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► C U fb lc tâ & L ' May U , 1971 Des Moines, lowa No. 1288 66 O pposes Patman's Bank Reform Acl » “ If all sections of the pro posed legislation under H. R. 5700 dealing with bank interlocking management were enacted — we fear that commercial bank boards of directors would be decimated.’ ’ This is the statement made by Clifford C. Sommer, ABA pres ident, before the House Banking and Currency Committee headed by Wright Patman, D., Texas. Mr. Sommer is president of the Se curity Bank and Trust Company, Owatonna, Minnesota. Excerpts from his testimony follow: “ American business and indus try have learned over the years that the public interest, as well as the interest of stockholders, is best served by a corporate board o f directors which includes high caliber responsible people with varying backgrounds and experi ence. “ This proposed legislation would eliminate most outside di rectors. It would damage all banks and would be especially harmful to banks in small communities. An all /in sid e ’ board would lack broad perspective. “ In our smaller cities and towns, business and civ ic leaders serve on the boards of the local 99 banks as a matter of community pride and duty. The choice of these leaders is not just a happen stance. Indeed, it is a necessity for the proper functioning of the banks in the interest of their communities. Conversely, other Clifford C. Sommer corporations elect bankers to their boards to draw on their knowledge and experience in the field of finance. “ The most disturbing part o f all this is that no need has been shown for such a drastic curtail ment of the reciprocal use of talent. Bank directors are held by the courts to a higher stan dard of conduct than is required of other directors. “ In addition to placing severe restrictions on officers, directors and employees of financial insti tutions, H. R. 5700 places re strictions on giveaways to attract deposits and also calls for an extension of Federal Deposit In surance on public funds. “ The American Bankers A ssoci ation opposes Sections 22, 23 and 24 of H. R. 5700 which would flatly prohibit ‘giveaways’ to attract de posits. “ There is no need for this out right prohibition. The regulatory agencies have all stated in these hearings that they have adequate regulatory authority to control any abuses in this area. “ The American Bankers A ssoci ation opposes Sections 25 and 26 of H. R.5700 which would extend insurance coverage on public de posits, including those of govern ment agencies, to 100 percent. The provision would also au thorize the Federal Deposit Insurance Corporation and the Federal Savings and Loan Insur ance Corporation to set limits on the amount of public funds which insured banks and savings and loan associations could legally a ccept.’ ’ Bankers throughout America are encouraged to obtain copies o f the complete transcript on H. R. 5700 and to contact their respective representatives. There are so many ways we can help you That's why over half the banks in lowa are — MNB correspondents T y James E. Coquillette President A A FULL SERVICE BANK X MERCHANTS NATIONAL BANK CEDAR RAPIDS, IOWA A https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MEMBER FDIC ■4 Get to know BOB REED H e knows correspondent bank needs. " th é P*C 0S0ttW bank* B ankers Trust Sixth and Locust, Des Moines (515) 283-2421 IOWA NEWS The following Iowa Bankers A s s o c i ation Group meetings w ill be con ducted this week: Group 6 on May 10 in Des Moines ; Group 10 on May 11 in Centerville; Group 7 on May 12 in Iowa City; and Group 8 on May 13 in Maquoketa. & CIVIC CENTER WEDNESDAY, MAY 26 We’re going all out to make this homecoming a truly gala occasion! All the many great extra features of information and entertainment you’ve come to expect. PLUS Russ Morgan Orchestra playing dinner music! APLINGTON: The board of directors of the State Savings Bank, announced that Roger L. Loerch of Nebraska C ity, Nebr., has purchased a substan tial interest in the bank. He was elected executive vice president and director and has assumed active man agement of the bank. Prior to moving to Aplington, he was executive vice •president, cashier and director of The Otoe County National Bank in Nebraska City. CEDAR RAPIDS: Merchants National Bank has opened ÇfcSs* Kingston office on the west side of Cedar Rapids. Farmers Savings Bank at Sprague ville to D . L. Pooler, executive vice president of the Bellevue State Bank at B ellevue. Mr. Weasmer has re signed as executive president of the bank and will be succeeded by Mr. P ooler’s father, Mac Pooler. Mrs. Weasmer a ls o has resigned from the bank as assistant cashier. WAUKON: Open house w ill be held at Waukon State Bank Tuesday, May 11, for tours of the recently remodeled quarters, and for the bank’s 100th anniversary. WEST LIBERTY: E llis A. Negus, for merly of Wilton Junction', has been elected assistant vice president of the West Liberty State Bank to re place Charles E. Mackey who died recently, tw in Mosher is president of the bank. NEBRASKA NEWS GREEN MOUNTAIN: At a sp ecia l meeting, Charles Lynk was elected cashier of the Producer’s Savings Bank. He su cceeds LaVern B. Staker, who has been cashier and was elected executive v ice president. Mr. Lynk has been employed by the Fidelity Savings Bank in Marshalltown the past nine years. HÏLDRETH: The State Bank of Hil dreth at a recent quarterly meeting elected Julius H. Mietzner as its president; Leon Samuels on, senior vice president; Kenneth W. Frerichs, vice president and cashier; and Gecrge C. Soker, who has served as president for the past 38 years, to chairman of the board. LONE ROCK: Angus Cotton, former president and Chairman of Lone R ock Bank, died May 4. LOUP CITY: The Sherman County Bank has named W. N. Roberts as vice president. He has been a ffili ated with the Nebraska State Bank in Weeping Water for the past 14 years as cashier and loan officer. SPRAGUEYILLE: Garold Weasmer has sold his controlling interest in No increase in prices!! we're here on your account For full program and regis tration forms write: GROUP 3 COMMITTEE P. 0. BOX 8 CLEAR LAKE, IOWA 50428 SECURITY NATIONAL BANK 6TH AND PIERCE SIOUX CITY, IOWA https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Call on the "Performance TeamV.. Where the record speaks for itself in the administration of Employee Profit Sharing Trusts. FIRST NATIONAL BANK & TRUST COMPANY OF LINCOLN 13th and M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C. We know the importance of your bank to your community. Correspond with us. I0WA-DES MOINES NATIONAL BANK Bernie Kersey Member Federal Deposit Insurance Corporation OMAHA: Ed Van Horne, chairman of the board of Van Horne Investments Inc., died last week at the age of 81. Mr. Van Horne is survived by his w ife, A lice and son, John E ., who is pres ident of Van Horne Investments Inc., of Omaha. Hr OMAHA: John W. Cattle, president and chairman of The Cattle National Bank at Seward, was elected pres ident of the Nebraska Bankers A s sociation for 1971 —72 at the 74th annual convention in Omaha last week. He succeeds H. L. McKibbin, execu tive vice president, Bank of Gering. New NBA vice president is Roland E. Emmett, president, Citizens State Bank, Arapahoe. Fred Douglas, vice president, The Omaha National Bank, continues as treasurer. Complete con vention report and pictures will appear in the June Northwestern Banker. SCHUYLER: The Schuyler State Bank has not been s o ld , as reported in last w eek’s issue. The bank sold was the Schuyler State Bank at Rushv ille , 111., as reported in that state news section in this issue. MINNESOTA NEWS GRANITE FALLS: Normal A. Lepler has been named vice president and cashier of Yellow Medicine County Bank. He was formerly cashier of the Citizens National Bank of Willmar and a trust auditor at First National Bank, Minneapolis. HOFFMAN: I. L. Swanson was re cently named pres ide nt of the Farmers State Bank. H. B. Johnson was named vice president. Both men became the bank’s new owners. David B. Lofgren had been president of the bank and principal stockholder with Douglas Shauer, cashier and part owner. KILKENNY: The Comptroller has denied an application by First Na tional Bank of Kilkenny for transfer of the bank to Faribault. MOORHEAD: M. James Trask has announced his resignation as pres ident and director of the Moorhead State Bank. He has accepted the presidency of Professional Economics Bureau Inc., Minneapolis. Mr. Trask has been executive officer of the bank since its founding in 1963. Dennis W. Troff was advanced from vice president to executive v ice pres ident and managing officer. ILLINOIS NEWS CHICAGO: Wesley W. Rink has been elected senior vice president of Pioneer Trust and Savings Bank. RUSHVILLE: King V. Hostick is the newly elected president of the Schuy ler State Bank in Rushville where he has purchased controlling interest of the bank. He has been vice president of the State Bank of Cerro Gordo, 111. This release was erroneously placed last week in the Nebraska News section . SPRINGFIELD: The Senate Financial Institutions Committee defeated, 9-6, a bill to repeal the s t a t e ’s 14-year ban on corporations owning 15% or more of the voting stock of two or more banks. The Senate committee’s vote presumably put to rest for this se ssio n further attempts to bring multi-bank. A similar b ill, prohibiting the formation of multi-savings and loan association holding companies in Illinois, has been reported out of the Senate Financial Institutions com mittee with a recommendation for passage . Under its provisions, the legisla tion bans any Illinois corporation from owning more than 15% or more of the ’voting shares of two or »more S&L’s . WYOMING NEWS GREEN RIVER: C.M . Morck, Jr., who has been v ice pres ident-cashier of the State Bank of Green River, has FOR SALE Two Diebold walk-up windows. Fully equipped with a speaker system. For information please contact Mr. James R. McDermott, Old Orchard Bank & Trust C o., Skokie, Illinois 60076. Telephone (area code 312) 679—2200. f~l I would like to sell my majority bank stock. Q I would like to buy majority bank slock. Please’ Contact: J. Mason Henry, Pres. CHARLES E. WALTERS CO., INC. P. O Box 1313. O m aha, Neb. 68101 Phone: (402 ) 553-6400 Department of Banks and Bankers In South D akota, Tom H ayden is your N orthw estern Correspondent Banker. dp m */ Northwestern National Bank o f M inneapolis M ay we help you today? Call h im at 612*372*8067 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis HL t _. j MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION Three of our men on your side at Fred Coulson Commerce in the Brimmer-Mac Phers on law firm for the past four years. He is a graduate of the University of Wyoming C ollege of Law. Northeast Iowa Banks NORTH D AKO TA NEWS FARGO: North Dakota Bankers will meet here May 12, 13 and 14 for their annual convention. Details and pro gram highlights appear in the May magazine issue of the Northwestern When you’re ready for it, make an appointment to see our computer compute. It can solve a lot of problems for/your bank. When your bank needs this or any other service, call Bill Rickert or Ken Young. Banker. HARVEY: James A. Lewis has pur chased 240 shares out of a total of 1,625 shares from Stanley J. Kwako in the National Bank of Harvey, a c cording to the Comptroller. National Bank of W aterloo been named president by the board of directors, filling the vacancy o c casioned by the passing of Thomas E. Rogers. Carol G. Morck, formerly a s sista n t cashier has been promoted to ilrice president and William T . Rogers has been named a v ice president. Clara A. Rogers was appointed to fill the unexpired term of her husband, T . E. R ogers, on the board of d irec tors. RAWLINS: The board of directors of the First National Bank of Rawlins announced the appointment of John Mac Phers on as bank attorney to re place C . A. (Bud) Brimmer, Jr. Mr. Brimmer vacated the position to b e come attorney general of Wyoming. Mr. Mac Phers on has been a partne WANT ADS Rates 25 cents per w ord per insertion. Minimum: 12 words. NORTHWESTERN BANKER 306 15th St., Des M oines, Iowa WANT T O BUY Used Vault Door for installation b e fore August 1, 1971. Write or c a ll: Union Story Trust & Savings Bank 5 1 5 /2 3 2 -2 3 6 2 Ames, Iowa WANTED IMMEDIATELY Man with insurance experience for 2nd position in small southern Minne sota bank. Ownership potential. Write F ile MBP, c / o NORTHWESTERN BANKER, 306 Fifteenth Street, Des Moines, Iowa 50309. ÛÛ Bank Under the Big CENTRAL . NATIONAL Tom Cannon o f Kansas City LASALLE VICE PRESIDENTS TO BE AT IOWA GROUPS___ Max Roy and Cy Kirk, vice presidents of LaSalle National Bank, C hicago, w ill be on hand for the Iowa Group Meetings. Bankers of Group 6 (Des Moines); Group 10 (Centerville); Group 7 (Iowa C ity), and Group 8 (Maquoketa) w ill find Max and Cy ready and willing to d iscu ss current banking s e rv ice s. If you need immedi ate action, c a ll them at Area Code 3 1 2 /4 4 3 -2 7 7 4 . MARKETING AND DE V ELO P M EN T DIRECTOR An Iowa Bank is looking for a market ing man to be responsible for the full scope of business development including advertising, public rela tions and sp ecia l, promotions. Would prefer someone with three to five years experience. Salary negotiable. Good fringe ben efits. Write F ile BJI, NORTHWESTERN B A N K E R , 306 15th St , Des M oines, Iowa 50309 PROTECT YOUR FARM LOANS Send Doane’s Farming For Profit monthly farm management newsletter. Latest ways to save money, increase yields and profits. Mailed direct by us with your imprint. Low co s t. Free sample. D. R. Gorr, Doane Agricul tural Service, Inc., Dept. 702, 8900 Manchester Road, St. Louis, Missouri 63144. AVAILABLE Cash-Flow Budget and Farm Loan Application forms for the banker who wants to update his farm loan proce dures. Samples for inspection. Farm Business C ouncil, Inc., 1300 Hagan, Champaign, Illinois 61820. YALE®SECURITYEQUIPMENT j "The Bank That Cares’ BANK AND TRUST M em ber Federal Deposit Insurance Corporation COMPANY NOW AVAILABLE FROM THE SPECIALISTS TO YOUR STATE BANKERS ASSOCIATION FOR BANK EQUIPMENT SALES/SERVICE F. E. DAVENPORT REGIONAL OFFICE 2066 FARNAM ST. OMAHA, NEB. 66102 ■A T #N VALI « TOWN« YALE BANK SERVICE DIV. RYE. N Y. 10580 No. 1288 Northwestern Banker Newsletter is published weekly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309. Subscriptions 25tf per copy, $6 per year. Second class postage paid at Des Moines, Iowa. Address all mail changes of address (Form 3579), manuscripts, mail items to above address. Digitized forsubscriptions, FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis > y
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