Full text of The Northwestern Banker : May 1976, 83rd Year, No. 1352

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King Gustav XVi
pens Swedish Exhibits
At Minneapolis Banks

SPECIAL FEATURES
IN THIS ISSUE:
New Building
and Remodeling
Convention programs:
A .I.B . • Colorado •
Illinois • North Dakota
South Dakota • Iowa
Group Meetings


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1976

5

MAY 1976

•

83rd Year

No. 1352

OLDEST FINANCIAL JOURNAL SERVING THE CENTRAL AND WESTERN STATES
MEMBER OF AUDIT BUREAU OF CIRCULATION • MEMBER BANK MARKETING ASSOCIATION

ON THE COVER

6 King of Sweden visits Minneapolis
Banks display Swedish exhiDits

BUILDING

19 Building in 1976
Pictures of new and remodeled bank buildings

27 “My Bank”— is it really?
A thing to consider when thinking of new quarters— Gerald L. Gross

36 “What’s wrong with competition?”
The case for taking bids— John A. Mayes

OTHER FEATURES

28 AIB reaches new plateau
Special roundup on AIB a ffilia tio n s w ith colleges

34 AIB to meet in St. Louis May 30
Program for annual convention

41

IBAA opposes reform package

New officers elected at convention in Honolulu

DEPARTMENTS
8
10
12
40
42
49
57
58

Bank Promotions
Notable Quotes
Corporate News
W hat’s New
Conventions
Illinois
Minnesota
Twin Cities

59
74
79
82
83
83
84
88

S.D. Convention
S.D. Ag Conference
N.D. Convention
Idaho
Montana
Nev. Convention
Colo. Convention
W yoming

88
91
94
101
116
120
122

Utah
Nebraska
Omaha
Iowa
Des Moines
ITS
Jokes

NORTHWESTERN BANKER
306 15th Street, Des Moines, Iowa 50309

E d ito r

P u b lis h e r

Sherri Nielsen

A s s o c ia te E d i to r
Linda L. Rhein

Ben Haller, Jr.

Malcolm K. Freeland
A d v e r tis in g A s s is ta n t

Phone 515-244-8163

A u d ito r

Mildred Barnes

F ie ld R e p r e s e n t a t i v e

AI Kerbel

F ie ld R e p r e s e n t a ti v e

F ie ld R e p r e s e n t a ti v e

Glen H I c k s

Paul Masters

No. 1352. Northwestern Banker is published monthly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309.
Subscription $1.00 per copy, $10 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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Northw estern

B anker, M a y

1976

6

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1976

ON THE COVER
In the top picture, the King of
Sweden Carl XVI Gustaf [at right]
officially opens the Creative Sweden
exhibition at Northwestern National
Bank of Minneapolis. Phil Harris,
chairman of the bank, is shown at
left. In the bottom picture the King
visits the “Kvalitet ’76” exhibit at
the First National Bank of Minnea­
polis. DeWalt H. Ankeny, Jr.,
president of First National, watches.

Minneapolis Banks Welcome
King of Sweden with Displays
Swedish art and craftsmanship
recently were exhibited at Minnea­
polis banks in honor of the visit of H .
M. Carl XVI Gustaf, King of
Sweden. The 29-year-old monarch’s
three-day stopover in Minneapolis
was part of an extensive itinerary
marking the first visit of a reigning
King of Sweden to the United
States, a highlight of the local
American Swedish Bicentennial
Festival.
Midland Bank, with the coopera­
tion of the American Swedish
Institute of Minneapolis and the
Minnesota American Swedish Bi­
centennial Council, prepared a
unique display of artifacts highlight­
ing the experience and skills of this
country’s Swedish ancestry. The
display included original specimens
of the famed Orrefors glass
commemorative of Gustaf Vasa, a
nineteenth century glass cup with
lid, pressed glass amethyst plate
dating to 1850; authentic copies of
Ekenas crystal of the King Gustaf II
era; delicate bridal crowns fashioned
in the image of royal crowns, and
many other objects.
Marketers of Swedish-made pro­
ducts, members of the Swedish
Trade Commission and represen­
tatives of the First National Bank of
Minneapolis worked together for the
past three months to develop a
special exhibit to demonstrate the
lifestyle bond that exists between
Minnesota and Sweden. The result,
entitled “Kvalitet ’76,“ was unveiled
at the bank in conjunction with the
King of Sweden’s visit. Included in
the exhibit were imported products
ranging from automobiles to recrea­
tional and food products. Chairman
of the exhibition committee was

A NC IENT S w e d ish C row n h ig h lig h ts
Midland Bank Presentation. Viewing the
exhibit and crown are John P. Knutson,
chmn., on the right, and Ernest C. Pierson,
e.v.p., on the left.

Bjorn Ahlgren, president of Cons­
umer Goods International.
Creative Sweden was the name of
the exhibition of Swedish art and
craftsmanship at Northwestern Na­
tional Bank of Minneapolis.
The collection was assembled by a
team of Swedish artists, designers
and curators during the past three
months and shipped to the United
States by SAS Scandinavian Air­
lines. More than 250 individual
items, with a value of over $500,000,
were on display on the Skyway level
of the bank. Included were silver,
ceramics, crystal and tapestries. The
display was presented in honor of the
king’s visit to the United States and
in recognition of the Swedish
heritage of a large segment of the
upper midwest population.

7

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8

ROMOTIONS and other an­
P
nouncements have been made by
the following banks:
Commerce Bank of Kansas City,
N.A.: George L. Hiller has been
elected an international banking of­
ficer. He has served as an international
banking representative since joining
the bank in 1975.
Continental Bank, Chicago: 1he
Rev. Raymond C. Baumhart, S.J.,
president of Loyola University of Chi­
cago and a teacher and author in the
field of business ethics, and Paul J.
Rizzo, a senior vice president, group
head and director of International
Business Machines Corp., have been
nominated as directors of Continental
Illinois Corp., parent of Continental
Bank. Three directors have retired.
They are Donald M. Graham, former
chairman of Continental; Tilden Cum­
mings, former president of Continen­
tal, and Steward S. Cort, former chair­
man and chief executive officer of
Bethlehem Steel Corp.
The following officer promotions
have been announced by the Conti­
nental Bank. In bond and money mar­
ket services, David L. Atkins, James
R. Icklan and James P. Long were
named second vice presidents. Thom­
as J. Clark, Charles R. Hagen and
Thaddeus P. Vannice were named
bond officers.
In commercial banking services,
named second vice presidents were
Dennis J. Amato, Gary A. Breidenbach, Richard L. Coen, James W.
Dutton, Patrick M. Goy, William D.
Michael, Evan R. Patterson, William
R. Smith, and Jon E. Vance. Promoted
to commercial banking officers were
Gwen A. Bruno, Robert P. Buss,
Evelyn M. Ebbert, Theodosia S. Fitzmorris, Douglas L. Jackson, David N.
Konker, Frank R. Lowe and Leonard
B. Sebesta.
Gerald E. Buldak was named a sec­
ond vice president in the public af­
fairs division. Elizabeth M. Carlson
and Neil B. Krupp were named per­
sonnel officers in corporate personnel
services.
The Drovers National Bank of Chio r t hFRASER
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Federal Reserve Bank of St. Louis

1976

cago: The bank has announced the fol­
lowing appoint­
ments: Roland F.
Porter, vice presi­
dent and trust of­
ficer, to senior
vice president and
trust officer; Jo­
seph P. Valenti,
vice president, to
senior vice presij. p . Valenti
dent, and Richard
P. Griffith, cor­
respondent representative, to assistant
cashier. William P. O’Keefe, Jr., Chi­
cago attorney, was elected to the board.

R. P. GRIFFITH

A. A.

BUSCH

III

J. P. M A C C A R T H Y

formerly was assistant vice president
for agriculture at First National Bank
of St. Joseph, Mo.
First Union Incorporated, parent,*
plans to change its name to First
Union Bancorporation.
United Missouri Bank of Kansas
City, N.A. The following promo­
tions have been announced: Terry R.
Post to vice president and personal'
trust officer; Myron L. Wheeler to per­
sonal trust officer; Stephen J. Camp­
bell, Gary L. Sloan and Norris E.
Greer to assistant personal trust offi­
cers, and David L. Roberts to estate
planning officer. Mr. Post joined the^
bank in September of 1972 after a
stint with Northern Trust Company of
Chicago.

R. F. PORTER

Mr: Porter, formerly a vice presi­
dent and trust officer of the Aetna
State Bank, Chicago, joined the bank
in 1974. Mr. Valenti has experience
with the Marina City Bank, Chicago,
as a senior vice president and director
and The Lincoln National Bank, Chi­
cago, as a senior vice president. He
came to The Drovers Bank in 1975.
Mr. Griffith joined the bank in 1974
as a member of the new business de­
partment and in July of 1975 moved
to the correspondent banking depart­
ment. Mr. O’Keefe is a partner in the
Chicago law firm of Ross, Hardies,
O’Keefe, Babcock & Parsons.
First National Bank in St. Louis:
The bank has announced the election
of August A. Busch III, president and
chief executive officer of AnheuserBusch, Inc., to its board, and John
Peters MacCarthy, president and chief
operating officer of St. Louis Union
Trust Company, as an advisory direc­
tor.
Earl Haldeman III has joined the
bank as a commercial banking officer
in the regional banking division. He

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N o rth w e s te rn

B a n k e r, M a y

1976

IO

notable quotes
. . . from noted banking leaders

Walter B. Wriston,
chairman, Citibank,
N.A., New York:
The current journ­
alistic voyeurism
regarding “classi­
fied loans” deserves
comment ... The
current buzzword,
“classified loan,”
has been floated
about as if it were
some kind of Typhoid Mary ... What front­
page sensationalism forgets is that one
man’s classified loan is another man’s hope
for the future.
Over the years there have been dozens
of industries supplying millions of jobs
that have been nursed back to health by
the banking system.
The obligation of the banking system is
to continue to supply the credit and
service that are needed in good times and
in bad to produce the jobs our country
needs. If a bank had no classified loans, it
would not be doing its job, because the
circle of credit would contract until it
included only the Triple A names of the
world. The medium and small businesses
or any industry, large or small, temporar­
ily beset would grind to a halt. New
businesses would never get off the
ground. People who are denied credit
because their loan might be classified and
that classification might appear on the
front page would be understandably irate
and their unemployed workers even more
so.
Representative Wright Patman ... said:
“I criticized the banks one year when they
had no losses at all. I said they were not
doing their duty. If they are carrying out
the private enterprise system, they’d
have some losses. They can’t be perfect on
everything.” Mr. Patman has said it all.
Banking, like any industry, takes risks
in performing its function. As long as
those risks are kept within its risk-taking
capability, banking is validating its
charter in helping make the economy
operate. By every measure the system
can be proud of its record.—End

N o rth w e s te rn B a n k e r, M a y
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1976

Allen P. Stults,
chairman, Ameri­
can National Bank
& Trust Company,
Chicago: The brand
of “consum erism ”
being promoted by
some self-appointed
saviors is reaching
dangerous propor­
tions and is detri­
mental to the deli­
cate price mechanism which keeps supply
and demand levels in the market place re­
latively in balance ... But, of course, there
are no “non-consumers.” In fact, every
employed person in our society is both a
producer of goods or services and a “con­
sumer.” So, who does the advocate repre­
sent? Obviously, if all consumers are also
producers, which they are, consumer ad­
vocates represent each of us against our­
selves.
If the consumer advocates continue to
successfully increase the impact of their
approach, then universal mistrust will be
the end product. Consumers not only
produce all goods and services, but also
determine their type, quality and price. If
the consumer doesn’t like a product or a
service, it will not sell. The market place
is by far the most efficient, equitable and
effective regulator and disciplinarian. The
advocates appear to have a hard time
realizing this or, if they do, reject it as a
competitor that would put them out of
business if understood.
In 1974 Congress passed 404 laws while
federal bureaucracy churned out 7,469
new or amended regulations. In the last
decade the bureaucracy has grown from
12 major agencies employing 58,455
people at a cost of $860 million to 24 major
agencies employing 105,000 people at a
cost of $3.8 billion. And this is just the tip
of the iceberg. The federal Office of
Management and Budget estimates that
these regulations cost business $130
billion a year. The entire additional cost
must be passed on. To whom? To the
consumer, who pays both costs—govern­
ment and business.
It appears that those advocating the
position that “consumerism” is helpful to
the economy are a group of self-appointed,
unqualified problem solvers who have
authorized themselves to lead us from a
place they don’t understand to a place
they have never been over the roads that
don’t exist—and at what a cost.—End.

Charles E. Wood­
ruff, vice chairman,
Manufacturers Han­
over Trust Co.,
New York: How
should we respond
to those who blame
bank laxity for the
upsurge in bad
loans? In my view,
we have no reason
to apologize to any­
one. The sizable loan charge-offs of the
past two years reflected a deteriorating
economy and reduced cash flow, not poor
banking. There is, of course, blame
enough to go around. But the truth of the
matter is that it was the support from the
banking industry, when the public
markets were closed to all save a handful
of “blue chips,” that allowed many
companies to avoid bankruptcy, and to
pull through the recession.
We performed our task as lenders of
last resort admirably by pulling together.
We exercised a forbearance and renegot­
iated some very difficult short-term
credits into revolving loans, providing in a
timely fashion troubled companies with
enough funds to maintain their opera­
tions. The resulting sharp rise in classified
loans and loan losses should come as no
surprise. Had banks acted otherwise, the
economic toll in terms of bankruptcies,
joblessness, and public confidence in our
entire economic system would have been
most severe. We should be proud that no
other type of financial institution can
match the flexibility of the banking
industry in meeting customers’ needs
during bad times as well as good.
Too many people who should know
better are pointing with alarm to the level
of loan losses. They choose to ignore the
important fact that many banks chalked
up respectable earnings gains and
strengthened their capital base, while also
increasing reserves for loan losses and
improving liquidity.
The press, of course, has every right to
probe our business. However, few
members of the press have the knowledge
to report on our business properly. Partly
we are to blame. In my view, however,
much of the press has overreacted to the
real problems which banks face. What the
press has reported may have been fairly
accurate, but the facts often were out of
context and lacked proper perspective
A proper emphasis on credit quality
should never become the basis for
declining credit to all except prirpe
borrowers. If the banks become unwillingl
lenders, we will fail to meet our'
responsibilities. Like the press and
Congress and our regulators, we, too,
must guard against overreaction. Deserv­
ing borrowers should not be turned away.
There are thousands of companies, large
and small, that will need and merit our full
support if the economic upswing is ever to
gain real momentum.—End

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Federal Reserve Bank of St. Louis

of the Rutledge family (seven broth­
ers) who founded the company in r
1893.

Corporate News
ROMOTIONS and other an­
P
nouncements have been made by
the following firms:
American Express Company, New
York: Marjorie Greene has been ap­
pointed director, EFT strategy, ac­
cording to George W. Waters, execu­
tive vice president. Mrs. Greene will
be his liaison with other members of
the President’s National Commission
on Electronic Funds Transfers, a com­
mittee to which Mr. Greene was ap­
pointed earlier. Mrs. Greene is a grad­
uate of Creighton University in Omaha
andholds an
M.A. in mathematics
from the University of Nebraska.
Bank Consultants of America, Inc.,
Denver: The company has announced
relocation of its offices to the Irongate
Executive Plaza at 777 South Wads­
worth Boulevard in Denver. Bank
Consultants of America specializes in
the design, construction and equipping
of financial institutions and has offices
inDenver, Chicago, Atlanta and
Dallas with projects under way in 10
states.
Banco Financial Corporation, Min­
neapolis: Three experienced commer­
cial lending per­
sonnel have been
added to the staff,
according to Clare n c e Adams,
president.
Paul J. Wein­
gart h a s b e e n
named senior loan
a d m i n is tr a to r ,
Walter Tomaszek,
P. J. W E IN G A R T
loan administra­
tor, and Jack L. Hart, analyst.
Mr. Weingart, a 15 year veteran of
the commercial finance industry, held
a similar position in the Minneapolis
office of James Talcott, Inc., where
Mr. Hart was also employed as an ana­
lyst. Mr. Tomaszek was associated with
Talcott’s Chicago office as senior loan
officer.
Mr. Adams also announced that
Banco Financial Corporation has ex­
panded its office space for the third
time in less than one year by acquiring
additional space on the ninth floor of
DigitizedNfor
o r tFRASER
h w e s te rn B a n k e r, M a y
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Federal Reserve Bank of St. Louis

1976

W . TO M A S Z E K

J. L. HART

the Northwestern National Bank Build­
ing.
BFC, a commercial lending compa­
ny specializing in revolving credit pro­
grams primarily secured by accounts
receivable, inventories, plants, machin­
ery and equipment, is a wholly-owned
subsidiary of Northwest Bancorporation.
Bradford Computer & Systems, Lnc.,
New York: Robert B. Silleck, who re­
tired recently as vice president at Citi­
bank, New York, after a 37-year
career there, has been appointed senior
vice president of Bradford Computer
& Systems. It is the nation’s largest
company specializing in financial,
clerical, computer and recordkeeping
services for financial, industrial and
governmental organizations throughout
the nation.
Mr. Silleck joined Citibank in 1939.
He was well-known throughout midwestern states where he traveled for
some years with the national division.
At the time of his retirement he was
vice president in the financial institu­
tions division of the national banking
group.
Farmers Mutual Hail Insurance
Company of Iowa, Des Moines: Albert
Rutledge, former­
ly vice president
and secretary, has
been named presi­
dent of the com­
pany. Perry Rut­
ledge of Adel has
b e e n appointed
vice president and
secretary. Albert
Rutledge succeeds
A- R u t l e d g e
Max D. Rutledge
who died recently after 50 years with
the firm. The new president joined the
firm in 1935. Perry Rutledge has been
with the company for 24 years, most
recently as a vice president.
Newly elected as a director is Foster
Rutledge of Sherman, 111., the compa­
ny’s Illinois state supervisor. Albert,
Perry, and Foster are all descendants

First Mid America, Inc., Lincoln,
Nebr.: Robert J. Kirkendall has been
named institution­
al account execu­
tive of the Des*
Moines, la., of­
fice, responsible
fo r
tax-exempt
municipal bonds
and government
obligations bothy
direct and agency.
The company is
R. J. KIRKENDALL
one of the larg­
est non-bank dealers of government
agency obligations outside of New
York City.
North Central Fife Insurance Com­
pany, St. Paul, Minn.: Robert D. (Bob)
Ramaley, former­
ly assistant vice
p re sid e n t,
has
been named a vice,
president. He has
b e e n with the
company s i n c e
1960 in sales
management po­
sitions. He is curr e n 11y assistant
R, D. R A M A LEY
.
J
,
sales manager ot^
the credit insurance sales division and
will continue in that division in an ex­
panded role.
NYTCO Services, Inc., St. Paul,
Minn.: Larry J. Edinger has joined the
company’s Des Moines, la., office. He"
received his college degree from Minot
State College and was in the banking
field before joining the company.
NYTCO is a national third party col­
lateral control company and a sub­
sidiary of Space Center, Inc.
United
Guaranty
Corporation,
Greensboro, N. C.: James R. Perry
has been named director of the compa­
ny’s Secondary Market Center. He will
be assisted by Mike Wannamaker who
was named secondary marketing spe-'
cialist, a new position. The secondary
market activities will be centered at
corporate headquarters in Greensboro.
Mr. Perry is a graduate of Western
Michigan University and finished his
CORPORATE NEWS . . .
( Turn to page 14, please )

13

INDIVIDUAL BANKS
COMMITTED TO MUTUAL GROWTH

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231 S O U T H L A S A L L E S T R E E T . C H I C A G O . I L L I N O I S 60693


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Federal Reserve Bank of St. Louis

N o rth w e s te rn

B a n k e r, M a y

1976

14
CORPORATE NEWS . . .

{Continued from page 12)

M. WANNAMAKER

J. R. PERRY

MBA at Syracuse University. Mr.
Wannamaker is a graduate of the Uni­
versity of North Carolina.

ABA Instalment Lending Unit
Elects W. Vaughan Chairman
The Instalment Lending Division of
the American Bankers Association has
elected Walter W. Vaughan chairman
for 1976-77.
Mr. Vaughan, who is also vice
president of American Security and
Trust Co., Washington, D.C., will take

office during the ABA’s annual con­
vention in October.
Elected vice chairman was Robert
B. Shanahan, executive vice president
of Liberty National Bank and Trust
Co., Buffalo, N.Y.
Mr. Vaughan, who served as vice
chairman for 1975-76, succeeds Wil­
liam T. Gwennap, vice preisdent of
Pittsburgh National Bank, as chair­
man.
The elections were held at the con­
clusion of the division’s 3-day Nation­
al Instalment Credit Conference in Mi­
ami Beach, which attracted 1,800 reg­
istrants.

Cleveland S&L Gets Heavy
Gains with TMS Program
The Broadview Savings and Loan
Association in Cleveland, O., launched
The Money Service in 55 Pick-N-Pay
Supermarkets in that city last Novem­
ber. A report issued by The Money
Service, a trademarked subsidiary of
TMS Corporation of the Americas,
Lincoln, Nebr., states that Broadview

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Des Moines. Iowa 50309

IN O M A H A

IN L IN C O LN
2558 Farnam

o r t hFRASER
w e s te rn B a n k e r, M a y
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Federal Reserve Bank of St. Louis

1976

New Acct.
Balances
$2.9 mill.
3.3 mill.
4.2 mill.

Avg. <
$675.52
707.24
1075.82

Two FDIC Appointments
FDIC Chairman Robert E. Barnett
has appointed C. O'Nell to be director
of the corporation’s office of bank cus­
tomer affairs. Mr. O’Nell, a commis- v
sioned examiner, has been with the
FDIC for almost 1 1 years and m ost'
recently has been head of the con­
sumer affairs unit in the operations
branch of the division of bank super­
vision.
Mr. Barnett also announced the ap­
pointment of Miles A. Cobb as gen- ^
eral counsel of the FDIC, effective
May 1. He will supervise a legal staffs
of 86 employees, including 44 lawyers.
He is a member of the San Francisco
law firm of Bronson, Bronson & Mc­
Kinnon, where he has been associated <
since 1958 and a partner since 1966. **
The firm has represented the FDIC in
major receivership matters, including
matters involving the San Francisco
National Bank and United States Na­
tional Bank of San Diego receiver­
ships. He will terminate his affiliation ^
with the law firm to become FDIC’s
general counsel.

g

C H A R G E IT !

THE B U S IN E S S M A N 'S D E P A R T M E N T STO R E]

No. New
Accts.
4,293
4,666
4,939

M1

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a ll m a k e s o ffic e
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YOU ALW AYS DO BETTER AT

S&L opened 17,802 new accounts dur­
ing the first four months of its TMS
operations for a total of $14.6 million*
dollars, or an average of $820.00 per
account.
The figures released last month by
TMS are:
' f

Finance your purch a se w ith
either a M aster C harge or
B a n k A m e rica rd
or your
ow n A ll M akes 30-day co n v e n ­
ient c harge a ccount!

BRANCH BANK
OFFICE MANAGER

New building to be completed June 1.
Attractive northwest Iowa town of
550, eight miles from county seat
town of 30,000. Should have capa­
bility and experience to establish gen­
eral insurance agency. Ag loan ex­
perience helpful but can train. Salary
and commissions negotiable. Excellent
benefits. All replies confidential. Write
Box G BE, c/o NO RTHWESTERN
BANKER, 306 15th St., Des Moines,
Iowa 50309. We are an equal oppor­
tunity employer.

->

v

15

Y

Anew
resource

for you and your
capital short,
expansion minded,
sa es hungry or
consolidating customers.
When a valued customer needs more money than your
lending limit or managing facilities allow, call us.
We’re Banco Financial Corporation. And it’s our
business to participate in commercial loans with all types of
banks, insurance companies and other lending institutions.
Our help can make up the difference for most any
promising but pressed manufacturer, wholesaler or distributor.
We supply revolving credit secured by accounts
receivable, inventories, machinery, equipment and property.
Also funds for buy-outs, mergers and consolidations.
All at competitive rates.
What’s more, the loan management expertise we apply
will do more than protect your investment and ours. It will
eventually put your customer in a position where he no
longer needs our help.
Next time extra monies are needed, tap your new
supply. Call BFC (that’s us). At 612-372-7988. Or write
us at 1404 Northwestern Bank Building, Minneapolis,
Minnesota 55402.

Fin a n c ia l C orporation
An Affiliate of Northwest Bancorporation

:] ÍH

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Federal Reserve Bank of St. Louis

i]ÍH :] Í H :] Í HI :] Í H :] ÍH :]
N o rth w e s te rn

M

B a n k e r, M a y

1976


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Federal Reserve Bank of St. Louis

is MorAmerica?
Being synergetic is the briefest way
of saying th a t we w ork to g e th e r
smoothly. We invite you to call us
when a synergetic response is what
you want.
We are a registered bank holding
company offering diversified financial
services in the areas of commercial
banking (Jackson State Bank & Trust,
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Savings Bank, Wheatland, Iowa), con­
sumer finance (Morris Plan), leasing
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capital (MorAmerica Capital Corpora­
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nancing (MorAmerica Mortgage Com­
pany.) We serve the nation.
MorAmerica Financial Corporation

Peter F Bezanson. President
200 American Building
Cedar Rapids Iowa 52401
AC 319-363-0261


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Federal Reserve Bank of St. Louis

All figures supplied by
financial institutions named
covered their first six months
of operations.

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Springfield, Illinois
2,365 accounts—$3.4 milliorfdeposits,

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19

Building
In 1976
The new and remodeled bank buildings on the following pages were selected for publication by a group of cor­
respondent bankers in the area covered by the Northwestern Banker. The buildings pictured are intended to be
representative of the construction being conducted by financial institutions at this time.

The Raccoon Valley State Bank, Adel, la., will be
the first solar-heated and cooled building in Iowa.
Cooling will be accomplished by circulating solar
heated water at 200 degrees Fahrenheit through a 25
ton absorption-type water chiller. The basic principle of
an absorption chiller is that it uses heat for energy to
produce a chilling effect instead of electricity. A
solution of ethylene glycol will be circulated through
the panels to a heat exchanger where heat will be
extracted for heating, chilling or storage as required. A
standby boiler will provide auxiliary heat during
periods of deficient sunshine. While definite figures

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Federal Reserve Bank of St. Louis

aren’t available, it is anticipated that the solar energy
will provide about 50% of the building energy needs.
Other features include a tellers counter with spaces
for five tellers, drive-up window with space for two
remote units, walk-up window, night depository,
several private offices, conference room, community
room, reinforced concrete vault, and expansion room.
The total area is about 10,000 square feet.
The building is essentially one-story except for the
second floor space generated by the fact that the solar
collector had to be built at an angle to catch the sun’s
rays.
Northw estern

Banker, M a y

1976

■

The architectural design of the Bank of Commerce &
Industry, 6100 Northwest Highway, Chicago, was
designated for an Award of Excellence by the Society of
American Registered Architects (SARA).
The award cites the Chicago architectural firm of
Bernheim, Kahn & Lozano for its design and
professional excellence in creating a building that
blends innovation with environmental concern.
*

Covering 25,000 square feet, the two-story Bank of
Commerce & Industry in Norwood Park was designed
for pedestrial, drive-in and railroad commuter traffic.
“Perhaps the most redeeming feature of this
structural design is the use of three arches that extend
to the top of the building to give added height, and the
attractive positioning of a reflecting pool with
cascading water,” said Fred Bernheim, BKL president.

' '

V

_

First Westside National Bank in Great Falls, Mont.,
was finished in June of 1975. It is located one-half block
from the bank’s old quarters. The building has a total
of 22,000 square feet; 11,000 on each level, seven
drive-up stations, parking for 80 cars and room for

*TT**-:»
H

expansion. The old building contained 9,200 square feet
and had three drive-up windows.
The entire project including the land, building,
furniture and fixtures cost about $ 1 V2 million,
according to J. W. Connelly, bank president.
The Yellow Medicine County Bank
in Granite Falls, Minn., contains
4,200 square feet on the main floor
and 2,000 on a balcony. It includes
six teller windows, one direct and
one remote drive-up, after-hours
depository, two walk-up windows
inside the bank and 16-car parking
lot. The cost was approximately
$225,000, according to Robert E.
Wiley, bank president. The building
is of brick and cedar and was
completed in November of 1974.
Dykins & Handford was the
architect and James Hansen Co.,
Inc., Granite Falls, the general
contractor.

N orthw estern B anker, M a y


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Federal Reserve Bank of St. Louis

1976

21

Northwestern National Bank of
Minneapolis has begun work on a
new banking office at the corner of
Chicago Avenue and Eighth Street,
across from Metropolitan Medical
Center and the new Hennepin
County Hospital.
When completed in July of this
year, the office will accommodate a
staff of nine and will include drive-in
banking facilities. The 2,000 square
foot building was designed by the
architectural firm of Setter, Leach
and Lindstrom, Inc.
The office will operate as a
detached facility of Northwestern
National Bank’s main office, 7th and
Marquette, under Minnesota’s De­
tached Facility Statute.
addition, the remodeling project provided new
sawtooth teller cages, customer lobby, conference
room, customer booths in the safety deposit area, note
department and bookkeeping room.
The original facility of 3,000 square feet was more
than doubled to 6,750 square feet. Part of the marble
from the original bank was used for an unique effect on
the front of the teller cages.
The bank is decorated in the warmth of woods and
wood tones highlighted with burnt orange, gold and
black. Cost of the project was approximately $210,000.
This included all new furniture.

The First State Bank, Mapleton, la., was remodeled
to provide spacious working area and convenience for
the bank’s customers, according to J. R. Welch,
president. The design, by J. Bradley Rust Associates
of Iowa City, is called a wide open plan with all officers
> in glass-enclosed offices to give full vision while at the
same time providing complete privacy for the client. In

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Federal Reserve Bank of St. Louis

The Richland National Bank in Sidney, Mont.,
opened in its new building on the comer of Central and
Main on March 17, 1969. The structure has a frontage
of 90 feet and is 70 feet deep, containing 6,300 square
feet on the main floor. The drive-in, walk-up facility is
located at the rear and there is off-street customer
parking for eight autos.
“The main lobby is completely carpeted and is
decorated in color combinations of rust, brown, blue
and gold,’’ said Jay Lalonde, chairman and president.
“A portion of the basement has been set aside for a
meeting room for public and private meetings. We
accommodate seven officers comfortably and have six
teller stations. Our conference room is used for our
directors meetings and is available for private family
conferences during estate distributions.”
N orthw e s tern B anker, M a y

1976

22

<

The Riverside National Bank will be 73 years old
next July and its building is 85 years old, according to
Gerald C. Meyers, bank president. The bank recently
expanded into the one remaining ground level store,
removed one wall and added to the rear of the bank by
acquiring four existing buildings to the rear,
demolishing them and paving for a parking lot. The
drive-in was moved into the back lot. The bank then
built an addition which, with the expansion, about
doubled the floor space of the old bank. Then the old
bank moved into the addition, gutted the old building
and remodeled it completely. The whole project took

about two years. All furniture and fixtures in the bank
are new. In addition, it has a cash vault and enlarged
safe deposit vault.
Riverside National has a unique security system,
said Mr. Meyers. The bank is located across the street
from the Riverside Police Department and has under­
ground conduit with direct, continuous surveillance.
The bank also inserted a picture window by the teller
counter so the police can see first-hand what is going
on.
Total cost, including land aquisition, was
$1,100,000, according to Mr. Meyers.
exterior supports and foundation planters also are *
made from petrified wood. The landscaping consists of
arborvitae, and pine and flowering shrubs overlaid with
plastic and crushed rock. The rugged exterior is rough
sawed with redwood finish.

Pioneer State Bank is located at Towner, N. D., the
cattle capitol of the state, according to Láveme C.
Kreft, vice president and agricultural representative.
Because it is in cow country, the bank used a western
design throughout the interior and exterior of its
building. The 7,650 square foot structure houses 18
employees and the initial cost was approximately
$275,000.
The interior has horseshoe design carpet, and the
pillars and a large fireplace are made from approxi­
mately 90 tons of petrified wood. Desks and furnishings
are oak with a routed worm design. Brands of all local
rancher customers are routed in the wood beams. The
N o rth
w eFRASER
stern Banker, M a y
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Federal Reserve Bank of St. Louis

1976

The First National Bank and Trust Company of
Kearney, Nebr., opened its new facility on April 12,
1976, according to Richard M. Fritz, president. The
ultra-new and modem structure consists of 21,000
square feet or approximately three times the space
utilized in the old building.
All of the furniture, fixtures and office equipment are
new. Nine tellers provide customer service. The lobby
contains three live fig trees, each over 10 feet tall. Each
tree is planted in a huge urn about three feet deep and
five feet in diameter. The lobby also features dozens of
live plants and flowers.
Mr. Fritz said that a new three-lane, drive-in,
walk-in facility also is under construction with a fall
completion date expected.

'

<

23

First Potter County Bank, Gettysburg, S.D., opened
for business in its new, $290,000 building on February
16, 1976. The 60 by 80 foot building has two levels and
houses the bank’s customer services, bookkeeping and

storage facilities in addition to the First Potter County
Insurance Agency. Robert T. Wuttke is president of
First Potter County Bank, established in 1884 and a
member of First Bank System since 1929.

The First National Bank of Antioch, 111., was
completed in late 1972. Its exterior and parts of the
interior are of Williamsburg brick with chocolate
mortar. The windows are of bronze solar glass set in
bronze anodized aluminum frame with earth-tone
porcelain enamel fascia. The plaza area is of Missouri
Riverbed Stone.
The main level includes the regular teller stations,
board of directors room, offices, loan department and

drive-in facility. New to the area are several sit-down
teller stations. On the lower level is the bookkeeping
section, vault, community room and kitchen.
LaVem M. Woods, president, said the most unique
feature of the building is that the bank was an $18
million bank when it moved into the building three
years ago and it should be able to grow to a $100 million
bank in the same building. It has grown to $29 million
already, he said.

Donald O. Gilmer, president of the State Bank of
Delano, Minn., said the bank did a turnkey operation
with the architect, Vosejpka Associates, Inc.,
Wayzata, Minn., in regard to the construction of its
new building.
“This seems to be an ideal way as there is only one
person who is responsible for everything, he
commented. “The architect doesn’t come up with a lot
of expensive features when he is held to a tight budget.
Our bank was financed with commercial revenue bonds.

“The main floor has 5,700 square feet and the
basement has 1,200 square feet. The exterior is of
Kasota stone and Panel 15. Other exterior features are
a remote plus a drive-up window and a walk-up
window, ample parking and we are located within one
half block of our post office. Total cost excluding land
was $274,600 which figures out to $39.79 per square
foot. This price includes carpeting, drapes, desks,
furniture, under-counter, vault door, 200 safe deposit
boxes and a full kitchen.’’


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Federal Reserve Bank of St. Louis

Northw estern

B anker, M a y

1976

24
lobby from the officer platform and serviced by two
receptionists. A coffee bar is included in this area for
customer relaxation. The instalment loan and insurance
departments are combined in this area which can be
separated after lobby hours and an after-hour entrance
permits these departments to maintain extended hours.
An automatic teller machine was recently installed in
the after-hour foyer to provide 24 hour service.
The building was designed to provide expansion
within the present building. An outdoor customer patio
will provide structural expansion at a future date. The
combined cost of the facility, including site, land­
scaping, equipment, furniture and fixtures was
approximately $835,000.
Farmers and Merchants State Bank of Breckenridge,
Minn., moved to its new banking home in August,
1975. The facility was constructed on a 29,000 square
foot site located on the north end of Breckenridge’s
business district across from the Post Office.
The building is composed of a 16,735 square foot
multi-level pre-stress concrete structure in rough sawn
cedar, antiqued textured harvest gold brick, solar
bronze glass and bronze frames, designed by Dykins
Associates, Architects, Minneapolis. General contract­
or was R. W. Ellison Construction Company, Minnea­
polis. The 84’ x 90’ structure contains a 3,000 square
foot mezzanine, full basement, three drive-up stations
with expansion for another drive-up, nine teller stations
including one after-hour walk-up and sit-down station,
and parking facilities for approximately 32 cars.
One of the highlights in the decor is the use of kelly
green in the furniture and carpet. This complements the
cedar and gives life and brightness to the interior.
The mezzanine, which overlooks the main banking
floor, includes the board of directors room, employees
lounge and exhibit area.
The functionability of the facility is the main
highlight, according to L. G. Grosz, president. The
most repeated comment of customers is the confiden­
tiality provided. This was accomplished with several
private offices, two conference rooms and an eye-level
profile enclosed customer waiting area separating the

The new First National Bank building in Tekamah, A
Nebr., contains 6,660 square feet of floor space on the
main floor and 5,550 on the second floor. The exterior
panels are Medusa White reinforced concrete. The
interior main floor is of poured concrete and the second
floor of post-tensioned, doubletee, reinforced concrete
beams with a poured lightweight floor on top.
A distinctive exterior portico forms the bank’s main
entrance. Double doors are set in front windows which •*
are 22 feet high by 40 feet wide. The central lobby is
surrounded by a spacious balcony at the second floor 5
level carved in the same design as the exterior window.
The west end of the building features a first for
Tekamah. A canopy covered drive-up teller window is
located there. The bank also has an elevator and a large .
community room.

The structure of the new Walsh County Bank in
Grafton, N.D., is of modem design including large
window space, lobby area, fireplaces and parking lot.
The new building, which is four times larger than the
former one, also provides enclosed office space and open

office space, conference room and separate insurance
department.
The lower level includes a large employee lounge,
community room, storage room, trust department and <
private offices for a local law firm.

Digitized
N o r for
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Federal Reserve Bank of St. Louis

1976

25

October, 1975, marked the end of a re­
modeling project at The Bank of Tioga, N.D.
In keeping with the theme of a Scandinavian
Village, Tioga stores and business firms are
converting their buildings to resemble
Scandinavian architecture. The bank has
provided low interest improvement loans to
businesses needing assistance for the new
fronts. The bank’s remodeling included a
redesigned front along the lines of the theme.
An addition also was added to the back of the
building for a new records vault and additional
work area. A new service also was provided
with the addition of a drive-in bank facility.
The city’s Scandinavian Village also includes
three businesses with Scandinavian names, two
of which specialize in selling Scandinavian
products. A small park was established with a
22 foot sculpture of a Norseman and flag poles
flying the flags of Norway, Sweden, Denmark
and the United States. A museum has been
developed depicting Scandinavian heritage.

HOW TO BUILD MONEY
FROM STONE.

Now you can carve out greater profits and chip away at expenses.
At Bank C onsultants of A m erica we know how to make the
bricks and m ortar of yo u r building or fa c ility becom e the foundation
fo r greater profits.
Do you know how much square footage you need per employee?
Per custom er? Is your in te rio r designed fo r optim al em ployee pro­
ductivity? For custom er convenience?
Inside and out, does your present building take full advantage
of new business opportunities? Does it attract grow th but keep
operating costs to a m inim um ? Should you construct a new building
or rem odel your present offices? Would a fa cility m eet your needs?
For a professional opinion, w rite, or call Bank C onsultants of
America. Perhaps we can cem ent your investm ent.

The Fargo National Bank and Trust Com­
pany in Fargo, N.D., occupies two and a half
floors of this 12 story-high building. It controls
the two-level parking ramp under the bank and
rents the rest of the building for office space.
The bank occupies 33,750 square feet of space,
according to S. G. Taylor, vice president.
Approximate cost was $5 million.

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Federal Reserve Bank of St. Louis

Bank Consultants of Hmerica
Bank Consultants of America
H.Q.: 6464 W. 14th Ave., Denver, Col., 80214, 303-232-7498
Midwest: 2701 Algonquin Rd., Rolling Meadows, III. 60008, 312-394-5370
S.W.: 4230 LBJ Freeway, Dallas, Texas, 75234, 214-387-2999
S.E.: 452 Londonderry Rd., N.W., Atlanta, Ga., 30327, 404-255-6327
Northw estern

Banker, M a y

1976

The new drive-in facility of The State Bank of Fort
Dodge, la., is shown above. It is under construction at
114 North 27th Street in the Crossroads Shopping
Center.
The bank recently received an Award of Excellence
for the design of its building. The design was selected
as one of 12 winners from more than 53 entries in the
fourth annual Design Awards competition conducted

by Bank Building Corporation. The judging was done «
by an outside panel of independent designers and
architects. The program is conducted to stimulate and
recognize excellence in the design and planning work of
the more than 200 projects the company completes each
year.
4
Richard L. Smith is president of the Fort Dodge
bank.
mechanical room, lavatories, storage and supply space,
conference room and employee lounge.
The design and arrangement of the building was done
by Mr. Franzen, Millard Stokke, manager of the
Pierpont branch and Fred Martinson, contractor. Mrs.
Robert Franzen was in charge of interior decorating.

Unique features of the new Citizens Bank at
Westminster, Colo., are a wood beam ceiling and a 1929
antique vault door. The bank is furnished with
traditional furniture and has four drive-ins and parking
facilities for 60 cars, said Donald K. Hogoboom,
president. Total square footage is 8,000 and the cost
was $375,000.

The modified colonial theme was used for the new,
3,250 square foot Day County Bank at Webster, S.D.,
at a cost of $165,000, according to Robert C. Franzen,
bank president. The structure, occupied in June of
1974, has a full basement which includes the
Digitized
FRASER
N o for
rthw
estern Banker, M a y
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Federal Reserve Bank of St. Louis

1976

Moss rock from South Dakota, laminated beams,
wood roof deck, steel columns, concrete foundations,
cedar exterior wood and trim all were used to build the
new Wyoming National Bank of Gillette. Cost of the
building, excluding land and equipment, was approxi­
mately $450,000, according to M. Hale Kreycik, bank
president.
The bank, which was occupied in March of 1975, has
two floors containing 5,400 square feet each. The bank
occupies 3,650 square feet of the main floor and 3,940 of
the finished basement with the remainder to be used for
future expansion.
Features include commercial drive-up window and
three pneumatically-operated drive-up stations with
room to add two more, two vaults, night depository
and community room.
Gorder/South & Associates of Casper was the
architect and Claus Heppner & Associates of Denver
was the interior designer.

27

r

“My Bank” - - - Is it Really?
A thing to consider when thinking of new quarters
By GERALD L. GROSS
Vice President
Kirk Gross Company
Waterloo, Iowa

small community bank customer has pride
A TYPICAL
in his community and while it doesn’t always show,
extreme pride in the community bank. He looks at the bank
as the backbone of his community and realizes that as the
bank grows so does his community. In the large metropoli­
tan areas, a customer will go to “the bank.” In the small
community, a customer will go to “my bank.”
This pride in “my bank” is unique for many reasons and
it helps the banker in making the decision to improve his
facilities. Large metropolitan banks build mainly to keep
up with their competition and to obtain a better position
in the market place.
While the smaller community also has competition, his
building or remodeling plans are not looked on as a means
to attract new business by his customers.
Thus, service to the community becomes the keystone
to the small banker’s success and many times it is best ex­
hibited by improving one’s quarters. The “my bank” cus­
tomer does not look upon the building program with envy
or sarcasm, he sees it as an improvement to his commu­
nity that came about as a result of the profits he helped
put into the bank.
Customer Needs
Accordingly, the “my bank” concept should then play
an important part in determining what services will be
included in the new facility. If the town needs a commu­
nity room, by all means consider one if possible. If the
young mothers with their hair up in curlers would use a
drive-up, by all means consider one. If the local high
school would use a night deposit, by all means consider
one. If the farmers would like to keep abreast of the grain
market, by all means consider a ticker tape. If your cus­
tomers want privacy, by all means consider private offices,
etc. etc. etc.
The point here, is don’t remodel or build because you
have gotten tired of the interior decor; do it because you
can be of service to the customer who considers your op­

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Federal Reserve Bank of St. Louis

eration as “my bank.”
When you get down to the basics, your operation is
really no different than ours at Kirk Gross Company in
that the main item you have to sell is service. In planning
a facility, we consistently recommend to our clients that
they always keep that seven letter word, service, utmost in
their minds and we in turn try to design the structure to
provide the same. Our service comes in the form of a “turn
key” building program. Why shouldn’t your service be a
“turn key” banking program?
Having provided architectural, construction, and interi­
or design services to 79 financial institutions in the last 64
months, we repeatedly enjoy the comments of the sidewalk
superintendents who always ask, “What’s my bank going
to look like?” — “Will my bank have a drive-up?” —
“You’re really building our vault to last!”, etc. etc. We see
these same people at the open house along with their fam­
ily, friends and neighbors and we can see the pride in their
faces as they show off their bank to others.
Summary
In summary, the banker should consider what addition­
al services he can offer his customers when contemplating
new quarters. If he can provide these services by remodel­
ing, many times it is in his best interests, both financially
and historically, to do so without moving to a new build­
ing. Should remodeling not be feasible, the new building
site should be selected, again, with customer convenience
as a primary concern. To determine which method of pro­
viding better services is most practical, we provide prelimnary analyses and feasibility studies at no cost because we
don’t know of a single banker that charges his customers
for financial advice,
Services such as these are equally as important as the
physical services and starting a building program on this
level, both you, Mr. Banker, and ourselves can share with
your customer the pride in the completion of “My Bank.”
— Knd
N o rth w e s te rn

B a n k e r, M a y

1976

28

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-i
-V

TC

AIB Reaches New Plateau
With College Affiliations
A NORTHWESTERN BANKER Special Report
By LINDA L RHEIN
Associate Editor

H P H E American Institute of Banking (AIB) has been
building American banking by helping develop cap­
able, well-trained bankers since its organization in 1900.
Organized as the educational division of the American
Bankers Association, AIB has built one of the largest edu­
cational networks in the world. The growth of higher ed­
ucation since World War II has helped to bring AIB to
another plateau — that of furthering skills in banking by
involving community and state colleges.
Now, throughout the United States, AIB chapters have
working affiliations with colleges. Students receive both
AIB and college credits for AIB classes and many are
working toward college degrees in banking as well as AIB
certificates. Colleges may provide the classrooms, help in
recruiting teachers, textbooks, grade notification and other
recordkeeping help. The students, AIB officials and col­
lege professors are enthusiastic about the program.
Advantages

Clyde H. Fischer, AIB national vice president and pres­
ident-elect, sees many advantages to chapter affiliation
with a college, “particularly for those courses that fit the
standard collegiate curriculum such as English, Econom­
ics, and Accounting. Among these are better instructor

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Federal Reserve Bank of St. Louis

1976

quality and classroom facilities, transferability of credits
and favorable student acceptance,” the vice president and
controller of the Northwestern National Bank, Sioux Falls.
S. D., commented. “Many chapters, however, prefer to of­
fer the concept of a banker instructor with, perhaps, a
more thorough working knowledge of and experience in
the banking subject. Examples of these courses could be
Principles of Bank Operations, Bank Management, Bank
Investment, Marketing for Bankers and others.”
Robert A. Henrichsen, AIB associate councilman and
marketing officer, United States National Bank, Omaha,
Nebr., mentions that only a few years ago a larger number
of bank employees were high school graduates with no
higher education. Now more and more employees have
some college or a degree and are very interested in con­
tinuing their educations and college accreditation, he com­
mented.
James A. Kruger, AIB associate councilman and vice
president of Gateway Bank in Lincoln, Nebr., said the
Lincoln AIB has just begun an affiliation with the Univer­
sity of Nebraska. “I feel the classes have worked out ex­
ceptionally well,” he commented. “I feel the largest ad­
vantage of the program, and one which helps us to promote


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Federal Reserve Bank of St. Louis

BANK of AMERICA U

1

Correspondent Bank Service

30
it, is the fact that the students receive both AIB credit and
University credit, which is an extreme help to those who
have not received or completed their degree. The Universi­
ty appreciates the opportunity to extend its programs in
adult education and the students are pleased to be able to
receive University credit as well as AIB credit.”
Disadvantage
“Probably the only inherent disadvantage in college af­
filiation is the possibility of the chapter volunteer leaders
losing “banker control” over the program, resulting in the
college administration taking over total administrative
responsibilities and the subsequent loss of interest by bank
employees in furthering their adult education,” says Mr.
Fisher. “As a side effect, this also bypasses one of the prin­
ciples of AIB. that of ‘leadership development’ experi­
ence gained through administering the affairs of the chap­
ter. For this reason, the national organization requires an
annual renewal of the Letter of Understanding between
the chapter and the college, at which time the responsibili­
ties of the two parties are reviewed and the premise of
chapter control is renewed.”
J. B. Barthlama, First National Bank of Fort Collins,
Colo., an AIB associate councilman, comments: “One
problem we are faced with here is the high cost of being
affiliated with most state colleges. Most of our larger uni­
versities are not particularly interested in AIB and require
tuition fees of $50 and $100 for our student to take an ac­
credited class with them. We also have the problem that
most college instructors want $800 to $1,000 to teach an
AIB course and this cost is prohibitive. Therefore, you will
very seldom find AIB classes taught by a college professor
of the larger universities.”
Surplus Funds
Prohibitive costs were mentioned by several AIB councilmen. However, Wyoming does not seem to have this
problem. “As a practical matter, the chapter makes money
on every class which has more than a dozen people en­
rolled,” says William A. Gifford, AIB associate council­
man and vice president of the Wyoming National Bank,
Casper. “This surplus is then used by the chapter to spon­
sor various banking seminars to the benefit of the chapter
members. Expense for social events such as the chapter’s
annual awards banquet are offset to some extent by these
surplus funds.”
Mr. Gifford said that all three of the state chapters have
working agreements with local junior community colleges.
They use college classrooms when necessary. The instruc­
tors, both bankers and professors, are paid $350 to $500
per course. Students are charged $40 per course and are
usually reimbursed by their banks upon completion of the
course.
The national organization of AIB includes 600 chap­
ters and study groups covering all 50 states and the Dis­
trict of Columbia as well as locations outside the United
States. There are 255,000 members and over 120,000 en­
rollments each year. The national organization includes
the president, executive council, staff officers, national of­
fice people, associate councilmen, and district commit­
tees, but the heart of the working organization is the local
chapters and study groups, which have continued their
usual activity as strong as ever in the individual states.
Some examples of what is going on in the area covered
by the N orthwestern Banker follow:
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Federal Reserve Bank of St. Louis

1976

■f
r

AIB officers for 1975-76 are (left to right): Earl B. Bloodworth,
pres.; Clyde Fischer, v.p., and Russell E. Rosenberger, immed.

past pres.

North Dakota
Gerald Regstad, associate councilman and personal
banking officer, Merchants National Bank & Trust Co.,
Fargo, N. D., reports that the Fargo-Moorhead AIB chap­
ter began receiving credit for AIB courses at a local col­
lege in September of 1975. The classes are held on campus
but the instructors are bankers. The chapter is working
with the college to establish a degree. All AIB students re­
ceive college credit.
“The colleges have given us the impression that they are
just not able to do enough for us,” he said. “We were quite
surprised at how willing they are to work with us.”
Iowa
All three chapters in Iowa are affiliated with colleges,
according to Dale Torpey, president of the Des Moines
chapter. Des Moines Area Community College offers an
associate degree in finance with all hours transferable. The
AIB chapter offers three quarters of courses every year.
Six specifically bank-related courses are offered each quar­
ter and are taught by bankers at downtown banks. Other
general business courses are taught on the college campus
by regular professors. Students pay $13 an hour tuition to
get college credit. Each quarter one course, Principles of
Bank Operations, is offered for only AIB credit at a small­
er cost. The college does all recordkeeping and grade noti­
fication for the AIB chapter.
The success of the affiliation can be seen in AIB enroll­
ment figures, according to Mr. Torpey. Three years ago
enrollment in one year of AIB classes was 225; last year
it was over 300 and this year it is 560 at present, he said.
When asked about the response of the Des Moines chap­
ter’s members to the affiliation of that chapter with the
Des Moines Area Community College, Sandra Lamb, Des
Moines chapter first vice president from Central National
Bank and Trust Company, stated: “The Des Moines chap­
ter officers are extremely pleased and excited about the en­
thusiastic response of our banks and their AIB students.
Our course enrollment has increased by over 250 since our
pre-affiliation days (prior to 1973-74). During the 1975-76

The W est wasn’t won.
It was earned.
Just like Kirchner, Moore
and Company has earned a
reputation for doing one job
and doing it well.
We’ve been committed to the
West for a long time. Since
1961, we’ve played an
important role as a leading
underwriter of municipal
securities in the western United
States.
We can show you a variety of
western credits. We know the
territory and each community
we assist with its capital
requirements.
As specialists, we devote 100
percent of our time to the
underwriting and marketing of


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Federal Reserve Bank of St. Louis

municipal bonds. Tax exempt
bonds are our only business.
Our public finance
department has assisted
hundreds of issuers in
developing appropriate
methods of financing their
capital needs. Our consultants
are experienced in offering
constructive ideas during the
planning stages of municipal
financing. We approach all
projects with equal
enthusiasm.
Kirchner, Moore’s sales
representatives have earned a
reputation for knowing their
municipal credits; each being

committed to providing
personal service, no matter
how large or small the bond
portfolio.
Our traders maintain
constant communication with
various money centers located
throughout the country. They
have instant access to
information affecting the
overall interest rate market.
Kirchner, Moore and
Company’s successful
reputation is based upon our
ability to assist municipalities
in bringing their financial
needs together with the
resources of the capital market.

Northern State Teachers College since 1973, according to
Mr. Fischer. They use college instructors and the classes
are held at the college at normal tuition costs, plus the usu­
al AIB enrollment and membership fee of $4 if the student
wants to receive AIB credit toward a banking certificate.
“The other three chapters don’t have college affiliation
due primarily to the fact that the state-supported colleges
are located in cities too small to support a chapter,” Mr,
Fischer said. “The Sioux Falls chapter has tried to work
out an affiliation with a parochial college. However, the
cost involved prohibited a working agreement.”
Montana
Montana has only one chapter with a Letter of Under­
standing. Magic Land chapter of Butte affiliated with
Montana College of Mineral Science and Technology this
year. The college handles correspondence for the chapter,
registration and all required paperwork.
academic year we have recorded more than 500 enroll­
ments of our 1,100 total membership.”
Sue Dreibelbis, associate councilman from Merchants
National Bank, Cedar Rapids, said that the East Central
Iowa chapter and Kirkwood Community College have
used the AIB curriculum as the basis for an associates de­
gree in banking and finance.
Colorado
From Colorado, Mr. Barthlama gave the following re­
port. The Denver chapter has an agreement with Arapa­
hoe Community College. All AIBers must be enrolled in
the Money, Banking and Finance degree or certificate pro­
gram. The college accepts AIB transfer credits of up to 31
credits providing the classes are approved by the college.
The Greeley chapter has an agreement with Aims Junior
College where the students can receive college credit for
AIB classes by paying a $6 fee to the college. The Colora­
do Springs chapter is in the process of renegotiating an
agreement with El Paso Community College and the
Pueblo chapter has cancelled relations with a college due
to the college teachers wanting more money in pay. The
Northeast Colorado Study Group has agreements with
Northeastern Junior College in Sterling and Morgan Coun­
ty Community College in Ft. Morgan. Students can receive
both college and AIB credit for classes. The fee is in­
cluded in the AIB class fee and the colleges are very coop­
erative,
Minnesota
Donald R. Lindeman, associate councilman and as­
sistant vice president, The First National Bank of St. Paul
says that the St. Paul and Minneapolis, Minn., chapters
have been affiliated with six junior colleges in the metro­
politan area since June 30, 1974. The contract is reviewed
annually, as are the courses to be offered. Students may
receive an associate degree from the junior colleges and
can transfer credit to any four-year college in the state.
The classes are taught by AIB instructors and college pro­
fessors. The only restriction is that all courses offered
through the college must be open to the public. “Our
junior college system was started in September of 1965 in
Minnesota and any AIB courses taken after this date can
be used toward an associate degree,” Mr. Lindeman com­
mented. Forty-four courses are offered.
South Dakota
The Aberdeen, S.D., chapter has been affiliated with
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Federal Reserve Bank of St. Louis

1976

Nevada
“Most of our classes are offered directly through the
Clark County Community College,” said R. B. Lybbert,
AIB president, Las Vegas chapter, “utilizing both
qualified bank personnel and college instructors. College
accreditation is definitely part of our program and there
is, through the college, an associate degree in Money and
Banking available. Of 842 enrolled AIB members in our
chapter, 361 of them (43%) took advantage of the pro­
gram during last fall’s semester.
Oregon
The South Coast chapter in Oregon is associated with
South West Oregon Community College and an associate
degree in finance is being discussed and prepared. The col­
lege does all registration, recordkeeping, and grade notifi­
cation and works with the chapter on who will be hired to
teach. The Rogue Valley chapter is working out an ar­
rangement with Rogue Community College.
Washington

In Washington, at least 12 chapters are affiliated with
colleges. A couple of these do offer two year degrees. Some
of the chapters use college professors and they use both
bank locations and college locations to hold the classes.
Wyoming

Sheridan College in Wyoming has a two-year curricu­
lum leading to an Associate of Arts degree in banking.
Utah
The Salt Lake City chapter has an affiliation with the
University of Utah, according to Fred G. Eberhard, execu­
tive manager of the Utah Bankers Association. “There are
about 35 bank-related classes offered under this arrange­
ment, both day and evening classes,” he commented. “The
tuition rate is higher when U. of U. credit is given.
“Since I am executive manager for both the Salt Lake
chapter and the Utah Bankers Association, 1 have recom­
mended that the UBA sponsor a similar program at all
state junior colleges and universities throughout the state
after the bugs are worked out in the Salt Lake chapter pro­
gram.
“Approximately 150 bank employees enrolled in the
AIB NEW PLATEAU . . .
(Turn to page 39, please)

33

▼

Jam es M . B ro w n
R o n ald R. E llis
R . B ru ce O w en
D an iel M . S teben
D ouglas H . C ro m w ell
P a u lin e G . F ra ser
R . G erald S ta u d e n m e ir
Jo h n J. S tine
D ean E . R ogers
Ja m es M. R udolph

There’s security in numbers.
>

Especially ours.
We represent Security Pacific
Bank, one of the 10 largest banks in
the country. A bank with over 100
years of experience and assets that now
total over 14 billion dollars.
And our Correspondent Bankers
view each referral as a double opportu­
nity—to provide the caliber of profes­
sional service that will meet the standards
of both the customer and the bank that
put him in touch with us.
So whenever you need help,
just contact us at either of the addresses
listed. We think you’ll agree there’s
security in numbers at Security Pacific
Bank.
© 1976SPNBMEMBERFOIC


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Federal Reserve Bank of St. Louis

Head Office: 333 So. Hope Street,
Los Angeles, California 90071
Phone (213) 613-6211
Northern California Headquarters:
One Embarcadero Center,
San Francisco, California 94111
Phone (415) 445-4000
Correspondent Banking Division

SECURITY PACIFIC BANK
There’s Security in Numbers
N o rth w e ste rn

Banker,

May

1976

AIB officials include (front row, left to right): Hartwell Davis, AIB admin, dir.; Clyde H. Fischer, AIB v.p., Northwestern Natl., Sioux
Falls, S.D.; Earl B. Bloodworth, AIB pres., Security B&T, Vincennes, Ind.; Rudolph R. Fichtel, AIB dir.; Dr. Robert P. Cavalier, AIB dir.
of education & training; (2nd and 3rd rows are executive council members) (2nd row): Robert A. Bailey, district 7, Continental B&T,
Salt Lake City, Utah; Robert E. Saylor, district 12, Detroit Bank-Troy, Troy, Mich.; Norma J. Markham, district 4, Wachovia B&T,
Durham, N.C.; William J. Rossman, district 3, Mid-State B&T, Altoona, Pa.; George E. Bloeser, district 8, United California Bank, San
Francisco; (3rd row): Clyde B. Rush, district 11, Citizens Fidelity B&T, Louisville, Ky.; Richard L. Kilimon, district 6, Fidelity Bank,
N.A., Oklahoma City, Okla.; Jerry D. Boughton, district 5, The First Natl Bank of Shreveport, Shreveport, La.; Richard A. Kadash, dis­
trict 2, Heritage Bank-North, N.A., South River, N. J.; Thomas L. Chakos, district 9, Midland Natl., Billings, Mont.; Kenneth A. Ko­
val, district 1, Colonial B&T, Waterbury, Conn.; and Leona Seaman, district 10, Home State Bank, Kansas City, Kas.

AIB To Meet in St. Louis May 3 0 for Annual Convention
A

MERICA’S bicentennial year will see the leaders of
the American Institute of Banking (AIB) meet once
again to take a look at the progress of the past year and
plan for more of the same. The annual convention will
take place at the St. Louis Chase Park Plaza Hotel May
30 through June 2.
The program follows:
Sunday, May 30

!1

P.M.
1

A.M.
9

Report of the committee on nominations: Thomas
L. Chakos, executive councilperson, District 9.
Remarks by the candidates for vice president.
Remarks by the candidate for president.
Amendments to the bylaws.
“Let the Sun Shine In”: Larry Wilson, chairman,
Wilson Learning Corporation.

Fellowship gathering followed by a continental
breakfast.
National Public Speaking Contest. Semifinal A:
Districts 2, 4, 6, 8, 10 and 12. Semifinal B: Dis­
tricts 1, 3, 5, 7, 9 and 11.

P.M.

3:15

2

Meet Me at the Fair— Khorassan Room. Exhibits
of AIB and ABA materials and programs.
9
National Public Speaking Contest.
10:30 Anniversary Reception.
Monday, May 31

9

Pro Shops. Concurrent sessions led by the profes­
sional educators and administrators of several
large chapters. Topics, and delegates may
choose two. are curriculum development; facul­
ty selection, training, compensation and evalua­
tion; recordkeeping, taxes and incorporation;
and how-to basics on marketing, seminars and
meetings.
Concurrent sessions on: Trading: Tricks and
Treats of the Trade; Communication—The
Keystone, presented by Robert Max, author of
AIB’s soon-to-be-released Oral and Written
Communications course; National Meeting of
Associate councilpersons and district committee
chairpersons.
Moonlight Cruise on the Admiral, river liner.

A.M.
9

First General Session
Call to Order: Earl B. Bloodworth, national AIB
president.
Welcome: Clarence Barksdale, general chairman,
St. Louis convention committee.
Address by Mr. Bloodworth.
Annual Report of the Institute Director; Rudolph
R. Fichtel.


N o rth w e ste rn B a n ker, M ay
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Federal Reserve Bank of St. Louis

1976

Tuesday, June 1
A.M.
8:30

Developing Leadership and Team Effectiveness
Skills.

AIB CONVENTION PROGRAM . . .
(Turn to page 117, please)

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Federal Reserve Bank of St. Louis

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“ W h a t ’s wrong
w i t h

com p e t i t i o n ? ”
By JOHN A. MAYES
Mayes and W illiams Architects
Chicago, Illinois

RANK Lloyd Wright called it the “infernal triangle”
— the relationship which holds each principal mem­
ber of the building team responsible for his particular
duties.
In spite of the great amount written about the current
“buzz words” — construction management — one fact re­
mains clear; Virtually all public construction work and
most private work is awarded on a bid basis from plans
prepared by an architect directly responsible to the owner.
WHY? We shall examine here the reasons from a factu­
al, empirical viewpoint, backing up statements with actual
data obtained from a wide sampling of completed build­
ing programs. While we can assume reasons for certain re­
sults, it really doesn’t matter what the reasons are. The re­
sults speak for themselves.

Second, another problem is there will be no bidding at
all on the concrete, masonry or carpentry, usually done by
the general contractor. This represents 20% — 30% of the
job cost.
Third, and most importantly, how do we know we have
the best price? Table I is an actual tabulation of place­
ment of bidders on recent bank projects through our office.
Bidders shown have each built at least one bank for our
firm. They know what is expected of them. Table I shows
how they have fared in the bidding process. It becomes
obvious that we would be very lucky if we happened to
choose a low bidder without the bid process. Even one
contractor’s “track record” of five low bids of 14 projects
bid does not insure that the same bidder won’t be second,
third or fourth the next time.

Bidding Procedure
The customary bidding procedure is simple: —
Preliminary plans are prepared.
A budget is set, utilizing recent cost experiences of
similar buildings.
Working drawings are prepared, the budget being re­
versed if decisions vary from original desires.
Competitive bids are then taken from general contrac­
tors and principal mechanical contractors. (Bidders are
usually invited from a wide geographical range en­
circling the project in order to obtain numerous sub­
contract bidders, who normally give their bids to all the
general contractors. This competition helps bring costs
down. All invited bidders are preferred to be in the
same general category of ability and reputation, so that
the low bid can be accepted.)

Effect of No Bidding
How, then, does this affect the job cost?
Here are some actual percentages — eight projects
picked at random, ranging from $296,000 to $1,252,000.
How much higher was the average of the second place
bidders? For the general contractors, (about % of the to­
tal job) it was 5.2% higher; plumbing was 11.8% higher;
heating, ventilating and air conditioning was 4.7% higher,
and electrical was 8.1% higher.
Of course, there is no guarantee that a random selec­
tion of a contractor will give us even a second place bid­
der. If we look at the average bids of contractors, they are
even higher — resulting in an overall price increase of al­
most 16% (15.985%).
The worst possibility, of course, would be that this is
the time the bidder would have been seventh, eighth or
ninth. The project would have to be delayed while a bid­
ding process was instituted to bring the costs within reason,
providing original contracts could be voided. Time, and
money would have been wasted.

F

1.
2.
3.
4.

Contract Without Bidding
What if a contractor is selected without the bidding pro­
cess?
First, he does not get the advantage of others scaring
up sub-bids for him — he may get two painters but not
eight, and so on down the list of many trades.
N o rth w e s te rn B a nker, M ay

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1976

Bids on Actual Jobs
Table II is a listing of bids on actual jobs showing the

Will anyonecometoyour rescue
if your newbuildb^costs morethan
youplanned?

Usually not.
Often, after an architect completes his drawings
and a general contractor submits his bid, the price turns
out to be far higher than the original estimate. Where
does that put you? Will you have to pay the price, re­
vise the plans, delete parts of the building or scrap
the project?
Not if you're working with Bank Building Corpora­

B a n k B u ild in g
C o r p o r a t io n

We make sure
your site's right

tion. We quote you a guaranteed price even before you
invest in working drawings. If the completed cost ex­
ceeds the price we guaranteed, you pay only part of the
difference. We pay the rest. You see all raw costs. You
get virtually all of any savings, too. Think about that.
It could save you a lot. Call us. We have a man right in
your area.

Bank B u ild in g C orp ., 1130 H am p to n A v e., St. Lo u is, M O 63139
Please send m e a c o p y o f y o u r "C o n s u ltin g and D e v e lo p m e n t
S e rvices" b ro c h u re .
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Federal Reserve Bank of St. Louis

A ddress ----------------------------------------------------------------------------------------------------------- — ---------

called for a professional service type of organization,
which would award all separate contracts on a bid basis,
supervising and administrating those contracts as an im­
partial third party. In practice, the majority of practitioners
are merely converted general contractors, constructing
large portions of the project with their own employees —
thus not bid — and awarding subcontracts on the re­
mainder. The firms are just as reputable, capable and reli­
able as they are as bidders and they often work on bid
jobs also, if they do not have a full schedule of manage­
ment projects.
The argument is given by supporters of “construction
management” that if he is selected before plans are drawn,
his advice on materials, methods and costs can result in
a saving, presumably because architects do not really
know anything about these things. Is this true?

TABLE I
GENERAL CONTRACTOR PLACEMENT
ACCORDING TO BID AMOUNT ON
BIDDER
DIFFERENT PROJECTS
A
B
C
D
E
F
G
H
1
J
K
L
M
N
0
P
Q
R
S
T
U
V
W

1
1
1
1
1
1
1
1
1
2
1
1
3
1
2
1
1
2
1
1
1
4
1

1
1
2
1
2
2
2
3
1
2
3
4
4
3
6
1
3
2
6
1
3
5
5

1
1
4
1
3
2
4
4
3
2
4
5
6

1
3
6
1
3
2
4
4
4
3
5

1
3
6
4
5
5
5
8
5
4

2
4
7
6
7
5

2
5
7

11

7
5

8
7

6

6

6

7
7
2

3

4

2
6
9

7

range of bids obtained. All contractors, of course, have the
same plans. They can count each brick and pound of steel
in the building. The variance in bids is up to 73.3% higher
on the general contract, and up to 90.7% higher on the
mechanical trades.
So, why is construction management being promoted
so earnestly by that portion of the industry? If a general
contractor must bid a job, he must do his work efficient­
ly, without large mistakes, in order to make a profit. He
must bid low to get the job in the first place. On the other
hand, if he is selected before plans and price are estab­
lished, and is working on a percentage, he is guaranteed
a profit.
He can set a maximum price, of course, but he would
not compete with others. So, the price can be high enough
to eliminate risk, and even offer a rebate or “cost savings”
to the owner without giving up a good profit on the job.

What Actually Happens
Let’s see how some of the firms who are “construction
management” oriented actually fare in the bidding process.
These are marked with an asterisk on Table II. Bidding
from the same plans as all the others, not one firm primari­
ly doing its work on a “construction management” fee
basis was a low bidder! In fact, they averaged 13.6 high­
er, very close to our average bids. In each case, the sav­
ings from bid procedures were far greater than the archi­
tectural fees paid.
It appears that changes made at their direction would
probably not have resulted in reducing their costs down
to the low bid, and would most certainly have affected the
quality of the building. Changes made starting from the
low bid save money; from any other bid they just cheapen
the job with no savings.
Another argument for construction management is that
work can be started before plans are completed, thus sav­
ing inflationary increases incurred on time spent waiting
for plans and bids. On a large, long project this may have
some validity, but it can be seen from the actual bids that
savings from the bid procedure far outweigh yearly infla­
tion rates. In the case of bank capital, earnings on unspent
funds accrue to the owner, eliminating construction loan
costs. Also eliminated are extra costs often incurred when
concrete and masonry are installed before mechanical sys­
tems are completely designed and openings then might
have to be cut or moved.

Construction Management Theory
The original concept of construction management

Architect’s Responsibility
The primary responsibility of the architect should prop-

3
4
3
7
2
3
6

6

6

TABLE II
PROJECT

A

GENERAL CONTRACTORS
$606,444
LOW BID
OTHER BIDS % +

11.2%
13.4
*18.5
19.1
19.3
27.4
30.0
37.7

B
$382,000
0%
1.8
2.6
5.8
7.6
8.3
11.0
25.0

C
$349,443
6.5%
9.8
*11.0
11.5
*14.2

D
$610,593
3.3%
3.6
*4.2
*4.7
8.1
10.0
11.2
14.4

E
$203,507
4.6%
11.4
16.9
*26.2
38.1

F
$853,813
0.3%
*3.0
4.5
4.6
6.3

AVERAGE BID
+ 4 .1 %
+ 19.4%
+ 8 .8 %
+ 7 .4 %
OVERAGE %
+ 2 2 .1 %
+ 7.8%
"‘ Indicates those contractors primarily engaged in construction management on a fee basis
N o r t for
h w eFRASER
s te rn B anker, M ay
Digitized
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Federal Reserve Bank of St. Louis

1976

G
$677,577

H
$221,531

7.9%
12.1
13.4
13.6
18.7
73.6

7.9%
*29.4
47.0

+ 23.2%

+ 2 8 .1 %

39

PROJECT “ A ” ONLY-SHOWN FOR MECHANICAL TRADE BIDS

LOW BID
OTHER BIDS % +

AVERAGE BID
OVERAGE %

PLUMBING

HVAC

$ 6 1 ,8 4 0

$ 1 1 4 ,7 5 0

ELECTRICAL
$ 1 2 6 ,3 2 4

5 -1 %
9.4
3 8 .6

6 -2 %
7.9
11.4
12.8
14.0
27.8

3 .7 %
6.8
8.0
13.8
22.5
26.7
29.9

+ 1 7 .7 %

+ 1 3 .4 %

+ 1 5 .8 %

erly be to the owner, as exemplified by the long-standing
ethical standard of the American Institute of Architects
that “an architect shall not engage in building contract­
ing.” (This has recently been revised to require that the
architect inform the owner if a conflict of interest exists
which might influence the architect’s decisions on the own­
er’s behalf. It has enabled architects to enter into the man­
agement field, also, in a quest for more responsibility
and profit.)
The professional architect is placed in a peculiar posi­
tion. if he is paid by the builder. Questions of responsi­
bility, quality, integrity and allegiance could be com­
promised in favor of economics — the need to be paid.
Since there could be a question because of participation
of principals of our firm in Financial Facilities Corpora­
tion, a construction management company, it should be
clarified this operation specializes in pre-planned buildings

Conclusion
Finally, the common claim by unsuccessful bidders that
low bidders cannot complete a project is unfounded. It is
true some special projects and considerations may best be
served by a management type of operation. But experience
of our firm on more than 300 financial projects — virtually
all built by low bidders — confirms overwhelmingly that
use of competitive bids is still the most efficient and most
economical method. — End

AIB NEW PLATEAU . . .
(Continued from page 32)

gest benefit given to the employees of a bank, he com­
mented.

University classes under this new program. If we can work
with the State Board of Continuing Education and attain
such a program statewide, we could offer banking related
classes to about 90% of the bank employees in the state.
It will take several years to institute such a program state­
wide if it can be done.”
George E. Redd, president of the Utah County chapter,
reports his chapter has an affiliation with Utah Technical
College. The advantage is that education becomes the big-

Study Group Program
Although AlB’s success has mainly been due to its
formal education programs, there is latitude for individual
initiative. The Minnesota AIB, in cooperation with the
Minnesota Bankers Association worked together to devel­
op an AIB Study Group Guide Book to help those AIB
members not in chapters with their chapter study pro­
grams. The national organization has picked it up and is
reproducing it for distribution throughout the country. —
End.

for new and branch operations. All interior and equipment
are selected as a package available in varying sizes and de­
signs. However, we have found it best to receive bids from
the various trades in exactly the same manner as our cus­
tom architectural projects, utilizing local tradesmen and
contractors to do the work. This is not only good for con­
struction, it is usually good business policy for the bank.

varied issues that will affect bank mar­
ABA Marketing Conference
keting in the next 12 months.”
Hits Professional Concerns
The two-day conference, which will
The American Bankers Associa­
tion’s 1976 National Marketing Con­ be held at the Waldorf-Astoria, New
ference has been designed to zero in York City, May 16-18, will take a look
on all major professional concerns of at such topics as:
today’s bank marketing officer.
• The economic, legislative, and
Warner N. Dalhouse, chairman of operational developments that may af­
the conference and executive vice pres­ fect the condition of the industry dur­
ident, First National Exchange Bank, ing the next year, and the role market­
Roanoke, Va., noted that this year, for ing should play in light of these factors.
the first time, the ABA Marketing In the legislative arena, emphasis will
Conference will not be organized be placed on current financial reform
around a central theme. “We are fac­ proposals.
ing an age of uncertainty,” he said,
• The long-term efforts of market­
“and must broaden our scope and per­ ing decisions and how to avoid mak­
spective to include the many and ing decisions based only on short-term

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Federal Reserve Bank of St. Louis

profitability.
• A corporate view of the need for
a return to basic marketing concepts.
Featured speakers include John
McGillicuddy, president, Manufac­
turers Hanover Trust Co., New York
City; Terrence E. Renaud, chairman
of the board and president, Twin City
Bank, North Little Rock, Ark.; Stuart
Watson, chairman of the board, Heublein Corp., Farmington, Conn.; James
L. Hayes, president, American Man­
agement Association, New York City;
Dr. Robert W. Joselyn, associate pro­
fessor of marketing, University of Den­
ver, Colo., and a panel of editors from
Business Week magazine.
N o rth w e ste rn

B anker,

May

1976

40

W

H A T 'S

N E W

F

INANCIAL Systems Division of
Rand McNally has recently an­
nounced the release of a new Savings
Deposit/Withdrawal coupon system
which allows variance in the number
of coupons per book and several
changes of transit number within the
book. A special automatic re-order
feature eliminates the need to keep
track of each transaction or the need
for the consumer to send in an order
form to receive a new book.

In addition, each book can be per­
sonalized as to type of savings account,
ie: Golden Savings, Student Savings,
Instant Interest, etc. Vinyl jackets im­
printed with your institution name, a
register for insertion in the vinyl jacket
or registers inserted in the back of the
book are all standard features of this
new product. For more information,
write File 201, c /o Northwestern
Banker.

L

OCATED in the heart of the Uni­
versity of Wisconsin’s Madison
campus, the University office of First
Wisconsin National Bank was troubled
by the problem of serving as many stu­
dents as possible in as little time as

H

IGH-SPEED counterfeit detection
is offered by the new Brandt
Countess® Model 865/CDA, accord­
ing to James B. Quirk, sales promotion
manager for Brandt, Inc., Watertown,
Wis.
“This new unit is equipped with a
unique U.S. note Counterfeit Detection

possible. As many parents know, stu­
dents are dedicated check cashers.
Check cashing time has now been
reduced to only 20 seconds per check
through use of a Diebold Accelerated
Cash Terminal (DACT). Three times
as many check-cashing customers can
be serviced in the same time as the
bank could do it manually.
DACT accelerates check cashing in
this way. The customer presents the
check and the teller keys in the amount
of the check on the DACT keyboard.
That same amount appears on the
DACT display panel and on the op­
tional customer display panel. The
teller then pushes a “dispense’’ button,
and the cash door opens. The amount
of the check in currency is presented
to the teller who gives it to the cus­
tomer. A separate dispenser presents
any coins involved directly to the cus­
tomer.
DACT enables a teller to balance
out in five minutes at the end of the
day, instead of the 30 minutes a
P W P i ¿1 k/ I Ilf J
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R E C R E A T I O N A L V E H IC LE S
S n o w m o b ile s
B oats a n d M o to rs
T ra ve l T ra ile rs
M o to r Homes

A u to m o b ile s
Trucks
( 2 t o n o r less )
H ou se h old G o o d s
Farm M a c h i n e r y
M o to rc y c le s

ICT THESE LOANS AGAINST PHYSICAL DAMAGE L

call or write: G.D. VAN WAGENEN I
1006 Northwestern Bank Bldg., Minneapolis, Minn. 55402
(612) 333-226 1
Digitized
FRASER
N ofor
rthw
e s te rn Banker, M ay
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Federal Reserve Bank of St. Louis

1976

teller using regular procedures re­
quires, thanks to the DACT’s cumula­ T
tive register system. These registers
provide a summary of the different bill
denominations issued and of the coin­
age dispensed, plus a total number of
transactions.

Aid (CDA) with a built-in fail safe
system to alert the operator if the CDA
should become fully or partially inop­
erative,” he said.
Each note passing through the ma­
chine is tested for certain properties
of genuineness, according to Mr.
Quirk. Any note not satisfying the tests
will stop the machine and alert the op­
erator. The last note in the output hop­ *
per is the suspected forgery.
The Model 865/CDA counts cur­
rency at a rate up to 1200 U.S. Notes
per minute. It’s a compact, durable
unit, measuring only 14" wide by 14"
deep by 18.5" high. This small size is
ideal for any office or bank environ­
ment. At 26 pounds, the Model 865
has excellent portability and operates
quietly on any flat surface; desk, table
or countertop.
For more information, write File
221, c /o Northwestern Banker.

ACORN

S ale
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C lerk s E v e ry w h e re "
For in form a tio n

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THE ACORN PRINTING CO.
O akland, Iow a

41

v

IBAA OFFICERS elected at the 46th annual convention in Honolulu include, from left:
Treasurer— Howard H. Peters, pres., American State, Wessington Springs, S.D.; 2nd
V.P.— Ivan D. Fugate, chmn., Western Natl., Denver, Colo.; 1st V.P.— Edward A. Trautz,
pres., East Lansing State, East Lansing, Mich.; Pres.-— Charles O. Maddox, Jr., pres.,
The Peoples Bank, Winder, Ga., and Immed. Past Pres.— Kenneth J. Benda, pres., Hartwick State Bank, Hartwick, la.

IBAA Opposes Financial Reform Package
C ONCERN about the package ap­
proach to financial reform domi­
nated the 46th annual convention of
the Independent Bankers Association
of America held recently at the Shera­
ton Waikiki Hotel in Honolulu.
Criticism of the proposed Financial
Reform Act of 1976 was expressed in
a position statement unanimously
adopted by the delegates at a special
session. So that IBAA leaders could
travel to Washington, D.C., to testify
on the legislation March 18, the asso­
ciation departed from its usual conven­
tion procedure by advancing election
of officers one day.
The new president, Charles O. Mad­
dox Jr., president of The Peoples
Bank, Winder, Ga., and the new sec­
ond vice president, Ivan D. Fugate,
board chairman of Western National
Bank, Denver, Colo., flew to the na­
tion’s capital immediately after the
March 16 session.
The convention also advanced Ed­
ward Trautz, president of East Lansing
(Mich.) State Bank, to first vice presi­
dent. Howard H. Peters, president
of American State Bank, Wessington
Springs, S.D., was named treasurer,
succeeding William P. Givens, presi­
dent of The Merchants National Bank,
Muncie, Ind.
Immediate Past President Kenneth
J. Benda, president of Hartwick State
Bank, Hartwick, la., presided at con­
vention events.
Electronic funds transfer (EFT)
was another high priority issue for the
bankers. The association successfully
brought suit last year against the

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Federal Reserve Bank of St. Louis

Comptroller of the Currency for per­
mitting unregulated and nationwide
use of EFT. IBAA charged that the
devices were branches, operating in
violation of state branching law. The
U.S. Dsitrict Court in Washington,
D.C., concurred and ordered a perma­
nent injunction against implementation
of the Comptroller’s ruling. The suit
is currently under appeal, but the
adopted resolution endorses continued
efforts to obtain affirmation of the
judgment of the Washington District
Court.
Dale Reistad, president of Payment
Systems, Inc., of New York City, ex­
plored the fate of the independent
banks in the face of the electronic
banking phenomenon and urged con­
certed action on the part of the banks.
“You will survive in EFTS,” he pre­
dicted, “because you must. The key
to survival is preparedness. You can­
not ignore the issue.”
In other resolutions, IBAA:
* Urged continued opposition to
federal savings and loans’ acquisition
of banking powers while maintaining
favored reserve and tax status;
* Encouraged subjecting multibank
holding companies to state control;
* Suggested limiting holding com­
pany expansion to a percentage of
statewide commercial bank deposits;
• Opposed further geographical ex­
pansion of branch banking;
° Supported compliance by federal
s&ls with applicable state branching
laws;
• Opposed interstate mergers;
• Endorsed tax equality between

thrifts and commercial banks;
• Asked for a revamping of the
method for challenging bank regula­
tions and orders;
• Encouraged the continued forma­
tion of state associations.
• Called for an equitable support
price under basic crops;
• Urged the Administration and
Congress to take whatever action may
be necessary to assure the American
farmer free and uninhindered access
to world markets;
• Supported protection of livestock
producers and their rural bank lenders
if a packer fails to pay for livestock
purchased;
• Reaffirmed its request that Con­
gress fund and the Administration im­
plement all of the programs authorized
under the Rural Development Act;
• Urged the adoption and enforce­
ment of federal regulations to insure
that the quality of grain sold for ex­
port does not deteriorate as it travels
from America’s farms to foreign ports;
and
• Supported relief of federal estate
and gift tax burdens imposed on in­
dividuals whose estates consist of land
used for agriculture production and
small businesses.
Following association standing com­
mittee reports, participants in the con­
vention’s first general session heard Dr.
James D. McQuigg of the U.S. Com­
merce Department’s Center for Cli­
matic and Environmental Assessment,
analyze the link between environment,
climate and food supply.
Featured at the second business ses­
sion was Dr. John Bowyer, professor
of finance at Washington University
Graduate School of Business Adminis­
tration in St. Louis, Mo. Dr. Bowyer
sized up the economic prospects for
the coming year, forecasting modest
interest rate increases, but concluded
by saying “It would seem almost in­
evitable that the nation is headed for
one more period of large deficits, high
interest rates and rampant price infla­
tion after the election.”
Best-selling author Dr. William No­
len later delivered a personal testi­
mony on leading a full life after under­
going heart surgery.
More than 2,300 members and their
families from 43 states attended the
convention. Next year the association
will stage its 47th annual convention
at the Washington Hilton Hotel in
Washington, D.C., March 14, 15 and
16, 1977. — End
N o rth w e ste rn

B anker,

May

¡976

42

Convention
Calendar
Ma> 13-14— Sonili Dakota Bankers Associ­
ation 84th Annual Convention, Howard
Johnson’s, Rapid City.
May 13-16— NABW Rocky Mountain &
Western Regional Conference, Hilton Inn.
Albuquerque.
May 16-18—-ABA National Marketing Con­
ference, Waldorf Astoria, N. Y.
May 16-18— Nevada Bankers Association
57th Annual Convention, MGM Grand
Hotel. Las Vegas.
May 16-19— BAI Forum for Presidents of
Smaller Community Banks, Dorai Coun­
try Club, Key Biscayne, Fla.
May 17-19— ABA Northeastern Regional
Bank Card Division Conference, The
Americana. N. Y.

May 19-21—North Dakota Bankers Associ­
ation 91st Annual Convention, Holiday
Inn, Bismarck.
May 20-22—-NABW Northwestern Regional
Conference, Hilton Hotel, Portland.
May 22-25—-Illinois Bankers Association
85th Annual Convention, Stoulfer’s Riverfront Towers, St. Louis.
May 23-26—-RMA Financial Statement
Analysis, Airport Marriott, Chicago.
May 23-26— RMA Financial Statement
Analysis Workshop, Airport Marriott.
Chicago.
May 23-27'—National Association of Credit
Management 80th Annual Convention,
New York Hilton.
May 23-28— BMA Essentials of Bank Mar­
keting Course, University of Colorado,
Boulder.
May 23-June 4— BM A School of Bank Mar­
keting, University of Colorado, Boulder.
May 24-25—-ABA National Conference on
Urban & Community Economic Develop­
ment, Loews L’Enfant Plaza Hotel, Wash­
ington, D.C.
May 24-27— Association of Registered Bank

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challenge you to your favorite game with an "eagle" of an offer .

3 DAYS &
2 NIGHTS

per pers., dbl. occ.

A surprise package the whole fam ily
will love:
Delightful accommodations» 3-Day
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on 5 Har-Tru courts » G O L F on a
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Join us now for a country club
holiday of active sports, superb
dining in our own charming
restaurant, and nightly dancing.
We're 7 miles from Ft. Myers.
And very out of the ordinary.

CAPE CwRAL
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CLUB INN
A Sun Country Resort

CAPE C O R A L , F L O R ID A .
For information and reservations, telephone:
Outside of Florida, T O L L F R EE 800-327-8779.
Inside Florida, T O L L F R EE 800-432-8251.
In Miami 4 42-7200

N o rth w e s te rn B anker, M ay
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1 9 76

Holding Companies 18th Annual Meeting,
Grosvenor House, London.
May 26-28—NABW Lake, Midwestern and
North Central Regional Conference,
Stouffer’s Riverfront Inn, St. Louis.
May 30-June 4— BMA School of Trust
Business Development and Marketing,
University of Colorado, Boulder.
May 31-June 2— AIB Annual Convention,
Chase Park Plaza Hotel, St. Louis.
June 6-18— ABA Stonier Graduate School
of Banking, Rutgers University, New
Brunswick, NJ,
June 9-11—Wyoming Bankers Association
68th Annual Convention, Jackson l ake
Lodge, Moran.
June 11— ABA Board of Directors Meet­
ing, ABA Headquarters, Washington, DC.
June 13-15— BMA Bank Planning Confer­
ence, Drake Oakbrook, Oakbrook, 111.
June 13-16— ABA National Operations &
Automation Conference, ABA Headquar­
ters, Washington, DC.
June 13-16— Minnesota Bankers Association
86th Annual Convention, Radisson South
Hotel, Bloomington.
June 13-16— Idaho Bankers Association
69th Annual Convention, Sun Valley
Lodge.
lune 17-18— Oregon Bankers Association
71st Annual Convention, Valley River
Inn, Eugene.
June 20-22— Washington Bankers Associa­
tion 80tb Annual Convention, SheratonSpokane.
June 20-23— Utah Bankers Association 68th
Annual Convention, Sun Valley Lodge,
Idaho.
June 23-26—M ontana Bankers Association
73rd Annual Convention, Sun Valley Hotel, Idaho.
July 11-23— ABA School for International
Banking. University of Colorado, Boulder.
July 18-21— ABA I&PD Risk Management
in Banking Seminar, University of Colo­
rado, Boulder.
July 19-23— ABA Bank Card School,
Northwestern University, Evanston, III.
July 22-24— Iowa Independent Bankers An­
nual Meeting and Convention, The New
Inn, Okohoji.
July 25-31— ABA Operations/Automation
Division Business of Banking School, New
England Center, Durham, NH.
August 1-6— ABA The National School of
Real Estate Finance, Ohio State Univer­
sity, Columbus.
August 1-13— B AI School for Bank Ad­
ministration. University of Wisconsin,
Madison.
August 6-8— BAI The Graduate Program
in Bank Administration, University of
Wisconsin, Madison.
August 14-20— BMA Graduate Course in
Bank Marketing Management, University
of Wisconsin, Madison.
August 16-27— ABA National Trust School/
National Graduate Trust School, North­
western University, Evanston, III.
August 19— ABA Board of Directors Meet­
ing, Hyatt Regency O'Hare, Chicago.
August 19-20— ABA Governing Council
Meeting, Hyatt Regency O’Hare. Chicago.
September 8-11— ABA Western Regional
Trust Conference, Sahara Tahoe, Lake
Tahoe.
September 12-14— BMA EFTS Conference,
Hotel Toronto, Toronto.
September 12-15— ABA Bank Card Annual
Convention. FIyatt Embarcadero, San
Francisco.
September 12-17— RMA Loan Management
Seminar, University of Indiana, Bloom­
ington.
September 19-21— BMA Public Relations
Conference, Chicago Marriott Hotel, Chi-

r
r

^

-c

*

*

A
y.

v
a

43

Instant Auto Teller

SHREWD
BUYERS
AUTOMATE
W ITH
AUTOMATIC
COIN
WRAPPERS
A

MODULAR instant auto teller,
6 feet by 8 feet in size, has been
developed to solve problem areas in
drive-in banking.
The new pre-built units can be de­
livered three weeks after the order is
placed. Hook-up is simplified, and no
special foundation is required. Equip­
ment includes drive-in window, teller
pedestal, cash tray, open/closed sign,
electric heat/air conditioning, carpet­
ing, counter tops, alarm and telephone
conduit.
Exterior treatment is of stone agate
and cedar paneling, plus fiber glass
roof and soffitt.
The units can be usedTor quick ex­
pansion of present facilities, or for a
temporary facility during remodeling.
Purchase or lease plans are available.
Write File 501, c /o N orthwestern
Banker.

1st of St. Louis Ad Campaigns
Receive 14 Awards
The 1975 advertising campaigns of
First National Bank in St. Louis have
received 14 awards, including a silver
medal in the New York annual com­
petition of the International Film and
TV Festival.
First National’s local television cam­
paign promoting its Personal Banker
concept was selected to receive the sec­
ond place silver medal in the New
York competition. The same campaign
was recognized for outstanding creativ­
ity in the Hollywood annual competi­
tion of the U.S. Television Commer­
cials Festival.
The bank received seven Addy
Awards in competition sponsored by
the Ninth District of the American
Advertising Federation and four Flair
Awards from The Advertising Women
of St. Louis, Inc.

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

- .

TRADE MARK

A U TO M A T IC

C O IN

WRAPPERS

m Precision made on special machines from finest quality
materials.
» "Patented Red Bordered Windows automatically indicate
the total amount and denomination of contents.
■ Diameter of coin automatically positions value of contents
in red window openings.
■ Save time for tellers, buyers, stockkeepers and depositors.
Eliminate errors.
* For years a favorite with leading banks and financial
institutions.
m Wrap all coins from 10 to $1.00 in following amounts:
500 in pennies
$10 in quarters
$2 in nickels
$10 in halves
$5 in dimes
$20 in dollars
• Packed 1,000to a box. Tapered edges. Available Imprinted.
For details on other high quality “ Steel-Strong" Coin Handling
Products, call your dealer or send coupon.

T h e C . L . D O W N E Y C O M P A N Y / HANNIBAL, MISSOURI. DEPT. N
PLEASE SEND FREE DETAILS ON “ STEEL-STRONG" COIN HANDLING PRODUCTS TO:

Name _________

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-:A
*■ R O U N D

MONEY

FINEST IS " S T E E L - S T R O N G "
■ T-_H__E________________________
___________
N o rth w e s te rn

Banker,

May

1976

44

Continental Adds to EFT Network
WO MAJOR additions to its elec­
T
tronic banking network have been
announced by Continental Bank of
Chicago.
The first development, involving
Milwaukee Midland National Bank,
will provide the first inter-state elec­
tronic link in the midwest. During the
third quarter of 1976 a computer link
will be established between the two
banks, enabling Midland’s customers,
and customers of 48 s&ls in Illinois and
Wisconsin for whom Midland handles
data processing, to share Continental’s

electronic network at National and
Dominick’s supermarkets in the Chica­
go area.
Continental has established a simi­
lar link with the Federal Home Loan
Bank of Chicago to give s&l custom­
ers access to Continental’s electronic
supermarket terminals.
Since June, 1975, Midland has op­
erated a network of POS terminals in
14 Milwaukee area Jewel Co. super­
markets, through which s&l customers
can cash checks and deposit to or
withdraw from their savings accounts.

Midland has begun installation of addi­
tional POS terminals at 37 Piggly Wig­
gly supermarket locations in Wiscon­
sin and plans to add a third retailer to
its system late this spring.
The second development at Conti­
nental is the addition of a third super­
market chain — Treasure Island Food
Mart Inc. — to its Chicago area elec­
tronic network. Terminals will be in­
stalled in the stores in June and com­
pleted during the third quarter of this
year. Treasure Island presently has
seven stores and plans to open an
eighth in June. The supermarket will
issue its customers a personal checkcashing card, giving customers access
to the terminals for automatic check­
cashing authorization. Continental cus­
tomers also may use their Automatic
Banking Cards at Treasure Island
terminals for check-cashing.
Continental also operates similar
electronic check authorization systems
at 137 National Food Stores and 62
Dominick’s Finer Foods supermarkets
in the Chicago area. Addition of the
eight Treasure Island stores will bring
to 207 the number of Chicago-area
supermarkets sharing in Continental’s
network.

r

<
<

I H S H i m , STAY AT THE

Every banker has them —problem loans with seem­
ingly insufficient or unsatisfactorily controlled col­
lateral. And because business will be looking to their
banks more and more for expansion capital, the prob­
lem will be compounded, not sim plified.
Douglas-Guardian has been in the business of
uncom plicating inventory collateral for banks and
the ir customers for over 50 years. We sim ply bring
our Traveling Credit to the situation in the form of
Field Warehousing. We are doing it every day for
banks just like yours. We would like to work with
you on your current “ problem c h ild .”
Together we m ight be able to turn
him into a little angel.

Jal<çjJÎ)ore
SbriveSíokl
THE BEST LOCATION
IN TOWN . . .
fUlill

¥■

STEPS EAST OF MICHIGAN AVE.
Lake Michigan and the Park at
your front door * Adjacent toj
business district and Michigan
Ave. shops • Spacious Rooms and
Suites (some with Kitchen & Bar)
• Complimentary continental
breakfast • Complete hotel serv­
ice * Meeting and Banquet facil­
ities up to 300 persons.
WRITE TODAY
D IN IN G A T
FOR BROCHURE
& TARIFF
DONALD 0. CRONIN,
E A 5 T Gen. Mgr.

SageS

Douglas-Guardian Warehouse Corporation
P.O. Box 52978, New Orleans, La. 70152, Phone (504) 523-5353
Offices in 15 principal cities

N o r tfor
h w FRASER
e ste rn B a n ker, M ay
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1976

*

181 EAST LAKE SHORE OR.
C H IC A G O , ILL. 6 0 6 1 1

(3 1 2 ) 7 8 7 - 8 5 0 0

45

y

Y Q II'lf f
HAD A ROUGH
T IM E !
It’s been a rough year for
commercial lending. Many established
businesses didn’t make it through the
recession, and banks were often left
with inadequate collateral to cover
loans. Many banks brought SLT into
their problem loan situations and we
helped them control and liquidate
collateral without a loss, or at
least a minimum loss. But that
was after the fact.
Now that the economy is turning
upward, banks will be called on more
than ever to finance expansion. Your
problem of course, will be how to do
this profitably.
Try talking to your SLT
representative. We can help you put
together a collateral package based
on inventory to insure a s a fe lo a n
r ig h t fr o m th e s ta r t. We know we
can help you make new loans to
your customers and avoid the
pn blems of the past year. Since
we introduced our Field
Warehouse service over fifty
years ago, SLT has been helping
banks and industry work
together. If you feel that we can
help you, please let us know.
Before the fact.

*
►

SLTWAREHOUSECOMPANY
P.0. Box 242, St. Louis, Mo, 63166 • 314/241-9750 * Offices in Major Cities

NATIONWIDE COLLATERAL CONTROL SERVICES


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

N o rth w e ste rn

Banker,

May

J976

46

500 Attend Annual Meet of
United Missouri Bancshares
Approximately 500 investors, busi­
ness leaders and banking executives
from across Missouri and the Midwest
were in Springfield, Mo., last month
for a luncheon and seminar in con­
junction with the annual meeting of
United Missouri Bancshares, Inc.
United Missouri Bancshares, Inc.,
the fifth largest multibank holding
company in the state with 18 banks,
is based in Kansas City and the par­
ent company of United Missouri Bank
of Springfield. Attending the business
meeting and seminar following the
meeting were the major shareholders

in the company, directors and top
management of the United Missouri
Banks. An additional 250 business­
men from cities served by the United
Missouri Banks in Southwestern Mis­
souri, including Springfield, Joplin,
Carthage and Moneti attended the
luncheon and seminar.
The holding company, headed by R.
Crosby Kemper, chairman of the
board, has 18 affiliate banks. In addi­
tion to Springfield, there are five
United Missouri Banks in the Kansas
City area, four in the St. Louis area
and banks in Boonville, Brookfield,
Carthage, Jefferson City, Joplin, Mi­
lan, St. Joseph and Warrensburg.

a d a p tiv e
a d a p t i v e \ e-' dap-tiv \ adj: 1. S how ing or h a v in g
cap a city for or ten d en cy to w ard s a d a p ta tio n .
2. A d ju stin g to e n v iro n m en ta l conditions: a s
a: a d ju s tin g ... to th e in te n sity or q u a lity of
stim u la tio n b: m o d ify in g ... (to become) m ore fit
for existence u n d er th e conditions of th e
en v iro n m en t.
All credit insurance program s are not alike. Plans ...
perhaps. Programs ... NO! Our cre dit insurance program s
are different. Because w e’re adaptive. We m odify our credit
insurance program s to meet the many diversified needs of
your financial industry.
We are also in the great tra dition of our parent Company,
Mutual of Omaha. You can see this reflected in our
innovative insurance program s. Our com puterized billing
statements. And our personalized service.
We’re adaptive. We’re the St. Paul Hospital & Casualty
Com pany ... credit insurance specialists.
Call collect (612) 854-4515
o r w r i t e to:

St. Paul Hospital & Casualty Company
7850 Metro Parkway, Suite 304
Bloomington, Minnesota 55420
A TTN: Jack Fortner, Vice President, Sales

St. PflulQ
Hospital & Casualty
A M u tu a l o f O m a h a

C o m p an y

Home O ffice: B lo o m in g to n , M innesota
N o rfor
t h wFRASER
e ste rn Banker, M a y
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1976

Acquisition of the Gillioz Bank and
Trust Company in Monett is pending
the approval of regulatory authorities.

C.M.E. Is Ahead of 1975 Pace
Trading volume on the Chicago
Mercantile Exchange and its two divi­
sions was ahead of the record pace of
1975 for both March and the first
quarter, but was below 1973 totals,
Everette B. Harris, president, an­
nounced.
This apparent paradox came about
because 1975 started slowly and then
came on strongly, setting monthly rec­
ords in seven of the final eight months,
whereas 1973 started at a swift pace
and tapered off somewhat toward the
end of the year.
Both 1973 and 1975 were record
years, the only two in which more than
5.5 million contracts were traded on
the C.M.E.

B of A Develops New Tool
For Investment Service
Bank of America’s trust department
has announced completion of a unique,
computer-based information retrieval
and analysis system designed to
strengthen investment service to its
thousands of accounts.
The Portfolio Inquiry and Manage­
ment System gives the bank’s invest­
ment managers immediate access to
historical, current and projected infor­
mation about an extensive list of com­
panies. Information is displayed on
terminals linked to a central data base
in Los Angeles.
“This sophisticated new system is
a first in the industry and has become
the cornerstone of our investment ap­
proach,” said James R. Morse, trust
department vice president. “Its goal is
deceptively simple: to improve the
quality and efficiency of the decision­
making process so that the best possi­
ble investment ideas impact every B
of A account. The system allows our
investment managers to bring the latest
and best research information to bear
on each portfolio at its current market
value.”
“We’ve invested more than six years
of research and nearly $2 million in
looking for solutions to these prob­
lems,” he said. “I feel that this system
utilizes the latest technology in increas­
ing personal attention to individual ac­
counts.”

47

Heads Lending Division
H P HE NEW chairman of the Com-*• mercial Lending Division of the
American Bankers Association will be
Harry S. Meily, vice chairman of Se­
curity Pacific National Bank, Los An­
geles. Mr. Meily and other officers of
the division were elected during the re­
cent 28th Annual National Credit
Conference of the ABA in Atlanta,
Ga. They will take office during the
ABA’s 1976 convention next October.
Serving as vice chairman will be
Ralph B. Gilpatrick, Jr., senior vice
president of Mellon Bank, Pittsburgh.
Among the 18 persons elected to
serve on the division’s executive com­
mittee are these members from mid­
west states:
• Richard F. Ford, president, First
National Bank in St. Louis.
• E. Phillips Giltner, president,
First National Bank of Omaha.
• E. Norman Staub, vice chairman,
The Northern Trust Company, Chica­
go.
• Thomas L. Wright, president,
Bankers Trust Company, Des Moines.
Dan W. Mitchell, president of Rob­
ert Morris Associates and president of
Old National Bank in Evansville, Ind.,
will serve as an ex officio member of
the executive committee.
Members of the division’s advisory
council will be Charles E. Woodruff,
vice chairman of Manufacturers Han­
over Trust Company, New York, and
A. Robert Abboud, chairman of First
National Bank of Chicago.

Central National, Chicago,
Gets $10 Million New Capital
Central National Chicago Corpora­
tion, holding company for Central Na­
tional Bank in Chicago, has announced
the completion of a program to add
$10,000,000 to its capital funds.
The program provides for the in­
vestment of $6 million in new converti­
ble preferred stock of Central National
Chicago Corporation by two of its ma­
jor shareholders, F. H. Prince & Co.,
Inc. and the Regnery family and their
respective interests. The balance of the
new capital was provided by Conti­
nental Illinois National Bank and
Trust Company of Chicago and The
First National Bank of Chicago, both
of which invested in new subordinated
capital notes of Central National Bank.
The completion of the capital fi­
nancing program brings the capital
funds and reserves of the bank to
$42.7 million.

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

W hen
1
the talk
turns to
1=
hospital
financing...
tu rn

to

Z ie g le r .
It's a matter of good judgement to contact Ziegler before
making a commitment. This is true, because you'll be
tapping a well of specialized experience exceeding that
of any other source.
Nobody knows more about serving the capital needs
of hospitals, schools and geriatric-care facilities than
B. C. Ziegler and Company. We've been at it for well over
60 years — in which time we've underwritten well over
$2 billion in institutional financing. . . all over America.
Our bond issues cover a broad range —$500,000 to $40
million —conventional and tax exempt.
We market bond issues to a wide cross-section of the public
— not to just a few large investors. Your local hospital's
financial control is protected. Our coast-to-coast facilities
assure fast action, too.
From the standpoint of your own portfolios and those of
your bank's customers, consider this fact: many of our
issues currently have bonds yielding over 9%.
If your local hospital needs financing, write or telephone
collect. Offices in leading cities, coast to coast.

B.C. Ziegler and Company
West Bend, Wisconsin 53095 • Phone (414) 334-5521
One of the financial service arms of The Ziegler Company, Inc.

J
N o rth w e ste rn

Banker,

May

1976

48

"A m an’s got to get some m ud on his boots
before he’s any use out h o « .”
'lhe city is the city.
The country is the country.
That’s a difference we’ve always
appreciated at American National.
And so we offer our correspondents several unusual services
specially developed to meet the
needs of banks outside the big city. |
For example, we have an
automated bond accounting service
that can streamline your investment
pricing, and the accounting on your
whole investment portfolio.

T

And we can offer you a whole range ot
management tools, from expense
reporting systems to employee
benefit programs.
We’ve also staffed our corre­
spondent department with people
who understand the unique needs
of a small city bank. From personal
experience.
One of them is Mike Byrne.
And we hope you’ll call him the
next time you need the kind of help
that only a big-city bank can offer.

AND TRUST COMPANY OF CHICAGO

LaSalle at Washington/LaSalle at Wacker 60690/Phone (312) 661-5000/Member FD1C

Digitized
N o r tfor
h w FRASER
e s te rn B a n k e r , M a y
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

\9 7 §

Illinois

49

News

Illinois Bankers Association
85th Annual Convention
May 23-25
St. Louis
A RTHUR F. Busboom, president of the Illinois Bankers Association (IBA),
has announced a distinguished list of speakers to address the 85th annual
IBA Convention May 23-25. The meeting will be held at Stouffer’s Riverfront
Tower in St. Louis.
Featured speakers include: William Colby, former director of the CIA;
Dr. Pierre Renfret, Boston Associates, Inc., management consulting firm; Con­
gressman John B. Anderson; St. Louis Mayor John H. Poelker; Daniel N. Quig­
ley, vice president, National Boulevard Bank of Chicago; G. J. Van Doren,
Chase Manhattan Bank, New York, N.Y.; and William C. Gerstner, executive vice
president, Illinois Power Company, Decatur, who will speak on “Energy Alter­
natives and the Nuclear Option.”
Officers of the IBA are President Busboom; vice president, Ray G. Livasy,
president, Milliken National Bank, Decatur; second vice president, John R.
Montgomery, president, Lakeside Bank, Chicago, and Treasurer, Wallace Rich,
president, First National Bank of Cobden.
The convention program follows:
Sunday, May 23
P.ivl.
12
Registration desk and exhibit area open— North Exhibit Hall.
1:30 Executive committee meeting— President’s Suite.
3
Council of Administration meeting— Daniel Boone Room.
6
Past president’s and past treasurer’s dinner and their wives— Eugene
Field Room.
Monday, May 24
A.M.
8
Graduate School of Banking breakfast— Daniel Boone Room.
8:306
Registration desk and exhibit area open— North Exhibit Hall.
9:30 First General Session— Mississippi and Illinois Rooms (lower level).
Presiding: Arthur F. Busboom, president, Illinois Bankers Association
(IB A ), and president, Bank of Rantoul.
Presentation of Colors: Scott Air Force Base Color Guard.
Invocation: Father Daniel C. O’Connell, president, St. Louis Univer­
sity.
Welcome: John H. Poelker, mayor of St. Louis.
Address: Congressman John B, Anderson.
Address: Dr. Pierre Renfret, Boston Associates, Inc.
BANKPAC Presentation: William A. Glassford, treasurer.
ABA meeting on elections— John R. Montgomery, III, ABA state vice
president for Illinois and president, Lakeside Bank, Chicago.
Report of the IBA committee on nominations: Donald R. Lovett, Dix­
on National Bank,
Door prize drawing.
12
50 Year Club Luncheon— Daniel Boone Room.
11-4
Ladies Luncheon.
Tuesday, May 25
A.M.
8:30 Registration desk and exhibit area open—North Exhibit Hall.
9:30 Second General Session— Mississippi and Illinois Rooms.
Panel Discussion— Report on IBA EFTS Feasibility Study: Daniel
N. Quigley, vice president, National Boulevard Bank, Chicago, and
a representative from Peat, Marwick, Mitchell.
Address: G. J. Van Doren, Chase Manhattan Bank, New York, N.Y.
Energy Alternatives and the Nuclear Option: William C. Gerstner, ex­
ecutive vice president, Illinois Power Company, Decatur.

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

A.

F. B U S B O O M

R. G. L IV A S Y

G . W . RICH

DR. P. RINFRET
N o rth w e s te rn

R. C. SCHRIMPLE

J. R.
M ONTG OM ERY

0.

II I

N . Q U IG LE Y

W . C. GERSTNER
Banker, M a y

1 9 /6

50

Illin ois

11:30
12
P.M.
2

6

News

ald D. Anderson, Robert T. Brust, Thomas
E. England, Donald H. Fritz, Robert L.
Leininger, Robert J. Milinsky and Jeffrey R.
Wämser, district managers.

Door prize drawing.
Speakers table reception— Lewis and Clark Rooms
Convention Luncheon— Missouri and Meramec Rooms.
Presiding, Arthur F. Busboom.
Address: William Colby, former director of the C.LA.

Elected at Wood Dale
Harland D. Joe Osborne has been
elected to the board of the First Securi­
ty Bank of Wood Dale. Fie is execu­
tive secretary/manager of Greater
Chicago Lodge No. 3 of the Loyal Or­
der of the Moose in Wood Dale.

Third General Session— Mississippi Room.
IBA annual meeting and business session.
Election of officers for 1976-77.
Constitution amendment on change of election of officers.
Adoption of proposed resolutions.
Annual reports— Messrs. Busboom and Schrimple.
Speaker’s Table Reception— Lewis and Clark Room.
Reception—West Assembly Area.
Banquet— Grand Ballroom.
Presiding: Mr. Busboom.
Entertainment: Stan Kenton and his Orchestra.

Rolling Meadows Bank Elects
Vice President and Cashier
Charlotte H. Burzlaff has been
elected vice president and cashier of
Plum Grove Bank
in Rolling Mead­
C
ows. She formerly
was an operations
officer at
the
American NationBank & Trust
You Will See Them at the 85th Annual
Company in Chi­
Illinois Bankers Association Convention
cago.
Ms. Burzlaff be­
T HE following metropolitan bankers and president; Richard M. Rathgeb and Michael
gan
her banking
D.
Iffier,
assistant
vice
presidents,
and
service and equipment dealers have in­
C. H. BURZLAFF
career in 1949 at
dicated that they will be attending the Illi­ Charles L. Mountz, commercial banking of­
nois Bankers Association’s 85th annual con­ ficer.
American National as an instalment
Mercantile Trust Company: James A.
vention in St. Louis May 22-25.
Smith, senior vice president; David T. lending clerk. She was named an of­
Chicago
Stoecker, vice president; Jerald L. Flesch- ficer in 1974.
7

The American National Bank and Trust
Company: Allen P. Stults, chairman; Wil­

liam G. Ericsson, president; Charles W.
Woodford, administrative vice president;
James A. Carlson, vice president; Wayne
M. Grove and Ted C. Axton, second vice
presidents; Richard E. Akin, Michael J.
Byrne, Douglas E. Croft and Michael J.
Hennessy, correspondent banking officers,
and Warner B. Frohman, agricultural of­
ficer.
Drovers National Bank: Philip M. Lewin,
pres., George L. Barr, executive vice presi­
dent; Joseph P. Valenti, senior vice presi­
dent, Robert F. Corey, senior vice president,
and Bernard Miller, vice president.
National Boulevard Bank: Henry K.
Gardner, president; Glen E. Smith, vice
president, correspondent banking; Daniel
Quigley, vice president, personal banking,
and H. Peter De Rosier and Brendan S.
Heintz, assistant vice presidents, cor­
respondent banking.
New York
Chase Manhattan Bank: John C. Harris,
second vice president, and Ernest A. Church,
assistant treasurer.
Manufacturers Hanover Trust Co.: George
Bennett, vice president, and John Richards,
assistant vice president.
St. Louis
First National Bank: Clarence C. Barks­

dale, chairman and chief executive officer;
Richard F, Ford, president and chief operat­
ing officer; Edwin S. Jones, chairman of the
executive committee; Frank K. Spinner,
senior vice president; David M. Culver, vice
N o r for
t h wFRASER
e s te rn B a n ker, M ay
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1976

ner, assistant vice president; and Stephen
Green and Robert J. Mathias, representa­
tives.
Bank Equipment and Other Firms
American Express Company: William A.

Barnett, Jr., regional vice president; and
Bobby E. Graham and Colleen K. Wil­
liams, district sales managers.
Bank

Building Corporation, St.

Louis:

Richard Engstrom and Lyell McEldoon,
consultant services managers.
Bank Consultants of America, Denver:

Doug Baken, Chuck Loop, Wayne Shaw,
Bob Schutt and Marvin Knedler.
Brandt, St. Louis, Mo.: Burgess A.
Brooks, Cliff Bense, Bill Welch, Craig
Welch, D. A. Miller and Edward Bruns.
CMI Investment Corporation, Madison:

Bill O’Brien, Bob Nevitt and Dennis Oliver.
Mosler, Hamilton, Ohio: Barney Cross,
St. Louis; Bob Cardozo, Peoria; Tony Giuntoli, Bill Smith, Keith Eytcheson, Jim Pinney, Chicago, all sales representatives, and
Steve Talmadge, Chicago, Teller-Matic spe­
cialist.
North Central Companies, St. Paul,
Minn.: Ralph Erwin.
Scarborough and Company, Chicago:

Richard W. Marshman (marketing), Rich­
ard Benjamin, David Hopson, and Ronald
Fredriksen, vice presidents.
Travelers Express Company, Minneapo­
lis: Richard T. Sands, midwest region man­

ager, and Randy Young, area supervisor.
USLIFE Credit Life Insurance Company,
Schaumburg, 111.: James E. Lee, vice presi­

dent of marketing; Joseph H. Zearing and
Robert W. Eller, field vice presidents; Ron-

Bank of Elmhurst
Promotes Three
The Bank of Elmhurst has an­
nounced the recent promotions of
Richard A. Conrad to assistant vice
president and Lily Harkins and Z.
John Koper to assistant cashiers.
Mr. Conrad, formerly assistant cash­
ier, joined the bank in early 1973. He
had served as manager of teller oper­
ations at the Addison State Bank for
two years. Mrs. Harkins, formerly as­
sistant to the head bookkeeper, has
been with the bank since 1970. Mr.
Koper joined the bank in late 1974.
Gladstone-Norwood Bank
Elects Barrett Cashier
The Gladstone-Norwood Trust and
Savings Bank recently elected Vincent
P. Barrett vice president and cashier.
Mr. Barrett has had extensive bank­
ing experience with several Chicago
area banks. He was an assistant cashier
with Sears Bank and Trust Company,
a vice president of the Palos Bank and
Trust Co., and vice president and cash­
ier of the Golf Mill State Bank, Niles,
when it opened in November of 1963.

51

Work with a banker
who knows what his bank
can do for you.

At First National Bank in St. Louis, our corre­
spondent bankers are trained in what our bank can
do for you. Across the board. Department by
department.
The result is men with solid experience and
individual authority. So they can make fast decisions
for you on their own.
They’re backed by a bank with strong, steady
growth. And total banking capabilities including
overline loans, bond department services, computer­
ized check collection, cash management systems.
Plus our annual correspondent seminars where you
can exchange ideas and learn about new profit
opportunities.
Get to know your First National correspondent
banker. He knows his bank. He’d like to put us to
work for you.

First National Bank in St.Louis W fo
Member FD1C


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

N o rth w e s te rn B a n k e r, M ay

1976

52

Illin ois

News

Illinois Group Officers for 1976-77
T

HE following new officers were
elected for 1976-77 at the recent
series of annual group meetings held
by the Illinois Bankers Association:
Group I
President: James A. Fitch, presi­
dent, South Chicago Savings Bank.
Vice President: Francis J. Hearn,
vice president and cashier, Amal­
gamated Trust & Savings Bank, Chi­
cago.
Secretary: Margaret R. Hadley,
Chicago.
Treasurer: Irwin A. Goodman,
president, National Bank of Albany
Park in Chicago.
Member, IBA nominations commit­
tee: Howard E. Lovely, administrative
vice president and cashier, American
National Bank and Trust Co. of Chica­
go.
Member, Council of Administra­
tion: James A. Fitch.
Group 2
President: Robert W. Dempster,
president, National Bank of Mendota.
Vice President: Don R. Frank,
president, City National Bank of
Kankakee.
Secretary: John E. Janson, presi­
dent, Community Bank of HomewoodFlossmoor, Flossmoor.
Member, IBA nominations commit­
tee: John H. Thode, president, Ever­
green Plaza Bank, Evergreen Park.
Member, Council of Administra­
tion: Robert W. Dempster.
Group 4
President: Ben H. Ryan, Jr., presi­
dent, State Bank of East Moline.
Vice President: Ronald C. Tilton,
executive vice president, First National
Bank & Trust Co. of Rochelle.
Secretary-Treasurer: W. G e r a l d
Huiskamp, president, Blackhawk State
Bank of Milan.
Member, IBA nominations commit­
tee: Donald R. Lovett, president, Dix­
on National Bank.
Member, Council of Administration:
Ben H. Ryan.
G ro u p 5

President: Jack E. Holloway, cash­
ier, Bank of Kampsville.
Vice President: H. K. Warner, pres­
ident, State Bank of Farmersville.
Secretary-Treasurer: David Cary,
vice president, State Street Bank &
Trust, Quincy.
Al a r t h w e s t e r n

Banker«

May


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

1976

Group 6
President: Morris E. Peine, presi­
dent and trust officer, First Farmers
State Bank, Minier.
Vice President: Howard Walker,
vice president, First National Bank,
Metamora.
Secretary-Treasurer: Ray Brown­
field, vice president, First National
Bank, Peoria.
Member, IBA nominations commit­
tee: Robert L. Denton, vice president,
South Side Trust & Savings, Peoria.
Member, Council of Administra­
tion: Morris E. Peine.
Group 8
President: Jack Tate, president,
Shelby Loan & Trust Co., Shelbyville.
Vice President: Gordon E. McClaren, president, First National Bank,
Pana.
Secretary-Treasurer: Dale M. Sut­
ter, vice president and cashier, Corn
Belt Bank, Bloomington.
Member, IBA nominations commit­
tee: James H. Orr, vice president
and cashier, First National Bank, Lin­
coln.
Member, Council of Administra­
tion: Jack Tate.
Group 9
President: John Hunter, president,
Bank of Edwardsville.
Vice President: Marvin J. Boyer,
assistant vice president, The Farmers
and Merchants Bank, Vandalia.
Secretary-Treasurer: Wallace C.
Phillips, executive vice president. Bank
of O’Fallon.
Member, IBA nominations commit­
tee: John Hunter.
Member, Council of Administra­
tion: Norman Stein, executive vice
president, First National Bank of
Carlyle.

Elected at Oak Park
Martha Tardy has been elected to
the board of Oak Park Trust & Savings
Bank. Active in numerous civic orga­
nizations, Mrs. Tardy was the 1975
campaign chairman of the Oak ParkRiver Forest Community Chest Drive,
and is presently serving as chairman
of its board of governors.
To Head Naperville Bank’s
Instalment Loan Dept.
William E. Horn, assistant vice pres­
ident of the Bank of Naperville, has

been named head of the bank’s instal­
ment loan department succeeding Wal­
lace E. Zook, who recently was ap­
pointed chief executive officer of the
new First Security Bank, Fox Valley
Center.
Mr. Horn joined the bank in June
of 1970 as an officer trainee. Two
years later he was named assistant
cashier and in January of 1973 became
assistant vice president.

Elaine E. Palm
Funeral services were held recently
for Elaine E. Palm, cashier of the
F irs t
National
Bank of Antioch
since 1971. Mrs.
Palm, 48, joined
the bank in 1967
as a teller with
five years experi­
ence in banking
and was promoted
to assistant cash­
ier in 1970. Her
E. E. P A L M
husband, James,
also was killed in the fatal car accident.
First Security, Aurora,
Elects Directors, Officers
Donald Fischer recently was elected
chairman of the new First Security
Bank of Aurora, which will be located
at 1350 N. Farnsworth Avenue. He

FISCHER

KONEN

SPODEN

is president of First Ogden Corpora­
tion. Vincent Konen, president of
Konen Insurance Agency in Aurora,
was elected vice chairman and Law­
rence Spoden, president of the First
Security Bank of Oak Brook, was
elected president. Announcement of
the bank’s chief executive officer is ex­
pected shortly.
Directors elected include; Daniel D.
Dolan, president of Dolan and Mur­
phy, Inc., Howard J. Feltes, president
of Feltes Sand and Gravel Company,
Mr. Konen, Mr. Spoden and William
E. Stopps, certified public accountant,
all of Aurora; Mr. Fischer, Glen Ellyn;
Roy Hassert, farmer, Lockport; Dr.
Joseph E. Kizior, orthodontist, West-

53

O ur idea of
correspondent banking
THE COMMITTEE OF ONE.
Our people are real, live, experienced correspondent professionals, with
years of correspondent banking behind them. So, since they aren’t shiny new
management trainees or just goodwill ambassadors, they have the authority
to okay loans or services on the spot. Without going through a committee.

WE CALL YOU BY NAME
NOT BY PHONE.
Because we work person
to person, eye to eye, with the
management of every corres­
pondent bank, right there at
the correspondent bank, things
get done faster. Friendlier.

__ ! I i %
WE’RE THE BANK
FOR THE NEW DOWNTOWN.
NBB is the biggest bank on Michigan Avenue.
The hub of Chicago’s new changing skyline. But we’ll
extend the New Downtown to wherever you are.

WE’RE BIG ENOUGH TO SERVE YOU, BUT
SMALL ENOUGH TO TAKE CARE OF YOU.
That's why we can give you
literally dozens of services. Like loan
participations. Bond portfolio analysis
and advice. Safe-keeping of securities.
Credit information. Use of our
computers. Executive search.
And more. I t’s all part of being
w hatever kind of bank you
need us to be.

BANKER TO BANKER.
NOT BANK TO BANK.

The bank for the New Downtown
NATIONAL BOULEVARD BANK
OF C H IC A G O
400-410 North Michigan Ave., Chicago, 111. 60611

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

Phone (312) 467-4100

Member FDIC
N o rth w e ste rn

Banker,

May

Ì9 7 6

54

Illin ois

News

D A K T R O N IC S
displays giv

ern Springs; W. William Luxion, presi­
dent of Wil-Freds, Inc. and George K.
Pilkenton, vice president and trust of­
ficer, Bank of Naperville, of Naper­
ville; and Arlo L. Schilling, education­
al consultant, Batavia.

Oak Park Bank Elects
Executive Vice President
Patrick C. O’Malley has been elected
executive vice president of the First
Bank of Oak
Park. He began
his banking career
in Minnesota and
in a few years be­
came president of
the Northern State
Bank in Virginia,
Minn. In 1971 he
joined the officer
staff at Drovers
P. C. O ’MALLEY
National
Bank,
Chicago, as senior vice president, com­
mercial loan division.

IMPACT
A Daktronics display is the efficient
a d v e rtis in g m edium th a t c re a te s
traffic, new business, image and pro­
vides community service.
Daktronics has taken the service ex­
pense out of time and temperature displ ays w ith 100% s o lid s t a t e
electronics.
Our engineers will custom design a
time and temperature display, that will
enhance the appearance of your facili­
ty.
Call or write us today? Daktronics
will give you the edge over your com­
petition with 100% solid state displays.

Joins Brookfield Bank
Kenneth A.Peters of Western
Springs has joined the First National
Bank of Brookfield as loan officer. He
previously was with LaSalle National
Bank of Chicago as loan officer in the
correspondent banking division and in
the municipal bond department.

company to divest itself of this hold­
ing. In August of 1975, N L Industries
issued a statement indicating that a
contract had been signed for eventual
purchase by Mr. Lane.
* * *
Roy C. Peterson has been named
senior vice president in charge of the
data
processing
division at the
Lincoln National
Bank of Chicago.
He formerly was
vice president and
cashier of the op­
erations depart­
ment. Herbert A.
D olow y,
bank
president, made
R. C. PETERSON
the
announce­
' 1
ment.
îji % î}î
The National Boulevard Bank has
announced three promotions:Thaddetis E. Witwicki to assistant vice pres­
ident, Jack L. Riley to assistant sys­
tems officer and Gregory F. Udell to
assistant cashier.
* * *
Chicago Bank of Commerce has
elected two new members to its board
of directors. They are Harold Meitus,
president and chief operating officer

Chicago
News
H . MEITUS

M ESSA G E C E N T E R S
OBERT P. Kline, chairman and
president of the Lake View Trust
and Savings Bank, has announced that
final arrangements have been complet­
ed transferring full ownership of the
$329,681,458 deposit bank to William
N. Lane, Chicago businessman, who
is chairman of General Binding Cor­
poration and also owns Northwest Na­
tional Bank of Chicago, Pioneer Bank
and Trust Company and Northbrook
Trust and Savings Bank.
Lake View Bank previously was
owned by N L Industries, Inc., which
acquired a controlling interest in 1969.
Subsequent changes in the Bank Hold­
ing Company Act of 1970 required the
R

Daktronics offers entirely solid state
message display centers with chang­
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and temperature information.

D A K T R O N IC S J N C .
BOX 299

BROOKINGS, S D 57006
PH. 605-692-6145

N o rth w e ste rn

Banker, M ay


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

1976

V . H. B R O W N

of Superior Match Company, and Vic­
tor H. Brown, comptroller of Standard
Oil Company (Indiana). Ronald B.
Opper, chairman and chief executive
officer of Apelco Health Services and
president of Financial Underwriters,
Inc., did not stand for re-election.
* * *
Norman W. Arnos, Jr., has joined
Michigan Avenue National Bank as
vice president in the commercial loan
department. He previously was vice
president, commercial banking, at the
Main Bank of Chicago. Prior to mov­
ing to Illinois in 1974, Mr. Arnos
lived in Cleveland, Ohio, and served
as assistant vice president commercial
banking, for the Union Commerce
Bank there.

55

CANYDURTRUST OPERATION
AFFORD SURCHARGE
LIABILITY LITIGATION?
Every bank with trust operations is ex
posed to litigation. Increasingly, the bene
ficiaries of trusts are challenging invest
ment decisions and account servicing by
trust departments.
The concept of the “ prudent man” rule
in trust handling is changing. It is now felt
that bank trust departments will probably
be required to exercise a higher degree of
care beyond that of the ordinary “ prudent

man” . And, with the passage of the
Employee Retirement Income Security Act
of 1 974 (ERISA), fiduciaries of pension
plans, as well as personal trusts, have
been exposed to new interpretations of the
“ prudent man” rule. The Federal standards
set by ERISA define rules and conduct, but
interpretations of the law will be made by
the courts.

WHATSCARBOROUGH
CAN HELPTO DO
about rr...
The litigation of cases involved with trust
handling can be expensive, even w ithout a
judgment. The answer is protection pro­
vided by Trust Operations Surcharge
Liability Insurance through Scarborough.
Now, this Scarborough designed policy
has a specific endorsement to cover your
trust department in the event of litigation
resulting from the new ERISA Act.
Defense costs, judgments, expenses,
and out of court settlem ents (w ith
Company’s consent) resulting from suits
are reimbursed, excess of a deductible.
Coverage is provided on a discovery basis.
Since Surcharge Liability Insurance
covers your bank as a corporate entity,
(unlike Directors/O fficers Liability), pro­
tection is provided for the bank’s capital
structure from erosion, or worse, in the
event of a substantial payout from litiga­

tion. Today, self-insurance is a thing of
the past.
For more inform ation—write or call collect
to Bob Marshman or Dick Morran.

Scarb o ro u gh
the bank insurance
people

Scarborough & Com pany, 222 N. Dearborn St., C hicago, Illinois 60601


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

Phone(312)346-6060

N o rth w e ste rn

B a nker,

May

1976

Darin,
Tom and Howard.
Their 25,000-m ile reach _
solves your distant banking
problems.
They draw on up-to-date information gathered through an international network
of foreign branches, representative offices and foreign correspondents that
reaches around the world. This global reach provides Northwestern’s
International Banking Department with quick, reliable answers to such distant
banking problems as import/export loans, international credit arrangements,
trade inquiries, governmental agency programs and much more.
Need a banking hand to cross the border? Or to do business around the world i
Darin Narayana, Tom Hayden and Howard Luick have the reach at Northwestern.
Get in touch first with Tom or Howard at (612) 372-8123.
We take your business personally.
Helping you change things for the better.

Q NORTHWESTERN
M N a tio n a l B a n k
W

O f M inneapolis


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

Member FDIC

C. Newman, he purchased controlling
interest and later became vice presi­
dent. In 1966, he and Harold E. Mar­
tin purchased the interest of W. C.
Newman and Mr. Manni became bank
president. In September of 1973, Mr.
Manni went into semi-retirement and
sold his interest in the bank.

Minnesota
News
JO H N 0. CHISHOLM President Rochester
f. L, JEFFERS

Exec. V.P.

M inneapolis

Announce New Investment Plan
r 1 1 HE State Board of Investment will
-*• begin making purchases of guar­
anteed small-business loans made by
Minnesota banks under a new program
developed by the State treasurer’s of­
fice, the Small Business Administration
(SBA), the Investment Board and the
Minnesota B a n k e r s Association
(MBA).
The investment plan was announced
by State Treasurer Jim Lord; MBA
President John D. Chisholm; SBA Dis­
trict Director Paul W. Jansen; and
Executive Secretary Robert Blixt of
the Board of Investment.
Under the program, the board can
purchase from banks and other lenders
the federally guaranteed portion of
SBA loans, equal to 90% of individual
loans up to a maximum of $350,000.
State purchase of these loans puts
equivalent funds back into circulation
and allows lenders to expand their loan
capacity accordingly.
The plan was originally formulated
by the office of Gov. Wendell R. An­
derson and implemented through legis­
lation advocated by Mr. Lord.
The purchase plan was worked out
by a special task force established by
the Minnesota Bankers Association
last year after enabling legislation was
passed by the Legislature. The task
force included representatives from
SBA, the treasurer’s office, the Board
of investment and the MBA.
‘One of the chief benefits of this
program is the investment of Minne­
sota’s dollars directly back into Min­
nesota’s economy,” said Mr. Lord. “At
the same time, we are earning a com­
petitive rate of return on one of the
most secure investments available.”
The plan establishes an intermedi­
ary clearing house to pool SBA-guaranteed loans from other lenders and
package them in increments of $500,000 or more for purchase by the Board
of Investment. “This makes it possible
for the board to invest state retirement
money in state business and at the

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

same time receive a federal guarantee,”
said Mr. Blixt.
Summit State Bank of Richfield will
serve as the pooling institution. Ralph
Bruins, president of the bank, predict­
ed the program will provide a greater
impetus to small-business lending in
the state.
There are presently some 3,000
SBA loans in Minnesota totaling $130
million with an outstanding balance
averaging $40,000 per loan.
John M. Lundsten, president of Buf­
falo National Bank, was chairman of
the task force that developed the in­
vestment program.
Bankers interested in participating
in the program should contact Stan
Gove at Summit State Bank of Rich­
field, 6500 Nicollet Avenue South,
Minneapolis, Minn. 55423. Telephone
(612) 866-0031.

Elected at Edina
Charles L, Harring has been elected
assistant cashier and assistant manager
of the instalment
loan department
of First Edina
National
Bank,
according to War­
ren R. Hinze,
president.
Mr.
Harring
began his banking
career in 1971 at
the First National
Bank of Minne­
apolis as an adjuster in the sales fi­
nance department. In 1975 he was
promoted to personal banking repre­
sentative.
Honor Barnum Banker
Edwin Manni, executive vice presi­
dent, recently was honored at a com­
bination birthday and retirement party
at the State Bank of Barnum.
Mr. Manni first joined the bank as
a cashier in 1955. In 1959, with W.

State Bank of Worthington
Announces Promotions
John R. Troth, president of the
State Bank of Worthington, has an­
nounced the following promotions:
Michael R. Ginter to assistant vice
president and consumer loan manager,
Jerry Tiggelaar to agricultural loan of­
ficer and Douglas Miller to consumer
loan officer.
Joins Virginia Bank
Norm Melvin has joined the First
National Bank in Virginia as assistant
vice president in
the
commercial
lending
depart­
ment, according
to Ralph Johnson,
president.
M r.
M elvin
joined the First
Bank System in
August of 1972
when he accepted
a position with
the National Bank of South Dakota,
Rapid City. In 1974 he transferred to
the First State Bank, Paynesville, as
assistant vice president and time-pay
manager.
Newport Bank Elects
Two New Officers
Town & Country State Bank of
Newport has announced the election
of two new officers. Ann Boulais has
been elected assistant cashier in charge
of the bank’s operations department.
She has been with the bank over six
years. Joel J. Turbak has been elected
loan officer in the instalment loan de­
partment. He is a former manager of
Thorp Loan & Thrift.
Joins Bemidji Bank
The First National Bank, Bemidji,
has announced the addition of Clyde
A. Horlick to its instalment loan de­
partment. He comes from the North­
western National Bank of Minnesota
where he was manager of the instal­
ment loan department.
N o rth w e ste rn

B a n k e r , /M ay

1976

T w in C it y
N ew s

J OHN H. Crowther Inc., Minneapo­
lis," specialists in excess, surplus
and specialty lines insurance, has ac­
quired the assets of the Ocker General
Agency of Montana and a companion
office in Bismarck, N.D.
“Expansion of our surplus lines of­
fice into these states brings a unique
marketing expertise to these areas,”
said John H. Crowther, president. “We
don’t think this know-how and experi­
ence in the excess and surplus lines is
presently available to Montana and
North Dakota agents on a local level.”
With additional offices in Sioux
Fails, S.D., and Des Moines, la., the
12-year-old company offers coverages
to Upper Midwest agents where their
conventional markets do not have the
capacity of underwriting facilities to
accept a risk in the excess, surplus or
specialty categories.
“Our licensed surplus lines offices,"
said Mr. Crowther, “assume the re­
sponsibilities for making all necessary
state filings, for non-admitted insur­
ance carriers, remittance of state sur­
plus line taxes, and consent to rate
forms complying with applicable state
surplus lines laws.”
The company works directly with
Lloyd’s, London and represents other
leading domestic companies specializ­
ing in unconventional coverages. “We
thus broaden the local agent’s market­
ing capabilities,” says Mr. Crowther.
“Our firm serves as a managing agen­
cy, not in competition with the local
agent for standard business. We like
to think of ourselves as problem
solvers for the local agent, represent­
ing companies that specialize in insur­
ance problems.”
Ronald D. Burnett is managing the
Montana office, while Bill Fee is the
North Dakota manager.
sfc *
Funeral services were held recently
for Joseph H. Colman, 79, retired head
of First Bank System.
N o r tfor
h w FRASER
e s te rn Banker, M ay
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1976

Mr. Colman served as president and
chief executive officer of First Bank
System from January, 1956, to August,
1962, and as chairman until 1964. Pri­
or to joining the First Bank System,
he was a practicing attorney for 34
years with the firm of Dorsey, Colman,
Barker, Scott and Barber of Minneap­
olis.
* * *
The First National Bank of Minne­
apolis recently held the grand opening
of its new St. Anthony Falls office.
Unique in design concept, the struc­
ture has the shape of a modified rec­
tangle measuring 73 by 125 feet. The
exterior is of stone textured concrete,
featuring windows of thick solar
bronze insulating glass set in special
thermal frames that are non-conductive for energy conservation. The new
facility also features a drive-up auto
bank with six stalls, four of which are
open initially and a paved 30-car park­
ing area.
On the lower level of the new build­
ing are the safe deposit vault facilities,
lounge and kitchen for staff members,
bookkeeping and record storage.

C. F. Haglin & Sons Co. was general
contractor for the project. Architect
was the firm of Bergstedt, Wahlberg,
Bergquist and Rohkohl.
* * *
Rory K. Anderson and Kimball S.
Roots have been elected instalment
loan officers of The First Grand Ave­
nue State Bank of Saint Paul, accord­
ing to Donald G. Dick, president. Vel-

ANDERSON

ROOTS

N A P1W O SKI

ma L. (Pat) Napiwoski has been elect­
ed a customer service officer:
Mr. Anderson joined the bank in
April of 1975 and Mr. Roots in Jan­
uary of 1975. Mrs. Napiwoski has
been with the bank since February of
1967.

DEWALT H. Ankeny, Jr., left, pres., 1st Natl Bank, Mpls., & Stanton Jorgens, v/,p., saw
a log to officially open the bank’s new St. Anthony Falls office. Mr. Jorgens is mgr. of
the bank at East Hennepin & Fourth Street N.E.

59

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(612) 298-6000 Member F.D.I.C. * Affiliated with American Bancorporation, Inc.

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Federal Reserve Bank of St. Louis

N o rth w e ste rn

B a n ker, M a y

1976

60

Mi nnesot a N e w s

LEFT— Investments panel consisted of, I. to r.: Robert F. Peroutka, a.v.p., Ronald O. Olson, v.p., and John E. Mullen, sr, v.p.-inv. ser­
vices gp., pictured with conference host James T. Gowan, v.p. in charge of correspondent bank division, RIGHT— Second morning
panel featured James A. Russell (left), corr. bk. off., discussing float control; Richard A. Dougherty (center), v.p., on international
banking, and Laurence R. Kennedy, v.p.— corr. bk. div., moderator.

Bankers Look at Profit Improvement
By BEN HALLER, JR.
Editor

THOROUGH look at key areas
of services and operations that
can contribute to increased profits
was offered last month by First Na­
tional Bank of St. Paul at its “Profit
Improvement ’76” conference at the
St. Paul Hilton Hotel. More than
325 bankers attended the conference,
hosted by First National’s corre­
spondent bank department.
An afternoon seminar hosted by
the bank investment services group
for financial officers of corporations
and governmental units attracted
another 200 registrants, who later
joined the bankers for the social
hour, dinner and address by James
McKeon, senior money market
analyst for Salomon Brothers, New
York. Mr. McKeon reviewed esta­
blished criteria for assessing interest
rates and credit demand.
Mr. McKeon’s studies conclude
for relatively stable interest rates the
first six months of 1976, then with
demand impacting the second half of
the year and the Fed pursuing a little
tighter money, short-term rates
should go up, perhaps 150-160 basis
points. Long-term rates, he believes,
could show some significant im­
provement.
Another guest speaker was Jack
W. Whittle, chairman of The Whittle
Group, Inc., Chicago, specialists in
effective marketing for community
banks. Mr. Whittle was vice presi­
dent in charge of marketing for
Continental Bank of Chicago until
resigning early this year to form his
own company. His slide presentation
covered various aspects of marketing
analysis (internal and external),
N o rth w e ste rn

B anker, M ay


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Federal Reserve Bank of St. Louis

1976

identification of profitable customer
segments, goal-setting, and marketing programs that have worked. His
firm is concentrating on working
with banks of $100 to $150 million
deposits and less.
James T. Gowan, vice president in
charge of the correspondent bank
division at First National of St.
Paul, gave the welcoming remarks as
the program opened. Except for Mr.
McKeon and Mr. Whittle, all other
speakers were from the executive
and staff departments of the host
bank.
The investment department pre­
sented a current look at municipal
credit analysis prior to purchase,
maintaining and evaluating current
information on municipals and re­
ducing risks in short term investing.
Other morning speakers reviewed

WELCOME was extended by James T.
Gowan, v.p. in charge of the correspondent
bank department and host fo r the con­
ference,

improved procedures for check col­
lection that produce profit, and the

BANQUET SPEAKER James McKeon (second from left), is flanked by 1st Natl, hosts
(from left): Clarence G. Frame, pres.; Richard C. Swan berg, v.p., and Philip H. Nason,
chmn.

61

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Federal Reserve Bank of St. Louis

N o rth w e ste rn

Banker,

May

1976

EXECUTIVE officers of the host bank, pictured at the head table during the luncheon, are (I. to r.): Edward Chapin, John F. Mullen
and Richard Jude, sr. v.p.s; Andrew G. Sail, exec, vp.; Chales E. Arner, sr. v.p.; Roger R. Palmer, v.p. & comp., and Julian Baird, re­
tired president and chairman of 1st Natl.

potential and risks involved in
international banking.
Solid bank planning was another
topic presented with slides to
visualize the trends of profits with
varying sets of circumstances. Auto­
matic profits, it was noted, are a
thing of the past; planning must be
followed seriously if a bank’s profits
are to grow consistently and provide

capital growth.
A current topic of prime interest
nationwide—involving the problems
of passing the farm or other small
business to heirs —received an indepth inspection from the trust
department. The need for planning,
both financial and legal, was
stressed repeatedly in order to
maximize the amount of the estate

Northwestern National Bank of
Minneapolis has announced the begin­
ning of work on a new Southside Com­
munity Services Center at 38th Street
and 4th Avenue. The center will house
an adult basic education program and
day care facilities for school-age chil­
dren. It is a joint project of the bank
and the Community Educational Ser­
vices Division of the Minneapolis Pub­
lic Schools.
The adult education program will
get underway two evenings per week,
when the center opens this summer.
The program, similar to that now in
operation at Northwestern’s North
American office, is designed for adults
wishing to complete high school or
take refresher training in mathematics
or language arts. The guidance and
counseling services and the classes are
offered free of charge to adult residents
of the community.
A day care program for school age
children will begin at the center when
school opens next fall.
t- # *
First National Bank of Minneapolis
has named six new assistant vice presi­
dents — John R. Danielson, resources
management and planning; Lee E.
David P. Crosby, vice president, has Johnson and Thomas C. Woldum, per­
been named to head the corporate fi­ sonal trusts; Roger A. Bowers, pension
nance department of Piper, Jaffray & and profit sharing trust portfolio man­
Hopwood Incorporated, a Minneapo­ agement; David S. Rockwood, trust
lis-based investment banking firm. First Total Plan; and Richard L. Peter­
Michael L. Bochert will join Mr. son, interim construction loans.
Other promotions include: LeRoy
Crosby in running the department.

Comptroller of the Currency James
E. Smith has announced the appoint­
ment of Kenneth
9
W. Leaf as re­
gional administra­
tor in Region 9 in
Minneapolis, suc­
ceeding Donald B.
Smith, who has
retired. Mr. Leaf
has been senior
advisor to the
Comptroller
since
K . W . LEAF
September, 1975,
and previously had served as chief na­
tional bank examiner since May, 1972.
Mr. Leaf joined the Comptroller’s
staff in 1947 as an assistant national
bank examiner in Region 9, was com­
missioned a national bank examiner
in 1951, and served as an assistant
chief national bank examiner in Wash­
ington, D.C., from 1957 to 1962. He
then served as regional administrator
of Region 13 in Portland for eight
years before his appointment as re­
gional administrator for Region 8 in
Memphis in 1970, a post he held un­
til returning to Washington in 1972.

N o r t for
h w eFRASER
s te rn Banker, M ay
Digitized
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Federal Reserve Bank of St. Louis

1976

passed along and not subject it to
forced sale due to unnecessary taxes.
The final afternoon panel featured
several 1st National officers review­
ing the options available today for
participating in electronic funds
transfer systems.
The one-day seminar was con­
cluded with the dinner and guest
economist speaker.—End
M. Ashfeld to real estate officer, resi­
loans division; Douglas A.
Hedin and Minnie B. Schroeder to

dential

bond investment officers, government
bond and money market divisions, re­
spectively; Richard E. Fons to market­
ing officer, marketing services depart­
ment; Linda L. Mohr to operations
officer, loan and securities operations
division; and Susan R. Scheerer to
methods research officer, methods re­
search division.
* * *

HEDIN

SCHROEDER

FONS

63

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N o rth w e ste rn

Banker,

May

1976

64

M innesota

N ew s

American Hosts Reception at IBAA

(6 1 2 ) 2 9 1 - 5 6 5 9

■ Tax exempt bonds
■ Short term
tax exempt notes
■ U.S. Treasury
and Agency Obligations
■Commercial paper
■ Negotiable
Certificates of Deposit
■ Repurchase agreements
■ Portfolio
Advisory Services
■ Portfolio
Computer Services
Investment Services Group

DURING the recent annual convention of the Independent Bankers Association of Ameri­
ca held in Honolulu, the American National Bank & Trust Company held open house for
guests of the bank. Pictured above in the reception line are the bank hosts, left to right:
Art Haessig, v.p., and his wife, Monnie; Jo and Don Johnson, v.p., and Bob Sipple, sr,
v.p., all of St. Paul.

Elected Auditor at Duluth
The Duluth National Bank has an­
nounced the election of Jean Atwood
as auditor. Ms.
Atwood, a native
of Cloquet, began
her banking ca­
reer at the Shaw a n o National
Branch Bank, Keshena, Wise. She
joined the Duluth
National Bank as
commercial teller
and soon became
supervisor of the bookkeeping and
proof departments.
Lawrence Paulson
Funeral services were held recently

Member F.D.l.C.

612/ 371-8273
Your direct line for
municipal bond information
G IX Piper, Jaffray &Hopwood
INCORPORATED

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Federal Reserve Bank of St. Louis

1976

for Lawrence Paulson. He was vice
president and chairman of the Farmers
State Bank of Rothsay, which he
joined in 1918.

Bagley Banker Retires
Harvey Courtney, cashier at the
First National Bank of Bagley, recent­
ly retired. The bank held a “Harvey
Courtney Day” in his honor. Mr.
Courtney joined the bank in 1931.
Aris Gubrud, cashier, now assumes
the duties of senior loan officer. Lowell
White, assistant cashier, has been ad­
vanced to junior loan officer.
V
Elected at Bloomington
James L. Cox recently was named
commercial lending officer of North­
western
Bank
Southwest,
Bloomington, ac­
cording to E. G.
Precht, president.
F o rm e rly
a
commercial loan
officer at Mar­
quette National
Bank of Minne­
apolis, Mr. Cox
joined the bank
on February 2, 1976. He began his
banking career as a credit analyst in
the xMarquette credit department in
1970.

y

65

“Ours is a service business. And to my way of thinking, good
service c a n ’t exist without dedication. That's why I personally
com m it myself to the problems, questions and requests
o f my clients. When these people need help, I ’ve got to be
there. A nd I ’ve got to get involved. If I didn't feel this way
I never would have gotten into this business 30 years ago."
—

Donald W. Buckman
Vice President
Montana & North Dakota

____ ____
B d flii" D lV f S iO il
M em ber F .D .l.C .


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Federal Reserve Bank of St. Louis

Northw estern

honker, M a y

1976

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67

“MGIC gives us more Directors’& Officers'
liability coverage than any other insurer,
at a reasonable premium?

D ale L. Jern b erg,
Exec.V.P. and
D irector, N ational
Bank of Washington,
D.C. tells how MGIC
provides coverage
for directors and
officers, plus an ex ­
clusive combination
of k ey features
tailored to a bank’s
needs.


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

Did you a n alyze co v era g e
offered by a num ber of
D & O liab ility
com panies?
“Yes. Four besides M GIC.
And very thoroughly. We
found th a t types and quality
of coverage varied all over
the lot. B ut only MGIC
provided a complete protec­
tion tailored to our bank’s
needs. And for a reasonable
cost.”
How do MGIC’s fea tu res
com pare w ith the others?
“Their various plans, limits
of liability, and deductibles
offer extremely attractive
options. The $5 million
policy we have with M G IC
protects all directors and
officers. In any case covered,
it pays 100% over the
deductible limits we selected.
“Also, when we indemnify
to the extent perm itted by
law, M G IC ’s coverage has
far fewer exclusions than
many other insurers. This
‘waiver of exclusions’ is
most im portant to us.
“ In our judgm ent, M G IC ’s
D & O liability coverage is
by far the best value we
could buy. Other companies
just couldn’t provide us the
kind of protection th at
M GIC offers.”
H ow do you fee l about
your righ t to particip ate
in selectio n o f counsel in
the ev en t o f a la w su it?
“I t is very im portant.
M GIC would give us a free
hand to choose counsel,
subject to their approval.

They also could advance
legal fees in the event of a
costly lawsuit which is
covered. And they would
cooperate with us to counter
unfavorable publicity th a t
could be damaging to the
named individuals and to
our bank.”
Do you find g rea ter
a w a r en ess o f your
specific n eed s and
grea ter flexibility in
MGIC’s D & O policy?
“Absolutely. The other
policies seemed pretty
general, and not tailored to
a bank’s needs. M GIC, on
the other hand, really
knows the financial com­
munity, because they’re part
of it. This, coupled with
the fact th a t they did their
‘homework’ before the initial
proposal, proved the key to
our decision. M GIC
thoroughly knew what we
needed and the result is a
very secure feeling th a t we
have the best D & O liability
insurance we could buy.”

MGIC
Totally tailored
D & O liability protection.
And we mean total.
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A Subsidiary of MGIC Investment Corp.
MGIC Plaza, Milwaukee, W l 53201
N orthw estern

B anker, M a y

1976

68

O ur M an in S o u th D akota
will be in Rapid City May 13-14
at the

South Dakota Bankers Association Convention

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by the John Hancock Insurance Company.
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Federal Reserve Bank of St. Louis

1976

(6 1 2 ) 3 7 0 -8 8 5 1

69

South Dakota Bankers
Association 84th Convention
Rapid City
May 13-14
M

ORE than 700 South Dakota bankers and top banking officials from sur­
rounding states are expected to attend the 84th annual South Dakota Bank­
ers Association (SDBA) Convention in Rapid City May 13 and 14. Headquarters
for the convention will be the Howard Johnson convention center.
The men’s golf tournament will be held Thursday, May 13, at the Arrow­
head Country Club beginning at 8 a.m. The ladies golf tournament will be held
Thursday at the Elks Valley Hi Golf Course after a continental breakfast (also to
be served on Friday) beginning at 9 a.m.
The annual bowling tournament will be held from 2 to 4 p.m. at the
Meadowwood Bowling Lanes.
The joint social hour will be Thursday from 6 to 8 p.m. in the Rushmore,
Washington, Lincoln and Jefferson Rooms of Howard Johnson’s Motor Lodge. It
again is being hosted by the associate members of the South Dakota Bankers As­
sociation with Stan Fredericks of Toy National Bank, Sioux City, la., as chairman.
Beverages and hors d’oeuvres will be provided.
“Spirit of ’76” is the theme for this year’s Ladies-Luncheon Friday, May 14,
at 11:30 a.m., Surbeck Center on the School of Mines Campus.
SDBA President Ted Schanzenbach and his officers will greet convention
guests from 5:30 to 7 p.m. Friday, May 14, poolside at Howard Johnsons for the
President’s Reception. Following the reception the banquet and entertainment will
be held in the Rushmore, Washington, Lincoln and Jefferson Rooms. Entertain­
ment will be “The Duluth Accordionaires.”
Officers of the SDBA the past year were: president—-Ted Schanzenbach,
president, First National Bank, Shelby; first vice president—Charles Seaman,
president, First State Bank, Warner, and second vice president—Charles Undlin,
president, First National Bank of the Black Hills, Rapid City. J. I. Milton
Schwartz is executive manager.
The convention program follows:

W. L. McPETERS

G. CAMPBELL

Friday, May 14
First Genera! Session

Rushmore Room

A.M.
9
L, S. DREYFUS

G.

w.

McKi n n e y ,


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Federal Reserve Bank of St. Louis

jr.

12

Call to order: Ted Schanzenbach, SDBA president, presiding.
Presentation of colors.
Pledge of Allegiance and National Anthem.
Invocation.
Official welcome to Rapid City,
Address: W. Liddon McPeters, president-elect, American Bankers Asso­
ciation and president, The Security Bank, Corinth, Miss.
President’s Address: Mr. Schanzenbach.
Award Presentation: Mrs. Francine Neff, treasurer of the United States
and national director of the U. S. Savings Bonds, Washington, D. C.
Address: Lawrence E. Kreider, executive vice president and economist,
Conference of State Bank Supervisors, Washington, D. C.
Film: Bankers Area-Wide Advertising Program.
Address: Chester B. Leedom, district director, Small Business Adminis­
tration, Sioux Falls.
Announcements and adjournment for luncheon.
N o rthw estern

Banker, M a y

19 7 6

70

South Dakota News
Second Cenerai Session

P.M.
2

4:30
5:30
7:30
9:30
C.

B.

Call to order: Mr. Schanzenbach.
Address: Gina Campbell, Miss South Dakota, Canton.
“The Education of Eagles and Dragons”: Dr. Lee Sherman Dreyfus,
chancellor, University of Wisconsin, Stevens Point, Wis.
Presentation of 40-50 year pin awards: Milt Schwartz, executive man­
ager, SDBA.
Address: George W. McKinney, Jr., senior vice president, Irving Trust
Company, New York, N. Y.
Report of the SDBA resolutions committee.
Executive Manager’s Report: Milt Schwartz.
Report of the SDBA nominating committee.
Election and installation of officers.
Acceptance address by president-elect.
Meeting of the South Dakota members of the ABA: John V. O’Donnell,
South Dakota ABA vice president and president, First National Bank,
Lemmon, presiding.
Drawing for 1976 attendance prize.
Announcements and adjournment.
President’s Reception.
Banquet and entertainment.
Announcements and formal convention adjournment.

LEEDOM

Elects Directors
New directors of the United Nation­
al Bank of Sioux Falls are Roy Willy,
Henry Billion, Oscar Austad, Frank
Weatherwax and Michael Burke.
Four Staff Changes
First Dakota National Bank, Yank­
ton, has announced the following staff
changes: Joe D. Van Tol, vice presi­
dent; Russell V. Jurgensen, assistant
vice president; David D. Gross, trust
officer and Dennis W. Sundleaf, assis­
tant cashier.
National Bank of S. D.
Promotions, Elections
Nels E. Turnquist, president and
chief executive officer of the National
Bank of South Dakota, Sioux Falls,

HILGERS

BERG

SKARPHOl

has announced the following staff
changes: James Hilgers advanced to
assistant vice president, main office;
Galen Skarphol elected auditor, main
office, and Bernice Berg, elected assis­
tant cashier, Wessington Springs.
Mr. Hilgers joined the bank as audi­
tor in May, 1974, from the regional
audit staff of First Bank System, Inc.
Mr. Skarphol has been with the bank
since 1975 and Mrs. Berg since 1974.
M.

C o n v e n tio n T im e in R a p id C ity

SOUTH DAKOTA
B A N K ER S
Visit Gerry Clark in Room 116
Howard Johnson Motel

^ ^

M O O R E , J U R A N A N D C O M P A N Y , INC . •

MUNICIPAL SECURITIES

IDS CENTER • 80 South Eighth Street • Suite 4 6 3 0 • Minneapolis. Minnesota 55402
Telephone (612) 339 807 1
N o r t hfor
w e FRASER
s t e r n B a n k e r , M a y 19 7 6
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

L.

NELSEN

R.

WEBER

The bank also announced the elec­
tion of four new officers. They are:
Rita Weber, operations officer, Sturgis;
Carol Peterson, instalment loan officer,
Huron; Mary Lou Nelsen, marketing
officer, and Ruth Watson, personnel
officer, both in Rapid City.
Mrs. Weber joined the bank in 1961
and most recently served as bookkeep­
ing supervisor. Mrs. Peterson joined
the bank’s management training pro­
gram in 1975. Mrs. Nelsen came to the
bank in 1973 from the Aberdeen Na­
tional Bank and Mrs. Watson in 1975
from the Eastern Heights State Bank,
St. Paul.

71

about
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N o rthw estern

Banker,

May

1976

72

South

Dakota

News

You Will See Them at the 84th Annual
South Dakota Bankers Convention
T

H E following m etropolitan bankers and
service and equipm ent dealers have in­
dicated that they will be attending the South
D akota Bankers A ssociation’s 84th annual
convention in Rapid City M ay 13-14,

Lincoln
First National Lincoln: Charles R. Leffler, vice president and manager, corre­
spondent bank departm ent; and Frosty A n­
derson, correspondent bank representative.

Chicago
Continental Bank: G. Jackson Tankersley, comm ercial banking assistant.
First National Bank: Stan Latham .
Harris Trust & Savings Bank: R obert H.
Scott, commercial banking officer.

Minneapolis
First National Bank: Ken Wales, vice
president; Robert J. Anderson, vice presi­
dent and senior comm ercial banking officer;
Charles Shewey, assistant vice president;
William W. Hamilton, correspondent bank­

ing officer; Ed Whelan, bond investm ent o f­
ficer, and Barb Johnson, bond representa­
tive.
Marquette National Bank: G ary Wollan,
senior vice president; Avery Fick, vice pres­
ident, and Dean Fordyce, investment officer.
Midland National Bank: Stanley J. Peter­
son, vice president.
Northwestern National Bank: C. Paul
Lindholm, senior vice president; H arry
W ahlquist, vice president; T om Hayden,
assistant vice president; Dick Storlie, cor­
respondent bank officer, and Jon Van Valkenburg.
New York
Manufacturers Hanover Trust Company:
Omaha
First National Bank: Jim Doody, vice
president, and Bob Meisinger, second vice
president.
The Omaha National Bank: Del Olson,
vice president.

When there’s an
overdraft on your
time

St. Paul
American National Bank and Trust Com­
pany: A rt Haessig and Bob Jacobson, vice
presidents, and Bob Knopke, assistant vice
president.
First National Bank: Richard C. Swanberg and Jam es T. Gowan, vice presidents,
and Bruce W. Hebei, assistant vice presi­
dent.
Sioux City
First National Bank: Richard C. Taylor,
president; Charles H. Walcott, executive
vice president; G ary W. Stevenson, vice
president, and Bernard J. Lattyak, cor­
respondent officer.
Northwestern National Bank: Jerry Just,
vice president.
Security National Bank: Jim Hongslo,
senior correspondent bank officer and
Wayne Johnson, correspondent bank officer.
The Toy National Bank: Rich Breyfoyle
and Stan Fredericks, vice presidents.

Turn fo r help to the F irst Sioux Falls team .
Our experts are ready to shoulder some
of your tim e -co n su m in g problem s and
w o rry them through fo r you. Problem s like:
operational revam ping, investm ent and
loan d ire c tio n . For help in fin d in g more
tim e in your day, take a m inute to call your
corre spond ent bankers: O rv Bonacker,
Tom Long or Dennis K irkeby —

605/336-2660.

^ FirstSiouxFalls
^

Growing with you ... all the way

MAIN OFFICE . EXPRESS BANK . WESTERN MALL BRANCH
INDUSTRIAL BRANCH . EMPIRE BRANCH
The First National Bank in Sioux Falls

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Banker,

May


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Federal Reserve Bank of St. Louis

1976

M em b er F D.I.C

Sioux Falls
National Bank o f South Dakota: Elders
Ranee, senior vice president and m ain office
manager; Rey Klay, executive vice president,
western division; and Wayne Rasmussen,
loan officer, m ain office.
Bank Equipment and Other Firms
Bank Building Corporation, St. Louis:
Willard Campbell, consultant services m an­
ager.
CMI Investment Corporation, Madison:
Ken M ay and Dennis Oliver.
Dawson Hail Insurance, Fargo, N . D.:
Jim Dawson, Chuck Fosberg and T om Daw­
son.
J. T. Miller Co., Minneapolis: Andy
Myers, national sales director, and Russ
Hendrix, sales representative.
Moore, Juran and Company, Minneapo­
lis: G erald M. Clark, vice president.
North Central Companies, St. Paul: Bruce
Ghewwe.
NYTCO Services, Inc., St. Paul: Leo H.
Hermes, Jr., vice president, regional sales.
United States Check Book Company,
Omaha: R ichard Dick, vice president, and
L. Anderson and Dwight Bos, representa­
tives.
Van Horne Investments, Inc., Omaha:
Jeff H art, registered representative, and Rich
Revis,

South

Committees for 84th
Annual S.D.B.A. Convention
OMMITTEES for the 84th annual
South Dakota Bankers Convention, to be held
IH k
f l in Rapid City,
•- ^ m
May 13 and 14,
J jP f
'mKÊÊÊ have been an­
nounced by Rob­
ert M. Haugen,
vice
president,
National Bank of
South
Dakota,
Rapid City, who
is the general con­
R. M . H A U G E N
vention chairman.
James E. Barry, senior vice presi­
dent and branch administrator of the
United National Bank of Rapid City,
is chairman of the banquet and enter­
tainment committee and Mrs. Charles
T. Undlin and Mrs, Reynold Klay are
co-chairwomen of the ladies luncheon
and entertainment committee.
Chairwoman of the ladies golf tour­
nament committee is Mrs. Russell Hal­
verson. Co-chairmen of the men’s golf
tournament are Gaylord Raabe, vice
president of the First National Bank
of the Black Hills, and David Hanten,

assistant vice president of the National
Bank of South Dakota. Bowling com­
mittee co-chairmen are Roger Mason,
assistant vice president of the United
National Bank, and Charles Wendling,
assistant cashier and loan officer of the
American State Bank.
Thomas W. Shelby, assistant vice
president and trust officer of the Na­
tional Bank of South Dakota, will
chair the transportation committee and
Juanita Fish, operations officer of the
National Bank of South Dakota, heads
up the registration committee.
Publicity chairman for the pre-con­
vention and general convention activi­
ties is Pat Dixon, assistant vice presi­
dent of the First National Bank of the
Black Hills.

Sioux Falls Bank Names
Advisory Board Members
Richard A. Cutler and Merle E.
Jansen have been appointed to serve
on the advisory boards of the Western
Mall office and the Industrial office re­
spectively of the First National Bank
in Sioux Falls, according to William
Baker, bank president.

Dakota

News

73

Mr. Cutler has been a partner in the
law firm of Davenport, Evans, Hurwitz
and Smith since 1972. Mr. Jansen is
the South Dakota division manager of
Cengas.

SunBank of South Dakota
Announces 2 Promotions
Gary Mennen has been promoted
to operations officer and Dee Smith to
loan officer at the SunBank of South
Dakota, Sioux Falls.

D.

SM ITH

Mr. Mennen has been with the bank
since its opening in May of 1975. He
is a 1970 graduate of Westmar Col­
lege in LeMars, la. Mrs. Smith has
been in banking since August of 1975.
She moved from Lincoln, Nebr., where
she was a sales coordinator for HyGain Electronics.

r

IT’S CONVENTION
TIME!
\
Stan Peterson
SOUTH D A K O TA -M A Y 13-15
NORTH D A K O TA -M A Y 19-21
f

X X -+-

t i iW r

Gordy Spartz
SOUTH D A K O TA -M A Y 13-15


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Federal Reserve Bank of St. Louis

We look forward
to seeing all of
our friends.
Midland National
Bank Of Minneapolis
An Affiliate of Northwest Bancorporation

Banco
N o rthw estern

Banker,

May

1976

74

South

Dakota

News

SDBA Exec. Secy. Milt Schwartz listens to a prediction on the cattle market from Robert
Armbruster as Russ Stone looks on. Mr. Stone was chmn. of the conference.

Ag Bankers Show Optimism
Despite Current Drouth Conditions
D

ESPITE problems in the eow/calf industry and serious drouth
conditions in some parts of the state,
205 bankers attending the South Da­
kota Bankers Association Annual
Agricultural Credit Conference were
optimistic about the future.
Dr. Arthur Upgren, well-known
economist, “confirmed” their optimism
in a keynote speech entitled, “Why
Things Look Good Ahead.” Dr. Up­
gren is a director of Bank of Min­
neapolis and Trust Company and re­
sides in Pompano Beach, Fla.
According to Dr. Upgren, two basic

structural changes have been made in
the economy that will help prevent a
serious business collapse in the future.
First, FDIC reserves now stand at
$6.9 billion, offering depositors a guar­
antee against losses. Second, because
of escalating wage contracts over two
to five years and cost of living in­
creases, personal family income con­
tinues to rise in spite of setbacks from
unemployment and recession. Dr. Up­
gren concluded by expressing concern
that productivity is not keeping up with
income. He suggested the govern­
ment should adopt a surtax of 33% on

increased income over the previous
year!
Commenting on the outlook for
grain prices, Bob Brastrup, executive
secretary for the Montana Wheat
Commission, Great Falls, said the cur­
rent market is definitely a “weather
market.” He indicated that it is diffi­
cult to predict grain prices when you
must consider weather factors and
Russian buying intentions.
The cattle outlook was presented by
Robert Armbruster of Cattle-Fax,
Denver. He indicated there would be
6% fewer yearlings available in 1976,
since five million calves were killed in
1975, compared to three million in
1974. He sees prices for fed cattle at
least in the mid 40s in the second half
of the year. Margins won’t improve
much even though the better prices
will prevail. Pork production will in­
crease from 10% to 15% in 1976, and
poultry will be up about 10%.
Feeder cattle prices this summer will
be in mid-40s to upper 40s, and
yearlings in low 40s to mid 40s. Fur­
ther drouth could change the picture.
Tom Adams, legal council for
SDBA, discussed current changes and
interpretations of the Uniform Com­
mercial Code as it applies to farm
equipment and farm products.
Farm Financing

“My Views on Modern Farm Fi­
nancing” was the topic of a timely talk
by C. P. (Buck) Moore, president,
Northwestern National Bank, Sioux
Falls. Covering three main categories
— modern techniques, young farmers,
and causes for problem loans, Mr.
Moore emphasized the following:
“Farm borrowers should be en-

Tom Adam, SDBA legal counsel, and C. P. Buck Moore, pres., Northwestern N at’l. Bk., Sioux Falls, hear Dr, Arthur Upgren in key­
note address. Messrs. Adam and Moore also appeared on the program.
Northw estern

Banker, M a y


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Federal Reserve Bank of St. Louis

19 7 6

South

eouraged to do business with a single
lender. A strong relationship between
the farmer and banker places greater
responsibility on the lender and de­
mands expertise from him. Frequently,
more efficient farming and marketing
can be accomplished by shifting to in­
termediate credit. Debt can be restruc­
tured to meet realistic repayment
schedules.
“At the same time, the farmer
should be encouraged to stay with a
planned program and provide cash
flow information along with detailed
financial statements. Fie should define
needs, a plan for repayment, and in­
clude all family and business debt obli­
gations. Farm wives should be made
aware of the plan, including a sum for
family living, and sign the notes.
“Young farmers are a changing
breed. They are better educated, bet­
ter prepared. Banks should identify the
ones that are going to be around in fu­
ture years and stick with them.
“Problems cover the lack of ability
to manage, over-extensions in purchas­
ing new machinery, over-extended
credit, shopping from one banker to
another, husband/wife/children dis­
agreements, and too much town liv­
ing.”

Dakota

News

75

“We have
the expertise
behind u s.”

Legislation

J. I. Milt Schwartz, SDBA execu­
tive manager, presented a summary of
the 1976 legislative session. He de­
scribed the enabling legislation passed
for electronic funds transfer. The EFT
off premise legislation is effective July
1. On the subject of a franchise tax for
financial institutions, Mr. Schwartz
said that the legislature raised the an­
nual fee from $25 to $200. Further ac­
tion may be taken in the next session.
The matter is now in the hands of the
interim taxation committee. The House
voted down the Homestead Land Act,
and the Senate sent it back to the ag
committee. It would allow the state to
buy land for young farmers and lease
it to them. SDBA opposes the plan.
Farmers Union favors it. A com­
promise was reached on the drug law
that would have allowed confiscation
of an automobile, so as to alleviate
the problem for the lender.
Irrigation

A variety of other talks were made
on topics covering irrigation, water
rights and easements, and farm plan­
ning— End


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Federal Reserve Bank of St. Louis

“ People are our strength. We rely on an
experienced team at Security to answer our
customers questions about EFTS, Agri-Finance,
IRA-Keogh, Trust, and data processing
services We have the expertise behind
us. The best people and
the best facilities mean
the best service."

WAYNE JOHNSON
CORRESPONDENT BANK OFFICER

Security National Bank
6th & Pierce Street, Sioux City, Iowa
Phone: 712-277-6517

N o rthw estern

Banker,

May

1976

76

South

Dakota

News

E. ANDERSON

K. BEZDICEK

H. BINDE

T. HANSON

“ Looking Around South Dakota”
fact that most ranchers concentrate on
cow/calf operations. Needless to say,
this industry has taken some bumps.
More emphasis may be placed on
yearlings, and there is a renewed inter­
est in sheep.”
Harold Binde, vice president and
cashier, Peoples State Bank, Summit:
“ Iowa land buyers have driven prices
of land in our area from $125 per acre
to as much as $500. Raising sunflow­
ers is new in our area, and farmers are
learning the importance of bees as a
way to increase production of both
sunflowers and alfalfa by as much as
25% .”
Tom Hansen, assistant vice presi­
dent and manager, First National
Bank, Mob ridge:” Land prices have
moved up to $275 per acre from
$25 just a few years ago. Farm revenue
is substantially up due to irrigation and
fertilizer. Under irrigation, com yield

Five area bankers discussed the
status of the agricultural industry in
South Dakota at the Annual Agricul­
tural Conference held in Mitchell last
month. Here are their views:
Ken Bezdicek, ag loan officer, Na­
tional Bank of South Dakota, Ver­
million: “In the southwest part of our
state, there seems to be a trend away
from livestock production in favor of
grain farming. There are a substantial
number of highly motivated young
people entering farming. Numerous
farms are being incorporated as a
means of transferring ownership.
Farmers are interested in irrigation,
but there is more conversation than ac­
tion at this time.”
Ed Anderson, vice president and
agricultural representative, 1st Nation­
al Bank of the Black Hills, Rapid
City: “There is a lack of diversifica­
tion in our range country due to the

rthwestern’s World of Service

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* *

'

.

An Affiliate of Northwest Bancorporation

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Banker, M a y


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Federal Reserve Bank of St. Louis

1976

H. LERDAL

has been moved up to as much as 125
bushels per acre compared to about
30 bushels in former years. Private
money is helping move water as much
as five miles from the Oahe Reservoir.
On the negative side, large equipment
is being used. Strips and tree belts are
being removed causing erosion.”
Herman Lerdal, president, Mitchell
National Bank: “Our area is coming
off the second year of serious drouth.
Without assistance from government
agencies, some of our young farmers
could be in trouble. Currently, we will
be piping water from the James River
to the Mitchell area. Over the longer
term, we should consider the benefits
of piping water from the Missouri
river for irrigation purposes. Tourism
for 1976 looks good, and income from
it may overshadow agricultural dollars
around Mitchell. Tnspite of the drouth,
housing, farm machinery, and car sales
are up. Our main goal will be keeping
the good farmers in business.”

Walter Kirby Johnson
Funeral services were held recently
for Walter Kirby Johnson, president of
the Farmers State
Bank of Estelline.
Mr.
Johnson
was
born
in
Franklin, Minn.,
and attended the
Mankato
Com­
mercial
College
and the Hartford
Insurance School
in
Connecticut.
W. K. JOHNSON
In 1975 he com­
pleted 50 years in banking, starting
his career in Franklin, Minn., and
Maynard, Minn., then moving to Mobridge, S. D., and then to Gregory,
S. D. In 1944 he moved to Estelline.
He served on the legislative committee
of the Banker’s Association, served as
vice president and president of the
South Dakota Bankers Association.

77

Is this agood time
to be making
feeder loans?
Chuck Shewey is a good man to ask.

If you have questions about
the future of feed lots or any
trends in the farm economy,
Chuck Shewey may be the
best person you can talk with.

1200 banks —from around the
region, around the nation and
overseas — bring their ques­
tions to First Minneapolis.
At First M inneapolis, we
back our correspondent bank­
ers with specialists in every
area of banking and econom­
ics. So you’ll get expert an­
swers that make it easier to
make sound banking d e ci­
sions. We have all the people,
all the services, all the help
you need — all in one place.
That’s why w e’ re known as
the Bankers’ Bank of MidAm erica.

Why? Because Chuck is an
agri-banking specialist, and
you don’t meet many corre­
spondent bankers with this
kind of expertise. In fact, First
Minneapolis is the only bank
in theTwin Cities with an agri­
banking sp e cia list on the
correspondent staff.
S p e c ia lis ts lik e C huck
Shewey help explain why over
Chuck Shewey • 612/370-4691

F ir s t®
M in n eap o lis
Correspondent Bank Division • First National Bank of Minneapolis, 120 South Sixth Street * Member FDIC

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Federal Reserve Bank of St. Louis

N o rth w e s te rn B a n k e r, M ay 197 6

78

Welcome to Bismarck
tor the

91st Annual Convention
of the

North Dakota Bankers Association
May 19, 20, 21, 1976
“We are proud to help serve as your hosts”

ts
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c te
,d ) .|

iteJJ]

S ta te ¡¡J a n k o f

Èri

‘H a n k o f ‘K irk w o o d K la za

V r le ig h C o u n fy

TRUST COMPANY

SEVENTH STREET * AR BO R AVE.

*

B IS M AR CK . NORTH DAKOTA

BISMARCK. NORTH DAKOTA

DAKOTA
N orthw estern
BANK
Of Bismarck
An A ffilia te o f N orth w e st B ancorporation

_

_

BanCB

N o rthw estern

Banker, M ay


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Federal Reserve Bank of St. Louis

1976

THE FIRST NATIONAL BANK
AND TRUST CO. OF BISMARCK

North Dakota Bankers
Annual Convention
Bismarck
May 19-21
W, J. DAMER
S ecret ory

H. N. MESS
2 nd Vice Pres.

H E N orth D ak ota B ankers A sso cia tio n w ill hold its
9 1 st annual con ven tion in B ism arck, M ay 19-21.
P resid in g w ill be Gerry C. A nderson, president, The
Bank of T ioga, and presid en t of th e N D B A the p ast
year.

T

P. M.
12:00

2:00

Wednesday, May 19

r

3:00 - R egistration at H olid ay Inn.
9:00
G olf, ten n is, b ow lin g tournam ents all day.
6:30 - P resid en t’s R eception, H oliday Inn.
8:00
7 :0 0 - Sm orgasbord D inner.
8:30
8:30 D an cin g to M yron S om m erfeld ’s B on Bon
B rass.

Thursday, May 20
"

Report of N D B A n om inating com m ittee; elec­
tion of officers.
A B A S ta te M eetin g —Edw ard L. O lson, A B A
sta te vice president; ex ecu tiv e vice president,
1st N ational B ank, Grand Forks.

P. M.
5:30
6:15
8:30

A. M.
8:00

9:30

B r e a k sfa sts— P a st P resid en ts and 40 and 50Year B ankers, E rlin g Room; B ank Schools
B reak fast, A nchor R oom .
Call to O rder— Gerry C. A nderson, president,
N D B A ; presid en t, T he B ank of T ioga.
R esp o n se— C arlyle P. A u stin so n , first vice
president; ex ecu tiv e v ice presid en t, Northw ood S ta te B ank.

Friday, May 21
8:00

9:30

Coffee break.
“ The W ash in gton S cen e” —The H on. Quentin
N . Burdick, U nited S ta te s Senator, N orth
D akota.

Coffee break.


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Federal Reserve Bank of St. Louis

Prayer B rea k fa st— P residing, Harry C. Piper,
president, Piper, Jaffray & H opw ood C o.,
M inneapolis.
Call to Order— P resident A nderson.
“ The C ost of Bank F u n d s’’—Josep h V. Baker,
senior vice president, F id elity B ank, N .A .,
O klahom a C ity.

“ E lectronic F u n d s T ransfer’’— R obert H . Long,
senior vice president, B ank A d m in istration
In stitu te , Park R idge, 111.
“ Federal L egislation and th e B an k in g S y s ­
te m ’’—John W . H olto n , senior governm ent
relations cou n sel, A B A , W ash in g to n , D .C .
L adies pre-lunch reception and program at
K irkwood M otor Inn, follow ed b y luncheon..

Social H ou r—C om plim ents of N D B A associate
m em bers, H oliday Inn.
B a n q u e t-H o lid a y Inn.
“ F estiv a l ’76’’ m usical program covering
A m erica’s first 200 years, Bism arck Civic
Center.

A. M.

W elcom e— B ism arck M ayor R obert H eskin.

11:00

“ Som e T h in gs T hat Are R igh t w ith A m erica” —
Lee S. D reyfu s, chancellor, U n iv ersity of
W isconsin, S tev en s P oin t, W is.
A d d ress— Robert D . M cIn tosh , vice president,
Piper, Jaffray & H opw ood C o., M inneapolis.
Coffee break.

P. M.

,

M en’s L uncheon—H oliday Inn, H all of P orts.

12:00

N D B A b u sin ess m e e tin g —R eport of resolu­
tions com m ittee; consideration of N D B A dues
am endm ents; other b u sin ess.
A djournm ent.
N orthw estern

Banker, M a y

¡976

80

North

Dakota

News

NDBA Convention Committees
ENERAL chairm an for the committees
for the N orth D akota Bankers Associ­
ation Convention in Bismarck is Alvin Haas,
p r e s i d e n t , State
Bank of Burleigh
C ounty T rust Co.,
Bismarck.
The steering com­
mittee i n c l u d e s :
Robert W e s t b e e,
president, First N a­
tional Bank, Bis­
marck; James Kelly,
president, Bank of
Kirkwood,
Bis­
marck; A. Ned M ay­
er, president, D akota
N orthw estern Bank,
Bismarck; Bert G erhart, president, M andan
Security Bank; Jam es Noonan, president,
First N orthw estern Bank, M andan, and
Herb T horndal, president, Bank of N orth
D akota, Bismarck.

G

Local committees follow:
Registration and reservations: Chairm an
—-Ann Pladson, assistant vice president,
State Bank of Burleigh County; C arol DeForest, assistant secretary, N orth D akota
Bankers Association; Sandee Schmidt, sec­
retary, State Bank of Burleigh
County;
Sandy Leingang, secretary, F irst National
Bank & T rust Co.; Olene Streeter, secretary,
First National; and Floy Olson, assistant
cashier, M andan Security.

A. N. MAYER

i . F GERHART

Exhibits: C hairm an— Ron Lam phear, as­
sistant cashier, State Bank of Burleigh
County; Ed B. Sather, assistant vice presi­
dent, Bank of N orth Dakota; Dennis Delzer,
F irst National, and Seb Schumacher, as­
sistant cashier and m arketing officer, D ako­
ta Northw estern.
First Night Party: C hairm an— G erald
Wethor, senior vice president, First N orth­
western N ational; Jack Hoffman, assistant
vice president, State Bank of Burleigh C oun­
ty; Owen Noteboom, vice president, First
N ational; Ernest Pederson, vice president,
Bank of N orth D akota; Kelly Blum, as­
sistant cashier and m arketing officer, First
N ational; and Chris Dahl, vice president,
D akota Northw estern.
Men’s
Luncheon:
C hairm an—-Milton
H ochhalter, vice president, State Bank of
Burleigh County; G erald Wilier, executive
vice president, Bank of Kirkwood; Darrell
McQuay, vice president, D akota N orthw est­
ern; G ordon Engen, vice president and cash­
ier, F irst N ational; G ene B. Hetler, assistant
vice president, Bank of N orth D akota; and
Jim Bierdeman, trust officer, F irst N ational.
Banquet and Social Hour: C hairm an—
John W. Fay, vice president, Bank of N orth
D akota; Alvin W. Borner, vice president,
State Bank of Burleigh County; A. C. C haf­
fee, vice president, First N ational; Stan Foss,
vice president and agriculture representative,
First N ational; J. M. Peterson, assistant vice
president and ag representative, F irst N orth­
western; and C harles Mitchell, assistant vice

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Federal Reserve Bank of St. Louis

1976

president and ag representative, D akota
N orthwestern.
Transportation: C hairm an— Pat Fricke,
assistant vice president, D akota N orthw est­
ern; Wm. S. Atwood, cashier and assistant
trust officer, State Bank of Burleigh County;
Allen R. Nosbusch, auditor, Bank of N orth
D akota; Dennis Schlittenhardt, assistant vice
president, F irst N ational; M. D. I^oken, vice
president, M andan Security; and George
Selinger, vice president, F irst N orthwestern.
Golf: C hairm an— H arold Ormseth, vice
president, F irst National; A rt Finck, as­
sistant vice president, First N ational; George
Neigum, vice president, D akota N orthw est­
ern; and Don Anderson, assistant cashier,
Bank of N o rth D akota.
Bowling and Tennis: C hairm an— Bernard
Meier, loan officer, M andan Security; Shir­
ley H om uth, assistant vice president, Bank
of N orth D akota; Allen J. Jahner, assistant
cashier, Bank of N orth D akota; and Jim
Hauer, m anager of time pay, D akota N orth­
western.
Ladies Committee: Mrs. Alvin H aas (Bet­
ty), Mrs. Jim Kelly (Beverly), Mrs. Bob
W estbee (Bobi), Mrs. N ed M ayer (Marilyn),
Mrs. H erb T horndahi (Nancy), Mrs. Bert
G erhart (Rose), Mrs. Jim N oonan (Marion),
and Mrs. John. P. Stewart (Jane).

First National, Valley City,
Announces Officer Election
David D. Johnsen has been elected
assistant cashier and agricultural repre­
sentative of the
First N a t i o n a l
Bank of Valley
City, according to
Walt Bauer, presi­
dent and chair­
man.
Mr. J o h n s e n
taught vocational
agriculture at Lis­
bon High School
D. D. JOHNSEN
during the 197374 and 1974-75 school years. He is a
graduate of South Dakota State Col­
lege in Brookings holding a B.S. degree
in agriculture education.
Bismarck Banker Tours
Near East Countries
H. L. Thorndal, president of the
Bank of North Dakota, Bismarck, re­
cently returned from a two-week trip
to the Near East. Mr. Thorndal was
part of a 30 member trade mission
sponsored by the state. The mission
was headed by Governor Arthur A.
Link and spent a week in Egypt and a
week in Jordan. The purpose was to
seek a common ground where both
Near East countries and North Dakota
could benefit from mutual commercial
relationships, to stress bonds of friend­
ship and further seek understanding
between their peoples.

W E L C O M E
North Dakota Bankers
to the
91st Annual North Dakota Bankers
A s s o c i a t i o n Conv enti on
May 19, 20 and 21, 1976
Bi smarc k , North Dakota

STOP
IN
and V I S I T
YOUR
“Partner in North Dakota Progress”

1975

1973
ND Bank Participation Loans
ND SBA Loans
Federally Insured Student Loans
FHA and VA Home Loans

1969
$ 1 ,8 2 4 .9 4 0
$ 2 ,3 2 5 ,1 9 5
$ 5 ,0 43,031
$ 1 3 ,2 8 9 ,7 1 5

1971
$ 5.081,694
$ 4,008,188
$15,195,050
$17,867,619

$2 7,7 45,8 99
$ 5,174,461
$24,3 60,2 73
$31,713,717

$39,421,519
$ 7,898,592
$27,993,206
$35,439,961

Sank of
North Dakota

Bismarck, North Dakota 58505

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

N orthw estern

Banker, M a y

1976

82

North

Dakota

News

branch bank at 226 South State in Shel­
ley.

You Will See Them at the Annual
North Dakota Bankers Convention
H E following m etropolitan bankers and
service and equipm ent dealers have
indicated that they will be attending the
N orth D akota Bankers Association Conven­
tion in Bismarck May 19-21.

T

Chicago
First National Bank: Stan Latham.
Minneapolis
Midland National Bank: Stanley J. Peter­
son, vice president.
First National Bank: Joe R. Kingman III,
executive vice president; Ken Wales, vice
president; Chuck Shewey, assistant vice
president; Frank Brosseau, correspondent
banking officer; Janice Belbeck, Delores
W alstrom and Doug Hedin, bond represen­
tatives.
Marquette National Bank: G ary W ollan,
senior vice president; Avery Fick, vice presi­
dent; Bill Rosacker, assistant vice president;
and Jack C am pion and Dean Fordyce, in­
vestment officers.
Northwestern National Bank: C. Paul
Lindholm, senior vice president: H arry
W ahlquist and Howard Luick, vice presi­
dents; Jim Laird, correspondent officer and
Jim Holker.
New York
Citibank, N . A.: C. N orm an Gustafson,
account officer.
Manufacturers Hanover Trust Co.: Earl
Lundin, assistant vice president.
Omaha
First National Bank: Jim Doody, vice
president and Bob Meisinger, second vice
president.
St. Paul
American National Bank and Trust Com­
pany: A rt Haessig and Don Johnson, vice
presidents.
First National Bank: Donald W. Buckman, Ronald O. Olson and James T.
Gowan, vice presidents; and Bruce W. He­
bei, assistant vice president.
Bank Equipment and Other Firms
Bank Building Corporation, St. Louis:
Willard Campbell, consultant services m an­
ager.

Brandt, Wayzata, Minn.: Ronald E. Doll,
district manager, and Peter L. Castner, sales
representative.
CMI Investment Corporation, Madison:
Ralph Jose and Dennis Oliver.
Dawson Hail Insurance, Fargo: Jim D aw ­
son, Chuck Fosberg, Bob Dawson and Bob
C arter.
Moore, Juran & Co., Minneapolis: Gerald
M. Clark, vice president, and G ary Nordquist, sales representative.
Mosler, Hamilton, Ohio: Harvey Larson,
sales representative.
North Central Companies, St. Paul: Bill
Stohr, senior vice president.
NYTCO Services, Inc., St. Paul: Leo H.
Hermes, Jr., vice president, regional sales,
and Edward Ames, vice president, regional
manager.

IDAHO NEWS

Named at Twin Falls
Twin Falls Bank & Trust Company
has elected Fred D. Harder, vice pres­
ident and Kimberly branch manager,
to its board. He replaces R. D. McKin­
ney who resigned. Fred C. Ott was
elected vice president and assistant
manager at Kimberly.
Application Approved
Bank of Commerce in Idaho Falls
has received permission to establish a

NORTH DAKOTA
CONVENTION TIME!

M

Tim e To Meet Gary Nordquist

M a y 1 9 -2 1

M O O R E , J U R A N A N D C O M P A N Y , IN C .

•

m u n ic ip a l s e c u r it ie s

IDS CENTER • 8 0 South Eighth Street • Suite 4 6 3 0 • M inneapolis, Minnesota 55402
Telephone (612) 339 8071
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May


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Federal Reserve Bank of St. Louis

1976

Idaho First National Plans
20-Story Office Tower
Thomas C. Frye, president of Idaho
First National Bank, Boise, has an­
nounced plans to contract for develop­
ment of a 20-story office tower de­
signed to serve as the bank’s new head-

ARCHITECT'S sketch of the proposed 20story office tow e r to house the Idaho First
National Bank of Boise.

quarters building. Construction is
scheduled to start early this summer
with occupancy anticipated in 1978.
The building will feature structural
steel with vertical pre-cast brick-like
facing of earth tone hues alternated
with bronze glass. It will be more than
270 feet high. Underground parking
facilities for approximately 220 vehi­
cles will be available with additional
parking at ground level. The bank will
occupy about 70% of the 275,000
square feet of floor space and the remainer will be leased. Cost is estimated
at $15 million.

Calendar of Events
June 13-16— IBA Annual Conven­
tion, Sun Valley Lodge, Sun Val­
ley.

83

Montana
News
A. F, WINEGARDNER
J. T. CADBY

Presiden t

Secretary

Billings
Helena

First Metals of Butte
Establishes
Personal Banking Center
The First Metals Bank & Trust
Company of Butte has established a
new department called the Personal
Banking Center. Several promotions
and title changes have been an­
nounced. Thomas B. Wakley, assistant
vice president, will manage the depart­
ment. Ronald J. Collins and Jo Ann
Zobenica have joined the department
as personal banking officers. Mr. Col­
lins formerly was a budget loan officer
and Ms. Zobenica customer service of­
ficer.
Receiving promotions and the title
of personal banking officers are Vic­
toria Alley and Elaine Blauer. As­
sistant personal bankers are Sandy
Wilson,
Laurie
Palmer,
Sharon
O’Keefe and Linda Winnick.
The bank also announced that
Helen R. Sullivan, a 23-year veteran
of the bank’s trust department, has
been elected assistant trust and escrow
officer.
Security Bank of Colstrip
Appoints Vice President
Tom Scott, president of Security
Bank of Colstrip, has announced the
appointment of Ed Carding as vice
president and managing officer. He re­
places Neal Thielen who resigned to
go into business in Colorado. Mr.
Garding began his banking career with
the Security Bank, N. A., at Billings
in 1971. He has been cashier and as­
sistant vice president at Colstrip since
the bank opened in May of 1975.
Bank of Columbia Falls
Promotes Two Officers
William H. Liddicoat, Jr., has been
promoted to cashier and Jeffrey A.
Cory has been elected a loan officer
of the Bank of Columbia Falls, accord­
ing to John Bronken, president.
Mr. Liddicoat, formerly assistant
cashier, is a graduate of the University
of Montana and has spent his career
at his present bank. Mr. Cory was in­
stalment loan manager at the Montana

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Federal Reserve Bank of St. Louis

National Bank in Plentywood before
coming to Columbia Falls.

MBA Group Meetings
Following are the dates and loca­
tions of the 1976 annual Group Meet­
ings of the Montana Bankers Associa­
tion:
May 7, Group 6, Fairmont Hot
Springs.
May 8, Group 7, Holiday Inn West,
Billings.
May 10, Group 2, Green Acres, Bak­
er.
May 11, Group 4, Culbertson.
May 13, Groups 1 & 5, Heritage Inn,
Great Falls.
May 15, Group 3, Hamilton.
NBA To Meet
In Las Vegas
The Nevada Bankers Association
(NBA) will hold its 57th annual con­
vention at the MGM Grand Hotel in
Las Vegas May 16-18.
The convention registration begins
Sunday at the Prominade, 26th floor,
from 2-5 p.m. The board will meet at
3:30 in the president’s suite. The
president’s cocktail reception will be
held from 5:30-6:30 p.m. in the Met-

ro-Goldwyn Room, 26th floor.
Monday, registration is from 8-11
a.m. The business session, in the May­
er Room, begins at 9 a.m. with a call
to order by Collin S. Smith, NBA
president. The Honorable William
Briare, mayor of Las Vegas, will wel­
come the delegates. W. Liddon McPeters, president-elect, A m e r i c a n
Bankers Association (ABA), will
speak.
Tuesday’s session begins at 8:30
a.m. The usual reports of committees
will follow. Chris Christianson will de­
liver his message, “Change Your Life,
Baby.” A coffee break will be held at
10 a.m. following a speech by Dr.
James L. Hayes, president of the
American Management Association.
Election of officers and directors will
be held at 11 a.m. Closing remarks,
introduction of incoming president,
benediction and adjournment will fol­
low. An ABA meeting will then be
held.
Officers of the NBA are: president,
Mr. Smith, executive vice president,
Nevada State Bank, Las Vegas; presi­
dent-elect, E. J. Oaks, president, Se­
curity National Bank of Nevada,
Reno; treasurer, Joseph S. Busch, vice
president, First National Bank of Ne­
vada, Las Vegas, and executive vice
president and secretary, Jordan J.
Crouch, Reno.
President Smith’s committee mem­
bers are: chairman, Richard A. Carl­
son, senior vice president, Nevada
State Bank, Las Vegas and vice chair­
man, Del P. Landing, senior vice
president, Security National Bank,
Reno.
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1976

84

75th Annual Convention

Colorado Bankers Association
The Broadmoor
Colorado Springs
June 3, 4, 5

I 1 HE 75th annual convention of the Colorado Bankers
Association will be held Thursday, June 3, through
Saturday, June 5, at The Broadmoor in Colorado Springs.
Warren M. “Doc” Watrous, president of the CBA and
president of Farmers State Bank, Brush, will preside. Serv­
ing with him the past year as CBA vice president is John
Harker, chairman of the First National Bank in Burling­
ton. Executive manager is Gerry L. Scarboro, Denver.
The convention program follows:
Thursday, June 3

A. M. Golf Tournament— Broadmoor East and West
courses.
Tennis Tournaments—Broadmoor Tennis Courts.
Skeet and Trap Shooting Tournaments—Broad­
moor Skeet.
P. M.
7:30 International Party, International Center, Foreign
food tables. Show and dance.
Friday, June 4

A. M.
9:30 Call to Order—Warren M. Watrous, president,
Colorado Bankers Association; president, Farm­
ers State Bank, Brush.
Presentation of Colors.
Invocation.
President’s Annual Address— Mr. Watrous.
Address—-Robert E. Barnett, chairman, FDIC,

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Federal Reserve Bank of St. Louis

19 7 6

Washington, D.C.
Address— Irving R. Levine, economic affairs co­
ordinator, NBC Television Network, New York. r. "j
Presentation— 50 Year Club.
Noon Men’s Luncheon— George Blanda, Oakland Raidr
ers professional football team.
P. M.
^
12:30 Ladies’ Luncheon— Tippy Huntley, Big Sky, Mont.
6:30 Annual social hour and banquet, International
Center.
. s
International Ice Spectacular, Broadmoor Ice
Arena.
Vr
Saturday, June 5

A. M. Call to Order—John Harker, vice president, Colo­
rado Bankers Association; chairman, First Na­
tional Bank, Burlington.
Address— James E. Smith, Comptroller of the
Currency, Washington, D.C.
Panel presentation by Colorado state legislators.
Address— Hon. Carroll Hubbard,Congressman
from Kentucky; member, House Banking, Cur­
rency and Housing committee.
Meeting of Colorado members of the ABA—
George B. McKinley, ABA state vice president
for Colorado; president, FirstNational Bank,
Grand Junction.
Meeting of the Colorado Bankers Association—•
Business meeting and election of officers.— End

^

^
“
\
^ 1
^

85

The im age o f a
respondent banker.
►

Image, the way we present ourselves to the
world, is important. Others know us by the
character we project. How often have you heard
it said: He is the image of health; or, He is the
picture of professionalism. The important
things, the things that give the image value,
however, are behind the picture.

Behind the image of a correspondent banker
should be qualities such as experience,
expertise and efficiency. If those are the qualities
you demandjn a correspondent banker, we d
like the chance to show you what it means
when a correspondent banker’s output matches
his image.

425 16th Street at Glenarm Denver, Colorado 80202 534-4000

A Discovery Bank. t m . 1 9 7 6
Member Affiliated Bankshares of Colorado. Member FDIC.

V

J

John A. Edmiston


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Federal Reserve Bank of St. Louis

Steve Sheridan

Northw estern

Banker, M a y

1976

86

Colorado

News

You Will See Them at the 75th Annual
Colorado Bankers Association Convention
H E following m etropolitan bankers and
service and equipm ent dealers have in­
dicated they will be attending the 75th an­
nual convention of the Colorado Bankers
Association in C olorado Springs June 2-6.

T

Chicago
American National Bank & Trust Compa­
ny: Michael J. Byrne, correspondent bank­
ing officer.
Continental Bank: William M. Goodyear,
second vice president.
First National Bank: G arth Dunn, vice
president, and William Suddath.
Harris Trust & Savings Bank: J. David
Cox, vice president, and Stephen R. Kent,
assistant vice president.
Denver
Central Bank and Trust Co.: Max G.
Brooks, chairm an; Don D. Hoffman, presi­
dent; D on Echterm eyer and Larry M atthes,
vice presidents and Bill Tumelty, assistant
vice president.
Colorado National Bank: Richard L.
Berg, N orm an Burkepile and William J.
Fleming, vice presidents; and W illiam W.
McMillan, assistant vice president.
First National Bank: Ronald A. Loose,
senior vice president; C. E. Snow and L.
William M arrin, vice presidents; and Charles
H. Krebs, assistant vice president.

Security National Bank: C. G ale Sellens,
president; H erm an Zueck, executive vice
president; John Edmiston and Barclay Blue,
vice presidents, and Steve Sheridan, assistant
vice president.
United Bank of Denver: Bob Dressel, Bob
H ouston and C harlie Appell, vice presidents;
Steve Baltz, J. Don Petring and Don Sail,
correspondent bank officers.
Kansas City
Commercial Bank of Kansas City: P. V.
Miller, Jr., president; Fred N. Coulson, Jr.,
senior vice president; Tom C. Cannon, vice
president; and John M. McGee, corre­
spondent banking representative.
First National Bank: John T. Fowler and
E. B. Foncannon, senior vice presidents.
United Missouri Bank of Kansas City: R.
Crosby Kemper, chairman; Don V. T hom a­
son, senior vice president; Byron G. T hom p­
son, executive vice president, and Phillip D.
Straight, assistant vice president.
Lincoln
First National Lincoln: Charles R. Leffler, vice president and manager, correspon­
dent departm ent, and C raig W anam aker,
correspondent loan officer.
Los Angeles
Security Pacific National Bank: Peter C.
Janssen, assistant vice president.

New York
Chemical Bank: A rthur C. Hayes, as­
sistant vice president.
Chase Manhattan Bank: Wm. J. Dahms,
vice president.
Citibank, N. A.: Alan W. Peters, vice
president, and Stephen H. Paneyko and
Stephen J. K arper, assistant vice presidents.
Manufacturers Hanover Trust Co.: J.
Nicholas Hurd, vice president, and Albert
Brown, assistant secretary.
Omaha
The Omaha National Bank: Andy H arris
and Robert Suddick, vice presidents.
San Francisco
Bank of America: D. W. M aurer, cor­
porate finance officer.
Wells Fargo Bank: R obert M. O’Neill,
vice president, and J. C hristopher Felchlin,
assistant vice president.
Bank Equipment and Other Firms
Bank Building Corporation, St. Leu’s:
Larry Vick, consultant services manager.
Bank Consultants of America, Denver:
Lew Johnson, Bob Schutt and M arvin Knedler.
Brandt, Denver: R obert L. Beyer and
William J. Howes, sales representatives.
Kirchner, Moore & Company, Denver:
R obert L. Anderson, J. Michael Fleming,
Bill Opp, W illiam J. Potocnik and John
Schabacker.
Mosler, Hamilton, Ohio: Carl Sundquist,
sales representative.
Charles Walters, Co.. Inc., Omaha: J.
M ason H enry, president.

S ec you at
the Colorado
Bankers
Convention

C h i l e s , H e i d e r & C o ., I n c .
MEMBER NEW YORK STOCK EXCHANGE, INC.
1300 WOODMEN TOWER
OMAHA, NEBRASKA 68102 ■ (402) 346-6677

Nofor
rthFRASER
w estern Banker, M a y
Digitized
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Federal Reserve Bank of St. Louis

1976

87

“Being a First correspondent bank
helped us succeed in landing
important new business
like Floyd Fairleigh’s feed yard.”

mmr*

jjr

*¥ i
The Security State Bank
City, Kansas is a true
ss story. A correspondent
bank relationship has helped it
grow and maintain important
new accounts.
It began in 1967 when
Duane Ramsey of Security State
solicited the agri-business of
Mr. Floyd Fairleigh of Scott City.
To handle his sizeable credit
needs, Security State sought
the participation of the First
ational Bank of Kansas City.
First National responded
offering a major line of credit
the agri-business expertise
of people like Gene Foncannon.
Correspondent help like
this has played a part in the
growth of Security State Bank.
And as Floyd Fairleigh’s small
feed yard operation has grown to
six agri-business corporations,
Security State has grown with
many new accounts.
If your bank needs a
productive correspondent
relationship to solicit and obtain
new business, extend credit, add
expertise and a depth of
personnel in your area of
interest, call the professional
staff of the First National Bank
Correspondent Department.
We take pride in the success
of Security State Bank.
Our correspondent banking
tradition has been built on help
like this.
Why not put our strong
tradition of excellence to work
for your success.

Yxir success is our tradition.

An Affiliate of First National
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Member FDIC
N o rthw estern

Banker,

May

1976

88

Kirchner, Moore & Co.
Promotions Announced
Promotions of three executives at
Kirchner, Moore and Company, Denv e r investment
banking firm, have
been announced
by Dean Boedeker, company
president.
Robert (Duke)
Coonrad has been
named a principal
in the firm. Mr.
Coonrad,
w ho
r. c o o n r a d
also is a vice
president, was graduated from the Uni­
versity of Nebraska Law School and is

W. OPP

News
H, H. WATT

President

Riverton

M. C. MUNDELl

Secretary

Laramie

To Head Laramie Bank
Charles A. Kupilik, Jr., has been
named president of the University Na­
tional Bank of Laramie. He replaces
Richard Weber who has been named
vice president of the Bank of Durango
in Colorado.
Mr. Kupilik came to Laramie from
Steamboat Springs, Colo., where he
was with Routt County National Bank
for 17 years. He is a graduate of the
University of Colorado and completed
a term as mayor of Steamboat Springs
last November and also served a threeyear term as a director of the Colora­
do Bankers Association.
Mr. Weber had been with the bank
since January of 1972 and had been
president for the past three years.

J. SCHABACKER

in the public finance section of the
firm. He joined the company in 1971.
Municipal bond specialists William
Opp and John Schabacker have been
named company vice presidents. Mr.
Opp, who has been with the company
since 1972, previously was an account
executive with Merrill Lynch Pierce
Fenner & Smith, Inc. Mr. Schabacker
also joined the company in 1972 from
McGraw-Hill in Houston.

Colorado Springs Bank
Elects Graban President
Alan W. Graban has been elected
president of East Bank of Colorado
Springs, He comes to the bank from
Bellingham National Bank in Washing­
ton where he was executive vice presi­
dent, cashier and a director responsible
for operations and loan portfolio man­
agement.
Northeast Colorado National
Elects New Officers
Robert Page has been promoted to
instalment loan officer and Myrna Lib­
by to customer service officer at the
Northeast Colorado National Bank,
Denver, according to James B. Gam­
mon, president. Mr. Page joined the
bank in 1972 and Mrs. Libby in 1963.
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Federal Reserve Bank of St. Louis

1976

Named at Rawlins
Gene McMillen has assumed the
position of loan officer in charge of
publicity for the First National Bank
of Rawlins, according to F. A. Rummell, president. Mr. McMillen, a direc­
tor of the bank, formerly owned the
West Way Lodge which he sold last
January.
Joins Casper Bank
Robert L. Sutter has joined the Hill­
top National Bank of Casper as execu­
tive vice president, according to N.P.
Van Maren, Jr., bank president.
Mr. Sutter comes to Hilltop from
East Cheyenne National Bank, where
he served as senior vice president. Be­
fore that he was an instalment loan of­
ficer with The Wyoming National
Bank of Casper.
Bank of Laramie Names
Beverly Sheen Cashier
J. A. Guthrie, Jr., president arid
chairman of the Bank of Laramie, has
announced the appointment of Beverly
L. Sheen as cashier.
Mrs. Sheen has been with the bank
since 1957 and was formerly auditor
and controller. She attended the Uni­
versity of Wyoming and a bank com­
puter auditing school.

Joins Cheyenne Bank
Jack Crews has joined the American
National Bank, Cheyenne, as vice president for public relations, according to
D. L. Day, president.
Mr. Crews, a 1963 agriculture grad­
uate of the University of Arizona, was
associated with his father, Rex, in the
registered Hereford cattle business.
From 1965-68 he was with the Farmers Home Administration in the field
of rural financing. Since 1969 Mr.
Crews has been in the financial busi­
ness in Cheyenne. He is serving his first
term as a member of the Wyoming
House of Representatives.

«
’’
«
,

*“

Calendar of Events
June 9-11— WBA State Conven­
tion, Jackson Lake Lodge, Moran.

Utah
News

R. K. HEMINGWAY
President
Utah Bankers
Association

Tracy Collins Bank
Announces Promotions
Ed Sappington, Bill Lapsley and Bill
Piatt have been promoted to vice pres­
idents of Tracy-Collins Bank and
Trust, Salt Lake City, according to
Gilbert L. Shelton, president and
chairman. Mr. Sappington, formerly
assistant vice president, is manager of
the Midtown office.
Commercial Security Names
Senior Vice President
Eugene Overfelt has been promoted
to senior vice president of Commer­
cial Security Bank, senior bank in the
Commercial Security Bancorporation
system. He also is serving as president
of Commercial Security Bank of Salt
Lake.

V1

C r e a tiv e B a n k in g is b e in g a b le t o s e e
th e tr e e s th ro u g h th e fo re s t.
You can't judge the potential of a customer's business or ideas only on
the prevailing state of the economy.
Some people have the knack for making things work, regardless of
circumstances.
W e realize that. It's just one difference between First of Denver and those
who think less creatively.
This philosophy, this confidence and this trust enable us to help you help
your customers.
First of Denver has more than 2 5 0 correspondent
banking relationships and now you know one of
A
^
the reasons why.
Jj
W hatever your need, we'll find the solution. ■ IRSt M
That's creative banking. It's our business.

of Denver

We create solutions.
17th and Welton (303} 893-2211
Member First National Bancorporation

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

N a rth w e s fe rn B a n k e r, M ay

¡9 7 6

90

“WE'RE USING

r

U.S. NATIONALS
ON-LINE SYSTEM,
ANDWELIKE IT.”

Traverse Hall: President, Farmers
& Merchants State Bank, Neola, lowa
“ We began using U.S. N a tio n a l’s C or­
re s p o n d e n t O n -L in e S yste m
m onths ago, and I’ve found it to be
the best way to update our bank’s
operation w i t h o u t m a k i n g a l a r g e
e x p e n d itu re .'

“ By being ‘o n -lin e ’ w ith U.S. Na­
tional, our bank has gained the
advantage of com pute r speed
and accuracy in posting, pro o f­
ing, handling balance inquiries,
a c c o u n t h is to rie s , and custom er
in fo rm a tio n p r o file s . W hat’s even
be tter is that the item s to be pro
cessed never leave our possession
only the inform ation is passed o n .”

V

“ I was pleasantly surprised to disco ver how
little equipm ent was involved and how easily
our people w ere trained to operate it. G oing
on-line w ith U .S. N a tio n a l v ir tu a lly re vo lu ­
tionized our bank’s operations, and I’m sure
it could do the same for oth e r banks our size.”
The C orrespondent Bank D epartm ent of the
U.S. National Bank w ill be happy to explain
the many advantages of a C orrespondent OnLine System to you. C all Lee B a c h a n d at
402-536-2072 and take the first step tow ards
updating y o u r operation.

E m p lo y ee D e n ise Carlson o p e ratin g O n -L in e.

U S Natio n al
BANK
Of Omaha
North
w estern B a n k e r , M a y

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Federal Reserve Bank of St. Louis

1976

v :

91

Nebraska
News
ROBERT E. BURKLEY
R, E. HARRIS

Presiden t

Fairbury

Exec. Mgr.

Lincoln

Appointed Operations Officer
At South Sioux City Bank
Thomas R. Magnuson has been ap­
pointed operations officer of the Dako­
ta County State
Bank of South
Sioux City, ac­
cording to L. B.
Moore, chief ex­
ecutive officer.
Mr. Magnuson
joined the bank
on March 8 from
Foreman & Clark
of
Minneapolis
T. R. MAGNUSON
where he was ad­
ministrative assistant. His banking ca­
reer began in 1964 with the First State
Bank of White Bear Lake, Minn., and
then with the American National Bank
& Trust Company of St. Paul, Minn.
Beatrice Banker Honored
William W. Cook, Jr., president and
chief executive officer of Beatrice Na­
tional Bank, recently was honored as
“Boss of the Year” by the Beatrice
Jaycees.
Mr. Cook, 39, has been the bank’s
president since 1969. He joined it in
1961 as a clerk and held several other
positions. He also is a vice chairman
of both the Pickrell State Bank and the
Wymore National Bank.
Joins Harrison Bank
Roger Christensen has joined the
Sioux National Bank, Harrison, as as­
sistant vice president.
Mr. Christensen has been working
as a national bank examiner out of
Scottsbluff for the past two years. He
is a business graduate of the Univer­
sity of Nebraska and is a native of
Hartington.
Minden Bank Unveils
Building Plan
Plans are now complete for the new
Minden Exchange Bank and Trust
building. The structure will feature a
40 foot garden area leading to the en­
trance, according to R. K. Armstrong,

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Federal Reserve Bank of St. Louis

Nebraska Calendar
June 6-8— NBA Washington Visit,
Washington, D. C.
Sept. 26-28— NBA Agricultural
Symposium, Lincoln Hilton.

president, it will have 10,000 square
feet of space. Also featured will be a
drive-in with one teller window, one
remote teller and space for an addi­
tional remote teller.
The exterior will be a buff-colored
stone finish.

Joins Hastings Bank
Dan H. Anderson has joined the
City National Bank, Hastings, as audit­
ing officer, ac­
cording to Lloyd
R. Kitrell, bank
president.
Mr. Anderson
is a 1975 gradu­
ate of Hasting
College with a
B.A. degree in
business adminis­
tration and ecoD. H. ANDERSON
n o m i c s . Since
graduation he has been employed by
the United States Army Audit Agen­
cy, midwestern district, St. Louis, Mo.

North Platte Bank Elects
Assistant Vice President
Richard A. Barnes has been elected
assistant vice president in the commer­
cial loan depart­
ment of the First
National B a n k
and Trust Com­
pany of North
Platte. The an­
nouncement was
made by William
C. D eitem eyer,
bank president.
Mr. B a r n e s ,
R. A. BARNES
w h o previously
was a national bank examiner head­
quartered in Scottsbluff, is a graduate
of Albion High School of the Universi­
ty of Nebraska.
Ted Armbruster, president of the
Nebraska State Bank in Broken Bow,
has announced the promotions of
several bank employees. Terry Jensen
has been promoted to assistant vice
president and Catherine Schmitz, Con­
nie Trotter and Jo Woodward have
been advanced to assistant cashiers.

Bank of Millard Occupies New Facilities

Bank of Millard

A S part of its sixtieth year celebration, the Bank of Millard, offi­
cially opened its new 20,000 square
foot main bank building at 132nd and
Millard Avenues. The bank held an
open house for area residents con­
ducting tours, giving away free souve­
nirs and holding a drawing for a color

television set and three $100 bank sav­
ings accounts.
Architects for the new building were
Lance Reeder & Associates, Ted
Reeder Construction Co. was the
builder.
Grove Nelson is the bank’s presi­
dent.
N o rthw estern

Banker, M a y

19 7 6

44

One correspondent

asked for help
in three major areas.

I can give him at least eight
Agco 0
An entirely new approach to livestock financing —
utilizing commercial paper for funding. And
some very capable folks who know how it’s done.

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An organization of 125 people who have the
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Processed more electronic funds transactions
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They’ve got the technology and they’ve got the
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Monthly automated pricing of all bonds held in
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turnaround and the best collateral material
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Equipment leasing can be a very profitable
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has the know how to assist in your tax planning.

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ERISA...ESOP.. .IRA...Irrevocable insurance
trusts...Pour-over wills...Greek? Not to the area’s
largest Estate and Trust Division.

The Omaha National Bank
17th & Farnam • Omaha, Nebraska 68102


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Federal Reserve Bank of St. Louis

“ The Om aha N ational Bank
is totally com m itted to
servicing our correspondent banks.


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Federal Reserve Bank of St. Louis

94
Two new members have been elect- ^
ed to the advisory board of Douglas
County Bank & Trust Company. They r
are R. Kenneth Kunce, executive vice v
president and treasurer of State
Farmers Insurance Company and Lavina Goracke, saleswoman with KirbyYowell Real Estate Company.
*

A. Krane has been elected
R OBERT
vice chairman of the board of di­

rectors at United
„
States
National
Bank of Omaha.
He assumed his
new duties April
30. Mr. Krane re­
signed as presi­
dent and director
of the lowa-Des
Moines National
B a n k of Des
KRANE
Moines, the larg­
est bank in Iowa, to accept this new po­
sition. Both banks are affiliated with
Northwest Bancorporation, a holding
company with head offices in Minne­
apolis.
In making the announcement, Don­
ald J. Murphy, president and chief
executive officer of the United States
National, indicated that Mr. Krane will
be primarily responsible for marketing,
retail banking, correspondent banking
and facility locations.
“Bob Krane brings a broad depth
of experience in marketing and bank
administration that will complement
and strengthen the senior management
base of U. S. National,” Mr. Murphy
said.
“The board of directors and management recognize the outstanding
growth potential in the Omaha and
Nebraska — Iowa markets, and feel
this is a very timely senior manage­
ment addition in preparing the bank
for an expanded role in an increasing­
ly competitive and growing financial
market,” he added.
Mr. Krane, 42, a native of Fairfield,
la., and a graduate of Iowa State Uni­
versity, joined the lowa-Des Moines
National Bank in 1959 as a trainee.
He became president in 1974, with
primary responsibility for bank admin­
istration, all marketing functions, cor­
respondent banking, business develop­
ment, and personnel.
Digitized
FRASER
N ofor
rthw
estern Banker, M ay
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Federal Reserve Bank of St. Louis

1976

Mr. Krane has been active in nu­
merous banking activities and civic
organizations. He was graduated from
the Columbia University Graduate
School of Banking in 1973.
Kermit Hansen continues as chair­
man of the board of U. S. National
with primary responsibility for the ex­
ternal affairs of the bank and regula­
tory matters.
^
Douglas County Bank & Trust Co.
has announced the opening of its new
drive-in, walk-in facility at 72nd and
Maple Streets.
Donald P. Falk, assistant vice pres­
ident, is the facility manager and
Dollie Sasich is master teller. The
facility will initially employ 12 per­
sons.
* * *
Ronald J. Hale has joined the Oma­
ha office of White, Weld & Co. In­
corporated, inter­
national
invest­
ment banking and
brokerage firm, as
an institutional acc o u n t executive
specializing in mu­
nicipal, Govern­
ment and Federal
agency securities.
T h e announce­
ment was made
by William S. Latta, resident manager.
Mr. Hale was formerly executive
vice president and a director of First
West Side Bank in Omaha. Prior to
1966 he had been associated with Se­
curity National Bank, also in Omaha.
Born in Gordon, Neb., Mr. Hale re­
ceived his BA from the University of
South Dakota in 1956 and attended
graduate school at the same university.
He later was graduated from the Uni­
versity of Wisconsin’s Graduate School
of Banking.

*

*

Haroldl Walton, president of Center
Bank, has announced the promotions
of two bank officers: Michael G. ■*
Schrantz to senior vice president of "r
administration and Doris J. Capps to

M. G. SCHRANTZ

D. J. CAPPS

vice president of marketing.
Mr. Schrantz moves to his new posi­
tion from vice president in charge of
bank administration. He joined the
bank in December of 1973 from the
First National Bank of Winona where <
he was vice president of operations. Y
He has been in banking for 17 years,
all with Northwest Bancorporation
banks.
Mrs. Capps previously was facility
manager at Center Bank West and will
continue in this position. She joined t
the bank in 1967. She formerly was
with the National Bank of Des Moines A
for five years as an assistant cashier ■ÍL
and with the Plaza State Bank in Des
Moines for one year.
*

*

*

The Omaha National Bank has
named Charles M. Harper to its board
of directors. Mr. Harper is the presi- ■*dent and chief executive officer of
CanAgra, Inc. He joined the company ^ v
in 1974 as executive vice president ^
and chief operating officer and was
elected a director in September of "
1975. He was elected to his present
position on March 15, 1976.
*

*

*

John D. Woods, president and chief
operating officer, also has announced
the following promotions and appoint­
ments: John D. Clements, Daryl O.

.
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Correspondent Bank Department
First National Bank
one first national center
Omaha, Nebraska 68103
Or in Nebraska call us Toll Free at 800-642-9907, From States adjacent
to Nebraska call us Toll Free at 800-228-9533.

position

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Federal Reserve Bank of St. Louis

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bank name
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96

Nebraska

News

Olsen, John J. Pivonka and Jean M.
Volkir, second vice presidents; Juanita
Allen and William C. Burgess, Jr.,
personnel officers; Janice Larkin, com­
mercial loan officer; Ruth A. Schiick,
accounting officer; Deanna ML Barrett
and Ethel Miller, assistant operations
officers; Robert D. Chadwick, assistant
systems officer; Duane J. Crithfield, as­
sistant investment officer; Janelle F.
File, assistant leasing officer and Gene
W. Selk, assistant correspondent loan

officer.
Mr. Clements came to the bank in

December of 1968 as operations ana­
lyst in the resource management divi­
sion. He now serves as a correspondent
loan officer in the commercial banking
division. Mr. Olsen joined the bank in
1969 as an analyst in the controller’s
division. He is now assigned to the
commercial banking division as a com­
mercial loan officer. Mr. Pivonka
joined the securities department in
1969 as a securities clerk and present­
ly is securities marketing section head
in investment operations, commercial
banking division. Ms. Volkir also

First Mid America is pleased
to announce the appointment of
Thomas D. Poggemeyer to
Institutional
Account
Executive.

Thomas D.
Poggemeyer
In s titu tio n a l
A c c o u n t Executive

First Mid America is pleased to have Thomas D. Pogge­
meyer join our Lincoln office staff as Institutional Account
Executive. Tom is responsible for municipal bonds, gov­
ernment notes, agency debt obligations, and farm credit
organization notes. And as a member of a selling group
for five federal agencies, First Mid America is one of the
largest dealers in farm credit securities (Federal Land
Bank, The Federal Intermediate Credit Bank, the Federal
Home Loan Bank, Bank for Cooperatives and the Federal
National Mortgage Association) in the Midwest. If you’re
interested in government agencies or other investment
securities call Tom at 402-477-9221 in Lincoln. He’ll be
glad to take care of your needs.
First Mid America Inc.
1221 “ N” Street, Lincoln, Nebraska 68501

First Mid America
Member New York Stock Exchange and
other principal Stock and Commodity Exchanges

Stocks • Commodities • Bonds • Municipal Bonds • Government Agencies
Mutual Funds • Options • Investment Banking • Pension Consultants
Lincoln • Omaha • Colum bus • Grand Island • Hastings
Atlantic • Cedar Rapids • Des Moines • Fort Dodge
Sioux City • Kansas City • Chicago

V
N o rthw estern Banker, M ay

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

1976

joined the bank in 1969. She is man­
ager of check collections planning and
support in the banking services divi­
sion.

Nebraska NABW Group
Elects 1976-77 Officers
Mary Ann Carney is the new chair­
man for the Nebraska Group of the
National Association of Bank Women
(NABW). She is executive vice presi­
dent of the Bank of Indianola.
Other officers recently elected at the
group’s state convention in Columbus
are: Bernice Glass, assistant vice
president and assistant operations of­
ficers of the First National Bank of
Grand Island, named co-chairman;
Dorothy Oldfield, cashier of the
American Exchange Bank, Elmwood,
named secretary, and Betty Walline,
assistant vice president, Platte Valley
Bank of Kearney, named treasurer.

Gering National Bank
Plans New Building
Joe Huckfeldt, president of the
Gering National Bank and Trust Co.,
recently announced plans for a new
bank building at the corner of 10th
and P Streets. The facility will be just
south of the bank’s present drive-in
bank. Completion is expected by
spring of 1977.

First National, Kearney,
Opens in New Building
First National Bank and Trust Co.
of Kearney recently held a grand open­
ing and dedication of its new building,
according to Richard M. Fritz, bank
president.
The new ultra-modern banking
structure consists of 21,000 square feet
or approximately three times the space
in the old structure, said Leo Henricksen, executive vice president. All fur­
niture, fixtures and office equipment
are new, according to Barry Sherman,
vice president and cashier. Messrs.
Henricksen and Sherman were cochairmen in charge of the construction
and furnishing of the new building.
Mr. Fritz said that the drive-in at
the old location will remain open while
the new drive-in facility is being con­
structed.
A photo of the new building appears
on page 26 of this issue.

s««

'

\. *

m

We know our banking experience means a great deal to you. It means we know what you re
talking about when you ask a question. It means we can get the answers— right away. It means
you’re happy with our service. And, that means a lot to us!

Join the movement to
your correspondent bank
at the newNBC Center.
Back left to right: Ray Weilage, Jr., Assistant Vice President • Dick Wibie,
Vice President • Duane Nelson, Assistant Vice President * Jack Julian.
Vice President • Wilbur Baack, Senior Vice President • Rich Nelson,
Assistant Vice President • Front left to right: Irene Rezac, Correspondent
Bank Secretary • Donna Bieck, Correspondent Bank Officer • Jim Norris,
Assistant Vice President

NBC

National Hank of Commerce
The People Place


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Federal Reserve Bank of St. Louis

NBC Center 13th and O Sts., Lincoln, Nebraska
WATS Line: 800-742-7317
Member FD IC

98

IJ i I t

correspondent
men
can approve
a loan...

alone.

Lincoln
News
Charles J. Burmeister, president of
First Mid America, has announced the \
addition of Thom­
as D. Poggemeyer

r

to the Lincoln of­
fice as institution­
al account execu­
tive. He will be «.
responsible f o r '
tax-exempt mu- ^
nicipal b o n d s ,
government notes ^
and agency obli­
T. D. POGGEMEYER
gations and farm
credit notes.
—
Before joining First Mid America,
Mr. Poggemeyer served as assistant '
vice president, First National Lincoln, v
in the investment department.
❖ * *
J. D. Schiermeyer, president and
chief executive officer of the National
Bank of Commerce has announced the
board of directors has made the fol­
V
lowing elections:
Elected to officer positions were:
Rod Poskochil, computer systems offi­
cer; Bill Cummings, computer opera­
tions officer; and Robert Keller, com­
puter service officer.

Broken Bow Elects
Four Officers
Terry O. Jensen has been advanced ^
from assistant cashier to assistant vice
president of the Nebraska State Bank
& Trust Company, Broken Bow.
New assistant cashiers announced by
the bank are: Catherine Schmitz, Con­
nie Trotter and Jo Ann Woodward.

New Senior Officer
for Grand Island

FIRST NATIONAL BANK
St. Joseph, M issou ri • 816-279-2721

Call Benton O’Neal • Ed Boos • Dale Maudlin • Macon Dudley
Affiliates of First Midwest Bancorp

DigitizedNfor
o r t FRASER
h w estern Banker, M a y
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

MEMBER F.D.l.

1976

Laurence L. Jepson has been named
vice president and senior loan officer
of the Overland National Bank, Grand v__
Island. He was most recently a vice
president and senior loan officer in the
main office, Piedmont region. Bankers
Trust of Greenville, South Carolina.

99

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banks from First National Lincoln.
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FIRST N A T IO N A L L IN C O L N
Box 8 1 0 0 8 -Lincoln, NE 68501 Phone: 402-471-1283
Member, F.D.I.C.


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Federal Reserve Bank of St. Louis

N o rthw estern

Banker, M a y

1976

I’m Don Rainer
your roving correspondent
and participations, wire
“ W orking closely with
transfers, and computer
bankers involved in Iowa’s from Bankers Trust
expanding agricultural economy is
my aim as I travel the state of Iowa.”
As Bankers Trust’s agricultural
specialist in the field of corre­ ‘T U b e th e re
spondent banking, Don Rainer has n e e d m e .”
the desire and expertise to estab­
lish a solid correspondent relation­
ship with you.
Don will be there when you need
him, supported by Bankers Trust
specialized correspondent ser­
vices. He recognizes that every
bank is a unique institution with
its own individual needs. So Don
offers an individualized approach
to trust services, loan overlines

w hen

services.
Contact Bankers Trust and ask for
Don Rainer or one of our other
you
roving correspondents. Bankers
Trust wants to correspond with you
. . . bank to bank . . . person to
person.
Use our to ll-fre e
800-362-1688.

niaiiBMt«*

B ankers Trust
Des Moines, Iowa 50304
Mem ber: F.D.i.C /F ederal Reserve System

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o r t hFRASER
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Federal Reserve Bank of St. Louis

1976

101

pany was formed and owns the con­
trolling interest stock. Arlo Van Diest
is associated in the Van Diest Supply
Co. with his brother. Mr. Fields is trea­
surer of the distributing firm.
Mr. Van Diest has been elected
chairman of the board. Mr. Johnson
continues as president of the bank and
all other officers will continue in their
same positions.

r7

Iowa
News
'«• Ö- K. DEKOSTER

NEIL MILNER

P resid en t

Exec. V.P.

W aterloo

B es M oines

Promoted at Sioux City
R. E. (Gene) Hagen has been pro­
m o ted to senior vice president of the
Security National
Bank of Sioux
City.
M r. H a g e n
joined the bank
while still a stu­
dent at Morningside College,
where he received
his d e g r e e in
1959. He was
R. E. HAGEN
e l e c t e d a vice
-president in 1969 and currently heads
the banks and bankers division and
the agricultural loan division. His new
duties will include responsibility for
the financial division and the data pro­
cessing department.
Mr. Hagen is an officer and director
of Security National Corporation and
.the Security Agri-Credit Corporation.
He also is a director of the Security
National Bank of Sioux City and the
Northwestern State Bank of Orange
City, la.

Rose Dooley
f Funeral services were held recently
r for Rose Dooley, chairman and trea­
surer of the Iowa Bankers Insurance
& Services, Inc., Des Moines.
Miss Dooley was honored last
February on the occasion of her 47th
anniversary with the Iowa Bankers As> sociation. She joined the IBA in 1929
and had been working continuously
with the organization since that date.
She was presented with a bouquet of
47 red roses by her associates and also
was the guest of honor at a special
>luncheon for the staff.
>

Glidden Bank Announces
y Three Staff Changes
v
R. H. Van Horn, president of the
First National Bank of Glidden, has an­
nounced several staff changes.
Douglas Conrad has joined the bank
" as vice president and lending officer
replacing Kenneth Sherer who retired
recently. Mr. Sherer had been with the
x bank for more than 30 years and will

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Federal Reserve Bank of St. Louis

continue as a director. Mr. Conrad had
been with the Newton National Bank
for 16 years and most recently was
cashier.
Jane Soyer, who recently was elect­
ed to the board, was named cashier.
Doyle Douglas joined the bank staff
with primary responsibility in the in­
surance department. Most recently he
was in the insurance business in Ames.

Sell Webster City Bank
Russell E. Johnson and Bob Van
Diest jointly announced recently that
final approval of the sale of controlling
interest in the First State Bank of Web­
ster City had been received from su­
pervisory authorities and the purchase
of the Johnson family interests by Mr.
Van Diest has been completed.
At the directors meeting March 16,
three new members were elected to the
board. They are Mr. Van Diest, his
brother, Arlo Van Diest, and Charles
Fields. Retiring from the board were
Mrs. Russell Johnson, and E. W. John­
son and Robert E. Johnson, vice presi­
dents, sons of Mr. and Mrs. Russell
Johnson. Other board members are
Ralph Groves, Richard Hahne, Jr.,
Robert Nissen, William Steinbruch,
Keith Vegors and Russell E. Johnson.
Mr. Van Diest is owner of Van
Diest Supply Co., Inc., a large distribu­
tor throughout Iowa and adjoining
states of agri chemicals. Van Diest Fi­
nancial, Ltd., a one-bank holding com­

Hawarden Bank Is Sold
Alan Burke and his associates have
purchased a major interest in the
Farmers State Bank, Hawarden. Mr.
Burke has been elected executive vice
president and a director of the bank.
E. V. Slife, Sr., president, and all other
officers and directors continue in their
present positions, except that Mr.
Slife’s wife, Edith, vice president and
cashier, will be retiring later this year
after 33 years of servce.
John M. Shonsey, chairman, Ameri­
can National Bank, Omaha, also has
been added to the Farmers State
board.
Mr. Burke most recently was credit
analyst in the correspondent bank divi­
sion of Northwestern National Bank
of Minneapolis.

Promoted at Dubuque
William G. Kruse, president of the
First National Bank, Dubuque, has an­
nounced the promotions of Estelle
Ahlers and Jeanne Sinhold to personal
banking officers. Mrs. Ahlers joined
the bank in 1958 and Mrs. Sinhold in
1967.

Elected at Stacyville
James F. Havlovic has been elected
a director of the Stacyville Savings
Bank. He has farmed in the area for
the last 15 years and is president of the
Visitation School Board and a board
member of the Northeast Iowa Agri­
cultural Experimental Association.

Iowa Bankers 1976 Group Meetings
D a te

G ro u p

C it y

May 3

8

Davenport
Cedar Rapids

May 4

4

May 5

2

Fort Dodge

May 17

5

Council Bluffs

May 18

6

Des Moines

May 19

7

W aterloo

May 20

3

May 21

12

Clear Lake
Okoboji

N orthw estern

Banker, M a y

1976

102

Iow a

News

A R C H I T E C T ’ S sketch of the Hills Bank & Trust Company.

Hills Bank Announces Construction Program.
J OHN Hughes, president of the Hills
Bank and Trust Company, has an­
nounced that construction has begun
on a major building and remodeling
program.
The project will provide for over
8,300 square feet which will more than
double the bank’s present size.
Features of the project are addition­
al teller space including both a driveup window and a walk-up window, a
new vault, additional office space, a
conference room, and enlarged book­
keeping area and additional storage
space.
The Kirk Gross Company of Water­
loo has the single source responsibility
for the building program which is ex­
pected to be completed in 10 to 12
months.

Open House at Dyersville
Dyersville National Bank recently

held an open house in its new drivein office on the corner of Second Ave­
nue and Fourth Street S. E.
The new facility includes two driveup lanes and two walk-up windows.
Featured is a well-lighted night deposi­
tory and a fully-equipped community
room in the lower level of the building.

Funeral services were held in
Hampton March 26 for Walter T.
Robinson, 86, who died in Greeley,
Colo., where he had been living in re­
cent years. He had been ill for some
time.
Mr. Robinson was a well-known
former Iowa banker, having been asso­
ciated with banks in his home of
Hampton and in Newton, Donnellson
and Des Moines. In 1945 he was ap­
pointed the first loan guaranty officer

— Our 56th Y e a r —

ASSETS
U.S. Government Bonds .................................. ..................... — $3,572,029.44
O ther Bonds .......... ...........................
......................... 3,775,307.84
Stocks ............. ....................... ..........................................................
152,268.63
Accrued Interest, etc................. ............................. — ................
79,382.34
Cash in Bank and Home Office ........-..............-......................
82,622.90
Total Adm itted Assets
$7,661,611.15

LIABILITIES
Reserve for Federal and State Taxes ..... ............... —
----Other Liabilities __ ___-.....-......—.........— ...........-................. .............—.......
Total Liabilities ......................................-..........-............... -...........-..........
Funds for Policyholder Protection
____
___ __

$ 135,481.55
959,245.34
$1,094,726.89
6,566,884.26
$7,661,61 1.15

Securities carried at $392,354.13 in above Statement are deposited with
authorities as required by law.

public

SQUARE DEAL INSURANCE CQMPANY

N o rth w e ste rn

R anker, M a y

1976

Michael Mahlendorf recently was <]
elected president of the Emmetsburg
Chamber of Commerce for 1976. He
is an assistant cashier at the Iowa
Trust & Savings Bank which he joined,
two years ago.

Sidney Bank Selects
Storey as President
Ralph D. Storey, 40, has been
named president of the Fremont Coun­
ty Savings Bank in Sidney. He former­
ly was vice president of First National .
Bank of Council Bluffs.
Mr. Storey, 40, had been with the
bank for 22 years, during which time
he worked in all departments except
real estate and trust. He was vice
president of the commercial loan de­
partment.

Joins Union-Whitten Bank

STATEMENT OF CO N D ITIO N A t Close of Business December 31, 1975


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

To Head Emmetsburg
Chamber of Commerce

Walter T. Robinson

THE CROP HAIL PROTECTION
FARMERS PREFER

DES MOINES, IOWA 50308

of the Veterans Administration when(
the G. I. Bill was enacted by Congress
in the latter part of World War II. He y-j
continued as loan guaranty officer until
1960. From 1942 to 1967 he was
chairman of the board of the Citizens
State Bank in Donnellson, where he
was associated for that quarter century
with M. G. Addicks, president of the
bank, who is now retired and living in
Newton.
Mr. Robinson also served as an of­
ficer of the Iowa Bankers Association
and was a member of the executive
council of the American Bankers
Association.
He is survived by his daughter, Ann
J. Robinson, of Greeley.

lilija tu a i

Drew Lewis has joined the UnionWhitten State Savings Bank as an of­
ficer trainee in operations, according
to Ray Anderson, bank president.
Mr. Lewis is a 1972 graduate of
Iowa State University, Ames, with a
B.S. degree in agriculture. For two
years he was production manager of
the Sioux City branch of the O. A.
Cooper Co., Humboldt, Neb. He was
plant supervisor in Abilene, Kan., for^
the company for the past two years.

New Dates for Field Day
The dates for the Iowa Investment
Dealers Association annual Field Day
have been changed to May 12-13 in'
Des Moines. There will be a dinner
Wednesday night, followed by a golf
tourney Thursday at Wakonda Club
and dinner that evening.

103

"Over 00 banl^s have
discovered the opportunities we offer
with correspondent
services."

Meet Robert Scott, Senior Vice
President and one of our Men of
Opportunity at American Trust.
“ It's not enough to offer an
experienced management team with
a proven track record of serving
banks like yours for over 28 years."
"N ot if you suddenly need help
on a busy Friday afternoon."
"That's why we put the emphasis
on service. We're never more than a
phone call away ready to give
immediate help."
If you need help with
participation in loans and overlines,
computer services, trust
management or the administration
of HR-10 and Keogh Plans, take
advantage of the opportunities
Bob can offer you.
Call him collect at
319-582-1841.

Am erican
Town Clock Plaza
Dubuque, Iowa
M ember: FDIC S Federal Reserve System


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Federal Reserve Bank of St. Louis

Trust & Savings Dank
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1976

104

Iowa News

Mason City Bank Holds
Agricultural Exhibit
The United Home Bank and Trust
Company, Mason City, transformed its
main lobby into an agricultural exhibit
area for Agriculture Week, March 2226.
Held in conjunction with Iowa Agri­
culture Day observed throughout the
state, “Ag Week” at United Home was
an educational promotion designed for
both Mason City residents and area
farmers.
Modern farming methods and fi­
nancing were contrasted with the
“good old days” of agriculture through
the use of several colorful displays.

A local museum furnished a horsedrawn plow, a grain scythe and other
pioneer farming equipment for the
event. A variety of 19th century cook­
ing utensils was also displayed, courte­
sy of the Iowa State University Exten­
sion Service. A miniature modern-day
farm showing current investment costs
and several large tractors gave visitors
to Ag Week an inside look at farming
today. Refreshments, a drawing for
green ash trees, and free recipes for
pork, beef, poultry and dairy foods
were added attractions during the
week-long promotion.
Judged a very successful project by
bank officials, Agriculture Week will
become an annual event at United
Home Bank in future years,

Burlington Banker Retires
The West Burlington Savings Bank
recently held an open house for Hazel
G. Pierson, cashier and assistant trust
officer, who is retiring. Mrs. Pierson
joined the bank’s staff on May 29,
1929.

South Ottumwa Savings
To Build New Office

VICE presidents Bill Werner (le ft) and Bob
Lorge failed to a ttra c t a tten tion from the
“ pioneer w o m a n " d u rin g A griculture Week
at United Home Bank, Mason City. Horsedrawn plow and oth er old-tim e farm equip­
m ent is shown in the foreground.

Construction of a new office of the
South Ottumwa Savings Bank has be­
gun, according to Robert Ackley, bank
president.
The office, a combination drive-up
and lobby-service facility, is being built
on the southwest corner of Pennsyl­
vania and Elm Streets and will be
called the Penn-Elm branch office. It

Guaranteed
building cost!
That’s not an idle claim. It’s our way of
doing business. We know you don’t need
any surprises at the end of your building
project.
Our specialists study your needs, then
design a building to suit your needs and
your budget. It's guaranteed.
Call today and find out why so many
financial institutions use the specialized
services of the Kirk Gross Company.

Kirk Gross Co.
110 EAST 7TH ST.. WATERLOO, IOWA 50705
PHONE 319/234-6641
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Federal Reserve Bank of St. Louis

will have a colonial appearance similar
to that of the main office and will in­
clude three teller stations in the lobby
and two drive-up stations.
Architect is Steffen-Stoltz-Nelson
Architects.
Construction will be completed by
August.

Eldridge Bank Adds
McGinnis to Staff
Central Trust and Savings Bank,
Eldridge, has announced the addition
of Michael W.
McGinnis to its
staff as vice presi­
dent, commercial
lending d e p a r t ment.
Mr. McGinnis
had been with the
Iowa Department
of Banking as a
s t a t e examiner
M. w. M cG i n n i s
and most recently
served as senior examiner in the east­
ern Iowa territory. He is a graduate of
Parsons College in Fairfield.

Shenandoah Banker Retires
The Security Trust & Savings Bank
of Shenandoah has announced that W.
H. Longman has retired as an active
officer of the bank because of ill
health. He will continue as vice presi­
dent and director but will no longer be
at the bank.
Mr. Longman began his banking ca­
reer at Oakland. In 1919 he moved to
Northboro and in 1923 to Security
Bank.
Richard Sturm has joined the bank
as an assistant vice president. He for­
merly was vice president of Iowa State
Bank of Hamburg.
The bank also announced that Ed
Lookabill, with the bank’s consumer
loan department since 1971, and Jack
Gowing, field man, have become assis­
tant cashiers.

Union-Whitten State Bank
Names Batty Vice President
R. K. Anderson, president of the
Union-Whitten State Savings Bank,
Union, has announced the appointment
of Dennis R. Batty as vice president
and security officer. Mr. Batty joined
the bank in June of 1974 as an assis­
tant vice president from United Home
Bank & Trust Company of Mason
City. He received a B. D. degree in ac­
counting in 1968 and an M.B.A. de­
gree in management in 1971 from
Mankato State University in Minne­
sota.

105

-, s

WE W A N T TO S E E Y O U ! . . .

DICK BUENNEKE

HOMER JENSEN

JIM EICK

. . . When we are at your Group Meeting.

Since we do your kind of banking, we want to visit w ith you about
how you can benefit from a correspondent relationship w ith us.

May
May
May
May
May
May
May
May

3
4
5
17
18
19
20
21

Grp.
Grp.
Grp.
Grp.
Grp.
Grp.
Grp.
Grp.

8
4
2
5
6
7
3
12

Davenport
Cedar Rapids
Fort Dodge
Council B luffs
Des Moines
W aterloo
Clear Lake
O koboji

Banking for a b
CAPITAL CITY BOOK
Des Moines, Iowa 50309

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Federal Reserve Bank of St. Louis

N o rth w e ste rn

Banker,

May

1976

106

Iowa

News

Top Executive Changes at
Central National, Des Moines
Raymond G. Johnston, president of
the Central National Bank and Trust

was re-elected to those posts. Mr.
Charles Oldfather, Jr., was elected a
director. Oldfather, until his recent re­
tirement, was a Professor of Law at
the University of Kansas Law School,
where he served for more than ten
years.

Joins Mason City Bank

R. G. JOHNSTON

S. W. CASADY

Company of Des Moines, was desig­
nated chief executive officer of the
bank by the bank’s Board of Directors
at its Annual Meeting, Tuesday. He
succeeds B. C. Grangaard, Chairman,
who has reached the bank’s mandatory
retirement age. Simon W. Casady was
named chairman of the bank’s board
of directors. Mr. Grangaard will remain
on the bank board.
Simon W. Casady has succeeded
B. C. Grangaard as chairman of the
Board of Directors of Central National
Bancshares, Inc., J. Merrill Anderson
was elected president and chief execu­
tive officer in December, 1975, and

I H
...th e

Alan L. Ploeger has joined The
First National Bank of Mason City as
agricultural loan
r e p r e s e nt at iv e
trainee.
Mr. Ploeger has
a B.S. degree in
agricultural busi­
ness from Iowa
State University,
Ames. He previ­
ously with with the
Mahaska
Farm
A. L. PLOEGER
Service in Oskaloosa since August 1, 1974.

Northwest NABW Group
Elects 1976 Officers
Mary Ann Trevathan, cashier of the
Maquoketa State Bank, recently was
installed as chairman for 1976-77 of
the Northwestern Group of the Nation­

C H IC H E O
B is t M

al Association of Bank Women, Inc.
(NABW).
Other officers are: vice chairman,
Janann Spahn, vice president of the
American Trust Bank of Dubuque;
secretary, Madge Olson, assistant cash- <
ier of the Merchants National Bank
of Cedar Rapids and treasurer, Nor­
ma J. McVay, cashier of the Palo
Savings Bank.

Appointed at DeWitt
Donald T. Schonhoff has been ap­
pointed assistant vice president of First
Central State Bank of DeWitt, accord­
ing to Alan R. Tubbs, executive vice
president. Mr. Schonhoff most recently
was assistant vice president at the Du­
buque Bank and Trust Company. He
previously served as the bank’s cashier
and was in charge of personnel admin­
istration.

Fayette County Bankers
Elect 1976 Officers
The Fayette County Bankers has
elected new officers for 1976-77. They are: president—Carl Henderson, exec­
utive vice president and cashier, Ar­
lington State Bank; vice president—
Gerald Buhr, assistant vice president, ^
First National Bank, Oelwein, and y
secretary-treasurer Lewis Jordan, vice
president and managing officer, State
Bank of Fayette.
\\

i l l fo r

Sloan Bank Honors Jeffrey
lu x u r y le c t m m á a t ie n s

30 FLOORS OF DRAMATIC SUITES
& MASTER BEDROOMS
Spacious suite with its own all­
electric kitchen/bar, theatrical
vanity, carpeted mosaic bath. Some
suites with Bidet and Grand Piano.
Complimentary continental breakfast
served in your suite.
1300 N. ASTOR ST.
CHICAGO. ILL. 60610

'

The Sloan community and the Sloan’
State Bank recently celebrated “W. B. ^
Jeffrey Day” to honor the 82-year-old
president and chairman of the bank’s '
board. Wayne F. Smith, bank vice
president, presented a plaque to Mr.^
Jeffrey.
Mr. Jeffrey joined the bank in 1926
as a director. In 1942 he was named
vice president and in 1955 was pro­
moted to president.

William C. Wolf, General Manager
(312) 943-1111

W here you dine in elegance
at
S de PARIS

S
T
O
R
TOW ERI

HOTELS

N o rth w e s te rn Banker, M ay
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Federal Reserve Bank of St. Louis

1976

Stanhope Bank Names
Wilkinson To Staff
Farmers State Bank of Stanhope has
announced the addition of Randy Wil­
kinson to its staff as assistant cashier
and farm representative.
r
Mr. Wilkinson is a graduate ofv
Northwestern Missouri State University .
and holds a degree in finance and in­
surance. Prior to joining the bank he v
was a state bank examiner.

107

Directors and Officers Worry
about
L

I

A

B

I

L

I

T

Y

IOWA BANKERS INSURANCE AND SERVICES, INC.
430 Libe rty B u ild in g

Des M oines, Iowa 50309
Phone: 515/243-0179


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Federal Reserve Bank of St. Louis

Northw estern

B anker, M a y

1976

108

Four Lads To Entertain Group 2

The social hour will start at 5:30 s ~
p.m . A banquet will follow at 6:80
p.m . A special show starts at 7:45
p.m . Comedian John Regis will y
entertain the group. The Four Lads
will appear in two shows at 8:30 p.m ^
and 10:30 p.m .

Group 8 Plans
Record Attendance
UE to the expansion of Group 8,
a record crowd is expected for
the annual m eeting at H otel Blackhawk in Davenport on M onday, May
3, according to R. J. Ferguson,
group chairman and vice president, <
Tipton State Bank.
1

D

HE Four Lads will be the fea­
tured entertainm ent at Group 2
in Fort Dodge on W ednesday, May
5, according to Chairman John
W alther, president, Renwick S av­
ings Bank.
Registration will begin at 9:30
a.m. at the Starlite Village, and golf
will be available from 9 a.m. until
2:30 p.m . at the Fort Dodge Country
Club.
The business m eeting will begin at
3 p.m . IB A Vice President Robert
Brenton, president, Brenton Banks,
Inc., D es Moines; IB A E xecutive
Vice President Neil Milner, and
Superintendent of Banking Tom
H uston will speak. New officers will
be e le c te d , and T om D u n la p ,

T

president, South Story Bank and
Trust, Slater, is slated to advance
from secretary to chairman.
Kenneth Benda, immediate past
president of the Independent B ank­
ers of America, and president of the
Hartwick State Bank, will speak on
current legislation.

R. J. FERGUSON

J. WALTHER

Group 6
Welcomes you to the beautiful

Des Moines Golf & Country Club
1-80 and Ashworth Road, West Des Moines
Tuesday, May 18
Digitized
N ofor
r t hFRASER
w estern B anker, M a y
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Federal Reserve Bank of St. Louis

1976

K. J. BENDA

C. HERMANN

,

Golf will be available at the Crow
Valley Country Club in Bettendorf,
from 9 a.m. until 1 p.m . Registration
will start at H otel Blackhawk at 2 v
p.m . The business m eeting will
follow at 3:30 p.m . IB A President *
Dale K. DeKoster; Tom H uston,
superintendent of banking, and Neil*.,
Milner, IB A executive vice president, will speak.
The social hour will start at 5:30 V
p.m . Dinner will start at 6:30 p.m . v
Charles Hermann, vice president,
J o s t e n ’s J e w e le r s, O w a to n n a ,
M inn., will be a featured speaker.^
Dancing to the Ken Paulsen Band
will be available from 9 p.m .
^
The Clinton County Bankers
A ssociation will host the m eeting. *
New officers will be elected, and
John K. Figge, vice president, ^
Davenport Bank and Trust Com- *
pany, is slated to advance from
secretary to chairman.
±
COLLIN W. FRITZ
Banking Consultant

Specializing In
Bank Management, Acquisitions,
Sales and Investments

3211 Wakonda Court
515/285-4907
Des Moines, Iowa 50321

109

Joins Hartford-Carlisle Bank

Faul Giel To Speak at Group 3
«y T )A U L Giel, athletic director, University of M innesota, will be a
^ featured speaker at the annual
( m eeting of Group 3 on Thursday,
M ay 20, according to Mark Arneson,
► president, Clear Lake Bank and
Trust Company.
An all-star cast of stage and
screen stars has been arranged for
. >the evening show at the Surf
"^Ballroom.
Mr. Giel will appear at the
afternoon business m eeting starting
„ at 1:00 p.m . Tim othy H ay of
W hoopup, M o., will also speak at
the afternoon session on the subject,
^“The Buck Stops H ere.”
IB A President Dale K. DeKoster,
> president, W aterloo Savings Bank;
IB A E xecutive Vice President Neil
* M iln er, and S u p e r in te n d e n t of
Banking Tom H uston will present
^reports to members. Harold Gallagher, executive vice president, Shef­
field Savings Bank, will preside as
group chairman.
j
The social hour starts at 5:00
p .m ., and the buffet banquet will
follow at 6:30 p.m . The all-star

H. GALLAGHER

M. A. ARNESON

show, arranged by Mr. Arneson, will
open at 8:00 p.m . Dancing will
follow.

Robert C. W ims has joined the
Hartford-Carlisle Savings Bank as
v ic e p r e sid e n t,
according to W.
R. Schooler, bank
p r e s id e n t an d
chairman.
A native of
Cedar R a p id s,
Mr. W ims a t­
tended the U n i­
versity of N orth­
ern Iowa in Cedar
Falls where he
R. C. WIMS
majored in general business and
accounting. Since June of 1972, he
has been em ployed by the Iowa State
Departm ent of Banking in Des
M oines, where he attained the
position of bank examiner III.

Bettendorf Bank Announces
Two Appointments

Elected at Kellogg

Security State Trust and Savings
Bank, Bettendorf, has announced
two appointm ents. Harold J. Abdo
has been promoted from vice presi­
dent and cashier to executive vice
president. Ann H utchinson has been
promoted from auditor to cashier.

Michael L. Grim has been elected
operations officer of the K ellogg
Savings Bank. He formerly was with
the Iowa State Bank in D es Moines
for three and a half years and the
Capital City State Bank in Des
Moines for three and a half years.

RON MEYER
C redit Life


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Federal Reserve Bank of St. Louis

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Banker, M a y

1976

110

Joins Financial
Institution Services

Engle To Speak at
Group 4

H E World Comes to Iow a” is
the title of an address to be
made by Paul Engle, poet laureate of
Iowa, at the Group 4 m eeting in
Cedar Rapids on Tuesday, May 4,
according to Jack Thomson, presi­
dent, Cresco Union Savings Bank,
who is group chairman.

T

Registration starts at 10:30 a.m .
at the R oosevelt Royale, and a
luncheon will be served at noon.
The business m eeting and reports
will be conducted starting at 2:15

p .m . IB A P r e sid e n t D a le K.
DeKoster; E xecutive Vice President
Neil Milner, and Superintendent of
Banking Tom H uston will speak.
The program will continue with a
keynote speech by Dr. Sun W on
Son, econom ist of the Northwestern
National Bank, M inneapolis, on
“ W ill D o u b le D ig it R a te s of
Inflation and Interest Rates Return
Soon?” An E FT S film, “The Buck
Stops H ere,” will be shown at 4:30
p.m.
D elegates will gather for a social
hour at 5:30 p.m . The dinner and
program featuring Comedian John
Regis and the Four Lads will start at
6:30 p.m .
The ladies will attend the luncheon
and tour the Cedar Rapids Art
Center in the afternoon.
Thomas Kerndt, president, K em dt
Bros. Savings Bank, Lansing, is
slated to succeed Jack Thom son as
chairman during the election of
officers.

Pipe this!
• Fellowship
• Current banking
topics
• Nationally rated
entertainment
. . . all at

Group IV
Roosevelt Royale
Cedar Rapids
Tuesday, May 4
DigitizedNfor
o r tFRASER
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Federal Reserve Bank of St. Louis

1976

L om e Newhouse has joined Finan­
cial Institution Services, Inc., N ash ­
ville, Tenn., ad­
m in istr a to r of
B an C lu b . The
firm offers a v a ­
riety of package
services for com ­
m ercial b ank s
and financial in­
stitutions.
Mr. Newhouse!
has served in an
L. NEWHOUSE
executive capa­
city in several upper m idwest banks.
M ost recently, he was vice president,
United N ational Corporation, Sioux^
Falls. Area bankers know him b est'
through his former work as a corres­
pondent bank officer for M arquette
National Bank, M inneapolis. He will
headquarter in D es M oines, covering
Iowa and the northern two-thirds ofv
M issouri as area director.
s-

Promoted at Rockford
Stanley D. Fitz, president of The
First State Bank, Rockford, has
announced the promotion of Judy
Stern to vice president and W illiam *
Tjaden to cashier.
M s. Stern has been with the bank
for 12 years, serving m ost recently
as executive secretary. After five *
years service to the Rockford bank,
W illiam Tjaden is promoted from his ^
m ost recent position of assistan t vice i
president.
f

Cedar Rapids Bank Names
Director, Promotes 7
M e rch a n ts N a tio n a l B a n k of
Cedar Rapids has announced the
promotions of the following seven A
officers: Jam es H . Struve from ^
assistan t vice president to vice
p resid en t; N a d in e W a x , M ark
Christen and M adge Olson from*
assistan t cashier to assistan t vice
presidents; Carrol D. Griggs from ^
assistan t trust officer to trust
officer, and Patricia A. Jennings and ’
Thomas J. W atson to assistan t
cashiers.
v
The bank also has announced the v
election of D avid A . Cohn to its
board of directors. Mr. Cohn is chief ^
executive officer of Dearborn Brass y
Company and subsidiaries.

I ll

^Group 5 Will Hear About EFT
LECTRONIC Funds Transfer
S ystem s will be presented to
Group 5 bankers at their m eeting in
C o u n cil Bluffs, M ay 17, by three
vbankers experienced in EFT develop m ent. H. Rand Petersen, chairman
of Group 5 and president of the
► Shelby County State Bank, Harlan,
will preside at the business m eeting
and luncheon. A ssistin g him will be
Jthe Group 5 secretary, Ron Sealock,
vice president of Council Bluffs
«t Savings Bank.

H. R. PETERSEN

L. L. RETHERFORD

--

Registration begins at 10:00 a.m .
on M onday, M ay 17, at the Ramada
In n . T he m e n ’s lu n ch eo n is
scheduled for 12:30 p.m . at the same
location, followed by the m eeting.
Dale K. DeKoster, president of the
vIo w a B a n k ers A s s o c ia tio n and
vpresident of the W aterloo Savings
v Bank, will give the welcom ing
remarks. Tom H uston, Iowa supery intendent of banking, will give a

review of activity for his depart­
ment. Neil Milner, executive vice
president of the IB A , will report on
current activities and projects of the
association.
Forrest B. Johnson will discuss
his program for training young men
as ag reps for small banks in connec­
tion w ith his duties as coordinator of
the Agri-Banking Program at the
Iowa Central Community College,
Fort Dodge.
The EFT panel will have as its
them e “Where Are We Going?” and
feature these speakers:
Robert Kirchner, second vice
president, The Omaha National
Bank, Omaha—“M A C H A .”
Larry L. Retherford, vice presi­
dent, Central National Bank & Trust
Company, Des M oines—“ CBCTs Local and N ation al.”
C. Robert Brenton, vice president,
Iow a B a n k ers A s s o c ia tio n and
president, Brenton Banks, Inc., Des
M o in e s - “ IT S .”
The m eeting will adjourn about
3:30 p.m .
The ladies will be taken by bus
from the Ramada Inn to the Holiday
Inn for their luncheon at 12:30 p .m .,
after which they will hear Bob Tate,
manager of the new Midlands Mall,
talk about this attractive new
downtown shopping center. A tour
of the M idlands Mall will follow.

The ladies will the join the men for
the social hour at 5:30 p.m . at the
L a k esh ore C ou n try C lub, w ith
dinner following at 7:00 p.m . The
e v e n in g e n te r ta in m e n t w ill be
provided by the Mackinaw Music
Show.

Marshalltown bank,
Hawkeye agreement
Commercial State Bank, M arshall­
town, and H awkeye Bancorporation,
a D es M oin es b ank h o ld in g
company, announced that an agree­
ment had been reached for Hawkeye
to purchase a major interest in Com­
mercial State Bank. Commercial
State Bank has total assets of over
$36 million.
It is anticipated the present board
of directors and bank personnel
would remain, the announcement
said. A cquisition of the bank by
Hawkeye Bancorporation is subject
to Federal Reserve approval.
H awkeye, with assets of nearly
$500 million, owns 14 Iowa banks.
An application is now pending with
the Federal Reserve Board for
approval of the acquisition of Cen­
terville National B ank, Centerville,
with assets of $34 million.
H earings were held by the Iowa
State Banking Board on Thursday,
April 22, on the proposed acquisition
of New London State Bank and
Hillsboro Savings Bank by H awkeye
Bancorporation.

TMount

Pleasant Banker
Named Business Advocate

^ Robert J. Bontrager, executive
xvice president of the M ount Pleasant
Bank and Trust Co., has been named
the 1976 Iowa Small B usiness
^Advocate of the Year by the Small
B usiness Adm inistration in Des
M oines. He has been with the bank
since 1965 and is currently treasurer
* for the city and treasurer of the Area
Education A gency No. 16.

71

W elcom e to
Council B luffs
fo r

G roup 5

>

Retires at Le Mars
A lta W erth , w ith th e F ir st
^National Bank in Le Mars for over 32
years, recently retired from her
position as assistan t vice president
^ind trust officer She joined the bank
in 1944, was elected an assistan t
"* cashier in 1952, assistan t cashier and
^ trust officer in 1964 and to her m ost
recent position in 1965.

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

A n n u a l M eetin g
M on day, M ay 17

Your hosts:
Council Bluffs Savings Bank
First N ational Bank
S tate Bank & Trust

Northw estern

Banker, M a y

1976

112

Golf Tournament for Group 12
HE Honorable Robert H . Lounsberry, secretary of agriculture in
Iowa, will be a featured speaker at
the annual m eeting of Group 12, to
be held at the New Inn, Okoboji,
Friday, May 21.
The group will hold a golf tourna­
ment at Brooks Golf and Country
Club starting at 8 a.m . Keith

T

L. CARLSON

R. H. LOUNSBERRY

Campbell, president, Citizens State
Bank, Sheldon, will be in charge of
the tournament.
Registration at the New Inn will
start at 2 p .m ., and the business
m eeting will start at 3:30 p.m .
Secretary Lounsberry will speak
during this session. A lso scheduled
to make reports are IB A President
Dale K. DeKoster; Thomas H uston,
superintendent of banking, and Neil
Milner, executive vice president of
the IB A . A discussion of E FT S and
ACH activities will be held. Leo
Carlson, chairman of Group 12 and
president, First National Bank,
Sibley, will preside.
A reception will start at 5 p.m . on
the lake front at the New Inn. Dinner
will follow at 6:30 p.m . Mayor
Tim othy H ays of W hoopup, M o.,

MAYOR TIMOTHY HAYS

will speak on “ Marriage, Middle Age
and Other P erils.”
^

Group 6 Plans Golf Outing
E M B E R S of Group 6 will have
an opportunity to play golf at
the beautiful D es Moines Golf &
C ou n try Club a t th eir an n u al
m eeting on Tuesday, May 18.
Tee-off tim es will be arranged
starting at 9:00 a.m .
R egistration will start at 10 a.m .
A reception will be held at 5:30 p .m .,
and dinner will follow at 7 p.m .
Dean Knudson, president of the
U niversity Bank and Trust, A m es,
will preside at the formal business

M

m eeting follow­
ing the dinner.
Mr. Knudson is
the chairman of
Group 6. H e will
be succeeded by
Bernard Duben,
e x e c u tiv e v ic e
president of the
Iowa State S av­
ings Bank, CresD. KNUDSON
ton, during the
election of officers. Mr. Duben will

Join us at
Iowa’s favorite
Vacation spot for
• Golf
• Boating
• Business

•

Entertainment

Group 12
Lake Okoboji

The New Inn

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

1976

May 21

advance from the office of secretary. Mayor Tim othy H ays of Whoopup, M o., will speak on “ Marriage,
Middle A ge, and Other P erils,”
fo llo w in g th e b u s in e s s s e s s io n .
A dvance reservations should be
made w ith P eggy Lucas of the Iowa'^
Bankers A ssociation. Registration is v
$15 per person.

Washington Bank Sold
To Pester Group
Controlling interest in the Nation- \
al Bank of W ashington has been
purchased by Jack Pester, Des y
Moines; Tony Gentle, Iowa Falls;
W illiam Krause, Ham pton, and
John Goodenow of Wall Lake.
v
The group owns five other Iowa
b an k s: A in sw o r th S ta te B ank;
Second N ational Bank, Eldora; Wall A
Lake Savings Bank; State Bank of
Allison, and E xchange State Bank,
Exira.
*
Mr. Pester is chairman of Pester
Derby Oil Company, D es Moines; .
Mr. Goodenow is president of the
Exira and Wall Lake banks. M r.Krause is president of the Allison
and A insworth banks. Mr. Gently,
heads an oil company in the Hamp*y
ton-Iowa Falls area.
No immediate personnel changes
are contemplated in the $15 million v
W ashington bank.

113

Group 7 To Meet in
New Conway
Civic Center

H. H. VAN HOSEN

B. RICKERT

H E new Conway Civic Center in
W aterloo will be the site of the
Group 7 m eeting of the Iowa
y B a n k er s A s s o c ia tio n M ay 19.
R egistration begins at 1 p.m .
followed by the program at 4 p.m .
The unique program will include
sk its and com m ents concerning “The
- Changing M oney Changers,” in
addition to short talks by association
officials. Elaine Anderson, assistan t
vice president of Peoples Bank and
Trust Company of Waterloo, is
chairman of the program.
y Golf will be available at both the
v Sunnyside Country Club and Por­
k y ’s Red Carpet Club under the
direction of Donald N. Richards,
* assistan t vice president of the
W aterloo Savings Bank. Social hour

T

f

Joins IBIS
Ron Dougherty of Polk City has
join ed the Iowa Bankers Insurance
^and Services, Inc.,
D es M oines, ac­
cording to Ed Lenar ghan, executive vice
president.
Mr. D ougherty is
y . graduate of Iowa
S ta te U n iv e r s ity .
.t For the past two
years, he has been
* an underwriter for
B a n k ers L ife o f R. DOUGHERTY
jlow a, D es M oines,
v Principal areas of service handled
by Mr. D ougherty will include Blue
C ross/B lue Shield, group life, and
long-term disability. H e is a native
of Belmond.

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Federal Reserve Bank of St. Louis

will begin at 5:30 with dinner at 6:30
p .m ., also at Conway.
The evening program will consist
of a musical group called “ Rhythm
Club, In c.” ; Paul Lennon, comedian/em cee; and the Pollays, a vocal
duo.

H ugh Van H osen, president,
Newton National Bank, is chairman
of Group 7. He will be succeeded at
the m eeting by L. C. (Bud) Pike,
president, Farmers Savings Bank,
Grundy Center, who served as
secretary of Group 7 this year.

Welcome To
Group 7 Meeting
Wednesday, May 19
Conway Civic Center — Downtown Waterloo
Golf: Sunnyside or Porky’s
Registration: (1:00 p.m. on) & A Unique Program (4:00 p.m.)
Social Hour (5:30 p.m.), Banquet & Floor Show — Conway
Plus
Fine Shopping — Waterloo & Cedar Falls Stores, including Cross­
roads &. College Square
Hosts— Black Hawk County Bankers
For Information, Contact — Bill Rickert
110 East Park Ave., Waterloo 50703
or Call 319-235-0331

Northw estern

Banker, M a y

1976

114

Iowa Will Have Nation’s First
Statewide EFT System
H E N A T IO N ’S first statewide
electronic funds transfer system
is scheduled to go into effect in June
when the Iowa Transfer System ,
Inc., becomes operational. Formally
organized March 22, 1976, ITS is the
result of 18 m onths of dedicated
effort by a number of Iowa bankers
who gave unstintingly of their tim e
for studies leading to the now
feasible statew ide system .
When ITS goes into operation in
June, it will comply with the 1975
Iowa EFT law setting July 1, 1976,
as the date for mandatory sharing of
electronic terminal facilities. This
will initiate the first of three
projected phases for ITS.
During this first phase, scheduled
to run until November 1, 1976,
interim sharing means that a bank
cu sto m e r m ay u se o ff-p r em ise,
on-line terminals of any other bank.
On November 1, 1976, when the
second phase commences, the central
switch will become operational.

T

Digitized Nfor
o r FRASER
th w estern Banker, M a y
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Federal Reserve Bank of St. Louis

1976

Terminals will still be tied into a
bank’s own computer and the switch
will serve only to transfer m essages
among banks for activity not
belonging to the bank where the
activity originates.
In the third and final phase,
scheduled for April 1, 1977, the
switch will have total control of all
terminals for final terminal support.
It will also include the settlem ent
procedure handled in Phase II.
T hus,, the ^witch, while transparent
to card users, will be in front of the
banks.
Throughout the 18 formative
months of ITS, members of the Iowa
Bankers A ssociation (all 660 banks
in the state) have been kept informed
of all activity undertaken by the
study com m ittee and the progress
made. One of the earlier develop­
m ents was participation with the
Nebraska Bankers Association in a
joint feasibility study called Mid
America Paym ents Study (M APS),

which concluded on schedule July 1, 7^
1975, with a three volume report.
A t the same tim e, a study was T
initiated during the Iowa Bankers r
A ssociation in October, 1974, to
examine the feasibility of establish­
ing an Iowa Autom ated Clearing *
H ouse A ssociation. A s a result,
IACH A was incorporated February ^
20, 1975, and signed up all 620
eligible banks, the first 100% signup -+
in any state. (The remaining 40
banks in southw est Iowa are served,,
by MACH A in Kansas City.) T
IACH A went into operation last
November.
r
Practically all Iowa banks partici- ^
pated voluntarily in subscribing the
nearly $200,000 needed to finance
these two totally separate study^
p r o je c ts. A n a d d itio n a l sp e c ia l
assessm ent of $100,000 was collected ^
in December, 1975, with all except
fewer than 20 banks paying their pro <
rata share. Membership fees in the
next five years will also bring inv
another $500,000. This is a total o f v
$800,000 to take the ITS from its
initial research into the operational "
stage. A t that point, the transaction ^
(Continued on next page)

115

Make your Chicago connection

in Drovers Country
It may be that the growth of your bank
and the future goals that you have set
call for more sophisticated correspon­
dent services than you are presently
getting.

O ther significant services that we offer
are—loan participation, bond and port­
folio assistance, safekeeping, delivery
and acceptance of all m oney m arket
instrum ents.

If this is true, we urge you to make The
Drovers N ational Bank your Chicago
connection.

We have had the opportunity to work
with a good share of the banks across
our nation for m ost of the 90 years we
have been established, and this gives
us an advantage few banks can match.
W hy not make your Chicago connec­
tion in Drovers Country and profit
from our experience.

Our direct sending points are strategi­
cally located throughout the nation
and in turn will speed up the collection
of your checks and collection items,
which will result in quicker availabil­
ity of your funds.

The

1r o v e r s

National Bank of Chicago
47th and Ashland Avenue • Chicago, Illinois 60609 • 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
• Member Midwest Automated Clearing House Association

N o rth w e ste rn

Banker, M a y

1976

116

Iow a

News

AMONG the firs t banks to sign as m em bers of the Iowa Transfer System were Farmers &
M erchants Savings Bank in M anchester and F irst N ational Bank in W averly. Pictured at
the firs t signup m eeting are, left to rig ht: Richard E. Tool, pres, of the M anchester bank;
Russell S. Howard, Jr., pres, of ITS and pres., Mahaska State, O skaloosa; Jim Arens, sr.
v.p. & cash, of the W averly bank, and Neil Milner, exec, v.p., Iowa Bankers A sso cia tio n .
Prior to the m eetings, all ITS board m em bers had given th e ir c o m m itm e n ts to sign m em ­
bership a p p lica tio n s.

fees will pay the costs of the vendor was underway last month. Small
groups of banks wishing to have a
of the central switch.
Upon completion of the M APS special presentation made on the ITS
report, the two states chose to program may arrange for such a
proceed on an individual basis. In meeting with the ITS office.
All state and national and private
Iowa the ITS Project Committee met
on a continuing basis and on banks in Iowa are eligible for ITS
January 13, 1976, requested bids for m em b ersh ip , grou p ed b y fiv e
creation and operation of a statewide classes, with graduated fees for the
EFT system . Dial Finance Corpora­ original application and the annual
tion, Des Moines, was selected for membership. Banks which are part
system design and development and of a bank holding company may elect
final contracts were being drawn up at the time of the original application
late last month under which Dial will to be classified as an affiliated group
operate the central switch. In of members, with fees based on the
addition, Dial Finance Corporation cumulative total of deposits and the
has furnished one of its staff, Robert fees prorated among the affiliated
H. Cox, assistant vice president- banks. These classes of membership
data services, as project director for and their fees are shown in the
ITS. Mr. Cox and an assistant accompanying chart.
The application fees shown are
maintain an office with the Iowa
Bankers Association at 430 Liberty payable in five equal instalm ents;
e.g ., the Class 1 application fee of
Building in Des Moines.
A s ITS neared reality, the Iowa $500 is payable $100 per year for five
Bankers A ssociation sponsored a years. Starting with the sixth year,
series of eight m eetings in late each bank then will pay the annual
March to explain final details and membership fee noted for its m em­
enlist signup by individual banks. bership class.
After July 1, 1976, the costs will
Approximately 33% of Iowa banks
signed as ITS members either at the be reevaluated and the entry cost
meetings or immediately following, (application fee) probably will be
and additional membership signups raised. In urging banks to complete
continue to be received at the ITS their initial signup and paym ent of
office at the rate of a half-dozen per application fee, ITS officials state
that small banks can buy them selves
day.
The followup for signup by mail the opportunity now, at the lowest
Northw estern

Banker, M a y


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Federal Reserve Bank of St. Louis

1976

cost, to become a ITS member and
then get in the system in the future
at a time of their own choosing.
A schedule of projected costs and
budgets was given to each Iowa
banker attending the eight m eetings
conducted last month. These budgets were prepared by Peat, Marwick and Mitchell public accounting
firm, using 37 different alternatives
of usage. The final examples of usage
for budget purposes used the “worst
case” basis so that the presentation
to bankers would not be overstated.
To function through the Iowa
Transfer System each bank must
have a computer connection to the
central switch, or arrange with
another bank or agency for that
service. In their preparation of
articles of incorporation, by-laws,
membership applications and related
guidelines, ITS officials have made
every effort to assure that the
maximum number of decisions are
being made at the local level. Some
of these decisions would include:
1. Tim ing—Each bank may deter­
mine when it will actually get
started.
2. Cards—Each bank will select
its own card vendor (which m ust be
approved and meet card standards
prescribed by the ITS card stan d ­
ards com m ittee). The individual
bank also controls the number of
cards issued in its name, to whom
they are given, and at what cost, if
any, to the bank’s customers.
3. T erm in al p la c e m e n t— E ach
bank is free to select its own
locations, within the framework
prescribed by state law.

'll

*
'

A
-

*

'T

4. Retail ou tlets— Each bank will
negotiate its own contracts with
retail outlets where the bank wishes
to place a terminal.
^
5. M arketing—The extent of local
marketing is up to the local bank,
either on its own or in cooperation
with other banks. The ITS office
may do some general marketing on
behalf of the system .
In one of its m ost recent news- letters to Iowa banks, the ITS gave
an in-depth report from the card
standards com m ittee, listing five ,
card v en d o rs w ho h ave been
approved to date as meeting the
com m ittee’s requirements.
The detailed card standards have
been furnished all Iowa banks,
em phasizing that the ITS logo may
be used on cards only by ITS

Iow a

members. The recommended card
vendors to date are:
American Fletcher National Bank,
Indianapolis, Ind.; Data Card Corp.,
Minneapolis, Minn.; First Data
Resources, Inc., Omaha, Nebr.;
Malco Plastic, Lansing, 111., and
Rand M cNally & Co., Chicago, 111.
Another com mittee developing
standards for terminals is expected
to have its report prepared within a
few months. In the meantime, ITS
urges Iowa banks to contact its office
before signing any long-term agree­
m ents on terminals for the terminals
m ight have to be modified to comply
with standards not yet announced.
Consequently, short-term leasing
a rra n g em en ts on te rm in a ls are
advocated for the present. To help
develop this terminal information for
standards, ITS is seeking input from
banks of all sizes before announcing
final standards.
Project Director Bob Cox states
that ITS needs one million transac­
tions per month to reach a level of
efficiency that will reduce costs to an
acceptable level. This would require
about 400 to 500 terminals sta te­
wide. He believes this is very feasible
and achievable within the next 20
m onths—by the end of 1977. M ost
terminals presently installed, he
notes, have far exceeded the owner
bank’s expectations for volume,
especially for deposits.
O b v io u sly , one of th e fir st
questions Iowa banks have asked is
the one relating to transaction costs.
Under the schedule worked out by
the ITS com mittee, a standard
transaction fee of 20 cents minimum
and 25 cents maximum will be
charged. ITS will refund 20% of the
transaction fee to the owner of each
point-of-sale terminal (POS) and
40% of the transaction fee to the
owner of each automated teller
machine (ATM).

Class

Deposits
[000,000
omitted]

1
2
3
4
5

Under $10
$10 to $30
$30 to $50
$50 to $100
Over $100

The transaction fee covers all costs
of the terminal, data communica­
tions, switch processing and settle­
ment. About 70 transactions per day
will provide sufficient revenue to
recoup a bank’s costs for leasing and
maintaining m ost POS terminals
over a seven-year period.
The transaction fee does not cover
other expenses, such as the indivi­
dual bank’s internal data processing
costs (whether done in-house or
through a correspondent bank or
service agency), for the approval
activity for the individual card­
holder’s transaction, and the cost of
card issuance.
One of the questions asked
frequently at the m eetings last
month was, “ Do we have to
automate our D D A and savings to
take part in EFT ?’’ The answer from
ITS officials is “N o ,’’ but banks do
have to have sufficient information
in th e d ata cen ter at th eir
correspondent bank or other agency
to support customer activity approv­
al. This means that after the 20 to 25
cents ITS charge, the individual
bank is paying data processing costs
internally as compared to its present
costs for processing checks, depos­

$

500.00
1,000.00
1,500.00
2,000.00
2,500.00

Annual
Membership
Fee
$ 25.00
35.00
50.00
75.00
100.00

Managing This Team You’ve Built.
District Meeting conducted by respective executive
councilpersons.

P.M.

2

Wednesday, June 2

A.M.
AIB Trends, Opportunities and Priorities. A “meet
the experts” session to present and discuss a
variety of current national issues such as certifi-

its, savings, withdrawal, etc.
No fee is charged the customer
unless the local bank charges for the
cards it issues, or elects to apply a
per usage charge similar to the way
its service charges are assessed.
ITS believes the behind-the-scenes
activity by a bank to process EFT
transactions will be considerably less
than for manual processing.
Iowa’s original Electronic Funds
Transmission law was passed in the
1975 le g isla tu r e , a u th o rizin g a
testing period of about one year, and
calling for the superintendent of
banks to subm it a report of such trial
activity to the 1976 legislature with
his recommendations. Iowa Super­
intendent Thomas H. H uston gave
his report with recommendations to
the legislature as required.
The Iowa H ouse passed HF 1478
on April 7, 1976, by a vote of 88-5. It
is now in the hands of the Senate
Commerce Committee and action
was being expected late last month.
Additional questions will no doubt
continue to arise, and these may be
directed to the ITS office in Des
Moines, or will be responded to in
the series of continuing ITS N ew slet­
ters going to all Iowa banks.—End

cate programs; BankSim; correspondence study
team and accelerated in-bank study programs;
research and development; accreditation; struc­
ture; AIB/college consortium and college rela­
tions programs, and faculty development.

P.M.


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Federal Reserve Bank of St. Louis

Application
Fee*

•A p p lic a tio n fees show n are payable in five annual, equal in sta lm e nts.

(Continued from page 34)

8:45

117

Schedule of Fees by Deposit Classes

AIB CONVENTION PROGRAM . . .

1
3:30

News

9

Second General Session
National Yearbook Awards and announcement of
Showcase 77.
Report of the committee on resolutions: Leona
Seaman, executive councilperson, District 10.
Installation of Officers and Executive Councilper­
sons: Mr. Bloodworth.
The President’s Ball.
N o rth w e ste rn

Banker,

May

1976

118

R. BUENNEKE

Des Moines News
OHN R. Fitzgibbon, chairman and
chief executive officer of the
Iowa-Des Moines National Bank, an­
nounced last month that Robert A.
Kranc, president, has accepted execu­
tive responsibilities at the United States
National Bank of Omaha, where he
has been elected vice chairman of the
board of directors. Mr. Krane as-

J

G. K. CARVER

J. R. FITZGIBBON

R. A. KRANE

sumed his new duties April 30. Both
banks are affiliated with Northwest
Bancorporation, a holding company
headquartered in Minneapolis.
Mr. Fitzgibbon has taken over the
duties of president, along with his pres­
ent responsibilities.
In addition, Mr. Fitzgibbon an­
nounced the promotion of Garland K.
Carver, Dee L. Frost and Herman C.
Kilpper from senior vice presidents to
executive vice presidents.
Mr. Krane, 42, a native of Fairfield,
la., and a graduate of Iowa State Uni­
versity, joined the
Iowa-Des Moines
National Bank in
1959 as a trainee.
He became presi­
dent in 1974, with
primary responsi­
bility for bank
administration, all
marketing func­
tions, correspon­
D. L. FROST
dent
b an k in g ,
business development and personnel.
Digitized
N o rfor
t h wFRASER
estern Banker, M a y
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1976

H. C. KILPPER

Mr. Frost joined the bank in 1948
and has been serving as senior vice
president and chairman of the trust
committee. He heads the bank’s trust
division.
Mr. Carver joined the Iowa-Des
Moines in 1954. He has been senior
vice president since 1974 and heads
the bank’s lending division.
Mr. Kilpper joined the bank in
1965. He was elected senior vice presi­
dent in 1974 and along with being
controller is responsible for the bank’s
investment, accounting and systems
operations.
* * *
Charles E. Radloff has been elected
systems officer of Central National
Bank and Trust Company.
Mr. Radloff was associated with
Merchants National Bank in Cedar
Rapids for a year and a half before en­
tering military service. He returned to
Banks of Iowa Computer Service for
two years and then joined Central Na­
tional in February of 1973 as a senior
programmer. He has been computer
programming supervisor in the elec­
tronic information processing and
planning department for the past year.

Edwin A. Langley, chairman and
chief executive officer of Capital City
State Bank, Des Moines, has an­
nounced two top executive changes

H. R. JENSEN

and the addition of a new officer to the
staff following the April board of di­
rectors meeting.
Richard H. Buenneke has been ad­
vanced from executive vice president
to president, and Homer R. Jensen has
been advanced from vice president to
executive vice president. James H.
Eick has joined the bank staff as corre­
spondent bank officer.
Mr. Buenneke has had general re­
sponsibility for overall bank operations
since last October
w h e n he was
named executive
v i c e president.
Previously, he was
responsible for the
m o n e y center,
which includes the
trust division and
agri-business divi­
sion. ,He received
. „
, .
,
J. H. EICK
his law degree
from the University of Iowa in June,
1959. Before joining Capital City State
Bank he was with the trust department
of Central National Bank and Trust
Company, Des Moines.
Mr. Jensen will continue to head the
correspondent bank department. He
started his banking career in 1946 with
the former Des Moines Bank and
Trust Company. After its merger in
January, 1953, with Bankers Trust
Company, he headed the correspon­
dent banking department until joining
Capital City Bank in October, 1969.
Before joining Capital City Bank,
Mr. Eick was administrative assistant
to the director of transportation and
security at the University of Iowa,
Iowa City. Previously, he served with
Iowa State Bank and Trust Company,
Iowa City; Readlyn Savings Bank,
and National Bank of Waterloo. He
also worked three years as an auditor
with the USDA Milk Marketing Divi­
sion. Mr. Eick attended the University
of Northern Iowa and the University
of Iowa, and received his BA degree
in Public Administration from Upper
University in May, 1975.

1 19

*

*
►

■%

>

‘‘Centra! National Bank has been a leader in developing the necessary exper­
tise (for EFT). But more important, to us, you have proven your value as a
correspondent bank by making your system available to smaller banks like
ourselves.”
— Duane W. Spicer,
Ankeny National Bank

ut,

‘‘If it weren’t for our correspondent bank, a bank our size could not be on
the forefront of a dramatic change such as this . . . just one more reason we
rely on the Central National Bank.”
— H. H. Van Hosen, President,
The Newton National Bank

Thank you, gentlemen, we couldn’t
have said it better ourselves.

Wè want
to be your
correspondent bank:

*

-y

m

... Central National Bank 6 -Trust Company
DES MOINES


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

(515)245-71 1 1 MEMBER FDlC

LO C U S T AT S IX T H /F IF T H & G R A N D /3 5 T H & IN G E R S O L L
W EST DES M O IN E S W EST T O W E R S O F F IC E B U IL D IN G . 35 T H & 1-235

120

Iow a

News

The lowa-Des Moines National
Bank has announced the launching of
a major, long-range communications
program in conjunction with the ap­
pointment of a new advertising agen­
cy, Lord, Sullivan & Yoder, Inc.
The new agency — Lord, Sullivan
& Yoder, Inc. — has had a full service
office in Des Moines since 1973. The
company, headquartered in Marion,
Ohio, currently serves 45 clients, in­
cluding four non-competing Ohio fi­
nancial institutions, and will be responsibile for creating, producing and im­
plementing all forms of communica­
tion for the bank.
^ ^ ❖
Jim Sodey has joined the First Fed­
eral State Bank as an assistant vice
president in the
instalment 1o a n
department, ac­
cording to Larry
WenzI, bank presi­
dent.
Prior to joining
First Federal, Mr.
Sodey was associ­
ated with Valley
National Bank of
Des Moines for
four and a half years.

Bernhard C. Grangaard Retires
ERNHARD C. Grangaard, chair­
B
man of Central National Bancshares, and chairman of the board of
Central National Bank and Trust
Company, retired from the bank on
Friday, April 30.

Bernhard C. Grangaard

Mr. Grangaard had been associated

Frcd Douglas

with the Big “C” since 1962 when he
became CNB president and a director.
In 1970 he was named president of
Bancshares and later (1973) Bancshares chairman, in addition to his du­
ties as chairman of the Central Nation­
al Bank board of directors since 1971.
Mr. Grangaard was born in Rogers,
N.D., to a banking family. His father,
M. O. Grangaard, was formerly a sen­
ior vice president of the First National
Bank of Minneapolis. His banking ca­
reer began in 1927 as a messenger at
the Federal Reserve Bank of Minneap­
olis, where he earned $45 a month.
Earning his J.D. degree at the Uni­
versity of Minnesota in 1933, he went
on to complete the Pre-Standard and
Standard Certificates of the American
Institute of Banking, and later was
graduated from the Pacific Coast
Banking School in 1949.
Mr. Grangaard’s banking experience
has been varied and extensive. Until
1940 he was employed by the Ninth
Federal Reserve Bank. He has also
been associated in various capacities
with the First Bank Stock System and
two of its affiliates, First National
Bank of Windom, Minn., and the Na-

David Van M etre

See you at the Iowa group meetings
C h il e s , H e id e r &

Co., I N C

MEMBER NEW YORK STOCK EXCHANGE, INC.
1300 WOODMEN TOWER
OMAHA. NEBRASKA 68102 ■ (402) 346-6677

CH
J

DigitizedN ofor
r t hFRASER
w estern Banker, M a y
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

19 7 6

Iow a

f tional Bank of South Dakota. He was
later cashier of the First National Bank
of Grand Forks, N.D. Between 1945
and 1962 Mr. Grangaard was with
Seattle-First National Bank, serving as
vice president and head of the branch
* supervision department prior to joining
* Central National Bank.
Mr. Grangaard’s biography has been
listed for many years in the “Who’s
► Who in America,” “Who’s Who in Fi­
nance and Industry, and “Who’s Who
in the Midwest.”
> Mr. Grangaard has always shown
a strong interest in civic and religious
activities. He has been a member of
the boards of directors or trustees of
* several Des Moines area groups, in­
cluding the Greater Des Moines Cham>ber of Commerce, Central Business
^ District Bureau, Des Moines Develop­
ment Corporation, Des Moines Indus­
trial Bureau, Junior Achievement, and
Drake University. In 1963 he was divi­
sion co-chairman of the United Way
Campaign and served as president of
w the Greater Des Moines Committee in
1974. He also was a member of the St.
" Johns Lutheran Church Council from
1965-1971.
Central National Bank has experi­
enced tremendous growth and expan­
sion during Mr. Grangaard’s leader­
ship. He has seen the bank through its
vmove to the present location in 1967
and its incorporation into the holding
company style of bank administration
with the formation of Central National
Bancshares in 1970. Later during his
term, Central National Bank added
vtwo offices: the Ingersoll and West Des
^ Moines facilities. Throughout, the gen­
eral policy of management has been
the running of a “clean” bank, guard­
ing against over-extension, while re­
taining the welfare of the bank and its
staff as paramount considerations.
In reflection, Mr. Grangaard stated
that even through periods of stress as
well as growth he has found working
with Central National Bank people a
“delightful experience.”
Mr. Grangaard will be retained as
^a consultant to Central National Bancshares for a period of time and plans
to remain a member of the board of
* directors of both.
He and Mary, his wife of 40 years,
plan to divide their time between Des
Moines and their home in Sun City,
'fAriz. Their children are Robert P.,
Richard C., and Carol Ruth Heimann.
His absences from Central National
Bank will be felt there and throughout
the entire Iowa banking community.

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

North Central Companies
Show New Record Highs
The North Central Companies, Inc.,
St. Paul, Minnesota-based financial
services holding company, announced
year-end, 1975 figures which showed
the company reaching new all-time
highs in insurance-in-force, insurance
sales, assets, net worth, total income
and consolidated earnings before ex­
traordinary items.
Consolidated net profit for the com­
panies, according to Theodore San­
born, president, reached $848,951 in
1975 compared to $805,750 in 1974.

News

121

Net income per share climbed to $1.16
from 1974’s 98 cents.
Total income rose to $20,065,198
compared to $18,890,843 in 1974.
Insurance-in-force for North Cen­
tral Life Insurance Company, the com­
panies principal subsidiary, reached
the milestone, billion-dollar mark dur­
ing 1975, ending the year at $1,041,017,000. This was a $78,185,134 in­
crease over the $962,831,866 figure
reported at year-end, 1974. The bil­
lion dollar achievement ranks the com­
pany in the top 20% of all U.S. life in­
surance companies.

Helping
You
Sell . . .
. . . is our job
O u r e xp e rie n ce d personnel and fie ld tested p ro gra m s o ffe r you:
► H elp in a d a p tin g q u ickly to in du s­
try changes.
► H elp

in

p e rs o n a liz in g

yo u r c re d it

insurance p ro g ra m .
► H elp

in

p e n e tra tin g

to

a

h ig h e r

get

yo u r

percent

of

m arket
loans

cove red .
► Service th a t goes b e yo n d the o r­
d in a ry

to

h a n d le

yo u r “ out o f the

o rd in a ry ’ ’ risks o r problem s.
Ask us at the Io w a Bankers
Conventio n how we can help you
with you r C re dit Life p ro g ra m .

National Fidelity Life
8555 Harbach Blvd.
Des Moines, Iowa 50311

N o rthw estern

Banker,

May

1976

122

In the

DIRECTORS’
ROOM
money until they come almost to the
end of it. And others do just the same
thing with their time.
'

Change of Heart

Little Girl’s Sermon
One of the finest sermons ever
preached was delivered by a little girl
who was asked by her teacher to re­
peat the 23rd Psalm from memory. She
didn’t recite it as most of us know it,

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

“ These days, Rafferty, we d o n ’t greet our
custom ers w ith the expression, 'W hat's
up?’ ”

but what she said makes sense for our
day and age.
“The Lord is my shepherd,” she be­
gan, “that’s all I want.”

Money and Time
A lot of people take no care of their

Thanks for Nothing
Note found under a windshield
wiper:
“I have just smashed into your car.
The people who saw the accident are
watching me. They think I am writing
down my name and address for you.
They are wrong.”
s

D
D aktronics, In c ..............................................
54
D aw son H ail Insurance ........................................
4
D eLuxe C heck Printers ........................................
9
D iebold, In c ................................................................... 123
D ouglas G uardian W arehouse ............................ 44
D ow ney, C. L.
........................................
43
D rovers N ational B ank ................................
115

M
M erchants N ational B ank .....................................
2
M idland N ational Bank, M inneapolis ...............
73
M iller & Co., J. T . ....................................................
68
M oore, Ju ran and C o m p a n y ............................ 70, 82
M orA m erica .............................................................. 16-17
M ortgage G uaranty Insurance C orporation 66-67
N
F
N ational B ank of C om m erce ................................
97
N
ational
B
ank
of
South
D akota .................
77
F in an cial Facilities ..................................................
18
N ational B oulevard B ank of C hicago ............. 53
Fin an cial Products ....................................................
8
N
ational
F
id
e
lity
L
ife
................................................
121
F irst M id A m erica ..................................................
96
N orthw estern N ational Bank, M inneapolis . . . 56
F irst N ational
Bank,
D e n v e r ........
89
70
F irst N ational
Bank,
Kansas C ity ................ N orthw
87 estern N ational Bank, Sioux City . . . .
F irst N ational
Lincoln .............................
99
O
F irst N ational
Bank,
M inneapolis
77
O m aha N ational B ank ........................................ 92-93
F irst N ational
Bank,
O m aha ......... 95
P
F irst N ational
Bank,
St. Joseph .. 98
Piper, Jaffray & H o p w o o d .....................................
64
F irst N ational
Bank,
St. Louis ..... 51
S
F irst N ational
Bank,
St. P au l ..... 64-65
SLT W arehouse C o r p o r a tio n ................................
45
F irst N ational
Bank,
Sioux C ity .. 114
St. P aul H ospital & C asualty ...........................
46
F irst N ational
Bank,
Sioux Falls . 72
Scarborough & C om pany .....................................
55
G
Security N ational Bank, D enver ....................... 85
G olnick C o m p a n y .................................................
6
Security N ational Bank, Sioux C ity .................
75
Gross, K irk C om pany ............................................... 104
Security Pacific N ational B ank ............................ 33
G roup 4 ....................................................................... 110
Square D eal Insurance C o..................................... 102
G roup 5 ....................................................................... H I
Sun C ountry Resorts ...............................................
42
G roup 6 ....................................................................... 108
G roup 7 ..........................................................
113
T
G roup 12 ..................................................................... 112
Toy N ational B ank .................................................
71
H
Travelers Express C om pany ................................
61
H eller F in ancial Services ...........................
7
U
I
U nited G uaranty C orporation . ............................ 35
In su red C redit Services ..............
11
U
nited
States
Check
Book
C o m p a n y .......... 80, 83
Io w a B ankers Insurance & Services, Inc. 107, 109
U nited States N ational Bank, O m aha ............. 90
Iow a Des M oines N ational B ank ....................... 124
V
K
V an W agenen, G. D . C o m p a n y .........................
40
K irchner, M oore & C om pany ..............................
31
Z
L
Ziegler,
B,
C,
C
om
pany
......................
................
47
L ake Shore D rive H o t e l .......... . . . . . . . . . . . . .
44

V

.

MAY, 19 7 6

How To Succeed
“To what do you attribute your suc­
cess?” asked a young man of a corpo­
ration president.
“Two words,” responded the presi­
dent, “good decisions!”
“But how did you learn to make
good decisions?” the young man con­
tinued.
“One word,” replied the president,
“experience!”
“But how did you get the experi­
ence?” asked the young man.
“Two words,” the president an­
swered, “bad decisions!”

.

A hard working cowboy had just
finished with roundup chores and got
the weekend off. In town he tied his
cow pony to a hitching rail, walked in­
to the saloon and proceeded to tie one
on. Two hours later he walked outside
unsteadily, started to mount his horse,
then noticed someone had painted it
green!
Charging back into the saloon he
roared indignantly, “Where’s the joker
that painted my horse green!”
A towering, heavy-set cowboy from
a neighboring ranch unwound from a
barstool and smiled, “I did! Why do
you wanna know?”
The first cowpoke leaned back to
look up at the giant prankster, shook
his head to clear the cobwebs, then
meekly replied, “Thought you’d just
like to know the first coat’s dry.”

A
Acorn. Prin tin g C om pany .....................................
40
All M akes Office E q u ip m en t Co...........................
14
A m erican N atio n al Bank, Chicago ...................
48
A m erican N atio n al Bank, St. P a u l ............... .. . 59
A m erican T ru st & Savings Bank, D u b u q u e . . 103
Amiel Industries of N orth A m erica ..................
3
A stor T ow er H o tel .................................................. 106
B
Banco Fin an cial C orporation .................................
15
B ank B uilding C orporation ......................................
37
B ank C onsultants of A m erica ................................. 25
B ankers T ru st C om pany ........................................ 100
B ank of A m erica ....................................................... 29
B ank of N orth D akota .............................................
81
B ism arck Banks ............................................................
78
Blue Cross B lue Shield ........................
105

C
C apital C ity State B ank ........................................... 105
C entral N ational Bank, Des M oines .................. 119
Chiles H eider & C o m p a n y ........................... 86, 120
C ontinen tal Illinois N ational B ank . . . . . . . .
13
C row ther, John H ...........................................................
63
Northw estern B anker, M a y 1976

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

^
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\

ITS EASIER, TO M AKE
O N E IMPORTANT DECISION
THAN TO M ANE
TEN DOZEN PETTY ONES

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When vou
you choose a Diebold Financial Building for a new office, you'
you're faced with basically one major
decision. On the other hand, if you build it yourself, you'll find yourself faced with decisions about
everything from the number of electrical outlets required to the color scheme in the ladies' lounge.
And there's nothing wrong with that unless you could be making more money for your bank as a banker
than as a building consultant.
Moreover, despite its look of solidity and stability (you'd never mistake one of our buildings for a
trailer), a Diebold Financial Building doesn't lock you into one location for life. These buildings are easy
to re-locate, letting you recover most of your original investment, a vital advantage when market
conditions change. Or, if they change for the better, these buildings are as expandable as they are
movable.
Over 300 banks have decided that the way to go is with a Diebold Financial Building. We'd be happy
to show you why.

DIEBOLD
Contract services, inc.

SUBSIDIARY OF DIEBOLD, INCORPORATED
CANTON, OHIO 44717
Plants in Clearwater, Fla. and
Las Cruces, New Mexico

'W e k n o w h o w to help y o u "

I

Diebold Contract Services, Inc. • Canton, Ohio 44711
GENTLEMEN: Please send detailed inform ation on Diebold
Financial Buildings.
NAME_________________________________________________
TITLE_____________________________________________________
COMPANY__________________________________________________
ADDRESS
CITY


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

STATE

ZIP

What we promise, we do.
And that means our
correspondent customers get
a lot of help for their money.
At the Iowa-Des Moines, we don’t offer a new service to our correspondent banking
customers unless w e’re sure we can deliver.
For instance, we’ve been testing “Correspondent On-Line,” a direct hookup that
gives your bank all the computer capability of the largest bank in Iowa, without
major capital outlay on your part. The tests have proved that the system is ready to
go, and this new service will be available when you’re ready to go “On-Line” with us.
We take the sam e “can
do” approach to all corres­
pondent services that you
may need. You will find you
get a lot of help for
your money.

IOWA .
nesMomes
A

A NATIONAL BANK

Yes, you can get a lot of help for your money.
7th & Walnut, Des Moines, Iowa 50304

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

Member FDIC

(515) 245-3131

An Affiliate of Northwest Bancorporation

Banco