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Vol. 13 No. 4 Des Moines, Iowa May 14,1984 Sen. Garn Plans A ction on Bank Bill Jake Garn (R., Utah), S ENATOR chairman of the Senate Ranking Committee, told members of the Nebraska Bank ers Association at their 87th an nual convention in Lincoln early last month that “ the overwhelm ing majority of the committee SEN. GARN feels we need a bill” on expanded bank powers and other issues. He added, “ I expect markup in late May and a bill to go to the floor by June 1.” Sen. Gam backgrounded his inter est in banking legislation by relating how surprised he was to be assigned to the Senate Banking Committee in 1975 “ because my college degree was in Banking and Finance!” He said “ it became clear in 1975 that we were in a rapidly changing market place, but Congress was not doing anything. I thought we should move ahead with comprehensive legisla tion. • “ In March of 1980 we finally did, but only because the courts forced us into it. Congress’ stance is. ‘wait til you’re forced into it.’ That was the Gam-St. Germain Bill—prompted by the thrift problem. We didn’t solve the problem. As we deal with the basic, fundamental law of Glass Steagall, which is now 50 years old, I hope that 50 years down the road bankers aren’t talking about GarnSt. Germain, for it wasn’t a solution, but only a start.” Sen. Garn stated emphatically that “ to be decades behind the mar ket place doesn’t make sense, so I believe in making small, incremental steps to keep pace or, at least, be only a year or so behind. Govern ment should not be in the position of creating competitive inequalities. But government did this with non-financial institutions. “ I’m not smart enough to deter mine what the financial marketplace should be 10 years from now, but I do intend to keep pushing for con tinued updating. To pass legislation, it’s necessary to build a consensus. I’ve been told it’s impossible to pass a bill this year. It’s not impossible! It has nothing to do with an election year. These issues cut across party lines. “ Some say there is not enough time. Well, Congress will continue passing bills for whatever length of time it is in session. This is the type of legislation that if you don’t have consensus pretty well in hand, it’s fruitless to go to the floor. Here’s a fact: Garn-St. Germain passed after only one and one-half hours on the floor!” Senator Garn related that his Banking Committee had “ completed extensive testimony hearings a month ago. I have been meeting with Republicans and Democrats and our staff. The overwhelming majority feels we need a bill. I ex pect markup in late May and a bill to the floor by June 1.” Sen. Garn said he could not dis cuss specific contents of a bill but did say, “ plugging loopholes like the South Dakota one is not our only so lution—we must consider more. This leads to grandfathering or divesti ture—unfair items on both. One keeps others out and leaves some in. The second takes away things you have, and you might lose.” In response to questions from the floor, Sen. Gam said realism in the committee leads him to state “ we can get action on investment and real estate powers, but not insur ance.” When two or three floor ques tioners pursued the insurance authority question with him, Sen. Garn said, “ I’m not saying I’m for or against this subject. I ’m just giv ing you a realistic view of what can and can’t be done at this time.” Prior to his comments about the banking bill prospects, Sen. Garn asked for a few minutes “ to discuss the budget and financial condition of this country. There are a lot of charges and counter-charges in the media in an election year. Anyone can have an opinion, but facts stand alone. “ The fact is that the year 1962 when President Kennedy was in of- CALL ON THE “PERFORMANCE TEA M ” where com m on transactions are handled uncomm only well. u m ilili FI RST NATION AL LI NCOLN 13th & M S tre e t • L in c o ln , N e b ra s k a 68501 • M e m b e r, F .D .I.C . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2 Norwest Bank Des Moines , N.A. NORWEST BANKS Call (515) 245-3131 or toll-free (800) 362-2514 Member FDIC Teamwork: one of the reasons we’re first in Iowa. Dorothea Wolfe Bernie Kersey fice marks the first time we spent $100 billion on a federal budget— and 48% of it went for defense! It took 174 years to spend $100 billion; it took nine years more to spend $200 billion a year and only four more to reach a $300 billion budget. That $106 billion in 1962 ran the country and defended it. Now, inter est on the deficit is in excess of $125 billion a year—and remember, 22 years ago the entire budget was just $106 billion! “ Yet, we hear that President Reagan caused this current problem. The fact is, it’s been building for the past 22 years! We must get rid of these deficits. “ A Constitutional fact is that no President has spent a dime that Con gress hasn’t first appropriated. He ASK DOUG KEIPER to make MNB work for you. Toll free 1- 800- 332-5991 Merchants National Bank Member F.D.I.C. 151 A BANKS OF IOWA BANK can scream and shout for his budget, but it finally rests with Congress. If they don’t like the President’s bud get, they can change it. We’re not going to do much about it, other than this down payment of $150 bil lion. You must tell Congress to act! “ Expect the interest rate to go up and inflation to return when this continues because the federal gov ernment is crowding out the rest of the market. I wish I could be more positive about the Senate and the House, but I can’t. I dont think any thing is going to be done. Talk to your Congressmen to vote the way they talk. If they don’t, get someone else. “ There are some Democrats I’d rather have than some Republicans on this subject. I believe above par ty. The problem is in entitlements programs and the indexed pro grams.’’ After reviewing such matters as Social Security, federal government and military costly retirement pro grams, in addition to the programs cited above, Sen. Garn said, “ Would such changes affect the interest rate now? Yes! We could have a single digit interest rate by the end of the year if these things were done. ’ ’ □ tions filed after the previous dead line elapsed on March 31. He said this will stand until Congress ad journs in late fall, giving Congress time to enact a bill to close the loop hole or authorize such activity. However, before proclaiming the moratorium, the Comptroller issued charters for 10 of the non-banks filed prior to March 31, including four for Dimension. Those four may be used at any of the 31 sites filed for in 25 cities. Others issued non-bank char ters were Bankers Trust Company of New York to convert its Florida trust subsidiary; Bank of Boston to convert two Florida trust opera tions; Wilmington Trust of Dela ware to convert a trust operation in Florida; the Reserve Fund for a non bank in New York City, and a subur ban Maryland bank for one in Wash ington, D.C. The Fed must approve the ones for Bankers Trust and Bank of Boston, since they are holding companies. The Fed an nounced previously its opposition to the Dimension application. Rep. Fernand St. Germain (D., R.I.) chairman of the House Bank ing Committee, has publicly pro claimed his intent to close the loop hole. He said, “ Those who proceed, do so at their own risk.” The Illinois Bankers Association and the Independent Bankers Asso ciation of America still have a law suit against the Comptroller on issu ance of any Dimension charters. □ The Central Iowa Chapter of the Bank Administration Institute will hold its last meeting of the business year May 17 at Adventureland Inn, Des Moines. Speaker for the evening is Tom Smith, president, Fidelity Brenton Bank and Trust Company, Comptroller Imposes New Marshalltown. Spouses and guests “Non-Bank” Moratorium are welcome. Comptroller of the Currency C.T. Social hour will begin at 5:30 p.m. Conover has imposed a new mora followed by dinner at 6:30 and the torium on the issuance of “ non meeting from 7:30 - 9:00. Cost per bank” charters to the 230 applica person is $14.00. Professional ... Responsive... Call Mark Christen for any correspondent service. Call toll free (800) 622-7262 Valley National Bank DES MOINES, IOWA 50304 A BANKS OF IOWA' BANK Member FDIC https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Iowa News Supplement to Northwestern Banker Newsletter 5-14-84 Where success is etched in quality. he success of your bond portfolio is a function of quality investments. A fter all, quality is your best assurance of growth in earnings. United M issouri’s Investment Banking Division can make sure you’re investing in high quality securities. W e offer exactly what IH f you want. And, for over 50 years, our track record for making successful recommendations has been excellent. Undoubtedly due to our consistently high standards. Call or write us today. W e’ll hold your investment information in the strictest confidence. Investm ent Banking Division UNITED MISSOURI BANK of Kansas City, n.a. Member FDIC —. - — — — United we grow.Together. 10th and Grand o P O Box 226 o Kansas City, Missouri 64141 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis J W k T an d c ^ f 's .io c C a t s .i Bank Consultants Specializing in Bank Acquisitions P O. B o x 450 515-232-0814 405 M a in A m es, lo w a 50010 3 An important new profit center for your bank: Contact: D o n a l d E . H o l d e r , Principal ^ 0 0 0 DES MOINES: Kenneth M. Myers, president and ceo of United Central Bancshares, Inc., announced at a press conference last week that UCB has contracted with First Interstate Bancorp of Los Angeles to be the ex clusive franchise holder in Iowa for First Interstate. The holding com pany will be renamed First Inter state of Iowa Inc. and all 13 banks it owns will be renamed First Inter state with the appropriate name of the city. Mr. Myers said the change over might be accomplished by No vember 1, but by January 1,1985, at the latest. PERRY: An Appreciation Day will be held May 18 at Perry State Bank for retiring director George Arm strong. Mr. Armstrong has served the bank for 39 years. The open house in Mr. Armstrong’s honor will be from 2:00-4:00 p.m. on the 18th. 0 # ^ ^ WATERLOO: Leslie H. Olson has been elected executive vice presi dent of Peoples Bank and Trust Company. Mr. Olson has been in banking 39 years and has served as president of the Iowa Bankers Association and vice president of the American Bankers Association. WEST DES MOINES: First Na tional Bank of West Des Moines is holding an open house this week, May 14-19, at its 22nd Street loca tion, in celebration of its recently completed, expanded facilities. Nebraska News 0 0 New officers elected for the Ne braska Bankers Association for 1984-85 at the annual convention in Lincoln are: Pres.—A.C. “ Skip” Hove, Jr., chmn. Minden Exchange Bank, Minden, succeeding Don G. Johnson, president, Farmers Na tional, Pilger, and Pres.-Elect— Roger Weiss, president, Commercial National Bank, Ainsworth. Stan B A N K IN G P LA CE M EN TS “ 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. 2508 East Meadow • Springfield, Missouri 65804 417/882-2265 COMPLETELY CONFIDENTIAL “ Employment Service" https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Leroy Bell or ■ a com puterized w local billing/credit service Milt Hennîck 319 291-5412 - N atio n al B ank of W aterloo 315 East 5th St. • W aterloo, IA 5 0 7 0 4 Matzke, Lincoln, continues as execu tive vice president. Member Federal Reserve System FDIC South Dakota News BERESFORD: Patrick J. Cleberg SCOTTSBLUFF: Jack Selzer, presi has been elected president and chair dent and CEO of Scottsbluff Na man of First National Bank here. He tional Bank, recently announced the began his banking career in 1970 appointment of B.O. Boston and and most recently was assistant vice Henry H. Kosman as senior vice president and assistant manager at presidents; T.J. Flaherty as vice Norwest Bank, Britton. president and cashier; N.F. Ott as North Dakota News vice president, and M.D. Windhorst BOWMAN: Dakota Western Bank as vice president-manager of BankBowman has announced the promo North. tion of Roger N. Berglund from ex ecutive vice president to president. Minnesota News He succeeds Albert E. Bowman, MINNEAPOLIS: Jerry Hentges who has retired after 30 years in has been named president of Metro banking. Mr. Bowman will remain politan Bank. Previously serving as active as chairman and perform the executive vice president of Metro- related duties. Mr. Berglund has Bank Bloomington, Mr. Hentges been with Dakota Western since succeeds William Engels, who has 1972 when it was called The Bank of been named chairman of Metropoli Rhame and was located in Rhame. tan Bank. The bank moved its charter to Bow man in 1976. Also announced was ST. PAUL: Gary L. Stohlman has the promotion of Ronald R. Palczewbeen elected president of St. Anthony ski to vice president and agricultural Park Bank, announced W. Andrew representative. Boss, chairman. Mr. Stohlman has more than 11 years of prior banking experience, most recently as senior vice president at Town and Country Bank in Maplewood. He has also served at banks in Minneapolis and Cedar Rapids. Wisconsin News St. Norbert College, DePere, will be the setting for a one-week Gener al Banking School May 20-25, and a Commercial Lending School will be offered at Ripon College June 3-9 as part of a national pilot educational program being developed and tested by the American Bankers Associa tion and banking industry experts in cooperation with the Wisconsin Bankers Association. A third school, dealing with basic banking, will be held at Lawrence University in Appleton and the sec ond session of the General Banking School will be offered November 4-9 at the Olympia Resort, Oconomowoc. General Bank Equipment Si Systems, Inc. RR 45, Box 115 Hiway 7 3 ,3 1/2 Miles North of Int. 680 Omaha, Nebraska 68152 (402)453-3000 Lease* R ent* Buy W A N T ADS Rates are $5.00 per line per insertion. Add $3.00 for file letters per insertion. Identity of file letter advertisers cannot be revealed. N O R TH W ESTE R N B A N K E R 306 15th Street Des Moines, Iowa 50309 Phone 515/244-8163 B A N K S FOR SA LE B A N K O W N E R SH IP C H A N G E S —Our Specialty— SELLERS - if you already have a buyer for your stock and there is a question of whether or not it is a fair price - we can make an independent ap praisal. BUYERS • if you are about to purchase controll ing interest in a bank and there is a question of whether or not it is a fair price -we can make an in dependent appraisal. Those wishing to buy or sell - we can do the job for you if you are serious. CROWN BANKING SERVICES 325 W. Prospect Avenue Mt. Prospect, Illinois 60056 (312) 392-5151 POSITION AVAILABLE SENIOR COMMERCIAL LOAN OFFICER—$100 million as set eastern Nebraska bank desires seasoned commercial loan officer to manage portfolio. Salary commensurate with experience. Contact 402/727-1100. (PA) INSTALLMENT LOAN OFFICER—Job opening for an aggressive person with at least two years of bank lending ex perience. This job will consist of direct and indirect install ment lending, wholesale flooring, and collections. Send resume to: First Security Bank of Bozeman, P.O. Box 910, Bozeman, MT 59715. (PA) BANK OPERATIONS OFFICER—Job opening for a selfmotivated person with a minimum of 2 years of bank oper ations experience. Applicant must have proven super visory skills, good accounting background, experience with governmental reporting, and knowledge of govern ment regulations. Send resume to First Security Bank, P.O. Box 910, Bozeman, MT 59715. (PA) CASHIER—$26 million southwestern Minnesota commu nity bank seeks experienced operations officer. Salary open. Send resume to file WBB, c/o Northwestern Banker. ___________________________________________ (PA) CEO—For midwestern bank. Agricultural lending experi ence required. Salary open. Send resume to file WBC, c/o Northwestern Banker. (PA) AGRICULTURAL LOAN OFFICER—for a $25 million northwest Iowa county seat bank. Salary commensurate with experience. Write file WBE, c/o Northwestern Banker. (PA) WANTED PERSON/COMPANY TO MAKE SMALL INVEST MENT AND BECOME ACTIVE INVESTOR/OWNER. This business sells machines, computers and systems to finan cial institutions. Business growing. Phone 308/384-5995. ________________________________________ (PA) LOAN OFFICER—$60 million bank in SE Iowa has posi tion available with 3 to 5 years bank experience in lending, with emphasis on agriculture. Please send resume and salary history to file WAU, c/o Northwestern Banker. (PA) COMMERCIAL LOAN OFFICER with 3 to 5 years experi ence with loans to mid-six figures and higher. Degree pre ferred, but not required. Forward resumes and salary re quirements to: Personnel Officer, First Interstate Bank, P.O. Box 5010, Great Falls, MT 59403. (PA) VICE PRESIDENT/AGRICULTURAL LOANS—Excellent career opportunity. Requires bachelor’s degree (emphasis in agricultural subjects preferred) and a minimum of 3 to 5 years experience in ag lending. The individual must pos sess a working knowledge of agriculture, including the production of grain and livestock. Salary commensurate with experience, plus excellent benefits. Contact: Steven L. Afdahl, President, Hawkeye Bank and Trust, P.O. Box 4068, Spencer, Iowa, 51301. Phone (712) 262-1940. Member Hawkeye Bancorporatlon. (PA) Six weeks spread throug hou t each year in y o u r ow n lu x u rio u s to w n h o m e near Keystone, in the heart o f Ski Country. 1/8 FEE SIMPLE OWNERSHIP Tw o bedroom , tw o and a h a lf bath, fire place, garage, hot tu b in enclosed atrium area. F u lly furnished, inclu d in g w asher and dryer. Purchase price $33,900. Dwayne S. Smith PARADISE PROPERTIES Box S Dillon, Colorado 80435 Phone today, 1-800/922-2590 FOR SALE 1981 DIEBOLD 910 FREE STANDING ATM—Floor model auxiliary printer name display. Under service contract. $18,000. Contact Fred or Dick, Phone 319/353-7111. (FS) 24 NCR 279-100 TELLER MACHINES—Eligible for maintenance. $795 each. Contact: Omaha Computer Exchange. Phone 402/333-3203.___________________ _______ (FS) 1 TAB PAPER BURSTER, variable speed, Model 2446. 3 LEFEBURE CHECK FILES. 1 PITNEY BOWES POSTAGE MACHINE, MODEL 4351. 1 PITNEY BOWES POSTAGE SCALES • 16 oz. 1 PITNEY BOWES POSTAGE SCALES -10 lb. Please ask for Jim, 278-1671, ext. 134. (FS) CAPITAL PERSONNEL SERVICE 714 U.C.B. Building, 515-283-2545 Des Moines, Iowa 50309 Senior Commercial Lender for southern Minnesota M ulti bank holding company bank.Experience w ith ag loans a p lu s ..........................................................................................to $39,000. CPA/Auditor for m ulti-bank holding company in m idwest. .................................................................................. to $28,000. Ag Person for com m unity bank east Iow a located in.scenic north Low $20s. Commercial Lender for major bank in Iowa Great Lakes a r e a ........ ......................... .............. ........ Salary $30,000. Number Two man w ith ag lending experience for northern Iowa bank.............................. ............................ Salary Open. CEO for sm aller southeast Iowa bank. Must be ag-oriented .............................................................................. Salary Open. Data Processing Manager for $95 m illion northern Illinois bank............ .............. . . . . . . . . . . . . . . . . . to $35,000. Potential President for Chicago suburban bank o f $20 million. Must have commercial lending experienceTo $45,000. Ag Lenders fo major Illinois m ulti-bank holding company. Opportunities located throughout the state for qualified people........................................................... . .To $38,000. Strong Number Two Person for $60 m illion in Iowa bank. Must have ag and commercial lending experience............ ............................................................................. Salary Open. Ag Loan Officer for northern Iowa bank, located in topnotch farming area. Required ag degree and proven experi ence ....................................................................... to $28,000. Mortgage Lender with some operations experience needed by growth-oriented savings and loan association.............. ..................................................................................to $32,000. Lender needed by lake’s area community bank. Salary Open. Ag Banking Positions NWM-1 VP—Strong ag banker to share in resp. of $50MM bank with $30MM loans (50% Comm. 50% ag). Currently employed in bank mgmt. level. IA. $30,000 + 4-; NWM-2 SR. LDG. OFF—Supervise ag lenders and $40MM in loans. Open due to promotion. MN. $40-45,000. NWM-3 AG LOAN OFF.—Service ag loans with 30% of time in country for a $20MM bank with $5MM + in ag loans. Related ag credit expr. MN. $25-28,000. NWM-4 AG REP—Start as ag rep then progress to VP with resp. of ag loans for a $20MM + bank. SOLID ag loan expr. required. Bus. dev. skills. IA. $30,000. NWM-5 AG LOAN OFF—Performance oriented ag lender in $60MM+ bank. 1-3 yrs. ag lending expr. IA. $21-23,000. NWM-6 AG DEPT. HEAD—$150MM bank, in charge of $13MM ag loans, supervise 1 ag loan officer, work on loan problems. Excellent bennies and advancement potential. Metro location. 5-10 yrs. ag & commercial loan expr. in $30-$75MM bank, finance or acctg. de gree. IL. Up to $40,000. NWM-7 AG LENDER—No. 3 lending person in $20MM bank with ag loans of $11MM+ +. Ag banking expr. required. IA. $24,000. NWM-8 PRESIDENT—S50MM bank. Responsible for $15MM loans (20% ag, 80% commercial, etc.), opera tions, Fed funds, liquid investments, and oversee another small bank. Clean banks in good sized loca tion in ND. Salary open; could earn $100,000 with pro fits. NWM-9 #2 PERSON—$18MM bank needs a strong ag credit person to be in charge of all ag loans ($14MM) and other phases of bank. High performance, service oriented bank. MN. $25-30,000. STRICTLY CONFIDENTIAL. Call for further informa tion without obligation. Fees paid by employer. Write or call in confidence to Cy Kirk or Malcolm Freeland in care of Freeland Financial Service, Inc., 1010 Equitable Building Des Moines, Iowa 50309. Phone (515) 282-6462. Employer pays fee. POSITION WANTED VICE PRESIDENT of $30 million bank seeking new challenge and opportunities. Presently managing 3.5 mil lion installment loan department, as well as other con sumer services within the bank. Send inquiries to file WAX, c/o Northwestern Banker. (PW) 35 year old AVP in $16M bank looking for position in western Iowa. Experience in all areas. All insurance licenses and r.e. brockers license. Phone: 712/337-0240. (PW) CORRESPONDENT BANKER We are looking for someone with 3-5 years of com mercial lending experience to work in our corre spondent bank area. Additional requirements are correspondent banking experience (or extensive AG lending experience) and a college degree with at least 1 year of accounting. For more informa tion phone Mary Nerhaugen 612/341-6579. F & M MARQUETTE NATIONAL BANK 6th & Marquette Minneapolis, MN 55480 Affirmative Action Employer (PA) POSITIONS A V A IL A B L E COMMERCIAUINSTL. LOAN • $80MM bank with large con sumer loan portfolio seeks experienced lender to under study senior loan officer. $25,000 CASHIER - $25MM community bank. Handle operations, personnel and regulatory reports. Third man position. $25,000 AGRILOAN - senior position in $35MM rural bank. Some experience with commercial credits desired. $35,000 COMMERCIAL LOAN • $60MM suburban bank. Requires three or more yrs. commercial lending experience and good business development skills. $33,000 PRESIDENT • major midwestern holding company seeks experienced CEO with strong agricultural loan back ground to manage $45MM affiliate bank. $ Open SERVING PROFESSIONALLY Banking, Financial & Business Personnel Iowa and Nationwide Financial Careers Senior Commercial Lender for central Iowa bank. to $40,000. Linda: 515/394-5827 Jean 515/263-9598 if New Hampton, la. 50659 no answer, 712/779-3567 I Massena, Iowa 50853 aqf7G4RBRS,INC. « J AG BANKING SPECIALISTS All Inquiries confidential. Resume’ 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” Voi. 13 No. 4 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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