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• Vol. 10 No. 46 B an k ’ s 1 0 % L oan M on ey G oin g F a st! 9 ^ a 0 0 0 • # March 8,1982 Des Moines, Iowa HE old saw about bankers having tomers. Borrower must provide the | a sale on money is proving true bank with proof of purchase, then at the Ida County State Bank in Ida pay a rate of 10% interest for one Grove, la. For a four and one-half year, variable rate thereafter on month period starting with Febru- loans beyond one year. The loan ary 11,1982, Ida County State Bank limit is $7,500 maximum, $100 mini is making available to its customers mum, with 25% down payment re a loan pool of $1,000,000 from which quired. Joint check will be issued to any custom er may borrow a max buyer and merchant; items pur imum o f $7,500 at 10% interest for a chased may be used as collateral. As period of one year. A fter that time, a noted above, the program expires on July 1, 1982, or earlier if the variable rate will apply, as usual. James Lipton, president of the bank, said “ we were looking for a way to help stimulate our own economy, as well as to assist our in dividual customers and our retail merchant customers. W e hit upon this plan because it helps both of those segments o f our customer base, as well as contributing to the overall benefit o f our local economy. W e figure if each dollar turns over five or six times, as retail dollars normally do, then maybe we can give a boost of up to $5,000,000 to Ida Grove with this program .” The rules of “ The Econom y B ooster,” as the loan pool is called, Eire simple. The bank makes the million in loan funds available to borrowers with qualified credit who are established Ida County State Bank deposit custom ers. Item s must be purchased only from Ida County State Bank merchant cus- $1,000,000 loan pool has been used up. Mr. Lipton said, “ Now may not be the best time to be incurring debt for some people, but there are some who must purchase items and goods regardless of current conditions, so we hope this helps them. W e figure this entire venture will cost us about $75,000, but because of the help it gives our custom ers and the econom y now, we think it will pay o ff in the long run. We consider it an investment in the future of our city.” The types o f loans for which money has been borrowed to date bear out what Mr. Lipton stated. He said that in the first 10 days of the offer, Ida County State Bank made 52 loans for $215,000. These loans covered 11 for feed, eight for fer tilizer, eight for seed, five for cattle, seven for cars, seven for farm equip ment, four for furniture and ap pliances and two for home remodel ing jobs. Peter H. Nielsen, senior vice president and cashier of the bank, said it appears the entire amount allocated for this special prom otion will be loaned out in com ing weeks. “ W e have had many favorable com m ents,” he noted, “ and we feel we are on schedule.” Ida County State Bank, with ap proxim ately $50 million deposits at 1981 year-end, is one of two banks in Ida Grove, the county seat town. □ ASK JOHN MANGOLD to make MNB work for you. Toll free: 1-800-332-5991 Merchants National Bank is i Member F.D.I.C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A BANKS OF IOWA' BANK How did we qet to be first in Iowa? By putting W éâ Iowa first Gariy Frandson IOWA . A n A ffilia te o f N o r t h w e s t B a n c o r p o r a t io n w 1 n ato n al bank M em ber FD ic BANCO*' Call (515) 245-3131 or toll-free (800) 362-2514 Iowa News at Iowa State Bank, M orning Sun, AN KEN Y: Kenneth Keniston has brings with him 14 years o f agricul been named president o f the Ankeny tural banking experience. N ational Bank. M r. K en iston Nebraska News started his banking career in 1974 at Ainsworth State Bank and has BEEM ER: A t The First National served as vice president in charge of Bank o f Beemer, Raymond H. Stef consumer lending at State Bank and fensmeier, president for over 20 Trust in Council Bluffs since 1978. years, has been elected chairman and David D. Steffensmeier, ex COUNCIL BLUFFS: Gary W ilson ecutive vice president, has been has been prom oted to assistant vice named president. D avid Steffens president o f the First National Bank meier has been with the bank since o f Council Bluffs. He has served as a 1970 as vice president. Douglas R. personal banking officer for the past Steffensmeier, vice president and year. cashier, was elected president of ESTH ERVILLE: Gene L. Johnson, First Beemer Corporation, the hold who joined United Central Bank & ing company for First National Trust Company in Estherville on Bank. September 1,1981, as president and chief executive officer, has resigned COLUMBUS: James M. Bator has from that position and as a director been prom oted to senior vice presi for health reasons. David W . W ood, dent at First National Bank o f Col executive vice president and agricul umbus. A lso at the bank, Larry D. tural representative o f the bank was Marik and Gerald B. M icek were appointed as acting chief executive prom oted to vice president status. officer. COZAD: Jeffrey J. Konen has been named a vice president at First RICHLAND: A lvin C. Pettit has Bank & Trust Co. He was previously been appointed manager o f the of serving as loan and trust officer, fice here for Union Bank and Trust Co. o f Ottumwa. He was form erly having worked at the bank since vice president at First National 1975. G EN EVA: Jerry L. Jares, cashier, Bank in Fort Dodge. has been elected vice president and W OODBINE: Allan B. Eich was cashier at Fillmore County Bank. recently appointed vice president of Richard Hagge, who joined MidW oodbine First National Bank, ac W est A g Credit Corp. last summer cording to Kenner Swedburg, presi as an ag representative, has been dent. Mr. Eich, form erly president named assistant vice president. OM AH A: Peter Zandbergen has been prom oted to senior vice presi dent at First W estroads Bank. Mr. Zandbergen joined the bank in 1978 as assistant vice president. LINCOLN: Roland H. Tom blom , 65, and vice chairman o f the board o f City Bank & Trust Co., died last month o f emphysema. Mr. Tornblom joined City Bank, then known as City National, in 1965 as presi dent, and was previously senior vice president at First National Bank in Council Bluffs, Iowa. THEDFORD: A t the Citizens State Bank in Thedford, Sam Ogle was prom oted to vice president and cashier. He has been with the bank since 1967 and named cashier in 1972. Minnesota News DULUTH: Earl Olson has retired from First Bank Duluth W est as vice president and second officer. Dan W allin will be joining the staff as v ice p resid en t and cred it Estate Appraisals Purchase o f Collections R e lia b le and respected service fo r over 20 years W ith U sed b y bankers throughout the m idw est Availability B en E . M arlenee C oins Availability of fu n d s. . . availability of people. . . responsive to your needs. Waterloo, Iowa 50704 Member FDIC https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis JANSEN: State Bank o f Jansen has prom oted Helen M. Rahe from cash ier to vice president and to the board. Kandy Kay Buchli was pro moted from assistant cashier to cashier. Sale o f Rare Coins Single System Banking National Bank o f Waterloo HOLBROOK: Security State Bank has been sold by Mr. and Mrs. D.L. Holbein to Charles R. Leffler, Jr., Charles R. Leffler, Sr., and James D. Krantz. Charles Leffler, Jr., has been named president, succeeding Mr. Holbein. The Holbeins plan to m ove to California in the banking business. Mr. Leffler has moved from Lincoln where he was with Lef fler Investm ent Co. Charles Leffler, Sr., is president o f the firm. Mr. Krantz is president at First Na tional Bank, Bayard. Phone Bill Rickert at 1-800-772-2411. 913 L ocu st D es M oin es, Iowa 50309 515-243-8064 Supplement to Northwestern Banker Newsletter 3-8-82 Carleton D . Beh Com pany Investment Bankers / Financial Consultants 1300 Des Moines Building / Des Moines, Iowa 50309 5 1 5 /2 8 8 -2 15 2 MOODY’S: “A’ NEW ISSUE We own and offer subject to prior sale and change in price and subject to our attorney’s approving opinion: $390,000 LE MARS, IOWA General Obligation Bonds DATED: March 1,1982 DENOMINATION: $5,000 Both principal and semiannual interest (June 1 and December 1; first coupon due December 1,1982) payable at the office of the City Treasurer, Le Mars, Iowa. IN THE OPINION OF COUNSEL INTEREST ON THESE BONDS ARE FREE FROM PRESENT FEDERAL INCOME TAX. MATURITIES $20,000 25,000 30,000 10.50% June 1, 1983 June 1, 1984 June 1, 1985 $35,000 9.90% June 1, 1986 9 1/4% June 1, 1987 $40,000 9.50% June 1, 1988 $35,000 8.00 8.25 8.75 $45,000 9.75% June 1, 1989 9.75 $45,000 10% June 1, 1990 10.00 9.00 $50,000 9.25 $65,000 10.25% June 1, 1991 10.50% June 1, 1992 10.25 10.50 9.50 LEGALITY TO BE APPROVED BY AHLERS, COONEY, DORWEILER, HAYNIE & SMITH, ATTORNEYS, DES MOINES, IOWA • Le Mars, the county seat of Plymouth County, is located in the northwest section of the State, approximately 25 miles from Sioux City. The city is surrounded by a healthy mixture of business, industry and agricultural economy. Plymouth County ranks second in the state for the harvesting of oats and ranks fifth for the harvesting of corn. The average-sized farm in the county is approximately 286 acres. A few of the ma jor employees in the area are: Harker Wholesale Meat; W ell’s Blue Bunny Dairy; Floyd Valley Hospital and Westmar College. Transportation is provided by U.S. Highway No. 75 and State Highways No. 3 and 60. There are two banking facilities in Le Mars whose deposits exceed $80,000,000. The current population is estimated at 8,276. a These bonds are being issued to pay the City’s portion of the cost of improvements made to the C ity’s Wastewater Treatment facility. The imw provements include the addition of an activated sludge treatment system, an aeration basin, clarifiers, and a clorine contact unit. An Ad m inistrative office was also added to the plant facility. FINANCIAL STATEMENT • • $138,651,465.00 101,542,626.00 1.961.000. 3.711.000. Actual Valuation, estimated 1981 Taxable Valuation, estimated 1981 Net Direct Debt, including this issue Net Direct Overlapping & Underlying Debt Population, 1980: 8,276 Net Direct Debt: $236.95 Combined Net Debt: $412,15 00 00 The information contained herein is not guaranteed, but is derived from sources we deem reliable and is that on which our purchase of these bonds is based. Bonds of a particular maturity may or may not still be available or may now be available at a price or yield different from that indicated above. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Division of Hutton & Company Inc. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Supplement to Northwestern Banker Newsletter 3-8-82 WE’RE BUUMGOUR REPUnnON OH BUUM 6 UPTOURMORTS. United M issouri Bank offers your bank the best B ond services and Bank Card services in the M idwest. W hy are they the best? Because they can be m ore profitable to our correspondents than those offered by the other correspondent banks. N ow United M issouri offers you another profitable alternative. Cash Letters. be made available faster using United M issouri. You may just find that our Cash Letters are less expensive. Especially with the new federal regulations. A n d, at United M issouri, we direct send whenever it’ s m ore cost efficient. Cash Letters. Just one m ore profitable reason to call D ick Muir, your U nited M issouri Correspondent Banker today. ( 816 ) 556-7905 L ook into our availability schedules. Chances are your funds will United we grow. Together. BANK OF KANSAS CI1Y, N.A. MEMBER FDIC https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis P.O. Box 2 2 6 , 10th & Grand, Kansas City, Missouri 64141 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CALL ON THE “PERFORM ANCE TEAM ” where comm on transections are handled uncommonly well. FIRST NATIONAL LINCOLN 13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C. manager, and Dennis Telega has been prom oted to vice president. FERGUS FALLS: Northwestern National Bank o f Fergus Falls • celebrated its 100th Anniversary on March 3 and 4. The bank opened its doors in 1882 as Fergus Falls Na tional Bank with assets o f $80,000. # IS A N T I: D a v id C. J oh n son , previously on the staff o f First State Bank o f Braham, has been elected senior vice president, loan and operations officer, o f First State # Bank o f Isanti. He replaces Dallas Olson and Thomas Kolb, who have both recently purchased interest in the Ogilvie Bank. ^ 0 LITTLE FALLS: First Bank Little Falls has elected Glenn G. Howes, chairman, and David A . Lee, presi dent and managing officer effective March 8. Mr. Howes, who has served as president since 1962, will retire June 1. Mr. Lee has been serv ing as vice president o f First Bank Rochester, since 1979. RED W IN G: Goodhue County Na• tional Bank has announced the pro m otion of James Teele to executive vice president in charge o f the branch facility at Fourth and Bush ^ # • Illinois News CHICAGO: Lincoln National Bank o f Chicago has elected Patrick Mulhem, as vice president and E.D.P. manager, in charge o f all computer operations. Mr. Mulhem has been with the bank 12 years. CHICAGO: W ayne D. H illock was recently elected senior vice president in the commercial division of Sears Bank and Trust Company. South Dakota News Wyoming News B u ffalo B ancorporation, In c., Buffalo, has recently received ap proval from the Federal Reserve Bank o f Minneapolis to become a bank holding com pany through the acquisition o f the First State Bank o f Buffalo. LA R A M IE : E.J. Haines, president o f First Interstate Bank has an nounced the prom otion o f Gordon Jenkins, senior vice president and cashier; Norm Brown, assistant vice president and instalment loan man ager; Marge Barm s, controller; Ger maine St. John, assistant cashier, and Nan Newman, custom er accoun ting officer. North Dakota News The Federal Reserve Bank o f Min Montana News neapolis has approved the applica The Montana Bankers Associa tion by W ells-Foster Bankshares, Inc., Carrington, to acquire the tion will be conducting a series o f Collection W orkshops at three loca Farmers State Bank, Carrington. tions throughout the state, which GRAN D FORKS: First National will provide bank lenders basic infor Bank has announced the prom otion mation and techniques for the effec of Robert Burris and Thomas Mark tive collection of bank loans. The to vice president. Mr. Burris has W orkshops will not attem pt to pro been with the bank since 1945 and vide any legal solutions. Dates and locations for the workshops are: Mr. Mark since 1975. A pril 6, Sheraton, Great Falls; April M A YV ILLE : W .C. Martz, president 7, Village Red Lion, Missoula, and of the Goose River Bank in May- April 8, Holiday Inn, Billings. Joe ville, has announced the election of Cameron, owner o f J.C. Cameron & Steve Dahlstrom as vice president. Associates, Inc., a business consul M r. D ahlstrom was a form er tant specializing in credit and collec employe o f the bank, serving m ost tions, will be speaking at the recen tly as com puter system s workshops, which will run from 9:30 analyst for the NCR Corporation at a.m. to 3:30 p.m ., with registration at 9:00 a.m. its Fargo branch. W ATFORD CITY: Scott J. Swen son has been elected to the position o f president, chief executive of ficer and director o f the newly organized McKenzie County Na tional Bank. He joins the bank after eight years o f banking experience with the First National Bank in Grand Forks. An opening date in the near future is anticipated by the bank’s board, pending approval from the Comptroller o f the Currency. i i l t ’s my job to assist our correspondents with the details o f credit analysis, overlines,—even profit planning. f § Today, your con tinued profitability is as important to Security National Bank as it is to you. S e r v ic e LOAN ACTIVITY BULLETIN names of all debtors in the county recorded during the period What: name of secured party When: the date the loan was filed with the Secretary of State Where: location where loan made Who: FAsrseKVice Hike Hefner Correspondent Banker Security National Bank W estern Iow a’s Largest SECURITY N A TIO N A L B A N K https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BanKers Sioux City, Iowa 51101 (712) 277-6554 Member FDIC ¡¿CORDS .In c. F O R T B E N T O N : J o se p h H . Moorse, who has served as president since 1965, has been elected chair man, and Stephen E. McSweeney, vice president since 1978, has been elected president, managing officer and a director of First Bank Fort Benton, effective A pril 1. Mr. M oorse will retire June 1, having served in the First Bank System since 1940. G REAT FALLS: Joseph J. Friend has been elected vice president and senior credit officer o f Bank of Mon tana System. Mr. Friend, who began his banking career in 1961 in Min nesota, replaces Kenneth I. Heen, who resigned for medical reasons. <z^foCdsx am i c^hioaiate.*. Bank Consultants IOWA NATIONAL BANK CURRENCY AG/COMM’L LENDER—3-5 yrs Ag & Comm’l lending. Ins license a plus. $20K BRANCH MGR—Solid S & L bkgd with good communica tion skills. $21K. COMM’L LENDER—5+ $35K. WANTED FOR PERSONAL COLLECTION Also paying top prices fo r other “ types” of U.S. currency and finan cial paper. DON MARK Box 1, A del, IA 50003 • 515/270-8170 BANK PLACEMENT SPECIALISTS (Our33rdyear) Call experienced professionals to locate the right candidate for your vacancy . . .o r the right “move-up” for yourself. CORPORATE RECRUITERS MIDWEST BANKING DIVISION 202 S. 71 st Street 402 / 393-5515 Omaha, Nebraska 68132 SERVING PROFESSIONALLY Specializing in Bank Acquisitions 515-232-0814 P.O. Box 450 405 Main Ames, Iowa 50010 Banking, Financial & Business Personnel, Iowa and Nationwide Donald E. Holder, Principal 714U.C.B. Building, 515-283-2545 Des Moines, Iowa 50309 WANTADS Rates are $5.00 per line per insertion. Add $3.00 for file letters per insertion. Identity of file letter advertisers cannot be revealed. NORTHWESTERN BANKER 3 0 6 - 15th Street D es M oines, Iowa 5 0 3 0 9 Phone 5 1 5 /2 4 4 -8 1 6 3 P A R T IA L LIST OF A V A IL A B L E PO SITION S Capital Personnel Service POSITION AVAILABLE INSURANCE AGENT—immediate opening for an Agency Manager in Western Nebraska. Excellent opportunity. Ex perience required. Salary open. Write file PBL, c/o North western Banker. (PA) yrs seasoned comm’l lender. JR. COMM’L LENDER—3 yrs comm'l lending exp. $25K. STAFF ACCOUNTANT—Acctg degree plus internal audit knowledge. High Teens. OP OFFICER—Good solid banking bkgd. $25K. ASST CONTROLLER—CPA with SEC and sophisticated bank exp. $55K. INTERNAL AUDIT—Degree plus bank audit exp. $25K. FOR FURTHER INFORMATION RESPOND IN CONFIDENCE TO: Bank Division RO BER1 ® of Iowa, Inc. 317 6th Ave. Des Moines, IA 50309 (515) 244-4414 A L L FEE S C O M P A N Y PAID F IN A N C IA L SP E C IA LIST IN TH E T W IN C ITIE S A R E A Call Bruce Meyer 612/835-4466 7625 Metro Blvd., Suite 350 « Minneapolis, MN 55435 RECRUITERS 300 Offices Nationwide The Search and Recruiting Specialists FOR SALE ' Reconditioned NCR 299 Posting Machines for; G/L Daily Stmt, Loans. Excellent condition, programmed, and installed. Phone 307/634-7402._____________________(FS) Q OVERSTOCKED—New Sharp Teller Machines. Delivered and installed. Reasonable price. Phone 307-634-7402. (FS) B A N K E R S A V A IL A B L E TWO NCR 499 POSTING MACHINES. Programmed for general ledger daily statement, DDA, and loans. Phone 605/934-2500._________________________________(FS) NCR 775-2100 with MDC. Low hours and document count. Under maintenance. Available 30-45 days. Also available CEOs with heavy ag lending exp. .......................to $50,000 other NCR proof machine models—775 single and multi Commercial Lenders...................................................... to $32,000 pocket, and 775 with data-capture and auto-feed hopper. Ag Lenders..................................................................... to $25,000 Phone Julia, 512/250-0794.______________________ (FS) PO SITION S A V A IL A B L E Generalists (Operations/Lending).................................. to $36,000 IBM 1255 sorter-Model 1. Available immediately. Phone Commercial Lender for central Iowa bank. Requires 8 to 10 512/250-0794._________________________________(FS) years of solid experience.......................................... SalaryopenOperations/Cashiers.......................................................to$28,000 •LeFebure Tel Air 5 Drive-In Kiosk. «Executive Dictaphone Commercial Lender for Illinois bank. Requires 3 to 5 years Installment Lenders........................................................ to $25,000 Dictation System. *3M Cantata Background Music Tape experience handling larger loans............................ $30,000 Trust Officers..................................................................to$30,000 Player (new). All equipment in excellent condition and Ag Lender for central North Dakota bank. Should be col available immediately. Phone: Larry Curran, First National lege grad with one or more years of banking experience. .. Write or call Malcolm Freeland, Freeland Financial Ser Bank, Humboldt, IA 515/332-1142. (FS) ............................................................................................. $20,000 vice, Inc., 246 Insurance Exchange Bldg., Des Moines, Iowa 50309. 515/282-6462. Describe your needs, and we Office Manager for eastern Iowa bank, located near major PO SITION S A V A IL A B L E city.............................................................................Salaryopenwill assist you. Employer pays reasonable fee. CASHIER—rural Nebraska bank close to large city. InCEO for county seat bank in western Iowa. Must have solid surance experience helpful. $25,000 lending experience and good track record. . . . Salary open POSITION WANTED PRESIDENT—prefer experienced CEO with Agri-lending CEO for newly-chartered bank In mldwestern state.$32,000 background. Investment possible. $35,000 Individual desires upper level ag loan officer or correspon OPERATIONS OFFICER—olean up situation in small Operations Person with accounting background for dent officer position for an aggressive agricultural bank or suburban bank. Audit experience and ability to establish western Iowa bank...................................................$20,000 holding company in the Midwest. B.S. degree in Animal accunting systems desired. $30,000 Ag Lender for northern Iowa bank. Must have proven Science and concentration in Ag Business. Six years ex record in ag area........................................................Salaryopentensive ag lending experience in all phases of agriculture, COMMERCIAL LOAN OFFICER—large affiliate of major with two years of this experience in a bank. Also ex holding company has a career opportunity for a commerWrite or call Malcolm Freeland, Freeland Financial Ser perienced in installment lending and some bank opera cial lender with 5-7 yrs. experience. Degree desired. vice, Inc., 246 Insurance Exchange Bldg., Des Moines, $38,000 tions. Resume and references available upon request. Iowa 50309. Phone 515/282-6462. Employer pays Write File PBN, c/o Northwestern Banker. (PW) CONTROLLER—medium size rural bank with excellent reasonable fee. record of growth desires accounting major with good operations experience. $28,000 B A N K IN G PLA CE M EN TS What does you employees’ appear ance tell your customers about your bank? “We want to please you” or “We don’t really care?” Call us for the look of “Service” and “Success.” If you are seeking a qualified officer for your bank, we have the top applicants in the midwest. Listed below are a few of our current applicants: “ Successful Banking is Quality Personnel” Eighteen years banking experience serving as president of rural and metropolitan banks enables me to find the “right” banking position for you as a banker or the “right” officer for your bank. DON- CAREER APPAREL I 523 N. Main S t„ Carroll, Ia„ 51401 712-792-2748^ ;CHOOLER |r " asso ciates 901 A. West Jackson* Ozark, Missouri 65721 417/485-6020 COMPLETELY CONFIDENTIAL “Employment Service” TRUST ADMINISTRATOR—administer the employee benefit section of a well established trust department. Law degree preferred. $30,000 ^ V ^ W _ w £ w A Additional positions availlble for junior and senior of ficers. Your inquiry is confidential. Resume' and salary history requested. TOM H A G A N & A S SO C IA T E S % P.O. Box 12346 - 2024 Swift North Kansas City, MO 64116 816/474-6874 “ Serving the Banking Industry Since 1970” Vol. 10 No. 46 Northwestern Banker Newsletter (USPS 873-300) is published weekly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309, (515) 244-8163. Subscriptions $1.00 per copy, $15.00 per year. Second class postage paid at Des Moines, Iowa. Address all mail subscriptions, changes of address (Form 3579), manuscripts, mail items to above address. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis •
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