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Vol. 13 No. 6

Des Moines, Iowa

May 28,1984

on personal accounts; 3% reserve on
nonpersoanl accounts. If the ac­
N THE latest issue o f Economic pays an interest rate that is re­ count falls below $2,500, the NOW
w
Perspectives published by stricted
the
only by the discretion o f the account ceiling com es into effect.
Federal Reserve Bank o f Chicago institution (on initial and main­
The success o f the M M DA prom p­
(M arch/April), authors Gillian Gar­ tained average balances o f $2,500 or ted the authorization o f the Super
cia and Annie M cMahon relate that m ore).”
NOW Account as another com peti­
“ The M oney Market Deposit AcCommon denominators o f the tor to M M M Fs. The SNOW has un­
count (M M DA) has been extrem ely M M DAs are six transfers per month lim ited transaction features, pays
popular to date and has been a no­ — pre-authorized, autom atic, or by unregulated rates on initial and
table success in attracting funds.”
telephone; personal withdrawals maintained balances o f $2,500 or
The authors recall that after the unlimited; no reserve requirements more, and carries reserve requireGarn-St. Germain D epository Institutions A ct o f 1982 authorized
banks and thrifts to have an instru­
ment that is “ directly equivalent to
and com petitive with M oney Market
M utual Funds (M M M F s)” the
M M DA became available December
14, 1982. “ A s the data in Figure 1
show ,” the authors state, “ it
(M MDA) grew rapidly after its in­
troduction, surpassed M M M Fs,
which were declining in volume, six
weeks after its introduction. A fter
one more week, M M DAs had ex­
ceeded the $242 billion peak that
M M M Fs had attained in November,
1982, ten years after their introduc­
tion. B y the end o f May, 1983,
M M DAs had reached $360 billion in
value. They are a success by any
standard.”
The authors point out that the
M M DA “ allowed the public to earn JUST six weeks after the MMDA became available on December 14,1982, it surpassed the
market rates o f interest at a time MMMFs in volume. In just seven weeks, the MMDA had exceeded the $242 billion peak
when Regulation Q was binding, and that MMMFs has taken 10 years to reach by November, 1982. By the end of May, 1983,
MMDAs had reached $360 billion in value. The Super NOW experience has been less
offered lim ited transaction fea- spectacular. It exceeded $25 billion after nine weeks and had reached $38 billion by
tures...It is federally insured and December, 1983.

M M D A s—Success by Any Standard*

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ASK DICK RETZ

H | to make MNB work for you.
I l l Toll free: 1-800-332-5991

Merchants National Bank
WÊ Member F.D.I.C.


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

is i

A BANKS OF IOWA' BANK

Norwest Bank Des Moines , N.A.
NORWEST BANKS

Call (515) 245-3131 o r toll-free (800) 362-2514
Member FDIC

Teamwork:
one of the reasons
we're first in Iowa.
M ark Conway

Dorothea Wolfe

ments as a transaction account.
accounts also affected the money ag­
A s the authors point out, “ It is gregates—the M ’s. Ms. Garcia finds
evident that the two accounts have that the growth rate o f M l, for ex­
been successful and that M M M Fs ample, rose during the first half o f
have suffered as a re su lt/’ The 1983. The effect o f the new accounts
M M DA, however, proved far more on Ml appear to have leveled o ff by
attractive to the public.
the end o f 1983. M2 was the m ost af­
One o f the conclusions drawn fected by the new accounts, and M3
from the study presented by Ms. the least, the econom ist says.
□
Garcia, a senior econom ist at the
Chicago Fed, is that the two ac­
counts had a greater and more last­ Bank Directory Corrections
ing effect on banks than on S&Ls.
In the 1984 Iowa Bank Directory
The initial effect on S&Ls was the listing for Becker & Cownie, Inc.,
“ powerful,” she notes, at a time o f Des Moines was inadvertently
when thrifts were “ reeling under erased from the com puter type bank
high interest rates and a m ajor re­ and did not get printed as scheduled
cession.” However, increased de­ on page 104 with the Des Moines In­
posit trends at S&Ls later leveled vestm ent Dealers. The Becker &
off.
Cownie listing is reproduced here so
“ Banks, on the other hand,” she users o f the D irectory may tape it in
states, “ seem to have enjoyed longer place on page 104.
lasting benefits. Their deposits have
remained well above the trend levels
o f 1982.”
The study also notes that the
Municipal Bonds
Paul Becker, Pres.
changes brought about by the new
Jay T. Orr, V.P. & Treas.

BECKER & COWNIE, INC.

Portable Modular Bank Building

Ph. 515 243-5188
Des Moines:
Ph. 515 244-7922

711 Insurance Exchange Bldg.
James W. Cownie, V.P.
820 Equitable Bldg.

A lso, in National Bank o f W ater­
loo’s listing o f the city correspon­
dent banks with which it does busi­
ness, the name o f United Central
Bank o f Des M oines, N .A., should
have been included.
W e regret these two om issions
and apologize to readers for the in­
convenience.

General Bank Equipment: &
Systems, Inc.

RR 45, Box 115
Hiway 73,3 Vz Miles North of Int. 680
Omaha, Nebraska 68152
(402)453-3000

Lease* Rent* Buy

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Federal Reserve Bank of St. Louis

Michigan Bank Seeks
National Charter in S.D.
M ichigan National Corp. will seek
a national bank charter in South Da­
kota in June for its credit card oper­
ation, according to its Chairman and
CEO, Stanford C. Stoddard. This is
apparently an end run to circum vent
the FDIC, which earlier refused de­
posit insurance for a state charter
for M ichigan National after express­
ing its concern over M NC’s capital
level. It was presumed the national
charter application to the Comp­
troller o f the Currency would get
autom atic approval because o f his
more liberal attitude in granting national charters. The latter auto­
m atically carry FDIC coverage.

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Iowa News
The banks o f Louisa County have
announced that they will host the
Annual Group Eleven G olf Day at
Indian Hills G olf and Country Club
near W apello and M orning Sun on
W ednesday, June 20.
CHARITON : John Rom oser has
been elected vice president o f Na­
tional Bank & Trust Company. He
joined the bank in 1981, follow ing
employment with the Farmers Home
Adm inistration.
DES M OINES: Banks o f Iowa, Inc.
recently announced the com pletion
o f the acquisition o f The M ontgomery County National Bank o f Red
Oak, Henry County Savings Bank,
M ount Pleasant and Commercial
Trust and Savings Bank, Charles Ci­
ty, increasing the number o f banking subsidiaries to 14.
ESTH ERVILLE: Emmet County
State Bank has announced the pro­
m otion o f Thomas L. Hoien to executive vice president. Mr. Hoien,
also appointed to the board o f direc­
tors, has been with the bank since
1973.
IO W A CITY: Randy D. Fenimore
has been prom oted to national bank

Professional ...
Responsive...
Call Mark Christen for
any correspondent service.
Call toll free (800) 622-7262

Valley National Bank
DES MOINES, IOWA 50304

i:i

A BANKS OF IOWA BANK

Member FDIC

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1,000<™
5R
SIGNS $29700
(INCLUDES TITLE STRIPS & L O B B Y PLACARDS!)

Red & Black Art
on
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— Plus $ 2 0 . 0 0 S et Up

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COUNTY BANK

ilil H B i l l

mon, Guys...
we all know Garage Sales are a big thing! And wom en will drive miles to get free signs! Y o u ’ll have lobby
traffic you w ouldn’t believe! Give ’em two or three signs...or charge 50C each! They tack ’em up all over
town, and love you for it! Great advertising...fine P.R. And we send a g ood stock of conversion strips, so
the girls can change the header to “Rummage,” “Yard,” “Porch,” and so forth. Enclose a velox, letter­
head, or something with your art on it, please! Order before prices go up! Our signs are in great dem and
nearly everywhere they are offered!

Hey, Sue ... We'll take a shot at this! Bill us later!
Bank
Street.

Box

City/State_

Z ip _

Name & Title __ ___________________ _______________________________________________________________________________________
(Be sure to enclose a velox, letterhead, or something with your art! Delivery takes about three weeks from time we receive
your order!)

Fill O u t . . . Send Coupon to Us Today!

Bob Tucker • Box 1222 • Pt. Arthur, T X 77640
“SINCE 1958”

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Federal Reserve Bank of St. Louis

Supplement to Northwestern Banker Newsletter 5-28-84

SEND US
□ 1,000 Signs
@ $297.00
□ 2,000 Signs
@ $480.00
□ 3,000 or More
@ $2 20.0 0/M
□ 500 Signs
@ $185.00


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Federal Reserve Bank of St. Louis

■

CALL ON THE “PERFORM ANCE TEAM ”
where comm on transactions are handled uncommonly well.

FIRST NATIONAL LINCOLN
13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C.

examiner. He has been with the
Comptroller o f the Currency since
1979 and will remain headquartered
in Iowa City.
K N OXVILLE: Robert C. W ims will
join the staff o f The Iowa State Sav­
ings Bank o f K noxville on June 1 as
executive vice president. Mr. W ims
has been associated with the Hartford-Carlisle Savings Bank in Carl­
isle for the past eight years and prior
to that was with the State Depart­
ment o f Banking. In addition, Heidi
Robison has joined the bank as as­
sistant trust officer.
STANTON: Robert E. Johnson has
been elected to the board o f Security
State Bank. Prior to his retirement,
he was general manager o f the Farm­
ers Mutual Telephone Company o f
Stanton for 25 years.
W ELLSBU RG : Peoples Savings
Bank, W ellsburg, will hold an open
house on Saturday, June 9, at its re­
cently com pleted building in Cleves.
The new facility replaces one which
was originally built in the early
1900s. Frederick Frazell has been
hired to manage the Cleves office.
He replaces Norman Homeyer who
has joined Hawkeye Bank and Trust
Company in Eldora.

An important new profit center
for your bank:

Contact:

Leroy Bell or
■

a computerized
local billing/credit service

Milt Hennick

319-291-5412

National Bank of Waterloo
315 East 5th S t • W aterloo, IA 5 0 7 0 4
OM AHA: Stephen J. Hatz has joined
Omaha National Bank as second
vice president in the ag lending divi­
sion. He replaces Gene R. Noell, vice
president, who transferred recently
to Garden City, Kan., as manager
there o f ON B’s ag lending office.
Mr. Hatz m ost recently was head of
correspondent banking and vice
president at Security National Bank
in Sioux City, la.

Illinois News
CHICAGO: Thomas H. McGuire
has joined Amalgamated Trust &
Savings Bank as vice president,
commercial lending. He previously
was with First National Bank o f
Chicago where he was an assistant
vice president.

Member Federal Reserve System FDIC

Minnesota News
SA IN T PAUL: First Bank Saint
Paul has appointed John D. Taylor
as senior vice president to head a
new public affairs division. Mr. Tay­
lor, who will join the bank June 11,
currently is president o f the North­
west Area Foundation.

South Dakota News
HURON: Farmers & Merchants
Bank has announced the prom otion
o f Jim Hendricks and Lynn Schnei­
der to senior vice president. Mr.
Hendricks joined the bank in April
o f 1983 and heads the commercial
and retail loan departments. Mr.
Schneider joined in 1981 and man­
ages the agricultural loan depart­
ment.

Nebraska News
FRIEN D : Keith E. Clouse, a 29-year
employee o f The First National
Bank here, has been elected presi­
dent. Bill Bode and Leslie F. Southw ick w ere p rom oted to v ice
presidents and Ruth Southwick was
named a director.
LINCOLN: National Bank o f Com­
merce has elected Randy Gustafson
as correspondent bank officer and J.
Mark Klasek as bank investment of­
ficer. Mr. Gustafson joined the bank
in April. Mr. Klasek joined the in­
vestm ent division in 1981.
O M AH A: Daniel J. Monen, former
executive vice president o f Omaha
National Bank, died earlier this
month o f cancer at the age o f 86. Mr.
Moren practiced law until he joined
Omaha National in 1924, where he
has head o f the estate and trust de­
partment. A fter his retirement, he
served as a director until 1969.


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Federal Reserve Bank of St. Louis

PRESENTS

“ B U S I N E S S S O L U T I O N S F O R T H E 80’ s ”
AN INFORMATIVE AND ENJOYABLE MEETING
FEATURING:
• Equipment Demonstrations • Unique System Solutions
• Application Solutions For All Lines Of Business And Industry
TUESDAY, JUNE 5TH • WEDNESDAY, JUNE 6TH
8:00 AM - 5:00 PM
THE DES MOINES MARRIOTT HOTEL
700 GRAND AVENUE • DES MOINES, IOWA 50309

PLEASE CONTACT: BURROUGHS CORPORATION
1025 ASHWORTH RD, SUITE 500 • WEST DES MOINES, IA 50265
PHONE 223-3330
A T T ’N D IA N A H EITH O FF OR M IKE BARSEM A

“ COMMITMENT TO EXCELLENCE”

North Dakota News
MINOT: Eileen Kraft has been pro­
m oted to custom er service officer of
First American Bank & Trust. She
started with the bank in 1957 as a
clerk.
W AHPETON : First Bank Wahpeton has announced the election of
A lex R. Zier as senior vice president
and second officer; Bruce A. Heysse,
vice president in commercial loans;
W illard Strege, vice president in ag
loans, and E. Justin Reynolds, assis­
tant vice president, com m ercial
loans.

Department Head
Commercial Banking
Progressive midwest financial institution is seek­
ing a re sults oriented, degreed individual w ith 10
years commercial lending and 5 years bank man­
agement experience to manage its commercial
banking department. Successful candidate w ill
possess a thorough knowledge of secured and un­
secured loans, bank products and services, statis­
tica l and financial math, financial statem ents and
managerial tools; w ill have demonstrated ac­
com plishm ents in creative marketing strategies,
loan portfolio management, credit and collec­
tions, planning, budgeting and leadership. Posi­
tion offers a com petitive compensation and bene­
fit package. If qualified subm it resume and salary
history to:

File WBJ
c/o Northwestern Banker
An Equal Opportunity Employer

POSITION AVAILABLE

Colorado News
YU M A: Craig Knotwell has been
named president o f First National
Bank o f Yuma. He previously served
as vice president o f Farmers Na­
tional Bank in Grant, Nebraska.

Number Two banker w ith commercial and ag lending
record for Iowa bank in $50 m illion deposit range..............
............................................................................... To $42,000.
Cashier for $30 m illion southern Iowa bank, ideal working
conditions and recreational area...................... To $28,000.
Number Two person for southern Illinois bank. Excellent
s itu a tio n ................................................................. To $35,000.
Ag Lender for $60 m illion northern Iowa bank. Opening
due to retirement. Nice com m unity.................. To $28,000.
Commercial Lender for southern Minnesota, multi-bank
holding company bank.........................................To $30,000.
Commercial Lender for large western Iowa bank. Requires
at least 5 years experience w ith larger b a n k .. .To $35,000.
Number Two person for northeast Iowa com m unity bank.
...............................................................................To $35,000.
Lender for $50 m illion bank located in lake areaTo $28,000.
Auditor w ith CPA degree and bank experience for major
eastern Iowa bank...............................
Salary open.
Loan Review Officer for major bank holding com pany___
............................................................................... To $35,000.

SENIOR COMMERCIAL LOAN OFFICER—$100 m illion as­
set eastern Nebraska bank desires seasoned commercial
loan office r to manage portfolio. Salary commensurate
w ith experience. Contact 402/727-1100.
(PA)

Ag Lender for northeast Iowa com munity bankTo $30,000.

VICE PRESIDENT/AGRICULTURAL LOANS— Excellent career opportunity. Requires bachelor’s degree (emphasis in
agricultural subjects preferred) and a minimum of 3 to 5
years experience in ag lending. The individual must pos­
sess a working knowledge of agriculture, including the
production of grain and livestock. Salary commensurate
w ith experience, plus excellent benefits. Contact: Steven
L. Afdahl, President, Hawkeye Bank and Trust, P.O. Box
4068, Spencer, Iowa, 51301. Phone (712) 262-1940. Member
Hawkeye Bancorporatlon.
(PA)

Ag Lender for $100 million Iowa bank. Requires college de­
gree and bank experience..............................
To $30,000.

COMMERCIAL LOAN OFFICER— Experienced lender to
fill new office r position created by loan growth. Minimum
5 years commercial lending experience required. Send re­
sume and salary requirements to: Roger A. Wlchelman,
Pres., First National Bank of Waconla, Klein Bancorpora­
tlon Inc., Box 85, Waconla, MN 55387.
(PA)
AGRICULTURAL LOAN OFFICER in SE Iowa w ith three to
five years experience in ag lending. Need to have know­
ledge of cash flows, financial statements, and documenta­
tion. Send resume to file WBH, c/o Northwestern Banker.
________________________________
(PA)
VP/AG POSITION—$100 m illion bank. 3-5 years ag experi­
ence, degree preferred. Send resume to Robert P. Holleran, Pres., Clinton National Bank, 235-6th Avenue South,
Clinton, IA 52732.___________________________
(PA)
AG/COMMERCIAÜREAL ESTATE—for $100 m illion eastern Iowa Independent bank. Degree preferred, 5 years ex­
perience required. Send resume to Robert P. Holleran,
Clinton National Bank, 235-6th Avenue South, Clinton, IA
52732. ________________
(PA)
INSURANCE AGENT $26 m illion southwest Minnesota
comm unity bank seeks experienced insurance agent.
Salary open. Send resume to file WBK, c/o Northwestern
Banker.
(PA)
AUXILIARY MODULAR BANK BUILDING— 1,500-2,500 sq.
ft. Must be movable. Write file WBI, c/o Northwestern
Banker.
(WTB)

Financial Careers
President for $50 m illion Illinois bank. Must have proven re­
cord ......................................................................... To $70,000.

BANKERS • OPPORTUNITIES
ExVP/Commerclal Lender, 100mm bank, near Omaha
$35-42K.
Commercial Lender, 200mm metro bank, Montana, excel­
lent growth potential in progressive organization, benefits
equal 42% o f salary base, 3 yrs. commercial lending back­
ground required
$32K.
Trust/Business Development Officer, 270 trust dept, in
metropolitan area, SD
$30’s.
Installment Lender, to oversee $6.5mm loan portfolio and
supervise 4, Omaha-Council Bluffs metro area
$25K.

Ag Lender for community bank located on M ississippi........
..................................................................................To $25,000.

Commercial Lender with five or more years experience for
$300 million Illinois bank................................................ SalaryOpen.
W rite or call Malcolm Freeland or Cy Kirk at Freeland
Financial Service, Inc., 1010 Equitable Building, Des
Moines, Iowa 50309. Phone 515/282-6462. Employer pays
fee, and we have many other opportunities.

FOR SALE
24 NCR 279-100 TELLER MACHINES— $795 each. 9 NCR
279-200 TELLER MACHINES. $895.00 each. All eligible for
maintenance. Contact: Omaha Computer Exchange.
Phone 402/333-3203.
_____________________
(FS)
BURROUGHS L-3000—Contact Brian, phone 515/562-2696.
,______________________ ____________________(FS)
2 BURROUGHS S-500 SINGLE POCKET PROOF MA­
CHINES— Contact Mel Bunde, phone 402/463-6611. City
National Bank & Trust, 800 W. 3rd., Hastings, NE 68901.
(FS)

BANKS FOR SALE
BANK OWNERSHIP CHANGES
—Our Specialty—
SELLERS - if you already have a buyer for your
stock and there Is a question of whether or not it
is a fair price - we can make an independent ap­
praisal.
BUYERS • if you are about to purchase controll­
ing interest in a bank and there is a question of
whether or not it is a fair price -we can make an in­
dependent appraisal.
Those wishing to buy or sell - we can do the job
for you if you are serious.
CROWN BANKING SERVICES
325 W. Prospect Avenue
Mt. Prospect, Illinois 60056
(312) 392-5151

POSITIONS AVAILABLE
COMMERCIAUINSTL. LOAN - $80MM bank with large con­
sumer loan portfolio seeks experienced lender to under­
study senior loan officer.
$25,000

Ag Lender, Central NE, 3 yrs bank ag lending and degree
required
$33K.

CASHIER - $25MM com m unity bank. Handle operations,
personnel and regulatory reports. Third man position.
$25,000

Ag Lender, SW IA, farm background and bank lending re­
quired
$23K.

AGRILOAN - senior position in $35MM rural bank. Some
experience w ith commercial credits desired.
$35,000

All inquiries are held CONFIDENTIAL. No fee or obliga­
tio n. Contact Barbara Rltta, PROFESSIONAL RE­
CRUITERS, INC., 6818 Grover, Omaha, NE 68106, Phone
402-397-2885._______________________________________

COMMERCIAL LOAN - $60MM suburban bank. Requires
three or more yrs. commercial lending experience and
good business development skills.
$33,000

cJ-foLcliX and. czrf’i.iocCate.i
Bank Consultants
Specializing in Bank Acquisitions

515-232-0814
P.O Box 450 405 Main Ames, Iowa 50010
D o nald E. Ho lder,

Principal

PRESIDENT • major midwestern holding company seeks
experienced CEO w ith strong agricultural loan back­
ground to manage $45MM affilia te bank.
$ Open
All inquiries confidential. Resume’ requested.

TOM HAGAN & ASSOCIATES
P.O. Box 12346 - 2024 Swift
North Kansas City, MO 64116
816/474-6874
“ Serving the Banking Industry Since 1970”

Vol. 13 No. 6 Northwestern Banker Newsletter (USPS 873-300) is published weekly by the Northwestern Banker Company, 306 Fifteenth
Street, Des Moines, Iowa 50309, (515) 244-8163. Subscriptions $1.00 per copy, $15.00 per year. Second class postage paid at Des
Moines, Iowa. Address all mail subscriptions, changes oil address (Form 3579), manuscripts, mail items to above address.

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Federal Reserve Bank of St. Louis