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Vol. 14 No. 6 Des Moines, Iowa May 27,1985 Minneapolis Fed Bank Reports— Above-Average Growth 9th District BOVE-AVERAGE growth in 1985-86 is still in store for most of the Ninth District’s nonfarm eco nomy, according to a set of forecast ing models maintained by research ers at the Federal Reserve Bank of Minneapolis. One key factor in the models’ forecast—the recent perfor mance of the national economy—un expectedly weakened in the first quarter o f 1985. Another key fac tor—the recent performance of the district’s own nonfarm economy— generally was stronger than pre viously thought. The opposing ef fects of these two factors leave in tact the models’ previous prediction that 1985-86 growth in most of the district’s nonfarm sector will exceed the historical average rate. The dis trict’s farm sector, by contrast, is expected to contract. In the Bank’s recently released D istrict Econom ic Conditions, eco nomist Dick Todd reported that the national economy grew less than ex pected in the first quarter. Although domestic spending grew at nearly the 4.5 percent growth rate the na tional model had predicted for infla tion-adjusted gross national product (real GNP) in the first quarter, preli minary estimates show that a surge in imports helped cut overall real GNP growth to 1.3 percent. This un expected slowdown lowered U.S. nonfarm employment and earned in A come growth as well. According to the national model, the slowdown in the U.S. economy will be brief. Based on data available as of April 19, the model predicts that real GNP will resume brisk growth in the second quarter. Non farm employment and earned in come are also predicted to bounce back, but not quite as quickly. Mr. Todd explained that the lingering ef fects of 1984’s falling interest rates, declining energy prices, and rising stock market will help the economy rebound. Within the district, the unfavor able news about the national eco nomy has been partly offset by good news about district employment. Recently revised data show that dis trict nonfarm employment recov ered faster in 1983-84 than previous ly believed. In addition, estimates for the first quarter of 1985 show that nonfarm employment growth exceeded earlier model forecasts in Montana, North Dakota, South Da kota, and Wisconsin. Mr. Todd said the effects of the national slowdown and the stronger district employment data vary by state, but the district models predict the overall result will be above-aver age growth across most of the dis trict’s nonfarm sector. In Minnesota and Wisconsin—the district states that seem most closely linked to the nation’s economy—the effects of slower U.S. growth predominate. Although still strong, the current forecasts for the two states’ non farm employment and earned in come in 1985-86 are down from the Table 1—Revised Nonfarm Employment Growth in the Ninth District* 1983 Previous Revised Montana North Dakota South Dakota Minnesota Wisconsin Upper Peninsula of Michigan 1984 Previous Revised 0.8% 1.3 2.4 3.4 1.6 1.8% 2.3 4.6 3.5 2.8 0.8% 0.2 1.8 6.4 3.3 2.0% 0.2 2.0 6.7 4.1 2.6 n.a. 2.9 n.a. n.a. = not available 'Fourth-quarter changes from one year earlier. Revisions published in March 1985. Call on the “Experienced Professionals” Ready to meet your correspondent needs. ^ First National Lincoln A FirsTler Bank Ï Member. F.D.I.C. 13th & M Streets, Lincoln, Nebraska 68501 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2 Norwest Bank Des Moines, N.A. NORWEST BANKS Serving bankers quietly and efficiently. Call (515) 245-3131 or toll-free (800) 362-2514 M e m b e r F D IC CAPITAL PERSONNEL SERVICE 714 U.C.B. Building, 515-283-2545 Des Moines, Iowa 50309 Yearn work: one of the reasons we’re first in Iowa. Mark Conway exceptionally high rates the models had forecasted in February. In Mon tana, North Dakota, and South Da kota, the positive effects of the up ward revisions in estimates of 1985 nonfarm employment growth above the near-average rates projected pre viously. Only the model for the Up per Peninsula of Michigan, where nonfarm employment fell slightly in the fourth quarter, now predicts that growth in both 1985 and 1986 will be below average. Mr. Todd explained that forecasts such as these are always subject to considerable uncertainty and that not all sectors of the district’s non farm economy will share in the pre ducted growth. Moreover, Mr. Todd says, “ agricultural analysts expect ASK JE R R Y T R U D O to make MNB work for you. low farm earnings to extend the farm sector’s unusually severe con traction through 1986 at least. De clining farm investment and spend ing also raise the risk that district nonfarm growth will fall short of the models ’ predictions. ’ ’ □ Iowa News During a flurry of late activity of the 1985 legislative session, the Iowa House and Senate passed leg islation which repealed the long standing “ home office protection” statute o f state banking law. Under the new law, which is slated to take effect July 1, banks from within a county and contiguous and cornering counties will be allowed to purchase a bank in an already-char tered town and convert it into an of fice. Previously, banks were prohi bited from establishing an office in any incorporated area where there was already an established bank charter or office. Proponents o f the change believe its most important effect will be to generate increased demand for failed banks. Said Iowa Independent Bankers Executive Vice President Richard Berglund, “ I know of five banks that would have bid on the failed Peoples State Bank in Odebolt if this law had been in effect.” The FDIC and the Iowa Dept, of Bank ing had difficulty identifying a buyer for the Odebolt bank. ALGONA: Wayne Forgey has joined Member F.D.I.C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A BANKS OF IOWA’ BANK BRIDGEPORT: Bridgeport State Bank has filed an application with the Nebraska Dept, of Banking & Finance for an amendment to its charter to transact a trust business. A hearing on the application will be held July 10 at 9:00 a.m. in Confer ence Room 2D o f the Nebraska State Office Building, 301 Centen nial Mall South, Lincoln, Neb. Minnesota News The Minnesota House of Repre sentatives voted down a regional in terstate banking bill, most likely ending efforts to pass it during this session of the state legislature. The bill would have allowed banks in neighboring states that passed simi lar legislation to own banks in Min nesota and would have permitted Minnesota banks to enter these other states. ST. PAUL: A t Norwest Bank St. Paul, N.A., Douglas M. Bach has been elected vice president of com mercial real estate, Fred P. Mann, vice president o f the special assets division, and Pierre L. Menard, as sistant vice president of the special assets division. Before coming to St. Paul Mr. Bach served at Norwest Bank Metro-West. Mr. Mann came to St. Paul from Norwest Bank Mid- Our newest correspondent banking professional H. PETER DEROSIER Vice President Valley National Bank l§i DES MOINES, IOWA 50304 <% Nebraska News Peter DeRosier... Toll free 1-800-332-5991 Merchants A National Bank 151 United Centred Bank as president and CEO. He succeeds William Mul lins, who resigned. Mr. Forgey pre viously managed banks in Mandan and Carson, N.D. and prior to that time spent 16 years with First Bank System. Also announced at the bank, was the addition of Lynn Stofferahn as vice president o f ag lend ing. Member FDIC A BANKS O F IOWA BANK Call toll free (800) 622-7262 f 3 YAKE, SPRENGER AND JENNINGS ♦ Getting it done for you. Ernie Yake Bill Sprenger Tom Jennings 234-2483 234-2625 234-2484 CommerceBankof Kansas ot> M EM BER FDIC land. Mr. Menard joined Norwest St. Paul this year after graduating from the National College of St. Paul. M INNEAPOLIS: First Bank Sys tem, Inc. has elected J. Joseph Lindsley executive vice president of regional banking and Sanford A. Belden senior vice president o f agri cultural banking. Mr. Belden was also elected president of FBS Agri cultural Credit Corporation. Mr. Lindsley most recently served as president of First Bank Billings, Mont. Mr. Belden’s most recent po sition was as chief executive officer of farm credit services for north cen tral Michigan. MINNEAPOLIS: First Banks and Film in the Cities have co-sponsored eight billboards in downtown loca tions featuring original photograph ic works. The public art project is entitled “ ArtSide Out,” and will be unveiled May 30, to be displayed through June. M INNEAPOLIS: Gerald L. Heyen has been elected senior vice presi dent of Norwest Bank Minneapolis. He has served as the bank’s vice president and manager o f payment operations since 1983. Illinois News CHICAGO: LaSalle National Bank has appointed Nicholas J. De Leonardis its senior vice president and treasurer. He will manage the municipal bond, bank funding, and portfolio management areas and serve as chairman of the funds man agement committee. Mr. De Leonar dis most recently served as vice president and chairman of the money management committee at First National Bank of Chicago. BANK CONSULTING FOR LENDING Work-out loan assistance, comm./ag loan review, documentation audit, loan pro cedures, training. 8 yrs. exp. loan review/loan officer/bank counsel. Daniel W. Hansen 3827 Lindlavista, Des Moines, la. 50310 Phone: 515-278-9174 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Telephone (816) 234-2000 W AUKEGAN : First Midwest Bank has appointed Thomas F. Franklin to the position of senior vice presi dent, marketing and planning. Mr. Franklin comes from Elmhurst Na tional Bank where he was vice president/division head corporate planning/marketing. South Dakota News Braaten who was elected chief exec utive officer o f First Bank Grand Forks and division director for First Bank System’s northern North Da kota region. Mr. Wickre most re cently served as senior vice presi dent of commercial and agricultural lending for the main office of First Bank o f South Dakota in Sioux Falls. Wyoming News LEMMON: Lee Buffington has been elected president at First Bank Lem mon. He has been serving as execu tive vice president of the bank since February, having previously been president o f First Bank Wessington Springs. GLENROCK: The board of direc tors of the First National Bank of Glenrock have announced the resig nation of President William S. Bol ton. He will be succeeded by Fred rick H. Wiegand, who has been vice SIOUX FALLS: Gale Skarphol has president of the bank since 1981. been elected vice president at the Mr. Bolton has been the bank’s main office of First Bank of South president since 1977. He is leaving Dakota. He will serve as the Sioux the bank to pursue personal inter Falls operations manager. Previous ests and act as a financial consultant ly, Mr. Skarphol managed audits for in Anchorage, Alas. South Dakota, North Dakota and W ORLAND: On May 10, StockMontana FBS affiliates at First growers State Bank marked its 75th System Services. year in Worland. It is the city’s largest and oldest bank. North Dakota News MINOT: Gary L. Wickre has been elected president of First Bank Minot. He succeeds Arnold L. BANKING - LOANS Affiliated Midwest Bancs. — Progressive bank group seeking an aggressive commercial lender with solid lending background. Department head position in $70mm bank located in central Iowa. Salary commensurate with experience. Also seeking individual with combined commer cial or agricultural and installment lending experi ence for $40mm southeast Nebraska bank. Resumes in complete confidence to: AFFILIATED MIDWEST BANCS 100 AMERICAN PLAZA, BELLEVUE NE 68005. POSITIONS AVAILABLE INSTALLMENT LENDER • NW Illinois - 5 yrs or more To $40K. COMMERCIAL LENDER - Central Iowa. 5 yrs. exp. To $40K. AO LENDERS - West Iowa. 2-3 yrs. exp. To $25K. AQ LENDERS • E. Nebr. & central Iowa 3-4 yrs. exp. To $30K. MORTGAGE LENDER #2 • Several years in resi dential homes, some management exp. Omaha bank. To $35K. Richard L. Beam, CPC QUMBERT EXECUTIVE EXCHANGE, INC. 11246 Davenport Street Omaha, NE 66154 Phone: 402/330-3260 Member National Personnel Associates We’re Nationwide WANT ADS Ratas are $5.00 par lina par Inaartlon. Add $3.00 for fila lattara per Inaartlon. Identity of file letter adver tisers cannot be revealed. NO RTHW ESTERN BANKER 1535 Linden St., Suite 201, Des Moines, Iowa 50309 Phone 515/244-8163 Ag Banking Specialists Let us help with your career advancement or staffing needs. Call In confidence, without obligation. Employ ers pay our reasonable fee to hire the best. Financial Careers NUMBER TW O person for $40 million bank in Wisconsin resort area. Requires commercial lending experience___ ....................................................................... Salary to $40,000 COMMERCIAL LENDER with five or more years experi ence and college degree for $125 million midwest bank. Excellent future.................................................... Salary open COMMERCIAL LENDER with three years experience and POSITION AVAILABLE college degree for $50 million midwest b a n k ....................... .............................................................................. Salary $30,000 VICE PRESIDENT-LOAN DEPARTMENT $40mm NW Iowa COMMERCIAL LENDER with five or more years experi ence and college degree for bank in university community .............................................................................. Salary $40,000 bank seeks candidate with 4-6 years ag lending experi ence. Good advancement opportunities. Contact John Bowen, EVP, Hawkeye Bank & Trust, Spencer, Iowa. Phone: 712/262-1940. (PA) CASHIER— $25 million Iowa State Bank, Fort Madison, seeks an Individual with 3 yrs. experience In bank operatlon/accountlng. Excellent opportunity. Contact James C. Sodey, President at 319/372-1134. (PA) #2 OFFICER— Northeast Nebraska bank. Commerclal/Ag lending a must. Knowledgeable In all areas of banking. Capable of supervising people and promoting bank. Com petitive salary and benefits. Send resume, salary "history and requirements to file WDE, c/o Northwestern Banker. ____________________________________________________ (PA) CORRESPONDENT BANKER with ag loan experience Linda 515/394-5827 New Hampton, la. 50659 I Jean 515/263-9598 (W/F) 712/779-3567 (M/T/TH) Massena, Iowa 50853 aqri careers,inc . -J ence In both commercial and mortgage le n d in g ................. ............................................................................................ Salary$32,000 AG LENDER with five or more years proven ability for Write or call Malcolm Freeland or Cy Kirk in care of Freeland Financial Service, Inc., 1010 Equitable Bldg., Des Moines, Iowa 50309. Phone 515/282-6462. Employer pays fee. BANK SALES AND PURCHASES EDDIE A. WOLF Eddie Wolf Bank Sales 7202 Maple Drive, Des Moines, la. 50322 Phone: 515/278-2271 Eastern Iowa bank seeking a self motivated Individual with 2-5 years loan experience. Available position will focus on BANK PRESIDENT FOR SALE AG LOANS but will also Include commercial, real estate, AG LOAN OFFICER— $26 MM NE Iowa bank has opening DIEBOLD TABS 910 ATM with or without building. Current ly on maintenance contract, low usage, excellent condi tion. Contact First National Bank, Minden, NE 68959. Phone 308/832-2030._________________________________(FS) for an ag-loan officer with 2-3 years experience. Salary and benefits commensurate with education and experience. Send resume to file WDG, c/o Northwestern Bank. (PA) TWO (2) DIEBOLD MODEL TABS 910 AUTOMATIC TELLER TERMINALS, one stand alone and one thru-the-wall unit. Trust assets of $27,000,000. Candidate should have 2 + years experience In trust department or equivalent. Some Investment experience helpful. Send resume to Thomas G. Kelly, Assistant Trust Officer, First National Bank & Trust Co. of Fremont, P.O. Box 1209, Fremont, Ne. 68025. (PA) AG LOAN OFFICER for $100 million bank In West Central Nebraska. Minimum of 2 years ag lending experience. Salary dependent on qualifications. Send resume, includ ing salary requirements, to First National Bank & Trust Co., Kathleen Keenan, P.O. Box 10, North Platte, NE 69103. (PA) Fully equipped with audit trail printer, alarm linings and devices, Read trac 1 & 3, Burroughs TC500 Expanded Fit Software, DES Inscription, 2716 Prom Set, Revision Level 7; under maintenance contract. Excellent condition. Con tact Hairy Easley, SALEM NATIONAL BANK, Salem, IL (616/646-2200). (FS) BURROUGHS S 3610 MULTIPOCKET TRANSMITTING PROOF MACHINE. Less than 2 years old. Please call (712) 364-3181. (FS) DON-SlcHOOLER In AND BANKERS AVAILABLE ASSOCIATES "Successful Banking is Quality Personnel" SR LENDER - Performance oriented professional with di verse lending know-how. Has spent 16+ years in commu nity banks dealing with ag, commercial, consumer and real estate loans. $35K. Send your resume or phone Don Schooler, 417-882-2265, 2508 East Meadow, Springfield, Missouri 65804. PRESIDENT • Skilled banker with 6 + yrs as CEO of a POSITIONS CURRENTLY AVAILABLE $25mm Institution. Well developed workout knowledge. An ag loan professional who has the ability to take charge and has the job record to prove It! $48K. EXECUTIVE VICE PRESIDENT $150mm bank, strong lending & operations ........... $70,000 Metro AG LENDER •Aggressive, fast learner Is seeking growth HEAD O F LENDING $80mm bank, $40mm loans, $20mm Comm ercial.....................$50,000 Outstate opportunities. Two yrs exp In a rural bank handling all phases of ag lending. Born and raised on a fartn and has spent most of life In farm mgmt. $22K. MORTGAGE LENDER - Career minded achiever with mgmt skills and knows ins and outs of mortgage lending. 6 + yrs of lending In a large base. Has worked smaller comm’l ac counts and has developed a good understanding of credit analysis. CON8UMER LOAN OFFICER/ASSISTANT CASHIER -Ana lytical and competitive with 2 yrs handling consumer loans and assisting In operations In a $140mm bank. De greed, fast learner ready to direct operations and handle consumer lending In a growing institution. PARTIAL LIST O F AVAILABLE BANKERS FOR FURTHER INFORMATION FOR TH ES E AND O TH ER POSITIONS RESPOND IN CO N FIDENCE TO: M. KURT ROSENCRANTS A T (515) 244-4414 < M1 (MM1 <ft 1 F6« ® R O B E R T M0BIJF 317 6th Ave, Ste. 650 Des Moines, IA 50309 (515) 244-4414 ALL FEES COMPANY PAID ....................................................................... Salary to $35,000 northern Iowa bank .........................................Salary $32,000 and credit administration officer needed for an indepen dent community bank in the heart of the Colorado Rockies. BS, 10 years commercial loan and credit analysis required. Strong business development background Is a plus. Send resume and reference to president, P.O. Box 2390, Estes Park, C O 80517._____________________________________ (PA) ASSISTANT TRUST OFFICER for Eastern Nebraska Bank. AG LENDER for $23 million bank in northern Iowa ............. COMMERCIAL LENDER with three to five years experi A 3 B ANKING P ER SO NNEL SPECIALISTS COMMERCIAL LOAN OFFICER— Senior commercial loan consumer loans, and collections. Excellent opportunity, good benefits. Send resume and salary requirements to file WDF, c/o Northwestern Banker. (PA) wanted by $200 million midwestern bank .. Salary $30,000 SENIOR VICE PRESIDENT, HEAD O F COMMER CIAL & CORRESPONDENCE LENDING, $200 + mm bank, $100mm In lo a n s ................................. $70,000Metro Southwestern Minnesota $55M bank Is seeking Chief Executive Officer. Candidate must have good lending background with emphasis on com mercial and agricultural lending most beneficial. Position requires solid knowledge of the banking industry, strong administrative and leadership skills. Candidate must be willing to take an active role In providing community leadership. Send re sume and salary requirements to: Marilee Olson Bremer Financial Services, Inc., Suite 700 55 East Fifth Street, St. Paul, MN 55101. Equal Opportunity Employer BANKING OPPORTUNITIES AG LENDER— $50mm IA bank to handle diversi fied portfolio. Mgmt potential. 1-3 yrs Bank, PCA, FLB, or FmHA bckgrd. $18-22K. Contact Barbara J. Rltta. BANK INSURANCE AGENCY MGR— $100mm SD bank. Multi-line insurance & bank agency bckgrd. Base plus commissions. Contact Barbara J. Rltta. TRUST OFFICER— $175mm Wl bank. 3-4 yrs ex perience with Business Development and Em ployee Benefits. No J.D. required. Salary to low 40’s. Contact Pamela J. Swenson. COMMERCIAL LOAN OFFICER— $200mm metro ND bank. 4-6 yrs lending experience required. Large bank bckgrd preferred. Salary to $38K. Contact Pamela J. Swenson. PROFESSIONAL RECRUITERS, INC. P.O. Box 24227 Omaha, NE 66124 * Phone: 402/397-2865 PRESIDENT $40mm suburban bank, no ag .......... ...............................................................$50,000 Metro BANK POSITIONS PRESIDENT new charter, excellent location, stock options ................................ $40,000 Outstate REAL ES TA TE LOAN - large suburban bank. AVP to handle construction, commercial and some single family residen tial loans. $25K CASHIER $80mm bank, solid con dition................. ......................................................... $30,000 Outstate COMMERCIAL LENDER $100mm bank, Manage ment potential ....................................$40,000 Metro J U N IO R C O M M E R C IA L L E N D E R , C R E D IT ANALYST consumer experience $23,000 Outstate REAL E S TA TE LENDER $50 + mm b a n k ................. ......................................................... $35,000 St. Louis COMMERCIAL LENDER $50+ mm bank, top loca tion, sound management .. $40,000-$45,000 Metro This is one of the finest selections of positions I have had. Every situation is personally known and the banks and management offer good reputa tions. COMML LOAN •$50MM suburban bank. Some R.E. experi ence helpful. Requires 2-3 yrs. bank lending. $26K EVP - manage all lending activities for $125MM suburban bank. Opportunity to assume #1 position. $55K AGRI-LOAN - $30MM community bank. Handle all Ag cred its and some commercial accounts. $30K SECOND OFFICER - small suburban bank desires com mercial lender to supervise junior officers. $35K Additional opportunities available. Alhnquiries confidential. TOM HAGAN & ASSOCIATES 2024 Swift - Box 12346 North Kansas City, MO 64116 816/474-6874 “ Serving the Banking Industry Since 1970” Vol. 14 No. 6 Northwestern Banker Newsletter (USPS 873-300) is published weekly by the Northwestern Banker Company, 1535 Linden Street, Suite 201, Des Moines, Iowa 50309, (515) 244-8163. Subscriptions $1.00 per copy, $18.00 per year. Second class postage paid at Des Moines, Iowa. Address all mail subscriptions, changes of address (Form 3579), manuscripts, mail items to above address. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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