. Write F ile KIA, in care of the NORTHWESTERN B A N K E R , 306 15th S t., Des M oines, Iowa 503 09. POSITION WANTED Branch bank managing o ffice r with 14 years e x p e rie n ce , nine as man aging o ffic e r , d e sire s to re lo ca te in larger community as 1st or 2nd man in agricultural-oriented bank in mid w e s t. E xperien ced in farm and ranch loa n s. Knows insurance. Write F ile D S B ,c /o NORTHWESTERN BANKER 306 F ifteenth Street, D es M oines, Iowa 50309. POSITION WANTED A g g r e s siv e , young 22-year-old fam ily man seek in g employment in banking firm. Resum e a n d /or personal inter view upon requ est. Write F ile MMC, NORTHWESTERN B A N K E R , 306 15th Street, D es M oines, Iowa 50309. LOWER YOUR FARM LOAN RISK By sending him DOANE’S Farming For P rofit, the hard-hitting, fa ctfilled monthly newsletter that pro v id e s help in management, produc tion and marketing. Free sample su bscription for 6 months. Write D . R . Gorr, DOANE Agricultural S ervice, In c., Dept. 701, 8900 Man ch ester R oa d , St. L o u is, M issouri 63144. T H e B aitK THaT H6LPS YO U G eT T H inG S none L A S A L L E OFFICERS TO BE A T ILLINOIS G R O U P S ............ C y Kirk, v ic e presiden t, and John MacArthur, a ssista n t v ic e president of LaSalle National B ank, C h ica g o , w ill be on hand for the Illin ois Group M eetings. Bankers of Group 7 (Mattoon); Group 10 (C arbon dale), and Group 9 (B e lle v ille ) w ill find Cy and John ready and w illin g to d is c u s s current banking s e r v ic e s . If you need immediate a ctio n , c a ll them at Area C ode 3 1 2 /4 4 3 —2774. WE NEED A P P L IC A N T S ____ Here are som e of the p osition s we have a v a ila b le. There is no charge to the applicant for our se rv ice as we look to the em ploying bank for our com pen sation. If you are interested in seek in g a new p o s i tion for any re a so n , p lease write promptly —a ll rep lies con fid en tia l. Bank exp erien ce required. IN STA LL LN — Iowa and South lo c a t io n s ............ OPERATIONS — $20 m illion Iowa b a n k ......... TR OFFICER — Iowa suburban bank, law degree and exp erien ce required . . . . COMM LN — Iowa and Nebraska loca tion . . . . HEAD T E L L E R —bank exp erien ce needed for this e x c e lle n t oppor tunity in suburban Iowa bank . . . . EXE C O F F IC E R -M ich ig a n $ 3 0 m illion bank in Detroit a r e a . . . . T h ese are on ly a few of the p o s i tions we are trying to fill — may we hear from you? BANKERS PERSONNEL SEARCH, INC. 1314 Register and Tribune Building Des Moines, Iowa 50309 Phone - 515/282-4446 Vit ILLINOIS BANKS WANTED We have Buyers with $1 million to $5 A million available fo r investment in majority stock in N orthern Illinois banks with as Ai-, sets of $10 to $25 million. Buyer pays fin d er's fee. National Bank DEPOSITS INSURED TO $20,000 BY F.D.I.C. FOR SALE Neon sig n , new paint, A -l con d ition . Tw o s id e s . Make offer. F irst State Bank, Beaver C ity, Nebraska 68926. Z ÌI S Z O U X C z t f / If interested. A Contact Henry H. Byers, President, BANKERS SERVICE COMPANY, Inc., 44 years experience in selling banks. P. O. Box 2160, Des Moines, Towa 50310 * ■4 Vol. 1. No. 44 Northwestern Banker Newsletter is published weekly by the Northwestern-Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309. Subscriptions 25<£ per copy, $6 per year. Second c la ss postage paid at Des Moines, Iowa. Address all mail subscriptions, changes o f address (Form 3579), manuscripts, mail items to above address. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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