Full text of The Northwestern Banker : May 1974, 81st Year, No. 1328

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

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Federal Reserve Bank of St. Louis

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45 tons o f m ozzarella came in this m orning.
Your custom er ju st hired five new spot cheesers. His
crust ovens are blazing. And his new tom ato squirter
is working beautifully.
His pizza business is hot. And he wants it even
hotter. W ithout getting burned.
Now he needs cash again. And plenty o f it. F or m ore
ovens. More trucks. And m ore space. I t ’s still m ore
m oney than your bank can lend him.
You tell him i t ’s still tim e to call T alcott in Minneapo]
You participated, the first tim e around, w ith our
Minneapolis Business Finance office. And w e’re ready|
to be partners again. Result: He gets the cash. You
get the credit. And keep a custom er.
T alco tt’s been doing business like this for 120 years.
We’ve got plenty o f experience working w ith bankers.
A n y banker know s it takes m oney to m ake money.
Talcott can supply the m oney, i f y o u r custom er
wants to m ake it.
For m ore inform ation contact James T alcott, Inc.,
Business Finance Division, 820 N orthw estern Bank
Building, Minneapolis, M innesota 55400.
(612)339-7711.

Time to call Talcott.
H e’s a small tom ato in the frozen pizza business and
he wants to be a big cheese.
His little pizza factory is doing 10,000 pizzas a day.
And he know s th ere ’s a m arket out there for
200,000. He wants part o f th at action, so h e ’s come
to the bank for help.
You b o th agree h e ’s going to have to expand. He
needs a crust bakery. And a couple o f flash freezers.
And another tom ato sauce mixer.
But m ost o f all he needs dough. The green kind. You
sym pathize. But you know th ere’s no way yo u r bank
can loan him the am ount he needs.
You tell him it ’s tim e to call T alcott in Minneapolis.
T alco tt’s M inneapolis Business Finance office can
probably arrange a loan in which your bank can
participate. We can act as your secured lending
departm ent. And manage the loan. All while you
retain an account.
T alcott can help you keep a custom er happy. While
you help him get cash fast, so he can get a bigger
bite o f the pizza m arket.
Before his com petition eats it all up.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Still tim e to call Talcott,
N o rth w e s te rn B an ker, M a y

1974


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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

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ó

MANAGEMENT TEAM of the lowa-Des Moines Natl, is made up of (left to right): John
R. Fitzgibbon, chmn.; Herman C. Küpper, sr. v.p.-controller; Robert A. Krane, pres.;
Marcellus M. McMichael, vice chmn.; Garland K. Carver, sr. v.p.-lending, and Dee L.
Frost, sr. v.p.-trust.

Iowa-Des Moines Occupies
Financial Center
W H E N the staff of the lowa-Des
Moines National Bank moved in­
to their new quarters in the 25-story
Financial Center building, they did it
with a real fanfare that attracted the
attention of the downtown business
area. April 29 some 150 employees
assembled for work in the old bank
at Sixth and Walnut, received last
minute instructions, then marched in
a body one block west.
The lowa-Des Moines occupies the

X>

DAKTRONICS
INC.

first eight floors of the beautiful build­
ing just constructed by Murdock De­
velopment Corporation, Los Angeles,
providing greatly increased working
area over the four-story building that
served as headquarters for many years.
Chairman John R. Fitzgibbon
stated, “Our new home provides the
most convenient banking facility for
our customers. As Iowa’s largest bank
we have a responsibility to provide
the most qualified financial services

SOLID STATE

TIME and TEMPERATURE

D
DAKTRONICS
IN C.

DISPLAYS
J COMMUNITY, ¡I

m m

tru st

JL

BANK; f I F

D
DAKTRONICS
INC.

Call or Write
for
Complete Information

Digitized
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FRASER
N o rth
B an ker, M a y 1 9 7 4
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Federal Reserve Bank of St. Louis

DAKTRONICS, INC.
P.O. Box 299
BROOKINGS, S. D. 57006
(605) 692-6145

to our individual and corporate cus-^
tomers.”
The new bank carries out this com­
mitment to service. The main banking
floor brings together lowa-Des Moines’
personal bankers, tellers, vault, savings
bonds and safe deposit department.
The dominant feature commanding at­
tention in the main floor banking area .
is the 70-foot curved teller counter.
On the second floor are executive ^
offices, corporate services, correspond­
ent banking, commercial loans, dealer
loans, real estate department and the
bond and investment, section. The
board room, adjacent to Chairman
Fitzgibbons’ office, features a 31-foot ,
Brazilian Rosewood table. The room
is equipped with a complete audio/
visual system with rear screen projec­
tion.
The bank’s trust division, the larg­
est in Iowa, occupies the entire third
floor. This division, Mr. Fitzgibbon "
notes, ranks 149 out of over 3,500
full time bank trust departments in
terms of assets entrusted for invest­
ment management.
The fourth floor is the 24-hour
operations center. The fifth floor con­
tains computer operations and the
Master Charge department. The EDP
service features a 370-145 computer
transmitting to dual 370-158s. The
Master Charge department serves *
more than 2 8 0 ,0 0 0 card h o ld ers
throughout Iowa and more than 3,600
merchant outlets in the state.
Within the personnel department
on the sixth floor are fully equipped
training rooms, enabling the bank to
train its staff in the latest in banking
procedures and services. These quar­
ters, fully equipped with audio/visual
devices, may be operated as one large
unit, or divided easily into smaller
rooms for concurrent training sessions.
The eighth floor staff dining room,
called The House, seats 142 people.
Adjoining it is the staff lounge, The
Library. A separate dining room, The
Senate, decorated in an English motif,
is available for special luncheons and
dinners.
A series of open house parties will
provide an opportunity to show the
bank to the staff and directors and
families, the press, business groups
and the general public. A special open
house for correspondent bankers will (
be held in May. More complete de­
tails of the quarters will be published,
with pictures, in a following issue.—
End

7

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Northw estern

Banker, M a y

1974

8

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9

C o n v e n tio n s
C a le n d a r
May 5-7—Nebraska Bankers Associa­
tion 77th Annual Convention, Radisson Cornhusker, Lincoln.
May 5-8—Bank Marketing Association
R e s e a r c h Conference, Americana,
New York.
May 6-8— American Bankers Associa­
tion National Mortgage Conference,
Marriott Motor Hotel, Atlanta.
May 8-10—North Dakota Bankers Asso­
ciation 89 th Annual Convention,
Minot.
May 12-17—American Bankers Associa­
tion National Personnel School, Phila­
delphia Marriott.
May 15-17—Association of Registered
Bank Holding Companies 16th An­
nual Meeting, Neil House, Columbus,
Ohio.
May 16-17—South Dakota Bankers As­
sociation 82nd Annual Convention,
Downtown Holiday Inn. Sioux Falls.
May 19-21— Illinois Bankers Association
83rd Annual Convention, Peoria Hil­
ton Hotel. Peoria.
May 19-21—Nevada Bankers Associa­
tion 55th Annual Convention, MGM
Grand Hotel, Las Vegas.
May 19-21—Bank Administration Insti­
tute 25th Northern Regional Conven­
tion, Duluth area, Minn.
May 19-22—Bank Marketing Associa­
tion Marketing Planning Workshop,
Hyatt Regency O’Hare, Chicago.
May 19-22—American Bankers Associa­
tion National Operations and Auto­
mation Conference, Fairmont, San
Francisco.
May 19-21— Bank Administration Insti­
tute 25th Northern Regional Conven­
tion, Duluth. Minn.
May 21-24—Utah Bankers Association
66th Annual Convention, Four Sea­
sons, St. George.
May 26-31—Essentials of Bank Market­
ing Course, University of Colorado,
Boulder
May 26-June 7— Bank Marketing Asso­
ciation School of Bank Marketing,
University of Colorado, Boulder.
May 27-29—American I n s t i t u t e of
Banking 72nd Annual Convention,
Baltimore Hilton.
June 2-8—American Society of Farm
Managers and Rural Appraisers, Rural
Appraisal School, Indianapolis.
June 3-5—Minnesota Bankers Associa­
tion 84th Annual Convention, St. Paul
Hilton, St. Paul.
June 4-7—American Bankers Associa­
tion Annual International Monetary
Conference, Williamsburg, Va.
June 5-9—Colorado Bankers Associa­
tion 73rd Annual Convention, Broad­
moor Hotel, Colorado Springs.
June 8-21—Stonier Graduate School of
Banking, Rutgers University, New
Brunswick, N. J,
June 9-11—Bank Administration Insti­
tute 28th Western Regional Conven­
tion, Ridpath Hotel, Spokane, Wash.

Oldest Financial Journal Serving
The Central and Western States

for your May, 1974, reading
81st Year

N o.

1328

FEATURE ARTICLES

6 On the Cover
9 Conventions Calendar
10 Bank Promotions and Changes
16 The Bankers’ Market Place
21 How Community Banks Can improve Their Investment Earnings
—Robert R. Martin
22 How Banks Will Have to Compete with S&Ls— William H. Osterberß,
25 Handling Intermediate Financing for Confinement Facilities—
Marvin G. Rohn
26 Why We Started Our Agri-Credit Corporation— Ed Leahy21 Iowa Bank Produces Mini-Gardeners
28 Banker Makes Comeback After Surgery to Compete in Senior
1500 Meter Race
30 Kansas City Seminar Notes Changes— Malcolm Freeland
31 Smaller Banks Get Practical Marketing Help at BMA’s Com­
munity Banking Seminar— Ben Haller, Jr.
33 At Commerce Bank Conference—Speakers See 4th Quarter Re­
hound— Ben Haller, Jr.
35 Corporate News
STATE B A N K IN G

37
49
53
54
65
72
76
76
77
77
79
79
81

NEWS

Illinois Bankers 83rd Convention Program
North Dakota Bankers to Meet in Alinot
Minnesota News
Twin City News
South Dakota Bankers 82nd Convention Program
Colorado Bankers 73rd Convention Program
Idaho News
82 Omaha News
Oregon News
Wyoming News
89 Lincoln News
Washington News
91 Plan 1974 Iowa Group Meetings
104 Des Moines News
Montana News
106 In the Directors’ Room
Utah News
106 Index of Advertisers
Nebraska News
N O R TH W E S TE R N BANKER
306 15th Street, Des Moines, Iowa 50309. Phone 515— 244-8163

.Vublisher
Malcolm K. Freeland

Advertising Assistant
Sherri Nielsen

Field Representative
AI Kerbel

Editor
Ben Haller, Jr.

Circulation Department
Lena Sutphin
Dee Timmerman

Field Representative
Paul Masters

Associate Editor
Linda L. Larson

Auditor
Bertha Soderquist

Field Representative
Glen Hicks

No. 1327. Northwestern Banker is published monthly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309. Subscrip­
tion 5 0 d per copy, $6 per year. Second class postage paid at Des Moines and at additional mailing office. Address all mail (subscriptions, change of
address, Form 3579, manuscripts, mail items) to above address.


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Federal Reserve Bank of St. Louis

N orthw estern

Banker,

May

1974

IO

B ank P rom otions a n d Changes
T> ROMOTIONS
and
announcements have been made by the fol­
lowing banks and financial groups:
American National Bank and Trust
Company of Chicago: Michael J.
Byrne is the new­
ly named Iowa
representative of
the bank’s corre­
spondent banking
division. P r e v iously he was ad­
ministrative a ss i s t a n t in the
c r e d i t division
and held positions
in the instalment
loan division, the educational loans
division and customer service after
joining the bank in 1969. Mr. Byrne is
a member of the American Institute of
Banking.

first vice president in 1962, and a sen­
ior vice president in 1964.
Mr. Lapham, who will continue as
a director, was elected a director of the
bank in 1950, chairman of its execu­
tive committee in 1959 and vice chair­
man of the board in 1966. He was
elected president of Bankers Trust
New York Corporation in 1968.

Bank of America, San Francisco:
Edward L. Vickers has been named
vice president within the project fi­
nancing group in the international
banking division.

Central National Bank, Chicago:
The following changes have been an­
nounced: James R. Kunzer, assistant
cashier, automated business services
division; Michael A. Piccatto, bank
funds officer, investment department,
and Sheila Donahue, assistant trust of­
ficer.
Olga A. Walsh was elected assist­
ant treasurer of Central AgFinance
Corporation, a subsidiary of Central
National Chicago Corporation, hold­
ing company for the bank.
Also announced was the election of
Sam S. Simmerman to second vice
president in the commercial banking
division. He recently joined the bank
from American National Bank and
Trust of Chicago.

Bankers Trust New York Corpora­
tion, New York: Alfred Brittain III,
president of Bankers Trust Company,
has been elected president of the
bank’s parent company. He succeeds
Lewis A. Lapham, who retired after
reaching the mandatory retirement age.
Mr. Brittain, 51, was elected president
of Bankers Trust Company in 1966.
He was elected vice president in 1957,

Chemical Bank, New York: C.
Douglas Ades, Alfred J. Peterson and
James A. Favia have been named vice
presidents. Messrs. Ades and Peterson
formerly were assistant vice presidents,
while Mr. Favia came to Chemical re­
cently from Kuhn, Loeb & Co., where
he was a partner-director of research.
Richard R. Pivirotto, president of As­
sociated Dry Goods Corp., has been

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s t e r n B a n k e r / M a y 1974
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Federal Reserve Bank of St. Louis

elected to the Grand Central advisory
board.
Continental Bank, Chicago: John B.
Tingleff, vice president, has been
named head of the bank’s new corre­
spondent banking division to serve
metropolitan Chicago customers.
The bank has announced that it has
formed a new agricultural lending unit
to centralize its expanding agricultural
business. Robert C. Vasko, vice presi­
dent, heads the new unit. Lindley
Finch, vice president and the bank’s
agricultural consultant, joins the new
section. The lending staff also will in­
clude Joseph D. Henderson and
Charles E. Smith, 2nd vice presidents.
Six new vice presidents have been
elected. They are Goldon R. Haworth
and Robert O. Swanson, commercial
banking; Thomas G. Church, Robert
H. Paulsen, John J. Waldron, Jr., and
Robert E. L. Walker, trust department.
Elected second vice presidents are:
Terence P. Garvey, John A. Kaupisch,
and James G. McCormick, bond de­
partment; Peter F. Dolle, Thomas E.
Elyea, and Richard A. Mayer, com­
mercial banking; Tyrus L. Kaufman,
controller’s division; Darold D. Hoops,
operating department; Christopher J.
O’Donnell, real estate; Ralph M. Fox,
Edward J. Halle, John R. Schroeder,
and Fred W. Wulfing, trusts.
Other officers named include Rich­
ard P. Hoeger and Gary L. Stone, au­
diting officers; Theodore E. Bulow and
William A. Trader, bond officers; Ar­
thur M. Galen, accounting officer;
Elisha Gray III, Ronald L. Kominski,
Jerrold J. Lynskey and Antoine G.
Soussa, international banking officers;
Vlastislav J. Chalupa, John A. Lopach, Gary D. Pratte, and Dennis M.
Toolan, operating officers; R. Law­
rence Johnson and Joseph M. Two,
real estate officers; Edward J. Sylves­
ter, Jr., investment officer; Denis R.
Hart and Charles W. Pacey, Jr., trust
officers.

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Federal Reserve Bank of St. Louis

N o rthw estern

Banker, M a y

Ì9 7 4

12

------------------------------------------- \

Bankers:
Get the
Best in
Banking
Personnel
Talk to the people
who know best
at Bankers
Personnel, Inc.
It is the n ew est, first a n d
only e m p lo y m e n t agency
in th e T w in C ities d irected
a n d staffed by b an k in g
peo p le. (You pro b ab ly
k n o w its P re sid e n t, Ray C.
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Federal Reserve Bank of St. Louis

1974

department — Burt J. Goldstein and
Joseph S. Persak, bond investment of­
ficers; personal banking department —
Phillip P. O’Neill, personal banking of­
ficer; executive department — Wesley
A. Ahlgrim, assistant auditor, and
John Aimonovitch, staff officer; ad­
ministrative department — Henry J.
Bieber and Douglas R. Winger, staff
officers, Donald A. Hoy, personnel of­
ficer, Fred A. Meyer, systems officer,
and Ronald Rusick, technical officer.
Philip L. Kinzer has been elected
a leasing officer of First Lease, Inc.,
the bank’s consumer auto leasing sub­
sidiary.
First National Bank, St. Louis:
Richard F. Ford has been elected to
the board of di­
rectors. Mr. Ford,
37, is executive
vice president of
the b a n k . He
joined it as a vice
president in 1969.
Mr. F o r d was
g i v e n responsib i 1 i t y for the
bank’s eastern diR. F. FORD
v i s i o n national
accounts in 1971 and was elected a
senior vice president in 1972. He be­
came executive vice president in
March of 1973.
Seven promotions were announced
recently by the bank. H. Duncan Edmiston, assistant vice president, loan
service department, and Joseph J.
Schuessler, assistant vice president,
bond department, were elected vice
presidents: Robert D. O’Leary, person­
nel officer, and E. Randolph Whitelaw
were named assistant vice presidents;
James M. Oates, representative in
metropolitan division I, was elected a
commercial banking officer; Morris L.
Bond, data processing, was named op­
erations improvement officer, and R.
Gordon Thomas, administrative serv­
ices department, was named admini­
strative officer.
First Tulsa Bancorporation, Inc.:
The election of E. G. McClintock to
the position of
chairman emeri­
tus following his
early retirement
as an active of­
ficer has been an­
nounced. John L.
Robertson
has
been elected chairm a n, president
and chief execu­
J. L. ROBERTSON
tive officer. Wil-

liam C. Douce, president of Phillips
Petroleum Company, was elected a di­
rector of both the holding company and
the First National Bank and Trust Co.
of Tulsa.
Mr. Robertson also was elected
chairman, president and chief execu­
tive officer of the First of Tulsa. He
succeeds Mr. McClintock, who was
also named chairman emeritus of the
bank board.
Mr. McClintock, who served as
chairman since 1967, will be available
as a consultant in both bank and Bancorporation affairs.
Mr. Robertson joined the bank in
1953, was elected a senior vice presi­
dent in 1960, executive vice president
in 1961 and a member of the advisory
board in 1962. He was elected a full
director in 1966 and became president <.
in 1967.
Also announced was the addition of
Raymond E. Miltz, a 33-year veteran
of agriculture management and financ­
ing to the bank’s staff as agricultural
officer. He comes to the bank from the
Cincinnati Union Stockyard Co. where
he was general manager and a member
of the firm’s board.
Harris Bankcorp, Inc., Chicago:
Kent W. Duncan has been elected
executive vice president. Mr. Duncan,
who also is an executive vice president
of Harris Bank, principal subsidiary
of Harris Bankcorp., will retain this
bank title and his responsibilities as the
bank’s chief loan and credit officer.

K. W . D U N C A N

B. W . SPRINKEL

The board also named Beryl W.
Sprinkel an executive vice president
and economist of Harris Bank.
Mr. Duncan joined the bank in *
1936 and was elected assistant cashier
in 1947, vice president in 1958, and
administrator for the credit services di­
vision in 1967. In 1968, he became a
senior vice president and chief loan
and credit officer, and in 1973 was
named executive vice president.
Since 1972, Mr. Duncan has served
as a director of the Harris Bank Inter­
national Corporation and Harriscorp

13

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The first fully automated system of
coupon paying and cremation is here. From
Manufacturers Hanover, the leader in cou­
pon paying services.
Gone is the tedium of sorting
coupons by hand. Gone is the costly
storage of unreconciled coupons.
Gone are the risks of destroying
todays high-denomination coupons
without a numerical listing.
For each account — each with
its own account number — the com­
puter stores such information as
interest rates, maturity dates, pay­
ment dates and stops. As coupons
are paid, coupon numbers are fed to
the computer and key verified. The
computer then calculates the total
number of coupons and proves the
face amount. All coupons due for
cremation are listed in numerical
order.
The system is so foolproof
that Manufacturers Hanover
guarantees all items
listed on our cremation

certificate as well as all stops that have been
properly placed with us.
Best of all, MHT's automated service
generally costs less than you now pay to
have it done manually. And when you
name MHT co-paying agent —you can
reap the benefits of this modern system
at lower rates.
Another benefit of this exclusive,
computerized system —the speed, econ­
omy and accuracy of it could well bring
new business your way from municipal
and state agencies.
Get all the details about
Manufacturers Hanovers automated
coupon paying and cremation service.
Contact your National Division
representative or Lawrence M.
Masterson, Assistant Vice Presi­
dent, at (212) 623-2691 or
40 W all Street, New York, N.Y. 10015.

MANUFACTURERS
HANOVER

■
¡■ ■ I
H P

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Northw estern

Bank er, M a y

1974

14
Leasing, Inc., both subsidiaries of the
bank.
Mr. Sprinkel, who has been with the
bank since 1953, heads the economic
research office. He is a member of the
bank’s management, investment guid­
ance, trust investment, portfolio and
money market committees.
Mr. Sprinkel is also member of
Time magazine’s board of economists,
a director of the International Mone­
tary Market of the Chicago Mercan­
tile Exchange, and a director of the
U. S. Chamber of Commerce. He is
also a member of the economic ad­
visory committee of the American
Bankers Association and has served as
consultant to the Federal Reserve
Board, U. S. Treasury, Joint Economic
Committee, and Bureau of the Census.
He is the author of two books and nu­
merous articles.
Lambert W. Bredehoft, senior vice
president and head of the internation­
al banking group at Harris Bank, re­
cently retired after 40 years of service.
A member of the bank staff since
1934, he was elected assistant cashier
in 1947, assistant vice president in
1949, vice president in 1953 and
senior vice president in 1967.
United Missouri Bank of Kansas
City: Thomas D. Cochran has been
promoted to corporate trust officer. He
began his banking career in 1960 with
United and rejoined the bank in 1973
after spending several years with major
stock brokerages. He was elected as­
sistant corporate trust officer in 1973.

Mercantile Bank and Trust Com­
pany, Kansas City: George William
Sherm an
has
joined the bank
as a vice presi­
dent. He comes
from another ma­
jor Kansas City
bank where he
served as a vice
president in the
commercial busi­
ness development
G. W . SH ERMAN
department. Mr.
Sherman is a graduate of Dartmouth
College and the Graduate School of
Banking at the University of Wiscon­
sin.
Also announced was the naming of
John L. Stephens, senior vice presi­
dent, to head of corporate and em­
ployee relations administration, a new­
ly organized area in the bank. Con­
solidated in the area are public rela­
tions, advertising and marketing serv­
ices, and personnel administration.
Public affairs functions will be incor­
porated.
Mr. Stephens joined the bank’s
training division in 1954. He moved
to the personnel division in 1955, was
named personnel officer in 1960, as­
sistant vice president in 1963 and vice
president in 1966. Since 1971 he has
been director of personnel and in 1972
he was elected a senior vice president.
Wells Fargo Bank, San Francisco:
R. Michael Waltz, manager of the
bank’s new Montgomery office, has
been appointed vice president.

Your Rand McNally man
knows the
real meaning
of Christmas
Clubs.

Your Rand McNally man Is an expert on
Christmas Clubs. Everything to establish
a new club or improve your present
program. Promotion literature, displays,
premiums. All operational supplies,
including manual or MICR coupon books
with Mod. 9, 10, 11 or straight sequential
numbering. Write for details.

National Boulevard Bank of Chica­
go: George L. Dearborn has joined the
bank’s correspon­
dent banking di­
vision as v i c e
president, accord­
ing to Irving Sea­
man, Jr., chief
executive officer.
Mr. Dearborn
is a graduate of
the Massachusetts
Institute of Tech­
DEARBORN
nology,
Stonier
Graduate School of Banking, and the
Senior Bank Officers Manager Course
at Harvard Graduate School of Busi­
ness. Previously he was employed by
the University National Bank in Mil­
waukee, Wis., as vice president.

Ozark Air Lines
Report 1973 Results
Ozark Air Lines recorded a net loss
of $170,444 in 1973 compared to a
net profit of $2,561,792 the previous
year according to Mr. Edward J.
Crane, president. “The loss was due
entirely to the prolonged strike by our
maintenance employees, which caused
a shutdown of the Company’s sched­
uled operations for two and one-half
months,” he said.
The post strike period was slow to
recover; however, the fourth quarter
did generate a profit of $1,247,527
even though cutbacks in the operation
were imposed as a result of fuel alloca­
tions.
Operating revenues for 1973 were
$81,610,451, down 9.4% from $90,104,903 in 1972. Operating expenses
were also down 5.7% from $83 878,582 in 1972 to $79,112.010 in 1973.
A net loss of $.03 per share was
realized in 1973 compared to primary
earnings of $.38 per share in 1972.
Stockholders equity at December
31, 1973, was $ 18,431,495 down from
$18 601,939 the previous year.
“The fourth quarter upturn is con­
tinuing into 1974, as substantial
growth in short-haul travel is occurring
throughout the industry,” according to
Mr. Crane. “This growth in short-haul
air traffic is due to the availability and
cost of automotive fuel in addition to
new imposed speed limits.

ACORN

Sale
Registers

"Accepted Sale Registers by Bank
Clerks Everywhere"
For in fo rm a tio n w ri te

R
A N” D, f t/IC
M* /k
lL V 10
BoxEast
7600'
Chica9°’l,L 60680
_
~
?
53rd S treet, New Y o rk.
Financial Systems Division

Digitized
N o r t h for
w e sFRASER
tern Banker, M a y 1974
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

N.Y. 10022
206 S a nsom e St., San F ra n c is c o . C a lif. 94104

THE ACORN PRINTING CO.
O akland. Iowa

15

Take correspondent banking.
If you’re going to help
your customer, you’ve got to be
big enough. And you need
a strong senior management
comm itm ent.”
Robert K. Wilmouth,
Executive Vice President,

>

The First N ational Bank of C hicago
>
Our senior management’s commitment
to correspondent banking can be seen in
several ways.
For example, our correspondent loan
activity gives you a good, clear indication.
Between 1970 and 1973, loan volume in
this area has increased by over 1000%. A
gain hardly possible without the full
support of our top level decision makers.
The reasons for this kind of growth
on our part?
We agreed to design some very
complex credit programs —pragmatic
solutions to problems that many other
banks wouldn’t or couldn’t touch.
Another reason. Corporate customers
keep getting bigger. So they and their bank
often need another aggressive partner to
assist them with their growing financial

requirements.
Also, many banks have developed
opportunities of their own. And need the
assistance of a major money center bank
to handle their expansion needs.
By expanding our loan operations, by
being innovative in our handling of
complicated credits, we’re able to help you
grow, help you compete.
You have the support of a major
money center bank.
You have the support of its senior
management, like Robert Wilmouth and
Robert Judson, who are vitally involved
in First Chicago's correspondent banking
relationships.
Get things started. Call Bill Dwyer
and his associates at (312) 732-4100.
It might be just the edge you need.

The First National Bank of Chicago @
BANKS, BANK HOLDING COMPANIES AND RELATED ACTIVITIES

You compete. We compete.


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

N o rthw estern

Banker,

May

1974

16

The Bankers* M arket P lace
NEW low-cost, high-speed micro­
A
filmer intended for use in small
banks and in branches was introduced
by Eastman Kodak Company at the
Eastern Region Bank Administration
Institute conference recently.
The Recordak Reliant 450 micro­
filmer automatically feeds, photo­
graphs (at a 40:1 ratio) on thin-base
film, endorses and stacks at a rate of
more than 500 check-size documents
a minute. It is available for less than
$3,200.
The Reliant 450 microfilmer is the
first of its type to use fluorescent lamps
for each of the front and rear photo­
graphic fields. This offers the advan-

into the feeder and automatically fed
through the rotary unit. When filming
is complete, the operator actuates the
power switch.
Announced also is a Recordak Re­
liant 450 endorser which can be used
to apply imprints, after photography,
to the back of documents. The en­
dorser also can be used to cancel
checks. When engaged, it rotates con­
tinuously imprinting one full endorse­
ment text and date across a minimum
width (2.75-inch) check.
For further information, write De­
partment DP-4024, Business Systems
Markets Division, Eastman Kodak
Company, 343 State Street, Rochester,
N.Y. 14650.
kit designed to
A PROMOTIONAL
increase safe deposit box rentals
is available from the Mosler Safe Com­
pany.
The kit includes a free-standing lob­
by display, a variety of statement stuffers, counter cards and ad mats sup­
porting the statement stuffer themes.
A brochure with details on the pro­
motional package and samples of the
statement stuffers are available from
Mosler, an American Standard Com­
pany, at 1561 Grand Blvd., Hamilton,
Ohio, 45012.

THE RECORDAK Reliant 450 microfilmer
can photograph more than 500 check-size
documents in a minute at a 40:1 ratio.

tages of a longer lamp life and cooler
operation. The photodiode-activated
feedback circuit compensates for lamp
aging and power line voltage varia­
tions. There should be no downtime
due to lamp changes because the con­
dition of the lamp can be checked dur­
ing normal maintenance.
The new microfilmer can operate in
either the duplex or duo mode — doc­
uments can be photographed on both
sides or one side for doubled capacity.
The Reliant 450 microfilmer’s speed
and ease of operation make it especial­
ly suitable for branch installations. Un­
der office light conditions, the operator
manually loads film, adjusts feeder side
guides and receiving hopper document
stops, actuates the power switch and
may reset the odometer indexer. Handsize batches of documents are placed
Digitized
N o rfor
t h wFRASER
estern Banker, M a y
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1974

HE CUMMINS AMS Cointrans­
port System is designed for banks
and other financial institutions in­
volved in volume coin processing. The
system not only offers increased pro-

LOOSE Coin Hopper shown with lockable
discharge spout and lid to facilitate coin
audit.

duction and provision for an audit con­
trol of the coin processed, but also*
avoids the physical handling that coin
processing usually involves.
This system can be designed around J
the AMS-119 or the AMS-130 Coin­
roller, which is the most advanced coin
wrapping machine available. And, ac-^
cording to Cummins, it's also the fast­
est, easiest to operate, and most effi­
cient. Completely automatic, the 130
has fewer moving parts, thus making
downtime virtually non-existent. Said
to count and wrap from 1 100 to 1300
rolls of coin per hour, depending upon'
denomination, the Cummins 130 also
processes half dollars as simply and
efficiently as pennies, nickels, dimes
and quarters.
When using a system comprised of
four 119 Coinrollers and related equipment, one person can easily box an av­
erage of 60 rolls per minute or 3,600
per hour.
For more information, write to:
Cummins-Allison Corp., 828 Wauke­
gan Road, Glenview, 111. 60025.
rT 'H E MOSLER Safe Company has
issued a comprehensive new 16page booklet on its line of Record
Safes.
In addition to complete information
on the current line of Mosler Record
Safes, the booklet also includes some>
interesting material on one of the com­
pany’s more unique installations over
the years — the special 50-ton safe
which protects the original copies of
the Declaration of Independence, the
Constitution and Bill of Rights in the
Archives Building in Washington, D.C.
Lavishl\ illustrated, the Mosler Rec­
ord Safe booklet includes photographs
and cutaway drawing of the safes along
with complete information on: con­
struction details; features of the dif­
ferent “A,” “B,” and “C” labeled,
safes; color samples; shelving, trays
and doors; with complete specifications
on all the units.
Mosler Record Safes are designed
primarily to protect papers against fire
and the company recommends that t
they never be used to store large
amounts of money or other valuables.
The company offers a wide range of
mone> safes, smaller models of which
can be placed in the bottom of the
Mosler Record Safe.
The Record Safe booklet, form N o..
CD-7339, is available from Mosler, an
American Standard Company, at 1561
Grand Blvd.. Hamilton, Ohio 45012.

17

j

This huge new
tra d in g flo o r is
th e hom e of th e
most innovative com­
modity futures exchange in
America.
The Chicago Mercantile Exchange,
founded in 1919, invented the concept of futures
trading in live animals over a decade ago. Last
year, the volume of live commodities (live cattle,
feeder cattle and hogs) plus our other commodi­
ties (eggs, butter, milo, frozen pork bellies,
lumber and potatoes) exceeded sixty-five billion
dollars.
This enormous, and still growing, volume is
the greatest testimony available to the need for
and usefulness of futures trading.
As a banker, you need to be fully informed
about the current business practices of your cus­

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

tomers. Since
futures trading
is becoming more
and more important to
your agricultural clientele,
we’d like to send you a copy of our
booklet “Price and Loan Protection Through
Hedging”. Just fill out the coupon below.

r ^CHICAGO MER&fVNflLEEXCHANGE_
V H i 444 West Jackson Blvd., Chicago, Illinois 60606

I Gentlemen:
Dept. 3087
Please send me________copies of “ Price and Loan
I Protection Through Hedging.”
Name
Address
City

State

Northw estern

Zip

Banker, M a y

1974

18

ABA Says Inflation is
Basic* Problem For Housing
The basic problem for housing is in­
flation, not the lack of money, Rex J.
Morthland, president of the American
Bankers Association (ABA), said re­
cently.
“Mortgage interest rates and mort­
gage fund availability have been in the
limelight whenever housing problems
are raised in Congress,” Mr. Morth­
land observed. However, he agreed
with Federal Home Loan Bank Board
economists that housing credit is no
longer a negative element in the na­
tional housing outlook.

Mr. Morthland is board chairman
and chief executive officer of Peoples
Bank and Trust Co., Selma, Ala., and
the eighty-eighth president of the
ABA. He indicated that from 1953
through ’73, housing costs such as land
prices, materials, taxes, insurance,
maintenance and repairs have sky­
rocketed.
“Interest rates, on the other hand,
show the next to lowest percentage
rise.” Fuel and utilities show the low­
est percentage increase. However, Mr.
Morthland predicts that when the re­
sults of fuel and utility prices for ’74

are in, mortgage interest rates will be
at the bottom of the scale in terms of
percentage rise.
“While lenders seem to have ade­
quate funds for housing at this time,”
he commented, “a major factor in the
depressed housing sales picture is the
high cost of housing.” Costs rose es­
pecially rapidly during the past year,
aggravated by shortages of materials
and fuel.
Mr. Morthland cited the fact that
the average new home that sold for
$35,000 in December 1972 sold for
$40,900 in December 1973 — up 16%
in only one year.
“Land costs represent the single
most costly item of increase in buying
a home,” he observed. “During the last
10 years, the cost of land has risen at
the annual rate of 9.1% per year.
Moreover, lots are getting smaller.”
In 1967, the average lot size for a
home was 8,202 square feet, according
to home builder industry statistics. In
1973, it was 6,990 square feet. Tak­
ing account of both rising lot prices
and smaller lots, land costs rose at a ■
rate of 13.4% per year between 196773.
Despite a tight monetary situation
during 1973, banks accounted for 48%
of all construction loans for single­
family and up through four-family
housing units, according to the ABA.
The ABA represents nearly 14,000
banks located throughout the nation
— 96% of the industry total.

Named BMA Director
John M. Murphy, vice presidentbusiness and finance and treasurer of
Elgin Community College, has been
named director of administration for
the Bank Marketing Association, ac­
cording to Raymond Cheseldine, the
association’s executive vice president.
Mr. Murphy will become chief finan­
cial officer responsible for administra­
tion, purchasing and accounting.

Opens Singapore Office
Harris Bank, Chicago, recently an­
nounced the official opening of its rep­
resentative office in Singapore. The
bank directs much of its business de­
velopment activities in the Asia-Pacific
area from this location.
William F. Murray, chairman, and
Kent W. Duncan, executive vice pres­
ident, joined John C. Eby, vice presi­
dent and representative, in hosting
opening-day events.
N o r thfor
w es
te rn B a n k e r , M a y 19 7 4
Digitized
FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

19

You’re in the banking business.
We’re in the money order business

TOGETHER ...w e can
make beautiful music!
Take a couple of well-known, respected
nam es... like your bank and American
Express, put them together on an
impressive looking golden
money order, and you
have a service the
public w ill tune in
to. It’s the new American Ex­
press Financial Institution Money Order
(F IM O )...a perfectly instrumented money
order program created specifically for
banks.
Discover why more and more banks are
putting their name on the new American
Express Financial Institution Money Order!
You’ll like the sound of i t ... especially the
part about American Express Company
taking the work out of issuing money orders
and putting the profits in for you, Phone
today, or mail the coupon for immediate
information on the popular, new American
Express FIMO Program,

A M E R IC A N E X P R E S S C O M P A N Y
M O N E Y O R D E R D IV IS IO N

Mr. William H. Box, Vice President-Sales
7655 West Mississippi Avenue
Denver, Colorado 80226
Phone (303) 986-2211


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

No.B.

| FIMO CONDUCTS YOUR
, MONEY ORDER BUSINESS...
1 PROFITABLY.

I
i
I

O.K., I would like to hear more.

Name__________________
Bank Name_____________
Address.
City___

State.

Zip

N orthw estern

Banker, M a y

1974

20

Tbuve got something special
in California.

Security Pacific Bank. Over a
century of experience.
W hen w e’re not “on the ro ad ’’
you’ll find us a t Security Pacific
Bank, one of the ten larg est
banks in the country, w ith over
470 branches in C alifornia and

w ith branches and offices in p rin ­
cipal w orld financial m arkets.
Head Office: 561 S. S pring

St., Los Angeles, C alifornia
90013. Phone (213) 620-6211.
N o rth ern C alifornia H ead­
q u arters: One E m barcadero
Center, San Francisco, C alifornia
94111. Phone (415) 445-4000.
C orrespondent B anking Division.

SECURITY PACIFIC BANK
e riiy

M E M BER FDIC

N o r tfor
h w FRASER
estern Ban ker, M a y
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1974

f

mS i1

Mß^krnm

1 9 7 4 SPNB

21
HE SUBJECT of improving in­
vestment earnings for communi­
ty banks is one that is of constant
concern to us at Dain, Kalman &
> Quail, especially to those in the fixed
income department. We have several
hundred community bank customers
►who are constantly waging a battle to
increase profits each year. With the
present rate of inflation, it’s an abso­
lute necessity for banks to increase
earnings at least five per cent or more
just to stay even.
The most important single thing the
community banker should do is devel­
op an overall investment program for
the bank and then review it at least an­
nually with the board and the firm
through which he does the bulk of his
investing. Frankly, many of our cus> tomers review their plans with us quar­
terly and find it well worth the time
and effort.
Fortunately in the last few years
community banks have discovered
“Fed Funds” which have been a big
help in improving investment income.
* Our recommendation in this area of
investments is that the community
banker check at least two of his cor­
respondent banks as to the current bid
and ask sides of the market. By so do­
ing, many have been able to increase
yields as much as .25 per cent. As a
service, we even provide those who ask
' the names of Fed Fund brokers in New
York City that trade over $15 billion
worth of Fed Funds every business
day.
The major problem, of course, with
Fed Funds as a source of investment
, income is the fact that the rate is cal­
culated each day and often fluctuates
violently and could decline once again
below the cost of money at some point
later this year.
In the Government and Agency
area, we feel most community banks
1 should be committing a higher propor­
tion of their Government portfolio to
Government Agencies. They typically
yield more than Treasuries, by as
much as .25 per cent — or more —
and many are direct guaranteed obli, gâtions of the federal government. We
recommend 25 per cent of a commu­
nity bank's Government portfolio con­
sist of agencies. Our salesmen are
constantly seeking arbitrage possibili­
ties that sometimes occur between the
various Agency issues.
After we feel a customer is utilizing
his liquidity assets as well as possible,
we study the municipal bond port­
folio to see if tax-exempt earnings can

T


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

How Community Banks
Can Improve Their
Investment Earnings

By ROBERT R. MARTIN
Senior Vice President
Fixed Income D epartm ent
Dain , K a lm a n , Quail Incorporated
Minneapolis, Minn.

be increased keeping in mind liquidity
and marketability. Many of the banks
we serve have increased in footings
over 50 per cent during the last three
or four years, yet have not increased
the size of their municipal portfolio.
While we realize there may be fac­
tors that can prevent a bank from au­
tomatically increasing the size of the
municipal bond portfolio as deposits
increase, we feel some bankers move
too slowly in increasing municipal
bond portfolios. Most of our customers
attempt to keep 15 per cent of their de­
posits in municipals.
income can also be increased in
many cases merely by extending the
maturity schedule. If your footings are
up 50 per cent in the last few years and
you haven’t lengthened the maturity
schedule, in most cases you are being
unduly conservative and are sacrificing
earnings without gaining that much in
liquidity. For instance, we note, in
studying bank holding company re­
ports, a greater percentage of the
member banks’ portfolios are maturing
past 10 years.

Another investment income generat­
ing idea is to examine the quality dis­
tribution to see if you aren’t being too
conservative about the purchase of
non-rated bonds of good quality. In
many cases, there are issues from com­
munities where the amount of debt
outstanding is so small it wouldn’t be
worth the expense to have them rated.
In terms of ability to pay and collateral
value, we feel many of the smaller
communities in our trade area are bet­
ter credits than the rated bonds of the
larger cities, especially cities like New
York, Detroit, Philadelphia, Newark,
and Boston to name but a few.
We realize not all examining au­
thorities agree with this opinion, but
nevertheless a detailed credit compari­
son would substantiate our feelings.
Due to lack of ratings, quite often add­
ed yield can be secured on good qual­
ity non-rated bonds. Many of our com­
munity bank customers have in excess
of 25 per cent of their portfolio in nonINVESTMENT EARNINGS . . .
(Turn to page 78, please)
Northw estern

Banker, M a y

Ï9 7 4

22

How Banks Will Have to Compet

■ Mr. Osterberg has made a detailed study of the
electronic funds transfer system at the “place of busi­
ness” or “point of sale” retail outlets patronized by the
general public. His study was prompted by the Transmatic Money Service (TMS) program offered by First
Federal Savings and Loan Association of Lincoln,
Nebr., to its customers and prospective customers.
TMS permits a customer of that institution to present
a special card to personnel of two Hinky Dinky super­
markets in the Lincoln area and have the desired funds
either deposited in a savings account at the S&L head­
quarters or have funds transferred from the savings
account into cash at the store by debiting the account.
The transaction is conducted on an inexpensive termi­
nal at the supermarket tied directly into the S&L com­
puter at the main office so that the entire transact'on
is handled immediately, without additional office per­
sonnel cost at either end, thus by-passing the need for
writing a check on a local bank and having that check
processed.
The advantage to the Hinky Dinky store owners is
a drastic drop in cashing of bad checks, plus offering
store customers an added convenience. The advantage
to First Federal is acquisition of new accounts and new
deposits at relatively low cost. (The program has been
suspended by Hinky Dinky officials temporarily until
the outcome of current court action.)
Nebraska bankers became concerned immediately
with this new authority granted to federal savings and
loans by the Federal Home Loan Bank Board on Janu­
ary 9, 1974, and the NBA held several meetings around
the state.
In his presentation, which makes liberal use of vis­
uals, Mr. Osterberg charts the following income and
costs, on a known basis for the first 30 days and on a
projected basis, for TMS:

L

ET’S move to what is probably the most important
area, “What effect can this type of electronic funds
transfer system have on commercial banking.”
1. The loss of individual checking accounts.
2. The loss of individual savings accounts.
3.
The loss of commercial checking account balances.
In regard to the loss of individual savings accounts, con­
sider this example:
John Q. Public has three accounts — Master Charge,
BankAmericard and TMS. He deposits his paycheck at a
TMS terminal, withdrawing his pocket cash and cash for
groceries. He makes all the remainder of his monthly pur­
chases on either Master Charge or BankAmericard. He
has a pre-authorized payment agreement with the savings
and loan on a monthly basis to pay his Master Charge and
BankAmericard bills, utilities and home loan. John Q has
use of the bank’s money on his charge cards for approxi­
mately 45 days with a billing cycle interest free, plus get­
ting 5% % on his own money at the S&L during that period
of time. He in no way requires a checking account.
Look at the activity that is taking place in metropolitan
centers with commercial accounts. Through a transmatic
or other type of service, a corporation may call and trans­
fer from its commercial bank checking account to its sav­
ings and loan passbook account. The S&L pays interest on
receipt of the call and transfers funds back to the check­
ing account upon notice of the corporation. Banks are not
permitted to offer corporate savings accounts. This chart
shows what could happen with respect to this type of op­
eration :

Income

Transactions...................................................
2.057
Deposits .........................................................$
242,868
Withdrawals ...................................................$
37,856
Net Deposits .................................................$
205,012
Average savings deposits per d a y ...............$
6.837
Transactions per d a y ....................................
68
New accounts o p e n e d ..................................
500
Average deposit .......................................... $
100
Daily deposits average ................................$
7.000
365 days @ $7,000 ....................................$ 2,555,000
365 days @ $10,000 (S&L figs.) ...............$ 3,650,000
$10,000 x 15 sites x 365 .............................$54,750,000

Costs
Per tran sactio n ..................................................................$-40
2,057 x 400 .......................................................... $822.80
2 locations @ above cost, each ........................ $411.40
Terminal cost per d a y ........................................$ 13.71
Cost of term in al....................................................$500.00
Cost per hour @ 12 hrs. per d a y ................... _•$ L14
The rest of Mr. Osterberg’s presentation is briefed
with his permission in the accompanying article.
N o r t for
h w eFRASER
stern Banker, M a y
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1974

Date
Bank Demand Account

Fed S&L Passbook Acct.
5V4% interest

XYZ Corporations
Friday
transfer via phone
$10,000,000
Saturday
$10,000,000
Sunday
$ 10,000,000
Monday
$10,000,000
transfer via phone
$10 000,000
Corporation receives interests @ 514%
for 3 days on $10,000,000 __________ $4,315
S&L invests in money market
@ 10% for 3 d a y s_________________ $8,219
Net gain to S&L ___________________ $3,904
Net gain to corporation
______
$4,315
Net loss to banking ____ :___________ $8,219 in income

$10,000,000
$0
$0

23

Uh S & L ’s

Further Disintermediation
To continue, the increased use of TMS in the traditional
fashion could cause further disintermediation or loss of
funds to the banking industry. If a 50-mile circle is drawn
around the home offices and all branches of savings and
loans in Nebraska, almost the entire state is covered. The
same can be done easily with any other state.
We have covered the operation of TMS and how it
might affect our states. Now let’s look at what can be done:
1. Do nothing. 1 think the answer to this is evident.
2. As many suggest, stop the federal savings and loans
from using this type of service.
Let us pursue the second point. (Mr. Osterberg then
relates the extensive study made by the Nebraska Bankers
Association and various law firms contacted.) Legal
standing of banks to contest the service with the FHLBB
is seriously doubted, except for a federal S&L.
There have been some legal actions filed in Nebraska
—• one by the Attorney General and another by some
banks and The Nebraskans for Independent Banking.
Both were directed at the Hinky Dinky Corporation and
are basically attacking its right as a corporation to en­
gage in this kind of activity, assuming it is, in fact, illegal­
ly providing a banking or savings and loan function. This
type of legal action is a delaying tactic, the ultimate out­
come unknown. (Hinky Dinky has suspended TMS tem­
porarily pending outcome of court action.)
There are, however, some ramifications. Should the
point of sale terminals be illegal from the standpoint of the
retailers’ authority to provide such services, then it would
be illegal for any financial institution, including banks.
Changing state law or regulation, or having Congress
pass legislation is not likely.
Area of Competition
The third area of action is competing. If banks do, in
fact, wish to compete with savings and loans in retail fi­
nancial services, there are the following alternatives:
1. Without any change in state laws or regulations, use
the credit card in the traditional manner or as a transac­
tional card which would permit withdrawals from checking
accounts only. You can see that this will not compete with
the savings and loans as they are paying interest on their
accounts on a daily basis at 514% , which banks are pro­
hibited from doing on demand accounts.
2. With favorable rulings or regulations of state regula­
tory and federal authorities, banks could operate offpremise electronic teller stations that could dispense cash
from either checking or savings, accept checking or savings

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

By WILLIAM H. OSTERBERG
Executive Manager
Nebraska Bankers Association , Inc.
O m aha , Nebraska

deposits or dispense cash from credit card accounts. In
Nebraska there is no way the state supervisor can by regu­
lation permit this operation. It would necessitate a change
in state law, and I assume the same is true for you in unit
banking states.
To compete with savings and loans you must be able to
accept deposits at point-of-sale which, in all terminology,
is branching. I am sure with enabling legislation the banks
could provide automated financial stations within your
states, or with a favorable ruling of federal regulatory
agencies do only what would be permitted by state law or
the possibility of changing federal law; e.g., the NOW ac­
count situation in Massachusetts and New Hampshire.
What then is really available to bankers if they wish to
compete? Let’s look at what might be possible, and
probably the most logical solution to the problem. Each
of your states will have to decide whether or not it is your
desire to compete, and in what form.
The NETS Alternative
Let’s look at the future right now — The Nebraska
Electronic Transfer System (NETS). It is technologically
feasible to provide competitive retail banking services for
all banks and their customers through the operation of
NETS. Package retail banking services would include ac­
cepting deposits, accommodating withdrawals, providing
access to all classes of bank accounts and facilitating thirdparty transfers. NETS would service those off-premise lo­
cations required to fit public demand and convenience.
We are talking basically about NETS point-of-sale
terminals at which the individual banking customer could
transact his financial business via electronic means. This
is what a system diagram might look like.
As you can see, it is designed for three levels of sophis­
tication for the merchants — ordinary telephone, pointof-sale terminal or electronic cash register.
Terminology

“Switch” in the diagram refers to the electronic com­
puter center that accepts incoming transaction data and
in turn refers that data electronically or otherwise to par­
ticipating banks’ bank ledger cards. This, basically, is the
bank that in no way is using computer facilities either in­
shop or with its correspondent for its accounts.
“Bank off-line” refers to a bank using internal com­
puter facilities but those facilities cannot be entered direct­
ly by electronic means in-house or via the switch.
“Bank on-line” refers to a bank computer that is on line
(memo-post) and can be activated in-house or by the
switch for audio or other response for authorization.
N o rthw estern

Banker, M a y

1974

24

“Bank on-line real time” refers to the institution whose
individual customer accounts can be accessed electronical­
ly either in-house or via the switch.
“Correspondent bank off-line” and “Correspondent
bank on-line” refer to the same terminology and would
deal with those banks who would carry their accounts on
computer with their correspondents in some method of
sophistication.
Examples
Example: The bank is on ledger card with no computer
capabilities and has issued electronic transfer transaction
cards to some of its customers. Locally, a merchant not
having an electronic terminal would receive the transac­
tion card, use the necessary transaction slip, dial the local
bank by telephone for an authorization number. The in­
dividual within the bank monitoring your transaction ac­
counts would receive the call, memo-post the account and
provide the merchants with an authorization number. End
of transaction.
Let’s go one step further, with the merchant and a cus­
tomer from out-of-town using a transaction card. The mer­
chant would then call a designated number on the WATS
line to the switch. The switch, from information presented,
would call the issuing bank, via WATS or other means,
relaying the same authorization number to the merchants.
End of transaction.
Let’s move to the next step — the merchant with a POS
electronic terminal. The transaction card would be inserted
into the terminal, automatically relaying the information
for the transaction to the switch. The switch then would
transfer to the issuing bank in any one of four methods
shown, receiving authorization and relaying that elec­
tronically to the terminal. Transaction complete.
The same method is possible through the electronic cash
register; however, this is a highly sophisticated retail ma­
chine but it is being incorporated now into some of the
larger merchants of the metropolitan areas. Any method
could automatically transfer from the customer’s account
to the account of the merchant.
The switch and other systems would facilitate entry
by credit card systems or other electronic systems through
the NETS switch to individual merchants or banks, thus


N orthw estern Banker, M a y
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1974

completing the possibility of nation-wide POS electronic
transfer of funds.
There could be a regional setup for switches tied to­
gether for Nebraska in the NETS with connection either
by leased line or micro wave facilities. A transaction card
could access any account within the bank. The present
method of checks, service charges, etc., would eventually
become obsolete. Hand in hand with NETS or similar sys­
tems will come an automated clearinghouse system for
electronic transfer of funds between financial institutions.
This is in its infant stage at this point with the Fed.
The NETS would enable all participating banks to pro­
vide the full range of services made possible by emerging
technology, thus strengthening the customer’s relationship
with his own bank in his own community. Creation of the
system in Nebraska would be dependent upon legislative
changes to provide that any bank may purchase, install,
operate, lease, use or share with another bank or banks
remote, automated, unmanned facilities for the purpose
of electronically transacting the financial business of bank­
ing.
What S & L’s Really Want
Commercial banking has been talking about point-ofsale and electronic transfer of funds for at least 12 years
and we are still at least two years behind savings and
loans. Facts, however, lead us to believe that at this point
savings and loans are not so much interested in electronic
funds transfer as they are with the electronic depository.
They cannot do the one thing they ultimately want to and
that is the third party transfer. They do not want checking
accounts, they do not want paper problems — and I think
you can see from what has happened in Nebraska they are
looking toward the future.
What will it cost the savings and loans? Can they af­
ford it? This answer is somewhere down the road. Keep
in mind they are not profit oriented. They are mutual asso­
ciations and do not have a group of stockholders looking
at dividends. If they can maintain a competitive interest
rate and handle their overhead, that is all that is required.
One question comes to mind. Can commercial banking
sit around and wait to see if it is profitable for the savings
and loans? — End

25
ITH the recent increased in­
terest in hog confinement fa­
cilities, primarily for farrow­
ing, we have seen tremendous oppor­
tunities available for banks in provid­
ing intermediate term credit to these
organizations. We suggest that the or­
ganization which could be a corpora­
tion, a sub-chapter S corporation, a
general or limited partnership, an in­
dividual or a joint venture seek its long
term financing from private individuals,
insurance companies or from banks
> which provide long term financing on
facilities. This would include the land
and the buildings.
These loans usually are amortized
over a 10 year period with the collater­
al being a real estate mortgage on the
facility and land. The banks may pro­
vide the interim construction financing
for a facility. This is based on the com­
mitment letter from the long term lend­
er taking out the loan when the facility
is completed and ready for stocking of
livestock.
On interim financing the bank looks
at the contractor and the agreement
between the people that will provide
the livestock and the company. This
financing is based on normal interim
construction loan practice.

W

Handling the Notes
The hog farrowing company, when
the building is completed, takes de­
livery of the livestock and it is at this
point that the bank in its intermediate
credit capacity enters the financing of
the organization. This intermediate
term credit can be arranged in a single
note or it can be arranged on a series
of notes, each with its separate col­
lateral. We will talk first about the fi­
nancing of equipment which would in­
clude any tractors, pick ups and any
other equipment required in the opera­
tion that is not included as fixtures to
the building.
Equipment loans generally are
amortized over a three to four year
period with payments on a monthly,
quarterly, semi-annual or annual basis
as agreed between the lender and the
borrower. The next piece of intermedi­
ate term credit is on the sows and
boars. Generally, this loan is set up on
a two year basis with repayment to
begin after the first nine months, usual­
ly arranged on a quarterly or semi­
annual basis.
The final piece of intermediate term
credit which is the most difficult to
handle is the working capital or op­
erating loan. These monies are used for

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Handling Intermediate
Financing for
Confinement Facilities

By MARVIN G. ROHN
Vice President
The Om aha National Bank
Om aha , Nebraska

. . . presented before the recent
Ag Credit Conference of the Iowa Bankers
Association.

the first nine months of operation when
there is no positive cash flow for the
payment of labor, feed and other op­
erating expenditures. This loan should
pay off in total within a two to three
year period. At that point in time ad­
ditional operating loans would be for
short periods only from time to time.
The Banker’s Tools
The tools needed for the banker to
make the intermediate term credit
available are the cash flow statements
for the operation on a quarterly basis
for five years.
Then, we like to have a beginning
balance sheet of the organization and
pro forma balance sheets on an annual
basis for the next five years. Generally,
the intermediate term loans are guar­
anteed by the stockholders of the cor­
poration; therefore, the guarantors’
statements of their financial condition
are required. In most instances some
of the stockholders are not customers
of yours and you have an opportunity
to do some marketing through this
avenue.
Finally, the most important part of
financing a farrowing operation is, of

course, the manager or the manage­
ment of the organization. This is usual­
ly an individual hired with a specific
responsibility in handling the day to
day operations of the facility. It is very
appropriate to include him as perhaps
one of the stockholders or put him on
an incentive program based on his
productivity. Be especially critical of
the type of manager.
Property Leasing Program
Recently, we at The Omaha Nation­
al Bank launched a leasing program
for property which is classified as per­
sonal property. This would include any
movable equipment in the facility as
well as the breeding stock itself. The
hog farrowing company leases this
property from the bank, which is the
owner. These are tailor-made leases
with the benefits of depreciation and
investment tax credit being used to
reduce lease rates to the lessee. Rates
are generally below bank or finance
company installment rates on an APR
basis. The rate depends on the credit
worthiness and lease structure factors
including the life of the equipment or
breeding animals. — End
N orthw estern

Banker, M a y

1974

26

Why We Started Our
Agri Credit Corporation
-

B y ED LEAHY
Executive f ice President
Security Agri-Credit Corporation
Vice President
Security National Bank
Sioux City , Iowa

Mr. Leahy delivered this talk at the
recent Agricultural Credit Conferences
sponsored by the Iowa Bankers Asso­
ciation. He relates why and how his
bank organized an ag credit corpora­
tion and its goals.
ONE are the days when we
could rely strictly on deposits
for generating enough funds
to take care of the loan demand in
agricultural producing areas such as
ours, where we are in the midst of a
great producing area.
Our statements show how the loan
volume has increased over the past 10
years and has exceeded the increase
in deposits by quite a margin. Thus,
we have been loaned up to higher per­
centages of loan-to-deposit totals than
ever before. While all areas of the loan
portfolio have grown, the overline
loans, which are loans on cattle, have
grown the fastest.
Being in an agriculturally dominant
area, we feel that loans to agricultural
producers are loans to a growth in­
dustry. These loans have been good,
solid investments for country banks,
as well as for our bank.

G

Need for More Funds
In the past we have been able to
work around our peak loan periods by
working with a large money center
bank; however, its loan saturation
point was reached last summer and the
officers informed us they didn’t have
the funds available to help us. Yes, we


N orth w es te rn B a n k e r , M a y
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Federal Reserve Bank of St. Louis

1974

know how you country bankers feel.
So, at that time we had to decide
whether we wanted to gear up to han­
dle the credit needs of our area bank­
ers and ag producers by forming an agcredit corporation, or to stay only
within our deposit base and risk los­
ing some good banker customers as
well as some good ag customers.
So, up center stage came Security
Agri-Credit Corporation. Actually, we
had discussed this move in our shop
for the past four years. When money
was tight, it was a hot topic; when
funds were easily available, nothing
was said or done.
By definition, the Security AgriCredit Corporation is set up with the
purpose of financing agricultural pro­
duction loans. It is a wholly owned
subsidiary of the Security National
Corporation and its affiliated banks.
At the present time the personnel
involved in managing the corporation
are all in-house, bank-employed peo­
ple.
The Ag-Credit Corporation can be
set up and funded by various methods.
One is the use of the commercial
market, and another is by applying to
the Federal Intermediate Credit Bank
(FTCB) for discount privileges.
Commercial Paper Source
The first bank to use the commercial
paper market was the Central Nation­
al Bank of Chicago, which has been
very successful with its Central Ag-

Finance Corporation. They have set
their organization up so they can sell
their paper to any interested investor.
They have found that a good per- ,
centage of their paper is being pur­
chased by banks and investors that are
not located in agriculturally dominant
areas. This should give some of the rest "
of us some heart to think that these in­
vestors have that much faith in an in­
vestment in an industry with which
they are not too familiar.
Going to FICB
The second method of getting AgCredit Corporation funded, as 1 men­
tioned, is by applying for a discount
privilege with the FICB — this is the
route we took. In looking at the size
of our holding company and of our
banks, we felt we would be at a very “
distinct disadvantage in the commer­
cial paper market.
With this discount privilege at the
FICB, we are sure of a steady source
of funds. These funds are generated
by the FICB through the sale of its de- ^
bentures to investors who would not
normally be interested in an individual
cattle or hog feeding loan.
We made our first contact with the
officials at the FICB in Omaha on July
22, 1973, to get started with our appli­
cation. We received their approval in
late August, and final approval from ,
the Comptroller of the Currency on
October 20.
The original capital was $500,000.
The Federal Intermediate Credit Bank
gave us their usual 6 — 1 discount
privilege for a line of $3 million. By
December 31, 1973, we had $3,125,-'"
000 of loans in the corporation with
about $2.950,000 discounted with the
FICB.
Capital Increased
In January we could see that we
needed more room for loans in our
bank, so we applied to increase our
capital structure by $1 million. This
will give us an additional $6 million
on our discount line for a total of $9
million. To date we have $5,275,000
worth of loans in the SAAC, with
about $4,100,000 discounted at FICB
in Omaha.
We had plans to have this up to $9
million by the middle of the year; how­
ever, with the overline loan liquida­
tion we have been having the past four
weeks, we probably won’t need to go
above $6 million until the fall cattle
buying season begins. With $2.75 to
$3.00 a bushel for corn and 50^ feeder

27
calves, some of our feeders are holding
off on their replacements, and it takes
no mathematical genius to figure that
out.
The discount rate charged by the
FICB has been on an upward trend
ever since we started discounting loans
there. With the rate structure drop­
ping over the whole money market, we
anticipate the discount rate turning
downward in May.
Actually, the discount privilege for
banks to work with the FICB is not
new, in fact, it is 51 years old. In
March, 1923, the amendment to the
Federal Land Loan Act, which estab­
lished the Federal Intermediate Credit
Bank, was for the purpose of allowing
banks an outlet for their ag loans. It
wasn’t used by the banks to any great
extent and consequently, on June 16,
1933, the Farm Credit Act was passed
creating the Production Credit Asso­
ciations. The PC A now is the mainstay
of the FICB, but OFI or Ag-Credit
Corporations are still allowed.
No Loss on Loans
At the present time there are 23 AgCredit Corporations or OFI’s approved
in the areas served by the Omaha
bank. Of these, 19 are active and at
the end of 1973 had $34,700,000 in
loans discounted with the FICB. This
amounted to approximately 5% of
their outstanding discounts. The of­
ficials in Omaha say they haven’t had
a loss to their bank on Ag Credit Cor­
porations loans since the late 30s.
So far, we have found the people at
the Federal Intermediate Credit Bank
of Omaha to be very helpful and co­
operative. They do demand that the
i’s be dotted, and the t’s be crossed.
But that is the way it should be. I think
the only criticism we would have is
that they are set up to handle dis­
counts from PCA’s, which is a bit dif­
ferent than the way we like to handle
loans. Because of this, the paper work
is a bit more than we would like. It
takes time for them to gain confidence
in your organization as they are a bit
skeptical about banks and bankers. Af­
ter all, some bankers have been fight­
ing PCA’s for a long time.
We feel that these people at FICB
are very much our partners and we are
going to tell them all the information
we know about lines of credit we are
sending to them.
We give them, in addition to the inAG-CREDIT CORPORATION . .
( Turn to page 28, please)

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Federal Reserve Bank of St. Louis

PICTURED during planting of gardens last year were, left to right: Hal Booth, pres., 1st
Natl.; Monsignor L. Davidsaver, pres., Council Bluffs Ministerial Assn.; Ed May, pres.,
and George Hays, both with Earl May Seed Co., and Vern Knop, a.c., 1st Natl., and gar­
den mgr.

Iowa Bank Produces
Mini-Gardeners
E HAVE learned a great deal
about gardening; have eaten,
frozen, pickled and donated our pro­
duce, and discovered 365 ways to fix
zucchini.
“We have enjoyed sunsets, become
acquainted with weeds and worms,
itched and sweat, lugged water, and
sprayed everything, including tennis
shoes, even picked our vegetables one
Saturday in a downpour.”
This is the comment of one satisfied
gardener who took part in the RentA-Garden program sponsored by the
First National Bank of Council Bluffs
last year. Hal Booth, bank president,
recently announced the bank’s second
annual program for citizens of the
Council Bluffs-Omaha area.
The project was initiated by the
bank last year out of concern for ecol­
ogy and spiraling prices. In 1973,
2,300 participants harvested produce
from the plots.
Each garden consists of 30, 10-foot
rows, planted with tomatoes, cucum­
bers, carrots, lettuce, beans, cabbage,
peppers, squash, radishes and other
vegetables. The gardens are located
near Twenty-fourth Street and Gifford
Road.
For $15, the bank provides the land,
prepares it with fertilizer and does all
the planting and initial machine weed­

ing. The customer needs only to do ad­
ditional upkeep during the growing
season, and harvest the crop of vege­
tables.
Bank customers are given first pri­
ority for applications; however, the
bank has invited all citizens in the
Council Bluffs-Omaha area to partici­
pate.
Most customers wrote about their
enjoyment of the garden plots and
asked to be included again, according
to Robert D. Olson, bank public rela­
tions. Last year’s gardeners included
doctors, sales people, teachers, Boy
Scouts, homemakers, carpenters, secre­
taries, retired persons and bank presi­
dents.
First National received many thank
you’s from the mini-farmers. One lady
wrote — “Last summer I wasn’t too
thankful when the vegetables hit in full
force and I could not seem to keep up
with them, but now, as I go to the
freezer or shelf rack and pull out fresh
vegetables, I and my family thank you
for each bite. Our 10-foot plot not only
kept us in all the fresh garden food we
wanted and could eat, but also two
other families.”
The concept behind Rent-A-Garden
was originated in 1972 by Father Wil­
bert Staudenmaier, a pastor in Appleton, Wise.
Northw estern

Banker,

May

1974

28
a thing of the past for Don Jackson.
A bank physical exam determined a
serious problem spot in one lung and
he underwent a lobectomy in New
B y BEN HALLER, JR. York City in November of that year.
E ditor
He had retained a trim, well-condi­
Moines, where he started as a miler in tioned physique and it undoubtedly
track events. In the spring of 1932 contributed to his good recovery from
during a national meet at Notre Dame, this major surgery.
We asked Don to relate what hap­
he competed in the mile run at South
pened
following the unforeseen episode
Bend against several of the nation’s
in
the
hospital. “After that,” he said,
best, at a time when athletes had not
“I
quit
smoking and so the following
yet worked up to the current pitch of
year
decided
to see if I could really get
conquering the 4-minute mile. He
came in third with a time of 4:28, just in shape. J was curious to see if my
behind two of the top-rated milers of lungs would inflate properly again af­
the day. Don received a B.S.E. degree ter having one lobe removed. I was just
in fair condition by the time of the
in 1933 from Drake.
Don’s interest in athletics continued Fourth Annual Senior Olympics in Los
unabated after his graduation and his Angeles last June but hope to keep up
entry into the not-so-physical world the work so that I may do a little better
in 1975.”
The 1973 meet referred to by Don
is formally organized competition for
athletes age 40 and over. Participants
are grouped by 10-year age brackets
— e.g., 40-50, etc. He trained for the
1500 meter run (slightly less than a
mile), running every morning before
work and in the evening. With the
major surgery just 20 months behind
him, Don managed to capture third
place in a field of 10!
He is continuing his intensive train­
ing as a member of The U. S. Masters
International Track Team. He plans
to compete in the Toronto meet, where
competitors will be grouped in fiveyear age brackets, e.g., 60-65. Win,
Don Jackson, the banker, holding the
lose or draw, Don Jackson deserves
number he wore in the Senior Olympics
a round of applause just for being able
mile run in Los Angeles in 1943.
to compete after making a comeback
from what was an uncertain future
of banking, with a return as often as only 30 months ago. So, if you should
time permitted to view the now nation­ be out at the end of Long Island and
ally-famed Drake Relays held in the see a tall, lanky figure out jogging it
might be Don Jackson training for
spring of each year in Des Moines.
Then, in the fall of 1971, it looked another shot at the mile in Toronto
like an active interest in athletics was in 1975! — End

Hanker M akes C om eback A fte r S u rg ery
To Com pete in Senior 1500 M eter R ace
determination and the
C OURAGE,
self-discipline ingrained by a life­
long interest in athletics are helping
a New York banker prepare to com­
pete in the 1st World Masters Track
and Field Championships August 1117, 1975, in Toronto, Canada.
The banker is Donald C. Jackson,
a vice president in the national division
of Irving Trust Company, who is
well-known to bankers throughout the
upper midwest and mountain states
where he traveled for many years as
a member of the correspondent bank
team.

Don Jackson, the Drake Univer­
sity miler in action in 1932.

Don’s interest in athletics goes back
to his high school days in Spencer, la.,
then at Drake University in Des
AG-CREDIT CORPORATION . . .
(Continued from page 27)
formation they request, inspection re­
ports, comparison statements, husband
and wife guarantees, and cash flows
when needed. We want them to feel
at ease with the loans, the same as we
do.
A Look af Future
Now, to turn our attention a bit to
some of the forecasts for the future.
Some of the economists for the Federal

N o rth w estern Banker, M a y 1974
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Reserve Board have estimated that the
total capital used by farmers will in­
crease from the $310 billion used in
1971 to $410 billion in 1980. Farmers
debt will increase from the $58 billion
level in 1971 to $107 billion in 1980,
some $49 billion more.
These figures may be a bit low now
due to the increase we have had in
prices during the past year or so. How­
ever, these figures are used to show
that the demand for loans in agricul­
ture is going to continue to increase.
Some of this capital, of course, will

come from profits, but the bulk of it
will have to be borrowed.
We are going to see more and more
requests for credit to build efficient fa­
cilities whether they are to handle
grain, farrow hogs, feed hogs or raise
and feed cattle.
Since we bankers are in the middle
of the area where the activity is going
to take place, we can’t sit back in our
easy chairs and let these loans come
to us. First of all, we are going to have
to be sharp in analyzing these credit
requests and secondly, we are going

29

to have a lot of competition for the
loans to the good operators.

SHREW D
BUYERS
AUTOM ATE
W IT H
A U T O M A T IC
C O IN
W RAPPERS

Must Know Management
So, let’s take these two points one
at a time. The loan requests we are
going to be faced with are not going
to be similar to the loan requests we
have had in the past.
We are going to have to dig in and
get to really know the people involved
in the management, know what kind
of an operation is carried on and be
able to judge the overall performance.
This will take not only the analysis of
the balance sheet, the profit and loss
statement, and cash flow statement, but
an on site inspection of what is going
on.
In order to keep our analysis skills
at a keen edge, we are going to have to
be constantly on the lookout for new
information about loaning and tech­
nical advances in the industry and al­
so spend some time in rethinking our
methods of handling loans and peo­
ple and finding methods to handle
these loan requests.
The second point I would like to
have you consider is the competition
we face for the loans generated by our
good customers.
Banker Competition
We have all thought about the com­
petition from the PCA’s and FHA,
etc.; however, if you will take a wideeyed look at their progress growth you
will find they have several options on
their loans with which bankers can
work, so we won’t dwell on these
sources of competition which can ac­
tually give us help.
The real competition is going to
come from within our own banking
group — the eastern money center
banks, the banks in New York, Phil­
adelphia, Boston and Chicago.
Let me tell you about several situa­
tions that have brought this to my at­
tention:
Two years ago one of the instruc­
tors at the School of Banking in Madi­
son, who was an executive vice presi­
dent of one of the large New York
banks, stated during his presentation
that his bank was giving agriculture a
very close look as being one of the un­
tapped sources of loans for his bank.
The reasoning behind this was that at
that time loan funds were very plentiful
and the prime lending rate of banks
AG-CREDIT CORPORATION . . .
(Turn to page 85, please )

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1974

30

SHOWN at left are (I. to r.): Dan Spencer, sr. v.p., United Missouri Bank of Kansas City; Bill Cusic, a.v.p., American Nat'l, Denver;
Mrs. William J. Bolt, United Missouri; Bud Cox, exec, v.p., United Missouri. At right are Peggy, Pete & Diane Jeffery, West Omaha
N at’l; Mr. & Mrs. Gayle Dietz, a.v.p., United Missouri; Jim & Jan Kenner, Hebron, Nebr.; Mr. & Mrs. Phil Straight, a.v.p., United
Missouri.

K a n sa s C ity S em in a r N otes C hanges
By MALCOLM FREELAND, Publisher

1VTEARLY 400 community bankers
^ ^ received an inside view of the
day-to-day operations of a large city
correspondent bank when they at­
tended a special seminar hosted by the
United Bank of Missouri in Kansas
City last month.
Crosby Kemper, chairman of the
United Missouri Bank, told visiting
bankers that management was current­
ly looking at two proposals for a new
building in downtown Kansas City.
Detailed plans are expected to be an­
nounced soon.
Senior officers of the bank presented
brief comments on a wide variety of
subjects, including operations, cash
and check processing, securities proc­
essing, trust investments, employee
benefit plans, estate planning, loans,
leasing, and money management. Not­
able quotes from the seminar follow:
Jerry Scott, president: “The geo­
graphical aspects of the banking busi­
ness are changing. There are now 156
foreign banks operating in America.
Tn addition, large corporations like
Sears are concentrating more on the
financial field. As an example, in
1972, Sears reported 34% of its net in­
come from financial services.”
Dan Spencer, Jr., senior vice presi­
dent: The proposal asking non-mem­
ber banks to maintain reserves with the
Fed may force city correspondents to
operate on a fee basis. The Fed can­
not provide the services, and without
balances the city banks will have no
other choice.”
Charles Bowman, vice president:
“The volume of items keeps moving
up. In 1973, United Missouri Bank of
Kansas City had over six million
monthly items. In 1974, this figure will

N orthw estern Banker, M a y
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1974

be up about 4% . Community banks
can help the city bank control the
number of exception items.”
George Gatten, vice president: “A
new safekeeping receipt, effected in
March, combined with the expansion
of our New York office in the area of
processing securities, will help us meet
the needs of our customers.”
Jim Circle, vice president: “Data
processing activity was 30% greater in
1973 than in 1972 for our bank. Our
new central information file, providing
printed reports for our correspondent
banks, is being well received. We will
be offering an on-line commercial loan
program by 1975. Complete bank
management reports will also be avail­
able by early next year.”
Stuart Murdock, executive vice
president and senior trust investment
officer: “In 1973, our bank maintained
a cautious position in the investment
area. Our economy faced more critical
events in one year than it generally
does in an entire decade. The 1974
market will be volatile, and the P /E
on the Dow should be around 11.”

IOWA banker Bob Ross, City Natl., Shen­
andoah, visits with host, Jack House of
United Missouri Bk., Kansas City.

Wrapping up the formal portion of
the seminar, Crosby Kemper, chair­
man of the board, said, "We intend to
stick to normal banking functions. We
do not intend to borrow money in Lon­
don and loan it out in Mexico. Our
main objective is to take care of the
financial needs of our own banking
area!”
In a poll taken during the seminar,
65% of the visiting bankers said that
President Nixon will complete his term
in office; 22% said that he wili resign,
and 13% said that he will be im­
peached.
Preceding the working conference,
the host bank held a social hour and
dinner dance. •— End

ABA Marketing Division
Elects New Officers
Clarence C. Barksdale was elected
chairman of the marketing division of
the American Bankers Association
(ABA) at the final session of the Na­
tional Marketing Conference. Mr.
Barksdale is president and chief exec­
utive officer of First National Bank in
St. Louis.
His term as chairman will begin Oc­
tober 23, 1974, and will run for one
year.
Also elected for a one year term as 1
vice chairman of the division was Wal­
ter J. Connolly Jr., president of The
Connecticut Bank and Trust Co.,
Hartford.
In addition, four new members were
elected to the division’s executive com- ,
mittee with terms ending in 1977 —
Norborne Berkeley Jr., president of
Chemical Bank, New York City; .1. D.
Schiermeyer, president, National Bank
of Commerce, Lincoln, Neb.; Neil Mc­
Kay, executive vice president and cash­
ier, The First National Bank of Chi­
cago, and Robert A. Huss, vice presi­
dent. Security Pacific National Bank,
Los Angeles.

31

LEFT— R. Peter Landon, v.p., Valley B&T, Springfield, Mass.; James B. Watt, BMA exec, mgr., Chicago, and Richard E. Tool, pres.,
Iowa Bankers Assn, and pres., Farmers & Merchants Savings, Manchester. RIGHT— These three young ladies were important keys
in success of the Seminar. From left: Becky Ward, admin, asst., membership services; Karen Brandt, office secy., and Sheila Horochena, assoc, dir., educ. dept., all with BMA headquarters in Chicago.

B3MA9s Community Banking Seminar
dives Smaller Banks Practical Help
A

DOUBTS the Bank Market­
ing Association may have had
about the interest of community
bankers in basic marketing programs
were quickly dispelled at the Com­
munity Bankers Seminar conducted
in Des Moines last month. Held with
the assistance of the Iowa Bankers
Association, the first in this new type
of grass-roots seminar attracted ap­
proximately 160 bankers from 17
states. Most of the banks represented
came from institutions with less than
$25 million assets, and their evalua­
tion showed the Seminar gave them
practical help that can be used im­
mediately in many of their banks.
ny

Richard W. Buxton (left), pres., Peoples
T&S, Indianola, la., and Wm. H. Burger,
v.p., Natl. Bank of Waterloo.


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Federal Reserve Bank of St. Louis

By BEN HALLER, JR.
Editor
They got their money’s worth in a
two-day program that was staged in a
professional way by James B. Watt,
executive manager of BMA, and his
associates and the speaker participants.
Mr. Watt set the tone for the meet­
ing when he discussed “Getting Where
You Want To Go with Your Market­
ing Plan—Result: Profits.” The stress
on setting goals, making plans to
achieve the goals, and working those
plans was given repeatedly by succes­
sive speakers.
R. Peter Landon, vice president,
Valley Bank & Trust Co., Springfield,
Mass., gave two fine presentations.
The first was “Know Your Competi­
tion,” and the second was “How to
Use Your Advertising Budget Effect­
ively—Where to Spend It and How.”
In his talk, and those of other speak­
ers, one of the key points was audi­
ence questions and comments when­
ever they were appropriate.
Mr. Watt wrapped up the first
afternoon session with a program that
reviewed “Case Examples of Good
and Bad Marketing.”
Rap sessions featuring five topics
followed the noon luncheon and these

were then repeated at the end of the
day after the Case Example feature.
Another speaker who gave full de­
tails of how his bank rose from a $14
million deposit level in 1968 to $77
million currently— with little change
in population or customer characteris­
tics—was Kenneth Pennebaker, exe­
cutive vice president, Twin City Bank,
North Little Rock, Ark. He attributes
the successful growth of the bank,
following its purchase by present own­
ers in 1968, to the leadership of the
bank’s president and concurrence at
top executive level with a marketing

Kenneth Pennebaker answering questions
about marketing plan he supervises as
exec. v.p. at Twin City Bank, North Little
Rock, Ark.
N o rth w e s te rn B an ker, M a y

1974

32

A

pies Trust and Savings Bank, Indianola, la., did the wrap-up, “Putting It
All Together.”
Each registrant was provided a
complete file of materials presented at
the two-day workshop, including a
profit planning kit for marketing
strategy.
Similar seminars are planned for
other areas of the country by Mr.
Watt and his staff.—End

Early Signs Good For
Housing
MGIC
—

T F BUSINESS indicators in January,
February and mid-March can sug­
gest what the rest of the year will be
like, 1974 should be a good year for
homelending and home construction
firms. More important, the majority of
homebuyers should be able to find and
buy new or larger housing accommo­
CONDUCTING the Rap Sessions were these Iowa bankers, left to right: Seated— Phil
dations during the year.
Morris, pres., 1st Natl., Marion; Richard K. Holthaus, a.c., Merchants Natl., Cedar Rapids,
Mortgage Guaranty Insurance Cor­
and Ronald L. Kiger, v.p., Council Bluffs Savings. Standing— Jerry Maples, exec, v.p.,
poration,
the nation’s largest private
Jackson State B&T, Maquoketa. and Ivan L. Johnson, sr. v.p., Central Natl. B&T, Des
Moines.
insurer of home mortgages, says the
number of new homes under construc­
goal and ensuing strategy that has
Swap sessions were conducted dur­ tion today is over 1.8 million units,
been pursued without letup.
ing the afternoon by three men ex­ higher than at any time during the
His bank has an annual budget for perienced in various fields. James fourth quarter of 1973.
total marketing of $300,000. Mr. Champion, Frank Cooper Advertis­
Another good sign for housing:
Pennebaker presented two talks— the ing, Inc., Waterloo, la., led the dis­ more money is available to the nation’s
first on “Sales Training,” detailing cussion on “How to Do Effective savings and loan associations, which
how the entire staff was involved in Print Advertising.” Mr. Watt led a make the majority of loans to homethe marketing strategy (and still is), section on “How to Do Profit Plan­ buyers.
and the second on “Officer Sales ning,” and Dick Gerdes, owner of
MGIC officials say 1974 should also
Training.”
Richard H. Gerdes Advertising, Des see:
Registrants viewed the Iowa Bank­ Moines, led the third discussion on
More funds becoming available for
ers Association television commercials “How Advertising Agencies Can Work home loans and mortgage lending vol­
shown at the noon luncheon on the for the Small Bank.” Each of these ume on the increase again in those
second day by William H. Burger, Swap Sessions made liberal use of communities that experienced a tight­
vice president, National Bank of slides, sound-on-tape, and movie vis­ ness of funds in 1973.
Waterloo, and chairman of the IBA uals.
A decline in mortgage interest rates,
public relations committee.
Richard W. Buxton, president, Peo- already seen on some fronts, will con­
tinue, with rates dropping a percentage
point or so below the peak reached last
year.
Expanded use of low-downpayment
home financing plans, such as the five
and 10% mortgages insured in great
numbers by MGIC in 1973. Nearly i
35% of the 315,000 new mortgages in­ i
sured by the company last year were
of the low-downpayment variety.
The shift in the buyer group will
continue. MGIC says more families in
the 25-34 age group comprise the bulk
of the homebuying public today, as
compared with the 35-54 age group
of past years. In recent years, the com­
pany says first-home purchasers have
been younger families and more of
Dick Gerdes
them
than ever before.
James Champion

N o rth w estern B anker, M a y

19 74

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Federal Reserve Bank of St. Louis

33
tion over the next four or five years
projects us to 7% to IV 2 % rates to
protect ourselves.”
Commerce Bank officers see con­
tinuing problems in many areas, but
a more cautiously optimistic feeling
that business will improve the latter
part of the year, and despite problems
we will still have one of our better
years. A few of their comments follow:
Frank Boesche, senior vice presi­
dent:
Industry plans to expand 18%
SENIOR officers of Commerce Bank are pictured at the first panel presentation, left to
this year but the capital industry can
right: John O. Brown, exec, v.p.; P. V. Miller, Jr., pres.; Charles H. Kopke, sr. v.p., at
the mike; Fred N. Coulson, Jr., sr. v.p.; Frank E. Boesche, sr. v.p., and Wm. O. Vassar,
finance only a 12% growth in these
pres., Commerce Mortgage Co.
expenditures. There,will be a reversal
of bad auto sales by the end of 1974
At Commerce Bank Conference
but permanent changes in the char­
acter of auto characteristics will be
noted.
John O. Brown, executive vice presi­
C ENIOR officers of Commerce
By BEN HALLER, JR.
dent: A short-run improvement in the
Bank of Kansas City and guest
Editor
energy situation can be seen but the
speakers addressing the bank’s Bank
long-run will be expensive. To be selfManagement Conference last month completely upset the short-term rate
stressed several key points in their market, and economists vie with each sufficient in the 1980’s as called for
business summaries presented to seve­ other in making contrary predictions.” by President Nixon will require per­
haps $400 billion, with much develop­
ral hundred guests from a dozen or
Fred N. Coulson, Jr., senior vice
ment possible in our mountain states.
more states.
president in charge of the correspond­
They listed as the key points the ent banking division for Commerce This all requires capital.
Charles H. Kopke, senior vice presi­
subjects of inflation, capital expendi­ Bank, was host at the event and in­
dent:
If you are financing your retail
tures, availability of capital funds, troduced the speakers.
merchants
then become familiar with
return to free markets, exports, agri­
Robert Mathieson, vice president of
culture and above all— the energy Lionel D. Edie & Co., New York, ad­ their wholesale suppliers. It is highly
outlook, with most of these tied to­ dressed himself to what he felt is the important that your retailers have
gether in a business problem package economist’s main problem to deal strong, well-financed wholesalers. Re­
dominated by political overtones and with— inflation. He said it is now “the tailers will have to make investments
in electronic equipment— grocers, for
world needs.
tail wagging the dog.” In the first example— but they can recapture the
P. V. Miller, president of Commerce quarter of 1974, he said, we had our
Bank, expressed the feelings of many greatest real decline in growth— 6% costs in three or four years. Large
when he stated in his welcoming re­ — since 1958, while experiencing merchandisers have many sources of
supply, but the smaller retailer needs
marks: “Running a bank today is 10% inflation simultaneously.
help.
certainly different in this kind of en­
“The worst is behind,” he feels,
Special panels of officers from the
vironment than when many of us and looks for inflation to decrease,
started in the business. We have had but not quickly, with a rate still at lending, investment and trust depart­
five increases in the prime rate since 6% by year-end, and 4-5% next year. ments also reviewed the services avail­
March 1 and it is now at an all-time He said a major risk is that as a na­ able from their departments for cor­
high of 10!^% in some banks. It has tion we might give up the fight against respondents.—End
inflation and try to protect against
inflation. “A weakening in resolve,”
he stated, “results in a weakening of
the character of the American people.”
He sees short-term rates quite near
their peak. With a diminution of price
pressures after controls go off, and a
slackening of hoarding, “we should
see a decline in loan demand and eas­
ing off of short-term rates, maybe 200
to 250 basis points in the second and
third quarters and 300 points in the
fourth quarter. Long-term rates are
not so promising for a sharp decline. Bill Lamberson (left), vice chmn. of Com­
VISITING bankers were welcomed by
merce Bancshares holding company, in­
I think they are headed up, then down, troduced the luncheon speaker, Roderick
John O. Brown (left), exec, v.p.; P. V. Mil­
ler, Jr. (center), pres., and Fred N. Coul­
but not by 300 basis points because Turnbull (center), dir. of public affairs,
son, Jr., v.p.
the expectation of 4% to 5% infla­ Kansas City Board of Trade.

Speakers See 4th Quarter Rebound


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Federal Reserve Bank of St. Louis

N o rth w e s te rn B anker, M a y

1974

34

KEY MEN at MBA Lending Conference included, from left: Ernest Pierson, v.p., Midland
Natl. Bk., Minneapolis, and conference chmn.; MBA Pres. B. P. Allen, pres., First Natl.
Bk., Milaca; U.S. Rep Bill Frenzel, and MBA Exec. V.P. Truman Jeffers.

Public Opinion Survey Favors Banks
By MALCOLM FREELAND
Publisher

J F members of the Minnesota Bank­
e r s Association would go out and
convince their legislators that we need
a realistic usury rate, we’d get the job
done.”
This was the comment made by Wil­
liam G. Kirchner, chairman of the
Richfield Bank and Trust Company,
before the 12th annual MBA Lending
Conference, held in Minneapolis last
month.
Even though the Minnesota legisla­
ture removed the 8% ceiling on loans
of $100,000 and up in the last session,
delegates wre visibly concerned over
the unrealistic rate that continues for
the majority of personal loans. Senator
Kirchner warned that legislation for
the 1975 session is being planned now
and that contacts should be made at

this time if bankers expect to see any
further modification made.
Looking at legislation on the fede­
ral level, William Frenzel, Minnesota
3rd District Congressman, told dele­
gates that he sees little banking legis­
lation taken up between now and elec­
tion in November due to Congressional
pre-occupation with impeachment and
the fact that Wright Patman, chair­
man of the House Banking and Cur­
rency Committee faces a tough battle
in the primaries. Rep. Frenzel sug­
gested that bankers take a more posi­
tive approach in dealing with legisla­
tors. With hearings on the Hunt Com­
mission report coming up, Rep. Fren­
zel feels that bankers should express
their views— and not just in a negative
manner.

Roger Pulkrabek, North Central Life; Jerry Benson; Mrs. (Liz)
Sweeney; Harold Sweeney, all of Citizens St. Bk., Brainerd.


N o rth w e s te rn B an ker, M a y 1974
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Federal Reserve Bank of St. Louis

Benson; Mrs. (Alice)

Over 450 delegates attended the
two-day meeting to acquire an insight
on future trends in lending. A series of
workshops on agricultural lending;
commercial lending; real estate lend­
ing, and consumer lending proved in­
formative.
Richard Carlander, chairman, MBA
lending committee, and president,
State Bank of Faribault, presided at
the business sessions. Ernest Pierson,
group vice president, Midland Nation­
al Bank, Minneapolis, served as chair­
man of the lending conference.
Each panel leader presented their
views prior to opening of their re­
spective workshops. Here is what they
said:
Ernest Pearson (commercial): “It
appears that major banks will be de­
pending on fees for services, rather
than on compensating balances. Look­
ing to the future, banks will continue
to have high loan to deposit ratios.
Loan losses have been higher on the ?
east and west coasts than in the middle
west—but losses are expected to in­
crease in the middlewest in the fu­
ture.”
R. W. (Bill) Lee, vice president,
Wayzata Bank & Trust Co., Wayzata
(real estate): “If there is one thing we
need in real estate lending it is a free r
market. Operating under an 8% usury
rate is difficult,. and bankers should
become active in educating both the
legislators and customers.”
Leslie Peterson, president, Farmers
State Bank, Trimont (agriculture): M
“Country banks may be pressed to
provide the necessary funds for agri­
culture. It is difficult to pay up to
l x/2 % for funds and loan it out at 8 %
SURVEY . . .
( Turn to page 60, please)

Bob Hamlin, a.v.p., 1st Merchants St. Bk.,
St. Paul, and Gabe Kuhn, St. Paul Hospital
& Casualty Co.

35
finance division. He is credit manager
of the Talcott Miami office and assist­
ant secretary of the corporation.

and other news an­
P ROMOTIONS
nouncements have been made by
the following firms:
The Alison Company, Los Angeles:
Seven have been elected corporate of­
ficers, according to Roger M. Alison,
president.
Peter E. vonElten, vice president,
and Roland L. Hulbert, Gilbert M. L.
Johnson and D. Randall Schwartz, as­
sistant vice presidents, are in the Los
Angeles office. Thomas J. Hogan and
John T. Keating, assistant vice presi­
dents, are in the Newport Beach office
and William B. Cleves, assistant vice
president, is based in San Diego.
Christmas Club a Corporation,
Easton, Pa.: Nelson R. Schreiber has
been named director of marketing, a
new post, according to John H.
Guinan, president.
Mr. Schreiber, who was assistant to
the president, joined Christmas Club
a Corporation in 1971 as an account
executive. In his new post, Mr.
Schreiber will be responsible for select­
ing and marketing new products and
services for the firm.
CMl Investment Corp., Madison,
Wise.: Robert Nevitt has been ap­
pointed district director for Kentucky
and a portion of southern Illinois for
this financial services firm. Previously
he was a sales representative for CIT
Financial Services, Louisville.
Continental Western Insurance Co.,
Des Moines: Robert E. Engelmann,
president, has announced the promo­
tion of Loren L. Fligg to vice presi­
dent and executive assistant, and Shel­
by L. Jones to vice president of under­
writing. Mr. Fligg joined the company
in 1966 and most recently served as
assistant vice president. Mr. Jones, a
Chartered Property and Casualty Un­
derwriter, joined the company in 1969
and has served most recently as assist­
ant vice president.
James Talcott, Inc., New York:
Robert W. Hance has been elected an
assistant vice president of the business

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Federal Reserve Bank of St. Louis

ISC Industries, Inc., Kansas City,
Mo.: Graham Porter has been appoint­
ed director of
marketing,
ac­
cording to Paul
Hamilton,
Jr.,
president of the
financial services
company princi­
pally engaged in
insurance, savings
and loans and
consumer finance.
Mr. Porter is for­
merly vice president and director of
marketing, Commerce Bancshares,
Inc., Kansas City.
Lawrence Systems, Inc., San Fran­
cisco: David H. Coffman has been
elected senior vice president. He will
continue as regional manager of the
Los Angeles region. A native of Pe­
oria, 111., Mr. Coffman has served 11
years with Lawrence.

Gary Lee Dodson has been appoint­
ed a sales engineer for the company’s
Kansas City branch office. He is a

V . D. A N D E R S O N

G. D O D S O N

graduate of Rockhurst College in Kan­
sas City, Mo.
NYTCO Services, Inc., San Fran­
cisco: Harold J. Henthorne, Jr., has
joined the third
party
collateral
control company
as vice president,
regional manager
of the Denver of­
fice. Mr. Hen­
thorne, 40, was
associated
with
Bank of America
H. J. H EN TH O R N E

fr01”

A u g USt

1960 until this
year. He most recently was credit re­
view control officer.

D. H. C O F F M A N

D. L. LAU

Daniel L. Lau has been appointed
vice president of operations in the
company’s Los Angeles office. Mr.
Lau joined the company in July of
1973. He formerly was with the De­
partment of Health, Education and
Welfare in Washington, D. C.
The North Central Companies, St.
Paul, Minn.: Richard A. Korb has
been appointed regional manager for
the company’s ordinary division on the
east coast.
LeFebure, Cedar Rapids, la.: Ver­
non Dewey Anderson has been named
sales engineer for the Minneapolis
branch office. His territory includes 14
counties in southeastern Minnesota.
Mr. Anderson formerly was a branch
service manager.

Security Corporation, Irvine, Calif.:
Paul L. Burdsall has been appointed
national product
manager. Prior to
joining the com­
pany, Mr. Burd­
sall was v i c e
president - market­
ing w i t h Ross
Cook, Inc., manu­
facturer and in­
staller of pneu­
matic tube
sys, B11„ CA11
_
,
P. L. BURDSALL
terns. Previously
he had been with Interdyne, Inc., a
Los Angeles electronics firm as senior
vice president and general manager.
The Ziegler Company, Inc., West
Bend, Wise.: Alice M. Braeger has
been elected secretary of the company
and six of its seven operating compa­
nies, according to R. D. Ziegler, pres­
ident. Miss Braeger is the first woman
to be elected an officer of the financial
services holding company. She has
been with the company for 30 years.
Northw estern

Banker, M a y

1974

36

Orlando, Flier and Rathgeb.
You can’t find bankers
who can give you faster decisions
than these men.
Because they speak for First. . .
in Illinois, Indiana, Iowa and Kentucky.
Joseph Orlando
Vice President

N o bank anywhere gives its correspondent
bank officers more freedom to act on their
own.
Because we know our men.
And they know their bank.
For any special services from overline loans
to computerized bond analysis, get the job
done better . . . by working with a man who
speaks for First.
Fast.

(314) 342-6391

Some Special Services for
Our Correspondent Banks:
Fast action on overline loans . . . even if your bank
is not yet a First correspondent.
Com puter services second to none. Years of
experience in all forms of EDP. O ur com puter
marketers and technicians will be happy to visit
and talk with you.
Michael D. Flier
Commercial
Banking Officer

Computerized transitand clearing activities speed
up collections with the new R C PC 's.

(314) 342-6394

Bond Departm ent services, including fast com ­
puterized portfolio analysis. Our investment ex­
perts are in constant contact with bond dealers
nationwide.
Personal and Corporate T ru st services through
St. Louis Union Trust. Largest trust company in
Missouri. Over $4 billion in assets.
Exchange ideas at our Annual Conference of
Bank Correspondents . . . plus special educa­
tional seminars.

Richard M. Rathgeb
Commercial Banking Officer
(314) 342-6392

First National Bank
in St.Louis
M em ber F D IC

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y-

37

Illinois Bankers
Association
8 3 rd A n n u a l C onvention
M ay 19-21
R. LAIRD, former counselor to President
MELVIN
Nixon and secretary of defense, will be the featured

J. P. GHIGLIERI

luncheon speaker at the Illinois Bankers Association 83rd
annual convention to be held May 19-21 at the Peoria Hil­
ton Hotel.
Other dignitaries to appear during the three day session
will include Robert Goralski, NBC News Washington cor­
respondent, the Honorable William W. Erwin, assistant
secretary for rural development, U. S. Department of
Agriculture, and Rex J. Morthland, president, American
Bankers Association and chairman, Peoples Bank and
Trust Company, Selma, Ala.
Details of the convention were released by James P.
Ghiglieri, IBA president and president, Citizens National
Bank of Toluca.
Nominees for election to IBA offices for 1974-75 are:
president — William O. Kurtz, president, Metropolitan
Bank and Trust Company, Chicago; first vice president —
Arthur F. Busboom, president, Bank of Rantoul; second
vice president — Raymond G. Livasy, president, Millikin
National Bank, Decatur, and treasurer — H. Hurst Gib­
son, president, City National Bank and Trust Company,
Rockford.

R. C. SCHRIMPLE

The convention program follows:

R. J. M O R T H L A N D

Sunday, May 19
NOON Registration desk and exhibit areas open.
IBA executive committee meetings.
Council of administration meeting.
New Orleans festival reception with entertainment
by the Billy Hill Dixieland Jazz Band.
Monday, May 20
Welcome— Mayor Richard E. Carver, Peoria.
Washington Scene Address—Robert Goralski,
NBC News Washington correspondent.
“Bank Supervision in the Changing Financial
World”— panel including H. Robert Bartell,
Jr., Illinois commissioner of banks and trust
companies, Springfield; James A. Davis, region­
al director, Federal Deposit Insurance C o rp o r­
ation, Chicago; and Charles B. Hall, regional
administrator for national banks, Chicago.
Address—Rex J. Morthland, ABA president and
chairman, Peoples Bank and Trust Company,
Selma, Ala.
ABA annual meeting and election of state officers.
Report—IBA committee on nominations— chair­
man John W. Luttrell, president, First National
Bank of Decatur.
NOON IBA’s 50-Year Club Luncheon.
Ladies’ luncheon and style show presented by D.
Schaffer Fashions of Peoria.
P.M.
Reception and dinner for past presidents and
treasurers of IBA

H O N . W . W . ERWIN

AM.

M. R. LAIRD


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W . O . KU RTZ

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1974

38

Illinois N e w s

R. Reedy, David T. Stoecker and
James A. Smith, vice presidents; Law­
rence F. Gallo, assistant vice president;
Jerald L. Fleschner, commercial bank­
ing officer, and D. Barton Thomason,
representative.

R. G. LIV A S Y

A. F. B U S B O O M

H. H. G IBS O N

Tuesday, May 21
Second General Session
Address on private lenders in rural development—
Honorable William W. Erwin, assistant secre­
tary for rural development, U. S. Department of
Agriculture, Washington, D. C.
“A Look at Banking's Competition: Will Illinois
Be Next?”— panel including William G. Fish,
president, Bay Bank and Trust Company, Bev­
erly, Mass.; Edward N. Lange, counsel, Wash­
ington Bankers Association, Seattle; and H.
Jack Mbors, executive vice president, First Na­
tional Bank and Trust Company, Lincoln. Nebr.
Third General Session
Election of officers.
NOON Address— Melvin Laird, former presidential ad­
visor and secretary of defense.
PM .
7
Discussion and vote on revisions of the IBA con­
stitution and by-laws.
Reception sponsored by IBA member banks in
Peoria, Tazewell and Woodford counties.
Banquet and entertainment by Tommy Dorsey Or­
chestra.
AM.

You W ill See Them a t the Illin ois
B ankers C onvention
following metropolitan bank­
T HE
ers and service and equipment
dealers have indicated that they will
be attending the Illinois Bankers Asso­
ciation's 83rd annual convention in
Peoria. May 19-21.
Chicago
American National Bank & I rust
Company: Allen Stuffs, chairman;
William Ericsson, president; Ronald
Grayheck, executive vice president;
James Carlson and William Davis,
vice presidents, and Wayne Grove and
Martin Noll, second vice presidents.
Drovers National Bank: Bernard D.
Miller and Edward L. Rietz, Jr., vice
presidents.
National Boulevard Bank: Henry
Gardner, president; Glen E. Smith,
vice president, Peter DeRosier and
Brendan S. Heintz, assistant vice presiDigitized
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1974

dents, and Richard Strang, bond of­
ficer.
New York
Bank of New York: Peter M. Kronberg, assistant treasurer.
First National City Bank: Donald
P. Fogerty, account officer.
Irving Trust Company: F. W. Roder
III, assistant vice president.
Manufacturers Hanover Trust Com­
pany: John J. Simone, vice president;
George R. Bennett, assistant vice pres­
ident, and John F. Richards, assistant
secretary.
Saint Louis
First National Bank: Clarence C.
Barksdale, president, Richard F. Ford,
executive vice president, Paul M. Ross
and Frank K. Spinner, senior vice
presidents; Joe Orlando, vice presi­
dent, and Michael D. Flier and Rich­
ard M. Rathgeb, commercial banking
officers.
Mercantile Trust Company: James

Bank Equipment and Other Firms
American Express Company: Wil­
liam A. Barnett, Jr., regional director
—• travelers cheque division, and Rob­
ert E. Graham, manager — travelers
cheque division.
Bank Building Corporation: Don
Anderson; Avery Jacobek; Charles
Walston; Allyn Raymond, sales man­
ager-central division, and Jim Baker,
sales manager-northern division.
Dalton, W. M. & Associates, Inc.: ,
Monroe W. Abels.
Douglas Guardian Warehouse Cor­
poration: Herbert J. Bart.
Financial Computing Corporation:
Robert E. Parks, president; Ralph E.
Ruck, director of facilities manage­
ment, and Bill Rippy, director of mar­
keting.
Financial Insurance Service, Inc.:
Richard T. Hepworth, president, Jack
W. Impey, Peter L. Engstrom, George
F. Lang, E. Leslie Bloom and Donald
C. Liggett, vice presidents, and Ray J.
Barke, assistant vice president.
LeFebure Corporation: Ralph Bor- >•
zillo, branch manager; Bob Davison,
Mike Kelly, Dick Kingsley, Jim Neal,
Ralph Nelson and Alex Sapp, sales
engineers.
NYTCO Services, Inc.: D. N. Smiddie and W. S. Coutts, Chicago vice
presidents.
Rand McNally Company: Mike
Ball; Bob Grise, financial systems di­
vision.
Saint Louis Warehouse Company:
Bob Dolan, vice president, and Larry
Morice, district manager.
Scarborough & Company: Norman
Clark, president; Robert W. Marshman, vice president-marketing; Ray
Eilert, Ronald Fredriksen, David Hopson and Richard Benjamin, vice presi­
dents.

Celebrates 3rd Birthday
The Eastern Illinois Trust and Sav­
ings Bank, Momence, recently cele­
brated its third anniversary. At the
conclusion of the day’s events, a draw­
ing was held for an eight-day, all-ex­
pense-paid trip to London and Paris,
Spain, or a Caribbean Cruise. Merlin
Karlock is chairman and Donald C.
Starks is executive vice president.


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40

Illinois N e w s

LEFT— James P. Ghiglieri, pres., Illinois Bankers Assn, and pres., Citizens Natl., Toluca; Allen Dixon, Illinois state treasurer, Springfield; George P. Aderton, retiring pres, of Group IV and pres., Citizens State Bank, Mount Morris, and Robert C. Schrimple, IBA exec,
v.p., Chicago. RIGHT— New officers of Group IV, elected at Sterling: Pres.— Richard L. Geach, exec, v.p., Citizens B&T, Warren; Vice
Pres.— Donald R. Lovett, pres., Dixon Natl., and Secy.-Treas.— Ben Ryan, Jr., pres., State Bank of East Moline.

IBA P re sid e n t Tells Illin o is B an kers
To R ecogn ize C hange , Go on O ffen se
EMBERS of the Illinois Bankers
M
Association were urged at the
recent group meetings by IBA Presi­
dent James Ghiglieri to “determine our
own destiny. We can’t do it by just say­
ing No. We’ve got to get together
and determine it ourselves.”
In his address to each of the meet­
ings, Mr. Ghiglieri outlined the sharp
gains being made in numbers of branch
offices by savings and loan institutions
in Illinois. He said in part:
“As many of you know, the Illinois
banking climate the last 15 months has
been very stormy. We have seen be­
fore us an unprecedented situation —
the creation of at least two more
banking associations in our state which
was a direct result of the dispute over
bank structure. We have seen Illinois
bankers opposing Illinois bankers,
while our counterparts in other states
have looked on with astonishment at
these actions. And, we have seen our
competitors in the state stand aside
smiling when they see the ‘divide and
conquer’ theory seemingly take hold
in our industry.”
He also said, “The branch banking
situation will never go away. Recently,
the Chicago Tribune carried the results
of an Illinois savings and loan industry
survey showing that the industry in
Illinois is growing 28 times faster than
the state population . . . the number
of . . . offices rose from 465 in De­
cember, 1970, to 607 in December,
1973, including 163 branches and fa­
cilities. There are about 24 applica­
N o r t hfor
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Federal Reserve Bank of St. Louis

tions for new branches of federal asso­
ciations in Illinois in process, half of
which are for second new branch of­
fices. As of January 15 there also were
16 applications pending in the office
of the Illinois savings and loan com­
missioner for relocation of home of­
fices and facilities of state associa­
tions.”
Mr. Ghiglieri stated, ‘'The conclu­
sion is very simple. This competition
is evolving into another commercial
banking system! The structure in Illi­
nois has changed. . . . It is time for this
industry to put aside personal differ­
ences and emotions that have devel­
oped and work toward solving some
of these very serious imbalances. If
structure change is going to come to

commercial banking in this state, let
us be the ones to measure it, change
it and monitor it, and above all to con­
tinue to serve this state in the outstand­
ing manner in which we have over the
last 80 years.”
In his concluding remarks after
completing his prepared text, Mr.
Ghiglieri said at the last of the group
meetings: “I have been a staunch ad­
vocate and supporter of individual
banking. But times have changed —
change has been forced upon us. It’s
a different ball game than five years
ago. . . . If we don’t get off the de­
fense and get on the offense we’re in
trouble. I’m serious when I say they’re
going to branch all over the state and
we are standing by and letting them
do it. It seems like we’re always try­
ing to defend something. We need to
adopt an offensive posture and go af­
ter those deposits. If we don’t take the
initiative, we’ll get left by the wayside.”
A draft of revisions in the constitu­
tion and by-laws of the Illinois Bank­
ers Association was presented at the
group meetings and these will be voted
on at the annual convention in May.
— End

Pioneer Trust & Savings
Elects Vice President

SPEAKER at the Group IV banquet was
popular Dr. Robert Samp,, University of
Wisconsin Medical School faculty mem­
ber, shown here accompanied by his wife,
Tracy (center), and Margaret Whitaker,
Citizens State Bank, Mt. Morris.

John M. Sevcik has been elected
vice president, midwest division, com­
mercial lending group, according to
Russell T. Cramer, president of Pio­
neer Trust & Savings Bank, Chicago.
Mr. Sevcik comes to the bank with
varied experience in the commercial
lending field gained over the past seven
years with other financial institutions.

41

M e rc a n tile T ru s t C o m p a n y has a n e w s ig n a tu re .
It’s as m o d e rn as the 3 5 -s to ry M e rc a n tile T o w e r
g o in g u p in d o w n to w n St. L o u is . It’s as u p -to -d a te
as o u r n e w ideas for c o rre s p o n d e n t b a n k e rs .
Ju s t call us “ M e rc a n tile B a n k ,” 314-231-3500.

M=RcnriTiL=
B n rx
M E R C A N T IL E T R U S T C O M P A N Y N.A .

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Federal Reserve Bank of St. Louis

ST. LO U IS, M O .

M E M B E R F.D .I.C .
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B anker, M a y

1974

42

Illinois N e w s

Illin ois Group O fficers fo r 1974-75
fT ,HE following new officers were
elected for 1974-75 at the recent
series of annual group meetings held
by the Illinois Bankers Association:
Group 1
President: Alfred E. Gallo, Cosmo­
politan National Bank, Chicago.
Vice President: Howard E. Lovely,
American National Bank & l rust
Company, Chicago.
Treasurer: Irving Seaman, Jr., Na­
tional Boulevard Bank, Chicago.
Secretary: Margaret Hadley, 188
W. Randolph St., Chicago.
Group 2
President: Arthur R. Murray,
Citizens State Bank, Milford.
Vice President: John H. Thode,
Evergreen Plaza Bank, Evergreen
Park.
Secretary-Treasurer:
Robert W.
Dempster, National Bank of Mendota.
Group 3
President: Walter J. Peterson, First
National Bank, Malta.
Vice President: Raymond S. John­
ston, First National Bank, Mt. Pros­
pect.
Secretary-Treasurer:
Richard J.
Daniel, State Bank of Antioch.
Group 4
President: Richard L. Geach, Citi­
zens Bank & Trust Co., Warren.
Vice President: Donald R. Lovett,
Dixon National Bank.
Secretary-Treasurer: Ben H. Ryan,
Jr., State Bank of East Moline.
Group 5
President: John D. Moss, Litchfield
Bank & Trust Co.
Vice President: John C. Shover,
First National Bank, Barry.
Secretary-Treasurer: Jack Hollo­
way, Bank of Kampsville.
Group 6
President: J. D. Lemmerman, Na­
tional Bank of Monmouth.
Vice President: Robert L. Denton,
South Side Trust & Savings Bank,
Peoria.
Secretary-Treasurer: M. E. Peine,
Farmers State Bank, Minier.
Group 7
President: W. S. Miles, First Na­
tional Bank, Lerna.
Vice President: Thomas A. HaN o rth w e s te r n B anker, M a y 1974

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Federal Reserve Bank of St. Louis

gan, Jr., Commercial Bank of Cham­
paign.
Secretary-Treasurer:
Larry
E.
Harshbarger, Bank of Charleston.
Group 8
President: Carl W. Troxel, The
John Warner Bank, Clinton.
Vice President: James H. Orr, First
National Bank, Lincoln.
Secretary-Treasurer:
Jack Tate,
Shelby Loan & Trust Co., Shelbyville.
Group 9
President: Dean E. Kamper, First
National Bank, Belleville.
Vice President: Norman Stein,
First National Bank, Carlyle.
Secretary-Treasurer:
John
A.
Hunter, Bank of Edwardsville.
Group 10
President: James M. Withrow,
Bank of Mt. Carmel.
Vice President: John Howard, Se­
curity Bank & Trust Co., Mt. Vernon.
Secretary-Treasurer:
William F.
Todd, Bank of Egypt, Marion.

Promoted at Wood Dale
Anthony DeMaria has been pro­
moted to executive vice president of
the First Security
B a n k of Wood
D a le . Formerly
vice president and
cashier, Mr. DeMaria has been
with the b a n k
since July of 1972
and was named
chief executive of­
ficer in Novem­
A. D e M A RIA
ber of that year.

Prior to that time, he was cashier at
the Dempster Plaza State Bank in
Niles. From 1965 to 1971 he was em­
ployed at the First Bank of Oak Park
as assistant cashier.

Lakeside Bank Names V.P.
Alvin R. Beatty has been named
vice president, marketing, at the Lake­
side Bank, Chica­
go, according to
John R. Mont­
gomery III, bank
president.
Mr. Beatty be­
gan his banking
career as a com­
mercial loan of­
ficer with a large
loop
bank. Prior
A. R. B EA TT Y
to joining Lake­
side, he served as vice president of
Merchandise National Bank of Chica­
go for five vears.

Avenue State Bank Presents
Development Proposal to City
The Avenue State Bank, Oak Park,
recently presented to the board of
trustees of the city a proposal for a $12
million redevelopment plan for a 7.9
acre site in the heart of the commu­
nity. The proposal is based on a study
commissioned by the bank and con­
ducted by Harry Weese & Associates
and Arthur Rubloff, Co., to find the
highest and best use of village-owned
properties to be vacated upon comple­
tion of the new Village Hall, now un­
der construction.
Jerry D. Mackey is president of the
bank.

P lan C onsum er C redit I M eetin g
ONSUMER Credit I will be held
by the Association for Modern
Banking in Illinois at the Chicago Mar­
riott Hotel on May 14-16, according
to Kenneth M. Riley, conference chair­
man and vice president, Springfield
Marine Bank.

C

R. P. M A Y O

R. W . J A C K S O N

Registration will start at 4:00 p.m.
on Tuesday, May 14. The formal pro­
gram will start at 9:00 a.m. on Wed­
nesday, May 15. Welcoming remarks
will be made by Robert W. Jackson,
senior vice president, Exchange Na­
tional Bank, Chicago. Mr. Jackson is
chairman of the consumer credit divi­
sion of AMBI.
One of the featured speakers will
be Robert P. Mayo, president, Federal
Reserve Bank of Chicago. He will ap­
pear at 10:45 on Thursday morning.
Much of the three-day meeting will
be taken up by “rap sessions” on time­
ly consumer credit topics. A social
hour and banquet will be held starting
at 5:30 p.m. on Wednesday, May 15.

S L T can help you fight him !

Money is tight and very expensive but your cus­
tomers’ financing needs continue.
SLT offers some solutions.
Working capital loans provide high yields. How­
ever the risks are high. SLT’s collateral control
programs eliminate much of the risk and provide
the necessary return on your money.
Banker’s acceptances can be issued by your

bank on marketable commodities. Changes in fed­
eral programs and higher commodity prices have
involved banks more and more in the financing of
commodities. A banker’s acceptance, secured by
SLT warehouse receipts, can cage the Crunch
Bird and do the job without tying up your money.
Let us suggest one of our collateral control pro­
grams to help solve some of your tight money
problems. For information on fighting the Crunch
Bird, call or write today.

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N A T IO N W ID E

C O L L A T E R A L C O N T R O L S E R V IC E S

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May

1974

44

Illinois N e w s

C en tra l N a tl, C hicago , C om pletes R em odelin g

and Trust Company, Chicago, has an­
nounced the promotions of Kenneth
R. Sanders to assistant vice president
and Patricia W. Mabbatt to trust of­
ficer.
Mr. Sanders joined the bank in 1970
after graduation from Roosevelt Uni­
versity with a BSBA in finance. He is
currently attending the Northwestern
University Graduate School of Busi­
ness.
Mrs. Mabbatt was employed at Oak
Park National Bank before joining her
present bank. She attended the Univer­
sity of Nebraska, Lincoln, and is a
graduate of the A.LB.

Addison Bank Promotion
OPEN SPACE, the use of natural materials and modern furnishings characterize Cen­
tral National Bank of Chicago’s bank wide remodeling program, concluded on the bank’s
first full 10 years on LaSalle St.

H P HE CENTRAL National Bank in
Chicago concludes its first 10 full
years on LaSalle St., the Midwest
“money center,” with the finishing
touches of a bank-wide remodeling
program and a growth rate of more
than 500% for the decade.
The bank, which moved from its
near westside neighborhood home to
become the sixth largest financial in­
stitution of its kind in Chicago, reports
assets of $837,025,000 for 1973, com­
pared to $771,317,000 for 1972. Re­
sources during the LaSalle St. move
were about $160 million.
Coinciding with the completion of
the remodeling program, the Central
National has moved operating func-

tions to a new office building across
the street. Automated Business Serv­
ices, data processing, check process­
ing, audit, employee dining facilities
and other operations not related to
customer contact now occupy five
floors of the new structure.
Natural materials, such as woods,
marble and fabrics, blend to form a
consistently neutral setting so that visi­
tors going from one department to an­
other encounter no abrupt visual
changes. A growing collection of orig­
inal art and a wide variety of unusual
plants add dimensions of color and in­
terest. Departments have been located
on the basis of interdependency and
the extent of customer contact.

New Moline President

named Karen Battles as assistant cash­
ier. Ms. Battles most recently worked
at North Bank, Lake Point Towers.

Richard A. Schultz has been elected
president of the First National Bank,
Moline, according
to G. D. Thomps o n, chairman.
Mr. T h o m p so n
had been serving
as president and
chairman.
Mr. Schultz had
been president of
the First Trust
and Savings Bank,
Davenport, since
January, 1971. He joined First Trust
in 1970 as first vice president. Previous
to his Davenport job, he had been with
the First National Bank, Muscatine.

Shirlene L. Arnett has become the
first woman elected to the board of di­
rectors of Suburban Bank of Hoffman
Estates, according to President Glen
E. Short.
Miss Arnett has served as the bank’s
vice president and cashier since May,
1971. She joined the bank in 1969.
Prior to that time, she worked in banks
in Pekin and East Moline, 111.
Dorothy J. Palmer has been elected
assistant cashier. She joined the bank
in 1971.

Names Assistant Cashier

Sears Bank Promotes 2

The soon-to-be-opcned Water Tower
Trust and Savings Bank, Chicago, has

James E. Thompson, chairman and
chief executive officer of Sears Bank

Digitized
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e s tFRASER
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Federal Reserve Bank of St. Louis

Hoffman Estates Bank
Announces Changes

The First Security Bank, Addison,
has announced the promotion of Ted
Shaffer to vice
p re s id e n t and
cashier.
Mr. S h a f f e r ,
formerly assistant
v i c e president,
has been with the
First S e c u r i t y
Bank s i n c e it
opened in early
1973. Previously,
he had served as
assistant cashier for the Bank of Bethesda, Bethesda, Md. His banking ex­
perience also includes five years with
the Southern Maryland Bank and Trust
Company in Landover.

Wheaton National Bank
Elects McGregor President
Larry L. McGregor has been elected
president and chief executive officer
of the Wheaton National Bank, ac­
cording to Eugene E. White, chairman
of the board.
Mr. McGregor comes to the bank
with 15 years experience in the bank­
ing industry. His most recent position
was president of the Bank of Northfield. Wheaton National, the Bank of
Northfield and the Bank of Winfield
are members of the Charter Bank
Group.

New Credit Program at
Glendale Heights Bank
The First Security Bank of Glendale
Heights has introduced a new banking
service called Security Check Credit,
according to David Brewer, executive
vice president.
The new service lets customers write
their own loan any time through their
checking account, “even if they don’t
have enough money in their account to
cover it,” he said.

45

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where our smiles come in: the
big, honest friendly ones you
get from the people you meet
when you fly on Ozark Air Lines.
You'll get 'em from our hostesses,
our ticket agents, our p ilo ts . . .
And when you see how right
they make your flight, you just
might find yourself smiling back.

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Call your travel agent or

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Federal Reserve Bank of St. Louis

N orthw estern

Banker, M a y

1974

46

A IB R eveals C onvention P rogram D eta ils
A KEYNOTE address by the author May 26-29. Highlighting Sunday after­
of “The Sensuous Manager,” a noon’s activities will be two concur­
workshop in transactional analysis and rent semifinal rounds of the AlB’s Na­
an “Idea Fair”
tional Public Speaking Contest. The
are among ex­
six finalists will compete that evening
periences
being
for the A. P. Giannini Educational
planned for some
Endowment prizes with the topic,
1,500 bankers and
“The Impact of Automated Payments
banking educators
on Banking.”
expected at the
Opening the first general session on
1974 annual con­
Monday, May 27, will be AIB Presi­
vention of the
dent Joseph T. Bemben, who is also
American Insti­
vice president of Peoples National
tute of Banking
Bank of Washington, Seattle. During
J. T. BEMBEN
(AIB).
this session, the annual AIB direc­
The convention will be held at the tor’s report will be given by Rudolph
Baltimore Hilton in Baltimore, Md., R. Fichtel, and Dr. Michael Mescon,

ITT Life has changed quite a bit in the past year. No longer a
Midwestern Area Company, we are now licensed in forty-five
states and have grown bigger and better to meet your chang­
ing future needs. Our package of Credit Life, A & H and/or
Mortgage Life, is the answer to any borrower’s problem. Loan
and mortgage protection, complete coverage for guaranteed
payments is available with no extra work for you. All details
belong to us including loan payment in case of death or dis­
ability. No waiting for estate settlements, either.
Like the way we’ve changed? For further information call
the man in the picture, Dave Kluesner, at 715/669-5405 or
write to him at ITT Life, Box E, Thorp, Wisconsin 54711.

I2 E K
N orthw estern

I T T L if e In s u ra n c e C o rp o ra tio n

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1974


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Federal Reserve Bank of St. Louis

regents’ professor of human rela­
tions and chairman of the department
of management of Georgia State Uni­
versity, will offer the keynote address.
Dr. Mecon’s view that the individual
is of prime importance in any organi­
zation was widely publicized in a 1971
article, “The Sensuous Manager,”
which appeared in the Atlantic
Economic Review.
Monday afternoon’s session, follow­
ing up on this theme, will be “Interper­
sonal Communications at Work,” a
participation workshop in transactional
analysis presented by Concern Group;
Inc., of Washington.
Tuesday morning, convention at­
tendees will participate in a competi­
tive program, “Getting It Together,”
which will be presented by Gerald H.
(Lew) Johnson, chairman of AIB’s
national education and training com­
mittee and vice president, Security
Pacific National Bank, San Francisco.
Through small group problem-solving,
participants will explore the materials
available for chapter administration
and educational programming.
A “nuts and bolts” session on Tues­
day afternoon will allow chapters with
professional staffs and full educational
programs and those with more limited
staff and capabilities to discuss with
similar groups such matters as in­
surance, legal responsibilities, chapter
incorporation, ABA membership for
chapters, taxes and many other practi­
cal everyday concerns.
Wednesday morning’s “Idea Fair”
will allow chapters with successful
and innovative ideas and programs to
share their methods with interested
delegates through small round-table
discussion groups. Topics to be in­
cluded are relationships with bank
management, college relations, chapter
marketing and determining education
and training needs.
The convention will close on Wed­
nesday afternoon. May 29, with instal­
lation of officers and executive councilmen and an address by ABA Presi­
dent Rex J. Morthland, chairman of
the board of Peoples Bank & Trust
Co., Selma, Ala. — End

Japan Bank Applies
For Chicago Office
An application for a certificate of
authority to establish and maintain a
banking office in the central business
district of Chicago under the Foreign
Banking Office Act of 1973 has been

received from the The Sumitomo
Bank, Limited, 5-chome, Kitahama,
Higashi-ku, Osaka, Japan.

St. Paul Acquires
John NuVeeu & Co.
The St. Paul Companies, Inc., re­
cently acquired John Nuveen & Com­
pany, a 75-year old national invest­
ment banking firm.
The acquisition concluded an agree­
ment, announced earlier, to purchase
Nuveen from Investors Diversified
Services, Inc., Minneapolis, for an un­
disclosed amount of cash.
Nuveen will operate as a separate
subsidiary of The St. Paul Companies,
Inc., a financial service management
company, and will continue under its
present management which includes
Frank P. Wendt, president and Rich­
ard J. Franke, executive vice president.
Nuveen, established in 1898, is
headquartered in Chicago and main­
tains a principal office in New York.
It also maintains offices in Boston, Co­
lumbus, Ohio, Dallas, Los Angeles,
Miami, Philadelphia, Saint Paul and
San Francisco. The firm employs 275.
The St. Paul Companies, Inc. owns
a number of subsidiaries including St.
Paul Fire and Marine Insurance Com­
pany, Western Life Insurance Compa­
ny, Postal Finance Company, St. Paul
Title Insurance Corporation, The St.
Paul Leasing Company, St. Paul In­
vestment Management Company and
St. Paul Land Resources, Inc.

Piper, Jaffray & Hopwood
To Form Holding Company
The board of directors of Piper, Jaf­
fray & Hopwood Incorporated, Min­
neapolis-based member firm of the
New York Stock Exchange, has adopt­
ed a plan of reorganization to form a
holding company subject to the ap­
proval of shareholders at their forth­
coming annual meeting. The an­
nouncement was made by H. C. Piper,
Jr., chairman.
The plan calls for formation of a
corporate structure which would pro­
vide greater flexibility for the admin­
istration of its present business and for
subsequent broadening of its scope of
activities.
Upon approval of the plan by share­
holders, Piper, Jaffray & Hopwood will
become a subsidiary of Piper, Jaffray
Incorporated, the newly formed hold­
ing company. Until recently, the rules
of the NYSE would not have permitted
this reorganization.

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Federal Reserve Bank of St. Louis

7

Investments
Health care. The demand for greater efficiency in health­
care services was never more in the news. And it's increasing
every day.
Financing the building and modernization of hospitals,
clinics and nursing homes is a long-term specialty of B. C.
Ziegler and Company.
In over 60 years, we have underwritten more than $2 billion
in institutional financing. The size range of our issues is
quite broad—from $500,000 to $40 million—conventional
and tax exempt.
We offer bond issues with a choice of serial maturities,
one to fifteen years, and with a record of consistently high
yields. 30 day to 9 month interim paper is also available.
You will find these investments well worth considering for
your bank's portfolios and for those of your customers.
Write, or call us collect for information about our latest
offerings. Offices in leading cities, coast to coast.

B.C. Ziegler and Company
West Bend, Wisconsin 53095 • Phone (414) 334-5521
O n e o f t h e fin a n c ia l s e r v ic e a rm s o f T h e Z ie g le r C o m p a n y , In c .

J
Northw estern

Banker, M a y

1974

48

Welcome to Minot
HOME OF THE

IT S YOUR

FAIR

Itril Dakota STATE FUS

SO B E

THERE!

89th Annual Convention
North Dakota Bankers Association
M ay 8-9-10, 1974
"We look forward to being your hosts

' '

THE MINOT CLEARING HOUSE ASSOCIATION

fair) fím erícnn
‘B A N K A N D T R U S T C O M P A N Y

■O

e s Ierisi

"A Better Brand of O B M K U g "

Fir s t n a t io n a l
BANK
In Minot
An Affiliate of Northwest Bancorporation

union national bank
N orthw estern

Banker, M a y

1974


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Federal Reserve Bank of St. Louis

B anco

49

It’s
Convention
Time!
D, P. SCHORSCH

W. J. DÄNER

W. ALEXANDER

N orth D akota B ankers To M eet in M inot
'T 1 HE United States Debt, gasification, and the international situation are just
-®- a few of the many topics to be discussed at the 89th annual convention of
the North Dakota Bankers Association. The program will be held at the Ramada
Inn in Minot May 8-10.
Daniel P. Schorsch, president of NDBA and president, First National Bank
of Jamestown, will preside at the meetings.
Wednesday, Mav 8

P.M.
3-9 Registration.
6:30 President’s reception.
7:30 Buffet dinner.
9
Dancing to The Shane Band.
Thursday, May 9

We look
forward
to seeing
all of
our friends.

A.M.
8:30 Registration.
9:30 Call to order— Daniel P. Schorsch, NDBA president and president, First
National Bank of Jamestown.
Welcome— Honorable Chester Reitan, mayor of Minot.
Response—Emil E. Kautzmann, NDBA first vice president and vice presi­
dent and cashier, Mandan Security Bank.
‘T he United States Debt”— John Hintgen, commissioner of the U. S.
Public Debt, Treasury Department, Washington, D. C.
Stan Peterson G ordy Spartz
Coffee break.
“Gasification”— Arthur Seder, president, American Natural Gas Com­
pany, Detroit, Mich.
Report of the nominating committee and election of NDBA officers for
NORTH DAKOTA
1974-5.
Noon Men’s luncheon, speaker— Nicholas Thimmesch, columnist, Los Angeles
MAY 8, 9, 10
Times Syndicate.
Ladies’ luncheon—The Riverside, speaker— Barbara Pogue, assistant
vice president, First National Bank of Jamestown. There also will be a
terrarium culture presentation.
P.M. Golf tournament— Minot Country Club.
Bowling tournament—North Hill Bowl.
SOUTH DAKOTA
6
Social hour— compliments of NDBA associate members.
7
Banquet—presentation of new NDBA officers, presentation of awards and
MAY 16, 17
presentation of trophies (golf and bowling).
Entertainment by The Mouse River Players.
9
Dancing— The Shane Band.
Friday, M ay 10

A.M. Past presidents and 40 and 50 year bankers breakfasts.
Banker’s schools breakfasts.
9:15 Call to order—President Schorsch.
Necrology service.
“The International Situation”— Dr. Herbert V. Prochnow, director, Cen­
tral States Conference Graduate School of Banking, Chicago.
Coffee break.
“Washington Report—Willis Alexander, executive vice president, The
American Bankers Association, Washington, D. C.

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Federal Reserve Bank of St. Louis

MIDLAND
National Bank
Of Minneapolis

401 SECOND AVE. SO., MPLS., MN 55480
CALL 372-7000

An Affiliate of Northwest Bancorporation

N o rthw estern

Banker, M a y

1974

50

North Dakota N e w s

DR. H. V. P R O C H N O W

B. M. POGUE

NDBA business meeting— report of the resolutions committee.
ABA state meeting; presiding— Wayne Stroup, ABA state vice president
and president, Garrison State Bank.
Noon Adjournment.
NDBA 1974-75 executive council luncheon meeting.

You W ill See Them a t the N orth D akota
B ankers C onvention
r I ' HE following metropolitan bankers and service and equipment
dealers have indicated that they will
be attending the North Dakota Bank­
ers Association’s 89th annual conven­
tion in Minot, May 8-10.
Chicago
Drovers National Bank: Raymond
J. Fencl, vice president.
First National Bank: Everett How­
ard.
Minneapolis
First National Bank: Kenneth A.
Wales, vice president; Gary L. Kolsrud, assistant vice president, and
Dean Fordyce, bond investment of­
ficer.
Marquette National Bank: Gary
W'ollan, senior vice president, and Bill
Rosacker, assistant vice president.
Midland National Bank: Stanley J.
Peterson, vice president, and Gordon
J. Spartz, assistant cashier.
Northwestern National Bank: C.
Paul Lindholm, senior vice president;
James Laird, correspondent banking
officer, and Howard Luick and James
Holker, assistant vice presidents.
New York
Bank of New York: John S. Hunter,
assistant vice president.
First National City Bank: C. Nor­
man Gustafson, account officer.
Omaha
First National Bank: Jim Doody,

North
Dakota Bankers
will be interested in the
American Express Money Order
Division ad on page
nineteen
N orthw estern

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1974


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Federal Reserve Bank of St. Louis

vice president, and Bob Meisinger, sec­
ond vice president.
Saint Paul
American National Bank & Trust
Company: J. F. Nash, president; M.
H. Ruder, senior vice president; A. A.
Haessig and D. H. Johnson, vice pres­
idents.
Bank Equipment and Other Firms
American
Express
Company:
Thomas M. Becker, manager —
travelers cheque division.
Bank Building Corporation: Bill
Hall.
Dain, Kalman & Quail, Inc.: Paul
Gubrud, representative, institutional
bond department.
Dawson Hail Insurance: Jim Daw­
son, president; Tom Dawson and Lyle
Askerooth, vice presidents.
Mosler Safe Company: Jerry Stites,
region manager; Charles Singer, region
installation/service manager; Harvey
Larson and Leon Reinecke, sales rep­
resentatives.
North Central Companies: Roger
Pulkrabek, regional vice president;
Larry Walsh, general agent.
NYTCO Services, Inc.: Leo H.
Jermes, Jr., vice president, and Mike
Meyer, vice president (Omaha).
Talcott Business Finance: C. A.
Adams, senior vice president; John G.
Ladd, assistant vice president, and A.
J. Olson, assistant secretary.

Bank of North Dakota
Sells Tract of Land
The Bank of North Dakota, Bis­
marck, has received $13,700 for an
80 acre tract of land located east of

Mohall in Bottineau County. The land
was one of the three remaining tracts,
out of a total of 7,540, to be sold by
the bank. The bank had acquired these
tracts through foreclosure in the 1920s
and 1930s. It also plans to sell the last
two tracts in 1974.
Also announced by the bank was
the addition of Dale Eberle to the aud­
it department, according to H. L.
Thorndal, president. Mr. Eberle, 21,
graduated from the North Dakota
State School of Science in 1973.

Red River National
To Open Office
Red River National Bank and Trust
Co. of Grand Forks has received ap­
proval from the Comptroller of the
Currency to establish a Medical Park
office at S. 13th Street and Columbia
Road.
Paul Olander, bank president, said
the permanent facility will be con­
structed on a five-acre site. A tempo­
rary location will be established at
2207 DeMers Avenue, and is sched­
uled to open for business on July 1.
This location will include drive-in fa­
cilities, inside teller service and offices.

Devils Lake Bank
Opens in New Building
The First National Bank of Devils
Lake recently opened for business in
its new building, according to James
B. Collinson, bank president.
The new bank is a 70 by 80 foot
brick structure containing 14,000
square feet of floor space. General
contractor was Shallock-Petersen of
Milwaukee, Wise.

North Dakota Convention
Committees Named
eneral

ch a irm a n

for the

G 89th annual convention of the
North Dakota Bankers Association is
Fred Visina, vice president, First West­
ern State Bank, Minot.
Other chairmen are:
Registration and Reservations —
Chairman, Gene Rupp, assistant vice
president, Union National Bank,
Minot.
Golf — H. Charles Boyd-Snee,
cashier, First Western State Bank,
Minot.
Bowling — A1 Gust, vice president,
American State Bank, Minot.


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Federal Reserve Bank of St. Louis

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Correspondent Representative

Ralph Nelson
Bond Analyst


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Federal Reserve Bank of St. Louis

53
unit manager in the instalment loan de­
partment last year.

Minnesota
NEWS
B. P. ALLEN, JR.
?. L, JEFFERS

President
Exec. V.P.

Promoted at Richfield

Milaca

Minneapolis

First State Bank
Opens in Apple Valley
First State Bank of Apple Valley,
Glazier Avenue off Cedar Avenue, re­
cently opened.
The one-story building is approxi­
mately 8,100 square feet, 2,100 of
which is office rental space. One of the
outstanding architectural features of
the bank is the “clere story” ceiling.
The high, open, bubble effect is high­
lighted by redwood arches and red­
wood trim around the ceiling. The
bank has a rustic atmosphere to coin­
cide with the redwood and earth tones.
The building was constructed by
Charles Novack’s Country Builders of
Rosemount and Edward Novack of
Austin was the architect.
A night depository and two drivein facilities, with room for four more,
are included in the bank.

Red Wing Bank
Elects Director

ing of the present building will also be
done for additional teller stations and
office area.
The auto-bank will be moved to the
north of the new addition.
Ray Kirkhorn is president of the
bank.

Promotions at Rochester
R. L. Roberts, president of The
First National Bank of Rochester, has
announced the election of A. A. Wil­
liams as vice president and cashier
and Robert J. Edstrom as instalment
loan officer.
Mr. Williams, 35, joined the bank
in 1962 in the instalment loan depart­
ment. In 1966, he was promoted to as­
sistant cashier, in 1970 elected as­
sistant vice president and in 1972
elected assistant vice president and
cashier.
Mr. Edstrom joined the bank in
September of 1972 and was named a

Darrell Mullerleile, 25, has been
promoted from auditor to assistant
commercial loan
o f f i c e r at the
Richfield Bank &
Trust Co., ac­
cording to Chester
N. Eggen, presi­
dent.
Mr. Mullerleile
joined the bank in
the auditing de­
partment in June
D. MULLERLEILE
of 1970 a f t e r
graduation from Mankato State Col­
lege. He was promoted to auditor in
June, 1971.

Construction at Ogema
Construction of a drive-in teller win­
dow and a night depository at the
Ogema State Bank will be completed
about June 1, according to Robert
Coalwell, bank president.

Elected to Board at Cloquet
Mort C. Oswald, president of Os­
wald Motor Company, recently was
elected to the board of directors of the
First National Bank of Cloquet.

Larry E. Perkins has been elected
to the board of directors of the First
Northwestern National Bank of Red
Wing (formerly the First National
Bank of Red Wing.) Mr. Perkins, 37,
operates a 250-acre farm with an em­
phasis on dairy in Featherstone Town­
ship.

Wells Bank Open House
Over 1,400 people registered at the
recent open house at Peoples State
Bank of Wells. The open house was
held in observance of the bank’s fiftieth
anniversary.

Aitkin Bank To Expand
Security State Bank of Aitkin has
announced plans for a 56 by 64 foot
addition to the north of its present
building. Construction of the $ 130,000
project will begin soon.
The new building will be brick, con­
crete and frame construction in the
same style and size as the present
bank. The addition will house book­
keeping, lending officers, insurance
and employee facilities. Some remodel­

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Federal Reserve Bank of St. Louis

ARCHITECT’S sketch for Security State Bank at Hibbing, Minn.

N ew H om e fo r H ib b in g B ank
\

NEW home is under construction
for the Security State Bank of
Hibbing, with an expected completion
date of November 1, 1974, according
to Norman Welo, bank president.
Designed by Dykins-Handford, Inc.,
Minneapolis, the new bank, 14,800
square feet, will be a massive angular
structure of dark Vintage modular
brick with large areas of bronze glass.
Slit windows, at the second floor level

(the future mezzanine) serve to empha­
size the expanses of the exterior.
New services offered will include
parking for 40 cars, three remote-visu­
al drive-up tellers, a drive-up-walk-up
depository, a bay-type drive-up for
commercial customers and an after
hours indoor tellers unit. A second
depository is located in the southwest
vestibule and a money machine will
be placed there at some future date.
N orthw estern Banker, M a y

1974

54

e w s is *

tto H. Preus, 77, veteran Minne­
O
apolis banker, suffered a coron
ary attack at the
Mexico City Inter­
national Airport
on Sunday, March
24th. He died
minutes later. At
the time of his
death, Mr. Preus
was acting as host
to a group of
b a n k e rs touring
Central America
after attending the Independent Bank­
ers Association of America convention
in Dallas, Tex.
Mr. Preus, a vice president of The
Marquette National Bank’s correspond­
ent bank division since joining the
bank in 1948, began his banking ca­
reer in 1919 with the Bankers Nation­
al Bank of Minneapolis. Subsequently
he was associated with independent
banks in Cambridge and Cokato,
Minn., and Williston, N.D., and served
as a Federal Bank examiner from
1924 to 1933.
Mr. Preus was born in Eau Claire,
Wis., on May 21, 1896. He attended
Luther College, Decorah, la., and
served with the Navy during World
War 1. He is survived by his wife, Ruth
three brothers and two sisters.
* * *
Mid America State Bank of High­
land Park recently opened its new
drive-in, walk-up facility.
The detached facility is located at
1970 Ford Parkway and is diagonally
across the street from the main bank
in the Highland Shopping Center. It
was made possible by a recently-en­
acted Minnesota law permitting con­
struction of detached drive-in banking
facilities within 1,000 feet of the
bank’s main structure.
The building is 14 by 48 feet and
will serve five lanes of drive-in traffic.
It also houses a small vestibule and a
Northw estern

Banker, M a y

1974


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Federal Reserve Bank of St. Louis

walk-up window to serve pedestrian
bank customers.
John D. Turner is the bank’s presi­
dent.
The building was designed by Bergstedt, Wahlberg, Bergquist, Rohkohl,
Inc., and built by K. j. Johnson Con­
struction Company, St. Paul. LeFebure
Corporation of Cedar Rapids, la., sup­
plied the drive-in equipment.
* * *

western National Bank of Minneapo­
lis.
* * *
Lee R. Mielke has been elected
president of First System Agencies,
Inc., the insur­
ance agency sub­
sidiary of First
Bank System. Mr.
Mielke succeeds
Henry Nosek who,
for personal rea­
sons, requested to
be relieved of the
position. Mr. No­
sek will continue
L R.
R. mMIELKE
ielk e
L.
as s e n i o r vice
president.
Mr. Mielke began his career with
First Bank System in 1961 as manager
of the insurance department of the
First National Bank of East Grand
Forks, Minn. Most recently, he was
vice president and manager of the Na­
tional Bank of South Dakota’s Huron
office.
He
H
*

Morris M. Hedlund has been named
vice president of the Commercial State
Bank, St. Paul,
according to Paul
B. Bremicker, Jr.,
president.
M r. Hedlund
joins the b a n k
after 29 years af­
filiation
wi t h
Northern Federal
Savings & Loan
Association in ex­
M. M. HEDLUND
ecutive positions.
* * *
Clyde E. Fish, secretary-treasurer of
First National Bank of Minneapolis
Advance-United Expressways, Inc., has announced an innovation in its
has been named to the advisory board corporate trust and agency services,
of the North American office of North- providing the capability to perform the
functions of transfer agent and regis­
trar both in Minneapolis and New
York for a company listed on either
the New York or Ameican Stock Ex­
changes. Listed companies will be able
hereafter to deal with only one bank
— First National Bank of Minneapolis
— as transfer agent and registrar in
Minneapolis and New York instead of
the past practice of dealing with two
and in many cases four separate banks.
As the result of an agreement with
Bradford Trust Company of New York
W . D. WIN TE R
i - E- M O R G A N
City, First Minneapolis becomes the
PICTURED here are William D. Winter and
third non-New York banking institu­
John E. Morgan, whose recent promotions
at First National Bank of Minneapolis were
tion in the nation to offer such a capa­
reported in the last issue. Mr. Winter has
bility and service to its corporate cus­
been appointed manager of marketing
tomers, according to George H. Dixon,
services. Mr. Morgan was advanced to suc­
chairman and president.
ceed him as advertising manager.

55

\ u re our
6

w

Reading Left to Right:
FRONT ROW: Mert Dresser,
Gordy Spartz, (YOU),
Stan Peterson.
BACK ROW: John Hunt,
Lee Brown, Reg Kroskin,
Loren Herbst, Ernie Pierson.

Join the
k

a.

i|

IVI IQ ¡Or

S u rro u n d y o u r s e lf w ith th e b a n k e rs on M id la n d ’s F ull S e rv ic e
I ~T
T e a m ! T h e y ’ re in n o v a tiv e — th e y ’ re e x p e rie n c e d !
KJ l0Q f I W ith th e M en o f M id la n d in y o u r g a m e p la n ,

y o u ’ ll w in m o re g a m e s a n d le a rn n e w id e a s !
C a ll o n e o f o u r m en to d a y . 6 1 2 /3 7 2 -7 1 0 0 . T h e y ’ll e ven go on th e road
fo r yo u — b u t m o re im p o rta n t, th e y ’ ll o ffe r m o d e rn s o lu tio n s to a n y b a n k in g
p ro b le m . T a k e a lo o k a t o u r lin e -u p ! M id la n d N a tio n a l B an k, 401 S e c o n d A ve.
S o u th , M in n e a p o lis , M in n . 55480

MIDLAND NATIONAL BANK
Of Minneapolis

An Affiliate of Northwest Baneorporation


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

N o rthw estern

Banker, M a y

1974

56

Minnesota N e w s

Mr. Dixon added, “This new capa­
bility is in compliance with New York
Stock Exchange Rule 496 which re­
quires, among other things, completion
of transfers within 48 hours and the
maintenance of at least $25,000,000
of insurance protection. As a one-stop
transfer agent and registrar institution,
First Minneapolis will now be able to
save its customers a significant amount
of time and expense.”
*

&

E. Thomas Welch, senior vice presi­
dent of Marquette National Bank’s
trust and investment division, has an­
nounced the promotions of David W.

R. NELS ON

D. W . J O H N S T O N

Johnston to vice president and trust
officer and Rosella Nelson to trust of­
ficer.
Mr. Johnston joined the bank in
1968 after serving with the Internal
Revenue Service and as a staff tax ac­
countant with Arthur Anderson and
Company. He is a graduate of the Uni­
versity of Minnesota School of Law.
Mrs. Nelson began her career with
Marquette in 1945. In 1968 she was
appointed trust administrator and in
1971 was promoted to assistant trust
officer.
*

*

*

Dain, Kalman & Quail, Incorpo­
rated, the regional investment banking
firm with headquarters in Minneapolis,
has announced the appointment of 17
new registered representatives.
Two will be located in the Twin City
offices. They are Richard J. Mosing,
Minneapolis and Michael S. Allen, St.
Paul. Those in other Minnesota offices
are George L. Sanders, Duluth, and
Melvin Frederick and Dick Davitt,
Rochester.
Registered representatives in other
upper midwest offices are James W.
Gipe, Sioux City, la.; Thomas A.
Mace and Thomas J. Barbatti, Water­
loo, la.; David I. Haworth, Davenport,
la.; Gary R. Oltrogge, Cedar Rapids,
la.; Truman Tow and K. Darwin Gun­
derson, Sioux Falls, S. D.; James F.
N orthw estern

Banker, M a y

1974


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Schmidt, Rapid City, S. D.; Thomas
A. Brazer, Lincoln, Nebr.; Gary E.
Burkholder, Omaha, Nebr.; James H.
Sinclair, Casper, Wyo., and Opal R.
Eggert, Billings, Mont.
* =f= *
The Minneapolis branch office of
Interstate National Corporation, a spe­
cial risk insurance company, has
moved its Twin Cities headquarters to
new and expanded facilities in the
7200 France Avenue building. The
new mailing address is: 7200 France
Avenue, South, Minneapolis, Minn.
55435. The new phone number is
612/925-3700.
The Minneapolis branch office has
been located just off Highway 100 and
77th Street since its opening in June,
1967. On January 1, 1973, it became
a full branch operation and is responsi­
ble for the five state area of Minnesota,
Iowa, North Dakota, South Dakota
and north-central Wisconsin.
Geo. F. Brown & Sons, Inc., a whol­
ly owned subsidiary, represents many
domestic companies and is a corre­
spondent for Lloyd’s, London. The
companies of the Interstate Insurance
Group include the Chicago Insurance
Company, Interstate Fire & Casualty
Company, Interstate Reinsurance Cor­
poration and Interstate Life Assurance
Company. Higham, Neilson, Whitridge
& Reid, Inc., specialize in camp and
school health insurance. University
Programs Corporation is the only non­
insurance entity.
The Minneapolis branch office
serves over 750 producers in the five
state area. Other offices are now lo­
cated in Atlanta, Boston, Chicago,
Dallas, Fort Lauderdale, Houston, Los
Angeles, New York, Philadelphia,
Portland (Maine), San Francisco and
St. Petersburg.

States who are involved with foreign
subsidiaries and offshore transactions.
*

*

*

The Eirst National Bank of St. Paul
and 14 neighborhood First Banks of
the Twin Cities are now advertising a
package of retail bank services, em­
bodied in what they call a Red Carpet
Card account. For a single charge of
$1 a month, the group will offer a
number of traditional bank services.

Citicorp Publishes Booklet
On Mobile Home Growth

The growth of mobile home commu­
nities is rolling in high gear with more
than 1,600 mobile homes being built
every day, according to a new booklet
from First National City Corporation,
New York.
One out of every five single family
homes built today is a mobile home
and more than 8 million people live
in one, the 24-page “Mobile Home
Living” booklet reports. With shutters,
awnings, contoured rooflines, skirting
and tasteful color schemes, mobile
homes offer luxury and signal the end
of the “mobile homely,” Citicorp says.
The full-color booklet offers tips to
consumers on buying a mobile home
and includes advice on maintenance,
warranties, applicable standards and
the wide variety of homes currently
available.
According to the booklet, there are
more than 15,000 mobile home parks
in the United States, ranging from sim­
ple, low-rent lots to lavish estates.
About 40% of all mobile home owners
live in one kind of mobile home com­
munity or another.
A first-hand impression can tell a
lot
about a prospective park, the book­
* * *
let suggests. “Various things to con­
National City Bank of Minneapolis sider are landscaping, recreational fa­
has been authorized by representatives cilities, a playground and overall gen­
of the Cayman Islands to establish a eral appearance. A new mobile home
foreign branch in Georgetown, Grand community is not necessarily a more
Cayman, according to C. Bernard desirable one, the booklet warns.
“Some of the older parks offer the ad­
Jacobs, chairman of the board.
Currently there are some 120 li­ vantages of shade trees and a strong
censed international banks established neighborhood atmosphere.”
The booklet concludes with sections
in Grand Cayman, largest of the three
on mobile home financing and tips on
Cayman Islands.
Local retail banking will not be of­ what to look for when moving a mo­
fered by National City Bank, but bile home to private property.
Copies are available from Robert L.
Euro-currency financing and time de­
posit services are available. The Berner, First National City Corpora­
branch will solicit and finance direct­ tion, 399 Park Ave., New York, N.Y.
ly customers located in the United 10022.

It gets into your soul
The artist walked into a glade in
northern Minnesota and painted
what you see here. If you’ve been to
a spot like this, you know what it
does to you.
You stand among the pines and
birches and watch the wild, free
water. After a long time, reluctantly,
you walk away. But you never
forget what you felt. And you want
to come back.
If you’re a northern Minnesota
banker, you know your region’s
beauty better than we do. You know
the people and economy better, too.

But, from being nearby and from
working with people like you, we’ve
learned enough so we can give you
help when you need it. And there’s
something else we’d like to give you:
A special offer for Upper M idwest
Bankers. Watercolorist Dave Riebe

painted this scene along the
Poplar River, near Lake Superior.
First Minneapolis would like to
give you a 15" x 18" reproduction,
personally signed by the artist
and suitable for framing. Just call
or write one of our men for
northern Minnesota:

¿ V - 'C

\

Bud Omlie
612/370-4682

|jIlf
Ray Johnson
612/370-4688

First
M inneapolis
Correspondent Bank Division • First National Bank of Minneapolis, 120 South Sixth Street • Member FDIC


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

David Christenson
612/370-4692

V”

Bill Johnson
612/370-4685

|j||j
mä

mmSBSm


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

A n automated teller terminal
designed for drive-up banking.
New from Docutel.
Consider what it means to give your customers car-window
convenience 24 hours a day. □ New nighttime security. Transactions
can be made from the safety of a car. □ Protection from weather.
No need to get out in rain, snow, heat, or cold. □ Greater privacy.
The first come-as-you-are banking. Nobody can see how
the customer is dressed. □ More speed. No need to park, and
leave the car at any hour.
Everything’s grouped within easy arm’s reach. Depository.
Keyboards. Money dispenser. The Drive-Up Total Teller R3
offers almost every motor bank convenience a human teller can
offer to increase your business around the clock.
For automated teller systems, outside,
inside, or both, why consider anything
less than the leader: Docutel.
DOCUTEL CORPORATION
P.O. Box 22306, Dallas, Texas 75222 (214) 254-4261.

Docutel’s new D rive-U p Total Teller.

We know automated teller systems inside out.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

60

M inn esota N e w s

Reed Beckler, MoAmco; Harry Smith, St. Bk. of Long Lake, and
Bk. of Long Lake.

Darwin Stoltenow, St.

L. H. Johnson, N.W. Southwest Natl. Bk., Bloomington; Andy Myers, J. T. Miller Co.,
St. Paul, and Ron Kerkow, Scarborough & Co.

Announces 1973 Report
American International Group, Inc.,
New York, has reported record 1973
earnings on an audited basis. Net in­
The bill further authorizes the Sec­ come was $53,533,000 or $2.66 a
retary of Housing and Urban Develop­ share, compared with $40,839,000 or
ment to create mobile home construc­ $2.06 a share in 1972 on a compara­
tion standards. This responsibility will ble basis. This was a gain per primary
be directed to a National Mobile Home share of 29%. These figures exclude
Administration established by HUD net realized losses of $826,000, equal
and headed by an Assistant Secretary. eign countries and jurisdictions. Those
A National Mobile Home Advisory to .040 a share in 1973, compared to
a gain of $2,815,000 or .140 a share
Council will also be created.
in 1972.
The mobile home section of the
AIG’s net written general insurance
Omnibus Housing Bill also requires premiums increased to $480,429,000
manufacturers and dealers to furnish for the year, a gain of 19%.
first purchasers with a one-year war­
American International Group, Inc.
ranty. The manufacturer must certify
is an insurance holding company
that a home was delivered to the re­
whose member companies conduct or
tailer in compliance with the standards
are represented for property, casual­
and the dealer must certify that the ty and life insurance in the United
home was delivered to the buyer in States, Canada and more than 130 for­
compliance with all applicable stand­ eign countries and jurisdictions. Those
ards. Neither the manufacturer or companies include The American
dealer is liable for defects resulting Home Group, National Union Fire In­
from work completed by parties other surance Company of Pittsburgh, Pa.,
than themselves.
New Hampshire Insurance Group,
The bill must now go to the Hous­ American International Underwriters
ing Subcommittee of the House Bank­ and American Life Insurance Compa­
ny, of Delaware.
ing and Currency Committee.

Senate Passes FHA Mobile Home Bill
T ^ H E SENATE recently passed the
Omnibus Housing Bill which liber­
alizes the Federal Housing Administra­
tion’s mobile home loan program and
provides Federal standards for all mo­
bile homes.
Terms for single-wide mobile home
loans remain the same, a $ 10,000 loan
limit and a 12 year repayment period.
Under the new wording, $5,000 may
be added to cover the purchase of an
undeveloped lot, and the loan maturi­
ty would be extended to 15 years. With
a developed lot, the loan may be in­
creased by $7,500 with the same ma­
turity period.
Loans for double-wides are $15,000
with 15 years to pay. Loans which in­
clude land will be extended to $20,000
for a double-wide home and an unde­
veloped lot and $22,500 for a home
and developed lot. The repayment pe­
riod for these loans will be lengthened
to 20 years.
Mobile home loans may also be of­
fered by the Farmers Home Adminis­
tration.
N o rth w estern B anker, M a y 1974

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

SURVEY . . .
{Continued from page 34)
under current Minnesota usury laws.
If a rate change isn’t made, banks may
make investments in other areas and
the government may end up financing
agriculture in Minnesota. Looking at
the remainder of 1974, I think banks
should check farmers’ net worth state­
ments, looking at costs and cash flow.
Ability to manage capital will be im­
portant in approving farm credit.”
Richard Carlander (consum er
loans): “Bankers should know where
they face the greatest risks in lending
money. It might be advisable to check
with Robert Morris Associates, Bank
Administration Institute and ABA for
lists of high risk borrowers. Recent re­
ports have shown that various areas
of real estate investment will be vul­
nerable in 1974.”
One of the highlights of the 12th
annual conference was the presenta­
tion of an award to the Minnesota
Bankers Association by the ABA Ag­
ricultural and Rural Development
Committee recognizing the MBA for
the state program showing the greatest
advances in overall agricultural bank­
ing activities in 1973. END.

61

245 years o f banking
know-how to help you.

The fact that we’re a 120 year old bank isn’t as important to our
correspondent bank customers as this : The people you deal with from
our division offer you a unique source of banking know-how. So
whatever you want to discuss, chances are we can give you valuable,
practical input—from a background of their 245 years of experience!
Call us to know more about how we can help you.
Mary Basciano
Don Lindeman
Phil Broom
Arietta Ristine
Don Buckman
Jim Russell
Jim Gowan
Hank Snyder
Ken Heiser
Millie Westcott
Jerry Karls
Tom Wiklund
Larry Kennedy
Bev Wohlberg

Yourbottomlineisourtoppriority.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

N o rthw estern

Banker,

May

1974

62

Minnesota News

B ankers S u pport E conom ic E d u ca tio n

when he moved to Sun City, Ariz. He
joined the bank in 1932, was named
vice president in January, 1933, and
president on September 1, 1936.

Forest Lake State
Holds Grand Opening
A grand opening was held in April
for the newly enlarged and remodeled
Forest Lake State Bank. With the ad­
dition of 3,500 square feet, the bank
now contains 7.500 square feet. Con­
struction began early last June.
The former stone exterior of the
bank was covered with stucco to con­
form with the new structure. A
clerestory roof was constructed which
features large sections of glass. Two
drive-in windows are now available.
Two teller windows, four offices and
a large conference room were added
inside.
>' j j (,
A. J. Grun is the bank’s president.
A CONTRIBUTION of $5,000 has been made by the Minnesota Bankers Association to
the Minnesota State Council on Economic Education to support its work in economic
education, according to MBA President B. P. Allen, Jr. The Council is a non-profit edu­
cational organization which finances and coordinates economic education programs in
Minnesota. This is the fourth year the MBA has given its financial support to the Coun­
cil. Pictured above, left to right, are: Mr. Allen, pres., 1st Natl., Milaca; Dr. William E.
Becker, exec, dir., and Paul V. Grambsch, chmn., both with the Council, and Truman
L. Jeffers, MBA exec. v.p.

W estern S ta te H olds G ra n d O pen in g
Ths Western State Bank of Marshal!
recently kicked off the grand opening
of its new bank building with a ribbon
cutting ceremony. Over 8,000 area res­
idents toured the contemporary mil­
lion dollar structure during a three-day
public open house.
The focal point of the interior is a
large tree — a 100 ton support of ce­
ment and steel. The tree branches out
16 wooden beams which support the

suspended balcony. About $400,000
of the total cost was spent for new
equipment.

Increase Capital Stock
The following banks have increased
their capital stock by stock dividend:
First Northwestern State Bank of Sil­
ver Bay, from $75,000 to $150,000;
First State Bank of Dover, from $50,000 to $100,000; Alexandria State
Bank, from $300,000 to $900,000;
Morris State Bank, from $150,000 to
$300,000; Farmers & Merchants State
Bank of New Ulm, from $300,000 to
$450,000; Northwestern State Bank of
Osseo, frem $300,000 to $500,000;
State Bank of Maple Plain, from $75,000 to $100,000 and Northwestern
State Bank of Tracy, from $300,000
to $500,000. The Eitzen State Bank
has increased its capital stock from
$50,000 to $75,000 by sale of new
stock.

C. W. Bótele
SHOWN at recent Western State Bank of
Marshall ribbon cutting ceremony are (left
to right) Mayor Robert Schlage!, Isabel
Aschbrenner,
Don Aschbrenner,
bank
president.
Northw estern

Banker, M a y

1974


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Funeral services were held recently
for C. W. Bótele, 78, former president
of the First National Bank of Brainerd.
Mr. Bótele was the bank’s president
from 1936 until his retirement in 1961

Elected at Duluth
Election of Sister Marybelle Leick,
O.S.B., administrator of St. Mary’s
Hospital, to the board of directors of
First National Bank of Duluth has
been announced by President Chester
C. Lind.

Mercantile Banco Acquires
Franklin Finance Company
Acquisition of Franklin Finance
Company by Mercantile Bancorporation Inc., has received unanimous ap­
proval by the Federal Reserve Board,
according to Donald E. Lasater, chair­
man of the St. Louis based multibank
holding company.
Franklin Finance, headed by N.
Goldring since the company’s found­
ing in 1935, is headquartered at 232
South Meramec Avenue, Clayton, Mo.
It has receivables outstanding in ex­
cess of $22 million, and serves 30,000
customers through 38 offices in the 12
state of Alabama, Florida, Georgia,
Illinois, Kentucky, Louisiana, Mis­
souri, Oklahoma, Oregon, South Caro­
lina, Washington, and West Virginia.
Mercantile Bancorporation Inc.,
with assets of $2 231.067.534 as of
December 31, 1973, has 13 member
banks, including the lead bank, Mer­
cantile Trust Company, St. Louis.
Authorization has been received to
open two new banks, Mercantile Na­
tional Bank of St. Louis County and
Mercantile National Bank of Clay
County, and affiliate with High Ridge
Bank, Jefferson County, Mo.

n a n n n n n n n i u u'l

63

St. Paul’s newest landmark
Suddenly, one of St. Paul's oldest banks is now
the newest. The new 26-story American National
Bank Building brings classic white design with
Space Age comfort features to downton St. Paul.
It will be St. Paul's newest financial center. It will

be bright and cheerful inside too . . . with people
to match . . . offering you every banking service
you'll ever need. Drive by the American Bank,
now in the final stages of construction, at Fifth
and Minnesota and find out what's new in town.

N ational B a n k a n d Trust C o m p a n y
7th St Robert

2 2 8 -2 3 4 5

St. Paul. Minn. 55101
MEMBER FDIC


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

N orthw estern

Banker, M a y

1974

//« ft

64

Curt Lovre,
President

Our new building under
construction at Ninth
and Phillips

Your Helping Hand Hosts at the
South Daknta Bankers Convention
Curtis A. Lovre, President
W. J. Heimerman, Senior Vice
President
Melvin J. Berens, Vice President
Jack H. McMillan, Vice President
H. Ivan Steen, Vice President
Arnold E. Amundson, Vice
President
Bud Olson, Vice President and
Trust Officer

Northwestern
Bank
O f S i o u x F a lls
An Affiliate of Northwest Bancorporation

= = 1^ - = = = = =

Banco
N o r t hfor
w e FRASER
s t e r n B a n k e r , M a y 7974
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

65

South Dakota Bankers
Association 82nd Convention
Sioux Falls
May 16-18 1974
,

J. V. O ’DONNELL
President

Q O U T H D A K O T A b a n k e rs w ill m e e t in S io u x F a lls M a y 1 6 -1 8 f o r th e ir
^
8 2 n d a n n u a l c o n v e n tio n . B u sin e ss se ssio n s w ill be h e ld a t th e H o lid a y
In n , a c c o rd in g to J o h n V . O ’D o n n e ll, S o u th D a k o ta B a n k e rs A s s o c ia tio n
(S D B A ) p r e s id e n t.

DR. D. MILLER

A c c o rd in g to tr a d itio n , th e c o n v e n tio n w ill b eg in w ith th e a n n u a l g o lf
to u r n a m e n t o n T h u r s d a y a t 7 :3 0 a.m . a t lo c a l lin k s. T h e a n n u a l b o w lin g
to u r n a m e n t w ill b e fro m 2 to 4 p .m . a t th e S p o rt B ow l.
M e m b e rs o f th e A m e r ic a n B a n k e rs A s s o c ia tio n w ill m e e t T h u rs d a y
to e le c t m e m b e rs o f th e n o m in a tin g c o m m itte e a n d g o v e rn in g c o u n c il.
S erv in g w ith M r. O ’D o n n e ll d u rin g th e p a s t y e a r as S D B A o ffic ers
w ere H e n ry B. S ch elle, p re s id e n t, T ri C o u n ty S ta te B a n k , C h a m b e rla in ,
first v ic e p r e s id e n t; T e d S c h a n z e n b a c h , p re s id e n t, F ir s t N a tio n a l B a n k ,
S elb y , s e c o n d v ic e p r e s id e n t, a n d M o rris G . W in te r, p r e s id e n t, A n d e s
S ta te B a n k , L a k e A n d e s , p a s t p re s id e n t.
T h u r s d a y e v e n in g th e jo in t so c ia l h o u r, s p o n s o re d by a s s o c ia te m e m ­
b e rs o f th e S D B A w ill b e h e ld fro m 6 - 7 :3 0 p .m . in th e I n te r n a tio n a l R o o m
o f th e D o w n to w n H o lid a y In n . T o m H a y d e n , c o r r e s p o n d e n t b a n k in g o f­
ficer, N o rth w e s te rn N a tio n a l B a n k , M in n e a p o lis , M in n ., is c h a irm a n o f th e
e v e n t.
H. SCHELLE
1st Vice Pres.

K. H AN SEN

FIRST GENERAL SESSION
Friday Morning, May 17
International Room, Holiday Inn
A .M .
9

T. S C H A N Z EN B A C H
2nd Vice Pres.

NOON

C a ll to o rd e r: J o h n O ’D o n n e ll, p re s id in g ; p r e s id e n t, S D B A , a n d
p r e s id e n t, F ir s t N a tio n a l B a n k , L e m m o n .
P re s e n ta tio n o f c o lo rs.
P le d g e o f A lle g ia n c e to th e F la g : P re s id e n t O ’D o n n e ll.
N a tio n a l A n th e m .
In v o c a tio n .
O ffic ia l w e lc o m e to S io u x F a lls .
‘G e t F it A m e r ic a ” : D r. D e a n M ille r, n a tio n a l d ir e c to r , P h y sic a l
F itn e s s I n s titu te o f A m e ric a , I n c lin e V illa g e , N e v a d a .
P r e s id e n t’s a d d re s s : P re s id e n t O ’D o n n e ll.
B a n k in g ’s F u tu re a n d Y o u r s ” : K e rm it H a n s e n , e x e c u tiv e v ic e
p r e s id e n t, U n ite d S ta te s N a tio n a l B a n k o f O m a h a , O m a h a ,
N e b r.
F in a n c in g R u r a l A m e r ic a ” : L in d le y F in c h , v ic e p r e s id e n t, C o n ­
tin e n ta l Illin o is N a tio n a l B a n k & T r u s t C o m p a n y , C h ic a g o , 111.
A n n o u n c e m e n ts a n d a d jo u rn m e n t fo r lu n c h e o n .

W . H. OSTERBERG

SECOND GENERAL SESSION
Friday Afernoon, May 17
International Room
P .M .
2

J . I. M . S C H W A R TZ
Exec. M g r.


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

C a ll to o r d e r : P re s id e n t O ’D o n n e ll.
“ T M S -N E T S ” : W illia m O s te rb e rg , e x e c u tiv e m a n a g e r a n d tr e a s ­
u re r, N e b r a s k a B a n k e rs A s s o c ia tio n , O m a h a , N e b r.
P re s e n ta tio n o f 4 0 - 5 0 y e a r p in a w a rd s : M ilt S c h w a rtz , e x e c u tiv e
m a n a g e r, S D B A .
A u to m a te d P a y m e n ts E x c h a n g e ” : V irg il D issm e y e r, s e n io r v ice
p re s id e n t a n d c a sh ie r, N o rth w e s te rn N a tio n a l B a n k , M in n e ­
ap o lis, M in n .
R e p o r t o f th e S D B A r e s o lu tio n s c o m m itte e .
E x e c u tiv e m a n a g e r ’s r e p o r t: M ilt S c h w a rtz .
R e p o rt o f th e S D B A n o m in a tin g c o m m itte e : M o rris W in te r, c h a irN orthw estern

L. FINCH
Banker,

May

1974

South Dakota N e w s

66

4 :3 0
5 :3 0
7 :3 0
9 :3 0

V. M . DISSMEYER

m a n ; p r e s id e n t, A n d e s S ta te B a n k , L a k e A n d e s.
E le c tio n o f officers.
In s ta lla tio n o f o fficers.
A c c e p ta n c e a d d re s s b y p re s id e n t-e le c t.
M e e tin g o f th e S o u th D a k o ta m e m b e rs o f th e A B A : R a y P lo w m a n ,
p re sid in g , S o u th D a k o ta A B A v ice p r e s id e n t a n d p re s id e n t,
F irs t S ta te B a n k , A rm o u r.
D ra w in g f o r 1 9 7 4 a tte n d a n c e p riz e .
A n n o u n c e m e n ts a n d a d jo u rn m e n t.
P r e s id e n t’s re c e p tio n .
B a n q u e t a n d e n te r ta in m e n t.
A n n o u n c e m e n ts a n d fo rm a l c o n v e n tio n a d jo u rn m e n t.

M. W INTER

OTHER EVENTS
A .M .
8
8

M a y 17 — S ta te b a n k e rs c o m m itte e b r e a k fa s t, E m b a s s y 3.
M a y 17— C e n tra l S ta te s G r a d u a te S c h o o l o f B a n k in g b r e a k fa s t,
S ta rlite R o o m .

You Will See Them at the South Dakota
Bankers Convention
H E fo llo w in g m e tr o p o lita n b a n k ­
ers a n d se rv ic e a n d e q u ip m e n t
d e a le rs h a v e in d ic a te d th a t th e y w ill
b e a tte n d in g th e S o u th D a k o ta B a n k ­
e rs A s s o c ia tio n ’s 8 2 n d a n n u a l c o n v e n ­
tio n in S io u x F a lls , M a y 1 6 -1 7 .

T

Chicago
Continental Illinois National Bank
& Trust Company: T . H . H a u p t
(T e rry ).

Drovers National Bank: R a y m o n d
J. F e n c l, v ice p re s id e n t.

First National Bank: E v e r e tt H o w ­
a rd .

Lincoln
First National Bank: J a c k M o o rs,
C h a rle s L e lfle r, a n d D u a n e S c h a in o s t,
v ice p re s id e n ts .

Omaha
First National Bank: B o b B ro w n
a n d J im D o o d y , v ic e p re s id e n ts , a n d
B o b M e is in g e r, s e c o n d v ice p re s id e n t.
The Omaha National Bank: M a r ­
v in G . R o h n , v ic e p r e s id e n t; D e lm a r
J . O ls o n a n d J a c k K o b e rg , se c o n d v ic e
p re s id e n ts .
United States National Bank: J a y
B o rd e w ic k , v ic e p r e s id e n t; E v e r e tt
B ro w n a n d L a r r y H . H a n s e n , a s s is ta n t
v ic e p re s id e n ts .

St. Paul
American National Bank & Trust
Company: J. F . N a s h , p r e s id e n t; A .
A . H a e ssig , v ic e p r e s id e n t, a n d R . T .
K n o p k e , c o r r e s p o n d e n t b a n k o fficer.

Minnesota
First National Bank: K e n n e th A .

Sioux City
Northwestern National Bank: J e r r y

W a le s, vice p r e s id e n t; W illia m W .
H a m ilto n , c o r r e s p o n d e n t b a n k in g o f­
ficer, a n d D o u g la s H e d in a n d E d w a r d
W h e la n , r e p r e s e n ta tiv e s .
Marquette National Bank: A v e ry
F ic k , v ic e p re s id e n t.
Midland National Bank: S ta n le y J.
P e te rs o n , v ice p r e s id e n t, a n d G o rd o n
J. S p a rtz , a s s is ta n t c a sh ie r.
Northwestern National Bank: C .
P au l L in d h o lm , s e n io r v ic e p r e s id e n t;
T h o m a s A . H ay d en , co rre sp o n d e n t
b a n k in g o ffic er; J o n L . V a n V a lk e n b u rg , in v e s tm e n t o ffic er, a n d R ic h a rd
C . S to rlie , c o r r e s p o n d e n t b a n k in g r e p ­
re se n ta tiv e .

J u s t a n d E d N e w e ll, v ic e p r e s id e n ts .
Security National Bank: R . E .
H a g e n a n d E . J. L e a h y , v ic e p r e s i­
d e n ts , a n d J. M . H o n g s lo , a s s is ta n t
v ice p r e s id e n t.
The Toy National Bank: R ic h a rd A .
B re y fo g le , v ic e p r e s id e n t, a n d L e o T .
S ta v a s, a s s is ta n t v ic e p r e s id e n t.

New York
Bank of New York: J o h n S. H u n te r ,
a s s is ta n t v ic e p r e s id e n t.

First National City Bank: C . N o r ­
m an

G u s ta fs o n ,

a c c o u n t o ffic er.

N o r t h wfor
e s tFRASER
ern Banker, M a y 1974
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Bank Equipment and Other Firms
American E x p r e s s
Company:
T h o m a s M . B e c k e r, m a n a g e r — tr a v ­
e le rs c h e q u e d iv is io n .
Bank Building Corporation: Bill
H a ll.
Dain, Kalman & Quail, Inc.: R o n ­
ald T s c h e tte r a n d H a r r y F o rs e , r e p r e ­
s e n ta tiv e , in s titu tio n a l b o n d d e p a r t­
m e n t.
Dawson Hail Insurance: J im D a w ­
so n , p r e s id e n t; T o m D a w so n a n d L y le
A s k e r o o th , v ic e p re s id e n ts .

LeFebure Corporation: J o h n B o r­
d e w ic k a n d D e a n C h a m b e rs .
Mosler Safe Company: J e r r y S tite s,
re g io n m a n a g e r; C h a rle s S in g er, re g io n
in s ta lla tio n /s e r v ic e m a n a g e r, a n d L e o n
R e in e c k e , sa le s r e p re s e n ta tiv e .
North Central Companies: R o g e r
P u lk ra b e k , re g io n a l v ic e p r e s id e n t, a n d
J a c k H u rle y , re g io n a l m a n a g e r.
Talcott Business Finance: C . A .
A d a m s , s e n io r v ic e p r e s id e n t; J o h n
L a d d , a s s is ta n t v ic e p re s id e n t, a n d A .
J. O ls o n , a s s is ta n t s e c re ta ry .
United States Check Book Compa­
ny: L o re n A n d e r s o n a n d D w ig h t B os,
r e p r e s e n ta tiv e s ,
sa le s m a n a g e r.

and

R ic h a rd

D ick ,

Union Insurance Company: P e rry
E m m o n s, te r r ito r ia l m a n a g e r, a n d J o h
V a h le , d is tric t m a n a g e r.

Construction Begins on
Auto Bank in Miller
C o n s tru c tio n h a s b e g u n o n th e F irs t
N a tio n a l A u to B a n k in M ille r, a c c o r d ­
in g to H o w a rd P e te rk a , b a n k p r e s i­
d e n t.
T h e la te s t e q u ip m e n t in v isu a l a u to
b a n k te lle r se rv ic e w ill b e u se d , f e a ­
tu rin g c u s to m e r c o n s o le is la n d s , p n e u ­
m a tic tu b in g , b u lle t re s tric tiv e g lass
a n d tw o -w a y c o m m u n ic a tio n .
T h e n e w a u to b a n k w ill h a v e th re e
tra ffic la n e s , tw o fo r c a rs o n ly a n d th e
o th e r f o r tru c k s . A n e n c lo se d allw e a th e r w a lk - u p w ill b e in c lu d e d . T h e
a r e a w ill b e la n d s c a p e d a n d 17 p a r k in g
s p a c e s w ill be lo c a te d b a c k o f th e
b u ild in g .
W h e n th e b a n k is c o m p le te d , th e
p r e s e n t d r iv e -in w in d o w se rv ic e w ill b e
c lo s e d a n d th e sp a c e u tiliz e d f o r b a n k
e x p a n s io n .

67

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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

N o rthw estern

Banker, M a y

1974

68

South Dakota N e w s

The D a w s o n G a n g
H o p e s To S e e Y o u A t
The Bankers C o n v e n t io n

*

SHOWN is the new building for The Farmers State Bank of Estelline.

Estelline Bank Opens in New Building
J IM

DAW SON

T

A P **»«■'

LYLE

ASKEROOTH

H E F a r m e r s S ta te B a n k o f E s te l­
lin e re c e n tly c e le b ra te d th e o p e n ­
in g o f its n e w b u ild in g w ith a n o p e n
h o u se . D ra w in g s f o r p riz e s w e re h e ld ,
to u rs c o n d u c te d a n d lu n c h e o n s e rv e d
to e v e ry o n e v isitin g th e b a n k .
T h e b a n k r e c e n tly c o m p le te d a
b u ild in g p r o g ra m th a t h a d ta k e n fro m
la s t A p ril w h e n th e o ld b u ild in g n e x t
to th e b a n k w as re m o v e d to m a k e
r o o m fo r an a d d itio n to th e b a n k s tr u c ­
tu re . T h e in sid e o f th e o ld b a n k w as
r e m o d e le d a n d r e fu rn is h e d a lo n g w ith
th e a d d itio n w h ic h is a p p r o x im a te ly
th e sa m e size as th e o ld b u ild in g . T h e
b u ild in g is trim m e d in S ta u ro lite ro c k
fro m th e B la c k H ills. T h e ro c k is u se d
u n d e r th e w in d o w s, in th e e n try w ay ,

South
Dakota Bankers
w ill be in te re s te d in the
A m e ric a n E xpress M o n e y O rd e r
D ivision ad on p age
n in eteen .

as a p illa r in th e a p p r o x im a te c e n te r
o f th e b u ild in g , to fa c e th e w all o f th e
v a u lt, a n d to lin e th e in s id e o f th e w all
o f th e b a n k p r e s id e n t’s office.
O ffices o n th e s o u th w a ll a re p a n ­
e le d in o a k . O a k w o o d w o rk is u se d
th r o u g h o u t th e b u ild in g in c lu d in g a
c o u n te r ru n n in g d ia g o n a lly fro m ju s t
o u ts id e th e v a u lt to th e o ffic e rs’ q u a r ­
te rs. A g la ss p a n e le d b o o k k e e p in g
ro o m , w h ic h o ffe rs a v ie w o f th e e n tire
b u ild in g , is lo c a te d to th e s o u th o f th e
v a u lt.
W a lte r K. J o h n s o n is th e b a n k ’s
p re s id e n t.

Springfield State Changes
E . B. D w ig h t h a s b e e n n a m e d c h a ir ­
m a n o f th e b o a r d o f th e S p rin g fie ld
S ta te B a n k . D. W . D w ig h t h a s b een
n a m e d p re s id e n t.
O th e r c h a n g e s in c lu d e R o b e rt D .
C o le m a n , v ic e p r e s id e n t; L o r r a in e D eR o o s , c a s h ie r a n d V irg in ia D w ig h t, a s­
s is ta n t c a sh ie r.

See Jerry Just at the South Dakota Convention

TOM

DAW SON

57 Y e a r s S e r v ic e

NORTHWESTERN
BANK
Of Sioux City
An Affiliate of N orthw est Bancorporation

Northw estern

Banker, M a y


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1974

69

South Dakota N e w s

First Dakota, Yankton
Announces Changes
N o rm a n C . G ro s s , p r e s id e n t o f F ir s t
D a k o ta N a ti o n a l B a n k , Y a n k to n , h a s
b e e n n a m e d c h a ir m a n o f th e b o a r d .
H e s u c c e e d s H u g h C . D a n f o r th , w h o
h a s s e rv e d as c h a ir m a n sin c e 1 9 6 6 ,
a n d w as n a m e d h o n o r a r y b o a r d c h a ir ­
m a n re c e n tly . M r. D a n f o r th w a s first
e le c te d to th e b o a r d in 1 9 3 2 . D u rin g
th e p a s t y e a r, h e r e tir e d fro m a c tiv e
p a r ti c ip a tio n a n d is s p e n d in g p a r t o f
th e y e a r in L a g u n a B e a c h , C a lif.
I n o th e r c h a n g e s , R u s s J u r g e n s e n
w a s n a m e d a s s is ta n t c a s h ie r a n d in s ta l­
m e n t lo a n m a n a g e r. M r. J u r g e n s e n
jo in e d th e b a n k in 1 9 7 2 .
A ls o a n n o u n c e d w e re p la n s f o r n e w
d riv e -in fa c ilitie s s o u th o f th e p r e s e n t
lo c a tio n . A la rg e p a r k in g a r e a w ill b e
added.

When the tw o things
you need most
are service
and dependability,

First National, Aberdeen,
Increases Capital, Surplus
C a p ita l a n d s u r p lu s a c c o u n ts o f th e
F ir s t N a tio n a l B a n k o f A b e r d e e n w e re
in c re a s e d b y $ 2 m illio n r e c e n tly as a
r e s u lt o f a c tio n ta k e n by th e b o a r d
w ith th e a p p r o v a l o f th e C o m p tro lle r
o f th e C u rre n c y . E a c h w a s in c re a s e d
by $1 m illio n .
C . P. M o o r e , p r e s id e n t, m a d e th e
a n n o u n c e m e n t.

Arthur B. Cahalan
F u n e r a l se rv ic e s w e re h e ld r e c e n tly
f o r A r t h u r B. C a h a la n , 9 1 , r e tire d
p r e s id e n t a n d d ir e c to r o f th e F ir s t N a ­
tio n a l B a n k , M ille r.
M r. C a h a l a n ’s firs t c o n n e c tio n w ith
th e b a n k c a m e in 1 9 0 2 w h e n h e w a s
still in s c h o o l. B y 1 9 3 0 , h e w a s p r e s i­
d e n t o f th e b a n k . H e w a s p r e s id e n t o f
th e S o u th D a k o ta B a n k e rs A s s o c ia tio n
(S D B A ), m e m b e r o f th e b o a r d o f th e
A m e r ic a n
B a n k e rs
A s s o c ia tio n
(A B A ), d ir e c to r o f th e R e g io n a l A g ri­
c u ltu r a l
C r e d it
C o r p o r a ti o n
fro m
1 9 3 3 - 1 9 3 8 , a n d m e m b e r o f th e A B A .
In 1 9 4 7 , h e r e tire d fro m th e b a n k
p re s id e n c y , b u t w a s a d ir e c to r f o r o n e
m o r e y e a r.
S ix te e n y e a rs ag o , M r. C a h a la n w a s
h o n o r e d b y th e S D B A a n d re c e iv e d
h is 5 0 - y e a r p in . A t th e tim e o f h is
d e a th , h e w a s th e o ld e s t b a n k e r in th e
s ta te .

Named College Trustee

4j

rem em ber us.
Our Banks and Bankers Division provides a full range of
services to more than 100 correspondent banks in Iowa,
Nebraska, South Dakota and Minnesota. We offer them
service and d e p e n d a b ility they can count on. For sound
fin a n cial a d v ic e a nd service when you need it, c a ll on
Security N ational Bank.

- .....

1
fc
mm

Security National Bank
6th & Pierce, Sioux City, Iowa, 712/277-6517

M ild re d D a n f o r th , d ir e c to r o f th e
F ir s t D a k o ta N a tio n a l B a n k in Y a n k ­
to n s in c e 1 9 4 4 , h a s b e e n n a m e d th e
firs t h o n o r a r y tr u s te e o f Y a n k to n C o l­
lege.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Northw estern

Banker, M a y

1974

70

South Dakota N e w s

DAKOTA State Bank, Blunt, recently opened in its new building. The exterior is shown on the left and the interior on the right.

Dakota State9 Blunt Has New Building
,

T H E D a k o ta S ta te B a n k in B lu n t
h a s re c e n tly o p e n e d in a n ew ,
3 ,0 0 0 s q u a r e f o o t b u ild in g . T h e fa c ility
is a ll b r ic k w ith r e d w o o d fa c ia a n d
s o la r b ro n z e w in d o w s a n d
d o o rs ,
d riv e -u p w in d o w , v a u lt a n d s a fe d e ­
p o s it b o x a re a , th r e e te lle r w in d o w s
tw o e n c lo s e d o ffices a n d o n e o p e n o f­
fice. A ls o in c lu d e d a re a n e m p lo y e e
lo u n g e , s to re ro o m , r e s tr o o m s , f u rn a c e
ro o m , w o rk a re a , a n d m a c h in e ro o m .
U n d e r c o u n te r s te e l u n its w e re p u r ­
c h a s e d fro m th e L e F e b u r e C o rp . o f
C e d a r R a p id s , la ., a n d th e te lle r w in ­
d o w s a n d c o u n te rs w e re c u s to m m a d e
a n d in s ta lle d b y th e P . & H . F ix tu r e
C o . o f S p e n c e r, la . A ll in te r io r w o o d
is o a k p a n e lin g a n d trim .
O ffic e rs a re H . J. G ia n s , 5 7 y e a r
b a n k e m p lo y e e , c h a ir m a n ; J. S. M c ­
D a n ie l, p r e s id e n t; J . H . H o s tle r, v ice
p r e s id e n t a n d m a n a g e r o f D a k o ta S ta te
I n s u r a n c e A g e n c y , a n d G . M . C h a p in ,
c a sh ie r.

BMA Reorganizes
T

H E B a n k M a rk e tin g A s s o c ia tio n
h as r e o r g a n iz e d its p ro fe s s io n a l
sta ff in to tw o n e w m a jo r d iv is io n s, a c ­
c o rd in g to T e r e n c e E . R e n a u d , B M A
p re s id e n t.
U n d e r th e r e o r g a n iz a tio n w h ic h b e ­
c o m e s e ffec tiv e im m e d ia te ly , a n e w d i­
v is io n w ill b e c o n c e r n e d w ith th e n e e d s
o f m e m b e rs in la rg e b a n k s a n d h o l d ­
in g c o m p a n ie s , a n d a n o th e r n e w d iv i­
s io n w ill c o n c e n tr a te o n th e sp e cific
n e e d s o f c o m m u n ity b a n k s . T w o o th e r
d iv is io n s w ill p r o v id e a d m in is tra tiv e
a n d lo g is tic a l s u p p o r t fo r a ll m e m b e r­
sh ip a c tiv itie s.
“ A n in - d e p th s tu d y o f o u r m e m b e rs,
c o n d u c te d la s t y e a r b y a m a jo r m a r k e t­
in g re s e a r c h firm , re v e a le d th a t o u r
m e m b e rs fro m la rg e b a n k s a n d h o ld ­
in g c o m p a n ie s w a n t B M A to b e m o re

N orthw
e sFRASER
tern Banker, M a y 1974
Digitized
for
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

r e s p o n s iv e to th e ir sp e c ia liz e d n e e d s,
w h ile o u r s m a ll b a n k m e m b e rs a s k e d
f o r e v e n m o re h o w -to -d o - it in f o rm a ­
tio n f o r sp e c ific c o m m u n ity b a n k s
n e e d s ,” s a id M r. R e n a u d , w h o is also
c h a ir m a n o f th e b o a r d a n d p r e s id e n t
o f T h e T w in C ity B a n k , N o r t h L ittle
R o c k , A rk . “ W e fe e l th a t th is sta ff r e ­
a lig n m e n t, a p p r o v e d by o u r b o a r d la st
S e p te m b e r, w ill e n a b le u s to b e tte r
m e e t th e s e d iv e rs e n e e d s ,” h e a d d e d .
R o b e r t F . S c h la x , w h o is p re s e n tly
d ir e c to r o f th e d iv is io n o f b a n k h o ld in g
c o m p a n ie s , h a s b e e n p r o m o te d to v ic e
p r e s id e n t a n d d ir e c to r o f th e n ew ly
fo rm e d la rg e b a n k / h o l d i n g c o m p a n y
d iv is io n . W ith in th is d iv is io n w ill b e
th e r e s e a r c h a n d p la n n in g d e p a r tm e n t
h e a d e d b y R ic h a rd C . F o w le r , d ir e c ­
to r ; th e tr a in in g , sa le s a n d p r o m o tio n
d e p a r tm e n t h e a d e d by D o n W . O k e r,
a s s o c ia te d ir e c to r , a n d th e a d v e rtis in g
a n d p u b lic re la tio n s d e p a r tm e n t w h o se
d ir e c to r h a s n o t y e t b e e n n a m e d .
R o d n e y S. B ru tla g , w h o is p re s e n tly
d ir e c to r o f th e d iv is io n o f m e m b e rs h ip
se rv ic e s , h a s b e e n p r o m o te d v ic e p r e s i­
d e n t a n d d ir e c to r o f th e n e w ly fo rm e d
c o m m u n ity b a n k d iv is io n . W ith in th is
d iv is io n w ill b e th e m e m b e rs h ip s e rv ­
ic e s d e p a r tm e n t h e a d e d b y B eck y

Buehler

—

W a rd , a n d th e c h a p te r se rv ic e s d e p a r t­
m e n t w h o s e d ir e c to r h a s n o t b e e n
nam ed.
J a m e s L . F a ltin e k , P h .D . h a s b e e n
p r o m o te d to v ic e p r e s id e n t a n d d ir e c ­
to r o f th e n e w ly f o r m e d a s s o c ia tio n
se rv ic e s d iv is io n w h ic h w ill in c lu d e th e
in fo rm a tio n se rv ic e s d e p a r tm e n t h e a d ­
e d b y T e r e s a A . T o w n s e n d , d ire c to r;
th e e d u c a tio n d e p a r tm e n t u n d e r a s s o c i­
a te d ir e c to r S h e ila C . H o ro c h e n a , a n d
th e c o m m u n ic a tio n s d e p a r tm e n t w h o se
d ir e c to r h a s n o t y e t b e e n n a m e d .
T h e a d m in is tr a tio n d iv is io n w ill b e
h e a d e d b y J o h n M . M u r p h y . A s v ice
p r e s id e n t a n d d ir e c to r , M r. M u rp h y
w ill b e r e s p o n s ib le fo r B M A ’s in te rn a l
a c c o u n tin g , c o n tro l a n d o p e r a tio n s .
T h e n e w v ic e p r e s id e n ts w ill r e p o r t
to J a m e s B. W a tt w h o h a s b e e n p r o ­
m o te d to s e n io r v ic e p r e s id e n t a n d se c ­
re ta ry . R a y m o n d M . C h e s e ld in e r e ­
m a in s th e c h ie f B M A sta ff o ffic e r w ith
th e title o f e x e c u tiv e v ic e p re s id e n t.
M r. R e n a u d e m p h a s iz e d th a t th e s e
c h a n g e s r e p r e s e n t p h a s e o n e o f a tw o p h a s e o p e r a tio n . T h e s e c o n d p h a s e ,
s c h e d u le d f o r 1 9 7 5 im p le m e n ta tio n ,
w ill in v o lv e s e ttin g u p f u n c tio n a l d e ­
p a r tm e n ts w ith in th e d iv is io n s to fo c u s
o n s u c h a re a s as re ta il b a n k in g , c o m ­
m e rc ia l b a n k in g , in te r n a tio n a l, tr u s t
a n d p r o d u c t d e v e lo p m e n t.

SDBA General Chairman

G

E N E R A L c h a ir m a n f o r th e c o m ­
m itte e s f o r th e S o u th D a k o ta
B a n k e rs A s s o c ia tio n a n n u a l c o n v e n ­
tio n in S io u x F a lls is R ic h a rd E .
B u e h le r, v ic e p r e s id e n t, W e s te rn B a n k ,
S io u x F a lls . L o c a l c o m m itte e c h a ir ­
m e n h a v e b e e n a p p o in te d as fo llo w s:

Golf Tournament
J a c k H . M c M illa n , v ic e p re s id e n t,
N o r th w e s te r n N a ti o n a l B a n k , S io u x
F a lls .

Registration Committee
H o u s to n H a u g o , v ic e p r e s id e n t, V a l-

le y N a tio n a l B a n k , S io u x F a lls .

Transportation Committee
O . L . B o n a c k e r, v ic e p r e s id e n t a n d
c a s h ie r, F ir s t N a tio n a l B a n k , S ioux
F a lls .

Publicity Committee
C o n n ie W o s je , a s s is ta n t
W e s te rn B a n k , S io u x F a lls .

c a s h ie r,

Bowling Tournament
C . B. E ric k s o n , v ic e p r e s id e n t,
U n io n B a n k & T r u s t, S io u x F a lls .

Ladies Committee
N o r m a B ric k , N a tio n a l
S o u th D a k o ta , S io u x F a lls .

B ank

of

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fAike, Gary.

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concern, too.

72

2 Retire in Denver

Colorado
NEWS
GEORGE B. M cK INLEY
G ra n d Junction
President
C olorad o Bankers Association

T h e F ir s t N a ti o n a l B a n k o f D e n v e r
h a s a n n o u n c e d th e r e tire m e n t o f H a r ­
o ld T . S ilv e r a n d J o h n A . F e rg u s o n ,
J r ., fro m its b o a r d o f d ire c to rs .
M r. S ilv e r, 7 3 , jo in e d th e b o a r d in
1 9 5 0 . H e h e lp e d f o u n d th e S ilv erR o b e rts I r o n W o rk s , In c . M r. F e r g u ­
so n , 7 4 , jo in e d th e b o a r d in 1 9 4 1 . H e
is p r e s id e n t o f th e S tra w n R e a lty C o m ­
pany.

Colorado Bankers Association
73rd Annual Convention
Denver
June 6-8
T

H E C o lo ra d o B a n k e rs A s s o c ia tio n w ill m e e t a t th e I n te r n a tio n a l C e n te r in
D e n v e r J u n e 6 -8 f o r th e a s s o c ia tio n ’s 7 3 r d a n n u a l c o n v e n tio n . G e o rg e B .
M c K in le y , p r e s id e n t o f C B A a n d p r e s id e n t o f th e F ir s t N a ti o n a l B a n k , G r a n d
J u n c tio n , w ill p re s id e .
T h e c o n v e n tio n p r o g ra m fo llo w s:

Thursday, June 6
A .M .

P .M .
7 :3 0

G o lf to u r n a m e n t— B r o a d m o o r E a s t a n d W e s t c o u rse s.
T e n n is to u r n a m e n ts — B r o a d m o o r T e n n is C o u rts .
S k e e t a n d T r a p S h o o tin g T o u r n a m e n ts — B r o a d m o o r S k e e t.
M o d N o s ta lg ia S o c ia l H o u r , I n te r n a tio n a l C e n te r.
M o d N o s ta lg ia d in n e r a n d d a n c e , b u ffe t a t 7 :3 0 . D a n c e to th e m u sic o f
T h e B ra s s B e a t f o r th e 7 0 ’s fo llo w in g d in n e r.

Friday, June 7
7

B re a k fa s t, M a in D in in g R o o m , s p o n s o r e d b y T h e C e n tr a l B a n k a n d
T r u s t C o m p a n y , D e n v e r.
9 :3 0
C a ll to o r d e r — G e o rg e B. M c K in le y , p r e s id e n t, C B A p r e s id e n t a n d
p r e s id e n t, F ir s t N a tio n a l B a n k , G r a n d J u n c tio n .
P r e s e n ta tio n o f c o lo rs — N o r th A m e r ic a n A ir D e fe n se C o m m a n d , E n t
A ir F o r c e B a s e C o lo ra d o .
I n v o c a tio n — D r. L a w r e n c e L a C o u r, s e n io r m in is te r, F ir s t U n ite d
M e th o d is t C h u rc h , C o lo ra d o S p rin g s.
W e lc o m e .
“ P r e s id e n t’s A n n u a l A d d r e s s ”— P re s id e n t M c K in le y .
“ A c h & P O S U p d a te d ”— R o n a ld C . H a r r is , v ic e p r e s id e n t, F ir s t N a ­
tio n a l B a n k , D e n v e r.
A d d re s s — J a c k A n d e r s o n , c o lu m n is t, W a s h in g to n , D .C .
P re s e n ta tio n — 5 0 Y e a r C lu b .
NOON
M e n s ’ lu n c h e o n . A le x K a r ra s , e x - D e tro it L io n , w ill b e th e f e a tu re d
s p e a k e r.
1 2 :3 0
L a d i e s ’ lu n c h e o n , m a in b a llro o m , p ro g ra m o n e x to r tio n - k id n a p by th e
F B I.
6 :3 0
A n n u a l s o c ia l h o u r h o s te d by th e A s s o c ia tio n o f D e n v e r B a n k s, I n t e r ­
n a tio n a l C e n te r.
A n n u a l b a n q u e t a n d e n te r ta in m e n t, I n te r n a tio n a l C e n te r.

New Titles at United
J o h n D . H e r s h n e r , c h a ir m a n a n d
p r e s id e n t o f U n ite d B a n k o f D e n v e r,
h a s a n n o u n c e d s e v e ra l sta ff c h a n g e s .
M ic h a e l J . F o w le s h a s b e e n e le c te d
v ic e p r e s id e n t in th e c o m m e rc ia l b a n k ­
in g d iv is io n . A D e n v e r U n iv e rs ity
a lu m n u s in b u sin e ss a d m in is tra tio n ,
M r. F o w le s w a s w ith th e B a n k of
A m e r ic a p r io r to jo in in g U n ite d o v er
five y e a rs ag o .
R o b e r t K . W a m s le y b e c o m e s th e
first b a n k o ffic e r in r e c e n t y e a rs to b e
a p p o in te d to th e n e w title o f a s s is ta n t
vice p r e s id e n t. M r. W a m s le y s e rv e d as
a fin a n c ia l a n a ly s t w ith G r e a t W e s t­
e rn S u g a r C o m p a n y b e f o r e jo in in g th e
b a n k in la te 1 9 7 1 . H e w o rk s w ith n a ­
tio n a l a c c o u n ts in th e c o m m e rc ia l
b a n k in g d iv is io n .
E . E u g en e S ch n ab el has been nam ed
tr u s t o ffic e r. H e h a s b e e n th e inh o u s e le g a l c o u n s e l f o r c o r p o r a te tr u s t
se rv ic e s sin c e jo in in g th e b a n k o v e r
f o u r y e a r s a g o . H e w ill c o n tin u e in th a t
c a p a c ity .
W illia m H . S to lz , v ic e p r e s id e n t, h a s
b e e n n a m e d to d ir e c t th e b a n k ’s e n e r ­
gy a n d n a t u r a l re s o u rc e s m a rk e t in th e
c o m m e rc ia l b a n k in g d iv is io n .

South Platte National
Elects Gronstal Director
J a m e s B. G r o n s ta l h a s b e e n e le c te d
a m e m b e r o f th e b o a r d o f d ir e c to r s o f
th e S o u th P la tte N a tio n a l B a n k in L a ­
S alle . M r. G r o n s ta l jo in e d th e b a n k as
a v ic e p re s id e n t.
A ls o a n n o u n c e d w a s th e a p p o in t­
m e n t o f R o s e S c h a e ffe r as o p e r a tio n s
o ffic er. S h e jo in e d th e b a n k in J u ly o f
1967.

Saturday, June 8
A .M .
9 :3 0

C a ll to o r d e r — N . B e rn e H a r t, s p e c ia l a s s is ta n t to th e p re s id e n t, C B A ,
a n d v ic e p r e s id e n t, U n ite d B a n k s o f C o lo r a d o , In c ., D e n v e r.
“ T h e E c o n o m ic Im p a c t o f O il S h a le D e v e lo p m e n t” — D r. C a m illa A u ­
g er, T h e O il S h a le C o r p o r a tio n , D e n v e r.
M e e tin g o f th e C o lo ra d o m e m b e rs o f th e A B A . C a ll to o r d e r — T h o m a s
J. G le a s o n , s ta te v ic e p re s id e n t, A B A , a n d p r e s id e n t. F ir s t N a tio n a l
B a n k , F o r t C o llin s.

N o rthfor
w es
te rn B a n k e r , M a y 1 9 7 4
Digitized
FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Republic Nat’l, Pueblo,
Elects Drew Director
M a r io n E . D re w h a s b e e n e le c te d
to th e b o a r d o f d ir e c to r s o f th e R e p u b ­
lic N a tio n a l B a n k o f P u e b lo . M r.
D re w , 4 5 , is a v ic e p r e s id e n t o f R o c k ­
w o o l I n d u s tr ie s , In c ., a D a lla s - b a s e d
m a n u f a c tu r e r o f in s u la tio n m a te ria ls .

73

When you get to know our
correspondent bankers, they get
to know you. Then when you need
help with any of our services,
you’ll get the help you need.
Quickly and efficiently.
Get to know: (clockwise—

from top) Bill M acM illan, Norm
Burkepile, Harold Kinney, Bill
Fleming and Leon Winters.
They can help you with:
cash letters, BankAmericard
transactions, the buying and
selling of Federal funds, portfolio

management, direct loans or loan
participation requests, pension
and profit-sharing plans, trusts and
investments, transfer of funds and
data processing services and
international activities.

COLORADO NATIONAL BANK

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

17th and Champa • Denver, Colorado 80202
Phone (303) 893-1862
Northw estern

Banker,

May

1974

74

Colorado N e w s

P .M .

“ T h e 9 3 r d C o n g re s s ” — D o n a ld G . B ro tz m a n , U. S. re p re s e n ta tiv e fro m
C o lo ra d o , W a s h in g to n , D . C .
N e w b u sin e ss.
“ R e p o r t o f th e r e s o lu tio n s c o m m itte e — J a c k P a n te r, se n io r v ice p re s i­
d e n t, A m e ric a n N a tio n a l B a n k , D e n v e r.
A d o p tio n o f re s o lu tio n s .
R e p o rt o f th e n o m in a tin g c o m m itte e — P re s id e n t M c K in ley .
E le c tio n o f officers.
I n s ta lla tio n o f o fficers.
A n n o u n c e m e n t o f b o a rd o f d ir e c to rs e le c tio n re su lts.
A d jo u r n m e n t.

H E fo llo w in g m e tr o p o lita n b a n k ­
ers a n d se rv ic e a n d e q u ip m e n t
d e a le rs h a v e in d ic a te d th a t th e y w ill
b e a tte n d in g th e C o lo ra d o B a n k e rs A s ­
s o c ia tio n ’s 7 3 r d a n n u a l c o n v e n tio n in
C o lo ra d o S p rin g s , J u n e 5 -8 .

Chicago

American National Bank and Trust
Company: W illia m D av is, v ic e p r e s i­
d e n t.

Continental Illinois National Bank
& Trust Company: E . C . V a n d a g rift,
v ic e p r e s id e n t, a n d W illia m M . G o o d ­
y e a r, c o m m e rc ia l b a n k in g o ffic e r.

First National

Bank of Chicago:

R o b e rt
T a u b e n h e im ,
b a n k in g r e p re s e n ta tiv e .

co rresp o n d e n t

Northern Trust Company: M ic h a e l
A . T ig h e , J r ., v ice p re s id e n t.

Denver
Central Bank and Trust Co.: M a x
B ro o k s, c h a ir m a n ; D o n H o ffm a n , p r e s ­
id e n t; R . J . N e ls o n , e x e c u tiv e v ic e
p r e s id e n t; D o n E c h te r m e y e r a n d J o h n
E d m is to n , v ic e p re s id e n ts ; L a r r y M a tth e s, a s s is ta n t v ic e p r e s id e n t, a n d B ill
T u m e lty .
First National Bank: J e ro m e B
W o o d s , J r ., R o n a ld A . L o o se , L . W il­
lia m M a r r in , a n d C h a rle s B. B rin g le ,
v ic e p re s id e n ts .
United Bank of Denver: C h a rle s
H a z e lrig g , s e n io r v ice p r e s id e n t; D av e
C a la h a n , R o b e r t H o u s to n , R o n R o b in ­
so n , W a r n e r K n o b e , a n d D o n F e r r e l,
v ic e p re s id e n ts , a n d J. D o n P e trin g ,
c o m m e rc ia l b a n k in g o ffic er.

Kansas City
Commerce Bank of Kansas City:
P. V . M ille r, J r ., p re s id e n t; F r e d N .
C o u ls o n , J r ., s e n io r v ice p re s id e n t,
a n d T o m C . C a n n o n , v ic e p re s id e n t.
First National Bank: J o h n T . F o w ­
le r, s e n io r v ic e p re s id e n t.

United Missouri Bank of Kansas
City: D o n V . T h o m a s o n , s e n io r v ice
p r e s id e n t; J a c k E . B e e ts, v ic e p r e s i­
d e n t, an d P h illip D . S tra ig h t, a s s is ta n t
c a s h ie r.

N o rth w estern Banker, M a y 1974
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Lincoln
First National Bank and Trust Com­
pany of Lincoln: C h a rle s R . L effler
a n d L y le S to n e m a n , v ic e p r e s id e n ts .

New York
First National City Bank: A la n W .
P e te r, v ic e p r e s id e n t, a n d T h o m a s F .
R ic h a rd s o n a n d P au l A . F o e h le r, a s ­
s is ta n t v ic e p re s id e n ts .

Manufacturers Hanover Trust Com­
pany: E . D a n s o n P e rin , v ice p re s id e n t
a n d M ic h a e l
s e c re ta ry .

R.

B ru n d a g e ,

a s s is ta n t

Omaha
The Omaha National Bank: M a rv in
G . R o h n , v ic e p r e s id e n t, T h o m a s L .
M a tth a id e s s , se c o n d v ice p r e s id e n t a n d
K e n n e th A . S tro th e r, a g r ic u ltu r a l lo an
o ffic e r.
United States National Bank: J a y
B o rd e w ic k , v ic e p re s id e n t.

San Francisco
Bank of America: B y ro n F ra m s te d ,
v ice p r e s id e n t.

Wells Fargo Bank: R o b e r t O ’N e ill,
v ice p re s id e n t.

Bank Equipment and Other Firms
American
Express
Company:
T h o m a s W . K e n n e y , r e g io n a l d ir e c to r
— tr a v e le r s c h e q u e d iv is io n a n d E d ­
w in J. L ic h tw a r d t, m a n a g e r — tr a v e l­
e rs c h e q u e d iv is io n .
Bank Building Corporation: R o b e rt
A . O w e n s.
Diamond Hill: J am e s H . U n d lin
a n d G . C liffo rd B a rre tt.

Kirchner,

Moore

Rand

McNally

Company:

Jack

L a ird , fin a n c ia l sy ste m s d iv isio n .

St.

Louis

Warehouse

Company:

G e n e C a ss, d is tric t m a n a g e r.

Talcott Business Finance: C . A .
A d a m s , s e n io r v ice p re s id e n t, J o h n
L a d d , a s s is ta n t v ice p r e s id e n t, a n d A .
J. O ls o n , a s s is ta n t se c re ta ry .
Walters, Charles E . Co.: J. M a so n
H e n ry , p re s id e n t.

Roberts Follows Knight in
Post at United Banks

You Will See Them at the Colorado
Bankers Convention
T

m a n a g e r- D e n v e r office.

and

Company:

Ron
M o o re ,
c o - c h a irm a n
of
th e
b o a r d ; T o b e A n d e rs o n , e x e c u tiv e vice
p r e s id e n t; M ik e F le m in g , s e n io r v ice
p r e s id e n t; J o h n S c h a b a c k e r a n d B ill
O pp.
LeFebure Corporation: C e cil P ic k ­
e rin g a n d D o n B a c h m a n , sa le s e n g i­
n e e rs a n d G le n H o o v e r, b ra n c h m a n ­
a g e r.
N Y T C O Services, Inc.: H a l H e n th o r n e , v ic e p r e s id e n t a n d re g io n a l

N eil F . R o b e rts r e c e n tly to o k o v e r
as c h ie f e x e c u tiv e o f U n ite d B a n k s o f
C o lo ra d o , In c., D e n v e r.
M r. R o b e rts s u c c e e d s R o g e r D.
K n ig h t, J r ., 6 0 , c h a irm a n a n d c h ie f
e x e c u tiv e o ffic e r. M r. K n ig h t w ill r e ­
m a in as c h a ir m a n a n d a d ir e c to r , b u t
will c u r ta il s h a rp ly th e le v e l o f his a c ­
tiv ity .
M e ssrs. K n ig h t a n d R o b e rts h ave
b e e n c lo se ly a s s o c ia te d sin c e 1956
w h e n b o th w e re a t U n ite d S ta te s N a ­
tio n a l B a n k , M r. K n ig h t as p r e s id e n t
a n d M r. R o b e rts as e x e c u tiv e v ic e
p re s id e n t. M r. K n ig h t w as e le c te d to
h is p r e s e n t p o s itio n o n D e c e m b e r 2 8 ,
1 9 7 1 . H e p re v io u s ly h a d b ee n p re s i­
d e n t a n d c h ie f e x e c u tiv e o ffic er o f
U n ite d B a n k s o f C o lo ra d o . M r. R o b ­
e r ts w as e le c te d p r e s id e n t o f U n ite d
B a n k s o f C o lo ra d o o n th e sa m e d a te .
H e fo rm e rly w a s its e x e c u tiv e vice
p re s id e n t.

Denver Banker Retires
R o b e rt H . S h e p le r, s e n io r vice p r e s ­
id e n t o f U n ite d B a n k s o f C o lo ra d o ,
In c ., re c e n tly r e tire d . A re c e p tio n in
h is h o n o r w a s h e ld a t th e b an k .
M r. S h e p le r’s b a n k in g c a r e e r b eg a n
in 1 9 2 9 as a tr u s t d e p a r tm e n t c le rk
w ith th e f o rm e r D e n v e r N a tio n a l
B a n k . A f te r th e 1 9 5 8 m e rg e r w ith
U .S. N a tio n a l B a n k , h e b e c a m e vice
p re s id e n t a n d c o m p tr o lle r a n d la te r
s e n io r vice p re s id e n t. H e w as e le c te d
s e c r e ta r y - tr e a s u r e r
of
th e
new ly
fo rm e d h o ld in g c o m p a n y in 1 9 6 3 a n d
a d ir e c to r in 1 9 6 8 .
In a d d itio n , h e se rv e d as s e c re ta ry
to th e b o a r d o f U n ite d B a n k o f D e n ­
v er a n d w ill re m a in o n th e b o a rd of
U n ite d B a n k o f L a k e w o o d , w h ic h h e
jo in e d in 1 9 7 0 .

Name Cashier at Sterling
The
c u r ity
nam ed
c o r d in g
id e n t.

b o a r d o f d ire c to rs o f T h e S e­
S ta te B a n k o f S te rlin g has
J a m e s A . M ille r c a s h ie r, a c ­
to R o b e rt E . O ’C o n n e ll, p r e s ­

75

This is Larry Matthes territory
If you’re in Southern Colorado,
New Mexico or Western Texas, you’re
in Larry Matthes’ territory.
And you’re in good hands.
He’s out there meeting you
person-to-person and finding out
about your banking needs first-hand.
So next time you’ve got
a problem, tell Larry about it.
No matter where you’re located on
the map, there’s a member of
our correspondent banking team
who’s got you covered.

THe« N T R « L BftNK
Tw o Park C entral • 1515 A rap ah oe Street
Denver, C o lorad o 80202
(303) 8 9 3-3 456

S O U T H
•

O y V I C < 3 ”r / K
C IT Y

N E B R A S K A

D

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K

/ N

J S I S / K

S

/NIEEW
M E X IC O
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1


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

*

1 Z 1 ^

v

j v <CZ2i.
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N o rthw estern

Banker,

May

1974

76

Calahan Heads United Bank
Correspondent Department
D a v id R . C a la h a n , v ic e p r e s id e n t of
U n ite d B a n k of D e n v e r, h a s b e e n
n a m e d as m a n ­
a g e r o f th e b a n k 's
co rresp o n d e n t
b a n k in g a c tiv ity .
M r. C a l a h a n
jo in e d
United
B an k of D e n v e rs
c o m m e rc ia l b a n k ­
in g
d iv isio n
in
1 9 6 8 as a m a n ­
ÌÉ 1
a g e m e n t a s so c ia te
0 . R. C A L A H A N
a n d w a s a s sig n e d
to th e c o r r e s p o n d e n t b a n k in g g ro u p
th e fo llo w in g y e a r w ith re s p o n s ib ility
f o r a c c o u n ts in M o n ta n a , W y o m in g
a n d U ta h . A M o n ta n a n a tiv e , h e is a
g r a d u a te o f St. O la f C o lle g e in N o rth field , M in n ., a n d h o ld s a m a s te rs d e ­
g re e in b u sin e ss a d m in is tra tio n fro m
th e U n iv e rs ity o f D e n v e r.
H e w ill o v e rs e e th e c o r r e s p o n d e n t
b a n k in g g ro u p h a n d lin g m o re th a n 2 5 0
c o r r e s p o n d e n t b a n k s th r o u g h o u t a 12
s ta te R o c k y M o u n ta in re g io n .

M r. P a tte r s o n b e g a n h is b a n k in g c a ­
r e e r in C a lif o r n ia in 1 9 5 8 . S in ce J u n e ,
1 9 7 3 , h e h a s s e rv e d as a c o n s u lta n t to
C e n tr a l B a n k in v a rio u s p e r s o n n e l a n d
tr a in in g fu n c tio n s a tte n d a n t to th e
b a n k ’s m o v e in to q u a r te r s a t T w o P a rk
C e n tra l.
M r. H a rle s s jo in e d th e b a n k in
M a rc h , 1 9 7 2 , as a n o p e r a tio n s tra in e e .

1st Nat’I Names Head
Of International Division
C la y to n T .
D ie tz re c e n tly w a s
n a m e d m a n a g e r o f T h e F ir s t N a tio n a l
B a n k o f D e n v e r ’s in te r n a tio n a l d iv i­
sio n .
M r. D ie tz se rv e d f o r 2 2 y e a rs in th e
in te r n a tio n a l b a n k in g d iv is io n o f th e
F ir s t N a tio n a l C ity B a n k o f N e w Y o r k
C ity b e f o r e c o m in g to D e n v e r. A g r a d ­
u a te o f B ro w n U n iv e rs ity , h e jo in e d
th e N e w Y o r k b a n k in 1 9 5 1 .

Idaho
NEWS

Elected Chairman at Pueblo
D a v id J . S n y d e r h a s b e e n e le c te d
c h a ir m a n o f th e b o a r d o f T h e R e p u b lic
N a ti o n a l B a n k o f P u e b lo . H e a lso is
p r e s id e n t o f th e b a n k .
T h e an nouncem ent w as m ad e by
B ru c e D . A le x a n d e r , p r e s id e n t o f T h e
F i r s t N a tio n a l B a n c o r p o r a tio n , In c ., o f
w h ic h R e p u b lic N a ti o n a l is a m e m b e r.
M r. S n y d e r, 5 5 , h a s b e e n p r e s id e n t
sin c e M a y , 1 9 6 3 , w h e n h e c a m e to th e
b a n k f ro m T h e F i r s t N a ti o n a l B a n k
o f M a n s fie ld , M a n s fie ld , O h io , w h e re
h e s e rv e d as a s s is ta n t v ic e p r e s id e n t
in p e r s o n n e l.

Central Bank Promotes 2,
Adds New Division
T h e C e n tr a l B a n k a n d T r u s t C o . h a s
a d d e d a n e w d iv is io n to its o r g a n iz a ­
tio n — th e h u m a n re s o u r c e s d iv is io n
— a n d h a s e le c te d tw o o ffic ers.
G e o rg e G . P a tte r s o n , f o r m e r p r e s i­
d e n t o f th e F ir s t S ta te B a n k o f I d a h o
S p rin g s, w a s e le c te d v ic e p r e s id e n t in
c h a rg e o f th e n e w d iv is io n a n d a m e m ­
b e r o f th e s e n io r m a n a g e m e n t c o m m it­
te e . J o h n H a r le s s w a s p r o m o te d to
c o m m e rc ia l lo a n o ffic er.

Idaho Bankers
w ill be in te re s te d in th e
A m e ric a n E xpress M o n e y O rd e r
D ivision ad on p a g e
nineteen .
Digitized
N o r t hfor
w eFRASER
stern Banker, M a y
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1974

E. E. FU LGH U M
Boise
President
Idaho Bankers
Association

Idaho Bank Acquires
Bank of Central Idaho
B a n k o f C e n tr a l I d a h o r e c e n tly b e ­
c a m e p a r t o f I d a h o B a n k & T r u s t C o .,
P o c a te llo , a c c o r d in g to J . G r a n t B ic k m o re , Id a h o B a n k p re s id e n t, a n d F lo y d
S w a n s o n , B a n k o f C e n tr a l I d a h o p r e s i­
d e n t.
Id a h o B a n k & T r u s t m a in ta in s o f­
fices in A m e r ic a n F a lls , B la c k fo o t,
B o ise , B u rle y , C a ld w e ll, C h u b b u c k ,
L e w is to n , N a m p a , P a u l a n d P o c a te llo .
T h is n e w a c q u is itio n o f B a n k o f C e n ­
tr a l I d a h o ’s $ 1 6 ,7 7 8 ,0 0 0 in a s s e ts w ill
in c re a s e I d a h o B a n k ’s a s s e ts to o v e r
$ 2 0 0 m illio n .

Announces Promotions
G a r y D . C a m p b e ll h a s b e e n n a m e d
a c o m m e rc ia l lo a n o ffic e r o f I d a h o
B a n k & T r u s t C o ., P o c a te llo . M r.
C a m p b e ll jo in e d th e b a n k e a rly in
1 9 7 2 as a p a r t- tim e te lle r w h ile a t te n d ­
in g I d a h o S ta te U n iv e rs ity .
B a rb a ra L essey h as been n am ed
m a n a g e r o f th e E a s t C e n te r o ffice a n d
M ic h a e l C a ld w e ll m a n a g e r o f th e
W e s tw o o d V illa g e fa c ility .

Oregon
NEWS
J O H N J. O LIVER IO
Salem
President
O re g o n Bankers
Association

Portland Bank Announcements
A c h a n g e in s e n io r m a n a g e m e n t a t
F ir s t N a ti o n a l B a n k o f O re g o n , P o r t­
la n d , w a s a n n o u n c e d re c e n tly b y R o b ­
e r t F . W a lla c e , p r e s id e n t.
L o n g tim e b a n k e r J o s e p h A . M o o re ,
h e a d q u a r te r e d in E u g e n e as s e n io r v ic e
p r e s id e n t in c h a rg e o f 31 b r a n c h o f­
fices in s o u th w e s te r n O re g o n , h a s
m o v e d to P o r tla n d , re s p o n s ib le f o r th e
g e n e ra l a d m in is tra tio n o f th e b a n k ’s
1 3 6 s ta te w id e o ffices.
H e r e p la c e d F r e d H . B u r r o w w h o
jo in e d P a cific N a tio n a l B a n k o f W a s h ­
in g to n in S e a ttle as e x e c u tiv e v ic e p r e s ­
id e n t in c h a r g e o f th e b a n k in g d iv isio n .
O th e r sta ff c h a n g e s a n n o u n c e d in ­
c lu d e : K e n n e th J .C a rl, L y n n R . E v a n s
a n d C . (D e w e y ) M e ry d ith , to a s s is ta n t
v ic e p r e s id e n ts in P o r tla n d ; M a rv in C .
A b e e n e , S a le m , a n d G r a n t E . S te b n e r,
E u g e n e , to tr u s t o ffic er.

Portland Bank Offers
Accounting Services
L e o n a r d L . G ib s o n , p r e s id e n t of
G r e a t W e s te rn N a ti o n a l B a n k , P o r t­
la n d , h a s a n n o u n c e d t h a t th e b a n k w ill
m a k e a v a ila b le a w id e ra n g e o f c o m ­
p u te riz e d a c c o u n tin g s e rv ic e s th r o u g h
its a ffilia tio n w ith T h e S e rv ic e B u r e a u
C o r p o r a tio n , d a t a p ro c e s s in g se rv ic e
com pany.

Pendleton Banking Co.
Celebrates 1st Year
T h e P e n d le to n B a n k in g C o . re c e n t­
ly h e ld a n o p e n h o u s e to c e le b ra te its
first a n n iv e rs a ry .
J o e B . G re e n , c h a ir m a n o f th e
b o a r d , lis te d s o m e sig n ific a n t m ile ­
s to n e s a c h ie v e d b y th e b a n k in a y ear.
“ C e rta in ly , o u r g ro w th to o v e r $ 4 m il­
lio n in r e s o u rc e s a n d th e o p e n in g of
o u r 1 ,0 0 0 th c u s to m e r a c c o u n t r e p r e ­
s e n t re w a r d in g b e n c h m a rk s in o u r d e ­
v e lo p m e n t,” h e sa id .

Oregon Bankers
w ill be in te re s te d in th e
A m e ric a n E xp ress M o n e y O rd e r
D ivisio n ad on p age
n in e te e n .

77

[

Wyoming
NEWS

e r n W y o m in g m a r k e t b y th e C h e y e n n e
N a ti o n a l B a n k , a c c o r d in g to W illia m
C . A lle n , b a n k p r e s id e n t. T h e n ew
p r o g ra m is c a lle d th e S ilv e r C A c ­
c o u n t.

[v
J . G UTH R IE
ML C. M UNDELL
I

President
S ecreta ry

Laram ie

V

Casper Bank Builds
r New Drive-In Facility
A n e w m u lti-s e rv ic e d riv e -in fa c ility
I is b e in g c o n s tr u c te d b y W y o m in g N a I - tio n a l B a n k , C a s p e r.
R . W . M ir a c le , b a n k p r e s id e n t, s a id
I it w ill in c lu d e a s e p a r a te b a n k in g s tr u c l
tu r e o n th e n o r th e n d o f th e lo t n o w
b e in g u s e d f o r c u s to m e r p a r k in g . C o m I p le tio n is e x p e c te d in la te su m m e r.
I
T h e n e w a u to - b a n k w ill h o u s e p e r ­
s o n n e l a n d e q u ip m e n t f o r e ig h t a u to ­
te lle r s ta tio n s , a b u s in e s s a c c o u n t
d r iv e - u p w in d o w , a w a lk - u p w in d o w
[ a n d a n a f te r - h o u r d e p o s ito r y d r o p b o x .
I I t w ill b le n d in a p p e a r a n c e w ith th e
p r e s e n t b a n k b u ild in g .
|>
T h e b a n k ’s p r e s e n t d riv e -in s w ill b e
r a z e d to p r o v id e a d d itio n a l p a rk in g .
I I n c lu d e d in th e r e n o v a tio n p la n s a re
to e n c lo s e th e b a n k ’s e x is tin g w a lk -u p
I w in d o w o n S o u th D u rb in .

New Trainee at Rawlins
F

I!

R a n d y B e ts c h a r t h a s jo in e d th e F ir s t
N a ti o n a l B a n k , R a w lin s , as a n o ffic e r
tr a in e e . H e p re v io u s ly w o rk e d as m a n a g e r f o r th e A s s o c ia te s F in a n c ia l S e rv ice.

I Name Loan Officer at
L East Cheyenne National
|

I
r

Ne Ville Replaces Morek at
State Bank of Green River

Laram ie

W a y n e F . L u tz h a s jo in e d th e E a s t
C h e y e n n e N a tio n a l B a n k as in s ta lm e n t
lo a n o ffic er, a c c o r d in g to H a r o ld W a l­
te rs , b a n k p r e s id e n t. M r. L u tz , w h o
is a 15 y e a r v e te r a n o f th e le n d in g , in ­
s u r a n c e a n d r e a l e s ta te field , h a s b e e n
a s s o c ia te d w ith G re e le y F in a n c e C o m ­
p a n y o f C o lo ra d o f o r th e p a s t 11 y e a rs.

| Joins First Cheyenne State
R a n d y D a n c liff h a s b e e n p r o m o te d
to a s s is ta n t c a s h ie r in th e in s ta lm e n t
L le n d in g d e p a r tm e n t o f F ir s t C h e y e n n e
S ta te B a n k . M r. D a n c liff jo in e d th e
b a n k in A u g u s t, 1 9 7 3 , as a n in s ta lI m e n t lo a n o ffic er. H e is a n a tiv e o f
M a s o n C ity , la .

L Buffalo Banker Elected
R o b e rt L . F e r r il h a s b e e n e le c te d
p r e s id e n t o f th e W y o m in g I n d u s tr ia l

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

D e v e lo p m e n t C o r p . M r. F e r r i l is v ic e
p re s id e n t o f W y o m in g B a n k a n d T r u s t
C o . o f B u ffa lo .

Iowan Joins Casper Bank
H o w a r d L . B a u d e r, v ic e p r e s id e n t
a n d c a s h ie r o f th e F ir s t N a tio n a l B a n k
o f F t., D o d g e , la .,
f o r th e p a s t e ig h t
y e a rs , h a s b e e n
n a m e d s e n io r v ic e
p re s id e n t a n d
c a s h i e r o f th e
W y o m in g N a ti o n ­
al B a n k o f C a s ­
p e r.
I n m a k in g th is
a n n o u n c e m e n t,
R . W . M ira c le ,
b a n k p r e s id e n t, s a id t h a t M r. B a u d e r
w o u ld b e in c h a rg e o f th e o p e r a tio n s
d iv is io n a t th e b a n k .
M r. B a u d e r, 5 1 , b e g a n h is b a n k in g
c a r e e r in H a s tin g s , N e b r ., in 1 9 4 0 .
S in c e t h a t tim e , h e h a s b e e n a s s o c i­
a te d w ith v a rio u s b a n k s in C o lo ra d o ,
M in n e s o ta , a n d Io w a . A lth o u g h h e h a s
w o rk e d in v irtu a lly a ll p h a s e s o f b a n k ­
in g , e x c e p t fo r a s tin t as p r e s id e n t o f
th e B o u ld e r N a tio n a l B a n k in B o u ld e r,
C o lo ., m u c h o f h is e x p e rie n c e h a s b e e n
o r ie n te d to w a r d b a n k o p e ra tio n s .

Giles Joins Riverton Bank
F r e d N . G ile s, d is tric t d ir e c to r o f
F a r m e r s H o m e A d m in is tra tio n , h a s
le ft th e f e d e ra l se rv ic e to jo in th e
A m e r ic a n N a tio n a l B a n k o f R iv e rto n
as a n a s s is ta n t v ic e p re s id e n t.

South Dakota Banker
Joins Bank at Lusk
T o n y J . S w a rtz , f o rm e r a s s is ta n t
c a s h ie r of F irs t S ta te B a n k in B u ffalo ,
S. D ., h a s jo in e d th e S to c k m a n s N a ­
tio n a l B a n k o f L u s k as c a s h ie r a n d o p ­
e r a tio n s o ffic er.

New Service at Cheyenne
A new
nu m b er of
ic e s f o r a
in tr o d u c e d

c o n c e p t w h ic h p ro v id e s a
th e m o s t p o p u la r b a n k se rv ­
sin g le m o n th ly fe e is b e in g
to C h e y e n n e a n d th e s o u th ­

B a r to n Z . N e V ille h a s b e e n n a m e d
p r e s id e n t a n d e x e c u tiv e o ffic e r o f th e
S ta te B a n k o f G re e n R iv e r. H e r e ­
p la c e s C a rl M . M o r c k , J r ., w h o h a s r e ­
tir e d a f te r 4 4 y e a rs o f se rv ic e w ith th e
in s titu tio n .
M r. M o rc k jo in e d th e b a n k in J u n e
o f 1 9 3 0 . H e p ro g re s s e d s te a d ily h o ld ­
in g s u c h p o s itio n s as c a s h ie r a n d v ic e
p r e s id e n t b e f o r e b e c o m in g p r e s id e n t
a n d e x e c u tiv e o ffic e r fo llo w in g th e
d e a th o f T . E . R o g e rs .
M r. N e v ille h a s b e e n v ic e p r e s id e n t
o f A m e r ic a n N a tio n a l B a n k , C h e y ­
e n n e , in c h a rg e o f th e c o m m e rc ia l lo a n
d e p a r tm e n t. H e h a s s e rv e d as c o m ­
m e rc ia l lo a n o ffic e r f o r W y o m in g N a ­
tio n a l B a n k , C a s p e r ; sta ff a c c o u n ta n t
w ith P e a t, M a rw ic k , M itc h e ll & C o .,
D e n v e r, a n d as s e n io r a s s is ta n t, n a ­
tio n a l b a n k e x a m in e r.

Appointed Vice President
At American National Bank
H a r r y A . P a lm e r h a s b e e n a p p o in t­
e d v ic e p r e s id e n t o f th e A m e r ic a n N a ­
tio n a l B a n k o f C h e y e n n e , a c c o rd in g to
D . L , (L a r ry ) D a y , b a n k p r e s id e n t.
M r. P a lm e r , a n a tiv e o f P a lm y ra ,
N e b r ., jo in e d th e b a n k in F e b r u a r y o f
th is y e a r. H e w a s f o rm e r ly e m p lo y e d
as a s s is ta n t c a s h ie r a t G re e le y N a ti o n ­
a l B a n k a n d B a n k o f A m e r ic a in H e r ­
m o s a B e a c h , C a lif., b e f o r e c o m in g to
C h e y e n n e 1 0 y e a rs ag o .

\\ ashingt on NEWS

H. S, G O O D FE LLO W
Spokane
President
W a s h in g to n Bankers
Association

Files Applications for
Unmanned Offices
The
P e o p le s N a ti o n a l B a n k o f
W a s h in g to n , S e a ttle , h a s file d five a p ­
p lic a tio n s r e q u e s tin g p e rm is s io n to e s­
ta b lis h u n m a n n e d b ra n c h e s , all in
S e a ttle .
N orthw estern

Banker, M a y

1974

78

INVESTMENT EARNINGS . . .
( Continued from page 2 1 )
r a te d b o n d s . W h e n p u r c h a s in g th e m ,
w e re c o m m e n d th e b a n k e r m a k e c e r ­
ta in th e d e a le r se llin g h im n o n - r a te d
b o n d s n o t o n ly p ro v id e a d e ta ile d o f­
fe rin g c irc u la r b u t a lso h a v e h a d u n ­
d e rw ritin g e x p e rie n c e in th e a r e a o f th e
n o n - r a te d b o n d s .
A n o th e r m e th o d o f in c re a s in g in ­
v e s tm e n t in c o m e f o r m a n y b a n k s
w o u ld b e to h a v e a t le a s t 2 5 p e r c e n t
o f th e m u n ic ip a l b o n d p o r tfo lio c o n s is t
o f r e v e n u e b o n d s. O n u tility re v e n u e
b o n d s , i t ’s p o s s ib le m a n y tim e s to r e ­
ceiv e .2 0 to .3 0 p e r c e n t m o re y ie ld
th a n o n th e g e n e ra l o b lig a tio n b o n d s
o f th e sa m e c o m m u n ity . Y e t, in te rm s
o f p a y m e n t o f p r in c ip a l a n d in te r e s t
m u n ic ip a l r e v e n u e b o n d s is s u e d fo r
e le c tric ity , se w e r, o r w a te r a re c o n s id ­
e r e d b y m a n y e x p e rts to b e b e t te r s e ­
c u re d th a n g e n e ra l o b lig a tio n b o n d s.
A f t e r all, w h ile it c a n ta k e y e a r s to
f o re c lo s e o n a h o m e s te a d , if o n e fa ils
to p a y h is e le c tric , w a te r , o r se w e r b ill
f o r a m o n th , th e se rv ic e m a y b e c u t off.
A ls o , u tilitie s g e n e ra lly b u ild u p r e ­
se rv e fu n d s o v e r th e y e a rs th a t a re
a v a ila b le f o r e m e rg e n c ie s w h e r e a s g e n ­
e r a l o b lig a tio n b o n d s se ld o m h a v e th is
fe a tu re .
I n a d d itio n to u tility re v e n u e b o n d s ,
w e a lso r e c o m m e n d c o n s id e r a tio n b e
g iv e n to w e ll s e c u re d h o s p ita l b o n d s.
T h e re h av e b ee n sev eral M o o d y o r
S ta n d a rd a n d P o o r “ A ” r a te d issu e s
in th e la s t few m o n th s w ith e x c e lle n t
y ie ld s. G e n e ra lly , th e s e iss u e s la c k th e
m a r k e ta b ility o f w ell s e c u re d u tility is­
su e s a n d s h o u ld b e p u r c h a s e d w ith th e
p la n to h o ld to m a tu r ity .
F in a lly , in th e re v e n u e b o n d a re a ,
c o n s id e r a tio n s h o u ld b e g iv e n to th e
p u r c h a s e o f so m e in d u s tr ia l re v e n u e
b o n d s . Y ie ld s h e r e m a y b e as m u c h as
.7 5 p e r c e n t o v e r th e g e n e ra l o b lig a ­
tio n b o n d s o f th e sa m e q u a lity . H o w ­

e v e r, h e re a g a in m a rk e ta b ility is g e n ­
e ra lly n o t as s tro n g . T h e se c o n d a ry '
m a rk e t is p re tty m u c h lim ite d to th e
u n d e rw ritin g d e a le r. T h e r e f o r e , w e
u rg e o u r b a n k c u s to m e rs to c h e c k o u t
th e u n d e r w rite r c a re fu lly . D o e s h e
h a v e p u b lic fin a n c e s p e c ia lis ts a n d a
c o r p o r a te fin a n c e d e p a r tm e n t? W ill h e
p ro v id e a n n u a l e a rn in g s r e p o r ts ? Is h e
e x p e rie n c e d in th is ty p e o f u n d e r w r it­
ing? D id th e lo c a l b a n k ( s ) b u y a n y
o f th e issu e? O n b a la n c e , w e fe e l it’s
w o rth in v e s tig a tin g in d u s tria l r e v e n u e
b o n d s as a n in v e s tm e n t o p p o r tu n ity ;
a f te r all, .7 5 p e r c e n t a d d itio n a l y ie ld
is $ 7 5 0 p e r $ 1 0 0 ,0 0 0 in a p o rtfo lio .
M a n y b a n k s h a v e in c re a s e d e a rn in g s
b y d e v o tin g a p o r tio n o f th e ir p o r tfo lio
to d is c o u n t b o n d s . A f te r c a p ita l g a in s
ta x y ie ld s a re o f te n .2 0 p e r c e n t to .3 0
p e r c e n t g re a te r. W e r e c o m m e n d h a v ­
in g a d e fin ite p a r v a lu e o f d is c o u n ts in
e a c h m a tu r ity in th e sc h e d u le . C a re
s h o u ld b e ta k e n to re c e iv e a c u r r e n t
r e tu r n f a irly c lo se to fu ll c o u p o n
bo n d s.
O n e o th e r a r e a w h e re in v e s tm e n t
e a r n in g s c a n be im p ro v e d fo r so m e
b a n k s is to p u r c h a s e b o n d issu e s in
o th e r p a r ts o f th e c o u n try . W e u n d e r ­
w rite b o n d s in a ll s ta te s p lu s th e te r r i­
to rie s a n d c a n so m e tim e s in c re a s e
e a rn in g s o f a b a n k m e re ly b y s u g g e s t­
in g p u r c h a s e o f a w e ll-s e c u re d b o n d
in sa y , A la s k a , P u e r to R ic o , Illin o is
o r C a lif o r n ia , th a t w ill y ie ld as m u c h
as .5 0 p e r c e n t m o re th a n a c o m p a r a ­
ble r a te d b o n d f ro m th e b a n k e r ’s s ta te .
O fte n th e r e a s o n is th a t y ie ld s o n th e
b o n d s in th e b a n k e r ’s s ta te a re lo w e r
d u e to a b a n k f ra n c h is e ta x o r s ta te in ­
d iv id u a l in c o m e ta x e x e m p tin g m u ­
n ic ip a l in te r e s t in c o m e f ro m c o n s id e r a ­
tio n o r s o m e tim e s a r e q u ir e m e n t th a t
p u b lic f u n d s b e c o lla te r a liz e d w ith
b o n d s f r o m th e b a n k e r ’s s ta te o r its
c o m m u n itie s . I n a n y c a s e , b a n k e r s
s h o u ld b e a le r t to th e s e o p p o r tu n itie s
to in c re a s e y ie ld s a n d n o t a u to m a tic a l­

INSTALMENT DEPARTMENT
PROFITS
M ore im p o rtan t than e ve r b efo re !

PROTECT THEM
Several hundred Upper Midwest banks utilize our single interest coverage,
which we originated many years ago. N o checking for primary insurance.
Instalm ent lending protection is our only business.

Cali or Write: G. D* VAN WAGENEN CO.
1 0 0 6 N .W . Bank B ldg., M inneapolis 5 5 4 0 2
( 6 1 2 ) 3 3 3 -2 2 6 1
Digitized
N o r t hfor
w eFRASER
s t e r n B a n k e r , M a y 1974
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

ly in fe r th a t h ig h e r y ie ld s a re lo w e r
q u a lity .
F in a lly , in th e m u n ic ip a l b o n d a re a ,
w e a re r e c o m m e n d in g b a n k e r s a v a il
th e m s e lv e s o f th e o p p o r tu n ity o ffe re d
b y m a n y o f th e ir c o r r e s p o n d e n ts o r
b o n d d e a le rs lik e o u rs e lv e s to p u t th e ir
G o v e r n m e n t a n d m u n ic ip a l p o r tfo lio s
o n a c o m p u te r iz e d a n a ly sis se rv ic e. W e
b e g a n o ffe rin g o u r f re e se rv ic e f o u r
y e a rs a g o a n d h a v e b e e n to ld m a n y
tim e s b y th o s e u tiliz in g it th a t it h a s
in c re a s e d in v e s tm e n t in c o m e b y h ig h ­
lig h tin g
w e a k n e sse s
(a s
w ell
as
s tre n g th s ).
B e y o n d th e m u n ic ip a l p o r tfo lio , w e
r e c o m m e n d b a n k s t h a t h a v e m e t th e ir
liq u id ity re q u ir e m e n ts a n d n e e d a d d i­
tio n a l ta x a b le in c o m e c o n s id e r p u r ­
c h a s e of b a n k e lig ib le c o r p o r a te b o n d s
o r r a ilro a d e q u ip m e n t tr u s t c e rtific a te s
providing a y ie ld p ic k u p o v e r a c o m ­
p a r a b le m a tu r ity o f m a jo r A g e n c y s e ­
c u rity e x ists o v e r .5 0 p e r c e n t. U n til
r e c e n tly th is s p r e a d d id n o t e x ist, b u t
w e a re b e g in n in g to se e it a g a in . W h y
th e s p r e a d ? W e fe e l th e b a n k e r is e n ­
title d to it d u e to b e tte r s e c u rity a n d
liq u id ity o n th e a g e n c y se c u ritie s.
H o w e v e r, in th e la s t 10 y e a rs th e
s p r e a d h a s o f te n e x c e e d e d .7 5 p e r c e n t
a n d th e re fo r e o ffe re d a g o o d y ie ld
p ic k -u p o p p o r tu n ity .
O n c o r p o r a te b o n d s , th o s e in th e
f o u r to p q u a lity g ra d e s a re elig ib le
b a s ic a lly to th e e x te n t o f a b a n k ’s lo a n
lim it. W e re c o m m e n d m a tu r itie s o f 15
y e a rs — o r le ss. O n r a ilr o a d e q u ip ­
m e n t tr u s t c e rtific a te s , th o s e iss u e s u n ­
d e r th e P h ila d e lp h ia p la n o ffe r e x c e l­
le n t s e c u rity . F o r in s ta n c e , d u r in g th e
d e p re s s io n th e y h a d a p a y m e n t re c o rd
o n a p a r w ith m u n ic ip a ls — a n d m a y ­
b e e v e n b e tte r . T o g iv e y o u a n id e a o f
th e s e c u r ity v a lu e , th e P e n n C e n tr a l
h a s m a d e tim e ly p a y m e n t o f p rin c ip a l
a n d in te r e s t o n all o u ts ta n d in g e q u ip ­
m e n t tr u s t c e rtific a te s . I t w a s th e first
a c t d o n e b y th e re fe re e s in b a n k r u p tc y .
A f te r a ll, a r a ilr o a d c a n n o t o p e r a te
w ith o u t ro llin g s to c k a n d ro llin g s to c k
if re a d ily s a la b le to o th e r ra ilro a d s .
A n o th e r m e th o d o f im p ro v in g in ­
v e s tm e n t e a rn in g s is tr a d in g o r s w a p ­
p in g in th e p o r tfo lio . O fte n th e b e s t o p ­
p o r tu n itie s e x is t in th e G o v e rn m e n t
a n d A g e n c y a c c o u n t. H o w e v e r, m o re
a n d m o r e c o m m u n ity b a n k s a re se e ­
in g o p p o r tu n itie s in th e m u n ic ip a l
p o r tfo lio . W e a r e se e in g m o re a n d
m o re in te r e s t o n th e s u b je c t o f tr a d in g
a n d s w a p p in g a n d fe e l e a c h c o m m u n ity
b a n k e r s h o u ld e x p lo re th is e a rn in g s
p o s s ib ility w ith h is m a jo r s o u rc e (s ) o n
b o n d s.

79

Zions Bank Promotions

Montana
NEWS
R. H. ULRICH

President

M a lta

J . T. C A B B Y

S ecreta ry

H eìena

Bank Changes Names
T h e F ir s t N a tio n a l B a n k o f B ro w n ­
in g h a s c h a n g e d its n a m e to M o n ta n a
N a ti o n a l B a n k o f B ro w n in g .

Application Filed
F ir s t N a tio n a l P a r k B a n k in L iv ­
in g s to n h a s filed an a p p lic a tio n r e ­
q u e s tin g tr u s t p o w e rs .

Elected at Helena Bank
D e n n is L . H o u s e h a s b e e n e le c te d

in s ta lm e n t lo a n o ffic e r a n d M ic h a e l S.
R o b e rts b u d g e t lo a n o ffic e r a t th e F ir s t
N a ti o n a l B a n k & T r u s t C o ., H e le n a ,
a c c o rd in g to R o b e r t F . B u rk e , b a n k
p re s id e n t.
M r. H o u s e jo in e d th e b a n k in 1 9 7 0
as an a d ju s te r in th e tim e p a y d e p a r t­
m e n t. M o s t re c e n tly h e w a s u n it m a n ­
a g e r f o r in s ta lm e n t a n d s tu d e n t lo a n s.
M r. R o b e rts jo in e d th e b a n k in 1 9 7 2
in th e tim e p a y d e p a r tm e n t as an a s s is t­
a n t in th e p e r s o n a l lo a n d e p a r tm e n t.

MBA 1974 Group Meetings
G ro u p
5
6
7
2
4
1
3

D a te
T h u rs d a y , M a y 2
F rid a y , M a y 3
S a tu rd a y , M a y 4
M onday, M ay 6
W ednesday, M ay 8
T h u rs d a y , M a y 9
S a tu rd a y , M a y 11

Utah
NEWS
W ENDELL E. GILE
Salt Lake City
President
Utah Bankers
Association

Bank Office Designated
State Historical Site
T h e A b ra m H a tc h h o m e in H e b e r
C ity , U ta h , b u ilt in 1 8 9 2 a n d p r e s e n t­
ly b e in g r e s to r e d a n d c o n v e rte d in to
o ffic es f o r Z io n s F ir s t N a tio n a l B a n k ,
n o w b o a s ts a n e ig h t in c h b y 10 in c h
m e ta l p la q u e d e s ig n a tin g th e b u ild in g
a U ta h s ta te h is to ric a l site.
Z io n s ’ H e b e r C ity o ffice w a s o ffic ia l­
ly o p e n e d A p ril 2 7 .

Honored By Zions
H o w d o e s it fe e l to b e a 9 0 - y e a r- o ld

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Z io n s F ir s t N a ti o n a l B a n k , S a lt
L a k e C ity , h a s a n n o u n c e d se v e ra l sta ff
p ro m o tio n s . T h e y a re H a l R . F r a n d se n , a s s is ta n t v ic e p r e s id e n t a n d m a n ­
a g e r o f th e in s ta lm e n t lo a n d e p a r t­
m e n t; M a ria n S o u th e rn , tr a in in g o f­
fice r, p e r s o n n e l a n d tr a in in g d iv is io n ;
J a m e s C . W in te r to n , a s s is ta n t b r a n c h
m a n a g e r, F re e w a y o ffice; M o n te R .
H a tc h , b r a n c h m a n a g e r, H u n tin g to n
o ffice; T h o n e K . H e p p le r, o p e r a tio n s
o ffic e r, U n iv e rs ity o ffic e, a n d C lin to n
E . W illia m s, o p e r a tio n s o ffic er, U ta h
N a tio n a l office.
M r. F r a n d s e n jo in e d th e b a n k in
1 9 7 0 as a n a s s is ta n t s u p e rv is o r in th e
in s ta lm e n t lo a n d e p a r tm e n t a t th e h e a d
o ffice. M o s t re c e n tly , h e w a s a c c o u n t­
in g a n d o p e r a tio n s m a n a g e r in th e c o n ­
s u m e r c r e d it d iv is io n .

Nevada
NEWS

P la c e
M o n ta n a C lu b , H e le n a
T o b a c c o R o o t G u e s t R a n c h , S h e rid a n
R a m a d a In n , B illin g s
T o w n & C o u n try C lu b , M ile s C ity
G N M o to r H o te l, M a lta
E lk s C lu b , C u t B a n k
E lk s C lu b , P o iso n

b a n k e r lo o k in g b a c k ? J o e E . B o u d , th e
o ld e s t liv in g f o r m e r Z io n s B a n k e m ­
p lo y e e , h a d a n o p p o r tu n ity to a n s w e r
th a t q u e s tio n re c e n tly a t a s u rp ris e
p a r ty in h is h o n o r s p o n s o r e d b y Z io n s
F ir s t N a ti o n a l B a n k , S a lt L a k e C ity .
M r. B o u d jo in e d th e sta ff o f U ta h
C o m m e rc ia l & S a v in g s B a n k in 1 9 0 8 ,
w e n t to th e U ta h S ta te N a tio n a l B a n k
a f te r a m e rg e r in 1 9 1 2 , a n d re tire d
fro m Z io n s B a n k , a n o u tg ro w th o f
b o th o f th e s e e a r lie r firm s.
H e b e g a n h is c a r e e r as a b o o k ­
k e e p e r, th e n b e c a m e a te lle r a n d a s ­
s is ta n t c a s h ie r. W h e n h e r e tire d in
1 9 6 6 , a t th e ag e o f 8 2 , h e w a s a n a s ­
s is ta n t v ic e p r e s id e n t in th e in s ta lm e n t
lo a n d e p a r tm e n t.

Utah Bankers
w ill be in te re s te d in th e
A m e ric a n E xpress M o n e y O rd e r
D ivisio n ad on p age
nineteen .

KEN N ETH J.
S ULLIVAN
President
N e v a d a Bankers
Association

NBA Holds Convention
May 19-21 in Las Vegas
T h e H u n t C o m m is s io n a n d th e
S m a ll B u s in e ss A d m in is tr a tio n ’s g u a r ­
a n ty p ro g ra m w ill b e a m o n g to p ic s d is­
c u s s e d a t th e fifty -fifth a n n u a l c o n v e n ­
tio n o f th e N e v a d a B a n k e rs A s s o c ia ­
tio n M a y 19 -2 1 a t th e M G M G ra n d
H o te l in L a s V e g a s.
R e g is tra tio n w ill b e g in S u n d a y a t
2 p .m . T h e first b u sin e ss se ssio n w ill
b e g in M o n d a y , M a y 2 0 , w ith th e c a ll
to o r d e r b y K e n n e th J. S u lliv a n , J r .,
p re s id e n t. T o m W e is n e r, c h a ir m a n ,
C la r k C o u n ty C o m m is s io n e rs , w ill g ive
th e w e lc o m e a d d re s s . J a c k A n d e r s o n ,
n a tio n a lly k n o w n s y n d ic a te d c o lu m ­
n ist, w ill s p e a k a b o u t “ N e w s B e h in d
T h e H e a d lin e s .”
T u e s d a y ’s se ssio n s w ill c o n s is t o f
c o m m itte e r e p o r ts , e le c tio n o f o ffic ers
a n d s p e e c h e s b y L e o n a r d W e il, p r e s i­
d e n t, M a n u fa c tu r e r s B a n k , L o s A n ­
g e le s, o n “ H u n t C o m m is s io n R e c o m ­
m e n d a tio n s — A re T h e y D e a d o r
A liv e ? ,” a n d D a v id A . W o lla r d , a s s o ­
c ia te a d m in is tr a to r f o r fin a n c e in v e s t­
m e n t, S m all B u sin e ss A d m in is tr a tio n
o n “ S B A ’s L o a n G u a r a n ty P ro g ra m
— th e N e w S e c o n d a ry M a r k e t.”
A n n u a l g o lf a n d te n n is to u r n a m e n ts
w ill b e h e ld .
Northw estern

Banker, M a y

1974

80

W o u ld y o u believe
you can have 207
pages of computer
reports on a piece
of microfilm this
size?

!f

6 //
It’s true! Our Computer Output Micro­
film (Microfiche) produces the equiva­
lent t oa bank’s average day’s reports
for 6,700 accounts on a 4"x6" filmcard. This service — the first offered
to banks in Nebraska — costs only
pennies, too! Obviously, your storage
space is reduced (by 90%); look-up
time on viewer is 50% faster; and you
can get extra copies as good as the

^

I

original at a low cost.
U. S. National computers transfer in­
formation for banks daily from mag­
netic tape to the Microfiche cards,
eliminating volumes of paper work.
Someday you’ll be utilizing this serv­
ice. Why not now? For more informa­
tion about Microfiche, contact our Cor­
respondent Bank Division (402) 5362080 or Lee Bachand (402) 536-2072.

U S NATIONAL
BANK
An Affiliate of Northwest Bancorporation

OMAHA

N o r t h for
w e sFRASER
tern B anker, M a y 1974
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

81

Scottsbluff Man Joins
Wymore National Bank

Nebraska
NEWS
F. W . J A C K M A N
W . H. OSTERBERG

President
Exec. M g r.

G ra nt
Om aha

Fairbury State Wins
Advertising Award
T h e F a i r b u r y S ta te B a n k w a s r e ­
c e n tly h o n o r e d w ith a r e d r ib b o n
a w a rd f o r e x c e lle n c e in a d v e rtis in g .
T h e a w a rd w a s p r e s e n te d b y th e A d ­
v e rtis in g C lu b o f L in c o ln a t its a n n u a l
a w a rd d in n e r in th e c a p ita l city .
T h e sp e cific a d v e r tis in g c a m p a ig n
s ite d w a s a se rie s o f n e w s p a p e r a d s a n ­
n o u n c in g a s p rin g b ic y c le d ra w in g f e a ­
tu r e d b y th e b a n k la s t A p ril a n d M a y .
T h e a d s w e re c r e a te d f o r th e F a i r ­
b u r y S ta te B a n k b y its a d v e rtis in g
a g e n c y , B a ile y L e w is & A s s o c ia te s ,
In c . o f L in c o ln .
F a ir b u r y S ta te B a n k P re s id e n t W ill
E ls e h in te d a t th e p o s s ib ility o f r e p e a t­
in g la s t y e a r ’s s u c c e s s fu l b ik e g iv e ­
a w a y in th e n e a r fu tu re .

Fremont Banker Retires
E m p lo y e e s o f th e F r e m o n t N a tio n a l
B a n k r e c e n tly h o s te d a s u r p ris e p a r ty
in h o n o r o f E la in e L in g n e r u p o n h e r
r e tir e m e n t a f te r o v e r 3 0 y e a rs o f s e rv ­
ic e a t th e b a n k .
M iss L in g n e r jo in e d th e b a n k in
1 9 4 2 . S h e h a s b e e n a s e c r e ta ry a n d a s ­
s is ta n t a u d ito r .

M r. W o lf h a d p re v io u s ly b e e n in th e
b a n k in g b u s in e s s in C o lu m b u s a n d
G r a n d Is la n d b e fo re ta k in g o v e r th e
p re s id e n c y o f th e N o r t h B e n d b a n k
f ro m h is fa th e r. H e w a s a m e m b e r o f
th e e x e c u tiv e c o m m itte e o f th e P a c k e rs
N a tio n a l B a n k o f O m a h a .

Lester W. Langford
F u n e r a l se rv ic e s w e re h e ld re c e n tly
f o r L e s t e r W . L a n g f o r d , 7 2 , c h a ir m a n
o f th e b o a r d o f th e F ir s t N a tio n a l B a n k
a n d T r u s t C o . o f N o r t h P la tte . M r.
L a n g f o r d jo in e d th e b a n k as a b o o k ­
k e e p e r in 1 9 2 5 . H e b e c a m e te lle r, a s ­
s is ta n t c a s h ie r, c a s h ie r in 1 9 4 5 , v ic e
p r e s id e n t a n d c a s h ie r in 1 9 4 8 , e x e c u ­
tiv e v ic e p r e s id e n t in 1 9 5 0 , a n d p r e s i­
d e n t in 1 9 6 0 . H e w a s n a m e d c h a ir m a n
o f th e b o a r d in 1 9 6 7 a n d w a s b o th
p r e s id e n t a n d c h a ir m a n d u rin g th e
c o n s tru c tio n o f th e b a n k ’s n e w b u ild in g
w h ic h o p e n e d o n S e p te m b e r 5 , 1 9 6 7 .

A f o r m e r S c o tts b lu ff b a n k e r, B ill
B lo u g h , h a s jo in e d th e W y m o re N a ­
tio n a l B a n k as v ic e p r e s id e n t.
T h e n e w e m p lo y e e c o m e s to W y ­
m o re a f te r s e rv in g as a lo a n o ffic e r a t
th e F ir s t S ta te B a n k o f S c o tts b lu ff. H e
h a s a lso w o rk e d p a r t tim e a t th e N a ­
tio n a l B a n k o f C o m m e rc e in L in c o ln
w h ile a tte n d in g N e b r a s k a W e sle y a n .

Broken Bow Opening
T h e B ro k e n B o w S ta te B a n k h e ld
o p e n h o u s e in its n e w b a n k in g fa c ility
la s t m o n th . D ire c to rs , o ffic e rs, a n d e m ­
p lo y e e s w e re o n h a n d to g re e t a re a
re s id e n ts .

Joins Qrd Bank
H a r le n N o lte , fo rm e r ly w ith th e
P e o p le s S ta te B a n k , W o lb a c h , h a s
jo in e d th e N e b r a s k a S ta te B a n k , O rd ,
as a n a s s is ta n t c a s h ie r.

Increases Capital
R a m o n N o lte , p r e s id e n t, A d a m s
C o u n ty B a n k , K e n e s a w , r e p o r ts th a t
h is b a n k h a s in c re a s e d b o th c a p ita l
a n d s u rp lu s b y $ 2 5 ,0 0 0 .

Construction Begins on Fremont Facility

Joins York Bank
F r e d H o p k in s h a s jo in e d th e F ir s t
N a tio n a l B a n k o f Y o r k as a s s is ta n t
c a s h ie r a n d a u d ito r . M r. H o p k in s w a s
f o rm e rly a s s o c ia te d w ith T h e F a r m e r s
a n d M e r c h a n ts B a n k o f E d is o n .

Walter H. Hartman
F u n e r a l se rv ic e s w e re h e ld re c e n tly
f o r W a lte r H . H a r tm a n , 6 5 , v ic e p r e s ­
id e n t o f th e F ir s t N a tio n a l B a n k o f
F u lle r to n .
M r. H a r tm a n jo in e d th e b a n k in
1 9 3 0 a f te r g r a d u a tin g fro m th e L i n ­
c o ln B u s in e s s C o lle g e . H e h a d se rv e d
c o n tin u o u s ly e x c e p t f o r a s h o r t tim e
w h e n h e se rv e d in th e n a v y d u rin g
W o rld W a r II.

Arden D. Wolf
F u n e r a l se rv ic e s w e re h e ld re c e n tly
f o r A r d e n D . W o lf, p r e s id e n t o f th e
P la tt e V a lle y B a n k o f N o r th B e n d . M r.
W o lf w a s 6 3 .

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

ARCHITECT’S sketch of the First National Bank & Trust, Fremont, facility now under
construction.

1O N S T R U C T I O N re c e n tly b e g a n
' o n th e F ir s t N a tio n a l B a n k a n d
T r u s t C o .’s a u x ilia ry b a n k in g fa c ility
in n o r th e a s t F re m o n t.
T h e n e w f a c ility w ill h a v e a p p r o x i­
m a te ly 1 .3 0 0 s q u a re fe e t a n d w ill c o n ­
ta in f o u r w a lk -in te lle rs a n d th re e
d r iv e - in la n e s , a c c o rd in g to J o h n R.
Y o u n g , J r ., b a n k p r e s id e n t.
H u g h H a n s e n , s e c o n d v ic e p r e s i­

d e n t, s a id th e s trik in g th in g a b o u t th e
n ew fa c ility is its sim ila rity in a r c h ite c ­
tu r e to th e m a in b a n k in d o w n to w n
F re m o n t.
“ T h e s im ila rity ,” h e sa id , “ w ill p r o ­
v id e an im m e d ia te a s s o c ia tio n b e tw e e n
it a n d th e m a in f a c ility .” M r. H a n s e n
sa id th e b a n k w ill b e c a lle d th e F irs t
N a tio n a l B a n k a n d T r u s t C o . a t L in ­
c o ln A v e n u e a n d T w e n ty -th ird .
Northw estern

Banker,

May

1974

82

Bernard L. Engels, p r e s id e n t o f
C e n te r B a n k , h a s a n n o u n c e d th e e le c ­
tio n o f Jerry K. Rvnsborg as m a r k e t­
ing o ffic er.
*
*
*

Omaha News

T h e e x e c u tiv e c o m m itte e o f T h e
F irs t N a tio n a l B a n k o f O m a h a h a s
announced
th a t

Bruce

K

ermit Hansen, p r e s id e n t o f T h e

U n ite d S ta te s N a tio n a l B a n k o f
O m a h a , h a s a n n o u n c e d th e p ro m o tio n
o f Everett P. Brown to v ic e p r e s id e n t.
M r. B ro w n , 4 1 , h a s b e e n a c o r r e s ­

E. P. B R O W N

J. R. ENGLISH

N a m e d vice p r e s id e n t w e re J. Rich­
ard English, James R. Schumacher,
a n d Ben W. Stanislav. Joseph P. Hen­
ry h a s b e e n p r o m o te d to a s s is ta n t v ic e
p r e s id e n t. E le c te d a s s is ta n t c a s h ie r a re

J. R. SCHUM ACHER

p o n d e n t b a n k r e p r e s e n ta tiv e s e rv in g
b a n k s in six m id w e s te rn s ta te s s u r ­
ro u n d in g O m a h a sin c e h e jo in e d th e
b a n k in 1 9 6 7 . H e s e rv e d as a lo a n o f­
fic e r f o r th e B o o n e S ta te B a n k & T ru s t
C o ., B o o n e , la ., b e fo re c o m in g to
U . S. N a tio n a l, a n d p r io r to th a t tim e ,
h e w a s w ith R a ls to n - P u r in a C o .
T h e p r o m o tio n s o f th r e e a d d itio n a l
v ice p r e s id e n ts , a n a s s is ta n t v ice p r e s i­
d e n t a n d th r e e a s s is ta n t c a s h ie rs h a v e
b e e n a lso a n n o u n c e d .

B. W . S TA N IS LA V

Murray Anderson, Anita Gardner, a n d
Sylvia Myers.
T h e n e w v ic e p r e s id e n ts a re all o f­
fic e rs in th e tr u s t d iv is io n o f th e b a n k
a n d b e c o m e m a n a g e rs o f th r e e r e c e n t­
ly c r e a te d d e p a r tm e n ts w h ic h re s u lte d
fro m re o r g a n iz a tio n o f th e tr u s t a d ­
m in is tr a tio n fu n c tio n .
M r. E n g lis h n o w m a n a g e rs th e c o r ­
p o r a te tr u s t d e p a r tm e n t; M r. S c h u ­
m a c h e r th e p e r s o n a l tr u s t d e p a r tm e n t,
a n d M r. S ta n is la v th e ta x d e p a r tm e n t.

I n i l c d S ta le s C h e c k B o o k C o m p a n y
We are the professionals in the bank supply business. Our
aim is to provide you with the latest available in bank stationery
and printed forms. The fa m ilia r face belongs
to Howard Yarwood, one of our professionals
who lives in Omaha, Nebr.
Call Howard or your U. S. professional
for your bank supplies.

B. D. JO N ES

D.

Jones

has
jo in e d
th e
b a n k as a v ice
p r e s id e n t in th e
c o m m e rc ia l lo a n
d e p a r tm e n t.
P rio r to jo in ­
in g F ir s t N a ti o n ­
al, M r. J o n e s w as
a v ic e p r e s id e n t
o f A s s o c ia te s F i ­
C o m p a n y , In c ., o f

n a n c ia l S e rv ic e s
In d ia n a .
*
*
*
F u n e r a l se rv ic e s w e r e h e ld in F o r t
L a u d e rd a le , F la ., r e c e n tly f o r Keene
Ewart, a r e tire d s e n io r v ic e p r e s id e n t
o f th e U . S. N a ti o n a l B a n k .
M r. E w a r t, 6 6 , r e tire d f ro m th e
b a n k in 1 9 6 8 . A n a tiv e o f E u s tis , h e
jo in e d th e b a n k in 1 9 5 2 f r o m its p a r ­
e n t b a n k , N o rth w e s t B a n c o r p o r a tio n
o f M in n e a p o lis .
H* H* H*
A c a r e e r o f 3 4 y e a rs w ith th e U n ite d
S ta te s N a tio n a l B a n k o f O m a h a w as
c o n c lu d e d r e c e n tly w h e n Edward W.
Lyman r e tire d as c h a ir m a n a n d c h ie f
e x e c u tiv e o ffic e r o f th e b a n k , as r e ­
p o r te d e a rlie r. A r e tir e m e n t p a r ty a t
th e tim e o f h is o ffic ia l r e tir e m e n t w as
a tte n d e d b y sta ff m e m b e rs a n d m a n y
of
h is
N o r th w e s t
B a n c o r p o r a tio n
frie n d s .
M r. L y m a n w a s p r e s e n te d w ith se v ­
e ra l g ifts, in c lu d in g a h ig h -p o w e re d
r id in g m o w e r.
M r. L y m a n h a d b e e n in th e b a n k in g
b u sin e ss e v e r sin c e h is g r a d u a tio n fro m
th e U n iv e rs ity o f N e b r a s k a a n d h e
s p e n t th e la st 3 4 y e a rs w ith U . S. N a ­
tio n a l a f te r r e tu r n in g fro m C h ic a g o
w h e re h e s ta rte d in th e b u sin e ss. D u r ­
in g th e 1 3 -y e a r p e r io d o f h is se rv ic e as
p r e s id e n t, th e b a n k e x p e rie n c e d its
g r e a te s t g r o w th w h e n d e p o s its in ­
c re a s e d 1 5 0 % a n d lo a n s g re w 3 0 0 % .
H is le a d e rs h ip in th e O m a h a civ ic
c o m m u n ity is w id e ly k n o w n a n d th is

N e b ra s k a B a n k e rs
P.0. Box 3644

Digitized
fore sFRASER
N o rthw
tern Banker, M a y 1974
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Omaha, Nebraska 68108
(402) 345-3162

w ill be interested in the
Am erican Express Money O rder
D ivision ad on page
nineteen .

M ay in First National Territory is a busy tim e o f year.
It's time to d ig in and bring the land
to life again. It's time to graze herds
of cattle and plant new crops.
Sometimes that takes more land or new equipment.
And that's where we com e in.
We can help you with your customer's needs.
Call on our Correspondent Division anytime.
We're ready for the M ay rush.

©

firsf national bank of omaha
you're in first national territory
In Nebraska cal) us Toll Free at 800-642-9907.
From States adjacent to Nebraska call us Toll Free at 800-228-9533.


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

N o rthw estern

B ankert M a y

1974

84

N eb ra ska N e w s
c u r r e n tly as c h a ir m a n o f th e U n iv e r ­
sity o f N e b r a s k a B o a r d o f R e g e n ts ,
a n d is a ls o o n th e b o a r d o f s e v e ra l im ­
p o r ta n t c iv ic g ro u p s .
M r. H a n s e n h a s b e e n a c tiv e f o r a
n u m b e r o f y e a rs in a c tiv itie s o f th e
N e b r a s k a B a n k e r s A s s o c ia tio n a n d h a s
a p p e a r e d m a n y tim e s as a s p e a k e r a t
b a n k e r m e e tin g s th r o u g h o u t th e n a ­
tio n .
*
*

Mr. & Mrs. Ed Lyman receive congratula­
tions from staff members.

w as r e c o g n iz e d in 1 9 6 9 w h e n h e r e ­
c e iv e d th e c ity ’s to p civ ic h o n o r w h e n
h e w as c r o w n e d L X X V K in g o f A k S a r-B e n .
H is s u c c e s s o r as p r e s id e n t a n d c h ie f
e x e c u tiv e o ffic er, Kernnit Hansen, a lso
is a d e d ic a te d civ ic w o rk e r in O m a h a .
A n a tiv e o f th e city , h e is a lso a U n i­
v e rs ity o f N e b r a s k a g r a d u a te a n d w as
h ig h ly d e c o r a te d d u rin g W o r ld W a r II.
H e r e tire d in r e c e n t y e a rs as a B r ig a ­
d ie r G e n e ra l o f th e A rm y . H e se rv e s

Kermit Hansen, p r e s id e n t o f th e
U n ite d
S ta te s
N a tio n a l
B ank
of
O m a h a , h a s b e e n e le c te d c h a irm a n o f
th e U n iv e rs ity o f N e b r a s k a B o a rd o f
R e g e n ts.
M r. H a n s e n , w h o h a s s e rv e d o n th e
B o a rd sin c e b e in g a p p o in te d b y N e ­
b r a s k a G o v e r n o r Norbert Tiem ann in
1 9 7 0 , w as e le c te d to a n e w six -y e a r
te rm in 1 9 7 2 .

G re a tw e s t C o r p o r a tio n , L in c o ln , N e b .,
h a s a d o p te d a p o lic y c a llin g f o r th e
p a y m e n t o f c a s h d iv id e n d s o n its c o m ­
m o n s to c k c o m m e n c in g in 1 9 7 5 , a c ­
c o r d in g to a c o m p a n y s p o k e s m a n .
T h e a c tio n c a lls f o r th e p a y m e n t o f
a c a s h d iv id e n d , in a n a m o u n t fixed by
th e b o a r d , b a s e d u p o n 1 9 7 4 e a rn in g s.
T h e s p o k e s m a n s a id th e b o a r d a n tic i­
p a te d th e first y e a r d iv id e n d w o u ld be
in an a m o u n t “ e q u a l to a p p ro x im a te ly
2 0 % to 3 0 % o f 1 9 7 4 c o n s o lid a te d
e a r n in g s .”
T h e s p o k e s m a n in d ic a te d th a t th e
b o a r d a c tio n w a s a re v e rs a l o f th e
c o m p a n y ’s “ n o c a s h d iv id e n d ” p o lic y
w h ic h h a s e x iste d sin c e th e c o m p a n y
w a s fo u n d e d in 1 9 6 2 . H e s a id h e fe lt
th e c o m p a n y w o u ld c o n tin u e to p ay
d iv id e n d s in f u tu re y e a rs in a m o u n ts
r e la te d to th e C o m p a n y ’s e a rn in g s .

New President at Wayne
E r n ie T h a y e r h a s b e e n n a m e d p r e s i­
d e n t a n d d ir e c to r o f th e F ir s t N a tio n a l
B a n k , W a y n e . H e f o rm e rly w as s e n io r
v ice p r e s id e n t o f th e F ir s t N a tio n a l
B a n k in G ra n d Is la n d .

Nebraska Company
To Pay Cask Dividends
The

b o ard

Bill Morrissey

of

d ir e c to r s

Bill Beavers

of

F ir s t

Named to FDIC Division
C h a ir m a n F r a n k W hile o f th e F e d ­
e r a l D e p o s it I n s u r a n c e C o r p o r a tio n
h a s a n n o u n c e d th e a p p o in tm e n t o f
D a v id C . S tic k e ro d as a s s is ta n t c h ie f
o f th e c o r p o r a tio n ’s d iv is io n o f liq u i­
d a tio n , su c c e e d in g G e o r g e W . H ill w h o
w a s a p p o in te d c h ie f o f th e d iv is io n on
M a rc h 1 3 , 1 9 7 4 .

Bud Kelly

Mike Heaton

Municipal bond specialists.
M ay we serve your community?
Chiles, H eider &Co., I nc .
MEMBER NEW' YORK STOCK EXCHANGE, INC.
1300 WOODMEN TOWER
OMAHA, NEBRASKA 68102 * (402) 346-6677
Digitized
N o r t hfor
w e FRASER
s t e r n B a n k e r , M a y 1974
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Nebraska N e w s

ÂgricuIture-Credii Corporation
( Continued from page 2 9 )

c,

w a s Vi to X
A % a b o v e th e c o m m e r c ia l
p a p e r m a rk e t. H is b a n k fe lt it h a d a
v e ry g o o d c h a n c e o f lo s in g its p r im e
b o r ro w e r s to th e c o m m e r c ia l p a p e r
m a r k e t a n d it w a s lo o k in g a t a g ric u l­
t u r e to fill th is v o id .
S h o rtly a f te r th is, in S e p te m b e r o f
1 9 7 2 , w e w e re c o n ta c te d b y a n o th e r
l la rg e N e w Y o r k b a n k th a t w a s c o n ­
s id e rin g th e fe a s ib ility o f e s ta b lis h in g
a m id w e s te rn lo a n s u b s id ia r y f o r a g ri­
c u ltu r a l fin a n c in g .
L a t e r o n in th a t m o n th 1 w a s on a
to u r o f th e w e s te r n N e b r a s k a fe e d lo ts ,
w h ic h w as p r im a rily f o r b a n k e r s a n d
in d u s try p e o p le . T h e r e w e re s e v e ra l
bank
r e p r e s e n ta tiv e s
fro m
e a s te rn
b a n k s . O n e I b e c a m e a c q u a in te d w ith
*w as a lo a n o ffic e r o f o n e o f th e la rg e st
b a n k s in th e c o u n tr y a n d h is p u r p o s e
w as to try to g e t a fe e l f o r a g ric u ltu re .
H is b a n k h a d b ig p la n s f o r g e n e r a tin g
a n a g ric u ltu ra l lo an p o rtfo lio , p a r tic u ­
la rly c a ttle lo a n s .
% W e ll, ju s t th e o th e r d a y h e s to p p e d
in to see m e a n d u p o n a s k in g h im w h a t
h e w as d o in g h e sa id in tr u e N e w
Y o rk e s e , “ I ’m o u t h e r e to g e t s o m e o f
y o u r g o o d a g lo a n c u s to m e rs b u s i­
n e s s .”

in to o u r lo a n p o r tfo lio , w e h a d b e tte r
b e a w a re o f th is as th e s e p e o p le a re
w ell e d u c a te d a n d w e ll tr a in e d in th e
field o f le n d in g .
I w e lc o m e th is c o m p e titio n w h ic h
w ill b r in g m o r e fu n d s in to o u r a re a ,
a n d n o d o u b t it w ill m a k e u s m o r e a g ­
g re ssiv e a n d c o m p e titiv e . H o w e v e r, I
d o th in k it w o u ld b e a s h a m e fo r us
m id w e s te rn c o u n tr y b a n k e r s to a llo w
o u rs e lv e s to b e o u tg u n n e d in h a n d lin g
s o m e o f o u r g o o d b ig c u s to m e rs . T h e s e
a r e th e c u s to m e rs w e a ll h a v e a n d w e
h a v e w o rk e d w ith th e m w h e n th e y
w e re stru g g lin g to g e t s ta rte d . T h e y
h a v e d o n e an e x c e lle n t jo b o f m a n a g ­
in g , th e y h a v e m a d e e x c e lle n t fin a n c ia l

85

p r o g re s s , a n d lo a n d b e h o ld th e ir b o r ­
ro w in g c a p a c ity n o w is la rg e r th a n o u r
lo a n lim its. T h e y h a v e e x h ib ite d th a t
th e y c a n h a n d le b o r r o w e d fu n d s a n d
m a k e m o n e y w ith th e m . W e c e rta in ly
lik e th is k in d o f p e o p le f o r lo a n c u s ­
to m e r s a n d w a n t to k e e p th e m . I f th e y
g o to th e la rg e r b a n k s th e y w ill h a v e
to p a y th e h ig h ra te s a n d k e e p b a l­
a n c e s . T h e y w ill d o th e s a m e f o r u s if
w e g o a b o u t it in th e rig h t w ay.
S o, in o r d e r to h a n d le th e fin a n c in g
o f a g r ic u ltu r e in th e f u tu r e w e a re g o ­
in g to h a v e to b e p r e p a r e d b o th w ith
tr a in e d p e o p le a n d w ith th e fin a n c ia l
to o ls n e e d e d .
O u r b a n k h a s ta k e n a s te p in this
d ire c tio n a n d , h o p e fu lly , o th e r b a n k s
a lso w ill. I t is g o in g to b e a b ig jo b to
fu lfill. —

End

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•BEAU RIVAGE atOceanfront
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BY
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5jj
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tor lu ll
details,
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P A R A D I S E RE S O R TS , P.O. Box 672 5,
M i a m i B ea ch, Flo rid a 3 3 1 5 4

S im ply call (1-816-279-2724)
M artha or Nita. They’ll
put you in touch w ith
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put it all together.

N A M E_________________________________
ADDRESS
CITY____
J OATES OF
I VACATION


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Federal Reserve Bank of St. Louis

F IR S T N A T IO N A L B A N K
of St. Joseph, Missouri 64501 • Fourth at Felix • 816-279-2724
Member Federal Deposit Insurance Corporation
N o rthw estern

Banker, M a y

1974

Omaha National
representative:
A D M IN IS T R A T IO N
"1

Marv Rohn

Andy Harris

Bob Hatch

John Martin

Tom Matthaidess

Ken Strother

I P

^

Loreene Lane

Janelle

File

Sue Le Grande

Diane Applegate


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

at your service:
V

■ Transit and Collection Activities

■ Advisory Services

□ W ire Transfers

□ Trust Investm ent

□ C heck C o lle c tio n (Cash Letter)

□ M arketing and A dvertising

□ Dom estic M oney Transfers

□ Leasing Services

□ W rap p ing and S h ip p in g o f C oins and C urrency

□ Executive Placem ent
□ A g ric u ltu ra l C redit C o n sultin g

■ Credit Services

□ Demand Deposit P rofile Service (E nd-P oint Analysis)

□ O verlines to C o rre sp o n d e n ts' C ustom ers

□ Bank O peration Surveys

□ Lines o f C re d it fo r C o rre sp on d en ts
□ Loan P a rticip a tio n s

■ Special Surveys

□ S pecialized C re d it Assistance

□ New Business Referrals
□ C re d it Card A ffilia tio n and Assistance

>

■ Investment Services

□ Bank P ro te ctio n Program s and Systems

□ E co n o m ic and Business in fo rm a tio n
□ P o rtfo lio A dvisory Services

■ Computerized Accounting and Operating Services

□ Federal Funds

□ Dem and Deposit A c c o u n tin g

□ Purchase and Sale of G overnm ent S ecu rities

□ Tim e Loan A cco u n tin g

□ Purchase and Sale o f M u n ic ip a l S ecu rities

□ Insta llm en t Loan A cco u n tin g

□ S afekeeping of S ecu rities

□ Savings A cco u n tin g

□ N egotia b le Tim e C e rtifica tes

□ M ortgage Loan A cco u n tin g
□ Payroll A cco u n tin g Service

■ International Services
a

□ Foreign E xchange T ra d in g

□ and a whole bunch of other services

□ Inq u irie s on Inte rn a tio n a l C ustom ers
□ Letters of C redit
-r

□ C o lle c tio n s
□ Travelers Checks
□ Inte rn a tio n a l Paym ent F acilitie s

CORRESPONDENT BANKING AND AGRICULTURAL LOAN DEPARTMENT

T h e O m a h a N a tio n a l B ank
THE BANKER'S BANK


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

(402) 34 8 -6 5 6 5

C om e
play tennis at

(Georgian Room —
Radisson-Cornhusker Hotel)

Men’s and Ladies’ Singles Tourney
Q U A L IF Y IN G M A T C H E S
Starting at 4:00 p.m., Sunday, May 5
C H A M P IO N S H IP M A T C H E S
Starting at 4:00 p.m., Monday, May 6
P R IZ E S F O R W IN N E R S !

Free refreshments served to players and spectators
at courtside.

FIRST NATIONAL LINCOLN


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

89
p r o m o te d to a s s is ta n t v ice
fro m a s s is ta n t c a s h ie r in
se rv ic e . Jon Dexter h a s b e e n
a s s is ta n t c a s h ie r, c o m m e rc ia l
jo in e d th e b a n k in 1 9 7 2 .
*

*

p r e s id e n t
c u s to m e r
a p p o in te d
lo a n s. H e

*

Insured Credit Services
Celebrates 20th Year

T \ I R E C T O R S o f th e N a tio n a l B a n k
o f C o m m e r c e re c e n tly a p p r o v e d
th e fo llo w in g p r o m o tio n s a c c o rd in g to
Jerry Schiermeyer, p r e s id e n t:
Regy Green fro m a s s is ta n t tr u s t o f­
fic e r to tr u s t o fficer.
Dale Jensen fro m c o m p u te r sy stem
o ffic e r to a s s is ta n t v ic e p re s id e n t.
Larry Nelson fro m a u d ito r to a s ­
s i s t a n t v ic e p r e s id e n t a n d a u d ito r .
Jim Norris fro m c o m p u te r sy ste m
o ffic e r to c o r r e s p o n d e n t b a n k o ffic er.
Gaiin Prai f ro m c o m p u te r se rv ic e
o ffic e r to a s s is ta n t v ic e p re s id e n t.
A ls o , th e fo llo w in g th r e e p e rs o n s
> w ere e le c te d n e w o ffic ers: Robert A.
Morris to p e r s o n a l b a n k in g o ffic er.
Jack Smith to c o m m e rc ia l lo a n o ffic e r
a n d Walt Yetter to m a rk e tin g o ffic er.
*

*

*

First Greatwest Corporation, L in w c o in , a n n o u n c e d re c e n tly th a t it h a s
b e e n a d v is e d th a t th e I n te r n a l R e v e n u e
^ S e rv ice o n M a rc h 15, 1 9 7 4 , h a s r e ­
v o k e d re tr o a c tiv e ly a N o v e m b e r 6,
1 9 7 0 , ta x ru lin g to th e effec t th a t th e
e x c h a n g e o f F ir s t G re a tw e s t C o r p o r a _ tio n s to c k f o r th e s to c k o f c e r ta in s u b ­
s id ia rie s w a s ta x fre e . T h e c o m p a n y in ­
t e n d s to v ig o ro u s ly p u r s u e r e m e d ie s
a v a ila b le to it to h a v e th e re tr o a c tiv e
r e v o c a tio n o f th e ru lin g se t a s id e . T h e
c o m p a n y s p o k e s m a n s ta te d th a t th e
c o m p a n y fe e ls th e c u r r e n t a c tio n by
''t h e I n te r n a l R e v e n u e S e rv ic e w ill n o t
b e s u s ta in e d .
A c o m p a n y s p o k e s m a n sa id th a t th e
1 9 7 0 ru lin g r e la te d to th e a c q u is itio n
b y F ir s t G re a tw e s t C o r p o r a tio n o f
th r e e o f its s u b s id ia rie s : G r e a t W e st
C a s u a lty C o m p a n y , J o e M o rte n & S o n ,
In c ., a n d G r e a t W e s t U n d e r w rite r s ,
» In c., all lo c a te d a t S o u th S io u x C ity ,
N eb r.
A s a r e s u lt o f th e re v o c a tio n o f th e
e a rlie r ru lin g t h a t th e a c q u is itio n t r a n s ­
a c tio n w a s ta x fre e , a n d th e re tr o a c tiv e
a p p lic a tio n o f su c h r e v o c a tio n , so m e
F ir s t G re a tw e s t s h a re h o ld e r s w h o a c ­
q u i r e d s h a re s in e x c h a n g e f o r sh a re s

N orthw estern Banker, M a y 1974
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

in o n e o f th e s u b s id ia rie s m a y n o w
h a v e a d d itio n a l in c o m e ta x o w in g fo r
th e y e a r 1 9 7 0 . T w o s u b s id ia rie s o f
F ir s t G re a tw e s t C o r p o r a tio n a c q u ir e d
s h a re s in s u c h fa s h io n , a n d a c o m p a n y
s p o k e s m a n in d ic a te d th a t th e a d d itio n ­
al ta x o w e d b y th e se s u b s id ia rie s
s h o u ld n o t e x c e e d $ 3 0 0 ,0 0 0 .
*

*

*

Karl Dickinson, p r e s id e n t o f G a te ­
w a y B a n k in L in c o ln , b e lie v e s th a t
b a n k s a r e o v e r lo o k in g a b u ilt-in r e ­
s p o n s e to th e re c e n t c o m p e titiv e th r e a t
p o s e d b y a L in c o ln sa v in g s a n d lo a n
th a t o ffe rs a T r a n s m a tic M o n e y S e rv ic e
to its c u s to m e rs th r o u g h r e ta il s to re s .
M r. D ic k in s o n b e g a n p u b lic iz in g in
lo c a l a d v e rtis in g th e a v a ila b ility o f
G a te w a y B a n k ’s M T S w h ic h h a s b e e n
a v a ila b le as a c u s to m e r s e rv ic e fo r s e v ­
e ra l y e a rs . M o n e y T r a n s f e r S e rv ic e
m a k e s it p o s s ib le fo r th e b a n k c u s to m ­
e r to m o v e fu n d s f ro m sa v in g s in to
c h e c k in g o r v ic e v e rs a , a n d o ffe rs a
p r e - a u th o r iz e d s e rv ic e th a t in s tru c ts
th e b a n k to p a y w h a te v e r b ills th e
c u s to m e r w a n ts p a id w ith o u t h a v in g
to g o th ro u g h th e c h e c k s te p . P re ­
a u th o riz e d c h e c k s fo r th e p a y m e n t o f
life in s u r a n c e p re m iu m s h a s b e e n
s ta n d a r d w ith c o m m e rc ia l b a n k s fo r
m a n y y e a rs.
M r. D ic k in s o n n o te s th a t th e u se o f
M T S m a k e s it m u c h s im p le r fo r a b a n k
c u s to m e r to p a y in s ta lm e n t lo a n p a y ­
m e n ts a n d th is c a n b e d o n e b y tr a n s ­
fe r o f fu n d s f ro m th e sa v in g s a c c o u n t,
th u s e lim in a tin g th e n e e d f o r c o u p o n
books.
“ T h is is m e re ly d o in g w h a t b a n k s
h a v e a lw a y s d o n e ,” M r. D ic k in so n
s ta te s , “ b u t w e ju s t h a v e n ’t b lo w n o u r
o w n h o rn e n o u g h .”
*

*

*

N e w o ffic e r a p p o in tm e n ts h a v e b e e n
a n n o u n c e d b y th e H a v e lo c k B a n k .
A. C. Eichberg, f o rm e r b o a r d c h a ir ­
m a n , h a s b e e n e le c te d s e n io r v ice
p r e s id e n t. Bonnie E. Watts h a s b e e n

I n s u r e d C r e d it S e rv ic e s, In c., C h i­
c a g o , p riv a te in s u r e r o f h o m e im p ro v e ­
m e n t lo a n s, h as
announced
1974
as its tw e n tie th
a n n iv e rs a ry y e a r.
F o u n d e d in 1 9 5 4
by
A rth u r
J.
F re n tz , c h a irm a n ,
IC S
h a s g ro w n
in to
a
n a tio n ­
w id e firm se rv in g
o v e r 9 0 0 clien t
banks
c o a s t-to c o a st.
D u rin g th e p a s t tw o d e c a d e s , I n ­
s u re d C re d it S erv ice s, I n c ., h a s in s u re d
in e x c e ss o f $1 b illio n in h o m e im ­
p r o v e m e n t lo a n s. IC S h a s g e n e ra te d
b a n k in c o m e n o t o n ly b y p ro v id in g
b a sic in s u ra n c e p r o te c tio n , b u t a lso by
p ro v id in g th e 9 0 0 - m e m b e r b a n k s w ith
in -d e p th c o u n s e lin g in th e p o r tfo lio r e ­
v ie w a n d m a rk e tin g p r o m o tio n a re as.
P re se n tly , w ith th e fu e l s h o rta g e a n d
th r e a t o f a re c e ssio n , IC S , is ac tiv e ly
p ro v id in g w a y s f o r th e b a n k in g in d u s ­
tr y to g e n e r a te in c re a s e d h o m e im ­
p ro v e m e n t lo a n v o lu m e as a m e a n s o f
o ffse ttin g lo s t fu e l- r e la te d a u to , b o a t,
m o b ile h o m e a n d v e h ic le lo a n s.
W illia m F . S c h u m a n n , p re s id e n t,
say s, “ In s u re d C r e d it S erv ice s, In c.
h a s , in its 2 0 y e a r h is to ry , c o n tin u a lly
d e v e lo p e d p ro g ra m s w h ic h m e t th e
c u r r e n t n e e d s o f th e in s ta lm e n t b a n k e r.
T h e fu e l s h o r ta g e is tru ly a c h a lle n g e ,
b u t w e a re m e e tin g th e c h a lle n g e by
o ffe rin g an e v e r-in c re a s in g n u m b e r of
in s ta lm e n t b a n k e rs so lid a d v ic e o n h o w
to p r o te c t lo a n p o r tfo lio s a n d m a rk e t
in n o v a tiv e ly to m a in ta in p ro fits in to ­
d a y ’s u n c e r ta in e c o n o m ic c lim a te .
“ W e se e th e e n e rg y s h o r ta g e a n d r e ­
la te d la y o ffs, p e rs o n a l b a n k r u p tc ie s ,
e tc. c o n tin u in g th r o u g h m o s t o f 1 9 7 4 .
T h is tre n d s h o u ld b e c o u p le d w ith th e
c o n s u m e r ’s b e in g fo rc e d to s ta y -h o m e
m o re , fo c u s s in g a tte n tio n o n p r e v io u s ­
ly d e f e rr e d h o m e m o d e rn iz a tio n p r o j­
e c ts su c h as a d d e d ro o m s a n d k itc h e n
re m o d e llin g . F o r th e se r e a s o n s , w e a n ­
tic ip a te s h a rp ly in c re a s e d d e m a n d f o r
IC S se rv ic e s d u r in g th is , o u r tw e n tie th
y e a r .”

90

In Des Moines, it’s people
like you... building
something bfe.
Accomplishing big things is not so difficult
when you have good people to work with. Like
the good people responsible for construction
of the new home of Bankers Trust in the
36-story Ruan Center. Surveying construction
progress are John Ruan, Chairman of the
Executive Committee; Robert J. Sterling,
Chairman of the Board; and Thomas L.
Wright, President of Bankers Trust.
When you decide to build something
big— in business, industry, agriculture, or
for your family’s future—let Bankers Trust
help you with your financial plans. It’s a
pleasure to build better tomorrows, with
people like you.

@

BANKERS TRUST

Des Moines’ largest locally owned bank
CORRESPONDENT BANK DEPARTMENT
Use our toll free WATS line—800-362-1688


N o rthw estern Banker, M a y
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1974

91
a rd W . B ro o k s h a v e b e e n e le c te d sy s­
te m s o ffic ers.
M r. M c C o rm ic k is a U n iv e rs ity o f
Io w a g r a d u a te a n d w a s w ith I n te r n a ­
tio n a l B u sin e ss M a c h in e s C o r p o r a tio n
p r io r to jo in in g th e M e rc h a n ts N a tio n ­
al B a n k o f C e d a r R a p id s . H e w a s
e le c te d v ic e p r e s id e n t w h e n B a n k s o f
I o w a C o m p u te r S e rv ic e s, I n c ., w as
fo rm e d in 1 9 7 3 .
T h e c o m p a n y is a w h o lly o w n e d
s u b s id ia r y o f B a n k s o f Io w a , In c ., w ith
c o m p u te r c e n te rs in D es M o in e s an d
C e d a r R a p id s .

Iowa

NEWS
i.

'

E. TO O L

NEIL MILNER

President

M anchester

Exec. V .P.

Des Moines

Plan 1974 Iowa Group Meetings

A . SECORD

OR. L. H. HALL

M

O R E th a n 2 ,5 0 0 Io w a b a n k e r s ,
h u s b a n d s a n d w iv e s a re c u r r e n t­
ly p la n n in g to a tte n d o n e o r m o r e o f
th e se rie s o f e ig h t I o w a g r o u p m e e ty in g s, s ta rtin g M a y 6.
D r. L a u r e n c e H . H a ll, B ritish A m e r ic a n h u m o r is t f ro m P e rry s b u rg ,
O h io , w ill b e th e f e a tu r e d s p e a k e r a t
th e first f o u r m e e tin g s , a n d A r t h u r
S e c o rd , a n e q u a lly - p r o m in e n t s p e a k e r,
w ill b e fe a tu re d a t th e re m a in in g m e e t^ ings.
G r o u p 6 a g a in w ill m e e t a t th e D e s
M o in e s G o lf a n d C o u n try C lu b o n
M a y 6. G o lf w ill b e a v a ila b le s ta rtin g
a t 9 :0 0 a .m . T h e f o rm a l m e e tin g w ill
b e h e ld in th e ev e n in g .
G r o u p 7 w ill m e e t in N e w to n a t th e
T e r r a c e I n n o n M a y 7; G ro u p 8 w ill
m e e t a t St. A m b r o s e C o lle g e in D a v e n ­
p o r t o n M a y 8, a n d G r o u p 4 w ill m e e t
a t th e T o w n H o u s e in C e d a r R a p id s o n
M ay 9.
-t

G ro u p 5 w ill m e e t a t th e C lu b 6 4 in

C o u n c il B lu ffs on M a y 2 0 , a n d th e s o ­
c ia l h o u r a n d b a n q u e t w ill b e h eld at
th e L a k e s h o r e C lu b o n L a k e M a n a w a .
G ro u p 12 w ill m e e t a t V e rn a n d
C o ila ’s, O k o b o ji, o n M a y 2 1 ; G r o u p 2
will m e e t a t th e S ta rlig h t V illa g e M o te l
in F o r t D o d g e o n M a y 2 2 , a n d G ro u p
3 w ill m e e t a t th e S u rf in C le a r L a k e
on M ay 23.
D e ta ils a n d s p e c ia l e v e n ts w ill be
a n n o u n c e d in c o m in g issu e s o f th e
N o r t h w e s t e r n B a n k e r N e w s le tte r.

Alta Vista Bank
To Expand Facilities
T h e A lta V is ta S ta te B a n k h a s p u r ­
c h a s e d th e a d ja c e n t b u ild in g to be u se d
fo r th e in s u r a n c e d e p a r tm e n t a n d
b o o k k e e p in g m a c h in e s a n d e q u ip m e n t.
T h e a n n o u n c e m e n t w as m ad e by P au l
H e n tg e s, b a n k p re s id e n t.
A rc h ite c t p la n s a re b e in g d ra w n to
m e rg e th e n ew ly a c q u ire d b u ild in g w ith
th e p re s e n t b a n k b u ild in g .

Computer Services Company
Announces Four Promotions
P ro m o tio n s a t B a n k s o f I o w a C o m ­
p u te r S e rv ic e s, In c ., C e d a r R a p id s ,
h a v e b e e n a n n o u n c e d by J o e P h e rn e tto n , p re s id e n t.
W illia m C . M c C o r m ic k h a s b e e n
e le c te d e x e c u tiv e v ic e p r e s id e n t. K e ith
G rim m , R ic h a r d E . W a r n e r a n d R ic h ­

1974 IBÂ Group Meeting S
G ro u p
6
7
8
4
5
12
2
3


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

D a te
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

6
7
8
9
20
21
22
23

P la c e
D es M o in e s
N e w to n
D a v e n p o rt
C e d a r R a p id s
C o u n c il B luffs
O k o b o ji
F o rt D odge
C le a r L a k e

Californian Elected at Boone
D a le C . S tric k la n d h a s b e e n e le c te d
v ice p re s id e n t o f T h e C itiz e n s N a tio n ­
al B a n k o f B o o n e ,
filling th e v a c a n ­
cy c r e a te d b y th e
re s ig n a tio n
of
C h a rle s E rtz in g e r.
M r. S tric k la n d
h a s b e e n e m p lo y ­
ed b y B a n k o f
A m e ric a s i n c e
1 9 6 6 . H is la st p o ­
s itio n w as m a n ­
D. C. STR ICKLAN D
a g e r o f th e b r a n c h
a t T ru c k e e , C a lif., s e rv in g in th a t o f­
fice sin c e M a y o f 1 9 7 1 . H e is p r e s i­
d e n t o f th e T ru c k e e C h a m b e r o f C o m ­
m e rc e , a m e m b e r o f th e L io n s C lu b ,
th e E c o n o m ic D e v e lo p m e n t D is tric t
B o a rd a n d th e E a s t e r S o cie ty .

Agricultural Credit School
Begins June 3 in Ames
F a r m m a n a g e m e n t, fa rm a p p ra is a l,
m a rk e tin g , a d m in is tra tio n o f a g ric u l­
tu r a l c r e d it a n d g e n e ra l a g r ic u ltu re w ill
b e d is c u s s e d in th e first y e a r c u r r ic u ­
lu m o f th e 2 9 th a n n u a l A g ric u ltu ra l
C r e d it S c h o o l o n th e I o w a S ta te U n i­
v e rs ity c a m p u s , A m e s , J u n e 3 -1 4 . T h e
s c h o o l is s p o n s o r e d b y Io w a S ta te U n i­
v e rsity a n d th e Io w a B a n k e rs A s s o c ia ­
tio n .
T h e p ro g ra m o f th e s c h o o l is b a s e d
o n a first a n d a s e c o n d y e a r c u r r ic u ­
lu m , e a c h tw o w e e k s in le n g th , g iv e n
c o n c u r re n tly e a c h y e a r. Its p u r p o s e is
to g iv e th o s e a tte n d in g a b e tte r u n d e r ­
s ta n d in g o f th e jo b o f e x te n d in g a n d
a d m in is te rin g a g ric u ltu r a l c re d it.
S e c o n d y e a r c u r r ic u lu m
in c lu d e s
e c o n o m ic p o lic y , a g ric u ltu ra l c re d it,
a d m in is tra tio n o f a g r ic u ltu r a l c r e d it
a n d g e n e ra l a g ric u ltu re .
F ir s t a n d s e c o n d y e a r c la sse s a re
lim ite d to 6 0 e n ro lle e s e a c h . F ir s t class
c o n v e n e s a t 10 a .m . o n M o n d a y , J u n e
3. R e g is tra tio n fee is $ 1 0 0 p e r p e rs o n .
N o rthw estern

Banker, M a y

1974

92

Io w a N e w s

KEY SPEAKER preceding annual meeting
held by Hawkeye Bancorporation was Dr.
Paul Nadler, noted economist and profes­
sor at Rutgers Univ.
OUTSTANDING bank in the Hawkeye Bancorporation system in 1973 was the Lyon
County St. Bk., Rock Rapids. Shown from left accepting the award are: Lewis Lowe,
pres.; Jack Hoogeveen, v.p.; Gene Metzger, a.v.p., and Paul Dunlap, Hawkeye pres.

Hawkeye Stockholders Hear Nadler
P

R I O R to its a n n u a l s to c k h o ld e r s ’
m e e tin g o n A p ril 9, 1 9 7 4 , o v e r
2 0 0 s to c k h o ld e rs a n d g u e s ts o f H a w k ey e B a n c o r p o r a tio n h e a r d D r. P a u l
N a d le r s p e a k o n th e o u tlo o k f o r b a n k ­
ing. D r. N a d le r is p r o fe s s o r o f b u s i­
n ess a d m in is tr a tio n a t R u tg e rs U n i­
v e rs ity a n d a lso le c tu r e r a t S to n ie r
G r a d u a t e S c h o o l o f B a n k in g .
D r. N a d le r n o te d th a t th e la rg e
m e tr o p o lita n b a n k s a r e c a rv in g o u t
e v e r in c re a s in g te rr ito r ie s b y o p e n in g
lo a n p r o d u c tio n o ffic e s a c ro s s th e
c o u n try a n d th r o u g h th e p u r c h a s e o f
n a tio n w id e fin a n c e c o m p a n ie s . H e p r e ­
d ic te d th a t it w ill b e c o m e c o n tin u in g ly
to u g h e r f o r in d e p e n d e n t b a n k s to

m a tc h th is c o m p e titio n . D r. N a d le r
s a id th a t th e m o s t v ia b le a n d s a tis f a c ­
to r y a lte r n a tiv e to th is e n c r o a c h m e n t
is th r o u g h th e c r e a tio n o f s tr o n g r e ­
g io n a l h o ld in g c o m p a n ie s s u c h as
H a w k e y e B a n c o r p o r a tio n . H e s a id th a t
r e g io n a l h o ld in g c o m p a n ie s m u s t b e a l­
lo w e d to e x p a n d a n d s h o u ld b e a l­
lo w e d th e s a m e g ro u n d ru le s b y r e g u ­
la to r y a u th o ritie s as th e m e tr o p o lita n
b a n k s e n jo y .
I n te rm s o f th e o u tlo o k f o r th e
e c o n o m y , D r. N a d le r p r e d ic te d th a t
th e p r im e r a te w o u ld b e b a c k u n d e r
9 % b y m id -y e a r.
D u rin g th e s to c k h o ld e r s ’ m e e tin g ,
n in e d ir e c to r s w e r e r e -e le c te d a n d tw o

Specialization Takes The Guesswork Out
Of Building Or Remodeling P r o j e c t s .......

More Financial Institutions In
Iowa Use The Specialized
Services Of The KIRK GROSS
COMPANY Than Any Other
Planning Service

110 FAST 7TH ST. • WATERLOO, IOWA 50705
PHONE (319) 234-6641

N o r t h w e s t e r n B a n k e r , M a y 1974
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

n e w d ir e c to r s w e re a d d e d to s e rv e u n - til 1 9 7 7 . N e w d ir e c to r s a re C h a rle s
P h e lp s o f H a s tin g s , la ., a n d J a c k
S c h r o e d e r o f D e s M o in e s .
M r. P h e lp s is e n g a g e d in a n e x te n ­
siv e liv e s to c k a n d fa r m in g o p e r a tio n .
H e is a p a s t p r e s id e n t o f th e N a tio n a l
L iv e s to c k F e e d e r s A s s o c ia tio n , a d i­
r e c to r o f th e N a tio n a l L iv e s to c k a n d
M e a t B o a r d a n d o f th e M ills C o u n ty
S ta te B a n k , G le n w o o d .
M r. S c h r o e d e r is c h a ir m a n o f th e
b o a r d a n d p r e s id e n t, G e n e ra l U n ite d
L ife I n s u r a n c e C o m p a n y , D es M o in e s , *
a n d a d ir e c to r o f F ir s t F e d e r a l S ta te
B a n k , D e s M o in e s . M r. S c h r o e d e r h as
a lso s e rv e d as a n I o w a S ta te R e p r e ­
s e n ta tiv e a n d S e n a to r.
T h o s e r e - e le c te d to th e b o a r d in ­
c lu d e P a u l D . D u n la p , M y r o n W eil,
D e ry l F . H a m a n n , J a c k R . E a k in ,
D o u g la s S. G rin d e , J . M . K ra m e r, ►
R ic h a r d W . P a u le y , R . P a u l S ju lin , a n d
L a r r y W e n z l.
I n h is a d d re s s to s to c k h o ld e rs , P a u l
D u n la p , p r e s id e n t o f H a w k e y e B a n c o r p o r a tio n , n o te d th e re la tiv e fin a n ->
c ia l s tr e n g th o f H a w k e y e to o th e r b a n k
h o ld in g
c o m p a n ie s .
H aw keye
has^
$ 8 .2 2 o f c a p ita l a n d re s e rv e s f o r ev e ry
$ 1 0 0 in a s s e ts c o m p a r e d to th e 11
la rg e s t b a n k in g o r g a n iz a tio n s in th e
U n ite d S ta te s w h ic h h a v e less th a n y
$ 5 .0 0 p e r $ 1 0 0 in a sse ts.
V

Walker joins Indianola
Bank Affiliate
D e n n is W a lk e r h a s jo in e d th e P eo ­
p le s C o m p a n y o f I n d ia n o la , a ffilia te o f
th e P e o p le s T r u s t a n d S a v in g s B a n k U
as a n a s s is ta n t vice p re s id e n t. H e will^
b e w o rk in g as a f a r m m a n a g e r.
M r. W a lk e r re c e iv e d h is d e g re e in
a g r ic u ltu r e f ro m I o w a S ta te U n iv e rsity
in 1 9 7 0 . S in c e th a t tim e , h e h a s b e e n
a s s o c ia te d w ith W ils o n a n d C o m p a n y ,
a m e a t p r o c e s s in g firm , in its C e d a r
R a p id s o ffic e.
*■

93

These Iowa Bankers work
with LaSalle in Chicago
to build business for Iowa banks
■ W h y d o L a S a l l e ’s c o r r e s p o n d e n t b a l a n c e s c o n ­
t i n u e t o c lim b ?
T w o b ig r e a s o n s a r e C y K i r k a n d M a x R o y , tw o
I o w a b a n k e r s w h o w o r k w ith L a S a l l e c o r r e s p o n d e n t
b a n k s in I o w a . T h e s e lif e - lo n g H a w k e y e s k n o w I o w a
a n d I o w a c r e d its .
T h e y k e e p o u r b u s in e s s g r o w i n g b y h e l p in g b u s i ­
n e s s g r o w in t h e c o r r e s p o n d e n t b a n k s t h e y s e rv e .
I f y o u w o u l d lik e to f in d o u t w h a t C y K i r k o r M a x


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

R o y c a n d o f o r y o u r b a n k a n d f o r I o w a , c a ll t h e m in
C h i c a g o a t (3 1 2 ) 4 4 3 - 2 7 7 4 . O r c a ll a t h o m e ; C y K i r k
a t (8 1 5 ) 3 9 8 -9 5 2 1 ; M a x R o y a t (3 1 9 ) 3 3 8 -5 2 2 4 .
..

© LaSalle

/A FULL\
SERVICE
. BANK/

...th e bank on the move
LaSalle National Bank, LaSalle Bank Building
135 S. LaSalle Street, Chicago, Illinois 60690 • Phone (312) 443-2774

N orthw estern

Banker, M a y

1974

94

Iowa News

to p ic “ T h e I m p a c t o f A u to m a te d P a y ­
m e n ts o n C o m m e r c e .”
S e c o n d p la c e w a s a w a rd e d to L y n n
Z e n g e r, A m e r ic a n N a tio n a l B a n k , r e p ­
re s e n tin g th e D e n v e r c h a p te r , a n d
p la c in g th ird w a s L a r r y T r a u d t, N a ­
tio n a l B a n k o f C o m m e rc e , r e p r e s e n t­
in g th e L in c o ln , N e b r ., c h a p te r.

AiB Contest Winners
D ary l S ta n d a fe r, F id rs t N a tio n a l
B a n k o f W o r th in g to n , M in n ., r e p r e ­
s e n tin g th e W o r th in g to n s tu d y g ro u p
o f th e A m e r ic a n I n s titu te o f B a n k in g
( A I B ) , w a s s e le c te d th e w in n e r o f th e
1 9 7 4 D is tric t T e n P u b lic S p e a k in g
C o n te s t fo r th e A . P . G ia n n in i E d u c a ­
tio n a l E n d o w m e n t p riz e s. T h e c o n te s t
w as h eld in L in c o ln , N e b ., A p ril 6,
1 9 7 4 , a t th e V illa g e r M o te l.
M r. S ta n d a fe r w a s c h o s e n b y a
p a n e l o f th r e e ju d g e s fro m 11 c o n ­
te s ta n ts , all b a n k e m p lo y e e s a n d m e m ­
b e rs o f th e A IB , w h o a d d re s s e d th e

M r. S ta n d a fe r w ill n o w a d v a n c e to
th e fin als o f th e c o n te s t to b e h e ld
M a y 2 6 , 1 9 7 4 , in B a ltim o re , M d ., at
th e n a tio n a l A IB c o n v e n tio n . H e w ill
c o m p e te w ith 1 1 o th e r w in n e rs , o n e
fro m e a c h o f th e 12 g e o g ra p h ic a l d is ­
tric ts o f th e A m e r ic a n I n s titu te o f

B a n k in g .
T h e A m e r ic a n I n s titu te o f B a n k in g ,
e d u c a tio n a l d iv is io n o f th e A m e ric a n ^
B a n k e rs A s s o c ia tio n , is a n a tio n a l o r ­
g a n iz a tio n w ith a m e m b e r s h ip o f o v e r x
2 5 0 ,0 0 0 b a n k e m p lo y e e s . It p ro v id e s
se le c te d c o u rs e s o f s tu d y th r o u g h its
e d u c a tio n a l p r o g ra m s to a s sist b a n k e rs .

Horace Smith Retires
A f te r y o u h a v e tra v e le d o v e r o n e
m illio n m iles c a llin g o n b a n k s f o r m o re
th a n 3 2 y e a rs , it m a y b e tim e to puli
th e c a r o v e r to th e sid e o f th e r o a d a n d
ta k e life ea sy .

Horace Smith

John V on H orne

Bob Roberts

IOW A GROUP MEETINGS
6

DES M O IN E S

7

NEW TO N

8

DAVENPORT

9

CEDAR

C O U N C IL

R A P ID S

W e ll See Ya!

N o r tfor
h w eFRASER
stern Banker, M a y
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1974

MAY 6-23
BLU FFS

20

SPIRIT L A K E

21

FO RT

DODGE

C LEAR

LAKE

22
23

T h is is w h a t H o r a c e S m ith o f S c a r- y
b o r o u g h & C o m p a n y p la n s to d o o n
June
1.
W e ll-k n o w n
to
b a n k e rs
th r o u g h o u t Illin o is , Io w a , a n d N e ­
b ra s k a , H o ra c e s ta r te d h is c a r e e r w ith
th e C h ic a g o -b a s e d in s u r a n c e c o m p a n y
in S e p te m b e r, 1 9 4 0 , u sin g D es M o in e s
as h is h e a d q u a r te rs . P rio r to th is, h e
e a r n e d h is w a y th r o u g h b o th th e U n i - ,
v e rsity o f C h ic a g o a n d th e U n iv e rs ity
o f I o w a la w s c h o o l b y s e llin g a v a rie ty
o f g o o d s a n d se rv ic e s .
O v e r th e y e a rs , H o ra c e h a s se en a
tr e m e n d o u s c h a n g e a n d e x te n s io n o f ,
th e
b a n k e rs
b la n k e t
bond.
E ven
th o u g h h e is re g a rd e d b y f in a n c ia lk
e x e c u tiv e s as a b a n k in s u r a n c e s p e c ia l­
ist w h o c a n e x p la in th e m o s t in tric a te
c o v e ra g e s , h e is g la d to se e th e new ,
s im p lifie d c o v e ra g e s b e in g o ffe re d to ­
day.
v
C o m p a r in g c u r r e n t b a n k m a n a g e -^
m e n t to so m e 3 0 y e a rs ag o , h e sees a
y o u n g e r a n d m o re ag g re ssiv e g ro u p ,
a g ro u p th a t is w illin g to a c c e p t new
id e a s a t a f a s te r p a c e , e v e n th o u g h
la c k in g e x p e r ie n c e a t tim es.
M r. S m ith a n d his w ife, T h e lm a , will
c o n tin u e to liv e a t 3 4 1 8 6 2 n d S tr e e tA
in D es M o in e s. T h e c o u p le h a s a 16y e a r o ld d a u g h te r a n d tw o m a rrie d
d a u g h te rs , M rs. F r a n z H e n k e l, a te a c h ­
e r in D e s M o in e s , a n d M rs. A llis o n
A n to u n , a m e m b e r o f th e M in n e a p o lis
S y m p h o n y O rc h e s tra .

and we’re flying out to talk with you about it.
We call it “ Banking for a brighter future.” It means we’re ready to go all the way with
you...to tailor our services to your specific needs. For straight talk on
correspondent banking, join u s-F lo m e r Jensen and Ed La n g le y-w h e n we fly in for
the May group meetings. At Capital City Bank, we do your kind of banking.

May Group Meetings for 1974: Group 6, May 6, Des Moines/Group 7, May 7,
Newton/Group 8, May 8, Davenport/Group 4, May 9, Cedar Rapids/Group 5,
May 20, Council Bluffs/Group 12, May 21, Spirit Lake/Group 2, May 22,
Ft. Dodge/Group 3, May 23, Clear Lake.

Banking for a brighter future.

CAPITALCITY Bflf)K
M e m b er F.D.I.C.

Downtown Bank East Fifth and Locust 50309
Suburban Office 5700 Hickman Road


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

515/244-5111
515/274-1234

96

Io w a N e w s

Ainsworth Bank Is Sold
T h e A in s w o r th S ta te B a n k w as so ld
re c e n tly a n d n e w e x e c u tiv e o ffic e rs a n d
d ir e c to r s h a v e b e e n e le c te d .
E le c te d c h a ir m a n o f th e b o a r d a n d
p r e s id e n t is W illia m A . K ra u s e , v ic e
p r e s id e n t o f R i te O il C o ., H a m p to n .
A p p o in te d e x e c u tiv e v ic e p r e s id e n t
a n d m a n a g in g o ffic e r is T a u n c e M a th ia so n , w h o h a s m o v e d to A in s w o rth
fro m M ille r, S .D ., w h e re h e w a s lo a n
o ffic e r a t th e F i r s t N a tio n a l B a n k . M r.
M a th ia s o n is a f o rm e r te a c h e r w ith
B A a n d M A d e g re e s in e d u c a tio n . H e
h a s b e e n in b a n k in g six y e a rs a n d is

C R A IG ROSS

c u rre n tly e n ro lle d in th e C o lo ra d o
G r a d u a te S ch o o l o f B a n k in g .
O th e r o ffic e rs c o n tin u e th e sa m e .
F r e id a R . M c F a rla n d is c a s h ie r a n d
N o r m a W h ite a n d A lic e D ro ll a re a s ­
s is ta n t c a sh ie rs .
E a r l R . W o o d , f o rm e r c h a ir m a n a n d
p r e s id e n t o f th e b a n k , h a s re tire d . A l­
so , C h a rle s C . S n y d e r, fo rm e r a s s is ta n t
v ic e p r e s id e n t, h a s re tire d . C le o C.
O rris , fo rm e rly e x e c u tiv e v ic e p r e s i­
d e n t, h a s m o v e d to C o lu m b u s J u n c ­
tio n to b e c o m e a s s is ta n t v ic e p r e s id e n t
a t C o lu m b u s J u n c tio n S ta te B a n k .
The

DO N N A C H TM A N

five

d ire c to rs

in c lu d e

RICK W O LF

M r.

K ra u s e ; J o h n E . G o o d e n o w , p r e s id e n t,
W a ll L a k e S av in g s B a n k , W a ll L a k e ;
T o n y G e n tle , p r e s id e n t, R ite O il C o ., A
Io w a F a lls ; J a c k P e s te r, c h a irm a n ,
P e s te r D e r b y O il C o ., D e s M o in e s , a n d *D u a n e V a n H o rn , R ite O il C o ., H a m p ­
to n .

Elected Controller at
Brenton Banks, Inc.
J a m e s B. F o g t h a s b e e n e le c te d c o n tr a i le r o f B r e n to n B a n k s, In c ., a c c o rd ­
in g to C . R o b e rt
B re n to n , p r e s id e n t. B r e n t o n
B a n k s is a reg iste re d b a n k h o ld ­
ing c o m p a n y o w n ­
in g 17 b a n k s in
Io w a .
M r. F o g t, a n a ­
tiv e o f R e in b e c k ,
h a s b e e n in te rn a l
J. B. FO G T
a u d ito r fo r
th e
B r e n to n b a n k s sin c e jo in in g th e o r ­
g a n iz a tio n in 1 9 7 0 . H e is a g r a d u a te of
D ra k e U n iv e rsity a n d re c e iv e d h is c e r ­
tified p u b lic a c c o u n ta n t c e rtific a te in
1 9 6 9 w h ile in th e e m p lo y o f P e a t,
M a rw ic k , M itc h e ll & C o.

<

J

<

v

New Union Bank Auditor

W e ll See You
at the
May Group Meetings
To the nearly 2 8 0 Iowa bankers now u sing our
credit life program , we h op e to see and greet each
o f you at your group m eetin g.
To those o f you who are n ot fam iliar with N ational
F id elity’s credit life prgram s, we would like to tell
you about them . L ook fo r us at the group m eet­
ings. W e’ll be lo o k in g fo r you.

B a rb a ra S peed h a s b een n am ed a i
o ffic e r a n d a u d ito r o f th e U n io n B a n k
a n d T r u s t C o m p a n y in O ttu m w a .

Robert Power Elected
Pella Bank President

New Service at Waukon
W a u k o n S ta te B a n k re c e n tly a n ­
n o u n c e d th e in n o v a tio n o f c o m p re h e n ­
siv e p a c k a g e se rv ic e s k n o w n as th e
N e w O u tlo o k s C lu b .

O ne o f the N ation’s S tron gest b y A n y S tan dard o f C om parison

'National fidelity J^ife
INSURANCE COMPANY KANSAS CITY, MO. 64106
Des Moines Office: 8555 Harbach Blvd. 50311
Phone: 515 279-3624
Digitized
N o r t for
h w eFRASER
stern Banker, M a y
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1974

►

R o b e r t C . P o w e r h a s b e e n e le c te d
p r e s id e n t o f th e M a rio n S ta te B a n k of
P e lla .
M r. P o w e r h a s b e e n a P e lla re s id e n t
sin c e 1 9 5 5 w h e n h e c a m e to th e b a n k
f ro m th e I o w a S ta te S a v in g s B a n k in
C re s to n . P r io r to t h a t tim e , h e w o rk e d *
a t th e F a r m e r s a n d M e rc h a n ts B a n k
a t W in te rs e t. H e w a s a n o r g a n iz e r a n d
p a s t p r e s id e n t of th e M a rio n C o u n ty
B a n k e rs A s s o c ia tio n .

Begins Cedar Falls Office
T h e W a te rlo o S a v in g s B a n k h a s b e ­
g u n c o n s tr u c tio n o f its n e w o ffice at
3 2 2 8 C e d a r H e ig h ts D riv e in C e d a r
F a lls . T h e b ric k a n d p r e c a s t c o n c re te
s tr u c tu r e is e x p e c te d to b e c o m p le te d
b y D e c e m b e r 1.

97

There’s a new breed of banking

N inety years ago we started w o rk in g w ith hom e banks o f cattlem en
w ho drove th e ir herds to C h ica g o . W ord spread how The D rovers
enabled them to c re d it th e ir re ce ip ts to banks back home. How
b e tte r co u ld we b uild a b a cklo g o f c o rre s p o n d e n t banking k n o w l­
e d g e —e stablish ties th a t have stre n g th e n e d and spread o ve r the
years? E x p e rie nce d ? W e’ re tall in the sa d d le! C u rre n t? W e’re
abreast of and able to su p p ly every c o rre s p o n d e n t ba n king service
and need. Even m ore. To solve sp e cia l problem s, we add som e
fresh, cre a tive th in k in g —and a b it m ore personal a tte n tio n than you
may get o th e r places. T his is o u r new breed of ba n king w e 'd be
proud to serve you w ith —in D rovers C ountry.

^ K ^ S ÿ ^ a g » ■*

Building More Business
for Midwest Banks
since 1883

TheUrovers

National Batik of Chicago

47th & Ashland Ave. • Chicago, Illinois 60609 • Phone (312) 927-7000
•


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Member Federal Deposit Insurance Corp. * Member Federal Reserve System
* Member Chicago Clearing House Association
N or t h w e s t e r n Bank er, M a y

Î974

98

Iowa

News

other retail services,” Mr. Maples said.
Helping merchants to obtain more
shoppers could mean more banking,
he commented.
The bank was chiefly concerned
with its image, attitudes of customers,
and attitudes of non-customers toward
its bank. Results of the survey were
published in an earlier issue of the
N orthwestern B anker.

NEW OFFICERS of the Federation of County Bankers Association were elected at the
annual Spring Banking Conference last m onth. From left, the y are outgoing pres.—
James E, Mallen, pres., Farmers State, Kanawha; pres.— Donald W. Kelly, v.p. & cash.,
Early Savings; v.p.— Morgan D. Monroe, v.p., Frem ont County Savings, Sidney; and
secy.— John F. O’Byrme, v.p., Cresco Union Savings.

V ariety T ypifies S prin g B an kin g C onference
B y LINDA L. LARSON
A ssociate E d ito r

SE THINGS and love people.
Don’t love things and use people,
Rev. Charles Willey advised bankers
attending the 53rd annual Iowa Spring
Banking Conference last month.
The one-day meeting was held April
3 at the Des Moines Hyatt House.
Hosts were the Federation of County
Bankers Association and the Iowa
Junior Bankers Association, divisions
of the Iowa Bankers Association.
Mr. Willey gave bankers four things
to put on their shelves in a speech en­
titled “You Can’t Do Business With
An Empty Wagon.”
“You must have a wholesome at­
titude toward people and . . . toward
your job.” Longevity in life is related
to how much you like your job.

U

“You must have a willingness to
change and a desire to learn. Be quick
to examine new ideas before discard­
ing them. Don’t fall into ruts.” The
only difference between a rut and a
grave is six feet, he commented.
Mr. Willey added that one must
know his personal convictions.
Also im portant is knowing the
wants and needs of both customers and
non-customers, said Jerry Maples,
executive vice president, Jackson State
Bank & Trust, Maquoketa. He gave
a review of a market study of personal
interviews made by the marketing de­
partment of the University of Iowa,
Iowa City, and sponsored by his bank.
The purpose of the survey was “to
obtain both banking data and data on

SHOWN are the new officers of the Iowa J u n io r Bankers Association elected at the
Spring Banking Conference. From le ft, they are secy.— Richard Hamers, ag. rep. &
a.c., Farmers Savings, Danbury; v.p.— Mickey Lewis, exec, v.p., First State, Fredericks­
burg; pres.— Tom F. Anderson, a.c., Security Savings, Eagle Grove, and outgoing pres.
— Gary Stevensen, v.p., First National, Sioux City.
N or tfor
h wFRASER
e s t e r n Banker, M a y 1974
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Also discussed at the conference was
the Student Loan Marketing Associa- ’
tion (Sallie M ae), which this year
initiated a program of buying guaran­
teed student loans from eligible lend­
ers at prices and terms mutually agree­
able to both parties. Kevin F. Moehn,
marketing director, Student Loans
Servicing Center, First National Bank,
Minneapolis, was the speaker.
This program will “have a positive
effect on liquidity” — the major prob­
lem for banks making student loans,
he said. Because the interest rate on
guaranteed student loans is low and'
the maturity of each loan is unknown,
the question has been what to do with
the long term paper as it builds up.
Sally Mae, a government sponsored,
private corporation has been function­
ing as a secondary market for student
loans through its warehousing pro­
gram. Twenty-six borrowers are now
participating, according to Mr. Moehn.
Administration and servicing (gov­
ernment reporting, personnel turnover,
management control and borrower
contact) have been other problems, he
commented. First of Minneapolis has
developed the service bureau concept
as a solution. The center services 260
banks in 21 states by “taking all ad­
ministrative burden off the bank.” It
has control of interest billings, reports,
contact with borrowers, and payments
are made to the center.
“Our nation has committed itself to
making student loans,” Mr. Moehn
said. “And the financial community
needs to continue its role in this im­
portant area.”
Related to community interests is
the Small Business Administration
(SB A ), discussed by Deryl Schuster,
acting regional director, SBA region
7. When business has a long term
need, use SBA, he urged bankers. Mr.
Schuster said that applications had
been greatly simplified and that in any
community “there is a need (for SBA)
if a person really wants to take the
initiative to use it.”
In a short talk, Cecil Dunn, super­
intendent of banking for Iowa, stressed
that banks must have a pledge of col-

99

O u r secret
ingredient
is no
big secret.
IT'S PEOPLE . .. THESE PEOPLE
Th e P e o p le w h o have w h a t y o u
w a n t in a c o rre s p o n d e n t b a n k
. . . a n d t h a t ’s no secret.

H CHRISTY ARMSTRONG
President

LEO F. KANE
Executive Vice President

ROBERT G, SCOTT
Senior Vice President

KEITH DRALLE
Assistant Vice President

T il American Trust and Savings Bank
DUBUQUE, IOWA Member FDIC, Federal Reserve System

ñsople moke U» difference


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

N or t h w e s t e r n Banker, M a y

1974

100

Iowa Ne w s

vice president and secretary, IBA, and
the Honorable Richard Turner, Iowa
attorney general.

Banks of Iowa Promotions

Dave McNichols, educational dir. of Iowa
Bankers Assn, greets Bill Osterberg, exec,
v.p., Nebraska Bankers Assn.

lateral before selling federal funds. He
said that his department will examine
for compliance and fine where the sit­
uation warrants.
The legislative panel consisted of
State Senators Warren Curtis and Jim
Schaben and Representative Harold
Fischer. Other speakers included Wil­
liam H. Osterberg, executive manager
and treasurer, Nebraska Bankers Asso­
ciation, whose speech is featured in
this issue of the N o r t h w e s t e r n B a n k ­
e r ; Richard E. Tool, president, Iowa
Bankers Association and president,
Farmers & Merchants Savings Bank,
Manchester; Neil Milner, executive

Promotions made at the annual
meeting of Banks of Iowa Computer
Services, Inc., Cedar Rapids, were an­
nounced by Joe Phernetton, president.
William C. McCormick was elected
executive vice president. Keith Grimm,
Richard E. W arner and Richard W.
Brooks were elected systems officers.
Mr. McCormick is a University of
Iowa graduate and was with Interna­
tional Business Machines Corporation
prior to joining Merchants National
Bank of Cedar Rapids. He was elected
vice president when Banks of Iowa
Computer Services, Inc. was formed
in 1973.
Mr. Grimm has had responsibilities
in bank operations management and
corporate services for the past 15
years. Prior to joining Banks of Iowa
Computer Services on April 1, 1974,
Mr. Grimm was vice president and
cashier of City National Bank of Ce­
dar Rapids. As systems officer he will
be responsible for evaluation and sup­
port of new computer services to be
offered by the company.

Prompt - C o u rte o u s - C o o p e r a t iv e

financial courier service for all Iowa
banks from our staff of 128 people.

Mr. W arner is responsible for major
systems projects including on-line tele­
communications systems. He was asso-j
ciated with Collins Radio prior to join­
ing the company in 1971.
Mr. Brooks joined the company in
1963. His responsibilities include co­
ordination of efforts to insure effective
use of the company’s computer re­
sources.

Hawkeye Bancorporation
Acquires Mason City Bank
Hawkeye
Bancorporation,
Des|
Moines-based bank holding company*
has announced it has received approval
from the Federal Reserve Board for
the purchase of the American State]
Bank of Mason City.
American State Bank, with assets!
of $10,600,000 on December 31,]
1973, becomes the fourteenth bank
owned by Hawkeye. Its addition wijll
increase Hawkeye’s year end assets to]
more than $406 million and total de-|
posits to $322 million.
Paul Dunlap, president of Hawkeye]
Bancorporation, said the acquisition is]
for an undisclosed amount of cash, and]
thus will not cause any dilution of
holding company’s stock. Officers ;
directors of the bank will continue ii
their present positions.
Other Hawkeye banks include Citi­
zens National Bank, Boone; Burling­
ton Bank and Trust Co.; Camanche
State Bank; First National Bank, Clhrj
ton; State Bank and Trust, Council
Bluffs; First Federal State Bank, De^
Moines; Mills County State Bank!
Glenwood; Farmers Savings Bank
Grundy Center; Jasper County Saving^
Bank, Newton; Pella National Banl
Houghton State Bank, Red Oak; Lyot
County State Bank, Rock Rapids,
Clay County National Bank, Spencer]

L. H. Davis

DARRELL STICKEL
Regional Oper. Mgr.

DOUG ROUL
District Manager

BILL HALL
Customer Serv. Rep.

Purolator Courier C orporation

Purolator
Dennis Doocy
Council Bluffs
Operations Office
1530 West Broadway
7 1 2 /3 2 3 - 1 6 7 8

A PUROLATOR COMPANY

Mark Fitzgerald
Gary Thompson
Des Moines
Cedar Rapids
412 East Grand Avenue
Operations Office
Des Moines, Iowa 5 0 3 0 9 529 W aconia St., S.W.
5 1 5 /288-0167
3 1 9 /3 6 2 -1 1 9 1


N o r t h w e s t e r n Bank er, M a y 1974
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Funeral services were held recently
for L. H. Davis, 77, vice presiden]
of the Hampton State Bank. Mr. Davil
joined the bank in 1936 and served a|
cashier for 25 years. In 1961, he waj
elected vice president. He retired fronl
the bank June 30, 1965, but main!
tained his position as vice president.

BOX 8 7 P H .I-7 I2 -Z 6 2 I4 9 9
S P E N C E R ,IO W A 5 1 3 0 »

101

Io w a N e w s

jasper County Savings,
Newton, Elects Director
Joseph D. Geneser has been named
director of the Jasper County Sav­
ings Bank, New­
ton, according to
Donald R. Runger, president. The
appointment tills
the vacancy on
the board of the
late
Wm. F.
Vernon.
Mr.
Geneser
has
been
associJ. 0. GENESER
a t e d with the
vVernon Company since 1961 and pres­
ently holds the position of vice presi­
dent-finance and treasurer. He also is
a member of the company’s board.

j

^Bettendorf Bank
Plans Building
Construction of a $200,000, 16,000
square foot office for the Security State
Bank, Bettendorf, will begin this
spring. The location will be at the
^southeast corner of 18th Street and
Middle Road, according to William
^Callahan, bank president.

Mr. Callahan, who recently pur­
chased controlling interest in the bank
from the Hynes and Howes companies,
said the completion of the facility is
tentatively scheduled for August pend­
ing approval of the plans by the city
council. A temporary facility may be
in operation sometime this summer, he
said.

See You

J. Michael Deege
To Join Muscatine Bank
J. Michael Deege will join the Cen­
tral State Bank of Muscatine on June
1 as vice president and trust officer in
charge of the trust department, accord­
ing to John B. Rigler, bank president.
Mr. Deege, 31, is a native of Quin­
cy, Til. He is currently a trust officer
with the Central National Bank and
Trust Company of Des Moines. He
joined that bank in October of 1968,
was promoted to assistant trust officer
in January of 1970 and trust officer
in June of 1971. He has had extensive
probate experience and now heads the
estate planning and new business divi­
sion of the trust department. Mr.
Deege is a graduate of Drake Univer­
sity Law School.

at th e
Iowa Group
M eetin g s
JIM VANDEKAMP
Director of Credit Sales

BOB ATESS
Credit Representative
GENERÄL UNITED

GU

Life Insurance Company
Des Moines, Iowa 50305

You’re Out In Front with the
Continental Western
Combination

C O N T IN E N T A L W E S T E R N IN S U R A N C E C O M P A N Y

O
HOME
BUSINESS
AUTO
LIFE

P hone (515) 278-3000

C O N T IN E N T A L W E S T E R N LIFE IN S U R A N C E C O M P A N Y
P hone (515) 278-3345
H om e O ffices:
11201 D ouglas A venue (In terstates 35-80), Des M oines, Iow a 50322
DIVISIONS OF CONTINENTAL WESTERN INDUSTRIES, INC.


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Federal Reserve Bank of St. Louis

N o r t h w e s t e r n Banker, M a y

1974

Iowa News

102

Joins Emmetsburg Bank
Michael Mahlendorf recently joined
the staff of the Iowa Trust & Savings
Bank in Emmetsburg as assistant
cashier.
He is a former
resident of Uehling, Nebr., and is
a g r a d u a t e of
Peru State Coll e g e in Peru,
N e b r . For the
past two years,
M. MAH1ENDORF
Mr. Mahlendorf
was district executive with the Prarie
Gold Area Council of the Boy Scouts.

Webster City Bank
Opens Motor Bank
The

Farmers

National

Bank

of

Webster City recently opened its Mo­
tor Bank with a ribbon-cutting cere­
mony, according to Rod Amlie, chair­
man, and L. S. (Bud) Wood, presi­
dent.
The brick building, 32 by 22 feet,
has three drive-up lanes with plans for
the addition of a fourth in the future.
It also provides a night depository.
The interior of the building features
mahogany wood trim and beige-col­
ored walls.

Washington State
Completes Remodeling
An open house was held recently
at the Washington State Bank to cele­
brate the completion of major re­
modeling which added about 2,000
square feet of space.

There's more
to being
agoocT
correspondent
bank
It takes m en ready to be­
come personally involved
in your problems. Men
w ith the authority to m ake
decisions, and the knowl­
edge in th eir field to m ake
the right ones. Men like
Beanie Broadhead, John
K arn and Phil M ille r...
agricultural pro’s from the
F irst Stock Yards Bank.
J u s t give them the chance
to show you the difference

Is

MEMBER
F.D.I.C.

b e tw e en ta lk in g a b o u t
good correspondent ser­
vices and actually giving
them .
C re d it in fo rm a tio n . F i­
nancing assistance. Col­
lection and rem ittance ser­
vices. J u s t give them the
chance and they’ll show
you the personal, profes­
sional services you’ve been
looking for in your cor­
respondent bank.

FIRST STOCK YARDS BANK
Livestock Exchange Building, St. Joseph, Mo. 64504 • 816-238-1738


N or t h w e s t e r n Bank er, M a y 1974
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

On the exterior, the building was
faced with granite mosaic stone, new
windows were installed, the entrance^
rebuilt and exterior lighting added.
Inside the building, the extra spacev
provided room for two private offices,
a conference room, waiting and recep­
tion area and new loan officer area. A
new night deposit facility and addition­
al safe deposit boxes were installed.

i
IBA Holds Programs
On Kidnap-Extortion
Kidnap-extortion will be the subject
of eight programs May 13-16 spon­
sored by the Iowa Bankers Associa- *
tion.
*
The programs will be presented by
Gerard J. Kenna, president, Mini­
mum Risk Banking, nationally-known
security consultant.
Dates and places for the program ».
follow. May 13, 7:30 p.m., Daven­
port Holiday Inn, 5205 Brady; May*
14, 1:30 p.m., Iowa City Holiday Inn,
Highway 218 North and Interstate 80;
May 14, 7:30 p.m., Waterloo Ramada Inn, Wr 2 & Washington; May 15,
10 a.m., 2 p.m. and 7 p.m., 0 6 8 ”
Moines National Motor Inn, 921 6th,
Avenue; May 16, 1:30 p.m., Carroll
Tony’s Highways 30 & 71; and May
16, 7 p.m. Storm Lake Harbor
House, 1524 East Lakeshore.

Sioux City Banker
Named to National Office
Stanley W. Evans, president o£
Northwestern National Bank, Sioux
City, has been appointed to another na­
tional office by the Comptroller of the
Currency James E. Smith of Washing­
ton, D. C. He has been named to the>
national advisory committee on bank­
ing policies and practices. Mr. Evan£
is also chairman of the advisory com­
mittee of the tenth national bank re­
gion which includes all national banks
in Iowa, Nebraska, Kansas and Mis­
souri.
V

Installs Sign at Elkader
Central State Bank of Elkader re­
cently installed a time and tempera­
ture sign.

LEGAL FORMS
Any form you need we stock, or will
print. Special forms then stocked
for prompt shipment on re-orders.
IOWA LEGAL BLANK
& PRINTING CO.
Box 238, Webster City, Iowa

lower N e w s

103

wood, Tex.; Packard Cattle Company,
Elbert, Colo., and Sonderegger MaineAnjou, Warren, Tex.
The International Maine-Anjou As­
sociation, headquartered in Kansas
City, Mo., serves as the promotional
and performance registry office for the
Maine-Anjou breed.

Mosler Doubles Capacity of
Electronic Systems Division
FIRST fullblo od Maine-Anjou cattle to enter the United States via quarantine from
Europe arrived in Kansas City last m onth.

f i r s t F u llbloods V alued A t $500 T h ou san d
H P HE first fullblood Maine-Anjou
cattle to enter the United States
via quarantine from Europe arrived in
Kansas City recently.
^ The five animals, three heifers and
two bulls, were born in April and May
of 1973 in England. The heifers are
the first Maine-Anjou fullblood females
to enter the United States. The bulls
will join a limited number of other full­
blood Maine-Anjou bulls in the U.S.
* The newly imported animals were
selected from the finest Maine-Anjou
dams in England and include a year­


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

ling bull, Goliath, that attained a 205
day adjusted weaning weight of 912
pounds. Coordination of the selection
and transfer of the animals to the
United States was handled by Cagwin
Cattle Services, Inc., Virginia, 111.
After a rest stop in Kansas City, the
Maine-Anjou fullbloods, valued at over
a half million dollars, will move on to
the Goliath Cattle Company’s Elbert,
Colo., headquarters where they will be
housed. The cattle are owned by the
Goliath Cattle Company, a partnership
of G & F Cattle Company, Brown-

Mosler has doubled the capacity of
its electronic systems division in Dan­
bury with a major renovation of the
division’s existing space and restruc­
turing of its manufacturing systems
and organization.
The improvements were formulated
and carried out after extensive study
under the supervision of Edward
Nargi, newly-appointed director of
manufacturing, in conjunction with E.
S. Carlson Associates, inventory con­
trol and manufacturing methods con­
sultants.
Mosler’s electronic systems division
is the leading supplier of electronic se­
curity, photo-surveillance and access
control systems to the financial institu­
tion and major mercantile market­
place.

104
elected executive vice president of the
First Trust and
S a v i n g s Bank,
Davenport,
a ccording to Harold
Bechtel, chairman
of the board.
Mr. Newhouse
has been an as­
sistant vice presi­
dent in the cor­
respondent bank
L R newhouse
department of the
Marquette National Bank in Minne­
apolis. He rejoined M arquette in July,
1972, after serving as president of th e ’
Citizens State Bank, Montgomery,^
The Valley Bank and Trust Compa­ for 1974, which include earnings for Minn. Previous to the Montgomery
ny received permission last month from all four banks and affiliated organiza­ position, he had traveled Minnesota
the Comptroller of the Currency to tions, were $629,357 or 69^ per share. for Marquette.
Richard A. Schultz, president of
convert to a national bank charter. .5 . This compares to 1973 figures that in­
Locke Macomber, president of the clude the earnings of only Central N a­ First Trust, resigned recently to accept,
bank, stated that the name change to tional Bancshares, Inc. and Central the position as president of the First
Valley National Bank will be accom­ National Bank and Trust Company of National Bank. Moline.
4
Des Moines of $427,791 or 44^ per
plished within a few weeks.
Based on last year-end figures, Val­ share.
NABW-Simmons College
He also released a pro forma state­
ley Bank and Trust had deposits of
Announce Degree Program
$55,054,000. It was ranked as the ment for the first quarter of 1973 pre­
The National Association of Bank
twenty-first largest bank in Iowa and senting the results of the operations Women, Inc., and Simmons College in
of the company and subsidiaries as if
the tenth state bank in size.
Boston (one of the two largest worn*
* *
the acquisition had been made January
en’s
colleges in the U.S.) have jointly
B. C. Grangaard, chairman and 1, 1973, which reflect pro forma earn­ announced their intention to develop
president of Central National Banc- ings of $558,082 or 60y per share. In a program leading to undergraduate
comparing the actual 1974 income
shares, Inc., announced the re-election
and graduate degrees in management
of all officers and directors of the figures to the pro forma 1973 figures, for members of the banking industry.
company after the annual meeting of income per share reflects an increase of
Distinguishing features of the pro­
15% .
the stockholders last month.
posed program (as recently announced
Mr. Grangaard also released the first
by NABW) are its focus on the acqui­
quarter earnings figures for the com­ Joins Davenport Bank
sition
of
managerial
techniques
Lome R. Newhouse has been
pany. The first quarter actual earnings
through specially designed courses, the
possibility of credit being granted for
prior work experience, and the utiliza­
At the May Group Meetings Learn How Any of Our Eight
tion for credit of many other educa*
(8) Credit Insurance Specialists In Iowa May Be of Service
tional opportunities within the banking
to Your Organization.
industry. These last include major
schools of banking, selected American
Institute of Banking courses, credits
from local schools and colleges, inde­
CREDIT LIFE A N D HEALTH
pendent study and research, etc.
v
Simmons
College
has
recently
de­
Individual Life
Individual Health
veloped a graduate program leading t>o
Group Life
M ortgage Protection
a Master in Management which has
been designed specifically with the par­
ticular needs of women in mind. Its
courses will form the backbone of the
If You Miss Us at the Meetings
management segment of the NABW
program.
Call or Write for Particulars.

LIFE INVESTORS INSURANCE COMPANY
OF AMERICA
375 COLLINS ROAD N.E., CEDAR RAPIDS, IOWA, PHONE AC 319-393-7100

N or t h w e s t e r n Banker, M a y 1974
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Fairfield Banker Retires
C. F. (Bob) Harrison recently re­
tired as assistant cashier at the Firsl
National Bank, Fairfield. Mr. Harris
son’s association with the bank datei
back to September of 1949.
1

105

We’d like you
to meet
the insiders of our
correspondent
banking
department.
ê ami»

■r

Billie Logan

Donna Noble

Call toll free
800 - 362-1615
Correspondent Bank
Department
Central National Bank & Tru s t C o m p an y
DES M O INE S (515)243-8181

M EM BER FDIC

LOCUST AT SIXTH/FIFTH & GRAND / 35TH & INGERSOLL / WEST DES MOINES


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

N or t h w e s t e r n Bank er, M a y

1974

106

_

In tlh e
D IR E C ] roi U S ’
IISt Éi Ml lI P M
Know-It-All

Triple Charge

Cheerful vs Grumpy

For sale . . . complete set of
encyclopedias, never used, wife knows
everything.

Upon receiving the bill for the ex­
traction of a tooth, Pete phoned his
dentist and complained, “Why, that’s
three times what you usually charge!”
“Yes, T know,” replied the dentist,
“ But you yelled so loud you scared
away two other patients.

According to the Medical Profes­
sion, cheerful people resist disease bet-.,
ter than grumpy people, or to put it
this way . . . the surly bird gets the*
germ.

Beatitudes For
Businessmen
Blessed will be the man who will
trust other men.
Blessed will be the man who is de­
termined to control himself.
Blessed will be the man who not
only counts his blessings but makes his
blessings count.
Blessed will be the man who can
turn his barricades into bridges.
Blessed will be the man who works
hard but does not press.
Blessed will be the man who does
not demand achievement but deserves
it.
Blessed will be the man who is will­
ing not only to improve his circum­
stances but more willing to improve
himself.
— Harry E. Olson, Jr.
Professional Development
Lecturer
Fargo, N.D.

Who’s Lazy ?
Farmer: “Get up, son. When L in -1
coin was your age, do you know what:y
he was doing?”
Son: “No, Dad, 1 don’t. But I do
know what he was doing when he was
your age.”

Women’s Lib
“Have you

seen my copy of the

N o r t h w e st er n B a n k e r , Betty?”

D ro v e rs N a tio n a l B a n k

MAY,

F irs t
F ir s t
F irs t
F irs t
F irs t
F irs t
F irs t
F ir s t
F irs t

1974

A c o m P rin tin g C o ..........................................................
A m e ric a n E x p re ss—M o n ey O rd e r .......................
A m e ric a n N a tio n a l B an k , C h ic ag o ..................
A m e ric a n N a tio n a l B a n k , St. P a u l ...................
A m e ric a n T r u s t & S avings B an k , D u b u q u e . .

14
19
39
63
99

B
B an k e rs T r u s t C o m p a n y ..........................................
B an k e rs P e rs o n n e l, I n c ................................................

90

12

C

95
C a p ita l C ity B a n k ........................................................
75
C e n tr a l B a n k & T ru s t, D e n v e r .............................
C e n tr a l N a tio n a l B an k , D es M o in es ................... 105
17
C h ic ag o M e rc a n tile E x c h a n g e .............................
86
C h iles H e id e r & C o .......................................................
73
C o lo ra d o N a tio n a l B a n k ...........................
8
C o n tin e n ta l Illin o is N a tio n a l B a n k & T ru s t . .
C o n tin e n ta l W e s te rn .................................................. 101
D
D a w so n H a il In s u ra n c e . .
D e L u x e C h e c k P rin te rs . .
D o c u te l ............. .. • ..............

Digitized
J tfofor
rfhFRASER
w e s tern Banker, M a y 1974
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

..................

F

IN D E X OF
A D V E R T ISE R S

68

7
59

Moses’ Tablets
The condition of the world today s
is such that if Moses were to descend
from Mount Sinai today, the two<
tablets he would be carrying would be
aspirin and excedrine.

N a tio n a l, C h ic a g o ................
N a tio n a l, L in c o ln ................
N a tio n a l, M in n e a p o lis . . . .
N a tio n a l, O m a h a ...................
N a tio n a l, St. J o s e p h ...........
N a tio n a l, St. L o u is .............
N a tio n a l, St. P a u l ................
N a tio n a l, S io u x C i t y ...........
S to c k y a rd s B a n k ...................

G
G e n e ra l U n ite d L ife .....................
G ross, K irk C o .....................................

1
Io w a D es M o in es N a tio n a l B a n k
Io w a L e g a l B la n k & P r in tin g C o.
I T T L ife ................................................

K
L o o k e r, E . F . A sso ciates .............

L
L a S a lle N a tio n a l B a n k ................
L e a v e ll D e v e lo p m e n t C o ................
L ife In v e s to rs .....................................

M

97

15

88
57
83
87
36
61
71
102

101
92
108

102
46

100
93
107
104

13
M a n u fa c tu re rs H a n o v e r T r u s t ................................
11
M e ilin k B an k E q u ip m e n t ........................................
41
M e rc a n tile T ru s t, St. L o u is ..................................
2
M e rc h a n ts N a tio n a l B a n k
......................... ... •
M id la n d N a tio n a l B a n k ................................... 4 9 , 5 5
48
M in o t C le a rin g H o u se A sso c ia tio n .....................
M o sle r S afe C o m p a n y ............................................. 4 , 5

)

The little libber down the block re­
fuses to answer any arithmetic prob-^
lems where Dick has more apples than
Jane.

N
N a tio n a l F id e lity L ife ................................................
N o rth C e n tr a l C o m p a n ie s ........................................
N o rth w e s te rn N a tio n a l, M in n e a p o lis ...................
N o rth w e s te rn N a tio n a l, S io u x C ity .....................
N o rth w e s te rn N a tio n a l, S ioux F a lls ...................
N Y T C O S erv ices, I n c ..................................................

1
96
51
52
68
64
18

O

O m a h a N a tio n a l B a n k ................................... 8 6 , 8 7 'y
O z a rk A ir L in e s .............................................................
45
P
P a ra d is e R eso rts .............................................................
87L
P u r o la to r C o u rie r C o r p ............................................... 100

R
R a n d M c N a lly

................................................................

14

S
St. L o u is T e r m in a l W a re h o u s e .............................
43
St. P a u l H o s p ita l & C a s u a lty ................................ 103
S e c u rity N a tio n a l, S io u x C ity .................................
69
S e c u rity P acific N a tio n a l ........................................
20>

T
T a lc o tt, J a m e s ................................................................
T o y N a tio n a l B a n k .....................................................
U
U n ite d S ta te s C h e c k B o o k C o m p a n y ................
U n ite d S ta te s N a tio n a l B a n k , O m a h a ................
V
V a n H o m e I n v e s tm e n ts .............................................
V a n W a g e n e n , G . D . C o .............................................

3

67y
82
80
94
77

W
W a g n e r, L . M . & A sso ciates ...................................

10

Z
Z ie g le r, B, C .......................................................................

47

It’s beautiful
and it works

1

An instant skyline?
A strikingly beautiful skyline addition,
yes. But, instant? Well, not quite.
For welding style and substance into
a unity of form and function initially re­
quires the productive time of a thought­
ful, working partnership.
Of varied p ro fe s s io n a l, c re a tiv e
talents.
O f a b u s in e s s -lik e co n sen su s on
goals.
Of an appreciation that esthetics and
e ffic ie n c y can be c o m fo rta b ly c o m ­
patible.
And once these factors evolve into
shared purpose and decision, the work
proceeds. On time and on schedule,
immediately.
Below and above is our landmark —

Denver’s Park Central, an exciting, joint
venture of the Central Bank Building
Corporation and Leavell Development
Company.
Leavell Development Company?
That’s us.
As equity investors, we have been par­
ticularly successful in developing bank/
office buildings coast-to-coast in the
larger, medium-sized and more com­
pact commercial centers of our country.

We would like to work with you in
creating something beautiful that really
works.
Beautifully.
And profitably.

Beautifully.
LEAVELL
DEVELOPMENT
COMFYVNY

asubsidiaryof RioGrandeIndustries, Inc.
One Park Central, Suite 1250
1515 Arapahoe Street
Denver, Colorado 80202
Phone (303) 573-8676


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

We can offer you the finest in a correspondent
relationship. We have experts in the field of computer
operations, systems and procedures, loans, trust, bonds
and investments. Financial analysts are available to aid
your bank or your customer’s company in projecting
their financial future. Everything is available at the Yes
Bank for our correspondent banks.
We are now in our new bank at 7th & Walnut and can
work even more efficiently for you.

Iowa-Des M oines National Bank
An Affiliate of Northwest Bancorporation

7th & Walnut

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

245-3131