Full text of The Northwestern Banker : November 1971, 77th Year, No. 1298

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NOBXHWESTERN
NOVEMBER

1971

Dramatic New Addition to Omaha Skyline
— Page 28

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>

4

r

Worldwide
Services.
How can you
offer them to
your customers?
Ask the men
who wrote the book.

•b.

i


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Federal Reserve Bank of St. Louis

A n y day, a cu stom er m ay ask you for credit data o n a firm in T o k y o ,
or ad v ice o n th e e c o n o m y o f Frankfurt, or R io. Your answer?
T rust N o r th e r n . A s a N o r th e r n T rust co rresp on d en t, you h ave access
to th e services o f a w o rld -w id e n etw ork o f corresp o n d en t banks.
T h e se b anks h ave the resources and in sigh t o n local m atters that o n ly
a local bank can have.
You can offer services such as: foreign ex ch a n g e quotations,
in fo rm a tio n o n local b u sin ess co n d itio n s, data o n suppliers and sales
ou tlets abroad, an d m an y m ore.
In a d d itio n , through our C h icago headquarters, T h e N o r th e r n T ru st
In tern a tio n al B a n k in g C orporation in N e w York, and our
L o n d o n b ran ch , you can p rovid e export-im port assistance,
letters o f credit, foreign r e m itta n c e s...a n d ev en issu e c h e c k s y o u r s e lf
o n foreign banks.
T o find out m ore, con tact your N o r th e r n T rust banker— or
w r ite N . Flail L aym an, V ice P resid en t.

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1971

.U

W hat did market research studies
say about this new carton design?
After a good many years, the familiar, all red DeLuxe check carton
has been changed to this new design. Not without some regrets and
the shedding of a nostalgic tear.
However, extensive market research studies, testing a number of
new designs against our old red box, indicated this design was most
preferred.
Customers were asked to rate various designs by "Image Criteria."
This new carton won hands down on such image impressions as
being attractive, modern, having appealing colors and being warm
and friendly. They thought it was distinctively different, felt it repre­
sented high quality for the money, believed it was a good package
for personal checks and that it was provided by a progressive com­
pany. There's more but we're slightly embarrassed already.
We'd like you to know, however, that we do try to live up to this
"positive image" reputation and do provide you with the best in
service and quality. Give us, and our new box, an opportunity to
prove it to you.
*

There

isa difference...
CHECK PRINTERS, INC.
3440 NORTH KEDZIE AVENUE,
CHICAGO, ILLINOIS 60618

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1971

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5

Honor Barret S. Heddens
With over 12,000 delegates in at­
tendance, Future Farmers of America
at its 44th national convention in Kan­
sas City recently
picked a Kansas
City banker for
its Distinguished
Service
Award.
Barret S. Hed­
dens, Jr., chair­
man of First Na­
tional C h a r t e r
Corporation and
chairman of First
National Bank of
Kansas City, was cited as one of 18
businessmen from across the United
States “who have made significant con­
tributions in time and effort to voca­
tional agriculture and the FFA over a
period of many years.”
Mr. Heddens serves on the FFA's
Advisory Council and is vice president,
director and a member of the Executive Committee of the American Royal.
STATEMENT
MANAGEMENT

OF O W N E R S H I P .
AND CIRCULATION

>•

(Act of August 12, 1970: Section 3685, Title 39,
United States Code)
1. Date of filing — September 27, 1971.
2. Title of publication — Northwestern Banker.
3. Frequency of issue — Monthly
4. Location of known office of publication -— 306
.^fifteenth Street, Des Moines, Iowa 50309.
5. Location of headquarters or general business offices
of the publishers (Not printers) — 306 Fifteenth Street,
Des Moines, Iowa 50309.
6. Names and addresses of publisher, editor and
managing editor — Publisher — Malcolm K.. Freeland,
306 Fifteenth Street, Des Moines, Iowa 50309.
Editor — Ben Haller, Jr., 306 Fifteenth Street, Des
Moines, Iowa 50309.
4.^7. Owner (if owned by a corporation, its name and
address must be stated and also immediately thereunder
the names and addresses of stockholders owning or hold­
ing 1 percent or more of total amount of stock. If not
owned by a corporation, the names and addresses of the
individual owners must be given. If owned by a part­
nership or other unincorporated firm, its name and
address, as well as that of each individual must be
given.) Northwestern Banker Company, 306 Fifteenth
Street, Des Moines, Iowa 50309. Malcolm K. Freeland,
president, 306 Fifteenth Street. Des Moines. Iowa 50309.
Ben Haller, Jr., vice president, 306 Fifteenth Street,
Jp es Moines, Iowa 50309.
8. Known bondholders, mortgagees, and other security
holders owning or holding 1 percent or more of total
amount of bonds, mortgages or other securities: Malcolm
K. Freeland. 306 Fifteenth Street, Des Moines, Iowa
50309. Ben Haller, Jr. 306 Fifteenth Street, Des Moines,
Iowa 50309.
9. Does not apply.
10. Does not apply.
11. Extent and nature of circulation:
Average No.
copies each
Sin gle issue
issue during
nearest to
preceding
filing date
12 months
A. Total No. Copies printed
5,899
5,748
(Net Press Run)
B. Paid circulation
1. Sales through dealers
and carriers, street ven­
dors and counter sales
NONE
NONE
2. Mail subscriptions
4,770
4,861
C. Total paid circulation
4,770
4,861
D. Free distribution (including
m
samples) by mail, carrier
r or other means
956
677
E. Total distribution
(Sum of C and D)
5,726
5,538
F. Office use, left over
unaccounted, spoiled
after printing
173
210
G. Total (Sum of E & F —
should equal net press
run shown in A)
5.899
5,748
I certify that the statements made by me above are
correct and complete.
¿.JMALCOLM K. FREELAND
Publisher

Oldest Financial Journal Serving
The Central and Western States

for your NOVEMBER, 1971, reading
77th Y e a r No. 1298

FEATURE ARTICLES
6

Bank Promotions and Changes

14

Corporate News

17

Allen P. Stults Is Elected ABA President— Malcolm Freeland and
Ben Haller, Jr.

22

Banks, Unions and Paradoxes— Lewis E. Davids

23

Mobile Home Service Firms Guarantee Loans for Banks

24

Parks Can Be Beautiful— Edward S. Fanning

26

Banking Can Be Fun— A rthur H. Davis

28

First National of Omaha Building— Dramatic Addition to Omaha’s
Skyline

33

Name NABW Officers
STATE BANKING NEWS
Illinois
Minnesota
Twin City
South Dakota
North Dakota
Colorado
Wyoming
Montana

News
News
News
News
News
News
News
News

36
41
42
52
53
54
56
58

61
62
70
73
88

Nebraska News
Omaha News
Lincoln News
Iowa Convention Report
Malcolm Freeland and
Ben Haller, Jr.
Des Moines News

OTHER FEATURES
98

In the Directors’ Room

98

Index of Advertisers

N O R TH W ESTER N B A N K E R
3 0 6 15th Street, Des M oines, Io w a 5 0 3 0 9 . Phone 5 1 5 — 2 4 4 -8 1 6 3

Chairman
Clifford De Puy

Publisher

Editor

M alcolm K . Freelan d

Ben H a lle r, Jr.

Associate Editor
D e x te r Sidn ey

Advertising Assistant
M ildred S avich

Field Representative
Al K e rb el

Circulation Department
Lena Sutphin

Field Representative
Paul M asters

Auditor
Bertha Soderquist

Field Representative
G len Hicks

N o . 1 2 9 8 . N o rth w e s te rn B a n k e r is p u b lis h e d m o n th ly b y th e N o rth w e s te rn B a n k e r C o m p a n y , 3 0 6 F if te e n th S tre e t, D es M o in es, Io w a 5 0 3 0 9 . S u b sc rip ­
tio n 5 0 ¿ p e r co p y , $ 6 p e r y e a r. S e c o n d class p o s ta g e p a id a t D es M o in es a n d a t a d d itio n a l m a ilin g office. A d d ress a ll m a il (su b sc rip tio n s, c h a n g e of
a d d re s s , F o rm 3 5 7 9 , m a n u s c rip ts , m a il item s) to a b o v e a d d re ss.


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Bank Promotions and Changes
ROMOTIONS and changes have
P
been announced by the following
banks and banking groups:
Bank of America, N.A., San Fran­
cisco: Two Senior vice presidents—
James F. Langton and Arthur V. Toupin— have been appointed to the ad­
visory council of the bank’s board of
directors. Mr. Langton is in charge of
the bank’s public relations, and Mr.
Toupin heads the trust department.
Frank B. Toner has been promoted
to vice president in the executive de­
partment. He holds major responsibili­
ties in the field of small business loans
to minorities.
Bankers Trust Company, New
York: Dr. Calvin H. Plimpton has
been elected to the board of directors.
He is president of the Downstate Med­
ical Center of the State University of
New York and dean of the College of
Medicine.
Central National Bank, Chicago:
Gene R. Boba has been named assist­
ant cashier in the bank’s bond depart­
ment. He was associated with Dean

Witter & Company, prior to joining the
bank in 1971.
Chase Manhattan Bank, N.A., New
York: Patricia Roberts Harris, Wash­
ington lawyer and former U.S. ambas­
sador to Luxembourg, has been elected
to the board of directors.
Victor E. Rockhill has been named
president of the bank’s wholly-owned
subsidiary, the Chase International In­
vestment
Corporation,
succeeding
John M. Lyons, who was named vice
chairman of the subsidiary. Mr. Rockhill was formerly executive vice presi­
dent of Chase.
Ralph K. Pullis has been advanced
to senior vice president. He heads the
bank’s personal trust and custody
group.
Commerce Bank, Kansas City: P. V.
Miller, Jr. has been elected chairman
of the board. He succeeds James M.
Kemper, Jr., who becomes chairman
of the executive committee. Charles
W. Battey continues as president of the
$674 million Commerce Bank.
Mr. Miller, 49, served as bank presi­
dent from 1966 to January, 1971,
when he was named vice chairman. He
is a director both of the bank and the
parent company Commerce Bancshares. A graduate of the University of
Kansas, he joined the bank in 1947,
and was the officer in charge of the
construction of Commerce Tower,
completed in 1965.
Continental Bank, Chicago: Six new
vice presidents have been elected.
They are: Alan D. Johnson, Max
Katz, and Charles B. Murphy in the
bond department; Joe M. Nachbin and
George H. Timson in the operating de­
partment; and John V. Egan Jr. in the
personal banking department.
Named second vice presidents were:
Harry J. Hanson in the commercial
banking department; Gerald M. Czarnecki and Richard M. Gladziszewski
in the operating department; Thomas
A. Dean, Robert V. Milligan, and Wil­
liam F. Sanford in the trust depart­
ment.
Elected commercial banking officers
were: M. Valoise Douglas, Michael F.
Foley, Robert C. Hayes, and Anthony
J. Turek.
First National Bank of Chicago:
Promotion of five officers has been an­
nounced.

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1971

The five are:
Raymond G. G. Coninx, promoted«;
from assistant vice president to vice
president, International Section, Lon­
don Branch;
À
Lawrence T. Butler, promoted from
personnel officer to assistant vice pres­
ident, Administrative Department,
Personnel Division;
Joseph C. Lane, promoted from as­
sistant manager to assistant vice pres­
ident, International Section, Brussels*
Branch;
Frederick W. Rockey, promoted
from assistant manager to assistant
vice president, International Section,
Geneva Branch; and
Jeffrey P. Tassani, promoted frorn^
personnel officer to assistant vice presi­
dent, Administrative Department, Per­
sonnel Division.
Election of Murray L. Richards, 'tb
vice president, Administrative Depart­
ment, Information Management Serv­
ices Division was also announced. For-v
merly associated with Computer
Sciences Corporation, Ernst & Ernst
and the Pillsbury Company, Mr. Rich.;*
ards joined the bank in August.
Christopher W. Wilson, executive
vice president, will retire from the
bank and return to private practice of
law Jan. 1, after 20 years with The
First, during 12 of which he served as
the bank’s general counsel.
First National Bank of Kansas Citfr
Bill R. Mattox has been named m an -,
ager of the bank’s subsidiary. First Na­
tional Safe Deposit Company. He suc-N
ceeds Robert E. Stoddard, retired.
First National Bank in St. Louis;
Four staff members have been pro­
moted. They are:
1
David M. Culver was promoted
from commercial banking officer to as-*
sistant vice president; Carlton A. Sterr
from bond salesman to assistant vice
president; Mrs. Georgeann M. Lit toft
from real estate loan interviewer to
mortgage loan officer, and Stephen D.
Evans from EDP project analyst to,
j
data processing officer.
William S. Salter has been elected
vice president in the international de­
partment.
Mr. Salter is scheduled to succeed
Hector R. Dominguez as vice president
in charge of the international depart-v
ment on March 1, 1972, when Mr.
Dominguez will retire under the bank's
pension plan.
A4
First National City Bank« New
York: Two vice presidents have been

7

CAL YOUR
COM M ERCE

MAI

Tom Cannon is another reason why one bank out of ten
in the country does business with Commerce of Kansas City.
Keep Tom on the go —call him today.

»

C o m m erce
Ba n k
of Kansas City


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8
named. They are Leonard N. Druger
and Robert E. Lewis.
Mr. Druger is planning officer in the
commercial bank group, and Mr.
Lewis is in the bank’s economics de­
partment.
Franklin National Bank, New York:
Robert F. Hinkley has joined the bank
as vice president and will work close­
ly with Roger D.
Elton, executive
vice president in
charge of the Na­
tional Division at
410 M a d i s o n
A v e n u e , New
York City.
Mr. H i n k l e y
came to Franklin
from Chase Man­
R. F. H IN K L E Y
hattan, where he
traveled extensively in the mid-west for
the U. S. Department. A native of
Massachusetts, Mr. Hinkley graduated
cum laude with a degree in economics
from Boston College and did post­
graduate work at New York University.
Manufacturers Hanover Trust Com­
pany, New York: The bank has an­
nounced a series of senior management
changes, including election of two
executive vice presidents, five senior
vice presidents and a controller.
Advanced to executive vice presiAngling for
more and better
full service
customers
for your bank
???

Dedicate New Phoenix
27-Story Bank Building

For better results, try “The Pic­
ture” publications—newsletters
professionally created to help
sell bank services in a friendly,
informative way. They help you
keep customers, hire new ac­
counts.
Send for details of our new 2month plan for testing these
Bankvertising lures in your
own market:

□ The Living Picture —for busi­
ness and home
□ The Farm Picture —for farm
and ranch

Bflnn stRVicts

Incorporated

1300 Hagan Street
Champaign, Illinois 61820

dent are Colin MacLennan, former
vice president and controller, and Her­
man A. Streller, former senior vice
president, operations. Mr. Streller also
was named to the bank’s general ad­
ministrative board.
Tilford C. Gaines, former vice pres­
ident and economist, was elected sen­
ior vice president and economist.
Named senior vice presidents are
Dwight G. Allen, international; Albert
E. Christie, legal; Arthur C. Langsdorf, real estate and mortgage; and
Lesile E. Oland, operations. All for­
merly were vice presidents.
Robert C. lsban, former deputy con­
troller, was elected controller.
Morgan Guaranty Trust Co., New
York: Richard K. Moore, vice presi­
dent, recently was appointed head of
the group respon­
sible for Mor­
gan’s commercial
banking business
in M in n eso ta,
Wisconsin, Iowa,
Nebraska, North
Dakota, and
South D a k o t a .
Mr. Moore joined
the bank in 1963,
R . K . M O O RE
and was named
an officer two years later. He was
elected a vice president in 1968.
A native of Long Island, Mr. Moore
was graduated from Brown University
in 1955 and later served in the Air
Force as a flight instructor and pilot,
attaining the rank of captain.

Phone 217/356-1339

“The BANKVERTISING Company”
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Federal Reserve Bank of St. Louis

1971

The 27-story First National Bank
Plaza, new headquarters and main
banking office of First National Bank
of Arizona, was formally dedicated re­
cently in Phoenix.
The $25 million Plaza complex cov­
ers an entire city block in the heart of
downtown Phoenix. Its major elements
are a 27-story tower building, a three
story bank pavilion, a covered mall
and parking garage.
Rising to a height of 356 feet, the
tower building is the tallest building
in Arizona.
First National Bank will occupy the
first 13 floors and the lower level of
the tower. Tenant space is provided
on the 14th through 25th floors, and at
selected ground floor locations in the
tower and garage.
A landscaped mall, 300 feet long
and 50 feet wide, separates the tower

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NEWEST AND TALLEST addition to the
Phoenix, Arizona, skyline is the First Na­
tional Bank Plaza, headquarters and mata
banking office for First National Bank of
Arizona. Shown here are the 27-story
tower building, three-story bank pavilion
(foreground) and seven story parking ga-j
rage (left). The $25 million complex oc­
cupies a city block bounded by Washing­
ton and Adams streets and First and
Second avenues in downtown Phoenix. A]

and bank pavilion from the parking
garage. Shading is provided by a
“floating” canopy of precast concrete.'
Mall features include a fountain-pool
and seating alcoves combined with
planters which will contain 33 different
types of plants.
The seven-story Plaza garage pro­
vides parking spaces for more than
500 cars. All parking levels are served
by two elevators and two enclosec
stairways.

Continental Plans Real
Estate Investm ent Trust
A registration statement has been
filed with the Securities and Exchange^
Commission for the proposed initial
public offering of Continental Illinois
Properties, a new real estate invest­
ment trust managed by an affiliate ot
the Continental Illinois National Bank
and Trust Company of Chicago.
Continental Illinois Properties, witfr4
an initial capitalization of from $100
million to $120 million, will primarily
seek real estate equity investments, *

BAI Gives 1 9 7 2 Dates
Bank Administration Institute will |
hold its 23 rd Northern Regional Con­
vention at the Netherlands Hilton in |
Cincinnati, April 23-25, 1972.
The annual convention will be heictl
at the Muehlebach Hotel in Kansas [
City, September 24-27.

9

GOOD
PAST
GROWTH

with services
to match

More and more banks are doing business with us for some very sound reasons.
First of all, we are easier to do business with. Our underwriting procedures are
easy to understand, we use simple forms, offer on the spot personal assistance
and fast claim service. We’ve created new protection plans; exclusive with
The Protective Group to make your insurance department more efficient
and more profitable.
Yes, it’s easier to do business with us. We’re that way on purpose. For details
contact Pat Turner, Vice President.

LEADING THE WAY TO MORE PROFITABLE BANKING . . .

T H E P R O T E C T IV E G R O U P
LIFE, HEALTH AND GROUP INSURANCE
MINNESOTA PROTECTIVE ASSOCIATION
MINNESOTA PROTECTIVE LIFE INSURANCE COMPANY
2800 WAYZATA BLVD., MINNEAPOLIS, MINN. 55405 • PHONE 374-3660


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Federal Reserve Bank of St. Louis

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1971

10

Elect Robert Morris Officers
executive vice presi­
D OWdent,Ostlund,
Valley National Bank of
Arizona, Phoenix, assumed the presi­
dency of the Robert Morris Associates
late last month during RMA’s annual
convention in Los Angeles. Mr. Ost­
lund succeeds Howard W. Rathbun,
president, The First National Bank,
San Jose, California.
Nearly 1,300 RM A members and
wives witnessed the installation of their
new officers and directors at the con­
ference banquet.

A S & F S professionals
T H EY PU T Y O U R NEW
L O G O TO W ORK.
S u c c e ssfu l corporate v is u a l id en ­
tification depends on m u ch m ore
than an attractive sym b ol.
D esig n , typ o g ra p h y , and co lo r
m ust w ork togeth er to d efin e the
attitudes of yo u r in stitu tio n , and
to project th is im a g e to the p u b lic
q u ick ly and m em orab ly.
Then, to g et m a x im u m m ile a g e ,
your new lo g o m u st be ap p lied to
all p h a ses of y ou r b u sin e ss . . .
exterior sig n a g e , corresp on d en ce,
literature, a d v ertisin g , and at a ll
points of con tact w ith the pu b lic.
Only in th is w a y are y o u a ssu red
of id en tification th at p u ts in its
share of “o v ertim e ” tow ard the
su c c e s s o f y o u r in stitu tio n .
For m ore in form ation on h o w w e
can put a n ew lo g o to w o rk for
you, ca ll our n ea rest r e g io n a l
office.
A S& I’s P r o f e s s io n a ls . M ak in g
you seen am on g the crow d.

A M E R I C A N S I G N
a n d
I N D I C A T O R
Home Office: N. 2310 Fancher Way, Spokane,
WA 99206, Area Code (509) KE 5-4101.
Regional Offices: New York, N.Y.; Dayton,
Ohio-, Jacksonville, Fla.; Dallas, Tex.; Des
Plaines, III.; Aurora, Colo.; Los Angeles, Calif,
Representatives and Field Engineers
serving every city.
N o for
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1971

RMA’s newly installed first vice
president is John J. Fawley, president,
United Virginia Bank/First & Citizens
National, Alexandria, Va. Norman J.
Collins, senior vice president, The
South Carolina National Bank, Colum­
bia, was installed as second vice presi­
dent.
Thomas Trigg, president, The Na­
tional Shawmut Bank of Boston,
Mass., has received RMA’s highest
honor, its Distinguished Service
Award.
In order to qualify for the award,
Mr. Trigg has met the following estab­
lished standards: been a member of
RMA for at least 25 years and still ac­
tive on the date of the award, served
as a national director and as a chapter
president, attended numerous fall con­
ferences, served on national commit­
tees, and contributed to RMA litera­
ture.
Barry W. Blank, vice president, Fi­
delity Union Trust Co., Newark, N.J.,
has won Robert Morris Associates’
Duning Memorial Award for the year
1970.
The award is made each year to the
author of the article which is judged
to be the best one, written by an RMA
member, and published in the associa­
tion’s monthly Journal of Commercial
Bank Lending.

$248 Million Check

Gold Coin Awards
To Area Banks
The National Bank of Detroit,
Michigan took top honors in the fourth
annual golden coin awards competition
sponsored by the Bank Marketing As­
sociation.
National Bank of Detroit won the
“Best of Show” trophy with its entry
in the category for banks with total as­
sets of $1 billion or more. The entry
outlined a program of social involve­
ment with community groups which
developed significant beautification
programs in the low-income area of T
Detroit.
Other trophy winners:
For banks with total assets of $25
million or less— the Bank of North
Aurora, Illinois, for “Opening a New
Bank Unit.” The marketing plan for
the opening and first three months op­
eration of a completely new unit bank
in a town of 5,000 people.
For banks with total assets of $100
million to $500 million— The Central
National Bank of Richmond, Virginia,
for “I Care— A Community Action
Program.” A Richmond bank estab­
lishes itself as a community leader by
developing a unique public service
community action program to improve
social, civic and environmental condi­
tions.
For banks with total assets of $500
million to $1 billion—First N a tio n a l J
Bank of Minneapolis, Minnesota for
“Jolly Green Giant Premium Promo­
tion.”

Statement Call by
FDIC and Comptroller

,,

A surprise call for a report of condi­
tion of all banks as of September 30
was issued by the Comptroller of the
Currency, the Federal Reserve Board,
and the Federal Deposit Insurance
Corporation.
*v

Carter H. Golem be
To Affiliate With
Marine Midland

BIG DEAL FOR FNMA . . . David J. Barry
(center), senior vice president, Manufac­
turers Hanover Trust, presents $248 mil­
lion check to Rolf Nelson, assistant treas­
urer, Federal National Mortgage Associa­
tion, at closing for FNMA’s $250 million
4 % per cent convertible capital deben­
tures. At right is William Brachfeld, gen­
eral partner, Salomon Brothers, lead un­
derwriter for the debentures, first such is­
sue by a government agency. Scene was
MHT’s Federal Room at 40 Wall St. of­
fice. Bank is trustee, registrar, and pay­
ing and conversion agents for debentures.

Carter H. Golembe Associates, Inc.,
a banking research and consulting
firm, has reached an agreement in prin­
ciple with Marine Midland Banks,
Inc., to become an affiliate of the $8
billion multi-banking system.
The Washington, D. C. firm which
engages in specialized economic re­
search and consulting with emphases
on banking and financial issues wilHj
continue to operate with its present
management and board of directors.

11

Brain-sharing:
to speed up
the job of
nd pricing.

A

Constantly changing mar­
ket conditions have turned
municipal bond pricing in­
to a job that takes more
time than most bankers have
to give to it.
That’s why so many are
speeding up the process
through Brain-sharing
w ith the H arris. Our
computerized Municipal
B ond P ric in g S ervice
gives them access to vital
facts—average maturity of port­
folio, distribution of portfolio
(by Moody’s rating as well as
geographically by states), and
comparison of yields (at cost
and at current market).
Every display of information
needed to make sound, welltimed decisions. It’s presented
in regularly-issued, easy-to-scan
reports so anyone, from your own
management to the bank examiners,
can see the condition of your
portfolio at a glance.
W ant to see a sam ple report?
Write or phone David L. Webber
at the Harris. 312/461-2813.

HARRIS ,H. BANK
111 West Monroe Street, Chicago, Illinois 60690.
Organized as N. W. Harris & Co. 1882. Incorporated
1907. Member F .D .I.C .. .Federal Reserve System.

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

N o rthw estern

Banker, N o vem b er,

19 7 1

12

H ail "Pork B elly " B irthday
HE second decade of trading in
T
frozen pork bellies (uncured ba­
con), the glamour contract that
spurred the meteoric growth of the
Chicago Mercantile Exchange, got un­
der way recently.
Leaders in several industries hailed
the “belly contract” on its birthday as
a boon to consumers, hog farmers,
cold storage warehouse operators,
meat packers, and the over-all econ­
omy.
Harry Lindhorst, vice president,
Harris Trust & Savings Bank of Chi­
cago, said, “The pork belly contract
must be viewed through the eyes of dif­
ferent people. For the hog farmer, it
provides a certain measure of price in­
surance and price stability plus great­
er flexibility in financing his produc­
tion. He can use it as a planning tool,
since it tells him something of antici­
pated future price movements.
“The consumer also has benefitted,”
Mr. Lindhorst said, “because the con­
tract removes price volatility to a de­
gree. It helps finance inventory which
in itself removes price volatility. It
spreads the financial risk of carrying

Quote from one farm
lender to another:

The first
piece of
farm equipment
we financed was
a HARVESTORE
system.
(A. E. Bove,
Assistant Vice President
The First Pennsylvania Bank &Trust Co.
Philadelphia, Pa.)

1

lenders Loi
3 t 3 BLI
CHIP INVESTMEN
Write today ft
A. 0. Smith
Harvestore Products, Ir
550 W. Algonquin Road
Arlington Heights,
Illinois 60005


Northwestern Banker, November, 1971
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

great deal about commodity futures
trading and have benefitted from this 4
knowledge.”
inventory among many people.
John C. Nyhan, second vice presi­
“It has been important to banks be­ dent, Continental Illinois National
cause it has enabled all segments of the Bank and Trust Co. of Chicago, said,
distribution system, from the producer “Because of wide acceptance, the
to the ultimate processor, to obtain C.M.E. belly contract has evolved to
greater flexibility of financing,” he be another effective financial tool for
added.
processors and distributors of pork
products.
Large Volume
“The success of this contract,” he
Everette B. Harris, exchange presi­ added, “was a definite incentive for the
dent, pointed out that no other futures C.M.E.’s development of many inno­
contract in history has generated as vations in futures trading, particularly *
much volume in its first decade.
the live cattle and live hog contracts.”
Willard F. Holmstrom, execu­
tive vice president of Commodity _
Warehousing Corp., umbrella for the
largest frozen pork belly cold storage
warehouse companies in Chicago and
Omaha, agreed that “the pork belly v
contract has smoothed out price peaks
and valleys. It has been useful to our
industry and significant to the econ­
omy.
“Good two-way communications be­
tween the C.M.E. and the warehouse *
industry have improved both the con­
tract and the warehouse handling of
bellies, meat grading and other facets
of the warehouse business,” he said.
Michael H. Weinberg, head of
SECOND DECADE of trading in frozen
Weinberg Bros., an old-line commod­
pork bellies (uncured bacon) got under
way at Chicago Mercantile Exchange re­ ity broker, cold storage warehouse op­
erator, and member of the exchange,^
cently as aptly-named Victoria Bacon
“ rang opening gong” and presented huge
said the pork belly contract had helped
birthday card to Everette B. Harris, ex­ his firm “terrifically” in developing vol­
change president. Contract generated
ume for both operations.
more than 9,000,000 trades in its first
“It is a long carry from the Novem­
10 years, most for any commodity in his­
tory over similar inaugural period, pacing
ber-!anuary period when most hogs
exchange's meteoric growth.
are slaughtered until the following July
and August,” Mr. Weinberg said.
“Total trades have amounted to
“Without a hedge contract, the
more than 9,300,000, an average of warehouse operator would be reluctant
nearly 1,000,000 a year,” he said. to store as much as he does now,” he
“Pork bellies have led all other com­ added. “The result would be a surge
modities on the Chicago Mercantile of pork products coming to market
Exchange for each of the past seven toward the end of the year, depressing-^
years. In 1969, the eighth year of trad­ prices to the hog farmers, followed by
ing, volume reached 2,175,000, high­ a late summer shortage that would in­
est in the world that year. Volume has crease prices to consumers. With a
exceeded 1,000,000 trades in each of hedge contract, it is economically feasi­
the past four years and has passed that ble to store these products and bring
mark already in 1971.”
them to the consumer gradually,” he
Joseph P. Gaffigan, vice president,
said. — End.
*
American National Bank & Trust Co.,
Chicago, said, “In my book, the Chi­ Survey Shows Average
cago Mercantile Exchange has been Bank Contribution
the most exciting thing on the Chicago
The nation’s commercial banks con­
business scene over the past five years.
tributed an average of $107.72 per em­
We have financed as much as $3.5-mil­ ploye for charitable purposes last year, M
lion in pork belly contracts at one time
according to results of a recently com­
for a single customer of a C.M.E.
pleted survey by the First National
clearing member. We have learned a
Bank of Denver.

13

If there were some kind
of cut-and-dried
formula to help a bank
assess its performance,
then serving correspondents would be something a com­
puter could handle. Y ou’d only have to crank in the
figures and crank out the answer.
But, a bank can’t be accurately evaluated without some
idea of its potential.
This is where the right kind of correspondent serv­
ice can act as a sounding board for ideas . . . tell
you what banks in other communities are do­
ing . . . discuss different performance areas.
W hat is your potential for new business?
F or financial performance, for portfolio
management, or achieving economies on
internal operations?
At Continental Bank, our correspon­
dent officers can help you evaluate your
potential. And then offer a wide range
of expert services to help you reach it.

Some o f the Continental%
men serving the north cen­
tral and western states:

Sam A ddoms

Len Basse

Steve Melcher

V-

S S

CONTINENTAL BANK

Continental Illinois National Bank and Trust Company of Chicago, 231 South LaSalle Street, Chicago, Illinois 60690. Member F.D.I.C.

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

Northwestern Banker, November, 197 1

14
all phases of underwriting, establish­
ing and implementing underwriting
procedures for Mclngvaie Associates
and its subsidiaries, and establishing
programs to assist their agents.
Mobile Americana Corporation, St.
ROMOTIONS and other news an­ Paul: Wayne F. Bengtson, has been
nouncements have been made by named a divisional vice president.
Mr. Bengtson,
the following corporations:
Bank Building Corporation, St. who served as di­
Louis: Donald MacDonald has been rector of financial
promoted to sales manager in charge a g e n c y services
of the western division covering a 13- since j o i n i n g
MoAmCo a year
state area.
Robert P. Mellander has joined the ago, will be re­
firm as a special applications and sponsible for the
methods representative for the north­ internal o p e r a ern division, headquartered in Chi­ tions of the di­
cago. He was previously a general in­ vision and co­
W. F. BENGSTON
ordinating the ac­
surance broker.
Delta Corporation of America, tivities of the field staff.
The indemnity division markets
Miami: James A. Lane, Jr. has been
elected to the board of directors, re­ mortgage-guarantee finance plans on
placing Michael mobile homes and recreational vehicles
F. Ellis, Sr., who to commercial banks and savings and
loan associations.
has resigned.
Mr. Bengtson, 40, was formerly with
Mr. Lane is
treasurer of Delta the First National Bank in Fort Dodge.
Mosler Safe Company, Hamilton,
and president of
one of its sub­ Ohio: William F. Ayres, Jr., execu­
sidiaries, C o n ­ tive vice president, has announced
tinental
Mobile the election of
Mac­
Homes of Amer­ J o s e p h
ica, Inc. He is a Donald to vice
J . A . LA N E J R .
president — bank
CPA.
Iowa Power and Light Company, sales. Mr. Mac­
Des Moines: Ralph L. Meyer has been Donald will as­
named vice president-finance for the sume full respon­
company, and Guy G. Gilchrist, sec­ sibility for the
sale of security
retary-treasurer.
Prior to his new position, Mr. Meyer products to finan-V V
was vice president-administration; a c i a 1 institutions
J . M A C DO N A LO
position now held by William M. on a national
Merrill who had been vice president basis. He reports to Mr. Philip Zenner,
vice president, marketing.
and treasurer for Iowa Power.
Mr. MacDonald joined Mosler in
LeFebure Corporation, Cedar Rap­
ids: Ray S. Beaver, formerly with Na­ 1955 as a bank sales engineer. He was
tional Cash Register Company, has later appointed district sales manager
joined LeFebure as sales engineer in and most recently held the position of
eastern region sales manager.
Kansas City.
North Central Companies, St. Paul:
Mclngvaie Associates, Dallas: Fred
M. Herring has been elected to the Roland L. Allen, CLU, vice president,
board of directors of this prominent marketing, has announced the appoint­
ment of Jack Hurley as regional man­
mobile home in­
ager for eastern South Dakota, north­
surer.
ern Iowa and a portion of southwest­
In his new ca­
ern Minnesota. His duties in that area
pacity he will
will include the introduction and coor­
serve the com­
dination of ordinary life and health in­
pany as vice presi­
surance sales to financial institutions.
dent, in charge of
Mr. Hurley joined North Central
underwriting. His
Life in February of 1970 as a financial
area of responsiplanning agent. Previously, he has
b i 1 i t y includes
served as a special agent for the Bank­
policy decisions
ers Life Company of Des Moines.
concerning

Scarborough & Company, Chicago:
Norman Clark has been elected presi­
dent to succeed Richard C. Ross, wh^
has been named vice chairman of the
board. The changes were effective
November 1.

P

DigitizedNorthwestern
for FRASER Banker, November, 197Ì
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

R . R O SS

N. CLARK

Mr. Clark joined Scarborough, one
of the nation’s oldest and largest insur­
ance consultants to the banking in­
dustry, in 1952 as an account execu­
tive. He became vice president-under­
writing in 1966 and assumed charge
of operations in 1969. He is highly
experienced on operations insurance
and security procedures for banks.
Mr. Ross has been president for the
past seven years during which tim
the company has experienced its
greatest growth. He will now devote
more time to fulfilling the many re­
quests he receives from banking as­
sociations to speak on the subjects of
operations insurance and security
procedures based on his years of ex­
perience in these fields.

New Booklet On Checks
The American Bankers Associatio.
has developed a new booklet on checks
and Magnetic Ink Character Recogni­
tion (MICR).
The booklet, “ABA Supplement to
147R3,” is intended to provide a less
technical supplement to check and
MICR printing than two previously is­
sued guidebooks and is expected to be
especially useful to bankers and print­
ers new to the field.
The publication (0634) is available
at $3.50 per copy from the Order
Processing Department, American
Bankers Association, 1120 Connecti­
cut Avenue, NW, Washington, D. C.

Savings Bond Sales Up
Sales of Series E and H Savings
Bonds continued to rise in September,
redemptions were lower, and holdings
of Savings Bonds and Freedom Shares
reached an all-time high.
Sales of Series E Bonds alone carri^
to $399 million, the highest September
sales since World War IT,

15

I BEING A LENDER
IS ONE THING.
BEING A LONER
IS SOMETHING ELSE
You've seen our ads. You know th at D elta
C orporation of A m erica originates a n d
services millions of dollars in m obile
hom e lo an s every m onth.
But you m ay not know th at D elta also
h an d les m obile hom e servicing for fi­
n a n c ia l in stitu tio n s th a t p re v io u sly
w ere "going it alone."
In fact, a s the n atio n 's oldest a n d larg est
com pany in this business. D elta p re­
sently services m obile hom e portfolios
for m ore th a n 300 com m ercial b an k s
a n d s a v in g s a n d lo a n a s s o c ia tio n s
throughout the U nited States.
Like you, they u n d ersta n d th at "self­
s e rv ic in g " a m o b ile h o m e p o rtfo lio
isn't a lw a y s e a s y — w h at w ith the
d aily expense of h an d lin g a ll the
details, collection of d elin q u en t a c ­
counts, repossession a n d re sa le of
m obile hom es, a n d lack of protection
a g a in st credit losses.
W ith the D elta P lan th a t's a ll done for
you. A nd m ore besides. C all us today,
toll free, for all the particulars.
The D elta P lan. It's g re a t com pany.
DELTA CORPO RA TION O F AM ERICA
2930 Biscayne Boulevard, Miami, Florida 33137
Phone 800/327-9679


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Federal Reserve Bank of St. Louis

Northwestern Banker, November, 1971

16

Construction loans.
W e dig fern

<

A nd m ore an d m ore of our corresp o n d en ts dig the idea
of in creasin g their len d in g capacity b y sharing construction loans
w ith us. O u r p articipation lets you give the go-ahead
to m ore an d b ig g e r projects. W ith no d istu rb an ce of your
bank-custom er relationships. We share the loan—you g et the
credit. W rite our C o rresp o n d en t Bank D epartm ent,
3 9 9 Park Avenue, N ew York, N.Y. 10022. O r call (212) 5 5 9 -3 5 7 7 .
It could b e the m ost constructive thing you do today.

■V>

N ofor
r t hFRASER
w estern Banker, N o ve m b er, 197!
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

17

Allen P. Stulls Is
Elected ABA President
Eugene H. Adams Named President-Elect
A . P . STU LTS

E. H . A D A M S

By
RECORD-BREAKING crowd of
nearly 15,000 persons attended
MALCOLM FREELAND
*the 97th annual convention of
Publisher
the American Bankers Association in
and
San Francisco last month. The deleBEN HALLER, JR.
vgates advanced Allen P. Stults to the
Editor
presidency of the Association to suc­
ceed Clifford C. Sommer. Mr. Stults
is chairman and chief executive officer work on the part of hundreds of bank­
of the American National Bank and ers in the nation. The big thrust of this
Trust Company, Chicago, and has reorganization effort the past year was
served as ABA vice president the past chaired by Mr. Stults and he reported
year. Mr. Sommer is chairman of Secu­ that more than 4,300 man-hours of
rity Bank and Trust Company, work had been expended by volunteer
Owatonna, Minn., and this month also banker committee members. Two pre­
takes up his new duties as vice presi­ vious parts of the total reorganization
dent of Northwest Bancorporation, package had been completed — con­
with which the Owatonna bank is af­ solidation of ABA headquarters in­
filiated.
volving the transfer of all offices from
In line with the reorganization plan New York to Washington, D. C., and
v-that was adopted at the first general staff reorganization, achieved by Willis
session, the title of vice president was W. Alexander, Jr., executive vice pres­
charged to president-elect. Named to ident.
, that office was Eugene H. Adams,
Replacing the former executive
president of the First National Bank council of ABA is the new Governing
of Denver. Joe H. Davis, Sr., execu­ Council, consisting of members elected
tive vice president of the First Nation- by each state ABA group based on the
^al Bank of Memphis, was elected treas­ number of banks in the state. This
urer.
places about 140 on the Council. A
board of directors, elected from among
six geographical districts in the nation
Reorganization Adopted
The adopted reorganization plan by Council members, will be the
culminated several years of intense executive body.

A

There are six ABA staff groups,
each with a full-time staff executive di­
rector. Five of the groups — banking
professions,
government relations,
communications, education and special
activities — will operate under direc­
tion of banker councils and commit­
tees. The sixth, association services,
will provide day-to-day administration
of ABA headquarters in Washington.
14 Banking Divisions
Each of the 14 divisions of the
banking professions group corresponds
to a major phase of banking. The divi­
sions are: Agricultural and Rural Af­
fairs, Commercial Lending, Installment
Lending, International Banking, Op­
erations and Automation, Deposits,
Bank Charge Cards, Correspondent
Banking, Insurance and Protective,
Marketing, Trust, Bank Investments,
Housing & Real Estate Finance, and
Personnel.
Appointments to these various com­
mittees will be announced shortly by
Mr. Stults.
Strong support for President Nixon’s
all-out war on inflation was voiced re­
peatedly at the convention. Both Mr.
Sommer and Mr. Stults took cogni­
zance of this at their press conferences,
and this support was reaffirmed from

^J.EFT— Clifford C. Sommer, retiring pres., of the ABA and newly-elected v.p. of Northwest Bancorporation, Minneapolis; Mrs. Stults;
Allen P. Stults, new pres, of the ABA and chrrm., American Natl. B&T, Chicago; Charles H. Walsh, pres., Farmers & Merchants B&T,
Burlington, la., and Mrs. Walsh. CENTER— A guest is greeted at breakfast hosted by City Natl. B&T of Kansas City by these three
bank executives, left to right: John J. Kramer, exec, v.p.; Charles G. Young, chmn., and R. Crosby Kemper, Jr., pres. RIGHT— Edward W. Lyman, pres., U. S. Natl., Omaha; Mrs. Lyman; Mrs. Wells and Gordon Wells, pres., 1st Natl., Kansas City.

Northwestern Banker, November, 1971
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Federal Reserve Bank of St. Louis

18

LEFT— Charles Battey, pres., Commerce Bank, Kansas City; Gordon Worley, fin. v.p., Montgomery Ward, Chicago, and James
Kemper, chmn., Commerce Bancshares, Kansas City. CENTER— Norman Barker, Jr., pres., United California Bank, Los Angeles;
Mrs. Barker; Vic Winfrey, exec, v.p., UC Bank, and Mrs. Winfrey. RIGHT— Irwin R. Hansen, vp-fin. & dir., 3M Co., St. Paul; Lloyd
Leider, exec, v.p., 1st Natl., St. Paul, and Jim Hearon, v.p., United California Bank, Los Angeles.

the platform. Mr. Sommer called for
unstinting support of the fight on in­
flation under control for the common
good of all the people.
Mr. Sommer reported in his press
conference that the board of trustees
of the Foundation for Full Service
Banks after reviewing discussions that
might have led to a unification of the
Foundation with the ABA had decided
to use the approach of exploring “all
possible ways to expand the Founda­
tion’s programs to meet tomorrow’s
needs and to inquire into all avenues
through which the Foundation’s pro­
grams might obtain broader, stronger
bank participation.”
The convention got underway on
Sunday, October 17, with numerous
committee meetings. On Monday, gen­
eral meetings were held for the state
bank division, trust division, marketing/savings division and national bank
division. Officers elected by these divi­
sions are:
National Bank Division
President— Richard C. Macgill,
president and chief executive officer,
New Jersey National Bank, Trenton,
N. J.
Vice President— Hubert H. Hauck,

chairman, Maine National Bank, Port­
land, Me.
Chairman of Executive Committee
— H. Phelps Brooks, Jr., president,
The Peoples National Bank, Chester,
S. C.
State Bank Division
President— Clifton D. Terry, presi­
dent, Bank of Hawaii, Honolulu.
Vice President—Robert G. Claw­
son, president, The Bank of Hartsville,
S. C.
Trust Division
President— John M. Cookenbach,
executive vice president, The First
Pennsylvania Banking & Trust Com­
pany, Philadelphia, Pa.
Vice President— Stetson B. Har­
man, senior vice president and execu­
tive trust officer, First National Bank
of Oregon, Portland, Ore.
Marketing/Savings Division
Chairman—John H. Perkins, execu­
tive vice president, Continental Illinois
National Bank and Trust Company,
Chicago, 111.
Vice Chairman— C. Gordon Jelliffee, president, The City National
Bank and Trust Company, Columbus,
O.

The first general session on Tuesday
got off to a rousing start with a stir­
ring “History of the Flag” presentation
by the Naval Air Training Command
from Pensacola, Fla. This 20-minute l
pageant traces the flags that have flown
over the United States from the time
of Vespucci to the present day, and
each Navy participant was dressed in
the uniform of the era of the individual
flag being presented.
After adoption of the task force re­
port presented by Mr. Stults, amend­
ments to the ABA constitution, the
address of the president and the
nominating committee’s report, the
delegates heard a brief report from Mr.
Alexander. He was followed by the
guest speaker for the session, James
Reston, vice president of The New A]
York Times.
Mr. Reston gave a most interesting,
factual report as a reporter only on his
well-publicized trip into China in re­
cent months. He stipulated at the out­
set that he would make every effort to
speak only as a reporter and not
editorialize on his experiences., He did
his assignment well and every person
in the audience had an opportunity to
obtain a much clearer picture of China
today from his report.

LEFT— Wm. I. Spencer, pres., 1st Natl. City Bank, N.Y.; James H. Penick, chmn., Worthen B&T, Little Rock, Ark., and Edward L.
Palmer, chmn. exec, comm., 1st Natl. City Bank. CENTER— Harrison F. Coerver, pres., Mercantile Trust, St. Louis; Mrs. Coerver;
Mrs. Lasater; Mrs. Adamson; Donald E. Lasater, chmn., Mercantile Trust, and Bruce Adamson, pres., 1st Natl. B&T, Joplin, Mo. ^
RIGHT— Miss Gai Gainer (right), of Ft. Thomas Bellevue Bank, Ft. Thomas, Ky., the 1971 Miss Drive-in Teller selected for Mosler
Co. by the nation's bankers, poses with the three finalists for the 1972 title. Left to right they are: Jackie Fleming, 1st Clinton Natl.,
Clinton, N. J.; Pegi Adams, United Bank of Greeley, Colo., and Sherran Herron, Batesville Security Bank, Batesville, Ark. Pictured
with them are R. Wm. Ayres, Jr. (left), exec, v.p., and John Hampel, sr. v.p., Mosler Co., Hamilton, O.

Northwestern
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Federal Reserve Bank of St. Louis

LEFT— Reuben Richards, exec, v.p., 1st Natl. City Bank, N.Y.; Tilden Cummings, pres., Continental Bank, Chicago; Bob Silleck, v.p.,
1st Natl. City Bank, N.Y., and B. C. Grangaard, chmn., Central Natl. B&T, Des Moines. CENTER— Paul Waterman, sr. v.p., Security
Pacific Natl., Los Angeles; Mrs. Waterman; Mrs. Larkin; Mrs. Fuller; F. G. Larkin, chmn., Security Pacific Natl., Los Angeles, and
Douglas R. Fuller, pres., Northern Trust, Chicago. RIGHT— Greeting a guest at the Bank of America reception are these BofA exec­
utives; A. W. Clausen, pres., and Mrs. Clausen, and C. J. Medberry, exec, v.p., and Mrs. Medberry.

LEFT— Part of big Minnesota delegation on hand to honor retiring ABA President Clifford C. Sommer of Owatonna, Minn. Left to
right are: Mrs. Jeffers and Truman Jeffers, exec, v.p., Minnesota Bankers Assn., Minneapolis; Mrs. Clifford C. Sommer; Bill Kirchner,
pres.. MBA and pres., Richfield B&T, Richfield; Mrs. Kirchner and Bill Sommer (Cliff’s brother), sr. v.p., 1st Natl., Grand Rapids.
CENTER— John F. Mullen, v.p., 1st Natl., St. Paul; R. F. Foley, pres., Citizens State, Roseau, and John Raymond, v.p., 1st Natl.,
St. Paul. RIGHT— Mrs. Kircher and G. Jerome Kireher, pres., City State, Olivia, Minn.; Paul Lindholm, v.p., Northwestern Natl., Min­
neapolis; Wayne T. Blackmarr, pres., Wayzata B&T, Wayzata, Minn., and Mrs. Blackmarr.

LEFT— Roland Nordlund, pres., Hillcrest State, St. Paul; Kenneth A. Wales, v.p., 1st Natl., Minneapolis; Mrs. Wales; Mrs. Murray and
Gordon Murray, chmn., 1st Natl., Minneapolis. CENTER— Bill Kirchner, pres, of the Minnesota Bankers Assn, and pres., Richfield
B&T; Mrs. Kirchner, and Marvin Rye, Minnesota supt. of banking. RIGHT— Bob Zavoral, pres., S t Clair State, St. Clair, Minn., and
Mrs. Zavoral; Reed Macomber, pres., Roseville State, Roseville, Minn., and Mrs. Macomber.

LEFT— Dave Webber (seated), v.p., Harris B&T, Chicago; Mrs. Christy Armstrong, whose husband is exec, v.p., American T&S,
Dubuque; Mrs. Collin Fritz (standing), whose husband is pres., Central Natl. B&T, Des Moines, and Mike Whelan, pres., Drovers
Natl., Chicago. CENTER— Oliver A. Hansen, Iowa supt. of banking; Mrs. Randall and K. A. Randall, chmn. of the exec. comm, of
Foundation for Full Service Banks and vice chmn. of United Virginia Bankshares, Richmond. RIGHT— Mrs. Erickson; Mrs. West;
Claude Erickson, pres., 1st Security, Livingston; Don Johnson, v.p. American Natl., St. Paul, and Roy West, a.v.p., American Natl.
B&T, Chicago.

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Northwestern Banker, November, 1971

20

LEFT— Mrs. Kirk and Cy Kirk, v.p., La Salle Natl., Chicago, with Ken J. Kabelka, sr. v.p., Huntington Natl., Columbus, O., and Mrs.
Kabelka. CENTER— Tom Roth and Max Roy, v.p.’s, LaSalle Natl., Chicago, and Mrs. Bob Goodson, whose husband is pres., Bank of
Park Forest, III. RIGHT— Mark A. Langenfeld, pres., Farmers T&S, Earling, la.; Mrs. Langenfeld; Frank Starr, pres., Omaha Natl.,
Omaha; Mrs. Starr; Mrs. Miller and Morris F. Miller, chmn., Omaha Natl.

Concurrent Forums
On Tuesday afternoon, three con­
current forums were presented for the
general registration. These were the
Community Banker Forum in the
San Francisco Hilton Hotel, and the
Communications Forum and Govern­
ment Relations Forum in the Civic
Auditorium (where all general ses­
sions were held and the registration
and educational displays were set up).
A fourth forum on Correspondent
Banking was assembled for a smaller
audience of city banks who perform
city correspondent work for their bank
customers.
The formal part of the convention
closed with the second general ses­
sion, although this was followed by

regional election meetings (to elect
representatives from the six new re­
gions to the Board of Directors), a re­
ception and luncheon for the Board
of Directors and the Governoring
Council, then individual meetings of
these two groups.
Guest speakers at the second general
session were Dr. Norman Vincent
Peale and The Hon. John B. Connal­
ly, Secretary of the Treasury.
Treasury Head Speaks
Secretary Connally gave a stirring,
impassioned plea for support of Presi­
dent Nixon’s wage-price freeze and the
forthcoming Phase II that will take ef­
fect November 13. He stated firmly
that the Pay Board and the Price

Board will succeed because every party
to both boards—labor, management
and government, represent the people
of the nation and all stand to gain by
defeating inflation. He said the avowed
goal is to reduce inflation in one year
to no more than two to three per cent.
He noted that the President knew
full well that the United States would
not win any popularity contests abroad
for his unprecedented action, but be­
lieved it was time this government
looked after the best interests of the
people it represents first— and then
other nations second. Mr. Connally re­
ferred repeatedly to the good neighbor
ABA CONVENTION . . .
( Turn to page 38, please)

LEFT— Wm. G. Ericsson, pres., American Natl. B&T, Chicago; Mrs. Hanley; Mrs. Ericsson and James A. Haniey, v.p.-treas., Abbott
Laboratories, North Chicago. CENTER— Walter F. Johnson, pres., 1st Natl., Abilene, Tex.; Mrs. Johnson, and Donald M. Graham,
chmn., Continental Bank, Chicago. RIGHT— Mrs. Overbeck and H. C. Overbeck, pres., Boone State B&T, Boone, la., and Chalkley J.
Hambleton, pres., Harris T&S Bank, Chicago.

LEFT— Mr. and Mrs. Joe Orlando and Mrs. and Mrs. Harry Smith, both v.p.’s, 1st Natl., St. Louis. CENTER— David Coffman, exedr-'j
v.p., and Arthur B. Adams, pres., Lawrence Systems, San Francisco; Mrs. Broadhead and H. H. Broadhead, Jr., pres., First Stock
Yards Bank, South St. Joseph, Mo. RIGHT— Phil Harris, pres., Northwestern Natl., Minneapolis; Mrs. Harris; Mrs. Thornda! and
Herb Thorndal, pres., Bank of North Dakota, Bismarck.
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21

LEFT— John D. Hershner, pres., United Bank of Denver; Mrs. Hershner; Allen P. Stults, new pres, of the ABA and chmn., American
Natl. B&T, Chicago; Mrs. Yates and Burnham Yates, chmn., 1st Natl. B&T, Lincoln, Nebr. CENTER— Max G. Brooks, chmn., Centra!
B&T, Denver and Mrs. Brooks; Mrs. Freeman and Gaylord A. Freeman, Jr., chmn., 1st Natl., Chicago. RIGHT— W. Timothy Cashman
II, v.p., Sears Roebuck Acceptance Corp., Wilmington, Del.; Mrs. Truex and Robert Truex, Jr., exec, v.p., B of A, Los Angeles.

LEFT— Two of the guests at dinner hosted by National Boulevard Bank, Chicago were Mr. and Mrs. Thomas Huston (right), pres.,
Columbus Junction State Bank, Cofumbus Junction, la. Mr. Huston was elected last month as pres, of the Iowa Bankers Assn.
Their hosts were Mr. and Mrs. Irv Seaman, chmn. (standing), and Mr. and Mrs. Henry Gardner, pres, (seated). CENTER— Mrs. Wallis
and Gordon Wallis, chmn., Irving Trust, N. Y., and Mrs. Darcy and David Darcy, sr. v.p., Irving Trust. RIGHT— Bruce Crocco, v.p.,
Chase Manhattan, New York; Mrs. Crocco; Mrs. Omlie and S. R. Omlie, v.p., 1st Natl., Minneapolis.

LEFT— Clark Houghton, pres., 1st Natl., Iowa City; John Fitzgibbon, pres., lowa-Des Moines Natl., Des Moines; Ted Welch, pres.,
Peoples B&T, Cedar Rapids, and M. M. McMichael, Jr., sr. v.p., lowa-Des Moines Natl. CENTER— James E. Coquillette, pres., and
John Mangold, v.p., Merchants Natl., Cedar Rapids; Tom Dunlap, pres., Slater State, Slater; James Mallen, pres., Farmers State,
Kanawha; Bob O’Meara, sr. v.p., Merchants Natl., Cedar Rapids; Bob Davison, pres., 1st Natl., Clarion, and Ernie Bartik, pres., Corwith State, Corwith. RIGHT— Lee Ballou, pres., Sec. T&S, Storm Lake, and Christy Armstrong, exec, v.p., Amer. T&S, Dubuque.

LEFT-—Mrs. Van Dyke and Carleton C. Van Dyke, pres., Toy Natl., Sioux City, and Mrs. Jack Rigler, whose husband is pres., Central
State, Muscatine. CENTER— Mrs. Krzmarzick and R. L. Krzmarzick, pres., Spencer Natl.; Milton F. Darr, chmn., LaSalle Natl., and
Mrs. E. W. Maser, whose husband is pres., 1st Natl., LeMars. RIGHT— Jay Blackford, pres., Union B&T, Ottumwa; Wm. T. Dwyer,
v.p., 1st Natl., Chicago, and Mrs. Dwyer; Mrs. Lipton and James Lipton, Jr., exec. v.p. & cash., Ida County State, Ida Grove; Mrs.
Spies and John Spies, pres., Iowa T&S, Emmetsburg.

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22

Banks9 Unions
and Paradoxes

OW THAT President Nixon’s
wage and price freeze is in ef­
fect this is an opportune time
to consider some of the implications
of that action for bankers. During the
freeze, unions are precluded from ob­
taining additional benefits for their
members and banks. Even if they
wished to come to an agreement with
a union, bank management could not
currently provide additional salary or
fringe benefits for employees.
With this hiatus there is provided
time for cool reflection on a number
of paradoxes facing banks, their em­
ployees, unions, and society as a
whole.
A number of the following noted de­
velopments in the area may be viewed
as individual pieces of a jig-saw puzzle.
However, all the pieces of the mosaic
are not at present available and you,
the readers, may wish to fill in some
of those missing pieces. Yet, some idea
of the final picture starts to emerge.

N

Several Paradoxes
There are several paradoxes which
I would like to share with you.
Paradox I. The fact is that the pro­
portionate numbers of union member­
ship to the labor force has been de­
creasing in the United States for the
last several years. It is down to 22.6%
of the labor force now. Yet, at a time
when industry has proportionately few­
er union members we note a growth
of the concept in a number of “profes­
sional” type occupations including
relatively highly paid air line pilots,
well paid governmental employees, and
in school systems. College and even
university professors are now members
of unions. A few years ago this would
have been unthinkable. Today it is a
Northwestern
Banker, November, 1971

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Federal Reserve Bank of St. Louis

By LEWIS E. DAVIDS
Hill Professor o f Bank Management
University o f Missouri
Columbia , M issouri

fact accomplished. Bankers are openly
girding for more aggressive attempts
by union organizations.
Paradox II. If one travels abroad
in Europe or in Latin America for any
period of time one is bound to be af­
fected by a strike in the local banks.
The organized labor force of banks in
much of the world outside of North
America not only is highly organized,
it is aggressive, militant and strikes fre­
quently.
Why have banks in the United
States been relatively free from union
organization efforts? This is even when
one views the current situation of at
least one midwestern bank having suc­
cessfully weathered a strike of 70 per
cent of its labor force for several
months.
Paradox III. Of our more than 14,000 banks in the United States only
a handful acknowledge being owned
or controlled by unions. A somewhat
larger number have substantial de­
posits by unions or handle trust or pen­
sion funds for the unions. Union lead­
ers sit on a number of banks boards
of directors. Yet, union activities by
bank employees are very minimal at
such institutions. It is reported, though
1 could not verify it, that unionization
activities are not encouraged and in
fact are frowned upon by the typical
“union” controlled bank. This is not
withstanding the call of union leaders
for unions to use their bank balances
and in fact move them to banks which
welcome unions.
Paradox IV. At both the national
and the state bank association level,
conferences and seminars on such
titled topics as “Wage and Salary Ad­
ministration” have been offered. Im­
plicit in the literature on the seminars

one reads between the lines the con­
cept of maintaining the banks staff in- A
dependent of union dictation.
Yet, while there are exceptions,
these seminars have not drawn the at­
tendance which their sponsors have an­
ticipated. Is it that most country bank­
ers are convinced that the attempt to
unionize their banks would not be
made or, if made, would be summarily
rejected? Or is it simply an ostrich­
like reaction? Or lethargy or indiffer­
ence?
Paradox Y. At a time when women,
who comprise the majority of the labor
force of banks, are seriously taking the
concept of equal pay for equal work
to heart and are joining together in as­
sociations, leagues and organizations
with similar titles, they have steered
clear by and large of joining unions or
threatening to join unions or inviting
union organizations to address their w
meetings. Is there something about
unions that bank women do not identi­
fy with?
Paradox VI. Though the Federal
Reserve Board, in effect, indicated that
the FRS policy would be to not resist
union activities of its employees and
staff there have been no surprising la­
bor confrontations and in those cities
where Federal Reserve Banks are sit­
uated and where their branches are lo­
cated there have been relatively little
organizational efforts considering the
“hands off” policy of the FRB.
Paradox VII. In those modest (in
relationship to the one million bank
employees in over 14,000 banks and
26,000 offices) efforts at unionization
brought by a number of different types
BANKS. . .
( Turn to page 32, please)

23
home service company really work?
The proof is in the response of those
bankers who have behind them several
years of experience in this field.
The N o r t h w e s t e r n B a n k e r put
the question to a sampling of banks in
its readership area which, for a num­
ber of years have done business with
mobile home service companies.
On the whole, their replies indicate
a very sound working relationship, sat­
isfaction, and promise for the future.
Of the banks polled, The Exchange
National Bank of Chicago has been us­
ing such a plan the longest.
“We have been making mobile
home loans for seven years,” said Rob­
ert W. Jackson, vice president. “This
business is the second highest profit
center in our installment portfolio. So
far this year, our mobile home business
has increased about 25 percent.” More
detailed comments on this topic from
a recent talk Mr. Jackson delivered,
appeared in last month’s issue.

Mobile Home Service Firms
Guarantee Loans for Banks
NY DISCUSSION of mobile
home sales and financing these
days promptly becomes a plat­
form for the presentation of a formida­
ble array of statistics.
Professional
associations
have
weighed and measured the mobile
home phenomenon from every con­
ceivable angle. At the drop of an inmiry they can recite the retail sales fig­
ures (which seemingly increase in a
geometric progression), patterns of
distribution, and other data — right
down to the personal, educational, and
occupational profile of the “median’5
mobile home family, with its 2.49 per­
sons.
For the banker, however, it all
comes down to this:
Since 1950 the annual sale of mo­
bile housing has increased more than
twelve hundred percent. This year
nearly two-and-a-half billion dollars
will be spent on mobile homes, and fi­
nanced—in ever increasing numbers—Though commercial banks and savings
& loan associations.
Not surprisingly, much of this in­
crease has been due to the appearance,

A


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on the banking scene, of the mobile
home service company.
Through such companies, banks and
other lending institutions are able to
enter the mobile home lending field
without the necessity of gearing up for
an entire “in house” operation to han­
dle the solicitation, investigation, proc­
essing, collection and supervision of
mobile home accounts. Moreover,
these lenders can do so without the risk
of credit loss.
Does It Work?
Does the concept of the mobile

Ed. Note. : In last month's issue sev­
eral articles relating to the mobile
home industry and its financing were
published in a special section. Space
did not permit publication of all the
material available on this currently
important subject. Two additional
articles concerning mobile home
service firms and mobile home parks
are presented in this issue for the
information of our readers.

Collection Problems Small
From Denver, the Colorado Nation­
al Bank reports approximately six
years of financing mobile homes, with
all of its current portfolio guaranteed
by a mobile home service company,
Delta Corporation of America.
“We find the mobile home dealers,
and the mobile home business, as a
whole, very satisfying,” said Dan V.
Clark, of the installment loan depart­
ment.
Another bank in the area, the North
Denver Bank, is in agreement concern­
ing the service company relationship.
“In six years,” said Charles J.
Whitehead, vice president, “we have
not had a loss.” The North Denver
Bank also has had experience in di­
rect dealer purchases. “Our other deal­
er purchases,” Mr. Whitehead said,
“have caused some concern, especial­
ly those located out of town, because
of the high collection costs. The larg­
est percentage of our mobile home pa­
per has come through the Delta Cor­
poration program.
“We find the young people are the
majority of purchasers now. However,
the retired and semi-retired people are
buying the ‘doublewides.’ ”
Robert R. Thompson, senior vice
president of the First State Bank of
Rolla, Mo., reports:
“Our bank has been active in pur­
chasing mobile home loans for four
SERVICE FIRMS . . .
(Turn to page 35, please)
N orthw estern

B anker, N o vem b er,

1971

24

BeB eautiful

Parks Can
In Books

—

-

A nd To The Eye

By E D W A R D S. FANNING
Vice President
T o m B u b in & Associates
Kalamazoo, Michigan

OF
have not seen enough
MOSTwell-planned
and attractively
us

landscaped mobile home parks to ac­
cept these as the modern norm. Just
say “mobile home park” and most of
us think of the unsightly, crowded
‘trailer camps’ that disfigure the land­
scape in too, too many parts of our na­
tion.
The time is fast approaching when
the ‘eyesore’ type of mobile home set­
tlement, set up as emergency housing,
will be as extinct as the Dodo. Two
factors are contributing to their
demise: In some locations the land on
which obsolescent ‘trailer camps’ stand
is becoming too valuable to be retained
for this use; in other cases the compe­
tition of modern, truly attractive mo­
bile home communities is driving the
‘dumps’ out of business.
Many Still Outdated
In the meantime, however, enough
of the outdated variety are still around
to interfere seriously with the establish­

ment of well-planned, properly engi­
neered and attractively finished new
mobile home developments — in ap­
propriate residential locations —
which would actually provide a firstclass housing solution for thousands
of low-to-middle-income families.
The unfortunate fact is that, in too,
too many instances a bank officer, zon­
ing board member or other ‘influen­
tial’ person such as an architect or
engineer on his way to an important
meeting passes right by one of the out­
moded ‘trailer camps’, a relic of Kor­
ean War days. This individual is bound
to have a negative emotional reaction
— to be expressed when the votes are
counted.
Asset— Type Parks
In actual fact there are literally hun­
dreds of well-designed, attractive mo­
bile home developments in our coun­
try; “subdivisions” of which ‘most any
residential community might well be
proud. Many of them, true, are in

GOOD PARK LAYOUT can avoid crowded impression. Curved streets break up any feel­
ing of rows of “ boxes.” Plantings and outdoor accessories such as awnings lend va­
riety Skirting ties the home optically to the ground. This scene is from a park rated
“ 5-Star” in the Woodall Directory of Mobile Home Communities.

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Florida, California and the Southwest,
but they are well sprinkled through the s
other states too. More asset-type mo­
bile home parks are being opened
practically every day; hundreds are on *
the drawing boards; but there are not
enough, in prominent locations, that
‘everyone’ is becoming conscious of A
them.
The great need for more good parks
can be appreciated by a glance at mo- ,
bile home production figures: in ex­
cess of 400,000 homes per year during !
the past three years. That’s more than
a thousand per day —- and this year’s *
production is headed for 450,000 ac­
cording to latest figures.
True, site-built housing starts are
up, but most of the homes are priced
beyond the reach of the low and mid­
dle-income people. The mobile home ^
is still the best, quickest —- and in
many cases the only form — of afford­
able new housing. New mobile homes >
retail for from less than $6,000 to
$12,000 and up, depending on size,
quality of construction and built-in fea­
tures and equipment; ordinarily are
sold fully equipped, furnished and dec­
orated, even to draperies.

14 Feet Wide
Any mobile home development
planned today should be designed to
accommodate 14-foot-wide mobile
homes. These are now ‘legal’ for trans- ^
portation over the highways of 35
states including Iowa, Kansas, Min­
nesota, Nebraska, Montana, North Da- *<
kota, South Dakota, Wisconsin and, '
most recently, Michigan. It would not
be realistic to assume that any state K
will not eventually permit the ‘fourteens’.
Park planners are also prudent when
they provide some wider lots (spaces)
for ‘expandable^’ and for double-wide
mobile homes.
Expanded and double-wides are ^
gaining steadily in popularity as deal­
ers become more proficient in selling
them and installing them on their •
‘pads’.
Many fine parks which were de­
signed for eight-wides or even for ten- ^
wides are now facing serious trouble
because of this factor and must either
go out of business or undergo extensive
— and expensive modernization to re- '
main competitive.
Park Planning
-—
A mobile home development is quite
different from a typical housing sub­
division in several important respects.

25

ANY MOBILE HOME development planned today should be designed to accommodate
14-foot-wide mobile homes. These are now “ legal” for transportation over the high­
ways of 27 states, including practically all midwestern states.

Space here permits of touching on only
one or two aspects so important as to
underly even the preliminary planning.
There are, as to tenancy, two basic
kinds of parks: (1) the ‘subdivision’
type, where the individual residents
own their sites, with management and
services being supplied, along the lines
of a condominium; and (2) the moretypical (in the north, at least) rental
parks, where the home sites as well as
services and facilities are all rented on
a monthly basis.
Both types require proportionately
more investment in amenities, auxiliary
buildings and services than does a con­
ventional housing development. How
much more depends on numerous fac­
tors, most of which, hopefully, will be
revealed by a comprehensive and de­
pendable feasibility survey preceding
the actual planning of the project. The
importance of a good feasibility survey
could hardly be overstressed. Fortu­
nately, there is a good ‘how-to’ book
available on this subject, “A Formu­
la for Determining the Feasibility of
Mobile Housing Developments,” by N.
G. Asbury, published by Mobile
Homes Manufacturers Association,
6650 North Northwest Highway, Chi­
cago, Illinois 60631. ($10.00 post
paid).
The amenities may include a com­
munity swimming pool, clubhouse and
two-car parking beside the homes;
these are practically ‘musts’. In addi­
tion, tennis courts, shuffleboard, put­
ting greens and other game areas are
common. So are ‘tot-lots’, complete
with attendants. Each project will have
a different set of requirements.
Landscaping, which should include
trees as well as shrubbery, is extreme­
ly important. The landscaper should
be instructed to plan and plant to min­
imize the difference between this proj­
ect and a conventional housing devel­
opment.

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In the laying-out of any mobile
home park, two major considerations
will inevitably fight for supremacy:
(1) the desire for high density, to
maximize income from the acreage, vs
(2) the sure knowledge that lower
density will result in a more attractive
and thus more merchantable situation.
A decision too far toward either ex­
treme will inhibit the success of the en­
terprise.
Profit Expectancy
The value of the land itself, as writ­
ten into the project, may well be the
key factor. If suitable acreage can be
obtained at a fair price and profit ex­
pectancy is held within moderate lim­
its, a relatively low density will go far
toward ensuring success for the proj­
ect. The architects and engineers will
have a basically flexible and adaptable
framework within which to work. Con­
versely, too high a valuation on the
land itself can inhibit the success of the
enterprise.
Because the necessary investment in
land and buildings which do not pro­
duce income does not increase in pro­
portion to the size of the park, the rela­
tively large park is likely to produce
more income from the acreage than a
smaller one. There is a trend to plan
large parks, acquire land, then actually
develop only part of the tract into actu­
al mobile home sites during the initial
development phase, holding the rest of
the land in reserve. Some of the in­
genious developers use this land as a
‘captive’ nursery for growing-on shrub­
bery and trees, which will be ready for
planting on future sites, as needed.
Standards and Guides
Only the most rudimentary generali­
ties can be touched-on here. Fortu­
nately there is a wealth of background
and guidance material available in this
field, covering every phase of park

planning and construction from feasi­
bility studies on through site layout
and financing to guidance in the actual
engineering and construction phases.
Most of the largest mobile home
manufacturers, the producers of 75%
to 80% of the homes, belong to Mo­
bile Homes Manufacturers Associa­
tion (or, on the west coast, to the com­
panion association, T.C.A.). This as­
sociation has, over the past 36 years,
been responsible in large part for the
tremendous strides in the improvement
of the design and quality of the homes,
their acceptance as truly livable hous­
ing, and in the development of mo­
bile home parks.
Among the major accomplishments
of M.H.M.A. is the adoption of a selfimposed national set of standards for
the homes, first developed in 1963 and
updated in 1969 with the help of Na­
tional Standards Institute. It is unique
in being based on performance rather
than materials used, thus does not in­
hibit the introduction of new and im­
proved materials, so long as they meet
the performance requirements. It is a
requirement of manufacturer member­
ship in M.H.M.A. that all homes made
by these manufacturers meet the
standard ANSI A119.1 — and bear
a seal (usually near the front door)
to that effect. M.H.M.A. has published
these standards in a 106-page booklet,
available on request for $2.50.
Mobile Homes Manufacturers Asso­
ciation, again in cooperation with Na­
tional Standards Institute, has also
worked out a standard for mobile
home parks. This is designated as
ANSI 119.3, available from M.H.M.A.
for $1.25 and it is recommended as
‘must’ reading for anyone planning a
mobile home park.
It also provides a Site Planning Kit
(price $6.75 postpaid) which provides
basic information concerning park de­
velopment, data for zoning presenta­
tions, and includes engineering draw­
ings, instructions and details of water
and sewer connections and other es­
sentials to be covered.
The entire first section of the Woodall “Directory of Mobile Home Com­
munities” presents virtually a ‘short
course in mobile home parks and mo­
bile home living’. The rest of the thick
book is crammed with facts, figures
and photos of parks (by state) from
Alabama to Wisconsin.
On page after page are lists of feaPA RKS. . .
( Turn to page 30, please)
Northwestern Banker, November, Ì9 7 Ì

26
Editor’s Note: Since Art Davis began
writing his weekly column, ‘'Banking Can
Be Fun," he has noticed a greater ac­
ceptance of the bank and its personnel in
the community, as well as a substantial
increase in deposits and customer ac­
counts. The N o rth w ester n B anker
asked him to tell our readers how he de­
veloped this successful column and his
comments are contained in this article.

Newspaper Column Proves—

Banking
Can Be Fun
B y ARTHUR H. DAVIS

President
M iners & M erchants B ank
Lead, South Dakota

EWSPAPER ad men have been
unhappy with me for many years
because I have the habit of tear­
ing apart every ad campaign they have
suggested for the various banks with
which I have been associated. Occa­
sionally, I would rewrite their carefully
prepared copy or verbally denounce
their advertising programs. During one
of these “discussions” with Jim Keith,
the new publisher of the Lead Daily
Call and Deadwood Pioneer Times, I
told him his ads were too stiff and for­
mal, that banking was not all that seri­
ous, and told him an amusing incident
that had happened in the bank. He also
has a warped sense of humor and he
said, “Why don’t you write that up as
an ad?”
The idea grew. I remembered Dale
Carnegies’ instruction to “talk about
something with which you are famil­
iar.” Also, I had many times observed
that a point can be made with the right
joke. It also occurred to me that some
of the jokes that I most enjoyed were
told by bankers about the things that
had happened in their shops. So, there
it was: “Banking Can Be Fun.”

N

Banking Is People
A bank story, a sidelight on bank­
ing, a misunderstood banking proce­
dure, the banker humanized, all in one

THE AU TH O R — Arthur H. Davis began his
banking career at Miles City, Mont., as a
bookkeeper in 1948. Since then he worked
in banks in Columbus, Mont., and Hettinger
and Dickinson, N. D., before joining Miners &
Merchants Bank in Lead. He is a member of
the South Dakota Bankers Association executive
council, president of his Rotary Club, vice
president of the Black Hills Council of Boy
Scouts of America, a trustee of the Presby­
terian Church, and is active in other civic and
charitable organizations. He has received the
Order of the White Buffalo" from the South
Dakota Governor for meritorious promotional
activities for his state.
N o rth w e ste rn B a n k e r, N o v e m b e r, 197?


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Federal Reserve Bank of St. Louis

little ball that anyone could read and
enjoy or perhaps relate to. The first
dozen or so came very easily; just tell*
them that banking is fun. As we said
in one article, banking is people and
we like people so how could we do oth- r
er than enjoy banking? Really pretty
gruesome if we didn’t!
When the memory is ticking or L
have a subject to write about, it only
takes a few minutes to write the base
article; to polish it sometimes takes ^
several drafts, then the secretary does
the final typing to do away with spell­
ing and grammatical errors. In general,
two hours are spent on each article.
This is maximum but does not take in­
to account the thinking in between
writing sessions, nor the times 1 just *
sit and look at the blank wall waiting
for the idea to strike.
This memory searching constitutes
the research except for verification of
facts or ideas that 1 catch running loose
in my mind. I believe that my best ar-,_
tides came to me while relaxing in my
easy chair at home. Now there is pencil
and pad nearby so that I can prop the
pad against my knee and start writing."’
As ideas become more elusive I find
it necessary to make a note on any­
thing that might be used as a base idea.
In my twenty odd years in banking
I have tried many kinds of advertising;
T.V., gimmicks, giveaways, canned
ads, newspaper services, etc., but this
has given us the most customer re-*'
sponse. Some people like one, some
another article, but sooner or later they
seem to find a situation with which ->
they can identify and enjoy. QccaB A N Iv IV , .

( Turn to page 68, please)

^

27

Expect a little more in your construction loans,
when you’re dealing with Chase.
Sure, our people have years and years of experience in han­
dling real estate and mortgage lending. And we’re aware of the
impact of changing money-market conditions. But those are
not the only reasons correspondents and their customers can
expect a little more from us.
The fact is, we were the first New York bank to sponsor

a $100 million mortgage and realty trust. And last year alone,
we originated almost $1 billion worth of construction loans in
behalf of Chase and others. For more information, contact
your Chase representative.
Chances are, you’ll wind up getting a lot more when you
deal with Chase.

You have a friend at

a \

TH E CHASE M ANHATTAN BANK I
IChase Manhattan Plaza, New York, N.Y. 10015/Member F.D.I.C.

O

r

Wnefÿartii

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

N orthw estern

B a nker, N o vem b er,

197Ï

28

New First National

Dramatic
HE NEW First National Bank of
T
Omaha building was designed
with the customer in mind, placed in

PLAZA ENTRANCE features beautiful landscaping and water fountains.

MAIN LOBBY, designed for customer convenience, provides plaza view.
ACCESS to main lobby and elevators is provided by 17th Street entrance.

N o rthfor
w e FRASER
ste rn 8a n k e r, N o vem b e r, 1971
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

an aesthetic setting that gives a new
vitality to downtown Omaha, and is
equipped throughout to meet the
creative needs of a growing bank look­
ing to the future.
It is the final phase in a building
program of five years’ duration that
encompasses the 18-story, 400-room
Omaha Hilton Hotel; a five-story,
400-car parking garage; a highly ef­
ficient Auto Bank; a number of stores
and specialty shops, and now the 22story bank building scheduled for oc­
cupancy this month.
The entire complex runs from 17th
Street east to a point midway be­
tween 16th and 15th Streets, and
takes in the entire block between
Dodge and Capitol. Sixteenth Street
was a major thoroughfare north and
south through downtown Omaha, but
was closed to permit construction of
the hotel, bank building and the plaza
and shops area. In effect, the com­
pleted complex now is one block by
two blocks in size.
The new First National building
adds another dramatic touch to the
expanding Omaha skyline. Its com­
bination of graceful beauty, functional
design and forward planning has been
unified with a modern decor.
Into all of this has been blended
with a delicate sense of balance some
antiques and memorabilia that trace
their origin to the years when First
National Bank and the City of Omaha
were struggling with growing pains in
the post-frontier days.
First National’s Board Chairman
John Davis, whose family ties with
the bank reach back more than a
century (the bank was opened in 1863
with national charter 209), realized
that the bank and the city have
reached their present stature because
both have been built on a solid
foundation from the past. Consequent­
ly, when he and John Lauritzen, chair­
man of the executive committee,
began preliminary plans for the new
bank five or six years ago, they took
steps to preserve some of these items
that represent the heritage of the bank,
the city and the state.

29

Bank of Omaha Building

Addition to Omaha’s Skyline
But the main emphasis in the build­
ing is on the new and Mr. Davis and
Mr. Lauritzen, with the architect and
contractor, have achieved two major
objectives—maximum convenience and
full-service banking for customers,
and a new structure in which every
Omahan can take pride.
The entire building complex is
essentially in three parts, each easily
accessible to the other—the First Na­
tional Bank and its related banking
services, the public area and shops,
and the Omaha Hilton Hotel and park­
ing garage. Through means of walk­
ways, elevators, underground tunnels,
escalators and elevators, one can move
throughout the entire area completely
under cover, or through the open
plaza area to bask in the sun for a few
moments amid a generous number of
trees, shrubs, and benches, while
watching the high-spray water foun­
tains outside the main entrance.
The bank building has two main
entrances. The first is from the plaza
level on the east, the other is at the
west end from 17th Street. A long
driveway and walk carry traffic from
Dodge Street to an upper level that
leads to the front door of the hotel or
to the wide steps going up to the plaza
level for the bank. Linden, ash and
hackberry trees are planted in large,
stone planters around the perimeter of
the plaza (see first photo). The plaza
surface is made of unpolished terrazzo
marble chips with bronze strip divid­

ers. A lower row of shrubbery is set
in a planter running in a continuous
line around the outside edge of the
plaza. Focal point of the plaza is the
pair of water spray fountains. Old
brick accent divider strips are also in­
terspersed on the terrazzo surface and
these were salvaged from old rail­
road stations being torn down in
various parts of Nebraska.
Upon entering the main doors from
the plaza, the elevator lobby displays
polished terrazzo flooring. The main
banking room is to the right and
makes use of Travertine marble from
Italy for the floor, with old brick ac­
cent dividers. A custom carpet covers
the floor in the customer service area
near the front windows overlooking
the plaza (see second photo).
The main lobby is two stories high
and provides a stunning view of the
high walls which have been surfaced
with East Indian Rosewood panels cut
from a single tree. Travertine marble
columns separate the large expanses
of wood and continue across the ceil­
ing to the opposite wall to meet a
matching marble column. The ceiling
itself is acoustical tile inset with 400watt mercury lamps. Accenting this
lighting are several large chandeliers
made of custom bronze.
The tellers counters are made also
of East Indian Rosewood (same tree
as the walls), with granite deal plates.
The teller equipment was installed by
Diebold, Inc.

A distinctive feature of the entire
building, and one noticeable particular­
ly in the main banking room, is the
extensive use of glass, with 118,000
square feet of glass in the entire bank
building. The main floor windows fea­
ture solar bronze thermopane, trimmed
in anodized duronodic aluminum. A
special feature on this floor is the use
of stained glass from the old Byron
Reed home that was located at 25th
and Dodge Streets. This was later the
first residence for Father Flanagan’s
now famous Boys Town. A free form
pool with landscaping in the building
lobby east entry is another feature
that emphasizes the use of natural
beauty. Plantings of various kinds are
placed throughout the bank.
The spacious main banking room,
in addition to extensive teller service,
accommodates several departments—
correspondent banking, marketing,
commercial loans and personal bank­
ing center.
On the mezzanine level (at upper
right in second photo) are located op­
erations and audit departments.
The next floor up is the fourth
floor, or Terrace floor, where the ex­
ecutive offices and the officers dining
room are located. Mr. Davis, Mr.
Lauritzen and President Phil Giltner
have their offices on this floor. The
atrium is a simulated outdoor garden,
DRAMATIC ADDITION . . .
( Turn to page 66, please)

THE ELEGANCE of a by-gone era is preserved in the new First National building by use of antiques taken from early historical

buildings in Omaha. These bronze chandeliers in the employees dining room came from the Federal court room in the old City
Hall, which was demolished several years ago. View at right looks to the west along the north wall of the terrace level, which
houses the executive offices. Access may be gained from this landscaped area through a gate in wall at right to Hotel Hilton.


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Federal Reserve Bank of St. Louis

Northwestern Bankerf November, 1971

30

Bankers Help Establish Foreign Markets

of New York has announced it is seek­
ing regulatory approval of plans to es­
tablish a wholly-owned international
banking subsidiary in San Francisco.
The bank said the proposed unit,
to be called Morgan Guaranty Interna­
tional Bank of San Francisco, would
enable it to broaden its services to
West Coast corporate customers who
have increased their activities in Far
Eastern countries.

Heads Mortgage Bankers
Philip C. Jackson, Jr., a Birming­
ham mortgage banker, was elected
president of the Mortgage Bankers As­
sociation of America (MBA) for
1971-72 during MBA’s convention in
Chicago.
PARKS . . .
( Continued from page 25)
TEN AMERICAN bankers left recently for a trade mission to West Germany and Austria.
The group met with government officials, manufacturers, businessmen and bankers to
familiarize themselves with markets for American products and services. The mission
was sponsored by the American Bankers Association in cooperation with the Depart­
ment of Commerce. Participants (left to right) were: Robert C. Suhr, senior vice presi­
dent, Continental Illinois National Bank and Trust Company of Chicago, III.; Wayne A.
Stone, chairman of the board, Simmons First National Bank of Pine Bluff, Ark.; Peter
A. Reilly, ABA Trade Mission Director; Cecil W. Cupp, Jr., president, Arkansas Bank &
Trust Company, Hot Springs, Ark.; Richard H. Dilworth, executive vice president, United
Virginia Bank/State Planters, Richmond, Va.; James A. Webb, Jr., executive vice presi­
dent, Third National Bank, Nashville, Tenn.; Ennio E. Franceschini, assistant treasurer,
Bankers Trust Company, New York, N. Y.; Patrick J. Clifford, chairman of the board,
Security National Bank, Huntington, N. Y.; Maitland B. Knox, president, First National
Bank of New Smyrna Beach, Fla.; D. H. Finley, executive vice president, First State
Bank of Oregon, Milwaukie, Ore.; Robert K. Rockhill, president, Community State Bank
& Trust Co., Linden, N. J.

Citibank Denies N ader Request
IRST National City Bank, New
F
York, has turned down a request
by Ralph Nader that the bank again
grant interviews to his student investi­
gators so they can now re-study opera­
tions of the bank’s Investment Man­
agement Group, Chairman Walter B.
Wriston said today.
Last June Mr. Nader’s group pub­
lished a 547-page report on Citibank.
Bank officials pointed out then that,
despite the cooperation given to the
Nader study group, the report was re­
plete with errors and based on glaring
misconceptions about the proper role
of the banking system.
“Last summer we arranged for Mr.
Nader’s young law students to inter­
view 53 Citibank officers over a period
of several months.
“When the interviews were com­
pleted and the law students left to write
their book, there was no indication that
the project was only partially com­
pleted and that the students expected
Northwestern
Banker, November, 1971

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

to conduct additional interviews. Cer­
tainly we had not agreed to a two-stage
process,” he added.
“We estimate that the bank’s efforts
to cooperate with Mr. Nader’s student
investigators required nearly 10,000
man-hours of bank time spread over
a full year,” the banker noted.
“Yet, when the Nader report was
published,” Mr. Wriston said, “it re­
flected very little of what the students
had learned in the interviews. We
hoped that we would learn from their
fresh insights.”
“Instead, we were disappointed to
find that the report was filled with in­
accuracies, distortions and misconcep­
tions, and was based largely on often
fragmentary material and on what oth­
er people had written about the bank,”
he explained.

West Coast Subsidiary
For Morgan Guaranty
Morgan Guaranty Trust Company

tures offered by mobile home parks of
every description; a ‘want list’ could
be compiled from this source alone.
Since 1938 Woodall’s has been de­
veloping and refining a comprehensive
system for rating mobile home parks
according to established criteria of ap­
pearance, facilities and service. They
currently engage thirty-two couples in
a never-ending tour of the parks, re­
vising and up-dating the listings, rating
the parks from one-star to five-star
standing, the latter being very fine
parks indeed. As might be supposed,
a high “Woodall’s rating” is eagerly
sought — and zealously maintained ■
—
by the more knowing among the ex­
perienced park operators. It is defi­
nitely something to shoot-for in plan­
ning a park.
There is a national magazine, pub­
lished every two months, specifically
for mobile home park developers and
management. It was started in 1953
and has recently been given the new
(and more inclusive) name, “Mobile
Home Park Management and Devel­
oper.” The publisher is at 6229 North­
west Highway Chicago, 111., and the
subscription price is $5.00 per year.
It should prove a valuable adjunct in
any office where the financing of mo­
bile home parks is being investigated.
Starting with materials available free
from M.H.M.A., a fascinating new
vista in modem housing can be opened
to all financial people who wish to in­
spect the opportunities of the ‘world’
of mobile homes; it’s better established
than the uninitiated could imagine —
far bigger than most people think.
—End

31

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t inferii is unique in the field of
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How F«nferti works
In practice, Firifecii
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They quickly get to the heart of your
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Finally, they sit
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irinfect analysis can be the
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To find out more about Fiiilech,
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Federal Reserve Bank of St. Louis

Northwestern Banker, November, Ì9 7 Ì

32

Banks, Unions an d Paradoxes . . .
(Continued from page 22)
of unions one would be tempted to ra­ such as major wars, and not when there
tionalize that pro-union bank em­ is excess capacity in our productive fa­
ployees would “identify” more with cilities and no real shortages of goods,
unions with clerical or professional either raw, semifinished, or finished as
membership and union titles so indi­ exist here today.
cating. Yet, when one reviews the un­
The major paradox I have observed
ions which have been active and at is that the dominant point made by
times successful in organizing banks, those who have publicly and critically
their titles include such diverse and addressed themselves to the problem
non-related descriptive phrases as of wage and price freeze is that it is
maritime, machinists, teamsters, etc. “not fair or equitable.” To me this is
Are these unions— some of which have the height of naivete. Writing as a
been losing members— turning to or­ former government executive and
ganizing bank employees out of some senior economist with the Office of
Parkinson’s law that organizations Price Stabilization, it should be clearly
such as unions must grow, even if out understood that wage and price freezes
of the trade named in their title, to stay never were and never will be and, fur­
viable? Are they realizing that their thermore, never can be fair and equit­
very past successes such as in hiking able. Talking about trying to make
salaries say, of American seamen, far them fair and equitable may make
beyond any nation has drastically re­ political hay for politicians but each
duced the number of jobs American such attempt reduces the very limited
seamen can find? In other words, their effectiveness of wage and price con­
union success has upped the individual trols.
wage but in so doing has drastically re­
Continuing controls could only ac­
duced the number of jobs.
centuate the inequities. Talk of freez­
Thus, wrould membership fees from ing interest rates and profits similarly
unionized bank clerks help stiffen the are nightmares of incomprehensible,
resolve of union members in other counter-productive (and doubtful le­
trades and crafts by building up their gality) regulation. So many exceptions
strike coffers?
have to be made that it is only a short
Paradox VIII. At a time when bank time before these holes in the regulated
recruiting and hiring of newly gradu­ economic game plan are breached. For
ated college and university MBA’s and example, all prices of stocks, bonds,
B.S.’s in Business Administration is (including federal funds, govern­
down from previous years, there ap­ ments) all real estate, all artifacts
pears an increased interest on the part would have to be frozen and this would
of unions to add staff with more formal result in economic paralysis.
education. These graduates in Busi­
Since there are more voters who are
ness Administration are able to bring wage earners than there are business
to unions some of the tools of business executives the first break in price and
organizational efficiency, such as in wage freeze and subsequent guidelines
planning union pension funds, com­ will be in wages. Then workers, both
puter records of membership dues, union and non-union members will
benefits, etc.
have to look at what their own individ­
Will the increased interest of unions ual status is, not on the current dollar
in better educated staff portend a more wage, but on the constant dollar value
sophisticated approach, the soft-sell, of the wage.
the Madison Avenue approach to
Perceptive bankers can profitably
union recruiting?
use this current freeze uncertainty to
instill confidence in their staff that
management is sincerely interested and
Conclusion, or Non-Conclusion
The preceding listed paradoxes are dedicated to improving their financial
certainly not all inclusive. There are welfare. If this is successful, union ef­
more. They come at a time when many forts will not be successful. Yet, para­
economists are questioning some of doxically, few bank personnel men
their long-time held beliefs on supply have capitalized on this feature.— End
and demand being equated and at
equilibrium and at price; that competi­ Announce Mosler Finalists
tion would bring prices and wages
Finalists for the 1971 Miss Drivedown; that price and wage controls are In Teller Contest, sponsored by the
involved with national emergencies Mosler Safe Company, are Jacqueline
N o r tfor
h w FRASER
estern B anker, N o v e m b er,
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1971

HERRON

FLEMING

ADAMS

Elizabeth Fleming, First Clinton Na­
tional Bank, Clinton, New Jersey; Peg­
gy Adams, United Bank of Greeley,
Colorado, and Sherran M. Herron,
Batesville Security Bank, Batesville,
Mississippi.
The candidates appeared at the
American Bankers Convention, and
ballots have been sent to the entire
banking community to obtain votes for
the favorite.
The winner will be announced pri­
or to December 15, and she will then
represent herself, her bank and Mosler
at special grand opening events all over
the country in 1972. Her grand prize
will be an all expense paid trip for two
to exotic Montreal, Quebec, Canada.

DeLuxe Sales-Net Up
DeLuxe Check Printers, Incorpo­
rated reports that operations for the
first nine months of 1971 resulted in
new highs in sales and earnings.
Net earnings for 1971 through Sep­
tember 30th were $7,649,281, up
19.3% from $6,412,987 a year ago,
on a 13.5% increase in sales to $82,653,110 from $72,829,778 in 1970.
Earnings per share for the nine-month
period were $1.29 compared to $1.08
last year.
Net earnings for the third quarter
were $3,095,216, or 52 cents per
share, up 29.4% from $2,391,674 or
40 cents per share in 1970. Sales for
the quarter were $28,314,727, up
13.8% from $24,889,189 last year.
Earnings per share for 1970 have
been restated to reflect the 100% stock
dividend paid May 19, 1971. Compar­
isons of both sales and earnings with
the previous year are favorably affect­
ed by the price advance of about
\V i% which took effect on September
1, 1970.

Manufacturers
Hanover Acquisition
Manufacturers Hanover Corpora­
tion and First National Bank of Bay
Shore, located in Bay Shore, Long Is­
land, announced an agreement in prin­
ciple whereby Manufacturers Hanover
Corporation, New York, would ac­
quire First National Bank of Bay
Shore, Long Island.

33

Name NABW Officers
D. Harrison has been in­
R UTH
stalled as president of the Na­
tional Association of Bank Women.
Mrs. Harrison, who was NABW’s
national vice president for 1970-71,
is assistant vice president and also di­
rector of advertising and public rela­
tions with the Irwin Union Bank &
Trust Company in Columbus. Miss
Bryant, the retiring president, is assist­
ant vice president, Memphis Branch,
Federal Reserve Bank of St. Louis.

R. D. HARRISON

S. PENDLETON

Other prominent women bankers as­
suming national offices for the 197172 year are: Miss Barbara Pendleton,
vice president, Grand Avenue Bank
and Trust Company, Kansas City, Mo.
— NABW vice president; Mrs. Doro­
thy Evans, assistant trust officer, Irwin
Union Bank & Trust Company, Co­
lumbus, Ind. — NABW recording sec­
retary; Mrs. Jane Stepler, vice presi­
dent and secretary, Union Bank &
Trust Co., Kokomo, Ind. — NABW
corresponding secretary, and Mrs.
Betty L. Steele, vice president and sec­
retary, Brenton Banks, Inc., Des
Moines, Iowa — NABW treasurer.
Mrs. Steele has also held the treas­
urer’s office during the 1970-71 year.
New regional vice presidents in­
clude: Lake Region — Mrs. Lois Morlock, executive vice president, First
National Bank, Bowling Green, Ohio;
Midwest Region — Miss Levetta Hos­
ier, executive vice president and direc­
tor, The Fullerton National Bank, Ful­
lerton, Nebraska; North Central Re­
gion — Miss Marjorie A. Terhaar, as­
sistant manager, Northwestern Nation­
al Bank, Minneapolis, Minnesota, and
Northwestern Region — Mrs. Theo F.
Bartschi, executive vice president, The
First State Bank, Shelby, Montana.

O ur securities
analysis team
hasn't lost for
over a decade
That’s probably because we don’t
believe in playing our games one at
a time. Securities analysis, like
every other kind of individua lized
attention we offer in p o rtfo lio
management, is an in-depth, downthe-road proposition at National
Boulevard. We tailor our advice to
your present and future needs while
strengthening your entire invest­
ment program.
To get National Boulevard to bat
for you, ca II Charlie Weeks. The full
story of our investment portfolio
analysis services could mean in­
creased investment income for you.
A n d that’s no pastime.

NATIONAL BOULEVARD
BANK OF CHICAGO 1
400-410 N. M ichig an Ave. (312) 467-4100 • M em ber F D IC

Set Bank Marketing Dates
The Bank Marketing Association
will hold its 1972 annual convention
at the Americana Hotel in Bal Harbor,
Florida, October 29 to November 3.

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

Northwestern

B a n k e r,

N o v e m b e r,

1971

34

25th Anniversary fo r First Conference
Huntley, distinguished vet­
C HET
eran of NBC-TV news, will be
the featured speaker at the 25th an­
nual Conference
of Bank Corre­
spondents, spon­
sored by the First
National Bank in
St. Louis. He will
s p e a k at the
l u n c h e o n on
Th u r s d a y ,
No v e mb e r
18.
T h e conference
will be held at
Stouffer’s Riverfront Inn in St. Louis.
Edwin S. Jones, chairman, and
Clarence C. Barksdale, president of the
host bank, will preside at the Confer­
ence. Workshops will again be held on
public relations, investments, and bank
lending policies. Anita Bryant, star of
stage, screen, radio and TV, will be the
featured entertainer for the evening
banquet.

Delay Greeley Acquisition
The acquisition of the $40.8 million
deposit First National Bank, Greeley,
Colo., by the $589.6 million First Na­
tional Bancorp., Denver, will not take
place at least until the U.S. Supreme
Court decides whether to review the
case. U.S. Supreme Court Justice
Byron R. White has granted a stay of
a U.S. District Court order dismissing
a Justice Department suit to block the
acquisition. Justice’s notice of appeal
marks the first time the Department
has decided to try to bring a potential
competition case involving commercial
banking to the high court.

Ag B ooklet Available
Agricultural loans increased seven
per cent during 1970 over the previous

year; banks held $15.5 billion in such
loans on January 1, 1971. The in­
crease is reported in the 1971 edition
of “Agricultural Banking Develop­
ments,” made available by the Ameri­
can Bankers Association.
The 1971 edition of “Agricultural
Banking Developments” is available at
$3 per copy from the Order Processing
Department, The American Bankers
Association, 1120 Connecticut Ave­
nue, N.W., Washington, D.C. 20036.

Regional Stock Index lip
The DKQ Regional Index, a statisti­
cal average of the securities of 85 ma­
jor companies in a seven-state area,
edged up .76 of a point to 133.46 dur­
ing September, despite some rather
turbulent periods in the general mar­
ket.
This .57 percent gain was in con­
trast to declines shown by two leading
national averages. The Dow Jones In­
dustrial Average dropped by 1.21 per­
cent in September, and the more
broadly-based Value Line composite
average of 1,400 stocks was off 2.09
percent.
The DKQ Regional Index is an in­
dicator of regional stock performance
in Minnesota, North Dakota, South
Dakota, Montana, Iowa, Nebraska and
western Wisconsin.

Insurance Agents File Suit
The National Association of Insur­
ance Agents has filed suit with the
Board of Governors of the Federal Re­
serve System to intervene in an action
concerning the application of Crocker
National Corporation to acquire Ralph
C. Sutro, a California insurance agen­
cy, under Section 4(c)(8) of the Bank
Holding Company Act.
The filing, on behalf of the NAIA,
the California Association of Insurance

INSTALMENT DEPARTMENT
PROFITS
More important than ever before!

PROTECT THEM
Several hundred Upper Midwest banks utilize our single interest coverage,
which we originated many years ago. No checking for primary insurance.

Instalment lending protection is our only business.

Call or W rite: G. D* VA N W A G EN EN CO.
1006 N.W. Bank Bldg., Minneapolis 55402
(612) 332 2261

Northwestern
Banker, November, 1971
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Agents, Shanley Insurance Agency of
San Jose, Calif., Deckert’s Insurance
Service, Long Beach, Calif., Curtis R.
Bristol, Santa Ana, Calif., Luxemburg
Insurance, Los Angeles, Calif., and
Brown, Lussier, Lee and Neel, San
Mateo, Calif., was made by Washing­
ton attorneys for NAIA.

Investment Service
W elcom es 2 0 0 th Customer
Harris Trust and Savings Bank’s In­
stitutional Investment Service in Chi­
cago recently welcomed its 20C)th cus­
tomer, the First National Bank of Can­
ton, Ohio.
The service was developed about
seven years ago in an effort to help
correspondent banks who did not have
the resources to support an investment
research effort. It has grown well be­
yond the original expectations to a
point of servicing 200 clients, most of
whom are banks. Also participating
are approximately 20 insurance com­
panies plus a few mutual funds, foun­
dations and investment counselors.
These customers cover 41 states and
Canada.
Reporting on companies for invest­
ment purposes, the Investment Service
supplies its customers with five reports
each month. Economic trends, thor­
ough analysis of approximately 170
trust quality common stocks, converti­
ble securities and corporate bonds are
included in each report.

Plan New D iebold Lab
Plans for the construction of a $1
million electronics research and devel­
opment laboratory by Diebold, Incor­
porated were announced by Raymond
Koontz, president.
The new 45,000 square foot facility,
to be located on a 16 acre site near the
Canton-Akron airport, is expected to
be operational by March, 1972.

Plan January Sale
For Post Office Bonds
The U. S. Postal Service has re­
scheduled the sale of its first issue of
bonds to early January, Postmaster
General Winton M. Blount announced
today following a meeting of the Board
of Governors.
The Postmaster General said the
$250 million sale, originally planned
for October, has been reset because ac­
tion on the Postal Service’s proposed
rate changes has not progressed as far
as had been hoped.

35

Service Firms

•,

recommended that no change be made
in the present prohibition of payment
of interest on demand deposits. In a
paper submitted to the President’s
Commission on Financial Structure
and Regulation, the ABA said that
repeal of the prohibition would “re­
quire fundamental cost-price adjust­
ment throughout the economy.” It
added: “The extent and consequences
of such adjustment cannot be readily
predicted and only the passage of time
would show what harm or difficulty
might result.”

{Continued from page 23)
years, The loans are purchased with­ of these bankers who have had some
out recourse to the dealer, but are in­ years of first-hand experience with mo­
home
lending,
particularly
sured through a reputable service com- bile
through a service company, would
pany.
“Our bank has been highly satis­ seem to be that it is a strong and prof­
fied with mobile home installment pa­ itable field at present, and one well
per. Collection problems have been worth watching in the future.— End.
minimal, and our return on investment
ABA Opposes interest
satisfactory.
“Young married couples on a fixed On Demand Deposits
The American Bankers Assn, has
income make up the highest percentage
of the mobile home market.”
In FT, LAUDERDALE
Among the banks reporting their
it’s the
mobile home lending experience to
Holiday
Inn Oceanside
N o r t h w e s t e r n B a n k e r was one rel­
the Ini Resort
ative newcomer to the field, The First
National Bank and Trust Company of
Wyoming in Cheyenne. The comments
d io t id a u
9 n n
of assistant vice president R. J. Fennel
typify the current enthusiasm for this
type of lending.
“It has been one year now since we
began making mobile home loans on
a heavy basis,” said Mr. Fennel. “We
were induced into this field for several
reasons: First, the demand for this
kind of financing exists in the Rocky
Mountain area. Second, the income
from this kind of lending is attractive.
And third, (was) the protection of­
fered us by a national servicing or­
ganization.
“Our increase in total outstandings
for this portfolio has averaged well
Olympic Sized
above $100,000 per month during this
Rooftop
time. It appears to us that the average
heated pool,
sun terrace,
age is a cross section of people be­
chaises, cabanas
tween 25 and 45.”
BEAUTIFUL NEW VACATION RESORT,
U n b e a t a b le
And what of the future?
fo r
DIRECTLY
ON THE OCEAN!
Mr, Clark, of Colorado National,
c o n v e n tio n s
(10,000 Sq. Ft.
finds that “the current trend of the mo­
» Beautifully decorated air-conditioned rooms,
of Meetingall with a view of the blue Atlantic. Ample
bile home business definitely appears
Rooms &
Banquet Space)
free
parking.
Bank,
Movie
Theatre
and
21
to be up.” North Denver Bank’s Mr.
retail shops right on the premises.
Whitehead agrees, adding that “this is
* Shuffleboard, ping pong, children’s play area.,
Perfect location for sightseeing, shopping, excit­
the first year that Metro Denver has
ing nightlife, golf, racing, boating, water sports.
had ample spaces available and many
* W i n d j a m m e r Dining Room, coffee shop,
more in construction at fair rental
3 cocktail bars (two indoors— one outdoors
under the Rooftop Suspended Swim Pool).
rates.”
FREE HOLIDEX RESERVATION SYSTEM Confirms
In Cheyenne, First National’s Mr,
your reservation immediately, in writing— just
call any Holiday Inn or your travel agent.
Fennel also expresses restrained opti­
mism. “We also feel the demand for
Featuring Live Entertainment, In the
Windjammer
Lounge-Dancing
Nightly.
this kind of financing will continue in
Additional Entertainment in The Button
Discotheque-The Now Sound.
our area for the next several years.”
RES. U. S. PAT. OEF,
And Mr. Thompson, of First State
Attn: Jim Davis
Holiday Inn Oceanside 3000 East Las Olas Blvd.,
Director of Sales
Bank of Rolla, reports: “Mobile home
Ft. Lauderdale, Fla. 33316
Please send information: □ Vacation □ Sales Meeting
sales have steadily increased in our
NAME.
area over the past four years. It ap­
pears this trend will continue as build­
ADDRESS.
ing and real estate costs continue to
CITY, STATE, ZIP.
rise.”
So—large numbers and statistics
aside for the moment— the consensus

O a u ttm

d si

FORT LAUDERDALE,


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Federal Reserve Bank of St. Louis

Northwestern Banker, N ovem ber, 1971

36

Brokem ond Named
President

m in o is

N EW S
LEWIS H. CLAUSEN President Champaign
ROBERT C. SCHRIMPLE Exec. V. P, Chicago

New Bank Building fo r Belleville
HE continuing enlargement and
T
new construction program for
Belleville National Savings Bank,

York banks in a variety of loan re­
lated areas.

Belleville, is presently building a new
10,850 square foot safe deposit depart­
ment. This will be the largest and most
modern safe deposit section in the
Belleville area.
“We are having a 25-ton vault door
specially designed by the Toby Mon­
day Safe company for security of our
depositors valuables,” says Joseph C.
Hauser, bank president. The giant
door will contain a 20 inch section of
solid steel with an overall measure­
ment of 42 inches thick.
The vault itself will measure 500
square feet and contain 6,000 safe
deposit boxes all secured behind the
gigantic door.
Two entrances will provide access
to the new safe deposit area; an open
carpeted stairway flowing from the
main bank at street level or by a pri­
vate elevator transporting bank cus­
tomers directly into the new section.
The walls will be constructed with
an interesting contrast of walnut wood
paneling and travertine marble.

Pettingell Prom oted
William C. Pettingell has been
elected construction loan officer of the
Pioneer Trust & Savings Bank, Chica­
go, a subsidiary of Montgomery Ward,
it was announced by Russell T.
Cramer, Pioneer president. He was
formerly loan officer and project engi­
neer for Salk Ward and Salk, Inc.

Cary-Grove Bank Opens
The new First Security Bank of
Cary-Grove opened to the public for
the first time last month, according to
an announcement by a bank spokes­
man. The new bank, which is under
construction at 45 Highway 14 in Cary
will be one of the most modern bank­
ing facilities in the area. The new bank

N o r t hfor
w eFRASER
ste rn B a n k e r, N o v e m b e r, Ï9 7 Ï
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Charter Issued
The new First Security Bank of
Glendale Heights has received a char­
ter from State of Illinois Commissioner
of Banks and Trust Companies, H.
Robert Bartell, Jr.
The charter permits the bank to be­
gin construction on the new building
and to open for business as soon as it’s
completed.
The new First Security Bank has a
capitalization of $750,000.

Karrow Joins Bank

Kurtzke Vice President
Following a recent meeting of the
board of directors of Oak Park Trust
& Savings Bank, Oak Park, Wallis
Austin, b o a r d
c h a i r m a n , an­
nounced the elec­
tion of Joseph J.
Kurtzke to vice
pr esi dent . Mr .
Kurtzke will head
t h e commercial
loan department.,
A 1957 gradu­
ate
of Fordham
J. J. KURTZKE
Uni ver s i t y, Mr .
Kurtzke comes to Oak Park Trust fol­
lowing 4X
A years with Bankers Trust
Company in New York where he was
responsible for a substantial diversified
commercial loan portfolio. Prior to that
time he served with two other New

It was announced by the board of
directors of the Highland Community
bank, Chicago, that George R. Broke­
mond has been elected to the position
of president of the bank, replacing
Joseph R. Bertrand. It was also an­
nounced that Joseph G. Bertrand was
elected chairman of the board of direc­
tors.
Mr. Brokemond began his banking
career 11 years ago as branch man­
ager of the Bank of Indiana, then be­
came executive vice president of the
Riverside National bank, Houston,
Texas. He re-located to Chicago and
joined Hyde Park Bank and Trust
Company as vice president-commercial
and industrial division and just prior
to joining Highland Community bank
was executive vice president at the In­
dependence bank of Chicago.

K. CROWE

L. E. BURG

will have two drive-up lanes for cus­
tomer convenience as well as 24-hour
depository service.
Kenneth A. Crow is the vice presi­
dent and cashier of the new First Se­
curity Bank of Cary-Grove. Mr. Crow
was formerly president of the Iowa
County Savings Bank in Marengo,
Iowa., Mr. Crow, who will be the chief
operating officer of the bank, has been
in the banking business since 1949.
Lawrence E. Burg serves the new
First Security Bank of Cary-Grove as
assistant cashier. He was formerly as­
sistant cashier and loan officer of the
First Bank and Trust Company of
Palatine.

William T. Karrow has joined the
staff of the Bank of Naperville, ac­
cording to an announcement by Bank
of Naperville president G. Ward
Stearns. Mr. Karrow will bear re­
sponsibility for marketing and advertis­
ing efforts of the bank.
Mr. Karrow comes to the bank from
Dana College in Blair, Nebraska where
he was an instructor of business ad­
ministration.

McQuaid Travel Manager
Chicago’s
largest,
black-owned
bank, Seaway National, has appointed
Allen E. McQuaid as manager of
Trains & Boats & Planes, Inc., a
wholly-owned, travel agency subsidiary
of the bank, it was announced by
Harold R. Algar, Seaway’s president.
A veteran travel agency executive,
Mr. McQuaid held managerial posi­
tions with several travel companies
prior to joining the Seaway subsidiary.
Most recently, he was with Marks
Travel Service, Oak Park.

37

Some tim ely news fo r yo ur man in personnel.
W hoever he is, he
probably has a problem with
employee turnover am ong
bookkeepers and tellers.
T h a t’s why we think
he’ll be pleased to hear about
our new self-teaching, audio­

graphic course in check-paying
and signature verification for
tellers and bookkeepers.
We developed it to train
our own people and it has been
very effective. N ow we’re
offering it to our correspondents
to help increase their efficiency

in check paying operations.
We hope you’ll pass
the word on via the memo
below.

Am erican National
The Idea Bank

TO:_______________________________ —
RE: Training n ew te lle r s/b o o k k e e p e r s,
American National, our correspondent in Chicago,
has a new self-teaching audio-graphic instruction system that
covers the basics on check paying and signature verification.
The new employee works by himself, at his own pace,
using pre-recorded lessons (playable on a tape cassette), a
workbook and progress tests.
His supervisor (working from a special manual) ad­
ministers the short tests at certain checkpoints, and keeps
an eye on his general progress.
Most students complete the course in two sittings,
about 2 hours each. When they're finished, they know all
the terminology, the 5 elements of a check, when not to
cash or pay checks. And they have learned the basics ol
signature verification.
The man to call is Bill Aldrich, at (312) 661-5050,
I think it’s worth looking into.
Regards,

American National Bank and Trust Company of Chicago • LaSalle at Washington 60690 * Phone (312) 661-5000 Member FDIC

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

N o rth w e ste rn

B a n k e r, N o v e m b e r,

1971

38

Illin o is

N ew s

NEW EXTERIOR of the First National Bank, Raymond, recently completed.

New Banking Facilities a t Raym ond
EW quarters for the First Nation­ last month, John E. Jansen was ap­
al Bank, Raymond, have recent­ pointed to the position of executive
ly been completed. Bank Buildingvice president, and Ted C. Rasmussen
Corporation was the Consultant and was named cashier of the First State
Construction Manager for the project Bank of Harvey, Harvey.
and William F. Cann, an associate of
A short time before, Daniel E. Mc­
Bank Building, was the architect.
Lean was promoted to be an assistant
The remodeling of the one story cashier of the Bank.
building features a contemporary ex­
terior of dark brick accented by cano­ Expand H illside Bank
pies of painted galvanized metal.
Expansion of the after-hours walkThe interior will continue the con­ up facilities at the Bank of Hillside
temporary remodeling theme with wal­ in the Hillside Shopping Center has
nut furnishings and colors of gold and been announced by Raymond J. Fencl,
olive predominating. Upholsteries are president.
in shades of green and blue.
The expansion calls for the installa­
Customer conveniences included in
tion of a second walk-up window and
the remodeling are a night depository,
the addition of new people and equip­
drive up windows and off street park­
ment to enable the bank to serve twice
ing.
as many people faster than before,
Fencl said.

N

Spingola Named Cashier

Joseph P. Spingola has been named
cashier in addition to his title of senior
vice president at the Northwest Na­
tional Bank of Chicago, it was an­
nounced by Fred W. Heitmann, Jr.,
bank president.

Appointed Loan Officer
Mrs. Virginia M. Fieroh was recent­
ly promoted to assistant loan officer
at Mount Greenwood Bank, Chicago.
The announcement was made by
Clarence Yonker, president, and Al­
bert A. Payne, vice-chairman. Prior to
joining Mount Greenwood.

Appoint Robert Mines
Robert J. Mines was appointed as­
sistant vice president in the commercial
loan division at Riverdale Bank, Riverdale, in a recent meeting of the board
of directors. The announcement was
made by Frank Stewart, president.

Prom ote Two at Harvey
At the board of directors meeting

Northwestern
Banker, November, 1971
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Elect Gage President
Harry M. Gage has recently been
named president and chief executive
officer of the O’Hare International
Bank, Chicago, according to a recent
announcement.

Issue Charter
A charter has been issued for the
organization of the Nortrust Bank,
Chicago. Total capitalization is $350,000 with capital stock at $200,000,
surplus at $100,000 and $50,000 re­
serve. Douglas Fuller will be president
and Robert E. Hunt will be executive
vice president.

ABA CONVENTION . . .
(Continued from page 20)
role the U. S. has played for 25 years
and in the process has bled itself dry
at the expense of our own monetary
system. The loudest cries against Presi­
dent Nixon’s actions, he said, come
from those who have been demanding

for several years that the U. S. do
something about its balance of pay­
ments problems. Now, he stated, they
find they liked our surpluses better
than our new approach.
His speech was received well with
a standing ovation.
The 1972 convention of the ABA
will be crammed into Dallas, Tex., the
1973 convention will return to Chica­
go, and the 100th anniversary conven­
tion is scheduled for Hawaii. This will
be the second time for the convention
to be held in Hawaii. The first time
was in 1969 and the meeting drew the
ABA’s second largest registration—
12,005 people.— End

A REUNION of these 11 bank executives
who were all formerly associated with New
York Trust Company before its merger into
Chemical Bank of New York was held dur­
ing the ABA. All except two are in New
York City. Left to right, they are: Seated—
Louis Auer, partner, Shields & Co.; Fletch­
er E. Nyce, chmn., Central Trust Co., Cin­
cinnati, O.; Edward L. Palmer, chmn. exec,
comm., 1st Natl. City Bank, and Richard
K. LeBlond, exec, v.p., Chemical Bank.
Standing— Alan W. Peters, v.p., 1st Natl.
City Bank; Walter H. Brown, partner,
Brown Brothers Harriman & Co.; Henry
Lanier, conv. dir., Chemical Bank; Keith
Kingsbury, v.p., Chase Manhattan; R. L.
Ireland III, partner, Brown Brothers Harri­
man & Co.; Walter V. Shipley, reg. v.p.,
Chemical Bank, and Granger C. Costikyan,
partner, Brown Brothers Harriman & Co.,
Chicago office.

John Byran, financial writer, Cleveland
Plain Dealer, Cleveland, O., and Ray
Koontz, pres., Diebold, Inc., Canton, O.

39

*

>•

“Say, they work a s w ell together
a s our bank and Talcott!’

✓

V

Next time your bank can’t say “Yes” on a
request for an unsecured loan —team up
with Talcott. Working with us lets you make
money available to customers more freely
—without the restrictions imposed by
regular loan policies. And—you can

v>

participate upto 50% as our “secured lend­
ing partner” in any “ package financing”
plan we originate. For details on how we
can help you help your clients, write for a
copy of “Talcott and Banks” Or—talk to the
man from Talcott at our nearest office.

Commercial & Industrial Financing •Factoring
820 Northwestern Bank Building, Minneapolis, Minn. 55402 • (612) 339-7711

Atla nta

•

Boston

• Chicago


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

• Dallas •

Detroit

•

Los Angeles

• M iami

• Minneapolis ® Newark » New York * Philadelphia • Puerto Rico * San Francisco

N o rth w e ste rn

B a n k e r, N o v e m b e r,

1971

40

Correspondent Banking: a persona! view.

The small town banker
iscrucial tothe revitalization
of ruralAmerica''
Ken Wales
Ken Wales has strong views about the importance of
grass-roots banking. That’s one reason he heads our
Correspondent Bank Division. From his own rural
background, Ken knows that local leadership,
headed by alert bankers, provides the climate
for community progress. And Ken’s an action man.
He’s spent fourteen years working with small town and
small city bankers, helping them to improve the
economy and the quality of life in their communities.
So when you’re talking with Ken Wales, you’re
talking with a man who understands your problems
and respects your objectives. You’ll find
him at the Bankers’ Bank of Mid-America
. . . 612/370-4141.

V

-4

F irst
M in n eap o lis
Has an Idea for You
Correspondent Bank Division • First National Bank of Minneapolis • Member FD1C
Digitized
N o r t h wfor
e s FRASER
t e r n B a n k e r , N o v e m b e r , 19 7 1
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

41

M in n e s o ta

NEW S
WILLIAM G. KIRCHNER President Richfield
T. L. JEFFERS

Exec. V. P.

Minneapolis

MBA D istricts Elect Officers
EW officers elected at the Minne­
sota Bankers Association district
meetings recently as follows:
District 1 — Councilman, Myron
J. Ellingson, Security State Bank,
Kenyon. President, Peter M. Webster,
Lake City State Bank. Vice President,
James Jorstad, Citizens State Bank,
Hayfield. Secretary-Treasurer, Paul
Bringgold, First National Bank, Can­
non Falls.
District 2 — Councilman, G. M.
Pieschel, Farmers & Merchants State
Bank, Springfield. President, Earl G.
Wise, State Bank of Gibbon. Vice
President, Clayton Hoese, Security
State Bank, Glencoe. Secretary-Treas­
urer, O. K. Deutschman, First State
Bank of LeCenter.
District 3 — Councilman, Stephen
Vagasky, Centennial State Bank, Lex­
ington. President, A. R. Kircher,
Cosmopolitan State Bank, Stillwater.
Vice President, William Jude, First
National Bank, Hopkins. SecretaryTreasurer, E. Milton Klohn, Farmers
Terminal State Bank, Newport.
District 4 — Councilman, Edward
L. Kalafat, Highland Park State Bank,
St. Paul. President, E. R. Locke, First

N

Minnehaha National Bank, Minneapo­
lis. Vice President, R. V. Kochendorfer, Northwestern State Bank, St.
Paul. Secretary-Treasurer, R. L. Nordlund, Hillcrest State Bank, St. Paul.
District 5 — Councilman, John
Knutson, Midland National Bank,
Minneapolis. President, George H.
Dixon, First National Bank, Min­
neapolis. Vice President, John A.
McHugh,
Northwestern
National
Bank, St. Paul. Secretary-Treasurer,
Philip H. Nason, First National Bank,
St. Paul.
District 6 — Councilman, Jerry J.
Kigin, Northwestern Bank & Trust
Co., St. Cloud. President, John C.
Waters, First National Bank, Pine
City. Vice President, Gerald Oosterhuis, Ogilvie State Bank. SecretaryTreasurer, Earl E. Keskey, Security
State Bank, Sebeka.
District 7 — Councilman, Elwood
Throndrud, Northwestern State Bank,
Ortonville. President, Paul I. Thomp­
son, Peoples State Bank, Milan. Vice
President, C. A. Thorkelson, First
Northwestern Nat’l. Bk., Redwood
Falls. Secretary-Treasurer, Mike En-

gebretson, Northwestern State Bank,
Slayton.
District 8 — Councilman, C. C.
Lind, First American National Bank,
Duluth. President, Girard L. Stewart,
City National Bank, Cloquet. Vice
President, Warren B. Kregness, State
Bank of Tower. Secretary-Treasurer,
Larry Doyle, First National Bank,
Eveleth.
District 9 — Councilman, G. A.
Beito, Northern State Bank, Thief
River Falls. President, Anthony C.
Sipe, First State Bank, Ada. Vice
President, G. A. Maruska, Detroit
State Bank, Detroit Lakes. SecretaryTreasurer, Stuart M. Folland, Karlstad
State Bank.

Observe 15th Anniversary
First Southdale National Bank of
Edina celebrated its 15th Anniversary
last month. The bank, located in
Southdale Shopping Center, was
opened at the same time the Center
opened in October, 1956.
At the close of the first day of busi­
ness, deposits in First Southdale Na­
tional Bank totalled $30,000 from
eight accounts. Today, total deposits
exceed $41,000 000 from 32.000 ac­
counts, according to D. W. Judkins,
president of the bank since its begin­
ning.

Growel Joins Staff
Richard P. Pike, president of the
Northwestern National Bank, Hast­
ings, has announced the appointment
of Jerry N. Growel to the staff of the
Northwestern Insurance Agency.

Minnesota Bankers H old Special Conference a t Rochester

PLAN FOR EDUCATION was discussed by Rodger Bense, A.I.B. Assoc. Councilman and a.c., first Natl. bK., Long brairie, wnn u r.
Jack J. Early, exec, dir., education div., American Bankers Assoc., during 22nd Annual Bank Officer and Staff Conf. held by Minne­
sota Bankers Association in Rochester recently. At right, Truman Jeffers, exec. v.p. of the MBA, introduces a key speaker, Ray
Christenson, WCCO Radio sportscaster.

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

Northwestern Banker, November, 1971

42

p ICHARD H. Vaughan has been
A t. elected president of Northwest
Bancorporation succeeding Henry T.
Rutledge who be­
comes chairman
and continues as
c h i e f executive
officer. He will be
the fifth president
in the 42 year his­
tory of the four
b i l l i o n dollar
bank h o l d i n g
company.
VAUGHAN
Mr. Vaughan,
44, is presently executive vice presi­
dent of Northwestern National Bank of
Minneapolis, the largest bank in the
Bancorporation group. He began his
career at the bank in 1951 and ad­
vanced through several departments to
his present position.
Mr. Vaughan is a graduate of Dart­
mouth College and the Amos Tuck
Graduate School of Business. He is a
director of Valspar Inc., Farmhand,
Ins. and Werner Continental, Inc. He
is a trustee of the Minnesota Orchestral
Association, Carleton College and the
Guthrie Theatre.
Commenting on the change, Mr.
Rutledge noted that the recently en­
acted Bank Holding Company Act per­
mits Banco to engage in various types
of “financially related” services. The
addition of Mr. Vaughan to the corpo­
rate office will provide an opportunity
to explore more fully additional areas
of growth.
* * *
First National Bank of Minneapolis
has elected three new commercial
banking officers and advanced two
other officers to assistant vice presi­
dent.
The promotions are those of: Bent­
ley E. Black, Edward R. Landes and
Glen R. Walters to commercial bank­
ing officers, Gerald L. Reichwald to
N o rth w e ste rn

B a n k e r,

N o v e m b er,


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

19 7 1

assistant vice president in First Totalplan, and Gordon D. Crum to as­
sistant vice president at the North Side
Office.
Mr. Black has been with First Min­
neapolis since 1967 and for the past
year has been an administrative as­
sistant in national accounts.
Mr. Landes joined the bank in 1966
and also has been an administrative
assistant in national accounts. He is
a graduate of Trinity College, Hart­
ford, Conn.
Mr. Walters graduated from the
University of Minnesota and joined
First Minneapolis in 1967. He has been
an administrative assistant in the com­
mercial banking group.
Mr. Reichwald graduated from
Dartmouth College and has been with
the bank since 1965. He has held a
number of positions in the trusts and
investment management group and for
the past year has been an investment
officer.
Mr. Crum is a life-long resident of
Minneapolis and has been with the
bank’s North Side Office since 1951.
* * *
Robert E. Westbee, Edina, has been
elected assistant vice president of First
Bank System, the Minneapolis-St. Paul
based h o l d i n g
company. He be­
gan his new posi­
tion last month.
Formerly a vice
president of First
E d i n a National
Bank, Edina. Mr.
Westbee b e g a n
his banking ca­
reer in 1959 with
R . E. W ESTBEE
F i r s t National
Bank of Minneapolis and from 19641966 was assistant manager of First
Minneapolis’ West Broadway Office.
He was elected assistant vice president
of the Edina bank on March 28, 1967

and subsequently vice president, com­
mercial loan department.
*

*

*

William F. Newcomer has been ap­
pointed personal banking officer of
the retail banking
division of the
Ma r q u e t t e N a ­
tional Bank.
Mr. Newcomer
joined M ar­
q u e tte ’s install­
ment loan depart­
ment in 1969. In
1970 h e w a s
named an install­
ment loan repre­
sentative.
* * *
Operational changes and promo­
tions within the wholesale banking
group of The First National Bank of
Saint Paul were announced last month
by Philip H. Nason, president.
Andrew G. Sail, vice president, has
been given the added responsibility of
vice chairman of the Wholesale Group
Officers loan committee. Clarence G.
Frame, executive vice president, serves
as chairman of that committee.
Loans and account relationships
previously handled by a commercial
loan division headed by J. Thomas
Simonet, who resigned from the bank
to join the First Trust Company —
and personnel from the division —have been assigned to other commer­
cial loan divisions of the bank.
A special division has been estab­
lished to administer leasing trusts and
handle special loan transactions. Rich­
ard L. Shepley, a commercial loan of­
ficer, has been promoted to assistant
vice president and will head this ac­
tivity.
Other promotions announced by
Mr. Nason include:
Hugh A. Fitzgerald and Gary R.

1

■i

43

Next time you need help in a hurry with an overline
credit, call your Northwestern correspondent banker. He
can give you a fast decision with the help of our Credit
Analyst, Don Johnson. We can advise you on overlines
and help you analyze complicated credit arrangements.
If you need a correspondent who’ll give you profes­
sional credit analysis and overline help, when you want
it, call your Northwestern Correspondent Banker, or
Don Johnson.
Don Johnson’s
“ Hot-Line” is
372-8482

May we (hd[5)you today ?

Correspondent Banking Division

Northwestern
National Bank

Tom Hayden
Correspondent
Banker
372-8067

of M in n e a p o lis

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis

N o rth w e ste rn

B a n k e r, N o v e m b e r,

1971

44

Mi nnesota News

Woeltge, former commercial loan of­
ficers, who have been named assistant
vice presidents.
Dennis K. Dingman, Jeffrey T.
Pearson, Craig R. Johnson and John
C. Thomas, who have been serving
as division assistants, have been named
commercial loan officers.
A representative office of the North­
western National Bank of Minneapolis
will be opened in London, England in
January according
to John A. Moorh e a d, chairman.
The office will be
located at 56/60
Gresham Street in
the financial dis­
trict of that city.
The b a n k ’ s
representative in
London w i l l be
D. L. TREM M EL
David L, Irenimel who joined Northwestern as a
foreign exchange trader in 1962 and
was named international banking of­
ficer in 1969. Since that time he has
been in charge of the bank’s business
in Europe.
The London office will be the first
office established abroad by any bank
in the Ninth Federal Reserve District.
Northwestern was also the first in the
district to set up a full operating
branch “off-shore” which is located in
Nassau, Bahamas, for the purpose of
handling Eurodollar deposits and sup­
plying credit needs of midwest firms
with overseas subsidiaries.
“The primary function of the Lon­
don office will be the development of
new business involving subsidiaries
and affiliates of Northwestern’s cus­
tomers and other upper midwest com­
panies,” Mr. Moorhead said.
Mr. Tremmel is a native of Sibley,
Iowa and attended Iowa State Univer­
sity and the University of Minnesota.
Acquisition of the Mid America
State Bank of Mendota Eleights by
Mid America Bancorporation, Inc.,
Twin Cities based registered bank
holding company, has been approved
by the Federal Reserve Board, ac­
cording to David A. Shern, corpora­
tion president. The bank is scheduled
to open in 1972. Incorporators are Mr.
Shern. W. G. Andrews, board chair­
man of Mid America; John D. Turner,
vice president of the corporation; Rob­
ert E. Larkin, and Dr. F. M. Owens,
Jr.
N o rth w e ste rn

B a n k e r, N o v e m b er,


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

1971

Warren R. Hinze, president, First
Edina National Bank, announced the
election of Otto V. Byhre, Jr. as vice
president and Merlin M. Helgemoe.
assistant vice president.

O TTO V . B Y H R E , J R .

M . M . HELGEM OE

Mr. Byhre has been associated with
First Bank System, the MinneapolisSt. Paul based bank holding company
since September of 1967. He was
elected assistant treasurer, financial
planning and analysis department in
January, 1969. Prior to joining First
Bank System, he was employed by
Honeywell, Inc. as a systems man­
ager, Twin Cities EDP branch.
Mr. Helgemoe is a former em­
ployee of First Edina National Bank
where he began his banking career
May 6, 1957. He has also been asso­
ciated with the First National Bank of
Minneapolis and First National Bank
of Hopkins where he was elected an
assistant cashier in December, 1964.
His most recent assignment has been
with First Bank System as senior credit
analyst, credit review department.
* ❖ *
The First Metropolitan Travel
agency opened new and enlarged quar­
ters in the First National Bank, St.
Paul, recently and at the same time un­
veiled the new graphic symbol that will
identify its operations and activities.
The agency is located at the Min­
nesota street end of the Fourth street
arcade within the bank building, its
former location before remodeling.
The new graphic design, according
to Bruce McEwen, manager, “sym­
bolizes not only the contemporary
decor of our new offices but also our
world-wide, up-to-the-minute travel
services and our identity with the
First National Bank of Saint Paul.”
The agency is a subsidiary of the bank.
Mr. McEwen also revealed that the
first public tour from North America
to the New China, announced June 2
by First Metropolitan Travel and
scheduled for departure May 5, 1972,
is sold out. Eight people from the Twin
City area have placed reservations for
the trip.

Another China trip is now scheduled
for June 5, 1972, and will include the
same itinerary and features as the May
5 trip. Details are available at the
travel agency.
❖ * *
Philip B. Harris, president of North­
western National Bank of Minneapolis,
has been named general chairman of
the 1972 Ninth
Federal Reserve
District Farm Fo­
rum, it was an­
nounced by Den­
nis W. Dunne,
president of the
Greater Minneap­
olis Chamber of
Commerce.
The Forum is
sponsored annual­
ly by the Greater Minneapolis Cham­
ber of Commerce to develop a thor­
ough, objective, open discussion of
board problems related toagriculture,
labor and industry in the Ninth Feder­
al Reserve District. The 1972 Farm
Forum will be held March 2 at the
Radisson Hotel, Minneapolis.
* * *
First Bank System, Inc., announced
it has agreed in principle to acquire for
cash the stock of IDS Credit Corpora­
tion. IDS, a subsidiary of Investors Di­
versified Services, Inc., specializes in
financing home improvement and
home modernization projects.
* * *
Northwest Bancorporation has re­
ported income before securities trans­
actions of $27.6 million for the nine
months ended September 30, up 4.8
percent over 1970 income for the same
period of $26.3
million. This
amounted to $2.39 per share, com­
pared with $2.28 for the same period
in 1970. After securities transactions,
consolidated net income amounted to
$2.43 per share in 1971 and $2.26 per
share in 1970.
For the third quarter, income before
securities transactions totaled $9.7 mil­
lion, or 84 cents per share, up 8.0 per­
cent over 1970 income of $9.0 million,
or 78 cents per share.
* * ❖
John D. Walker has been appointed
a registered representative in the St.
Paul office of Dain, Kalman & Quail,
Incorporated (DKQ), Minneapolisbased investment banking firm.
Mr. Walker recently completed an
extensive six-months training course

45

DISCOVER |ACK BARRY... A BANKER WHO CARES
Meet the bankers who care, and care about you at the
American. Ja c k Barry is just one of the many depend­
able experts in the Correspondent Banking Department
at the American.
Serving correspondents successfully requires sound
counseling, cooperative loan participation, modern data
processing equipment and in-depth banking expertise.
You get all of these and more at the American.
You can depend on the highest professional stan­
dards, business integrity, responsibility, and complete
satisfaction, too! Not only from Jack, but from everyone
at the American.

And to these essential ingredients, the American offers
you one more . . . our own special brand of service. At
American National Bank, this means more than just a
friendly smile . . . although we have that, too. What it
really means is building a special kind of sound and solid
business relationship that’s based on trust and confidence.
Discover the people at the American, we care about
your banking.

7th & ^Robert

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Federal Reserve Bank of St. Louis

228-2345

St.^Paul, Minn. 55101
M em b er F . D . I. C .

46

Mi nnesota Ne ws

and is now qualified to sell common
stock, mutual funds and corporate and
municipal bonds.
❖ ❖ ❖
“The Actor” Sutton, ex-bank robber
and often called the Babe Ruth of
bank robbers, visited the Northwestern
National Bank of Minneapolis — at
the bank’s invitation to help inaugurate
a new automated bank service, the
Docutel instant cash machine that dis­
penses cash to customers 24 hours a
day.
At a brief ceremony, John A. Moor­
head, the bank’s board chairman, pre­
sented Sutton with a magnetically en-

WILLIE “The Actor” Sutton presents check
to Walter Quan. John A. Moorhead is pic­
tured at the right.

coded instant cash card. Mr. Sutton
inserted the card in the machine and re­
ceived $50 in cash which he presented
to a young member of the Jerry
Gamble Boys Club, 10-year-old Wal­
ter Quan, for the Club.
Mr. Sutton, who is now 70 years
old, was paroled from a life plus 110
years sentence for bank robbery in
1969. He spent about half of his life­
time in prison for bank robberies total­
ing some $2 million. He earned his
nickname, “The Actor”, for his skill
with disguises he used on the job, in­
cluding elevator repairman, window
washer, bank guard. Western Union
messenger and even a policeman.
Since his release from prison, Mr.
Sutton has appeared in a television
commercial for a bank, lectured groups
including judges and penologists,
written an autobiography and made
public appearances like the one at
Northwestern.
ijs sfc
James R. Smith was appointed
cashier in charge of operations and
personnel for Fidelity Bank and Trust,
Minneapolis.
* *
Three new directors have been
elected by First National Bank of Min­
neapolis, one of them the first woman
to serve on the bank’s board. She is
N o r tfor
h w FRASER
e ste rn B a n k e r, N o v e m b e r,
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1971

H A R W IC K

YOUNG

A N D ER SO N

Mrs. Eugenie Anderson of Red Wing,
Minn., former U.S. Ambassador to
Denmark and Minister to Bulgaria.
Also named to the First Minneapolis
board are Richard A. Young, presi­
dent of the Bemis Company, Inc., and
J. William Harwick of Rochester, head
of the section of administration at the
Mayo Clinic.
^
^
Everett M. Christensen, assistant
vice-president, administration. Farm­
ers & Mechanics Savings Bank, is
the author of the management guide
“Dynamic Supervision” published in
September by the Dartnell Corp., Chi­
cago business books publisher.
* * *
Jerald R. Kiernan was named a
registered representative in the Min­
neapolis office of Piper, J affray & Hopwood, Inc.
❖ * *
A steel prototype home was erected
on the plaza at First National Bank of
Minneapolis and drew some 60,000
visitors in a 12-day period recently.
The demonstration home was spon­
sored by the Greater Minneapolis
Metropolitan Housing Corporation
(GMMHC) to give citizens of the
area an opportunity to see and inspect
a house that is factory built, assembled
on the site and made from materials
not common to the housing market.
Head of the GMMHC is George H.
Dixon, president of First Minneapolis.
The corporation is an outgrowth of a
special urban housing task force of the
Greater Minneapolis Chamber of
Commerce last year.
All components of the house, which
has three bedrooms and 1200 square
feet of floor space, were built in the
factory, moved to the site and as­
sembled on a prepared foundation.
Construction began with a crane set­
ting the 7,000 pound “core” of the
house in place. The core contained all
plumbing and fixtures for the bath­
rooms and kitchen, as well as most of
the electrical wiring for the house.
Cherokee State Bank’s departure
from the traditional “Indianhead”
symbol was a visual communications

necessity felt James Gesell, Cherokee
president, especially when you consid­
er the many businesses with Indian
names who have adopted the Indianhead as a symbol.
Michael Patterson of Strategy De­
sign Group, Minneapolis consultants
designed the new symbol and identi­
fication program.

C K Cherokee
C K State Bank
CHEROKEE STATE BANK’S new “ Indianhead” symbol.

The new Arrowhead design signifies
strength and retains the Indian rela­
tionship and past identity. The nega­
tive white space in the center of the
mark forms a directional arrow to in­
dicate movement, a forward thinking
progressive company.
❖ * *
An amendment from the State of
Minnesota Banking Department was
approved authorizing the changing of
the name of the Edina State Bank to
Americana State Bank of Edina.
❖ * *
Gale F. Lindsey of Forest Lake,
former state liquor commissioner, has
been elected president of the 140member Minnesota chapter. Society of
Former Special Agents of the Federal
Bureau of Investigation.
Other new officers for 1971-72 are
vice president: Milton L. Snyder, vice
president in charge of audit and securi­
ty, First National Bank of Minneapo­
lis; and secretary-treasurer: Lewis D.
Halla, security officer, First National
Bank of St. Paul.

George Hovig Retires
At the board of directors meeting
of the State Bank of New Richland re­
cently, George Hovig tendered his res­
ignation as president, and Harry A.
Anderson was elected to succeed him.
Mr. Anderson joined the bank as
assistant cashier in January, 1956, and
was elected vice president in January,
1971.
Mr. Hovig, a native of Norway, has
been in the local bank the past 51
years, nine months, and served as
president the past twenty-five years.
He came to New Richland in 1911
from Madelia. Before joining the bank
on January 2, 1921, he was in land
and real estate business in this area.
Mr. Hovig will remain with the bank
in an advisory capacity.

47

Mr. Traveling Credit
takes the risk out of inventory loans
When Douglas-Guardian puts Mr. Traveling Credit to work for you,
it’s just like taking your bank vault to your customers. We establish a
Field Warehouse where it’s most convenient to store limitless amounts
of raw or finished products. With our special system of auditing, your
loan is perfectly secured. We cut the red-tape, too, and reduce the pa­
per work for borrower and lender. You see . . . there IS a difference in
field warehousing service. We have the years of experience to back up
our claims of superiority.

Douglas-Guardian Warehouse Corporation
P. O. Box 52978, New Orleans, La. 70150, Phone (504) 523-5353
Offices in 15 Principal cities


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Federal Reserve Bank of St. Louis

N o rth w e ste rn

B a n k e r, N o v e m b e r,

1971

48

Mi nnesota News

Open House A ttracts 3,500 People a t Crookston

Zumbrota from Cannon Falls where
he has been employed for the past five
years in a similar position.

Buhl Bank Remodels

BRIGHT INDIAN Summer skies smiled on approximately 3,500 people who streamed
into the First National Bank of Crookston on September 11 to view the 110' by 25'
addition and their completely remodeled and refurbished headquarters. The day-long
open house also marked the 90th anniversary of First National Bank, a landmark in
the history of the bounteous Red River Valley.

Named Assistant Cashier
Duane C. Helm was elected as­
sistant cashier of the Northwestern
National Bank of Bloomington-Richfield by their board of directors, an­
nounced E. G. “Bud” Precht, presi­
dent of the bank.
Mr. Helm earned his certificate of
business administration from North
Dakota State School of Science in
1958, after graduation from Roosevelt
Park High School at Fergus Falls,
Minn. Upon discharge from the U. S.
Air Force in 1963, he joined the staff
of the Fergus Falls National Bank
under their management trainee pro­
gram. He comes to his new position as
an operations officer from the con­
trollers division of Northwest Banco.

Appoint Abrahamson
The appointment of Dale Abraham­
son as trust marketing representative
of the First American National Bank
of Duluth, was announced by Orley
Rath, vice-president, trust department.
Mr. Abrashamson is a graduate of
the Wm. Mitchell College of Law, St.
Paul; and the University of Minnesota,
Duluth. He was admitted to the Min­
nesota Bar in 1970 and is also a mem­
ber of the American Bar Assn.

Previous to his association with First
American, Mr. Abrahamson was em­
ployed in Minneapolis by Northwest
Computer Services and General Mills.

Duluth Bank Prom otion
The appointment of Robert W.
Barnstorf as customer service officer
of the First American National Bank
of Duluth, was announced by Emmons
W. Collins, chairman of the board and
chief executive officer of the bank.
Mr. Barnstorf has been with the
First American in various departmen­
tal capacities since 1950.

Gregg Named Manager
Del Gregg has accepted a position
with the First National Bank, Windom, as an assistant manager in the in­
surance department, a member of the
First Agency System. He has sold out
his interests in Pipestone Professional
Services.

tion, Inc., have reached agreement in
principle for merger of the two St. Paul
based registered bank holding compa­
nies.
Announcement was made by Walter
G. Andrews, board chairman of Mid
America, and Jack Nash, president of
N o rth w e ste rn

B a n k e r. N o v e m b e r,


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

1971

C. L. Severson Resigns
The Pipestone National Bank, Pipe­
stone, announced the resignation of
Conrad L. Severson, its assistant vice
president, as of November 1st. He has
accepted a position as assistant man­
ager of The Sanborn State Bank. San­
born, Minnesota, and will be doing
commercial lending.

Tyrrell is Director
Howard Tyrrell of rural Browerville
was named a director of the Staples
State Bank recently according to Don­
ald S. Eddy, chairman of the board.
Mr. Tyrrell farms in Ward township,
and is the first farmer to be named to
the bank board.
MINNESOTA NEWS . .7 ~
( Turn to page 58, please)

C o f C President

Jaspers Joins Staff
John A. Perra, president of the
Farmers Security State Bank of
Zumbrota, announces the addition of
Edwin Jaspers to the bank’s staff.
Mr. Jaspers will act as a loan officer
and insurance man. He comes to

St. P aul Holding Firms Plan to Merge
Bancorporation,
M IDInc., America
and American Bancorpora­

First National Bank of Buhl is un­
dertaking an extensive remodeling pro­
gram, according to president Edward
H. Roberts.
Lobby size will be increased to bet­
ter accommodate growing walk-in traf­
fic and teller stations will be enlarged
to four from the present three.
A new safety deposit box viewing
area and more space for bookkeeping
facilities are other features. Another
aspect will be a separate location for
bank’s Worldwide Travel Service.

American National Bank and Trust
Company and an officer and director
of American Bancorporation.
Mid America has four affiliate
banks in suburban Twin Cities areas.
Its stock has been publicly traded since
November, 1970. American has two
banks in downtown St. Paul. Its shares
are not publicly traded.

HEADS CHAMBER — Chester Lind, pres.,
First American National Bank, Duluth
(shown at right) was recently installed as
president of the Duluth Chamber of Com­
merce.
Edwin H. Gott, board chairman of U. S.
Steel Corp., (in center of photo) was the
principal speaker at the chamber's annual
meeting.
Sylvester Laskin (left) presided at the
meeting and served as master of cere­
monies. Laskin is a board member of
Northwest Bancorporation and president
of Minnesota Power and Light Company,
which is headquartered in Duluth.

49

The biggest airlines in the world serve big cities
and not-so-big cities, so do w e .
O Z A R K does everything the big­
g e s t a i r l i n e s do. R u n s its own
hostess school. Has a computer­
ized r e s e r v a t i o n s s y s t e m . F l i e s
m i l l i o n s of p a s s e n g e r s o v e r
millions of miles. Jets in and out
of bi g c i t i e s l i k e N e w Y o r k ,
C h ic a g o , W ashington, D.C.,
St. Louis. And also s erves cities
that a r e n’t so big. If you d on ’t
k n o w all that a bo u t O z a r k . . .
maybe you should take a closer
look. And an Ozark flight.

Call your travel agent
or Ozark Air Lines.

OZARK

@ AIR LINES

Up there with the biggest

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Federal Reserve Bank of St. Louis

N o rth w e ste rn

B a n k e r, N o v e m b e r,

1 97 1

50

V.

y

P e t t i j , La n in g a ,
R e t ir e d V ic e P r e s id e n t

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C o n t in e n t a l I l l in o i s N a t io n a l B a n k
C h ic a g o M + b n o is

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R e t ir e d
M a r in e
B u f fa lo ,

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B. M a rs h , W / r
S e n io r V ic e P r e s id e n t
M id la n d T r u s t C o m p a tii,
N e w Y o rk

A lf r e d R : S im p s o n ,
R e t ir e d P r e s id e n t
T o le d o H o m e F e d e r a i S a v in g s
& L o a n A s s o c ia t i
T o le d o O h io

W e b b ). T h o m a s
R e t ir e d V ic e P re s id e n t
U n it e d C a lif o r n ia B a n k
Lo s A n g e le s ; C a lif o r n ia

la m e s J. H a rb a g e
‘‘«S •
R e t ir e d V ic e P r e s id e n t
T h e O h io N a t io n a l B a n k o f C o lu m b u s
C o lu m b u s , O h io

O r r in H . S w a y z e
* ¿
R e t ir e d E x e k u t iv e V ic e P r e s id e n t
F ir s t N a t io n a l B a n k
ac k s o n , M is s is s ip p i
A lb e r t E . C l e e r e ,
^
R e t ir e d S e n io r V ic e P r e s id e n t
F ir s t C it y N a t io n a l B a n k
H o u sto n , Texas

*

N o rth w e ste rn B a n k e r, N o v e m b e r,

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

1971

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Five professionally staffed divisions provide financial
institutions specialized consulting, architectural
and engineering, and construction management
services at the local level.
Eastern: Flushing, N.Y.
Southern: Decatur, Ga.
Central: Maryland Heights, Mo.
Northern: Chicago, III.
Western: Burlingame, Calif.

Name.
Firm.
Address—
City-

State-

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Federal Reserve Bank of St. Louis

Zip.

NB 1171

52
T. Vucurevich, the bank's president
and board chairman.

South Dakota

New Branch Bank

NEWS
O . L. B O N A C K ER
N EIL M ILNER

President
S ecretary

Sioux Foils
Huron

Laird Joins Staff

tions were made: John Wosepka, cash­
ier; Larry Wilson, assistant cashier and
manager of the installment loan dept.,
and Jerry Fischer, assistant cashier and
assistant manager of the Roslyn branch
of the Security Bank.

W. Ray Laird has joined the staff
of the Northwestern National Bank of
Sioux Falls, according to C. A. Lovre,
president.
Mr. Laird, a
native of S i o u x
Falls, has been
e m p l o y e d by
b a n k s in Cali­
fornia for the past
seven years, hav­
ing served as a
l o a n officer for
the First National
W . R . LA IR D
Bank of San Jose,
and as general lending officer for the
Southern California First National
Bank in San Diego. In addition, he has
had experience in business develop­
ment, branch operations, and person­
nel administration.

Thomas L. Raines has been elected
an assistant vice
president of The
Mitchell National
Bank and will su­
pervise the Agri­
cultural Loan De­
partment,
Mr. Raines was
pr evi ous l y e m­
ployed with the
F i r s t National
T. L. R A IN ES
Bank of Valley
City, North Dakota, as a bank officer.

40 th Anniversary with Bank

Vinal B. Clikeman

A dinner honoring Hazel A. Drew,
president of Okaton State Bank, Okaton and Midland, was held at Ft.
Pierre, recently in honor of her 40th
anniversary with the bank.

Funeral services were held recently
for Vinal B. Clikeman. Mr. Clikeman
was chairman of the board of the Park­
er State Bank in Parker.

Raines is Prom oted

Liaboe Prom oted

Added to Staff
K. M. Baukol was named a vice
president of the Security Bank of Web­
ster recently. In addition, these promo­

The Western Bank of Sioux Falls
is constructing a branch bank which
will be known as the Western Bank
North. The main building will be
54x65 feet, with four lanes leading to
drive-in stalls.
Henry Carlson Company is con­
structing the building with designs be­
ing provided by Spitznagel Partners.
The building is approximately 40
per cent completed. It is expected to
open in late November.

Wendell O. Liaboe has been elected
vice president-cashier of Union Bank
& Trust in Sioux Falls.
His election was announced by John

Elected to Board
D.
Jack Gibson of Sioux Falls,
South Dakota, has been elected to the
board of directors of United National
Bank of Rapid City, announced John
T. Vucurevich, president.

Bank Conference
The 1971 South Dakota Bankers
Association Bank Management Con­
ference was held recently at the Ramada Inn in Sioux Falls.
A panel of South Dakota bankers
discussed records retention, and a re­
port from the U.S. Treasury on foreign
bank account requirements highlighted
the conference.

Bank Damaged by Fire
Defective wiring in a nearby build­
ing was blamed for the fire that
SOUTH DAKOTA NEWS . . .
( Turn to page 58, please)

Pierre N ational Hosts Area-W ide Open House fo r New Building

WHEN OPEN HOUSE was held recently to display one of South Dakota’s newest banking buildings, The Pierre National Ban!
the two men believed to be the oldest active bankers in the state got together for a little reminiscing. They are Len Pier (left;
pres., Belvidere State, and Walter H. Burke, chmn. of the host bank. CENTER— Mr. and Mrs. Leland Steele, exec, v.p., Farmer
& Merchants Bank, Huron, and Mr. and Mrs. Marvin Rohn (right), ag loan off., The Omaha Natl., Omaha, are greeted by Curtis B
Mateer (center), pres, of Pierre Natl. RIGHT— Chuck Burke, exec, v.p., Pierre Natl., discusses some of the new building's feature
with Mr. and Mrs. Jerry Collins, pres., South Dakota Racing Club,and Carl Pohlad, pres, of Marquette Natl., Minneapolis.
N o rth w e ste rn

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Federal Reserve Bank of St. Louis

1971

53
Haas, cashier of the State Bank of
Burleigh County of Bismarck.

North Dakota

Richard Gast Prom oted

NEW S
T. A . SO LH EIM

P re s id e n t

M in o t

W . J . D A N ER

S e c r e ta r y

B is m a rc k

New NDBA Group Officers
SOUTHEAST GROUP:
EW group officers elected last
month at the annual group meet­ President
ings in North Dakota are as follows: WILLIAM O. BROWN, Executive
Vice President, Security State
NORTHEAST GROUP:
Bank, Hannaford
President
Vice President
C. N. DAVIS, President, First State
WILLIAM SANGER, Executive
Bank, Cando
Vice President, Wahpeton Na­
Vice President
tional Bank, Wahpeton
CURT CORNELIUS, President, Secretary-Treasurer
Elk Valley State Bank, Larimore
INEZ MADDEN, Executive Vice
Secretary-T reasurer
President & Cashier, Farmers
LYLE O. FERING, President,
State Bank, Ypsilanti
Western State Bank, Devils Lake Member State Nom. Comm.
Member State Nom. Comm.
H. M. EMBERTSON, Executive
HARLEY NASH, Vice President,
Vice President, First State Bank,
Farmers and Merchants National
LaMoure
Bank, Hatton

N

NORTHWEST GROUP:
President
LYLE BAKKEN, Executive Vice
President, First National Bank,
Drake
Vice President
GARY HANISCH, Vice President,
Farmers State Bank, Crosby
Secretary-T reasurer
DAVID
SANFORD,
Assistant
Cashier, First International Bank,
Watford City
Member State Nom. Comm.
JOHN BANKER, President, Citi­
zens State Bank, Mohall
SOUTHWEST GROUP:
President
EMIL KAUTZMANN, Vice Presi­
dent & Cashier, Mandan Security
Bank, Mandan
Vice President
GEORGE CRAM, JR., Vice Presi­
dent & Trust Officer, First Na­
tional Bank & Trust Company,
Dickinson
Secretary-T reasurer
ROBERT HENDRICKSON, Pres­
ident, First National Bank &
Trust Company, Bismarck
Member State Nom. Comm.
RICHARD GRENZ, President,
Strasburg State Bank, Strasburg

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Federal Reserve Bank of St. Louis

Plan Ag Conference
W. B. Johnson, vice president, First
National Bank, Grand Forks, is taking
reservations for the 10th annual Agri­
cultural Credit Conference, to be held
by North Dakota Bankers on Decem­
ber 2 and 3 at the Westward Ho in
Grand Forks.
Theme of this year’s conference is
“Money is Number One," and the
conference program will follow the
same format as in the past. The con­
ference will start with a social hour and
smorgasbord dinner on Thursday eve­
ning, December 2. Friday morning and
afternoon will be devoted to business
meetings. Adjournment will follow the
annual banquet on Friday evening.
Bill Parker, assistant vice president
and ag rep for the Citizens State Bank,
Rugby, is chairman of the NDBA Ag
Committee, and will head the program.

Central N.D. Meeting
The Central North Dakota Chapter
of the Bank Administration Institute
held its first regular meeting recently
at the Bismarck Municipal Country
Club. This meeting featured a presen­
tation on “Operational Problems of
Teller Training” by Dwane Jensen,
vice president and cashier of the Dako­
ta National Bank of Bismarck and AI

Richard Gast has been elected assistant trust officer of the Fargo Na­
tional Bank and
Trust Co., W. R.
B r a s e t h, bank
p r e s i d e n t
announced.
The trust de­
partment was or­
ganized in April
1968 and is un­
der the supervi­
sion of David D.
R . G A ST
Gordon.

Joins McVille Bank
Darrel Moon has recently joined the
McVille State Bank, McVille, as as­
sistant cashier. Mr. Moon is a graduate
of the University of North Dakota with
a masters degree in accounting.

Named to Board
Dr. Howard C. Rose, president of
Valley City State College, was elected
a new director of the American Na­
tional Bank of Valley City, bank presi­
dent K. B. Cummings announced.

Anniversary Open House
The First National Bank of Williston, its officers, directors and employ­
ees were host to the people of that area
recently at an open house, marking the
45th anniversary of the institution.
John Dickson is president of the
First National which was organized
and chartered as the Commercial State
Bank in 1926.
Mr. Dickson stated that the bank
has grown from $100,000 in 1947 to
over $20,000.000 in footings.

Montanan Joins Stall'
Edison (Ed) Martin, has joined the
Garrison State Bank insurance agency
staff.
Mr. Martin will work with G. K.
Greff of the bank’s insurance depart­
ment. Earlier this month the bank ex­
panded its insurance business through
the purchase, with the Kirchen Agen­
cy, of Garrison Insurance and Real
Estate.
In line with the appointment of Mr.
Martin, the bank will relocate its insur­
ance department in the building which
formerly housed the Garrison Insur­
ance & Real Estate.
N o rth w e ste rn

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1971

54

C o lo ra d o

News
M AX G . BRO O KS
D enver
P re sid e n t
C c la ra d o B a n k e rs A ssn .

Name Frank President
Major changes in the executive staff
of the American National Bank were
announced by the directors of the Den­
ver bank effective November 1.
J. E. Montague, president since Jan­
uary 1960, was named chairman of the
board and continues as chief executive
officer.

J . E. M O N TA G U E

R. F. FR A N K

Robert J. Frank, presently presi­
dent of Continental National Bank of
Englewood, also an affiliate of the
Western Bancorporation, the nation’s
largest registered bank holding com­
pany, was elected president.
Adolph Kunsmiller, chairman of the
board since 1957, was named chair­
man emeritus.
A graduate of Red Oak College, Mr.
Frank’s banking career started with the
First National Bank in Fort Collins in
1956 as manager of the personal loan
department. In 1960 he moved into
the trust department, in 1962 he was
promoted to vice president and trust
officer, and in 1964 to executive vice
president. He came to the Englewood
State Bank, now the Continental Na­
tional Bank of Englewood, Colorado,
in January 1965 as executive vice
president and became president in
June 1965.

Central Inform ation System
The Central Bank and Trust Com­
pany, Denver, has announced plans to
implement a progressive “Central In­
formation System” designed to expand
personalized service to customers. The
Central Information System will be im­
plemented through the use of Data
Base Concepts which will provide the
N o rth w e ste rn

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Federal Reserve Bank of St. Louis

1971

Central Bank with a single source of
information regarding each customer’s
bank activity as well as improving the
bank’s general ledger accounting.
“The initial phase of the system en­
hances the bank’s ability to identify
and serve those customers using sev­
eral bank services and to obtain a to­
tal picture of where they stand with
each,” said Central bank president
Donald D. Hoffman. “A customer can
instantly find out about his checking
and savings accounts, installment and
mortgage loans and other services
without running from department to
department.”
Another key advantage of the sys­
tem is that it will provide a cross-trans­
fer of information from one depart­
ment to another in the bank. All de­
partments within the bank will be
aware of customers’ activities in other
areas.
“With this new system,” Mr. Hoff­
man added, “The Central Bank will be
able to give better and faster service to
customers, without the normal ‘ex­
pense’ of less personalized service.”
The Central Information System,
developed by Cincom Systems, Inc.
Cincinnati creator and marketer of
computer software, will take twelve
months to implement completely, and
at Central Bank will utilize the IBM
370 equipment.

Herman Rachut, who is returning to
his native Iowa to become president
of the Burt Savings Bank.

Top Credit Source
Commercial banks continue to be
the primary source of credit for Col­
orado’s ranchers and farmers, accord­
ing to Max G. Brooks, president of the
Colorado Bankers Association.
Mr. Brooks, chairman of the Central
Bank & Trust Co., Denver, said a re­
cently completed summary of agricul­
tural credit by the agricultural and
v
rural affairs committee of the Ameri­
can Bankers Association showed Col­
orado banks made $358 million in ag­
ricultural loans.
The total was 8 per cent higher than
in the previous year, Mr. Brooks said.
Of the $358 million, $334 million
was in production loans and $24 mil*
lion in farm and ranch mortgages.
Federal Land Banks loaned $173
million; Production Credit Associa­
tions loaned $198 million; insurance
companies loaned $153 million and V
the Farmers Home Administration
loaned $19 million, according to the
summary.

Dan Clark Prom oted
Dan Clark was recently elected in­
stallment loan officer of the Colorado
National Bank, Denver. The announcement was made by Melvin J.
Roberts, chairman of the board and
chief executive officer. Mr. Clark
joined the bank in 1970. He spent the
previous 12 years with the General
Motors Acceptance Corporation. He
now serves as manager of the dealer
department of the Colorado National
Bank installment loan division.

Reed Heads Advertising

Interest Rates Free of
Controls in Phase Two

Lynn B. Reed, a KOA Radio ac­
count executive for the past six years,
has joined The Central Bank and Trust
Company as director of advertising,
according to president Don Hoffman.
Mr. Reed is a native of Wyoming and
graduated from the University of Ne­
braska in 1948 with a B.A. degree and
an Associate Degree in Radio Broad­
casting. He is a veteran of the 44th In­
fantry Division of the U.S. Army and
was a radio broadcaster in Lincoln,
Nebraska, before coming to Denver in
1952. He owned and operated his own
advertising agency in Denver through
1963-1965.
At Central Bank, he will replace

Interest rates will remain free of
controls under Phase II of President
Nixon’s New Economic Program— but
under the careful watch of a new Com­
mittee on Interest and Dividends and
the threat of controls unless yardsticks
to be developed by the Committee are
met.
The Committee will formulate and
execute a program for obtaining volun­
tary restraint on interst rates, subject
to review by the Cost of Living Coun­
cil. And the President is asking Congress to give him standby interest rate
and dividend control authority under
the Economic Stabilization Act to back
up the Committee actions if needed.

^

A.
N

55

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correspondent relationship with
The First National Bank of Denver.

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where theAbankers
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First of Denver
THE FIR ST NATIONAL BANK OF DENVER
303-893-2211 • T.A. Box 5808 • Denver, C olorado 80217


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Federal Reserve Bank of St. Louis

N o rth w e ste rn

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1971

56
■■■■i

W y o m in g N e w s
RO BERT W . F IN K B IN E R
Lan der
P re sid e n t
W y o m in g B a n k e rs A ssn .

5 0 Years with Bank
G. M. (Rex) Rafferty, chairman of
the board of the Wyoming National
Bank in Casper, celebrated his fiftieth
anniversary with that institution, last
month.
Mr. Rafferty joined Wyoming Na­
tional in 1921 as a messenger and
worked in every department, finally be­
coming chairman of the board.

Nam ed To Art Council
A. H. Trautwein, a director of the
Cheyenne National Bank in Chey­
enne, has been named to the Wyoming
Council on the Arts by Governor Stan­
ley K. Hathaway.

Jackson Bridge Dedicated
Felix Buchenroth, Jr., president of
the Jackson State Bank in Jackson,
spoke at the dedication of the last
bridge built by Jackson contractor,
Harold Clark.
The concrete and steel bridge which
spans the Gros Ventre River, was ded­
icated to Mr. Clark who died in 1969.

Banker on Council
A Cheyenne banker, R. Lee Van
Deren, has been appointed to the Wy­
oming-Western Nebraska Regional Ex­
port Expansion Council by Secretary
of Commerce, Maurice Stans.
The Cheyenne-based council is one
of 42 groups in the country. Each
works closely with the Department of
Commerce Business Services offices
throughout the country to develop
world markets for U. S. products.
Mr. Van Deren is senior vice presi­
dent of Wyoming Bancorporation with
headquarters in Cheyenne.

New Bank Opens
The new First National Bank of
Jackson opened its doors last month
in a new modular unit.
The building which was trucked
from Denver came in two parts and
has a steel floor which rests on con­
crete piers. Bank president Robert
N o rth w e ste rn B a n k e r, N o v e m b e r,

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Federal Reserve Bank of St. Louis

1971

Noel said the unit comes with two tell­
er cages, a drive-up window and a
night depository. It was designed by
Marvin Knedler, Denver bank archi­
tect.
The 950-square foot modular build­
ing will be used until the permanent
structure is completed.

New Bank Planned
A new study is being made of plans
for the construction of a new bank
building for Dubois National Bank.
Bids came in higher than the allow­
able commitment for buildings under
the banking laws and above the figure
the bank officers and directors expect
to pay for the building.
The low bidder, Stan Brekken of
Brekken Construction, is working with
Architect John Toohey and bank of­
ficials to trim the building back to
within the limits of the bank’s budg­
et.
Bank regulations limit the amount
that can be spent on a building to
about 50 per cent of capital. The Du­
bois National target needs stay under
$120,000, including architect’s fees.
Bank President George Blevins, vice
president John Benesch and the low
bidder are expecting a new set of plans
within the budget figure for reconsid­
eration.

Business Objects
The Wyoming Bankers Association
and other Wyoming business firms
have objected to the new uniform con­
sumer credit code proposals regulat­
ing protections.
Ernest Halle, director of legal serv­
ices of Laramie County, Inc. said the
administrators should remember that
the code was designed to protect con­
sumers, not retailers, and recom­
mended the proposed rules without
change.
Mr. Hanson said the merchants ob­
ject to one provision that requires that
credit balances be recomputed before
finance charges are added if a person

pays off part of a debt before the bill­
ing date.
Other protested rules include one re­
quiring that billing be made 21 days
before the payment is due and one re­
quiring third-party lenders to provide
borrowers with a statement that they
are losing some of their legal remedies
by borrowing money to buy goods
from a merchant rather than arrang­
ing credit directly with the seller.

Staff Additions
The Bank of Commerce in Sheridan,
has added two men to its banking
staff.
Named as an installment loan of­
ficer was L. G. (Bill) Rose, who for­
merly managed the installment loan
department of the Scottsbluff National
Bank in Scottsbluff, Nebraska.
Thomas Glenn Christensen was des­
ignated an officer trainee.

Name Executive Committee
WBA has announced the executive
committee for 1971-72: George B.
Acker, executive vice president, Bank
of Commerce, Sheridan; R. Sam Al­
len, president, Shoshone-First National
Bank, Cody; A. E. Bradbury, presi­
dent, First National Bank, Evanston;
Felix Buchenroth, jr., president, Jackson State Bank, Jackson; Orin G.
Geesey, president, First National
Bank, Kemmerer; H. K. Harris, presi­
dent, First National Bank, Greybull;
Herbert F. McCulla, president, Se­
curity Bank and Trust Co., Casper; F.
A. Rummel, jr., president, First Na­
tional Bank of Rawlins, Rawlins.

Two Prom oted
William R. James has been named
assistant vice president and Mary Hutsell was appointed operations officer
at the First National Bank of Casper.
The announcement came from Robert
E. Bryans, president of the bank, fol­
lowing the monthly meeting of the
board of directors.
Mr. James is a native of Casper, a
graduate of N.C.H.S. and Casper Col­
lege. He joined the bank in 1957 and
has worked in various departments. In
recent years he has been a loan officer
in the mortgage loan department,
where he will continue to work.
Mrs. Hutsell, a native of Decker, at­
tended Heinman Business School in
Sheridan. She previously worked at the
First National Bank of Sheridan. She
joined the First National Bank of Cas­
per in 1950.

57

The less
you know about
California,
the more we
can help
you.
Nicholas Price
Vice President

Andrew E. Germer
Vice President

John J. Stine
Vice President

James M. Brown
Asst. Vice President

They’re headquartered at California’s Security Pacific Bank, one of the ten largest banks in the country.
561 S. Spring St., Los Angeles, CA 90013. Phone (213) 620-6211/One Embarcadero Center, San Francisco, CA 94111. Phone (415) 445-4000.
CENTRAL REGIONS/CORRESPONDENT BANKING DIVISION

SECURITY PACIFIC BANK


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1971

58

Montana

Keith Goulet, 31, has joined the staff
at the International State Bank. He has
moved from Larimore, N.D., where he
was associated with the Bremer system
bank for 14 months. Prior to that he
was with the bank at Alexandria for
9-1/2 years.

N EW S
R . G . JO H N S O N
R . C. W A LL A C E

P re s id e n t

H a rlo w to n

S e c re ta ry

H e le n a

Hank Conference Held
A bank executive EDP conference
was held recently, John A. Dowall, su­
perintendent of banks for Montana, an­
nounced.
The conference was sponsored by
the State Department of Banking in
conjunction with the Conference of
State Bank Supervisors. Glenn L. Al­
len of Washington D.C. represented
the latter.
The educational programs were con­
ducted by Cushman Gray, of the ac­
counting firm of Peat, Marwick,
Mitchell & Company. This firm, under
the sponsorship of State Banking De­
partments and CSBS, has conducted
the program in over a dozen states.
Mr. Donald E. Pearson, superin­
tendent of banks for California, spoke
at the end of the first day session on
the role of dual banking and the inte­
gral part CSBS plays in supporting the
dual banking system.

A tten d ABA Meet

Claude R. Erickson, pres., First Security
Bank, Livingston, Mont.; Mrs. Erickson;
Mrs. Frizelle; C. E. Nichols, Jr., chmn.,
State Bank at Dillon, Mont., and E. P.
Frizelle, pres., 1st Metals B&T, Butte,
Mont.

MINNESOTA NEWS . . .
(Continued from page 48)

W endorff Named Cashier
Jerry Wendorff was recently hired
as the new cashier of the Peoples
State Bank of Warren. He will suc­
ceed Oscar H. Melgaard who retired
N o rth w e ste rn B a n k e r, N o v e m b e r,

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Federal Reserve Bank of St. Louis

1971

SOUTH DAKOTA NEWS . . .
( Continued from page 52)
heavily damaged the Kennebec Branch
of the United Bank of Vermillion, in
Kennebec, recently.

last month after serving the bank since
1932.
Mr. Wendorff is a native of Hutch­
inson where he was active in 4H and
FFA, serving as chapter and district
FFA president. He was graduated
from the university of Minnesota with
a agriculture-business degree and has
worked with the Union State Bank of
Thief River Falls over 5 years in the
agricultural loan and commercial real
estate department.

Allan H. Mourn, manager of the 3M
Medical Products Division plant, has
been named to the advisory board of
Northwest National Bank in Brook­
ings.
His appointment was announced by
John S. Lasher, vice president and
manager of the bank.

Observes 90th Anniversary

South Dakota Report

Named to Advisory Board

The First National bank of Brainerd
observed its 90th anniversary in busi­
ness last month.
Brainerd was a “boom town” in
1881, the year the First National bank
was organized, with population set at
14,000. William Ferris had conducted
a private bank for two years under the
name of Bank of Brainerd which
became the nucleus of the new institu­
tion with Ferris as president.
On Oct. 11, 1881, the new organiza­
tion was established with J. A. Davis
as vice president, G. W. Holland,
cashier, and H. H. Barber, assistant
cashier. The First National bank
started business with a paid in capital
of $30,180.

A report on South Dakota’s 127
state banks shows they had total assets
on September 30, 1971, of $780,987,211, an increase of $43,511,361 over
October 28, 1970, when there were
128 state banks. Loans and discounts
amounted to $370,793,371, nearly
$15,000,000 more than a year ago.
Total deposits at September 30
amounted to $700,066,092. Time de­
posits showed a gain of $43,075,135,
demand deposits gained $2,396,448,
while all other deposits (U.S. govern­
ment and states) fell off about $6.7
million.
Capital accounts and reserves
amounted to $73,032,750, an increase
of $3,860,962 over October 28, 1970.

Improve Customer Facilities

Bank Issues Bond Sale

The First National Bank of Proctor
announced plans recently for a $30,000 project to improve customer serv­
ice facilities.
Norman L. Schroeder, president,
said the bank’s board of directors ap­
proved the investment in a new re­
mote teller drive-in system designed to
speed service.

Named to Board
Ivan Stewart, owner of the Falls
Piggly Wiggly store, was elected to the
board of directors of the Internation­
al State Bank, International Falls, it
was announced by Eugene Blair, presi­
dent of the bank. Mr. Stewart replaces
the late Dr. R. D. Hanover, a member
of the bank board for several years.

The Bank of North Dakota at Bis­
marck, acting as agent for the North
Dakota State Industrial Commission is
offering for sale to the national finan­
cial market, a $15,000,000.00 issue of
State of North Dakota General Obliga­
tion Vietnam Conflict Adjusted Com­
pensation Bonds. The sale of these
bonds will provide the funds for pay­
ment of bonuses to Vietnam war veter­
ans.
The bid for the purchase of the
bonds was opened at the Governor’s
office last month. It is anticipated the
funds will be available for disburse­
ment for North Dakota Veterans by
the Adjutant General’s office approxi­
mately December 1, 1971, according
to bank president H. L. Thorndal.

59

Meet W arner Knobe.
But don’t try your latest
joke on him.
Get to know the newest professional in our lineup.
But before you do, a word of warning.
Don’t drop your latest joke on him, expecting the big knee-slap and the
rowdy laughter.
Because W arner Knobe isn’t the gladhander. O r the swinger.
O r the great golfer, for all we know.
Those things just don’t count with us. Nor with you, we suspect.
He’s simply a professional banker.
The kind who gets the job done, when you need help with transit services.
O r overlines. O r any of the specialized services you don’t have now.
You see, professionalism is what we’re all about. Laughing on cue isn’t.

United
Bank of Denver
17th & Broadway • Phone:244-8811

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

N o rth w e ste rn

B a n k e r, N o v e m b e r,

1971

60

Now, for the first time, you can offer your bank
customer a five-year Financial Planning Service. Our
financial planning department, with the aid of computers,
can analyze a company’s previous financial statement
information, and with several key assumptions and goals
provided by the corporate officers, furnish a five-year
projection of that company’s income, sources and uses
of funds and a balance sheet. Also, the analysis will show
anticipated sales growth rates, profit margins, taxes,
working capital, fixed asset requirements, etc. This new
dimension in business planning is provided at minimal
cost and is another unique feature of our correspondent
full banking services. Financial Planning S ervice. It can
be valuable to you if you use it with customers and
prospective customers. For more detailed information,
call Jay Bordewick, 402-536-2077.

y

THE
Bank
NATIONAL

BA N K
OMAHA

jt

II

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

1971

61

N e b ra sk a
NEW S
1

JO H N W . CATTLE

P re s id e n t

W , H . O STER BER G

E x e c . M g r.

S e w a rd
O m aha

^ Increase Capital
The Bank of Valley, Valley, Nebras*■ ka, has increased its capital from $50,000.00 to $100,000.00 and its surplus
from $150,000.00 to $200,000.00
September 28, 1971. The new 38 foot
by 50 foot addition should be com- pleted by November 1, 1971, accord_ ing to Peter Heintzelman, executive
vice president.

M odernize Beatrice Bank
Negotiations have been completed
- for extensive modernization and ex­
pansion of the existing quarters of The
Beatrice National Bank and Trust
Company, Beatrice.
According to an announcement by
W. W. Cook, Jr., president, final con­
tracts have been signed between the
bank and Bank Building and Equip. ment Corporation of America, the
world’s largest financial building conr‘ sultant firm. This company will man­
age the entire project utilizing the lo­
cal labor and material suppliers.
The existing main lobby of the bank
will be completely redesigned to give
’ functional flexibility and maximum efficiency. The safe deposit box vault
will be increased in size which will al­
low a great expansion in safe deposit
box services. Among other improve­
ments will be the modifying of the ele> vator system so that customers will be
able to park in the Hi-Park Building,
walk to the second floor of the bank
building and take an elevator to the
main banking floor. The installment
loan department will move into com­
pletely new quarters and will occupy
' what was formerly the first two offices
^ South of the bank under the Hi-Park
Garage.

To Governor’s Council
William H. Riley, executive vice
* president & trust officer, The First Na­
tio n a l Bank, Grand Island, has been
appointed to the Nebraska Investment
Council by Governor J. James Exon.
The term of his appointment is for five

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

years. The Nebraska Investment Coun­
cil, made up of five individuals, formu­
lates the policy for the investment of
state funds.

G. A. W right Retires
George A. Wright, chairman of the
board, Bank of Elgin, Elgin, retired
recently after 56 years of service to
banking in Nebraska. The Wrights
will make their home in Bakersfield,
California.
He started his banking career with
the First National Bank of Belden April
26, 1915. He has served banks in
Laurel, Creighton and St. Edward and
is a former president of Group Three
of the Nebraska Bankers Association
and member of the Executive Commit­
tee of the State Bankers Association.

Basic Banking School
The Nebraska Bankers Association
has announced that the School of Bas­
ic Banking will be held March 12-17,
1972. The school is designed for new
bank employees with two or less years’
experience. States are limited to 35
students with quotas held until Decem­
ber 1.

R. H. Freudenburg
Rudolph H. Freudenburg, chairman
of the board of the First National
Bank, West Point, died recently at the
age of 75. He began his banking ca­
reer in the early 1930’s when he be­
came a charter member of the Bank
of Madison and later served as a vice
president. In 1952 he became presi­
dent and chairman of the Clarkson
Bank, Clarkson and later obtained
controlling interest in the First Na­
tional Bank of West Point where he
served as president and chairman.

First o f Chicago Conference
The annual conference for corre­
spondent banks will be held by the
First National Bank of Chicago, No­
vember 21, 22 and 23.

New Group Officers
Group One: President, R. E.
Burkley, chairman of the
board, First National Bank,
Fairbury.
Vice President, K. N. Barnard,
cashier, Farmers & Mer­
chants Bank, Milligan.
Secretary-Treasurer, Robert
W. Johnson, vice president,
First National Bank & Trust
Co., Lincoln.
Group Two: President, George
Cemper, cashier, First Nation­
al Bank, Shelby.
Vice President, Robert L.
Voss, sr. vice president,
First National Bank & Trust
Co., Fremont.
Secretary-Treasurer, Jim A.
Hoshor, vice president &
cashier, Fremont National
Bank, Fremont.
Group Three: President, Larry
McMaster, exec, vice presi­
dent & cashier, First Na­
tional Bank, Wisner.
Vice President, G. A. Stevens,
vice president & cashier,
Bank of Hartington, Hartington.
Secretary, Lyle D. Droescher,
cash., The DeLay First Na­
tional Bank, Norfolk.
Treasurer, Milford Weaver,
security officer, Northwest­
ern National Bank, Norfolk.
Group Four: President, Lee Gal­
latin, president, State Bank,
Benkelman.
Vice President, Allen Norris,
vice president, Adams Coun­
ty Bank, Kenesaw.
Secretary-Treasurer, E. Earl
Bailey, vice president &
cashier, Commercial Bank,
Stratton.
Group Five: President, Allan E.
Masters, president, Arcadia
State Bank, Arcadia.
Vice President, J. W. McDermand, vice president &
cashier, McDonald State
Bank, North Platte.
Secretary-Treasurer, C l a r k
Caley, president and cash­
ier, Bank of Clarks, Clarks.
Group Six: President, Jack T.
Selzer, exec, vice president,
Scottsbluff National Bank,
Scottsbluff.
Vice President, Bennett F.
Johnson, vice president,
Stockmen’s National Bank,
Rushville.
Secretary-Treasurer, L. W.
Lindell, v i c e president,
American National Bank,
Sidney.
N o rth w e ste rn

B a n k e r, N o v e m b e r,

1971

62

IRST National Bank of Omaha’s
F
13th Annual Beef Cattle Confer­
ence will be held Monday, November
29th, at the Omaha Hilton. The same
day, the First National Center will be
dedicated at a brief ceremony immedi­
ately preceding the Forum of Finance
luncheon, with the Beef Cattle Confer­
ence program fol­
lowing at 2:00
p.m.
This day’s pro­
gram precedes an
entire week of
special e v e n t s ,
w h i c h includes
the Open House
for the new 22story First Na­
R. O. CREASMAN
tional Bank office
building, located in the First National
Center.
The featured speaker at the Forum
of Finance Luncheon will be Ralph D.
Creasman, who is chairman of the
board of The Lionel D. Edie & Com­
pany, investment counselors and eco­
nomic consultants. Mr. Creasman
joined the Edie Company in Los An­
geles after several years in the banking
business. He was first with Northern
Trust in Chicago, and then with Se­
curity First National, Los Angeles.

Merv Augerter, bank vice presi­
dent, announces that outstanding talent
has been secured to headline the after­
noon Beef Cattle program. Odin Langen, administrator of packers & stockyards administration, Department of
Agriculture, Washington, D.C., will
discuss livestock payment guidelines
for producers, that mean better finan­
cial protection for both buyers, sellers,
and their bankers.
Dr. R, L. Coppersmith, agricultural
marketing economist at Kansas State
University, Manhattan, Kansas, will be
zeroing in on the current economic and
livestock situation . . . changing times
that are affecting the industry . . . and
a tough-minded look at what’s ahead
for both cattle and hog producers as
to prices, supply and demand from the
consumer.
A late afternoon social hour, with
tours of the new bank building, pre­
cede the gala dinner and entertainment
in the Hilton Hotel Ballroom.
* * *
Edward W. Lyman, president of the
United States National Bank of Oma­
ha, announced three changes in man­
agerial assignments at the bank.
Edgar M. Morsman, Jr., vice presi­
dent, has been promoted to manager
of the commercial loan department.

112 YEARS OF SERVICE

MAHA
R IN T iN G

Servicing the Mid-States A rea
Since 1858

□M PANY
THE COMPLETE BANK SUPPLIER
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OMAHA, NEBRASKA —


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Federal Reserve Bank of St. Louis

PHONE 3 4 2 -7 1 2 3

Henry R. Roose, vice president, has
been named na­
tional account coo r d i n a t o r and
loan division mar­
keting manager.
Howard A. Nel­
son, assistant vice
president in the
mortgage loan de­
partment, w i l l
succeed vice pres­
E. M. MORSMAN
ident Kirk P. Mil­
ler as manager in a change to take ef­
fect November 1, 1971.

H. R. RO OSi

H. A. NELSON

Mr. Morsman brings nine years
banking experience to his new post
including six years with the Morgan
Guaranty Trust Company in New York
City. He returned to his native Omaha
three years ago to join U. S. National
as a commercial loan officer.
The Morsman appointment will en­
able senior vice president Robert W.
Hasebroock to relinquish a part of
what had been a combined responsi­
bility as manager of the bank’s loan
division (encompassing all loan de­
partments) and the commercial loan
department. Mr. Hasebroock will con­
tinue as overall loan division manager.
Henry R. Roose, a U. S. National
banker for nineteen years, was man­
ager of the installment loan depart­
ment for six years prior to becoming
a commercial lending officer in 1958.
Howard A. Nelson recently com­
pleted bis sixth year with U. S. Na­
tional. Before he came to the bank, he
was in the real estate brokerage busi­
ness and he majored in real estate at
the University of Nebraska at Omaha.
The present manager of the bank’s
mortgage loan department, Kirk P.
Miller, has accepted a new position,
effective November 1st, with Iowa Se­
curities Company, St. Paul, Minnesota,
which is the mortgage banking subsidi­
ary of Northwest Bancorporation. In
his new position, Mr. Miller will be in
charge of construction and interim fi­
nancing for Iowa Securities Company
and he will work closely with all Ban-

63

opening november 15th
Here in First National Territory you can
get your share of the best. Including the best
correspondent banking around.
You can get it from the most experienced
bank in the Territory: First National.
W e’ve been here for more than a century.
Longer, in fact, than any other national bank
west of the Missouri.

That’s why we claim our service is a notch
above the rest.
W e’ve simply had more time to learn our
business.
And when it comes to business, we want
yours. So next time you need an experienced
correspondent banker to work with, call us.
We re in a number one position to help.

first n a tio n a l b a n k
o to m d x i

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

N o rth w e ste rn

B a n k e r, N o v e m b e r,

197Í

64

Nebraska News

Pictures from Second Week o f Nebraska Group Meetings

OFFICERS elected by Group 1 of the Nebraska Bankers Association at their recent meeting in Lincoln are, left to right: Robert
E. Burkley, chmn., 1st Natl., Fairbury, pres.; Ken N. Barnard, cash., Farmers & Merchants, Milligan, v.p.; Ron D. Schneider,
v.p., Plattsmouth State, retiring pres, and Robert W. Johnson, v.p., 1st Natl. B&T, Lincoln, secy.-treas. CENTER— Don Ostrand,
v.p., 1st Natl., Omaha; Percy Mays, chmn., Citizens State, Lincoln, and Dick Sinkule, v.p. & cash., Crete State. RIGHT— Lyle Stoneman, v.p., 1st Natl. B&T, Lincoln; Frank Pochup, dept, of banking (ret.), and Alan Haugner, v.p., Martell State. (Below) LEFT— Carl
E. Schneider, exec, v.p., Geneva State; Wilbur Baack, v.p., Natl. Bank of Commerce, Lincoln; Jim Kenner, exec, v.p., Thayer
County Bank, Hebron; Harold Stuckey, a.v.p., Natl. Bank of Commerce, Lincoln, and Gus P. Scholz, pres., 1st Natl. Falls City.
CENTER— Charles Heider, pres., Chiles, Heider & Co., Omaha, and Bill Smith, pres., 1st Natl. B&T, Lincoln. RIGHT— Jack Wilhelmy,
pres., Citizens State, Virginia; Herman Jacobs, mktg. off., 1st Natl. Omaha; Jack Beets, v.p., City Natl. B&T, Kansas City, and Ron
Weiss, cash., Citizens State, Virginia.
Officers elected at the Group 2 meeting in Columbus (not pictured) are George Cemper, cash., 1st Natl., Shelby, pres.;
Robert L. Voss, sr. v.p., 1st Natl. B&T, Fremont, v.p., arid Jim A. Hoshor, v.p., & cash., Fremont Natl., secy.-treas. A complete re­
port with pictures from the first week of Nebraska group meetings was published in last month’s issue of NORTHWESTERN BANKER.

corporation banks, including the U. S.
National.
* * *
Mid-City Bank has announced the
election of Robert A. Anderson to vice

president. He formerly was assistant
vice president of Center Bank.
* * *
Ray Stanley, president of Center
Bank, announced the election of

W e are p le a s e d to ann oun ce
we have becom e

Ronald Jerome Foss as commercial
loan officer of the
Center Bank. Mr.
Foss joined the
staff of Center
Bank on Septem­
ber 1, 1971. He
spent 17 months
in the Banco man­
agement training
program at Cam­
den Northwestern
R . J . FO SS
State Bank in
Minneapolis. On December 1, 1969,
he was assigned to the Northwest Bancorporation Credit Department.

a menu er o f the

NEW YORK STOCK EXCHANGE, INC.

Chiles, H eider &Co, Inc
MEMBER N E W YORK STOCK EXCHANGE, INC.
1300 W OODMEN TOWER
OMAHA, NEBRASKA 68102 ■ (402) 346-6677

O ther offices located in
Lexington, N ebraska • V erm illion, South Dakota

Northwestern
Banker, November, 1971

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

UNUSUAL DISPLAY appeared in the main
lobby of Omaha National Bank recently.
The exhibit included color, salon prints
of the 25 women who were planning the
silver anniversary Clarkson Hospital Fash­
ion Show.
On hand for the formal opening of the
color exhibit were Thomas C. Quinlan,
vice chmn., Omaha National Bank; Mrs.
Samuel B. Marvin, chmn., of the fashion
show, and Mrs. Arthur C. Jetter, vice
chmn. for the event.

65

FR A N K S IB E R T
Vice President

B IL L G R A V E S
Vice President

...anottier memberol our “ I :.

' ' BankTeam

You’ll be seeing a lot of Assistant Vice President Dan throughout the area
because he’s out visiting with our customers. He’s ready, willing, and able to
discuss, suggest, and recommend possible solutions for any problems you
might have. Or...if you need him before he gets there, you can reach h im or any of the other members of our full service correspondent bank te a m with a call to (402) 734-1234.

JOHN F A R R E L L
Vice President

O Northwestern
[JU National
Bank
• O m aha
W
M e m b e r F.D.I.C. * P h o n e 4 0 2 / 7 3 4 - 1 2 3 4


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Federal Reserve Bank of St. Louis

Northwestern Banker, November, 1971

66

Nebraska N e w s

D R A M A T IC A D D IT IO N . . .
( Continued from page 2 9 )
in clu d ing a skylight above a reflector
p o o l m ad e of Sm alti tile fro m Italy.
T h e floor is glazed Ita lia n tile. W alls
are co ra l R osew ood, ebonized w aln u t
an d petrified w ood fro m th e A m erican
so u th w est w ith T ra v e rtin e m arb le
colum ns. T h e trim w ood is A m erican
w aln u t an d th e d oors are ebonized
w alnut. A d istinctive fe a tu re is p o ts
cu sto m m odified fro m old ch an d eliers
in the old O m ah a C ity H all.
T h e b o a rd ro o m also featu res co ral
R osew ood fro m B razil fo r w all panels.
T h e flooring is o ak p a rq u e t w ith cu s­
to m carp etin g . A ccessories include
cu sto m m odified b rass fixtures from
old C ity H all. T h e b o ard ro o m doors,
an d m any o th e r doors in th e b a n k
section o f the building a re ebonized
w aln u t w ith cu sto m bronze p u lls fe a ­
tu rin g the F N B logo.
A lib ra ry fe atu res a fireplace w ith

carv in g fro m th e w indow m oulding
in th e old (old, old, n o t th e m o st re ­
cent!) F irs t N a tio n a l B an k b u ild in g
a t 13th & F a rn a m Streets. T h e fire­
p la c e is finished w ith T rav ertin e
m arb le an d fired w ith a gas log. A
bookcase has carv ed p an els from th e
old C ity H all co u n cil ch am b er.
A ce n tra l fe a tu re in M r. D av is’
office is a fireplace w ith p an els tak en
fro m the w o m en ’s d e p a rtm e n t in th a t
old F irst N a tio n a l b u ild in g a t 13th
an d F a rn a m before it w as dem olished.
It, too, has a gas log fire. G reen le a th e r
w alls and c u sto m c a rp e tin g lend
w a rm th to th e relax in g a tm o sp h e re of
th e office.
M r. L a u ritz e n ’s office is a d o rn ed
w ith A m e ric a n w alnut. T h e shelves
and pulls are cu sto m m odified p an els
fro m th e C ity H a ll c o u rtro o m . A n
O rien tal c a rp e t covers the floor, w hile
a c h a n d e lie r from A m sterd am lights
the coved ceiling.

Mike Mc C a r t h y
M ike’s background gives him the m oxie fo r f i­
nance. His fa th e r was W orld’s Lightw eight
Champion . . . relatives and in-laws all doctors,
lawyers or engineers . . . his youngest sis te r’s
husband was key in the design of the com p uter
fo r the re-entry system fo r the Apollo. All this,
and his Doctorate in Philosophy em barrasses
him a bit . . . but we know th e y ’ll be no handi­
caps in his m ission as head o f ou r M unicipal
Bond buying departm ent.

“J. E.” Van HORNE
"J u n io r” is our 4 th generation Van Horne in
M idwest finance. He’s w orking hard to fill the
void le ft by Edwin's passing . . . which gu ar­
antees you’ ll get prom pt, courteous action -—
ju s t call him ! J. E. joined the firm a fte r a tte n d ­
ing the College o f Business A dm inistra tion at
the U niversity of Nebraska . . . where y o u 'll
find him , and fa th e r John, return in g to th e ir
Big Red alma m ater on Saturday afternoons
du rin g the fo o tb a ll season.

... Both are fully registered representatives , of course!

M r. G iltn e r’s office h as b ra ss w all
sconces fro m th e old C ity H a ll co uncil
c h a m b e r set o n w orm y ch estn u t w all
panels. A n O rie n ta l c a rp e t covers the
floor.
T h ere is also a co n feren ce ro o m and
e x tra offices o n th e executive floor,
ea c h w ith an tiq u es fro m C ity H all or
the 13th and F a rn a m building.
Sliding glass d o o rs o n th e north
side of this fo u rth floor lead to a
T e rra c e w ith u n p o lish e d te rra z zo su r­
face, bronze strip dividers an d old
b rick accen t strip s an d d a rk g ran ite
trim . L an d scap in g includes P o n d e ro sa
pine, ca n o e birch, iro n w ood, lilac,
R u ssia n olive an d p in e trees. A rc h i­
te c tu ra l g ra n ite carvings fro m th e old
O m a h a P o st O ffice, w hich form erly
o ccu p ied th e site o f the new b a n k
building, are disp lay ed on the te rra c e.
A b ric k w all a t th e n o rth o f the
terrace sep arates th e b a n k a re a from
the H ilto n H o tel. A gatew ay through
this w all is m ad e fro m th e e le v a to r grill
from th e old P o st Office. C rossing
over to th e H ilto n a t this level p ro ­
vides read y access to d in in g room s,
m eeting ro o m s an d p u b lic areas o f the
h o tel.
T h e d in in g a re a o n th e executive
floor featu res tab les m ad e of la m i­
n a te d b u rle d elm , w ith accessories
cu sto m m odified fro m o ld C ity H all
council ch a m b e r chandeliers.
V a rio u s o th e r b a n k d ep artm en ts
o ccu p y th e b alan ce of the first 10
floors in the n ew bu ild in g . Safe
d eposit an d m ortgage lo an are on 5;
tru st occupies 6; p ro g ram m in g and
lo an ce n te r are o n 7 ; o p eratio n s is o n
8; p erso n n el an d cu sto m er in fo rm a­
tio n are o n 9, and B an k A m ericard
occu p ies all o f 10. T h e re st of the
building is leased to b usiness ten an ts.
F ro m this new b u ilding, b an k p e r­
so n n el an d th e p u b lic h av e access to
tw o p ark in g garag e a reas, th e hotel,
the A u to B an k an d all shops in th e
F irst N a tio n a l C en ter. F ro m th e
D odge S treet level a t 1 6 th Street, o n e
c a n w alk dow n seven step s to an
A rc a d e u n d er th e new b a n k building.
Business firm s an d shops are lo cated
there, as w ell as a F irst N atio n al c u s­
to m er service facility. O ne a rea on this
level can be re a c h e d by sp ecial e n ­
tra n c e by arm o red c a r service, an d
cu sto m ers m ak in g larg e deposits m ay
en te r this a re a fo r sp ecial service.
A t the w est end of th e A rc a d e level
is a tu n n el going u n d e r 1 7th S treet
to a m ulti-level p u b lic p ark in g garage
o n th e w est side of th e street. F ro m

N o r t hfor
w eFRASER
ste rn B a n k e r, N o v e m b e r,
Digitized
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Federal Reserve Bank of St. Louis

1971

67

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a b r o a d —o r a r e in te re s te d in fo re ig n t r a d e —let us h e lp you.

Omaha International
The Omaha National Bank
Farnam at 17th • Omaha, Nebraska 68102 • Call 348-6282


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

Area Code 402

N o rth w e ste rn

B a n k e r,

November, 1971

68

Nebraska News

th a t g arag e, tu n n els also le a d u n d e r
D odge S treet so u th to th e M ed ical
A rts building, B ran d éis an d o th e r
dow ntow n office buildings.
T h e F irst N atio n al A u to B an k e n ­
tra n c e is fro m D odge S treet ju st ea st
o f 16th Street. C ars drive to the n o rth
en d of the building to one of several
teller statio n s and exit o n to C apitol
A venue. W alk -u p teller facilities also
are available from C ap ito l A venue,
w ith inside teller statio n s o p e n all day.
P ersons w ishing to trav el betw een
th e b a n k an d the h o te l m ay do so
by tak ing esc a la to rs fro m th e m a in
b an k in g floor to the A rcad e level, th e n
p ro ceed in g th ro u g h a w alk-w ay to th e
ad jo in in g building, o r m erely use th e
P laza level across p ro te c te d o u td o o r
sidew alks betw een the tw o stru ctu res.
T h e 4 0 0 -c a r p a rk in g garage is on th e
e a st side of th e hotel. E lev ato rs tak e
guests to u p p e r floors, o r they m ay
p ro c e e d again to the low er level and
w alk th ro u g h th e build in g s to the
b an k . T h ey also hav e access to several
business firm s an d re ta il stores in the
A rcad e and a t stre e t level.
T h e new building is th e fifth h o m e
fo r the F irst N a tio n a l B an k since it
o p en ed fo r b u sin ess in 1863 w ith n a ­
tio n a l c h a rte r n u m b e r 2 0 9 . A fte r the
first tw o stru ctu res h a d served th e ir
p u rp o se , th e b u ild in g a t 13th and
F a rn a m w as occupied u n til th e m ost
recen t stru c tu re , th e 13-story building
a t 1 6th and F a rn a m S treets, w as o c ­
cupied in 1917.
F irs t N a tio n a l re p o rte d deposits of
$1 8 3 m illion on S ep tem b er 30, w ith
lo an s of $ 1 2 6 m illion an d to ta l c a p ita l
of $ 1 5 .8 m illion.
M idw est b a n k e rs w ill have a n o p ­
p o rtu n ity to visit th e new F irs t N a ­
tio n a l building w h en they a tte n d a
special o p en house o n Sunday, N o ­
v em b er 28 fo r a preview show ing of
th e new q u arters. T h e follow ing day,
the F irs t N a tio n a l will sp o n so r its an-

A Growing Omaha!
W ith th e o p en in g o f th e new
F irst N atio n al B an k building,
O m a h a ’s th ree larg est b an k s, all
lo cated dow ntow n, have now
c o n stru c te d co m p letely new b an k
buildings in the p a s t tw o years.
O m a h a N a tio n a l o p en ed its new
build in g a t 17th an d F a rn a m
Streets in Ja n u a ry , 1970. U n ited
States N a tio n a l B a n k m oved
fro m 16th an d F a rn a m Streets to
its new building a t 19th S treet
betw een F a rn a m an d D ouglas
S treet in th e su m m er of 1970.
T h ese th re e b u ild in g p ro jects
have sp u rred o th e r business firm s
to e m b a rk in g o n new bu ild in g
pro g ram s an d a re p a rt of a c o n ­
tinuing w ave of m a jo r co n stru c ­
tio n in th e O m a h a dow ntow n an d
su rro u n d in g area. T h e city has
grow n fro m a p o st-W o rld W ar II
census o f a b o u t 2 4 5 ,0 0 0 to over
5 0 0 ,0 0 0 in th e m etro p litan area.
n u a l “F o ru m of F in a n c e ” lu n ch eo n a t
w hich the g uest sp e a k e r w ill be the
c h a irm a n of th e L io n el D. E d ie & Co.
m an ag em en t co n su ltan t firm fro m N ew
Y o rk , R a lp h D . C reasm an .
F ollow in g this w ill be th e ann u al
“ B eef C a ttle C o n feren ce” p re se n te d
d u rin g an aftern o o n p ro g ra m by the
c o rre sp o n d e n t b an k d ep a rtm e n t. T his
division is h e a d e d b y D o n R . O stran d ,
vice p resid en t. O th e r m em b ers o f th e
d e p a rtm e n t are M erv in F., A eg erter, G ,
R o b e rt B ro w n an d R a lp h E . P eterso n ,
vice p resid en ts. A cocktail p a rty an d
d in n e r fo r co rre sp o n d e n t b a n k e rs an d
th e ir w ives w ill be follow ed by e n te r­
tain m en t.
A special d e d ic a tio n cerem o n y w ill
highlight th e noo n fu n ctio n .
T his w ill b e o n e of sev eral o p en
house events staged by F irst N atio n al.
T he local press will atte n d a sp ecial

M e m b e r N e w Y ork S t o c k E x c h a n g e
and other
P r in c ip a l S t o c k a n d C o m m o d i t y E x c h a n g e s
Lincoln • Omaha • Grand Island • Hastings • Atlantic • Des Moines • Sioux City 1
Cedar Rapids • Kansas City

Banker. November, 1971
Northwestern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

B A N K IN G . . .

( Continued from page 2 6 )
sionally, so m eo n e w ill say so m eth in g
like, “ I n ev er th o u g h t of th a t— b u t now
I see w h y th e b a n k m u st.” O n e lad y
p u lled th e p lu g c lear o u t o f th e tu b
w ith,— “ T h e y sh o u ld m a k e th a t m a n ­
d a to ry re a d in g fo r all high school
sen io rs.” I m u st really h av e h it a
te n d e r sp o t th a t day!

Accounts Increased

F ir s t M id A m e r ic a In c

V

show ing o n F rid ay , N o v em b er 2 6 .
S to ck h o ld ers an d th e ir fam ilies will a t­
te n d an o p en h o u se th e follow ing day.
A fte r th e c o rre sp o n d e n t b a n k p arty ,
th e re will b e o p en h o u ses fo r cu s­
to m ers each n ig h t startin g o n T uesday
th ro u g h o u t th e re m a in d e r of the w eek,
an d a g ra n d o p en in g for the p u b lic on
S atu rd ay , D ecem b er 4. T h a t sam e
evening, F irs t N atio n al em ployees will
atten d a c o ck tail p a rty an d th eir a n ­
n u a l C h ristm as p a rty in th e adjo in in g
H ilto n H o tel. E n d

O u r n e w sp a p e r circu latio n is 3 6 0 0 .
I t is p u b lish e d b o th h e re an d in th e
neig h b o rin g city of D ead w o o d . D u rin g
th e p a st y e a r w hile th e ads w ere b eing
p u b lish ed o u r d ep o sits h av e in creased
a b o u t 2 8 % , o u r cu sto m ers a b o u t
3 5 % . W e n o ticed m a n y m o re D ead w o o d ad d resses in o u r m ailing. T h e
F e d e ra l R eserv e d eb it re p o rt show s a
d e crease in b a n k d eb its of 3 % in L e a d
a n d 1 3 % in D e a d w o o d fo r the y e a r
1970 b u t o u r deb its w ere u p a b o u t
7 % . T h e re a re tw o h o ld in g c o m p an y
b ra n c h b a n k s in th e are a , on e in each
city.
W e feel th a t a t le a st one th ird of o u r
g ro w th is a ttrib u ta b le to “ B an k in g C a n
B e F u n .” A lth o u g h there is no accu rate
w ay o f m e a su rin g ad resp o n se, w e do
n o tice th a t th e re is a shift in th e w ay
p eo p le g reet us o n th e street. T h e re is
m o re a p t to b e a sm ile an d frien d ly
g reetin g an d a g en eral feeling th a t the
b a n k is b e tte r a c cep ted as a n integ ral
p a r t of th e co m m u n ity . W e h av e b een
to ld th a t th e ad has ju st th e rig h t
to u c h — n o t to o stiff an d y et n o t
to o jo cu lar.
A n y w ay , w h en y o u r cu sto m ers an d
d ep o sits a re increasin g , w h en y o u r
b a n k n a m e is b ein g u sed in c o n ju n c­
tio n w ith y o u r ad , w h en peo p le co m ­
m e n t o n a p a rtic u la r p h a se in b a n k in g
th a t y o u h av e m e n tio n e d an d y o u
k n o w th a t th e b a n k ’s m essage is getting
acro ss, “ B A N K IN G C A N B E F U N .”
Y o u see it is co n tag io u s an d h a b it
form ing.— E n d

69

They know how.
Jack Holmquist, Ross Hecht and Wilbur Baack have years
of banking experience. Years. And over those years each
has become deeply involved in every phase of modern
banking. They know how to make a good bank even better.
Wilbur and Jack, working together with Ross, make sure
that the National Bank of Commerce Correspondent Loan
and Banking Department offers NBC’s correspondent
banks the finest in service.
If you need the services of a correspondent banking
department, call on our team at NBC...Wilbur, Jack and
Ross. They’re here to help you. And they know how.

National Bank
of Commerce

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

Northwestern Banker, November, 1971

70

Matzke, d ire c to r o f eco n o m ic d e v elo p ­

Lincoln News

m e n t fo r th e S tate o f N e b ra sk a in ­
d u c te d b o th M r. D av ies a n d M r. R e se r
in to th e G re a t N a v y o f th e S tate o f N e ­
b ra sk a as fu ll ad m irals.

4th Van Horne Generation

H R E E additions to th e staff of
D ain, K alm an & Q u ail hav e been
an n o u n c e d by Harry F. Ware, vice
p resid en t. Jeffrey Phipps, Donald D.
Geis an d Richard D. Piper have r e ­
cen tly jo in ed th e firm as registered
rep resen tativ es.
M r. P h ip p s, a n a tiv e of S idney is a
re c e n t g ra d u a te of th e g ra d u a te school
o f b u siness, U n iv ersity o f N e b ra sk a .
M r. G eis w as fo rm e rly affiliated w ith
D u P o n t, G lo re, F o rg a n . M r. P ip e r w as
fo rm e rly affiliated w ith th e tru st d e ­
p a rtm e n t, N a tio n a l B an k
of Com ­
m erce.

T

*

*

*

A n offering o f $ 7 ,5 0 0 ,0 0 0 8 - 1 /2 %
c o n v ertib le d e b e n tu re s d u e S ep tem b er
15, 19 86 b y N a tio n a l H e a lth E n te r­
prises, In c ., w as re le a se d recently. T h e
offering, w h ich w as quickly o v e rsu b ­
scribed, was m an ag ed by First Mid
America, Inc. and th e M ilw aukee
C o m p an y .
T h e d e b e n tu re s are co n v ertib le in to
co m m o n sto ck a t $ 5 .0 0
p e r sh are
w h ich re p re se n ts a p re m iu m o f 2 .6 %

o v e r th e m a rk e t p ric e o f th e c o m m o n
w hich closed a t $ 4 7 / 8 o n S ep tem b er

21 .
N a tio n a l H e a lth E n te rp rise s ow ns o r
leases 38 n u rsin g h o m es an d h o sp itals
in seven states. T h e M ilw au k ee-b ased
c o m p a n y ’s rev en u es a n d e arn in g s in
the y e a r e n d ed M a rc h 3 1 , 197 1 , w ere
$ 2 5 ,0 4 0 ,0 0 0 an d $ 1 ,0 4 0 ,0 0 0 .
*

*

*

A lu n c h e o n an d p re -o p e n in g to u r o f
th e new Sears, R o e b u c k & C o. sto re
a t G a te w a y S h o p p in g C e n te r w as
h o sted by th e National Bank of Com­
merce for m em b ers o f the L in co ln b u si­
ness co m m u n ity .
A . I. Davies, o f D allas, T ex as, te rri­
to ria l vice p re sid e n t o f S ears, R o e ­
b u c k & C o. an d L in c o ln m a n a g e r Walt
Reser c o n d u c te d th e to u r of th e new
facilities.
M r. D av is in fo rm a lly d iscu ssed th e
firm ’s d e p a rtm e n t sto re o p e ra tio n s in
L in co ln a t th e U n iv ersity C lu b lu n c h ­
eon.
Mayor Sam Schwartzkopf p re se n te d
a key to th e city to M r. D av ies an d Stan

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g ra n t lo a n s to p o litic a l c a n d id a te s. T h e
leg islatio n w o u ld specifically p e rm it
lo a n s m a d e to p o litic a l c a n d id a te s
w h ich a re “ m a d e in ac c o rd a n ce w ith
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LINCOLN BENEFIT LIFE BUILDING • LINCOLN, NEBRASKA 68508
A member of The Greater Nebraska Corporation

Northwestern
Banker, November, 1971
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

O n th e Id es of M arch , 1882, H u g h
C . V a n H o rn e jo in e d th e F a rm e rs N a ­
tio n a l B a n k o f P aw n ee C ity, N e b ra sk a .
A t th e re c e n t N e b ra sk a G ro u p M e e t­
ings, th e fo u rth g e n e ra tio n to c a rry o n
th e V a n H o m e fam ily tra d itio n in
M id w est fin an ce w as re p re se n te d b y
H u g h ’s G re a t G ra n d so n , J. E . V a n
H o rn e ( J r . ) .
N o t in a tte n d a n c e w as G ra n d fa th e r
E d w in N . V a n H o rn e , w h o p assed
aw ay ea rlie r th is y e a r . . . E d w in N .
V a n H o rn e b eg an his c a re e r in 190 7 in
P aw n ee C ity, N e b ra sk a w ith the F a rm ­
ers N a tio n a l B an k . Jo h n V a n H o rn e
b eg an his ca re e r in 1 9 4 6 w ith the F irst
N atio n al B an k of A lb u q u e rq u e . . .
la te r b eco m in g a F . D., I. C . E x a m in e r;
P re sid e n t of th ree b a n k s; and, early in
196 1 , P re sid e n t of V a n H o rn e In v e st­
m ents, In c., O m ah a. J. E . V a n H o rn e
atten d ed th e U n iv ersity of N eb rask a
C ollege of B usiness A d m in istra tio n ,
an d b e fo re h is 2 0 th b irth d a y , p assed
his N . A . S. D . an d S. E . C. tests to b e ­
co m e o n e o f th e y o u n g est fully reg is­
tered rep resen tativ es.
C u rio u sly , b o th G ra n d fa th e r an d
G ra n d so n follow ed th e ir fa th e rs in to
ca re e rs in finance a fte r exactly 1 / 4
cen tu ry . Jo h n V a n H o rn e , w h en ask ed
w hy h e to o k longer, said , “ I co u ld
b lam e it o n W o rld W a r II, b u t th e
tru th is, I h a d go n e as fa r as N ew M e x ­
ico b e fo re finally tra d itio n c au g h t u p
w ith m e .”

F. E. DAVENPORT
REGIONAL OFFICE
2066 FARNAltf ST.
OMAHA, NEB. 68102

Y A LE
BANK SERV ICE DIV.
RYE, N.Y. 10580

71

Bank Americard
This BankAm ericard
has a star on the
back. It is issued by
our BankAmericard
Service C enter.

★

A G R E E M E N T T h is B a n k A m e rica rd is the property of First National Bank & Trust
C om pany of Lin c o ln (Issu e r) and use of this ca rd by. o r with the consent of tt>#
holder c o nstitute s agreem ent by holder to be bound by rule s furnished with said
ca rd and as fo llo w s Holder agrees (1) to assum e respo nsibility for credit extended
by the Issue r or other party or assig ne e thereof on the basis of this ca rd . (2) to
pay. at su c h place as the Issu e r or such other party or assignee thereof designates
o b ligatio ns e viden cing su c h credit, and se rvice charg e s in a cco rd a n ce with billings and the current
C usto m er Paym ent Sch e d ule , in cluding a reaso nable atto rney's fee in the event of suit. (3) to notify
Issu e r prom ptly in w riting of loss of this ca rd . (4) this ca rd may be cance lle d by the Issuer at any time
(5) to surrender this card upon dem and. (6) to w aive and release the Issuer from all defenses rights
and cla im s holder may have against any person or entity honoring this card (7) any claim of Issuer
a gainst holder sha ll at Issu e r's option becom e im m ediately due and payable if holder fails to perform
any term s thereof or make any paym ents as otherw ise agreed (8) all transactio ns in volving credit ex
tended by Issuer on the b a sis of this card sha ll be co ntrolled by the law s of the State of Nebraska
w h ic h are e xp re ssly adopted to co ntro l all tra nsa ctio ns hereunder

AUTHORIZED USERS OF THIS CREDIT CARD MUST SIGN ON SPACE PROVIDED ON
THE FRONT OF THE CARO AND SUCH USERS ARE RESPONSIBLE FOR ALL CREDIT
EXTENDED TO OR PURCHASES MADE BY THEM PURSUANT TO USE OF THE CARO

It is the only bank
credit card issued in
Nebraska that gives
the custom er a copy
of each sales slip
with his m onthly
statem ent.
C ustom ers prefer it.
Because they can
readily verify every
charge.

Ban*Arr>«nca Sarvica Corp .1958 Rev 1969 / k Servicemarks issued and licensed by BankAmei

M argins of
difference in service
that benefit your
custom ers and you
—that’s w hat we
strive to provide.

A ma rii i :


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

N o rth w e ste rn

B a n k e r,

N o v em b er,

1971

^■GOTAN
impossible!

H H A M ?

CALI

LON
PITT

CORRESPONDENT BANKING DEPARTMENT
SIXTH AND LOCUST
DES MOINES

BANKERS TRUST
5 1 5 -2 8 3 -2 4 2 1
“MAKING
IMPOSSIBLE DREAMS
POSSIBLE”
 Banker, November, 1971
Northwestern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

73

OFFICERS of the Iowa Bankers Association for the coming
year are pictured here, left to right. Seated are Thomas H.
Huston, pres., Columbus Junction State Bank, president, and
John Chrystal, president, Iowa Savings Bank, Coon Rapids,
vice president. Standing are James H. Redman, president,
The State Bank, Fort Dodge, retiring president who will now
serve on the Council of Administration for an additional
year, and H. Clark Houghton, president, First National
Bank, Iowa City, treasurer.

Tom Huston E lected President by
Iowa Bankers a t 85th Convention
O W A b a n k e rs e lected T h o m a s H .
H u s io n as p re sid e n t o f th e Io w a
B a n k e rs A sso c ia tio n fo r 1 9 7 1 -7 2 at
th e 85 th A n n u a l IB A c o n v e n tio n in
D e s M o in es la st m o n th . M r. H u sto n
is p re sid e n t of C o lu m b u s J u n c tio n
S tate B a n k a t C o lu m b u s Ju n c tio n . H e
su cceed s Ja m e s H . R e d m a n , p re sid e n t
o f T h e S tate B a n k a t F o r t D odge, w ho
w ill c o n tin u e o n th e C o u n c il of A d ­
m in istra tio n fo r th e n e x t y e a r as im ­
m e d ia te p a s t p re sid e n t.
E le c te d vice p re sid e n t of th e IB A
w as J o h n C h ry sta l, p re sid e n t o f th e
Io w a S avings B a n k a t C o o n R a p id s.
H e su cceed s M r. H u s to n a n d is
sla te d to a d v a n c e to th e p re sid e n c y of
th e asso c ia tio n a t th e 19 7 2 c o n v en tio n .

I

By
MALCOLM FREELAND, P u blish er
and
BEN HALLER, JR., E ditor
H . C la rk H o u g h to n , p re sid e n t, F irs t
N a tio n a l B a n k , Io w a C ity, w as n a m e d
tre a s u re r to su cceed W m . P . R o n a n ,
p re sid e n t, D e c o ra h S ta te B a n k , D e ­
co rah .
(B a n k e rs selected to re p re se n t Io w a
o n th e G o v ern in g C o u n cil an d n o m in a ­
tio n s co m m itte e o f th e A m e ric a n
B a n k e rs A sso c ia tio n , an d n ew officers
elected by th e Io w a C lu b of th e G ra d u ­
ate S chool o f B an k in g a t M a d iso n are
sh o w n in th e acco m p an y in g p h o to s.)

B e a u tifu l, crisp fall w e a th e r h e lp e d
b rin g re g istra tio n b a c k o v e r th e 5 ,0 0 0
m a rk ag ain to a to ta l of 5 ,0 4 1 , th e
six th h ig h est re g istra tio n in IB A h is­
to ry . T h e h ig h est figure o f 5 ,2 8 8 w as
re c o rd e d in 196 7 .

Important Changes Voted
T h re e im p o rta n t re so lu tio n s w ere
a d o p te d b y th e assem bly. T h e first
en d o rses a p ro g ra m of re a lig n m e n t of
th e p re se n t 10 g ro u p s o f th e a sso cia­
tio n in to seven g ro u p s as d escrib ed to
th e m e m b e rsh ip a t th e g ro u p m eetin g s
last w in te r a n d spring. T h is re q u ire d
a c o n stitu tio n a l ch an g e, w h ich w as
v o ted u n a n im o u sly . T h e re so lu tio n
a c tu ally gives th e C o u n cil of A d m in is­
tra tio n a u th o rity in fu tu re y ears to re ­
view th e g ro u p b o u n d a ry situ a tio n a n d
revise th e g ro u p s p erio d ically if
d eem ed adv isab le, w ith a u th o riz e d
g ro u p stre n g th ra n g in g fro m “ n o t m o re

PLATFORM PERSONALITIES— Left to right: W. B. McLuen, pres., Anita State, presents the traditional Silver Gavel to retiring IBA
Pres. James H. Redman. A framed certificate honoring him as “ Dean of Iowa Bankers” was awarded to Frank W. Lindquist, hon.
chmn. of The First State Bank at Gowrie, who was unable to be present for the ceremony. Receiving the certificate on his behalf
was his son, M. W. Lindquist (left), pres, of the bank. With him is Arthur E. Lindquist, Jr., exec. v.p. of the IBA and a nephew of the
honoree. Mr. Redman is pictured with Dr. Paul S. Nadler, prof, of bus. adm. at Rutgers U., whose talk also drew an overflow crowd.
Two speakers who also drew an overflow crowd and extended applause were Dr. Herbert V. Prochnow (left), dir. of the Graduate
School of Banking at Madison and retired pres., 1st Natl, of Chicago, and Dr. Harry P. Guenther, exec, v.p.-econ., Conference of
State Bank Supervisors, Washington, D. C. Don Noller, pres., 1st Natl., Evansdale, and Paul Harvey, TV commentator and program
speaker at the IBA convention.

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Iowa News

LEFT— Members of the official family of the Iowa ABA members met during the convention with Allen P. Stults, newly-elected
pres, of the ABA. Left to right, they are: Seated— Ernie Bartik, pres., Corwith State, retiring exec, councilman; Earl J. Underbrink,
pres., 1st Natl., Fort Dodge, newly appointed ABA state v.p. for Iowa; Mr. Stults, who is chmn. of American Natl. B&T, Chicago,
and Dale C. Smith, exec, v.p., Central Natl. B&T, Des Moines, who was elected for a two-year term to the ABA Governing Council.
Standing— James W. Lipton, Jr., exec. v.p. & cash., Ida County State, Ida Grove, the retiring ABA state v.p. for Iowa; George H.
Schaller, v.p., Citizens 1st Natl. Storm Lake, and Art W. Lucht, pres., Union Story T&S, Ames, who are Iowa's other two members
of the Governing Council; Oliver A. Hansen, pres., Liberty T&S, Durant, and newly-appointed Iowa supt. of banking, who was named
as Iowa’s nominating committeeman for the 1972 ABA convention, and Ben E. Summerwill, pres., Iowa State B&T, Iowa City,
named as alternate to Mr. Hansen. CENTER— Delbert Hinsch, v.p. & cash., and Dick CurreJI, v.p., both with Emmet County State,
Estherville; Dick Weyrauch, v.p., 1st Natl., Minneapolis, and Bob Currell, pres., 1st B&T, Spirit Lake. RIGHT— Leo Voga, cash.,
Farmers Savings. Vincent; Paul A. Olson, cash., Security State, Stanton; Malcolm Erickson, v.p. & cash., Northwestern Natl., Sioux
City, and Paul Tackett, v.p., Thurman State.

th a n fifteen n o r less th a n five c o n ­
tig u o u s
g eo g rap h ical g ro u p s
w ith
b o u n d a rie s follow ing co u n ty lin e s.”
T h e re so lu tio n p ro v id e s th a t if su ch re ­
alig n m en t re su lts in th e e lim in a tio n of
an y g ro u p , “ th e c h a irm a n of th a t
g ro u p shall serve his te rm o f office as
a m e m b e r of th e C o u n cil o f A d m in is­
tra tio n a t large. If by su c h tra n sfe r a
n ew g ro u p is created , th e C ouncil of
A d m in istra tio n sh all a p p o in t a t th e
tim e o f su ch c re a tio n a c h a irm a n an d
secretary fo r te rm s o f o n e o r fo r tw o
y ears as m a y b e n e c e ssa ry to p re se rv e
o v erall b a la n c e in th e b ie n n ia l te rm s
o f th e m e m b e rs of th e C o u n cil of A d ­
m in istra tio n . T h e re a fte r, th e officers of
th e n ew g ro u p shall b e elected as p r o ­
v id ed in S ectio n 7 o f th e A sso c ia tio n ’s
b y-law s a n d in th e g ro u p b y -law s.”
T h e seco n d re so lu tio n also involved
a c o n stitu tio n a l ch an g e p e rm ittin g th e
tre a s u re r to succeed h im self in office,
a n d a change in th e by-law s w h ich p e r­
m its a g ro u p c h a irm a n to succeed h im ­
self in office.

ABA Problem
T h e th ird re so lu tio n w as a d o p te d
d u rin g th e m eetin g o f Io w a A B A
m em b ers in a n effo rt to clarify th e te rm
o f office o f th o se b a n k e rs elected fo r
tw o -y ear te rm s to th e A B A ex ecu tiv e
council (n o w th e G o v ern in g C o u n c il).
T h e A B A h as selected A u g u st 31 as
th e en d of its fiscal y e a r a n d h a s ru le d
th a t all sta te A B A e lectio n s co in cid e
w ith th a t d ate. Io w a is a p p a re n tly th e
o n ly state h o ld in g its state c o n v e n tio n
after th e A B A co n v e n tio n a n d th e sta te
A B A electio n ta k e s p lace a t th e an n u a l
sta te co n v en tio n .
T h e a d o p te d re so lu tio n p ro p o se s
th a t th e te rm fo r tw o y e a rs o n th e
G o v ern in g C o u n cil b e fo r tw o c a le n d a r
y ears fro m th e tim e o f electio n o r u n til
a successo r is n a m e d . A B A a p p e a rs
to be a d a m a n t o n th e issue, so th e
Io w a A B A officials a re p ro p o sin g th a t
th e te rm o f D a le C . S m ith , w ho w as
elected to a tw o -y ear te rm o n th e G o v ­
e rn in g C o u n cil a t th is Io w a co n v en ­

tio n , b e effective sta rtin g S ep tem b er 1,
197 2 . I t w o u ld th e n r u n u n til A u g u st
3 1 , 1 9 7 4 . T h e y also p ro p o se th a t th e
term s o f A r t W . L u c h t a n d G eo rg e H .
S ch aller b e fo r th e y ears 1 9 7 1 -7 2 an d
1 9 7 2 -7 3 . T h e ir term s th e n w o u ld ex ­
p ire A u g u st 3 1 , 197 3 . In th e m e a n ­
tim e, Io w a w o u ld elect tw o n ew G o v ­
e rn in g C o u n cil m em b ers a t its 8 6 th
co n v e n tio n O c to b e r 2 5 , 1 9 7 2 , a n d th ey
w o u ld ta k e office S ep tem b er 1, 197 3 ,
giving co n tin u ity to Io w a ’s te rm s o f o f­
fice.
A g Breakfast
A n in terestin g cro ss-sectio n o f to p ­
ics w as p re se n te d fro m th e sp e a k e rs
p la tfo rm d u rin g th e th re e -d a y co n v en ­
tio n — ag ricu ltu re, ecology, po litics, so­
cial p ro b lem s, b a n k in g , eco n o m ics an d
in te rn a tio n a l affairs.
T h e first d ay o f th e co n v en tio n
tra d itio n a lly o p e n s w ith th e A n n u a l
A g ric u ltu ra l B re a k fa st C o n feren ce. R .
F . M alm b erg , g en eral c h a irm a n o f th e
IB A ag co m m ittee a n d p re sid e n t o f th e

LEFT— Nevin Bowser, v.p., 1st Natl., Chicago, calling for room service as Iowa bankers respond to the bank's invitation to attend
the OktoberFirst room. LEFT CENTER— Frank Farrar, dir., Exchange State, Adair, and Fred H. Douglas, repr. of Chiles-Heider & Co.,
Omaha. RIGHT CENTER— Chuck Singer, Iowa repr., and Charles Browning, dist. mgr.-bank div., Minneapolis, both with Mosler Co.
RIGHT— Miss Janet Ford, a.v.p., Mechanicsville T&S, and Mrs. Mary Holstad, a.c. & asst, mgr.-inv. dept., Central Natl. B&T, Des
Moines, the first lady members of the Iowa Club.
Banker, November, 1971
Northwestern
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LEFT— Robert Isensee, pres., United Home B&T, Mason City, and Bill Kurtz, sr. v.p., American Natl. B&T, Chicago. This was Mr.
Kurtz' last Iowa convention as an officer of American National. As reported in an earlier issue, he has taken early retirement from
the bank, effective November 1, to become president and chief executive officer of Metropolitan Bank & Trust Company in Chicago.
He called on Iowa banks for many years and headed the correspondent bank division for several years. CENTER— Pete DeRosier,
a.v.p., Natl. Boulevard Bank, Chicago; Don Domenick, bond dept, Natl. Elvd. Bank, and Jack Beets, v.p., City Natl. B&T, Kansas
City. RIGHT— Maurice Baringer, Iowa State Treasurer; Charles Walsh, pres., Farmers & Merchants B&T, Burlington, and Ed
Burchette, chmn., Valley B&T, Des Moines.

LEFT— Ray Dieball, a.v.p., 1st Natl., Chicago; Dick Taylor, v.p., & cash., 1st Natl., Sioux City, and Dick Schneider, pres., Security
State, Sheldon. CENTER— Maury Olson, pres., Perry State; Wayne Hettinger, v.p., Atlantic State,, and Del Olson, 2nd v.p., Frank
Starr, pres., and Dave Johnson, v.p., all of The Omaha Natl., Omaha. RIGHT— E. R. Manuel, pres., George State; Charles H. Walcott,
sr. v.p., First Natl., Sioux City, and T. P. Feddersen, pres., Crawford County T&S, Denison.

LEFT— John Rowles, sr. v.p., Union B&T, Fort Dodge, and Mrs. Rowles, with Gary Stevenson, a.v.p., 1st Natl., Sioux City. CENTER
— One of the IBA’s best story-tellers, Richard E. Tool (second from left), pres., Farmers & Merchants Savings, Manchester, draws
humorous groans from Jerry Trudo (left), corr. bk. off., and Terry Martin (right), a.v.p., both with Merchants Natl., Cedar Rapids.
Also pictured are Tom Martin (rear), a.v.p., Merchants Natl., and Bruce Tarbox, pres., Farmers Savings, North English. RIGHT—
Ray Johnston, sr. v.p., Central Natl. B&T, Des Moines; Russ Eichman, a.v.p., and Tom Doss, repr., both with Manufacturers Han­
over, N.Y.; Ivan Johnson, sr. v.p., and Eddie Wolf, v.p., both with Central Natl. B&T, Des Moines.

LEFT— Rick Anderson, loan off., LaSalle Natl., Chicago; John Fagerland, exec, v.p., and Ed Tubbs, pres., both with Maquoketa
State; Max Roy, v.p., and Jim Little, v.p.-internatl. dept., both with LaSalle Natl. CENTER— Ed Lenaghan, IBA ins. dept.; Bob
Carney, v.p., Geo. F. Brown & Sons, Chicago, and Dave McNichols, IBA ins. dept. RIGHT— Hubert the Lion was the center of at­
tention in the hospitality room of Harris B&T, Chicago. Seated— Bill Howell (left), v.p., and Bill Patterfon (far right), corr. bk. off.,
both with Harris B&T, with Phyllis L. Chalup, Morningside State, Sioux City, and George Pingrey, pres., Sac City State. Hubert is
flanked by James W. Lipton, Jr. (left), exec. v.p. & cash., Ida County State Bank, Ida Grove, and Gil McEwen, v.p. at Harris Bank.

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Iowa News

LEFT— Miss Laura Lane, admin, asst., Northern Trust corresp. dept., Chicago, and Mrs. Tom (Ellen) Walvoord, whose husband is
a.c. with Northern Trust. CENTER— Mrs. Shadle and George Shadle, exec, v.p., Iowa T&S, Estherville; Mrs. Franklin and Syl Frank­
lin, 2nd v.p., Continental Bank, Chicago; Mrs. Claussen; Wm. H. Grove, v.p., Continental Bank, Chicago, and Mrs. Grove, and Ed
Claussen, pres., Farmers State, Schleswig. RIGHT— New officers were elected by the Iowa Club of the Graduate School of Banking
at Wisconsin. Left to right are Marv Logan, pres., Davis County Savings, Bloomfield, outgoing pres.; W. D. "Bud’' Wilier, v.p.,
Decorah State, new pres, of the Club, and Hugh J. Septer, v.p. farm rep., Ida County State, Ida Grove, new v.p. Elected secy.treas. was R. O. Focht, v.p., Nodaway Valley Natl., Villisca (not pictured).

C en terv ille N a tio n a l B a n k , o p e n e d this
2 3 rd A g C o n feren ce b y in tro d u c in g
m em b ers o f his co m m ittee. K e rm it J.
A n d erso n , c h a irm a n of th e b reak fast
su b co m m ittee an d p re sid e n t of N e v a d a
N a tio n a l B an k , p resid ed a t th e b a la n c e
of th e m eeting. S p eak ers w ere O rio n
S am u elson, fa rm service d ire c to r fo r
W G N B ro a d c a stin g C o m p a n y in C h i­
cago, a n d E d d ie A lb e rt, n o te d s ta r of
stage, screen a n d T V w ho is c u rre n tly
sta rrin g in th e T V series “ G reen
A c re s.”
M r. S am u elso n said th e m a jo r p ro b ­
lem facing ag ricu ltu re is th a t it is b e ­
co m in g a sm aller seg m en t of th e to ta l
p o p u la tio n a n d a sm aller voice. “ T his
five p e r c e n t,” h e p lead ed , “ needs y o u r
h elp — n o t ju st in cred it, w h ere y o u ’re
th e e x p ert, b u t in th re e specialized
w ay s.” H e listed these as co n cern , in ­
v o lv em en t an d co m m itm ent.
“ F irs t,” h e said, “ fa rm e rs need o u r
u n d erstan d in g , n o t o u r sym pathy, b e ­
cau se m o re a n d m o re we w ill b e elect­
ing p eo p le to office a t the sta te an d n a ­

tio n a l level w h o h av e n o ro o ts in th e
soil.” T his, h e states, w ill re q u ire som e
p ositive selling b y b a n k e rs a n d o th e rs
w ho h av e a larg e sta k e in ag ricu ltu re.
A s a n exam p le, h e cited C h icago, sta t­
ing th a t o u tsid e o f g o v ern m en t, fo u r
of te n p e o p le g et th e ir p ay ch eck s b a se d
on ag ricu ltu re— p ro cessin g o r o th e r­
w ise. T h e p u b lic how ls a b o u t fo o d
prices, h e n o te d , a n d in te re ste d p a rtie s
m u st find p o sitiv e w ays to c o m m u n i­
cate answ ers to th e p u blic.
“ S eco n d ,” h e listed, “ is th e a re a of
ecology an d en v iro n m en t. I ’m gettin g
tire d o f h e a rin g p e o p le say fa rm e rs are
th e w o rst p o llu ters. W e ta k e to o little
tim e to tell w h a t h a s b e e n d o n e fo r
years in soil an d w a te r co n serv atio n
on farm s, to k eep o u r soil, tim b e r an d
o th e r re so u rc e s fo r th e u se o f fu tu re
gen eratio n s. F a rm e rs gave o f th e ir ow n
tim e an d m o n ey to k e e p fields p ro d u c ­
tive, stream s c le a r o f silt, an d co v er fo r
w ildlife. W h en w e ta lk a b o u t a ir p o llu ­
tio n w e m u st strik e a b a la n c e so w e
d o n ’t ru n p ro d u c e rs o u t o f b usiness.

I t is also in te re stin g to n o te th a t a field
o f 1 0 0 b u sh el c o rn p e r acre tu rn s
seven to n s o f n itro g e n b a c k in to th e
air. W e n e e d so m e p o sitiv e sto ry -tell­
ing to d a y o n b e h a lf o f A m e ric a n ag ri­
cu ltu re.
“ T h ird is th e co m m itm en t a n d d ed i­
c a tio n c o n trib u te d to th e w o rld b y
ag ricu ltu re a n d th is sto ry n eed s to b e
to ld in a p o sitiv e w ay .” H e cited th e
c o n trib u tio n o f Io w a -b o rn D r. E rn e s t
B o rlau g , N o b e l p rize w in n er, w h o d e ­
v e lo p ed n ew w h e a t strain s th a t c a n b e
g ro w n in u n d e r-d e v e lo p ed n a tio n s to
feed th e ir starv in g p eo p le. T h is k in d
o f c o m m itm e n t th ro u g h o u t ag ricu ltu re,
h e said , n e e d s to b e to ld o n b e h a lf o f
th e in d u stry .
A t th e first g en eral session M o n d a y
a fte rn o o n , O liv er A . H a n se n , recen tly a p p o in te d as Io w a su p e rin te n d e n t o f
b an k in g , sp o k e briefly. H e is p re sid e n t
o f th e L ib e rty T ru s t a n d Savings
B an k , D u ra n t, a n d is a recognized
le a d e r in th e liv esto ck len d in g in d u stry .
H e re m in d e d th e au d ien ce th a t “ju st

LEFT— Four members of the IBA Ag Committee pictured before the 23rd Annual Ag Breakfast Conference was called to order.
Left to right are: C. C. Henderson, exec, v.p., Arlington State, chmn. of forestry subcommittee, Thomas R. Smith, pres., 1st
Natl., Perry, chmn. of ag credit study subcommittee; R. F. Malmberg, pres., Centerville, geni. chmn. of IBA ag committee, and
Kermit J. Anderson, pres., Nevada Natl., chmn. of the ag breakfast subcommittee, who presided at the conference. CENTER— Also
taking part in the Ag Breakfast Conference were Elmer H. Mertz, pres.; Hayesville Sav., chmn. of ag credit school subcommittee;
Oliver A. Hansen, pres, of Liberty T&S, Durant (and newly-appointed Iowa superintendent of banking), chmn. of livestock in­
dustry subcommittee, and Orion Samuelson, farm service director for WGN Broadcasting Company, Chicago, one of two principal
speakers for the breakfast conference. RIGHT— Collin W. Fritz (left), pres., and B. C. Grangaard (center), chmn., of Central Natl.
B&T, Des Moines, were hosts at a breakfast honoring Allen P. Stults (right), new pres, of the ABA and chmn. of American Natl.
B&T, Chicago.
Northwestern
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D R O V E R S M EN
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Mike Whelan
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Bernie Miller
Vice President

Fred Cummings
Sr. Vice Pres,

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47th & Ashland «Chicago, Illinois 60609*(312) 9 2 7 -7 0 0 0
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B a n k e r, N o v e m b e r,

1971

78

Iowa News

LEFT— Wm. C. Talen (left), exec, v.p., and Robert J. Sterling (right), pres., both with Bankers Trust, Des Moines, were hosts to
Max von Schrader, chmn., Union B&T, Ottumwa; Allen P. Stults, ABA pres., and Jack Rigler, pres., Central State, Muscatine. CEN­
TER— Everett Brown, a.v.p., U. S. Natl., Omaha; Ted Howe, pres., and his father, J. E. Howe, chmn., Adair County State, Greenfield,
and Howard Nielsen, v.p., U. S. Natl., Omaha. RIGHT— Bob Hamilton, vice chmn., Central Natl., Chicago; R. F. Cramer, mgr., Rural
Electric Coop, Grundy Center; Ralph Anderson, dir., Farmers Savings, Grundy Center; Norb Kash, 2nd v.p., and Howard Beermann,
v.p., both with Central Natl., Chicago.

b ecau se a n o te is flagged d oesn’t m e a n
it is n o good. T h is w ill fre q u e n tly
m e a n th e n o te m ig h t be p ro g ra m m e d
b e tte r . . . C o n tra ry to m o st th inking,
th e d e p a rtm e n t does a p p ro v e o f lo an s
o f o n e y e a r o r m o re .” I n th e a re a of
h o ld in g co m p a n y legislation, w hich h e
said is c e rta in to be p re se n te d to the
n e x t Io w a legislature, M r. H a n se n said
th e d e p a rtm e n t w ill d o its b e st to r e ­
m a in n e u tra l a n d b e o nly a fact-find­
ing bo d y .

Attacks President
C o n g ressm an P aul N . M cC loskey,
Jr., a re p re se n ta tiv e in C ongress fro m
th e 1 1 th D istric t o f C alifo rn ia, a n d an
av o w ed o p p o n e n t o f P re sid e n t N ix o n
in n e x t y e a r’s R e p u b lic a n ra c e fo r th e
p a rty p re sid e n tia l n o m in a tio n , d id a
g o o d jo b of an g erin g a m a jo r sh a re of
his listen ers w ith re p e a te d a tta c k s on
P re sid e n t N ix o n . H e c e n te re d alm o st
his en tire ta lk o n th e V ie t N a m situ a ­
tio n , d e clarin g th a t U . S. tro o p s th ere
are o n th e verge of m ass m utiny, th a t
th e P re sid e n t h a s b u n g led every o p p o r­
tu n ity an d is n o t m ak in g th e n e e d e d
effo rt to e n d th e w ar.

n o u n ce th e p reced in g tira d e in his
o p en in g re m a rk s b y statin g , “ I w ill n o t
ad d to th e b u rd e n s o f o u r c o m m a n d e r
in chief w ho is try in g so h a r d to d is­
engage u s fro m th e w a r in V ie tn a m .
N e ith e r w ill I p o u r g aso lin e o n the
in cip ien t fires o f d issatisfactio n . I t is
tim e th e C o n g ressm an h e a rd th e tru th
a n d I h o p e h e likes it as he m ak es
speeches a ro u n d th e n a tio n in su p p o rt
of his o w n p o litical c a n d id a c y .”
D r. R afferty th e n tu rn e d to h is p re ­
p a re d talk, w h ich c e n te re d o n th e
p ro b le m in th e n a tio n to d a y o f n o n ­
involvem ent. H e gave th ese suggestions
to ov erco m e n o n -in v o lv e m e n t: “ V o te
in y o u r lo cal electio n s; elect ju d g es a n d
officials w ho a p p o in t th e ju d g es w h o
are m o re co n c e rn e d a b o u t th e crim i­
n a l’s victim th a n th e y a re a b o u t th e
crim in al; o u tlaw p o rn o g ra p h y an d p ro ­
vide w h o p p in g p e n a ltie s fo r th e d e­
g en erates w ho p e d d le it; p ro v id e a jo b
fo r ev ery a b le -b o d ie d p e rso n w h o
w an ts one, a n d co m m it y o u rself to a
local school system w ith e n o u g h e d u c a ­
tio n a l m uscle to eq u ip all its stu d en ts
to q ualify fo r to m o rro w ’s jo b s.”

ABA President
Rebuttal
H e left th e p la tfo rm im m ed iately
a n d d id n o t h e a r th e n e x t sp eak er, D r.
M a x R afferty , a fo rm e r C a lifo rn ia e d u ­
c a to r an d n ativ e o f S ioux C ity, la ., d e­

T h e a n n u a l Io w a co n v e n tio n g en er­
ally is th e first sta te co n v e n tio n stop
fo r th e n ew ly -elected p re sid e n t o f the
A B A , since th a t co n v e n tio n u su ally
p reced es th e Io w a m eetin g b y a few

days. A llen P . S tults w as elected A B A
p re sid e n t in S an F ra n c isc o th e w eek
b efo re th e Io w a c o n v e n tio n a n d , like
m a n y o f h is p reced esso rs, m ad e this
his first sta te co n v e n tio n a p p earan ce.
H e is c h a irm a n o f th e b o a rd a n d chief
ex ecutive officer of A m e ric a n N a tio n a l
B an k a n d T ru s t C o m p a n y o f C h icago.
H e h as m an y p e rso n a l frien d s am o n g
Io w a b a n k e rs an d d re w im m ed iate
la u g h te r w ith h is o p en in g re m a rk s th a t
th e w ag e-p rice freeze is “ u n fair, in ­
eq u itab le, u n -A m e ric a n , a n d a b so lu te ­
ly essen tial!”
M r. S tu lts n o te d th a t if A B A co n ­
v en tio n re g istra tio n c o m p a re d p ro p o r­
tio n a te ly to th e Io w a co n v en tio n reg is­
tra tio n th a t the A B A w o u ld h av e m o re
th a n 3 5 0 ,0 0 0 p e rso n s atte n d in g th e a n ­
n u a l m eetin g .
M r. S tults rev iew ed briefly som e of
the n a tio n a l leg islatio n affecting th e
co m m ercial b a n k in g in d u stry . R e g a rd ­
ing Savings a n d L o an s, M r. S tults said
th e y serve a g o o d p u rp o se in th e ir ro le
“ so long as th ey p lay th e ir ow n ball
g am e in th e ir p a rk w ith th e ir rules. T h e
p ro b le m gets stick y w h en they w a n t
to p lay their b a ll g am e in our p a rk
w ith their ru le s.”
I n re g a rd to h o ld in g co m p an ies and
b ran ch in g , h e said th e A B A ’s p o si­
tio n is to fa v o r w h a t is fa ir an d e q u ita ­
ble. T h e A B A is n o t ag ain st change,
h e n o te d , a n d is c o n sta n tly try in g to

LEFT Tom Cannon, v.p., Commerce Bank, Kansas City; Mrs. Cannon, and Bob Stokes, a.v.p., 1st Natl. City, N. Y. CENTER—
Christy Armstrong, exec, v.p., American T&S, Dubuque; Ben Tietjens, exec, v.p., Teeds Grove Savings, and Leo Kane, sr. v.p.,
American T&S, Dubuque. RIGHT— Howard E. Tyson (center), cash., Security State, Lake Park, is pictured with John Martin (left),
corr. repr., and Floyd Stewart, a.v.p., both with Northwestern Natl., Minneapolis.

Northwestern
Banker, November, 1971
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

it does make a difference where you bank!

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get things
OVERLINES
TRUST SERVICES
CLEARING OF ITEMS
STOCK TRANSFER AGENT
INVESTMENT COUNSELLING
FASTER COMPUTER SERVICES,
SECURITY PURCHASES AND SAFEKEEPING
MIKE BRODERICK
Assistant Vice President
DICK TAYLOR
Vice President

GARY STEVENSON
Assistant Vice President
CHARLES WALCOTT
Senior Vice President

National Bank
DEPOSITS INSURED TO $20,000 BY F.D.I.C.iZfrfc


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Federal Reserve Bank of St. Louis

S ÌO tU t C i t y

Northwestern Banker, November, 1971

80

Iowa News

LEFT Dale Luckow, v.p.f lowa-Des Moines Natl., Des Moines; Duane Kolpin, exec, v.p., Security State, Hartley; Bob Krane, v.p.,
lowa-Des Moines Natl.; Mrs. Kolpin; Bob Green, pres., Security State, Sutherland; Mrs. Bobolz and Gale Bobolz, cash., Security
State, Hartley. CENTER— Brock Hessing, George Harnagel and Bob Buenneke, corr. bkg. off., lowa-Des Moines Natl.; Mrs. Kilgore
and Ward Kilgore, exec, v.p., Decatur County State, Leon; Mrs. Rickert and Bill Rickert, v.p., Natl. Bank of Waterloo. RIGHT— W. E.
Darrington, dir., Home Savings, Persia; Dan Rishel, a.v.p., Northwestern Natl., Omaha; Traverse L. Hall, pres., Farmers & Merchants
State, Neola; Harold Spencer, pres., Oakland Savings, and Frank Sibert, v.p., Northwestern Natl., Omaha.

u p g ra d e ban k in g , “b u t so m any things
a re b ein g p ro p o se d th a t fo rc e us to
a d o p t a n egative p o stu re . O v e r 4 0 0
p ro p o sa ls n o w h av e b e e n m a d e in th e
C o n g ress th a t affect b an k in g — som e of
th e m re a l c ra c k p o t id e a s.”

Inflation Fight
A m a jo r sh a re o f h is ta lk w as d e ­
v o te d to in flatio n a n d th e fight o n it by
P re sid e n t N ix o n . “ P h a se I , ” h e em ­
p h asized , “ w as a d ra m a tic success.
N o th in g h a s b een d o n e to d ra w g re a te r
a tte n tio n to th e p ro b le m . P h a se I I al­
re a d y h a s im p erfectio n s visible. B u t w e
h a v e o n e le a d e r a n d h e is fighting o u r
biggest en em y — inflation— a n d w e ow e
it to h im a n d o u r co u n try to su p p o rt
his fight fully.
“ W h en y o u e stab lish p rio rities, w h a t
y o u d o p u t first? E c o n o m ic h e a lth of
th e n a tio n is alw ays first a n d o th e r
g ains— social o r civic— a re in d ire c t
p ro p o rtio n to this. C o n seq u en tly , infla­
tio n is th e N u m b e r 1 en em y o f th e
c o u n try to d ay , n o t excluding anything.
“In fla tio n is alw ays in tro d u c e d by
irre sp o n sib le fiscal a n d m o n e ta ry p o li­
cies o f g o v ern m en t. T h e n la b o r a n d
b u sin ess h a v e to p la y p ric e a n d w age
c a tc h u p . In creases in w ages in ex ­
cess o f p ro d u c tio n a re inflationary. I n ­
creases in prices in excess of d em an d
are in flatio n ary . In c re a se s in g o v ern ­

m e n t spen d in g in excess o f in co m e are
in flatio n ary .”

Dr. Nadler
D r. P a u l S. N a d le r, p ro fe sso r o f
business a d m in istra tio n a t R u tg e rs
U niversity, w as th e n e x t sp e a k e r an d
h e affirm ed w h a t M r. S tu lts h a d said
by stating, “H e is ab so lu tely rig h t th a t
in flatio n sta rts w ith g o v ern m en t sp e n d ­
ing a n d th e n p rices a n d w ages sta rt o n
a tread m ill. In to th is m ess w alk ed
P re sid e n t N ix o n . H e w as d o in g n o th ­
ing— u n til h e sh o t u s rig h t b etw een th e
eyes. H e th re w th e fre e e n te rp rise sys­
te m o u t th e w in d o w b u t it w as b e tte r
th a n w h a t w e h a d .” D r. N a d le r th en
ex a m in e d th e im p licatio n s o f in te rn a ­
tio n a l econom ics, u n e m p lo y m e n t an d
inflation.
O n th e in te rn a tio n a l scen e h e d e ­
scrib ed th e a c c u m u la tio n o f U n ite d
S tates gold b y fo reig n n a tio n s b etw een
1955 a n d 1 9 7 0 , a n d th e ac tio n b y th is
n a tio n e a rlie r th is y e a r w h en it w en t
off th e g o ld s ta n d a rd officially “ a n d
w e’ve to ld p e o p le in th e re st o f th e
w o rld — ‘y o u h a v e o u r d o llars— k eep
’e m .’ ” H e stressed th e p o in t th a t w e
as a n a tio n a re n o t as p ro d u c tiv e as
o th e r n a tio n s; co n seq u en tly , th e d o lla r
goes dow n. “ O u r p e o p le ,” h e recalled ,
“n o w have th e go o d s all o th e rs are
seeking, a n d n o w seek th e q u ality o f

life. W h en y o u ’re h u n g ry y o u th in k of
n o th in g b u t p ro d u c tio n . W h en y o u ’re
n o t h u n g ry , y o u tu rn to q u ality .” H e
said th e U n ite d S tates is n o w involved
in th e g re a te st m ig ra tio n in its h isto ry
— u rb a n a n d ru ra l. M a n y p o o r o f ru ra l
are a s h av e m o v ed in to th e cities. W e
h a te th e p o v e rty , h e said, n o t th e co lo r,
a n d city p e o p le m ove to ru ra l are a s to
g et aw ay.
A b o u t u n e m p lo y m e n t a n d inflation
he said, “ W e k n o w it’s a n eco n o m y o n
th e w ay up. W e h av e to reco g n ize th a t
th e A d m in istra tio n is w o rk in g o n visi­
bles, th e p re ssu re are a s th a t are g re a t­
est. Is in flatio n o v er? I n th e U . S. to ­
d a y w e h av e n o t solved th e p ro b le m —
w e h av e to u c h e d u p th e x-rays! Y o u
d o n ’t b e a t p o w e r blocs b y th w a rtin g
co m p etitio n , b u t en co u rag e m o re co m ­
p e titio n in o rd e r to g et th e b e st p rice.
T h e U n ite d S tates h a s ch an g ed fro m
secu rity fro m w a n t to secu rity fro m
c h an g e.”

Must Meet Change
D r. H a r r y P . G u e n th e r, ex ecutive
vice p resid e n t-e c o n o m ist o f th e C o n ­
feren ce of S tate B a n k S upervisors
to ld Io w a b a n k e rs th e tra d itio n a l r e ­
stra in ts w h ich h a v e co m b in ed to p ro ­
tect th e d o m in a n t com p etitiv e p o sitio n
o f co m m ercial b a n k s are ra p id ly
b re a k in g d o w n a n d w ill h av e to b e re-

LEFT— Paul Abel and Raymond K. Pearson, v.p.’s at 1st Natl., Burlington, with Dick Gwinn, reg. v.p., Diebold, Inc., Des Moines.
CENTER— Avery Fick, v.p., Marquette Natl., Minneapolis; Tom Hay, pres., Security State, Casey, and O. Jay Tomson, exec, v.p.,
Marquette Natl. RIGHT— Mrs. Jensen and Homer Jensen, v.p., Capital City State Bank, Des Moines; Mrs. Feuerbach and L. L.
Feuerbach, v.p., Walcott T&S; Mrs. Ferguson and Warren Ferguson, pres., Mrs. Davis and Donald L. Davis, sr. v.p., both with
Capital City Bank.

Northwestern
Banker, November, 1971
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

81

CY KIRK

MAX ROY

Banks in Iowa
who work with Cy Kirk and
Max Roy know why LaSalle’s
correspondent business
is growing so fast
IN 1970, La Salle’s correspondent balances really
climbed . . . 14 places over 1969.
This won’t come as any great surprise to La Salle
correspondent banks in Iowa who work with Cy
Kirk and Max Roy. They build our business by
building business for the correspondent banks they
serve.
If you would like to find out what Cy Kirk or
Max Roy can do for your bank, call them at (312)
443-2774.

LaSalle.. .the bank on the move

^ANKy

LA S A L L E N A T I O N A L B A N K , LA S A L L E B A N K B U I L D I N G , 1 3 5 S . LA S A L L E S T . , C H I C A G O , IL LI N O I S 6 0 6 9 0 • P H O N E (312) 4 4 3 - 2 7 7 4


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Federal Reserve Bank of St. Louis

Northwestern Banker, November, 1971

82

low a N ew s

LEFT— Mrs. Dagger! and Oliver Dagger!, sr. v.p., Foundation for Full Service Banks. CENTER— John E. Van Horne, pres., Van
Horne Investments, Inc., Omaha, with his sister, Mrs. Allen P, (Betty) Stults, whose husband is pres, of the ABA and chmn. of
American Natl. B&T, Chicago. RIGHT— Roger Fleming, Iowa sales repr. for Natl. Fidelity Life, displays winning card drawn from
registrants' box that gave Frank Kos, pres, of Washington State Bank the portable color TV set.

ru n to b a n k e rs, th e p u b lic, sto c k h o ld ­
ers an d politically.

Economic Policies

POSING for the NORTHWESTERN BANKER were from left: Bill McKinley, DeLuxe Check
Printers; Wayne Rowland, v.p., & cash., Altoona St. Bk.; Dick Endicott, DeLuxe Check
Printers, and Lyle Arp, pres., First Natl. Bk., Manning.

p la c e d by a n in tellig en t a d ju stm e n t to
th e m o re co m petitive new e n v iro n m e n t
if a b a n k w ishes to survive.
H e identified th e m a jo r com petitive
re stra in ts of th e p a st as in stitu tio n a l
sp ecialization, th e in te re st in elasticity
of d eposits, lim ited m a rk e t are a s an d
sta te c o n tro l o v er b a n k in g stru c tu re .
H e said b a n k e rs d ep en d in g o n these
fa c to rs fo r p e a c e of m in d h av e re a l
tro u b le. H e p o in te d o u t th a t special­
ized financial in stitu tio n s are g rad u ally
e x p an d in g th e ir le n d in g po w ers; th e in ­
te re st in elasticity of dep o sits is being
e ro d e d b y co n su m e r e d u c a tio n an d p o ­

te n tia l elim in atio n o f ceilings o n tim e
m oney; th a t m a rk e t a re a s are b ro a d e n ­
ing in resp o n se to n ew tech n o lo g y , an d
sta te c o n tro l is b ein g e ro d e d b y m an y
factors.
H e suggested tw o re sp o n se s: Seek
new co m p etitiv e re stra in ts to re p lace
th e old, o r seek a d ju stm e n ts in term s
of o rg an izatio n , p o w ers, o p e ra tin g
techniques, a n d re g u la tio n th a t w ill as­
su re th e ir c o n tin u e d viability. H e re c ­
o m m e n d e d th e la tte r a p p ro a c h , w hich
is m o re tim e-co n su m in g , m o re ex ­
pensive a n d m o re difficult in th e sh o rt
ru n , b u t m o re re w a rd in g in th e long

D r. H e rb e rt V . P ro ch n o w , d ire c to r
of th e G ra d u a te S chool o f B an k in g at
M ad iso n a n d re tire d p re sid e n t o f T h e
F irs t N a tio n a l B a n k of C h icago, gave
his u su a l sch o larly p re se n ta tio n o n the
su b ject, “N a tio n a l a n d In te rn a tio n a l
E c o n o m ic an d M o n e ta ry T re n d s,” an d
it w as o n e of th e b est receiv ed talk s he
h as d eliv ered to a n Io w a au d ien ce. H e
stated , “ O u r cru cial test to d a y is
w h e th e r o u r p eo p le to d a y c a n survive
b y accep tin g self-im p o sed discipline.
A s w e w o rk , save a n d invest, w e are
reaffirm in g the d ig n ity of m a n as h e
w as c re a te d by G o d . Y o u as a b a n k e r
d eterm in e in n o sm all m easu re th e
eco n o m ic w ell-being of o u r n a tio n an d
th e eco n o m ic w ell-being of m a n .”

Final Speakers
T h e co n v en tio n c o n clu d ed w ith tw o
sp eak ers o n W e d n esd ay m o rn in g fo l­
low ing th e electio n o f officers. T h e y
w ere P au l H a rv e y , w ell-know n T V an d
ra d io jo u rn a list a n d c o m m e n ta to r, an d
D o n R ice, I I I , a n o te d T V a n d n ig h t
club p erso n ality .
M r. H a rv e y gave h is incisive co m ­
m en ts o n th e n a tio n a l new s scene in

LEFT— Mark Langenfeld, pres., Farmers T&S, Earling; L. F. Seiko, pres., 1st State, Tabor; Wm. L. Ryan, exec. v.p. & cash., Home
Savings, Persia; Bob Larsen (standing), v.p., Omaha Natl., Omaha; Herb Echtermeyer, Omaha Natl, (ret.), and Mrs. Ryan. CENTER
— Seated— Fred D. Cummings, sr. v.p., Drovers Natl., Chicago; Ivan Barber, pres., DeWitt B&T, and Harold E. Marsh, v.p. & farm
rep., 1st Natl., Eldora. Standing— Bernard D. Miller, v.p., Drovers Natl.; R. W. Hadley, cash., Mt. Auburn Savings, and Larry E.
Makoben, a.v.p., Drovers Natl. RIGHT— Kenner S. Swedburg, v.p., Leo F. Kengel, cash., Mrs. Kenkel, and Miss Jean Swedburg,
dir., all of 1st Natl., Woodbine, were guests in 1st Natl, of Omaha hospitality room hosted by Herman L. Jacobs (standing left),

marketing
off., and G, Robert Brown, v.p. both with 1st Natl.
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Federal Reserve Bank of St. Louis

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Federal Reserve Bank of St. Louis

84

Io w a News

Iow a Hankers D ean
*

A FRAMED certifica te proclaim ing him as
“ Dean o f Iowa B ankers" is presented to
Frank W, Lindquist, 91, honorary chm n.
of the First State Bank in Cowrie, by
his son, Maurice W., pres, of th e bank.
The senior Mr. Lind quist s till comes to
the bank regularly b u t was unable to be
a t the Iowa Bankers Association conven­
tion in Des Moines last m onth when the
award was announced.

th e d ra m a tic , c lip p ed vocal style th a t
h a s b een him k n o w n to m illions of
ra d io listeners.
M r. R ic e su rp rise d m a n y in th e
au d ien ce b y rem in d in g th em h e is a
n ativ e o f W a u k o n , la ., an d h a s a
b ro th e r still farm in g in th a t are a .
"W a u k o n ,5’ h e n o te d in his slow , d ry
h u m o r, “ is ju s t o n e a n d a h a lf m iles
fro m th e ‘R esu m e S peed’ sign!” H is
h u m o ro u s style a n d g re a t w it k e p t the
overflow au d ien ce in c o n sta n t la u g h te r
an d p u t a g re a t finishing to u ch to a fine
co n v en tio n p ro g ra m .
E a rlie r, th e co n v en tio n -g o ers h a d
b een tre a te d to som e o th e r fine e n te r­
tain m en t. T h e Io w a C e n tra l Singers
fro m th e Io w a C e n tra l C o m m u n ity
C ollege o f F o r t D o d g e p ro v id e d a n ex­
cellen t p ro g ra m S u n d ay evening. T h e
lad ies lu n ch eo n a n d style show w as
p re se n te d a t fo u r different tim e spots
to ac c o m m o d a te all th e w om en regis­
tra n ts an d w as a big success. V a l A ir
B a llro o m w as th e scene of the u su al
M o n d a y n ig h t b uffet su p p e r a n d dance.
O n T u e sd a y n ight, o n e o f th e finest


Northwestern
Banker, November, 197Ï
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

B ro a d w a y p lay s to b e b ro u g h t to th e
Io w a co n v e n tio n in som e tim e w as
“ P ro m ises, P ro m ise s,” a m u sical th a t
h a d a fine ca st a n d b ro u g h t en th u sia s­
tic re sp o n se fro m a n o th e r full house.
R e tirin g P re sid e n t R e d m a n a n ­
n o u n c e d th a t th e 1972 co n v en tio n
w ould be h eld ag ain a t th e H o te l F o rt
D es M oines O c to b e r 2 2 -2 5 .— E n d

n ess o r m a n a g e m e n t side o f tru s t d e­
p a rtm e n t o p e ra tio n s. T ru s t officers
n eed to b e skilled in th e m a n a g e m e n t
o f th e ir o w n d e p a rtm e n ts, to be able
to a p p ly so u n d m an a g e m e n t p rin cip les
to th e b usinesses th ey m an ag e in tru st
an d as sen io r officers o f th eir b an k s,
to m ak e a solid co n trib u tio n to its
m a n a g e m e n t team .

Publish H agen’s Thesis

Appoint Three in Iowa

W ord w as receiv ed b y the Security
N atio n al B an k , Sioux C ity, fro m W il­
liam H , B aughn, d ire c to r o f the S tonier
G ra d u a te School
of B an k in g a t R u tg e r s U niversity,
th a t the thesis of
R.
E.
“G ene”
H agen, vice p re si­
d e n t of the b an k ,
a 1971 g rad u ate
of
th e
S tonier
School, h ad b een
accepted fo r p u b ­
R . E. H A G E N
licatio n by the
A m erican B an k ers A sso ciatio n . M r.
H a g e n ’s thesis, “ T h e D ev elo p m en t of
a F iv e -Y e a r P la n fo r th e S ecu rity N a ­
tional B a n k ,” w as o n e of fo u rteen
theses accepted. A fte r p u b licatio n , it
w ill b e p laced in th e lib raries of th e
A m erican B an k ers A ssociation, R u t­
gers U niversity a n d H a rv a rd U n iv ersi­
ty. M r. H ag en w as one o f 3 2 7 b a n k e rs
from all p a rts of th e co u n try m ak in g
u p th e class of 1971.

F irs t M id A m e ric a In c ., a N e b ra sk a b ased in v e stm e n t b a n k in g firm , h as
a n n o u n c e d th re e a p p o in tm e n ts to its
Io w a offices.
H a n s F . (Jack ) T h o m e , sen io r ac­
c o u n t execu tiv e, h as b een n a m e d to
h e a d th e C e d a r R a p id s office o f F irs t
M id A m e ric a .
R o b e rt E . W illiam s an d M ich ael J.
R eilly h av e b e e n n a m e d ac c o u n t
execu tiv es in th e firm ’s D es M o in es o f­
fice.

Trust Officers Conference
T h e first A n n u a l M a n a g e m e n t C o n ­
feren ce fo r T ru s t O fficers sp o n so re d
jo in tly by th e Io w a T ru s t A sso c ia tio n
a n d th e C ollege of B u sin ess A d m in is­
tra tio n o f th e U n iv ersity o f Io w a w as
h e ld la st m o n th .
D esigned as th e first of a n o n-going
e d u c a tio n p ro g ra m fo r tru s t officers of
Io w a b an k s, the c o n feren ce m e t a t the
C e n te r fo r C o n feren ces a n d In stitu te s
in th e M e m o ria l U n io n o n th e U n iv e r­
sity o f Io w a c a m p u s a t Io w a C ity. T h e
p u rp o se o f th e c o n feren ce w as to
p re se n t top ics p e rta in in g to th e b u si­

P.

O.

THANK

YOU

US TO

GROW

BOX

3644

FOR

Report Increased Earnings
F . F o rb e s O lb erg , p resid en t, re ­
p o rte d in c re a se d earn in g s fo r B a n k s
of Io w a fo r th e first n in e m onths of
197 1 . C o n so lid a te d n e t o p e ra tin g in ­
co m e fo r th e first th re e q u a rte rs o f
1971 in c re a se d 3 2 % o v e r th e c o r­
re sp o n d in g p e rio d o f 197 0 . N e t in ­
co m e fo r th e n in e m o n th s e n d ed
S e p te m b e r 3 0 , 1971 re a c h e d $ 1 ,4 5 1 ,6 5 4 c o m p a re d w ith $ 1 ,0 9 5 ,0 2 4 fo r th e
sam e p e rio d a y e a r ago.
E a rn in g s p e r sh are to ta le d $ 1 .6 8 o n
th e b asis o f 8 6 5 ,0 0 0 sh ares o u tsta n d ­
ing fo r th e n in e m o n th s. I n th e sam e
1 9 7 0 p e rio d , $ 1 .3 0 w as e a rn e d p e r
sh are o n th e b asis o f 8 4 3 ,3 3 3 averag e
o u tsta n d in g shares.
C o n so lid a te d assets o f B a n k s o f
Io w a in c re a se d to $ 2 0 3 ,4 8 3 ,2 5 7 o n
S ep tem b er 30, 197 1 , c o m p a re d w ith
$ 1 8 4 ,5 4 9 ,9 8 0 o n S e p te m b e r 3 0 , 1 9 7 0 ,
an in crease of 1 0 .3 % .
T o ta l c a p ita l acco u n ts re a c h e d
$ 2 2 ,4 0 9 ,3 9 7 o r $25.91 p e r sh are a t
th e end o f th e first n ine m o n th s of
1971. A t th e sam e tim e o n e y e a r ago
c a p ita l acco u n ts to ta le d $ 2 1 ,1 5 4 ,1 6 4
o r $ 2 4 .4 6 p e r sh are.

HELPING

EACH

OMAHA,

YEAR!

NEBRASKA

68103

85

MorAmerica Financial Corporation is the new name
of our holding company —formerly, The Morris Plan
Company of Iowa. The significance of the broadlybased name developed from the diversification pro­
gram which projected the company into almost all
facets of financing. Our company expansion includes
Business Investment, Leasing, Consumer Credit,
Banking, Real Estate Development and Nursing
Home Facilities. In addition, the operating areas of
these diverse activities grew beyond the boundaries
of Iowa into adjacent states, and, in some cases,
throughout the midwest.


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

N o rth w este rn

Banker, N o vem b er,

1971

86

Iowa News

Central N ational A dopts Microfiche to
Handle Growing Volume o f Com puter Reports
O R T H E p a st several years a
p ro b lem of in creasin g co n c e rn to
b an k s of all sizes has been the
p ro b lem o f using, m a in ta in in g and
sto rin g c o m p u te r g e n e ra te d in fo rm a ­
tio n . C e n tra l N a tio n a l B a n k an d T ru st
C o m p an y , D es M oines, h as a d o p te d
a m icrofilm solution to the daily in fo r­
m a tio n p ro b le m s o f th e b a n k in g co m ­
m u n ity. T h e so lu tio n , a 4 " x 6 " sh eet
of m icrofilm called M icrofiche m a rrie s
co m p u terized in fo rm a tio n w ith a d ­
v an ced m icrofilm technology.
F o r th e la st several years b a n k s of
all sizes hav e been p lag u ed w ith th e
p ro b le m of c o m p u te r p rin to u t. C o m ­
p u te r p rin to u t volum es hav e c o n tin u e d
to grow as th e n eed fo r in fo rm a tio n
h a s grow n. T h is g ro w th has o ccasio n ed
several serio u s p ro b lem s: (1) storage
o f th e d a ta (som e of w h ich m u st be
k ep t five years) w as b eco m in g im p o s­
sible, (2) lo o k -u p of in fo rm a tio n w as
o ften tim es slow an d c u m b erso m e, an d
(3) th e sh eer b u lk of th e p a p e r w as
difficult to h an d le.
C e n tra l N a tio n a l, in recognizing the
n eed fo r “ a b e tte r w ay” to service it­
self an d its c o rre sp o n d e n t b an k s, has
d esig ned a co m p lete in -h o u se in fo rm a ­
tio n system , utilizing M icrofiche as the

F

m edia. T h e system utilizes an IB M
3 6 0 /3 0 , I B M '3 6 0 /4 0 1 2 -2 3 1 9 D isc
D rive, fo u r ta p e driv es, a n E a stm a n
K o d a k K O M - 8 0 /1 2 0 m icro film er w ith
V e rsa fo rm ca m e ra , V e rsa m a t 75 F ilm
P ro c e sso r an d a K o d a k 4 0 4 D iazo
D u p licato r.

Procedure
A s d a ta com es in fro m th e v ario u s
b an k s, it is e n te re d in to th e c o m p u ter.
T h e c o m p u te r p ro cesses th e d a ta . T h e
d a ta is m assag ed in to re p o rt fo rm a t
a n d then p u t o n to M ag n etic T a p e in
a m ic ro fo rm a t. T h is differs fro m th e
p rev io u s system in th a t re p o rts h a d to
go to a h ig h sp eed p a p e r p rin te r. T h e
high speed p rin te rs u sed in th e p re v i­
ous system p ro d u c e d a p p ro x im a te ly 2 0
pages p e r m in u te.
T h e jo b s are ru n in a stack ed m o d e.
(A ll D D A fo r a series of b a n k s are
ru n , th e n all S avings fo r th a t sam e se­
ries of b an k s, etc.) S tack in g th e jo b s
is n ecessary to allow fo r sch ed u lin g
an d cut-o ff d ead lin es.
A fte r th e sta c k is ru n th e m ag n etic
ta p e is p u t o n th e K o d a k K O M -8 0 m i­
crofilm er. T h e re p o rts are g e n e ra te d
o n M icrofiche a t a sp eed in excess of
4 0 0 pages p e r m in u te (c o n tra ste d to

LeFebure Constructing New Training Center
O R K is to b eg in im m ed iately on
c o n stru c tio n of L e F e b u re C o rp o ­
ra tio n ’s n ew d e m o n stra tio n an d tra in ­
ing c e n te r in C e d a r R ap id s.
T h e new L e F e b u re facility w ill be
co n stru c te d o n th e C o rp o ra tio n ’s 11acre site b etw een 2 9 th an d 3 1 st S treets
N o rth e a st. T h e p ro je c t, L e F e b u re ’s
fo u rth ex p a n sio n in th e la st th ree
years, is sla te d fo r c o m p le tio n early
n ex t year.
T h e facility w ill include:
1. d e m o n stra tin g L e F e b u re b a n k in g
e q u ip m e n t a n d system s to p ro s ­
pective custom ers w orld-w ide,

W

Digitized
N ofor
r t hFRASER
w estern B anker, N o v e m b er,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

197Ï

2. testin g p ro to ty p e s of n ew L e ­
F e b u re e q u ip m e n t, an d
3. tra in in g o f th e firm ’s sales engi­
neers an d service rep resen tativ es.
P ro sp ectiv e cu sto m ers visitin g th e
new d e m o n stra tio n u n it w ill be seated
o n a revo lv in g c irc u la r c e n te r console,
fro m w h ich they c a n view all o f the
firm ’s p ro d u c ts o n d isplay. R a ilm o u n te d p an els an d lighting fixtures
can be m o v ed to ch an g e co n fig u ratio n
of th e d e m o n stra tio n area.
F o c a l p o in t of a co m p lete m o to r
b an k in g d isp lay w ill b e L e F e b u re ’s
new T e l-A ir F iv e d riv e -u p system .

th e 2 0 pag es p e r m in u te w ith th e p a p e r
system ).
T h e film casse tte is th e n rem o v ed
fro m th e c a m e ra an d th e film is d ev el­
o p ed o n th e V e rsa m a t 75 p ro cesso r.
F ilm p ro cessin g sp eed is 4 0 0 0 pag es
p e r m in u te.
T h e p ro cessed film is th e n d u p li­
c a te d o n th e 4 0 4 D iazo D u p lic a to r,
an d th e c a m e ra o rig in als an d th e dupli-%
cates are sen t to th e c o rre sp o n d e n t
b an k s a n d u sin g d e p a rtm e n ts.
M o st re p o rts now p ro d u c e d o n a p a ­
p e r fo rm a t w ill b e g e n e ra te d o n the
M icrofiche a t a ra tio of 4 2 :1 . T h is re ­
d u c tio n ra tio allow s o v er 2 0 0 p ag es
of d a ta to b e p u t o n o n e 4" x 6 " M i­
crofiche. W ith th e speed of th e C O M ,
it is estim a te d th a t re p o rts w ill b e g en ­
e ra te d 2 0 % to 2 5 % fa ste r th a n is nov.
p o ssib le w ith th e p re se n t p a p e r system .
In th e in itia l system th e fo llow ing
re p o rts are p ro d u c e d o n F ich e:
1— D D A T ria l B alance
2— D D A S ervice to J o u rn a l
3— D D A P o stin g R e je c t J o u rn a l
4— D D A S to p P a y m e n t J o u rn a l
5— D D A A ctiv ity R e g iste r
6— R e g u la r Savings Jo u rn a l
7— R e g u la r In te re st Jo u rn a l
*
8— P a ssb o o k Saving J o u rn a l
9— P a ssb o o k In te re st J o u rn a l
10— C ertificate o f D e p o sit— T im e
J o u rn a l
11— C o m m e rc ia l L o a n J o u rn a l
12— C o m m ercial L o a n T ria l Bal-*
an ce
13— In sta llm e n t L o a n Jo u rn a l
^
14— In sta llm e n t L o a n T ria l B a la n c e
15— T ru s t C a sh T ria l B alan ce
16— T ru s t T ra n s it Jo u rn a l
17— T ru s t S ecurity A sse t L ist
18— T ru s t A c c o u n t A sse t L ist
19— R e g u la r Savings L e d g e r
2 0 — Special S avings L e d g e r
2 1 — T h e re are also a larg e v ariety
o f ex c e p tio n re p o rts th a t w ill
b e p u t o n F ich e.
I n a d d itio n to th e ab o v e re p o rts, all
of th e b a n k ’s co p ies of th e c u sto m e rs’
statem en ts are also p u t o n F ich e. T h e
sta te m e n ts are:
1— D e m a n d D e p o sit S tatem en ts
2— C ertificate of D ep o sit S tatem en ts
3— R e g u la r S avings S tatem en ts
4 — Special Savings S tatem en ts
B enefits
T h e sy stem w h ich h a s b een d evel­
o p e d an d refin ed o v e r th e p a st 14
m o n th s offers sev eral a d v an tag es to
C e n tra l N a tio n a l an d its c o rre s p o n d -k
ents. T o C . N . B. o p e ra tio n s p e rso n n e l
the fo llow ing benefits h av e b eco m e im ­
m ed iately a p p a re n t:

Io w a

N ew s

87

Special Jet Flights Took low ans to ABA Convention

SPECIAL TOURS to the American Bankers Convention in San Francisco were sponsored by travel agencies of area banks. The
group shown above was with Kenneth W, Jackson, pres., Lone Rock Bank, Lone Rock, Iowa. Photo was taken at Des Moines airport prior to departure.

A — D ra stic re d u c tio n in sto rag e
sp ace re q u ire m e n ts.
B — A b ility to k e e p m o re p a s t d a ta
w ith in easy reach .
C— F a s te r, b e tte r lo o k -u p , usually
less th a n 15 seconds to any one
entry. T h is w ill save th e b a n k
h o u rs every day in lo o k -u p
tim e.
D — R e p o rts are ea sie r to h a n d le .
E — D u e to several a d v an ced te c h ­
niq u es in C O M re c o rd in g such
as in te rm ix in g p rin t styles, re ­
p o rts are e a sie r to read .
A s im pressive as th e ad v an tag es of
the system to C e n tra l N a tio n a l B a n k
are th e benefits to C . N . B .’s c o rre ­
sp o n d e n ts are even g re a te r. T h o se
benefits are:
A — R e d u c tio n in sto rag e re q u ire ­
m en ts— 120 fiche (th e average
m o n th ly v o lu m e fo r e ach c o r­
re sp o n d e n t) m e a su re s only 4 "
x 6 " x V'. T h e e q u iv alen t
a m o u n t o f p a p e r w o u ld m e a s­
ure a p p ro x im a te ly 1 1 " x 1 4 "
x 1 3 0 ".
B — A s m a n y of th e b a n k s w ere film ­
in g th ese re p o rts as a m ean s of
saving space, th is costly jo b w ill
b e c o m p letely e lim in ated .
C — Since th e n ew system is u p to
2 5 % faster in p ro d u c tio n tim e,
re p o rts th a t w ere p u t o u t o n a
w eekly o r m o n th ly b asis (such
as savings jo u rn a ls) can now
be p ro d u c e d o n a d aily b asis a t
n o a d d itio n a l cost.
D — M o re p a s t d a ta k e p t a t th e fin­
g ertip s o f th o se w ho n e e d it.
E — A n y easy to use “ X Y ” c o -o rd i­
n a te in d ex in g system o n all

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Federal Reserve Bank of St. Louis

F ic h e offers fa ste r in fo rm a tio n
lo o k -u p .
F — T h e ab ility to g et as m a n y co p ­
ies o f ea c h re p o rt as th ey n eed
(fo r d riv e -u p w in d o w s, etc.)—w ith th e p a p e r system , vary in g
copies w as im p o ssib le.
G — R e p o rts a re ea sie r to h a n d le
an d ea sie r to read .
H — M a k e s a c e n tra l info rm atio n
system fo r th e b a n k a reality.

Surprise Benefits
W hile desig n in g th e sy stem th e m a in
c o n sid e ra tio n w as to im p ro v e th e in ­
fo rm a tio n a l ab ility of all re p o rts. T h e
effect it w o u ld h av e o n th e c o m p u te r
d e p a rtm e n t w as seco n d ary . W e felt
th a t th e system m u st be d esig n ed to ta l­
ly to b e tte r service c o rre sp o n d e n ts.
A p le a sa n t su rp rise, h o w ev er, cam e
a b o u t w ith th e im p le m e n ta tio n o f the
system . E v en th o u g h it w as desig n ed
as a u se r o rie n te d system , th e co m ­
p u te r d e p a rtm e n t fo u n d th a t it to o
w o u ld re a p sev eral benefits. T h e co m ­
p u te r d e p a rtm e n t fo u n d th at:
A — W ith th e re d u c tio n o f c o m p u te r
p rin t tim e, c o m p u te r tim e w as
fre e d -u p a n d th is m e a n t the
ability to ad d w o rk to th e co m ­
p u te r.
B — T h e fa ste r th ro u g h p u t m ad e
sch ed u lin g easier.
C — T h e re w as a n e lim in a tio n of
o v er 7 0 % o f th e p a p e r in v en ­
tory.
D —-D eco llatin g an d b u rstin g w as all
b u t e lim in ated .
E — A s m a n y of C. N . B .’s re p o rts
w ere sto red in th e E . D . P . d e ­
p a rtm e n t— a sp ace saving w as

im m ed iately a p p a re n t.
F — T h e b e tte r th ro u g h p u t tim e, to ­
g e th e r w ith th e o th e r benefits
allow ed th e E . D . P. d e p a rt­
m en t to b e tte r service th e user.
O n ce the sy stem w as d esig n ed a n d
th e d ecisio n w as m a d e to go C O M ,
C e n tra l N a tio n a l h a d to an sw er tw o
serio u s q u estio n s. F irst, sh o u ld it go
to a co m p lete in -h o u se system o r h av e
th e w o rk d o n e by o n e o f th e m an y
service b u re a u s availab le.
A fte r extensively in v estig atin g b o th
p o ssib ilities, it w as d ecid ed to go to a
c o m p lete in -h o u se system . T h e d eci­
sio n w as b a se d on:
A — T h e critical tu rn a ro u n d tim e.
B— A stro n g d esire to re m a in co m ­
p letely self-sufficient.
C — T h e ab ility to ex p a n d th e system
at v irtu ally n o a d d itio n a l cost.
D — T h e n e e d to p ro v id e m ax im u m
safeg u ard s fo r c o rre sp o n d e n t
re c o rd s. A n y a d d itio n a l h a n ­
d lin g by o th e r th a n C . N . B.
p e rso n n e l to d issem in ate d a ta
co u ld p o ssib ly w e a k e n confi­
d e n tia l sta tu s of the reco rd s.
In the fu tu re , C. N . B. h o p es to ex­
p a n d the system an d to im p le m e n t an d
o rig in a te o th e r system s so th a t it can
grow an d offer th e b e st p o ssib le service
to its c o rre sp o n d e n t b an k s.
U ltim a te ly it lo o k s fo rw a rd to th e
d ay w h en each of th e b a n k s w ill h av e
a c e n tra l in fo rm a tio n system th a t w ill
receive its p rim a ry in fo rm a tio n fro m
a C O M System . T h is sh o u ld h e lp C e n ­
tra l N a tio n a l to m eet its p a ra m o u n t o b ­
jective an d th a t is to im p ro v e cu sto m e r
service m o st effectively an d eco n o m i­
cally .— E N D .
N orthw estern

B anker, N ovem b er,

1971

88
I t w as le a rn e d th a t a m u lti-sto ry
b u ild in g an d p la z a co m p lex is u n d e r
study.
*

*

*

Betty L. Steele, vice p resid en t an d

fo r a c h a rte r fo r
a n ew state b a n k in W est D es
M o in es to b e k n o w n as C e n tra l S tate
B a n k h a s b e e n filed w ith th e Io w a
su p e rin te n d e n t of b a n k in g by C e n tra l
N a tio n a l B a n c sh a re s, In c ., D es M o in es
b a n k h o ld in g co m p an y th a t ow ns C e n ­
tra l N a tio n a l B a n k & T ru s t C o m p an y
of D es M oines. T h e n ew b a n k w o u ld
b e lo c a te d a t th e so u th w est c o rn e r of
35 th S tre e t in W e st D es M o in es w here
it in tersects w ith th e D es M o in es fre e ­
w ay — In te rsta te 2 3 5 .
A n n o u n c e m e n t o f th e a p p lic a tio n
w as m a d e by B. C. Grangaard, p re si­
d e n t o f C e n tra l N a tio n a l B a n c sh a re s
an d c h a irm a n o f C e n tra l N a tio n a l
B ank.
I t is re p o rte d th e b a n k , if ap p ro v ed ,
w ill b e lo c a te d in a 12 -sto ry b u ild in g
p la n n e d fo r th e site, w ith th e b a la n c e
o f th e b u ild in g b ein g o ccu p ied by
b u sin ess firm s. O th e r c o n stru c tio n
p la n n e d fo r th e sam e g en eral a re a is
th e n ew h e a d q u a rte rs co m p lex fo r
M e re d ith P u b lic a tio n s, p re se n tly lo ­
c a te d in d o w n to w n D es M o in es, an d
a n ew h e a d q u a rte rs fo r th e Io w a F a rm
B u re a u , also lo c a te d n o w in d o w n to w n
D es M oines. G e n e ra l U n ite d L ife I n ­
su ran ce C o. is ju st w est alongside th e
n o rth side o f th e freew ay w h ere it in ­
te rse c ts w ith 1-35 a n d 1-80, a n ew
a p a rtm e n t h o u se co m p lex is across
3 5 th stre e t to th e ea st an d V alley
H ig h S chool p ro p e rty is ju st so u th o f
th e p ro p o se d build in g .
Robert H. Clark, Jr., vice p re sid e n t
of C e n tra l N a tio n a l B a n k a n d a W est
D es M o in es resid en t, is listed as p re si­
d e n t of th e p ro p o se d n ew b a n k .
O th e rs w h o signed th e c h a rte r a p p li­
c a tio n are Ronald D. Kenyon, Rolland
C. Rasmussen a n d William H. Fulton,
all of W e st D e s M o in es; Dean W.
Mitchell, executive vice p re sid e n t of
F a rm B u re a u In su ra n c e C os., a n d Dale

A

p p l ic a t io n

Banker, November, 1971
Northwestern
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

C. Smith, ex ecutive vice p re sid e n t of
C e n tra l N a tio n a l B an k .
*

*

*

I t w as a n n o u n c e d la st m o n th d u rin g
th e Io w a B a n k e rs C o n v e n tio n th a t
Bankers Trust Company h a s u n d e r
c o n sid e ra tio n a m a jo r d o w n to w n office
d e v elo p m en t co m p risin g th re e -q u a rte rs
o f a b lo ck . T h is w o u ld in c lu d e th e old
a n d th e n ew B a n k e rs T ru s t b u ild in g s;
th e O d d F e llo w s b u ild in g a n d C h a m ­
b e rla in H o te l, b o th o f w h ich are im ­
m ed ia te ly w est acro ss th e alley fro m
th e p re se n t B a n k e rs T ru s t q u a rte rs,
a n d th e B a n k e rs T ru s t p a rk in g lo t,
w h ich o ccu p ies th e q u a rte r-b lo c k at
th e n o rth w e st p o rtio n o f th e city b lo ck
u n d e r c o n sid e ra tio n . T h e re m a in in g
q u a rte r-b lo c k is th e L ib e rty B uilding,
w h ich is h e a d q u a rte rs fo r A m e ric a n
M u tu a l L ife In su ra n c e C o m p an y , th e
Io w a B a n k e rs A sso c ia tio n an d a n u m ­
b e r o f b u sin ess firm s.
John Ruan, c h a irm a n , a n d Robert
J. Sterling, p re sid e n t o f B a n k e rs T ru s t
C o m p an y , said th e p ro p o se d stru c tu re
in clu d es as p o ssib le p rin c ip a l te n a n ts
B lue C ro ss-B lu e Shield an d T h e R u a n
C o m p an ies, as w ell as th e b a n k . M r.
R u a n re p o rte d p la n s a re in a fo rm a tiv e
stage an d a fu rth e r d e ta ile d a n n o u n c e ­
m e n t w ill be m a d e la te r.

secretary , B re n to n B an k s, In c ., D es
M o in es, h a s b eg u n h e r second te rm as
n a tio n a l tre a su re r
o f the N a tio n a l
A s s o c ia tio n of
Bank-Women
In c ., follow ing h e r
in stallatio n d u rin g
th e re c e n t 4 9 th
A n n u a l C onven­
tio n of N A B W in
N ew O rlean s.
M rs. Steele has
B. L. STEELE
b e e n asso ciated
w ith B re n to n B an k s, In c. for 18 years,
hav in g sta rte d h e r c a re e r w ith N o rth ­
w est D es M o in es N a tio n a l B a n k , one
of th e B re n to n affiliates. W ith N o rth ­
w est D es M o in es N a tio n a l, she w as
h e a d of b o o k k eep in g a n d w ork ed v a ri­
ously in p ra c tic a lly all d ep artm en ts,
th e n bein g elected a ssista n t c ash ier in
195 9 , assista n t vice p re sid e n t in 19 6 2 ,
an d vice p re sid e n t in 196 6 . A s vice
p resid en t, she w as h e a d o f th e re a l
esta te d e p a rtm e n t an d also w o rk ed
w ith th e tru s t d e p a rtm e n t.
M rs. S teele’s seco n d te rm as N A B W
tre a s u re r c o in cid es w ith th e o rg a n iz a ­
tio n ’s G o ld e n Ju b ile e Y e a r. S ta rte d b y
six w o m en h o ld in g im p o rta n t b a n k in g
p o sitio n s in N e w Y o rk C ity so m e fifty
y ears ago, N A B W n o w h a s a m e m b e r­
ship o f 9 ,0 0 0 w o m en , all o f w h o m are
officers o f th e ir b a n k s.
*

*

*

P re sid e n t David L. Miller a n ­
n o u n c e d th a t c o n stru c tio n h a s b eg u n
o n W e st D es M o in es S tate B a n k ’s n ew
h e a d q u a rte rs b u ild in g a t 2 2 n d stre e t
a n d W e sto w n P a rk w a y in W est D es
M oines. A s a m a jo r te n a n t, th e b an k
w ill o ccu p y th e m a in flo o r a n d 2 ,0 0 0
sq. ft. o f th e seco n d o f th is n ew fo u r

WEST DES MOINES State Bank has begun construction on its new 2,000 square foot
bank building according to David L. Miller, president. Scheduled for completion in the
spring of 1972, the new bank building is one of the planned structures of Investors
Equity of Iowa's 15 acre Westown Park development.

89

Introducing our
newest employee.
Microfiche Reader.

Central National now has
available to its correspondent banks a
new type of microfilm reporting system called
M icrofiche. Th ere are many advantages to this
new reporting medium for you. 1. more frequent
reports resulting in more com plete information. 2. more
information within easier reach. 207 computer sheets on
one fiche. 3. easier to use reports resulting in faster response
to inquiries. 4. virtually elim inates storage problems. Instead
of a daily printout, records will be sent to you on film which
means no refilming problems. 5. reduces payroll costs and
training time. You can review 207 computer pages at one
time. Th ere are more reasons why M icrofiche can help
you. W e’d like to show you. Contact our Correspondent
Bank Department and they will introduce you
to our newest em ployee. Call us free on
our Watts Line number 800-362-1615.

ii^ %

9 9

Central National Bank 8-Trust Company
^


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

LOC
LOCUST
AT SIXTH AVENUE, DOWNTOWN DES MOINES, PHONE 243-8181. MEMBER FDIC.

Northwestern Banker, November, 1971

90

Iow a

News

sto ry stru ctu re. M r. M iller sta te d th a t
th e new location will be the m ain b a n k ­
ing q u arters and the p re se n t facilities
a t 6 3 rd and G ra n d will be re ta in e d as
a p ark in g lot office.
T h e e x te rio r surface of th e new
b u ild in g will be anodized b ro n zed
alu m in u m w ith reflective m irro re d
glass. In a d d itio n to th e m a in stru c tu re ,
th e re w ill be fo u r driv e-in service lanes
an d a b u n d a n t p a rk in g to the w est and
n o rth of th e lo b b y e n tran ce.
*

*

*

The Highland Park State Bank re ­
cen tly in v ited its cu sto m ers, frien d s
and n eig h b o rs to an o p en h ouse to see
th e co m p lete rem o d eled in te rio r and
ex te rio r of th e bank. O p e n H o u se w as
co n d u c te d la st m o n th .
T h e b a n k o p en ed on J a n u a ry 2 8,
195 2 , in a q u o n se t h u t on th e S o u th ­
ea st c o rn e r of 3 rd and E u clid an d in
1957 m oved to its p re se n t lo c a tio n on
th e N W c o rn e r of 3 rd an d E u clid . T h e
H ig h lan d P a rk S tate B a n k h as been
fu rn ish in g b a n k in g services in th e co m ­
m u n ity fo r 2 0 years and h as grow n to
w h ere assets exceed tw enty m illio n
d o llars.
T h e b a n k w as organized by H ig h ­
la n d P a rk busin ess m e n an d th e sam e
o rig in al seven b o a rd o f d ire c to rs are
still active in the m a n a g e m e n t of th e
b an k . Its “ on p rem ises” c o m p u te r
c e n te r h as p ro v e n to be a very im ­
p o rta n t to o l in th e o p e ra tio n of th e
b a n k . In a d d itio n to doing th e b a n k ’s
o w n c o m p u te r w o rk w hich p ro v id es
m an a g e m e n t w ith u p to d a te in fo rm a ­
tio n an d re p o rts in a m a n n e r of m in ­
utes, it is servicing m an y N o rth D es
M oines business p ay ro ll accounts.
^

Ray L. Johnson h as b e e n elected as­
sista n t d a ta p ro cessin g officer fo r C e n ­
tra l N a tio n a l B a n k an d T ru s t C o.
H e jo in e d th e b a n k ’s d a ta p ro c e ss­
ing d e p a rtm e n t in 196 6 a fte r h aving
sp en t fo u r y ears in the A ir F o rc e .
P rio r to th a t h e w as w ith L e n n o x I n ­
d u stries in M a rsh a llto w n .
Hs

*

*

The First National Bank o f W est
D es M o in es h a s b eg u n c o n stru c tio n of
a n ew m a in office b u ild in g n o rth of I n ­
te rsta te 235 an d o n th e w est side of
2 2 n d S tre e t in W est D es M oines.
I t w ill b e lo c a te d in th e W oolco
S h o p p in g C e n te r ju st off th e 2 2 n d
S treet freew ay in terch an g e.
T h e b a n k w ill hav e th re e la n e s fo r
b a n k in g by c a r w ith th e la te st in
p n e u m a tic tu b e service. C o n stru c tio n

Northwestern Banker, November, 1971
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

FIRST NATIONAL Bank of West Des Moines has recently begun construction on a
7,100 square foot building. The bank will also have three lanes for banking by car.
Roy W. Messerschmidt is the bank president. The new bank will be located north of
Interstate 80 on the west side of 22nd Street.

is p la n n e d so tw o a d d itio n a l lan es can
be o p e n e d a t a la te r d a te . In ad d itio n ,
am ple p a rk in g sp ace w ill be av ailab le
fo r the b a n k cu sto m er.

Observes Centennial
T h e F irs t N a tio n a l B a n k in C re sto n
recen tly o b se rv e d its ce n te n n ia l an n i­
versary. T h e first b a n k in C re sto n w as
th e S. H . M allo ry a n d C o m p a n y B a n k ,
e stab lish ed in 1 8 7 1 , a n d it b ecam e th e
F irst N a tio n a l B a n k in 1871.

Siedhoff Named President
L e o n a rd Siedhoff, executive vice
p re sid e n t an d cash ier of th e F a rm e rs
State B ank B ay ard , h as b een elected
p re sid e n t o f th e G u th rie -A d a ir B a n k ­
ers A sso ciatio n . T h e e lectio n w as h eld
recen tly a t a q u a rte rly m eetin g h e ld in
th e 5 by 80 C lu b n e a r M en lo .
R o n K n ie p of B rid g e w a te r w as
elected vice p re sid e n t an d R o g e r A n ­
d e rso n of G reen field w as ch o sen to b e
secretary .

Fed Approves Valley Bank
Acquisition by Banks of Iowa
H E b o a rd o f g o v ern o rs of the F e d ­
eral R eserv e System a p p ro v e d the
ap p lic a tio n la te last m o n th fo r V alley
B ank an d T ru s t C o ., D es M o in es, to
join B anks of Io w a, In c., C ed ar
R ap id s.
U n d e r the p lan , w h ich m u st b e a p ­
p ro v e d by h o ld e rs o f a t least 80 p e r
c e n t o f th e 1 2 ,5 0 0 sh ares o f sto ck
o u tsta n d in g of V alley B a n k an d T ru st,
B anks o f Io w a w ill p a y 17 sh ares of
its sto ck fo r each sh a re o f V alley.

T

April Plan
T h e p ro p o sa l fo r th e b a n k s to jo in
w as a p p ro v e d la st A p ril b y th e b o a rd s
of d irecto rs o f th e b a n k a n d o f th e
h o ld in g co m p an y .
T h e p la n calls fo r E d w a rd B u rchette, ch airm an , an d N eal A . Sands,
p re sid e n t o f th e V alley B an k , to r e ­
ta in th eir p o sts w ith th e D es M o in es
b a n k an d to b e c o m e m em b ers o f th e
b o a rd of d irecto rs of B an k s of Io w a.
T o ac q u ire 80 p e r c e n t o f V a lle y ’s
1 2 ,5 0 0 sh ares o f sto ck o u tsta n d in g ,
B an k s of Io w a w ill p a y 1 7 0 ,0 0 0
sh ares o f its stock, v a lu e d a t th e re c e n t
bid of $25 a t $ 4 .2 5 m illion, T o ac-

q u ire 100 p e r c e n t it w o u ld p a y 2 1 2 ,5 0 0 shares, v alued a t $ 5 ,3 1 2 ,5 0 0 .
B an k s of Io w a, o rg an ized in 1969
as an Io w a c o rp o ra tio n , to acq u ire
o w n ersh ip of M e rc h a n ts N a tio n a l, h a d
a 130,0 (X k sh are p u b lic offering o f its
sto ck last y e a r a t $21 a share.

Ottumwa
T h e F e d e ra l R eserv e a cted a m o n th
ago to a p p ro v e th e h o ld in g c o m p an y ’s
ap p lic a tio n to p ay 1 9 5 ,0 0 0 sh ares of
its sto ck to a cq u ire o u tsta n d in g sh ares
o f U n io n B a n k an d T ru st C o ., O ttu m ­
wa, a p ro p o sa l w h ich w as m ad e a y e a r
ago.
T h e h o ld in g c o m p an y h a s a n o th e r
ap p lic a tio n p en d in g w ith th e F e d e ra l
R eserv e to a cq u ire th e C o u n cil B luffs
S avings B an k , C o u n cil Bluffs.

Consolidated assets of Banks of
Iowa stood Sept. 30 at $203,483,257.
T h e to ta l w ill b e in creased by
$ 5 7 ,7 4 0 ,4 2 1 b y in c lu d in g assets o f
U n io n B a n k an d T ru s t C o ., O ttu m w a,
an d by a n o th e r $ 5 5 ,9 8 0 ,8 6 0 by in ­
c lu d in g V alley B a n k an d T ru s t’s as­
sets. T h e C o u n cil Bluffs Savings B a n k
h a d assets S ept. 3 0 o f $ 6 0 ,6 8 8 ,9 1 2 .

91

W here you’re
concerned,we’re
concerned
C all us fo r all your

correspondent
needs.
✓

y

>
4

First National Bank
of Kansas City

10th & Baltimore, Kansas City, Mo.

M e m b e r Fe de ral D e p o s i t I n s u r a n c e C o rp o ra t io n


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

N orthw estern

B anker,

N ovem ber,

1971

92

Io w a

N ew s

Hold Grand Opening
T h e g ra n d o p en in g o f th e new
S p en cer N atio n al B an k d riv e-u p facili­
ty was co n d u c te d recently. E a rl K ooke r an d A sso ciates o f S p en cer w ere e n ­
gaged by the b a n k as design co n ­
su ltan ts.

H oft Joins Bank

NEW DOWNTOWN FACILITY planned fo r the Northwestern National Bank, Sioux City.

New Downtown Dank for Sioux City
O M P L E T IO N
of N o rth w e ste rn
N a tio n a l B an k ’s new d ow ntow n
facility will m a rk the in n a u g u ra l of a
co m p letely new c o n c e p t of b a n k in g fo r
the city of Sioux C ity a n d s u rro u n d ­
ing tra d e te rrito ry . T h e latest in n o v a ­
tio n s in c u sto m e r service offered can
be u tilized by all c u sto m e rs of its o th e r
th ree lo c a tio n s as w ell.
T h is new facility of th re e story
h eig h t will c o n ta in ap p ro x im ately
6 6 ,0 0 0 sq u are feet of space. I t will be
o f all b ric k m aso n ry c o n stru c tio n w ith
a steel fram e. T h e 3 0 0 to n s of stru c ­
tu ra l steel w ill be cov ered by 1 5 0 ,0 0 0
b rick and 1 ,7 0 0 y ard s of co n crete. T h e
floor system will c o n sist of 4 0 ,0 0 0
sq u a re feet of p re-cast, p re-stressed
co n crete. W ith in the build in g , the v au lt
h as been co n stru c te d of 2 0 0 y ard s of
c o n crete re in fo rc e d by 40 tons of steel.
T h e o u tsid e building w all h eig h t w ill
be 5 0 feet, w ith d im en sio n s of 182
feet x 134 feet.
In a d d itio n to th e b u ild in g being
c o n stru c te d , th e re w ill also be u p p e r
level p a rk in g co m b in ed w ith g ard en
an d fo u n ta in a rran g em en t.
T h e e n tire stru c tu re h a s b een d e ­
signed fo r the u ltim a te service and co n ­
v enience of the public.
O rg an ized and o p en ed o n O c to b e r
16, 1895, the N o rth w e ste rn N a tio n a l
B ank h as strived to offer service to th e
en tire S ioux C ity c o m m u n ity , an d on
N o v e m b e r 1, 1967 m erged w ith th e
M o rn in g sid e Savings B ank an d its o f­
fice a t B ro n so n , Iow a to give the
M o rn in g sid e an d B ro n so n c o m m u n i­
ties co n v en ien t ban k in g service.

C

To Head Insurance
Ja c k N elson h as re c e n tly jo in e d the
D e c o ra h S tate B ank, D e c o ra h , to h a n ­
dle the b a n k ’s in su ran ce line. T h e
n am e o f th e in su ra n c e agency a t th e
b a n k w ill be changed from H ain es,
N orthw estern

B anker,

N ovem ber,


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

1971

Jo h n so n and B ak er to th e D e c o ra h
S tate A gency, acco rd in g to Jo h n H ess,
assistan t vice p resid en t.

Oatley Joins Bank
R o b e rt G . O atley has jo in e d the
staff of the F o rt M ad iso n B an k an d
T ru st, F t. M ad iso n , as a lo an officer
acco rd in g to A . A. Sm ith, p resid en t.

Sanborn Bank Move
T h e S a n b o rn Savings B an k h as
m oved its b a n k in g o p e ra tio n s b ack to
its original q u a rte rs a t 17 M ain w here
rem o d elin g of the b a n k is n e a rin g co m ­
pletion.

T h e C itizen s Savings B an k , Sac
C ity, h as em p lo y ed Ja m e s H o ft as in ­
stallm en t lo an officer. M r. H o ft has
been em p lo y ed by S & M F in a n c e
C o m p a n y fo r 3 - 1 /2 y ears, th e last 2
y ears as office m a n a g e r of th e Sac C ity
office.
D udley L . M arten s, assistan t vice
p resid en t in ch arg e of the installm en t
loan d e p a rtm e n t since A u g u st o f 1967,
has resig n ed effective last m o n th in
o rd e r to ac c e p t a p o sitio n as in sta ll­
m en t lo a n d e p a rtm e n t officer of the
F irs t N a tio n a l B ank, F o rt M o rg an ,
C o lo rad o .

Joins Webb Bank
C itizen s S tate B ank, W eb b , re ­
cen tly an n o u n c e d the h irin g of D av id
R. H o pkins. H e w as a g ra d u a te of
D rak e U n iv ersity in D es M o in es in
M ay of th is y e a r w ith a b a c h e lo r of
science deg ree in b u sin ess a d m in istra ­
tion. H e h a s b een w ith the W e b b b a n k
since g ra d u a tio n .

i /

NEW BRICK AND GLASS structure fo r the First National Bank, Perry, is now being b u ilt
by Bower & Bower C onstruction Co. Com pletion is expected in the spring.

Perry Bank Under Construction
H E new F irs t N a tio n a l B a n k b u ild ­
ing, u n d e r c o n stru c tio n at F irs t
and L u c in d a streets in P erry, is p ic ­
tu re d in th e a rc h ite c t’s d raw in g . T h e
b ric k and glass stru c tu re w ill be read y
fo r o c cu p an cy by spring. A rch itects are
C h a rle s H e rb e rt & A sso ciates and g en ­
eral c o n tra c to r is B ow er & B ow er C o n ­
stru c tio n Co. of P erry.
T h is new B ren to n b an k stru c tu re
w ill c o n ta in a p p ro x im a te ly 1 2 ,5 0 0

T

sq u a re feet of floor sp ace w ith co m ­
p lete b a n k in g services av ailab le o n the
first floor. S eco n d floor facilities will
in clu d e a sp acio u s co m m u n ity ro o m ,
em ployees lounges, k itch en an d sto r­
age. T h e e x p a n d e d m o to r-b a n k w ill be
lo cated to the so u th o f th e bu ild in g
w ith p a rk in g av ailab le to th e so u th an d
e a st of th e building.
T h o m a s R . S m ith is p re sid e n t of
F irst N a tio n a l B ank of P erry .

Iow a

N ew s

93

S how ing tre m e n d o u s fa ith in the
co m m u n ity b y th is b u ild in g p ro g ra m ,
the b a n k w ill also fe a tu re d isp lay
cases a t th e fro n t e n tra n c e a n d is in ­
clu d in g a larg e p riv a te co m m u n ity
ro o m facility w hich w ill b e av ailab le
u p o n req u est.
C o m p le tio n is ex p ected in early
sp rin g b a rrin g u n u su a l w in te r w eath er.
T h e K irk G ro ss C o m p a n y o f W a te r­
loo h as the single so u rce resp o n sib ility
fo r the en tire b u ild in g p ro g ram .
COLONIAL STYLE bank building com pleted by Keokuk County State Bank, Sigourney.

Bank Under Construction

A n ew b a n k b u ild in g fo r the S tate
Savings B ank, B ax ter, is n o w u n d e r
c o n stru c tio n . T h e b u ild in g of m o d e rn
lio n of its sto ck to ac q u ire 51 to 100
d esign w ill h av e ap p ro x im a te ly 3 1 0 0
p e r cen t of th e sto ck o f C itizen s N a ­
sq u are fe e t of space o n th e first floor
tio n a l B ank of B oone.
w ith b asem en t a re a of eq u al size, c o n ­
T h is w as re v e a le d by officers of the
stru cted of brick, co n c re te b lo c k w ith
tw o b an k s, w h o said h o ld ers of 51 p e r
p restressed co n c re te flo o r slabs, an d
c e n t of th e 4 ,0 0 0 sh ares of sto ck of th e
co m p lete h eatin g , a ir c o n d itio n in g , an d
B oone b a n k h av e ag reed to ex ch an g e
v en tilatin g system . A co m m u n ity ro o m
each sh a re of th e ir sto ck fo r 61.5
in the b a se m e n t a re a w ill be av ailab le
sh ares of H aw k ey e B a n c o rp .’s stock.
fo r p u b lic m eetin g s.
C o m p le tio n d a te is sch ed u led fo r
M ontezuma Bank
D ecem b er 1971.
P lans call fo r a d riv e -u p w indow ,
Modernizes
M.
L . A re n d t, p re sid e n t o f P eoples an d a n ig h t d e p o sito ry fo r a fte r h o u r
Savings B an k , M o n tezu m a, an n o u n ced
service.
a m a jo r c o n stru c tio n p ro g ra m w hich
K en n eth Streich is th e arch itect and
w ill p ro v id e services fo r th e ir cu sto m ­ U n i-S erv ice, Inc. of B ra d fo rd , is th e
ers p resen tly n o t av ailab le in M o n te ­
p rim e c o n tra c to r.
zum a.
A new facility, m o d e rn an d fu n c ­
Honor A1 Droll
tio n a l in design, w ill be b u ilt o n th e
T h e H ills B ank an d T ru s t C o. of
c o rn e r o f L ib e rty and S econd Street.
H ills held a w eek long o p e n h o u se to
A fte r-h o u r d ep o sito ry , d riv e-u p w in ­
h o n o r th e ir b a n k p re sid e n t, M r. A l­
dow service, an d o n -site p ark in g will
b e rt D ro ll.
b e pro v id ed . O n ce in sid e the building,
M r. D ro ll c e le b ra ted 5 0 y ears in th e
one will find p riv ate offices fully
b a n k in g b u sin ess w ith th e H ills B ank.
e q u ip p e d to h a n d le p e rso n a l m a tte rs,
a n enlarged tellers co u n ter, a vault
Chris A. Jensen
w ith d o u b le th e p re se n t safety d ep o sit
C h ris A . Je n se n d ied recen tly at the
b o x cap acity , p riv a te co u p o n b o o th s,
age of 83. H e w as p resid en t of th e
an d a m o d e rn w ell-eq u ip p ed b o o k ­
G ra e ttin g e r S tate B a n k , G raettin g er,
k e ep in g d e p a rtm e n t co m p lete w ith
since 1935.
w alk -u p sta te m e n t w indow .

Keokuk County State Hank Opens
H E K e o k u k C o u n ty S tate B an k ;
S igourney, o p e n e d fo r b usiness in
its n ew b a n k b u ild in g la st m o n th . T h e
co lo n ial style b u ild in g w as designed
a n d c o n stru c te d by C o n n e r B ro th ers
C o n stru c tio n C o m p a n y of Sigourney.
T h e b a n k h a s 5 0 3 2 sq u a re fe e t of
sp ace o n tw o lev els-b asem en t and
g ro u n d floor. I t is c o n stru c te d of red
face b ric k an d co n c re te b lo ck w alls
w ith p re stre sse d floor p an els. T h e re are
5 te lle rs’ w indow s and a d riv e-in w in ­
dow .
T h e in te rio r trim is of h a n d m ad e
w a ln u t an d is co m p le m e n te d w ith
g reen , yellow and gold w all p a p e r and
d rap es.
T h e re is a co m p lete em ployees
lo u n g e in th e b a se m e n t along w ith a
p riv a te office, co n feren ce ro o m and
sto rag e room s.

T

Third Stock Offering
H aw keye B a n c o rp o ra tio n , R e d O ak
b a se d B a n k H o ld in g C om pany, a n ­
n o u n c e d th e filing of a re g istra tio n
sta te m e n t fo r its th ird p u b lic stock o f­
fering.
T h e re g istra tio n sta te m e n t, filed th is
w eek w ith th e S E C , is fo r 5 3 0 ,0 0 0 a d ­
d itio n al sh a re s of $ 3 .0 0 p a r value com ­
m o n c a p ita l sto ck to be sold to th e
p u b lic. H aw k ey e h a s m ad e a p p lic a tio n
to th e B o a rd of G o v e rn o rs of th e F e d ­
e ra l R eserv e System fo r p e rm issio n to
a c q u ire co n tro llin g in te re st in six p ro ­
p o sed c o n stitu e n t banks. T h e re g istra ­
tio n sta te m e n t also p ro v id es fo r an a d ­
d itio n a l 1 1 1 ,5 8 8 sh ares of C o m m o n
S to ck to be offered in ex change fo r the
m in o rity C o m m o n S tock in te re st in
th re e of th e six p ro p o se d c o n stitu e n t
b an k s.
A n a g reem en t in p rin c ip le h as been
re a c h e d fo r H aw k ey e B a n c o rp o ra tio n ,
R ed O a k , b a n k h o ld in g co m p an y , to
p a y fro m $ 1 .2 4 m illio n to $ 2 .4 3 m il
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

ï

ass*
ii

~rJ

'

ARTIST’S SKETCH of the new Peoples Savings Bank soon to be constructed in M onte­
zuma.
N orthw estern

B anker,

N ovem ber,

1971

94

I owa News

Sees Farmers Making Higher
Credit Demands This Year
O W A fa rm e rs will be m ak in g high
cre d it d e m a n d s o n ban k s fo r the
re m a in d e r of this y e a r an d next. R o b y
Sloan, assistan t v ice-p resid en t of th e
F e d e ra l R eserv e B ank of C h icag o told
som e 6 0 n o rth w e st Io w a b a n k e rs re ­
cently a t B u e n a V ista college.
T h e b a n k e rs a tte n d in g a sem in ar
sp o n so re d by th e F e d e ra l R eserve w ere
told w h a t th e o u tlo o k fo r Io w a a g ri­
c u ltu re is in co m in g years by M r.
S loan, sen io r ag ric u ltu ra l econom ist.

I

T h e F e d e ra l R eserv e h e said , h as
estab lish ed a co m m itte e to study fa rm
c re d it an d m a k e fo r an e a sie r flow of
fu n d s fro m u rb a n to ru ra l areas.
T h e o u tlo o k fo r th e re m a in d e r of
th e y e a r o n p rices is th a t they will be
largely u n affected by the freeze p o li­
cies, h e said. “ T h e freeze o n re ta il
p rices h o w ev er c a n e n h a n c e co n su m e r
d e m a n d , an d th ere w ill be in c re a se d
d e m a n d s in th e g o v e rn m e n t fo o d p r o ­
g ra m .”

com ed. T h e n a tio n w as c o n c e rn e d
a b o u t o u r eco n o m ic p ro b le m s,” h e
n o ted . Som e o b se rv e rs felt th e n a tio n
w as in an eco n o m ic u p tu rn a t th e tim e
of th e A ug. 15 freeze, “ b u t I and o th ers
d o n ’t th in k so ,” h e said.
“W e
w ere
in
th e
eco n o m ic
d o ld ru m s, o r a m ild eco n o m ic d rift.
I t w as h a rd ly a tim e of g re a t e x u ­
b e ra n c e in th e eco n o m y ,” h e said.
“ W h ere d o we go fro m h ere? T h e re
is n o t en o u g h d a ta yet to tell. In te r­
n atio n a lly n eg o tia tio n s are u n d erw ay .
T h e P re sid e n t’s m o v e to sev er ties w ith
g old w as ex cellen t. T h e re is a n eed fo r
th e U . S. to g et b a c k o n a p ro p e r
tra c k w ith its tra d e p a rtn e rs ,” h e said.

>-

*

Phase II
A lso affecting the fu tu re w ill be
“ P h a se I I ” . “ T h e P re sid e n t has to ld
C o n g ress th e freeze w ill n o t be exte n d e d , b ut stro n g re stra in ts o n w ages
an d p rices in m a jo r in d u strie s co u ld
be a n tic ip a te d ,” h e said.
O th e r F e d e ra l R eserv e bo ard m e m ­
b ers o n th e p ro g ra m w ere H a rry S.
S chultz, w ho discu ssed the ch eck c le a r­
ing p ro cess; Ja m e s R . M o rriso n , w ho
talk ed a b o u t b a n k su p erv isio n as related to b an k ho ld in g com p an ies.

^
v
*

r

H onor W alter Faustian
BANK SEMINAR — A bout 60 northw est Iowa bankers gathered in Storm Lake recently
to hear a discussion on a proposed Fed clearing center in Des Moines. S im ilar m eet­
ings were held in Des Moines and W aterloo. Robert Mayo, Fed president, led the group.
Seated from le ft are: Harry Schultz, James R. Morrison, Robert Mayo, Karl A.
Scheld and Roby Sloan, all from Federal Reserve Bank of Chicago. Shown standing
are: Fed v.p. Alan Wolke; Harry Schaller, pres., Citizens First Natl. Bk.; Lloyd Tymeson, pres., The Com m ercial Tr. & Sav. Bk., and Cliff Fritcher, v.p., S ecurity Tr. & Sav.
Bk., all of Storm Lake.
No definite announcem ent has been made by the Fed concerning the clearing
center — but money is in the budget fo r such a center — and m ost bankers feel th a t
it w ill be in operation in the spring of 1972.

M r. S loan said several fa c to rs w ill
influ en ce the d e m a n d fo r fa rm c re d it
in c lu d in g an ex p ected sh a rp d ro p in
g o v e rn m e n t p ay m en ts. F e e d g ra in p a y ­
m en ts co u ld d ro p 15 to 2 0 p e rc e n t, he
said.

Record Corn
O th e r facto rs: a re c o rd c o rn cro p
in Io w a an d th e re su lta n t need fo r
m o re e q u ip m e n t; P re sid e n t N ix o n ’s
new eco n o m ic policies will cause m a n y
fa rm e rs to ta k e ad v an tag e of th e p rice
fre e z e a n d in co m e ta x c re d it to buy
n ew e q u ip m e n t; a stro n g d e m a n d fo r
p u rc h a se of livestock.
M r. S loan said the need fo r fa rm
c re d it w ill be in creasin g d ra m a tic a lly
in the fu tu re , an d “ financial p ractices
w ill h av e to u n d e rg o changes if w e are
to m e e t th e in c re sa e d lo a n n e e d s.”
N orthw estern

B anker, N o v e m b e r,


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

1971

Prices Will Drop
A sh a rp c u rta ilm e n t in h o g sla u g h ­
ter, is ex p e c te d by y e a r en d , M r. S lo an
said, p e rh a p s as m u c h as 10 p e rc e n t.
T h is w ill b rin g a b o u t a tw o p e rc e n t rise
in prices. T h e h o g c o rn ra tio is go o d
a n d sh o u ld im p ro v e, h e said.
C a ttle slau g h ter th is y e a r is u p , b u t
w eights are a b o u t o n e p e rc e n t below
la st year, M r. S lo an said. F e e d e r cattle
n u m b ers are d o w n a b o u t 13 p e rc e n t
in Iow a. P rices o n fe e d e r c a ttle are e x ­
p ected to d ro p this fall, h e said, sim ilar
to fa t cattle.
K a rl S cheld, v ic e -p re sid e n t an d d i­
re c to r of re se a rc h fo r th e F e d e ra l R e ­
serve B an k , to ld th e b a n k e rs h e feels
it w ill be 19 7 2 o r la te r b efo re th e e f­
fects o f P re sid e n t N ix o n ’s eco n o m ic
policies c a n be assessed.
“ G e n e ra lly the policies w ere w el­

T h e fall m eetin g of the S co tt
C o u n ty B a n k e rs A sso c ia tio n w as h e ld ^
last T h u rsd a y evening, S ep tem b er 2 3 rd
a t th e L o n e S ta r In n , L e C laire,
u
Io w a. T h e m eetin g w as h o ste d b y b o th ^
the L e C laire S tate B ank, L e C laire,
Io w a, a n d the F a rm e rs Savings B ank,
P rin ceto n , Io w a. T h e re w ere 106
b a n k e rs in a tte n d a n c e.
*
T h e ce re m o n y a t w hich W a lte r
^
P au stian , B etten d o rf, p resen ted a 50y e a rs-in -b a n k in g p la q u e tw o y ears ago *
to his frien d R o b e rt T a n k of E ld rid g e
was rev ersed as M r. T a n k did the h o n ­
o rs for M r. P au stian .
T h e plaque was aw ard ed to M r.
P a u stia n , p re sid e n t an d c h a irm a n of
the b o a rd of D o n ah u e Savings B ank,
by the S co tt C o u n ty B an k ers A ssn.
B o th M r. P a u stia n an d M r. T a n k ,
w ho is p re sid e n t o f C e n tra l T ru s t &
S avings B an k , E ld rid g e , h av e b een ac*
tive in th e S co tt an d Io w a B an k ers as­
so ciatio n s.

Lensing Named Treasurer
C lair L ensing, executive vice p resi­
d e n t & tru st officer o f F arm ers State
b an k in M ario n w as a p p o in te d tre a s­
u re r of th e K irk w o o d C o m m u n ity
college b o a rd of d ire c to rs at a m eeting
M o n d a y m o rn in g .

*

*"'

Iow a

T h is

announcement is n e i t h e r an o f f e r to
any o f t h e s e s h a r e s . T h e o f f e r is

News

95

s e l l n o r a s o lic it a t io n o f a n o f f e r to b u y
m a d e o n ly b y t h e P r o s p e c t u s .
N o v e m b e r 9 ,1 9 7 1

250,000 Shares

E X C E L IN V E S T M E N T C O M P A N Y
Common Stock
($2.50 Par Value)

Price $10.00 per Share
C o p i e s o f t h e P r o s p e c t u s may be o b t a in e d in a n y S t a t e fr o m only s u c h o f th e u n d e r s ig n e d
a s m a y le g a lly o f f e r t h e s e S h a r e s in c o m p lia n c e w it h t h e s e c u r i t ie s la w s o f s u c h S t a t e .

Dain, Kalman & Quail
Incorporated

Clark, D od ge & Co.

Piper, Jaffray & H opw ood

Incorporated

Incorporated

Shields & Company
Incorporated

Boettcher and Company

Bateman Eichler, Hill Richards
Incorporated

Butcher & Sherrerd
Eppler, Guerin & Turner, Inc.

Crowell, W eedon & Co.
First o f Michigan Corporation

A. G. Edwards & Sons, Inc.

First Mid America Inc.
Loewi & Co.

Howard, W eil, Labouisse, Friedrichs

Incorporated

Incorporated

The M ilwaukee Company

M cDonald & Company

Reinholdt & Gardner

Rauscher Pierce Securities Corporation

Scherck, Stein & Franc, Inc.

The Robinson-Hum phrey Com pany, Inc.

U nderw ood, Neuhaus & Co.

Schneider, Bernet & Hickman, Inc.

Incorporated

K. J. Brown & Co., Inc.

Caldwell Phillips, Inc.

Davenport & Co.

Interstate Securities Corporation

Edward D. Jones & Co.

John G. Kinnard and Company

Lamson Bros. & Co.
Rippey, Inskeep, Hess & McFaul, Inc.

Incorporated

Russ & Company
Incorporated

Smith, M oore & Co.


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

Incorporated

Raffensperger, Hughes & Co.
Seiden & de Cuevas
Incorporated

W oodard-Elwood & Company

N orthw estern

B anker,

N ovem ber,

1971

96

Iow a

News

New Motor Bank fo r Vinton

c a te d in th e b u ild in g now h o u sin g the
lib ra ry a n d city hall.
T h e p re se n t building w as bu ilt an d
re a d y fo r o c c u p a n c y in J a n u a ry of
1962.

G. G. Vermeer
G . G . (S peed) V e rm e e r d ied re c e n t­
ly a t th e age of 73. M r. V e rm e e r w as
p re sid e n t of V alley S tate B ank, R o ck
V alley, fo r the p a st te n years.

Nancy Lenz Prom oted

NEW MOTOR BANK opened recently by the State Bank of Vinton.

r r r H E State B ank of V in to n , V in to n
A recently o p e n e d th e ir n ew m o to r
b an k . L o c a te d a d ja c e n t to th e m a in
b a n k the facility p ro v id e s tw o lan es fo r
au to b a n k in g an d a w alk-in lobby.
A p a rk in g lo t fo r tw en ty -tw o cars
p ro v id es am ple c u sto m e r p a rk in g . T h e
co lo n ial build in g w as designed by A .
M o o rm a n & C o. of M in n eap o lis.
E q u ip m e n t w as fu rn ish ed by L e F e b u re
C o rp ., of C e d a r R apids.

Open Drive-Up
T h e P eoples Savings B an k , W ellsburg, o p e n e d its d riv e -u p w in d o w a t
a rib b o n -c u ttin g cerem ony recently,
w ith W illard R oss, m a y o r of W ellsburg, and K e n n e th C o rd es, p re sid e n t
of th e W ellsburg C o m m u n ity C lu b ,
p a rtic ip a tin g , along w ith L e la n d L uw e,
ex ecu tive vice p re sid e n t an d cashier.
T h e first ten cu sto m ers to use th e
d riv e-u p w in d o w w ere given prizes.

T h e m em b ers o f th e b o a rd of d ire c to rs
an d b a n k staff, alo n g w ith th e g en eral
p u b lic, a tte n d e d th e cerem o n y . O p e n
h o u se fo r th e co m p letely re m o d e le d
b a n k w ill b e h eld o n S a tu rd a y , N o ­
v em b er 20.

Promote Bruce McCullough
B ruce R . M c C u llo u g h , assistan t o p ­
e ra tio n s officer of T h e S tate B an k , F t.
D odge, has b een p ro m o te d to th e p o si­
tio n of a ssista n t c ash ier, acco rd in g to
Ja m e s H . R e d m a n , b an k p resid en t.
M r. M cC u llo u g h , w ho jo in ed th e
b a n k in 19 6 4 , will co n tin u e his duties
in the o p e ra tio n of the b an k .

Begins Construction
T h e R u th v e n S tate B ank, R u th v en ,
h as b eg u n c o n stru c tio n on an a d d itio n
to th e ea st en d of the p re se n t building.
T h e b a n k b eg an as the F a r m e r ’s
T ru s t an d Savings B an k an d w as lo-

N an cy L e n z w as recen tly elected
a ssista n t tru st officer of th e C e n tra l
T ru s t a n d Savings B ank o f C h ero k ee,
ac c o rd in g to p re sid e n t J o h n B. K eeline.

Plan 1 9 7 4 Completion
T h e 6 2 -sto ry , 8 5 8 -fe e t high U n ited
C a lifo rn ia B a n k c o rp o ra te h e a d q u a r­
ters sk y sc ra p e r sch ed u led fo r co m p le­
tion in L o s A n g eles in 197 4 w ill b e th e
tallest b u ild in g w est of C h icago.
L o c a te d at th e c o rn e r of W ilshire
a n d H o p e in d o w n to w n L o s A ngeles,
th e $ 6 0 m illio n edifice will h e a d q u a rte r
W estern B a n c o rp o ra tio n , reg istered
b an k h o ld in g co m p an y , as w ell as its
affiliate, U n ite d C a lifo rn ia B ank, ac­
co rd in g to N o rm a n B a rk e r, Jr., p resi­
d en t, w ho h e a d s th e b u ilding c o m m it­
tee.
LEGAL FORMS
Any form you need we stock, or will
print. Special forms then stocked
for prompt shipment on re-orders.
IOWA LEGAL BLANK
& PRINTING CO.
Box 238, Webster City, Iowa

A m o Ids Park Case to High Court
H E sta te su p e rin te n d e n t of b a n k ­
ing h as ap p e a le d to the Iow a Su­
p rem e C o u rt a D istrict C o u rt o rd e r
p erm ittin g nine n o rth w e st Io w a busi­
n essm en to estab lish a state b a n k at
A rn o ld s P ark .
S tate S u p e rin te n d e n t O liv er H a n se n
is a p p ealin g a ru lin g issued A u g . 10
by P o lk C o u n ty D istric t C o u rt Ju d g e
A . B. C ro u ch . C ro u c h o rd e re d th e fo r­
m e r b a n k in g su p e rin te n d e n t, C ollin W .
F ritz, to g ra n t th e a p p lic a tio n of the
O k o b o ji M a rin e State B ank.
M r. F ritz resig n ed in A u g u st to ac­
cep t the p o sitio n as p re sid e n t of the
C e n tra l N a tio n a l B ank an d T ru s t
C o m p an y , D es M oines, an d O liv er A .
H a n se n , p re sid e n t of th e L ib e rty T ru s t
an d S avings B an k , D u ra n t, succeeded
him as su p e rin te n d e n t.

T

N o r for
t h wFRASER
estern B anker, N ovem b er,
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1971

O n M ar. 12, M r. F ritz h a d d en ied
th e a p p lic a tio n fo r the new b a n k , c o n ­
ten d in g th a t th e A rn o ld s P a rk reg io n
co u ld n o t su p p o rt a n o th e r state b an k .
H is ruling w as ap p e a le d to D istric t
C o u rt.
S eeking to in c o rp o ra te th e new b a n k
are D. E . G ra n t, J. R . H a rriso n , G ail
M . R ic h a rd so n , D o n K. E v a n s, R ic h ­
a rd C. R u th , D arlo w O leso n , J. H a r ­
vey De V ries, G e ra ld L . M o eller an d
A . K. R uebel.
A c h a rte r h as b een g ra n te d by th e
C o m p tro lle r of the C u rre n c y to E . W .
M a se r fo r a b a n k to be k n o w n as the
L a k e s N a tio n a l B ank. M r. M a se r c u r­
ren tly o p e ra te s an office in A rn o ld s
P a rk th ro u g h th e Sibley S tate B ank.
C a p ita liz a tio n fo r the new b a n k will
be $ 3 0 0 ,0 0 0 .

BANK

DESIGN «ULTÂNTS
BOX 87 PH. 1-712-2621499
S P E N C E R ,I O W A 5 1 3 0 1

YALE SECURITY EQUIPMENT
NOW AVAILABLE FROM THE SPECIALISTS
TO YOUR STATE BANKERS ASSOCIATION
FOR BANK EQUIPMENT SALES/SERVICE
F. E. DAVENPORT
REGIONAL OFFICE
2066 FARNAM ST.
OMAHA, NEB. 68102

EATOr
VA LE I
TOW N i

ACORN

Y A LE
BANK SERVICE DIV.
RYE, N.Y. 10580

Registers

"Accepted Sale Registers by Bank
Clerks Everywhere"
For information write

THE ACORN PRINTING CO.
O akland, Iow a

97

Start New Bank Building in Sac City

The customer waiting area has been
relocated on the main level and the
customer service area has been placed
on the south side of the main lobby.

S ells C o n tro llin g In terest

BIDS have been received and contracts awarded fo r con stru ction o f a new bank b u ild ­
ing fo r the Sac City State Bank at Sac City. The 100' x 60' steel, brick and stone b u ild ­
ing is to be located on the corner of Audubon and South Fifth Streets. President George
Pingrey said th a t contracts have been awarded to McCorkle C onstruction Company and
Youll Plum bing & Heating Company, both of Sac City, and Essinger Electric Company
v o f Fort Dodge. Total bu ild in g costs am o un t to $300,000. C onstruction will begin im ­
m ediately w ith de m olition of the buildings on the site and is expected to be com pleted
in Septem ber of 1972. The building features tw o drive-through lanes, on-site parking,
and two co m m u n ity rooms w ith kitchen available to the public. A rchitects fo r the project are Robert C. DeVoe A rchitects, Inc., o f Cedar Falls.

+

A tten d W o m e n ’s
C o n v en tion

Iowa women bank officers attending
the 49th annual convention of the National Association of Bank Women,
Inc., held last month, in New Orleans,
" included Elaine Anderson, Waterloo;
Bromert,
Carroll; Anna
% Norma
.
Comer, Des Moines; Elma Ernsting,
Clarence; Kaye Fulrath, Cedar Rapids;
Phyllis Groh, Mason City; Mary Holstad. Des Moines; Mamie Ingebritson,
Jefferson; Ruth Johnston, Marshall­
town; Adeline Jüngers, Hospers; Eda
K Kroon, Sioux Center; Fern Lahey,
Carroll; Betty L. Marsh, Des Moines;
^ Agnes Malcolm, Perry; Jean Mc­
Mahon, Forest City; Prudence Naber,
Cedar Falls; Mary E. Oxford, Iowa
+ City; Lucille Potts, Grinnell; Helen L.
Rhinehart, Dallas Center; Mary Lou
* Ruther, Clarence; Rosemary Shutts,
* Newton; Dorothy Smith, Ottumwa;
Betty L. Steele, Des Moines; Leona
Sutton, Des Moines; Opal Tyler, Oty tumwa; Alta Werth, LeMars; Shirlee
Wiggins, Jefferson and Sara Lee
^ Yoder, Grundy Center, Iowa.

M ahaska State R e m o d e ls
Mahaska State Bank, Oskaloosa, re­
cently held an open house for public
* inspection of its newly remodeled fa•s cilities. Extensive remodeling of both
the main and lower levels of the bank
* building has just been completed and
all loan officers have been moved to
the lower level. Access to the lower
* level is now a spiral staircase located
at the left of the main bank entrance
and the loan officers each have semik private offices. The data processing
department has been moved from the

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

lower level of the main building to a
separate building cast of the bank.

W. Palmer Wilson, founder of
Oelwein State Bank in January 1946,
has sold controlling interest of the
bank to his son, William P. Wilson, and
Churchill T. Williams, a long time
associate, it was announced last month.
The senior Wilson will retain an in­
terest in the bank and continue as
chairman of the board. Mr. Williams
continues as president and Mr. Wilson
as executive vice president.
Before moving to Oelwein, Mr. Wil­
son had been executive vice president
of the Brenton banks.

E lm er K n e b e l R etires
Elmer Knebel closed a banking
career of 35-1/2 years with his retire­
ment as executive vice president of the
Commercial Trust and Saving Bank
last month. He moved to Storm Lake
in 1936 after serving banks in Marcus
and Charter Oak and has served in
various capacities advancing to cashier
and executive vice president.

OPEN HOUSE was held recently in the
newly remodeled quarters of the Mahaska
State Bank, Oskaloosa. Russell S. How­
ard, Jr., pres, (center) and G. G. Ewing,
v.p., (rig h t) are shown visitin g w ith a
custom er.

The farm and trust offices have been
moved to the main level of the bank
and now occupy the area which
formerly housed loan offices. The of­
fice formerly occupied by the bank
president has been transformed into a
conference room for the convenience
of customers who are unable to nego­
tiate the stairs.

R e m o d e lin g U n d erw a y
An extensive remodeling project is
underway at the Birmingham branch
of the Farmers State Bank of Keosauqua.
Kenneth Downard of Keosauqua is
the contractor for the work, which in­
cludes both exterior and interior re­
modeling. Irwin Huneke of Fairfield
is architect for the project, with
Ronald Dietzman and Geroge Carna­
han, both of Keosauqua, doing heat­
ing-cooling and electrical work, re­
spectively. Gordon Brannan is doing
the plumbing.

Four-Day Work Week In Bluffs
National Bank of Council
F IRST
Bluff’s employees have gone to a
four-day work week.
Harold W. Booth, president of the
bank, said that the idea for the four
day week was initiated by the bank’s
management in order to make the bank
a more attractive place to work, reduce
absenteeism and turnover, and provide
more banking hours for customers. He
pointed out that individual employees
will continue working the same total

number of hours per week. This will
be accomplished by increasing the
daily working hours and shortening the
lunch hour. He added that although
his bank is the first in this area to
adopt the four day week, he anticipates
that other banks will follow their lead.
Mr. Booth said that the bank’s four
day work week plan does not involve
any increase in wages or benefits and
does not conflict in any way with the
President’s wage-price freeze.
N orthw estern

B anker,

N ovem ber,

1971

98

T e x a s S ty le
The young intern from Texas was
watching a nurse in a New York Hos­
pital put an identification bracelet on
a baby.
“In Texas we . . he began in a su­
perior manner.
“Don’t tell me,” the nurse inter­
rupted wearily. “I know, in Texas you
brand them.”

G ood Shot

the presence of experts and share
bunkhouse with three cowboys who
seldom wash all over.”

S a m e O ld Story-

ISe x t W in d o w

Dentist: “I'm sorry, but I’m all out ^
of gas.”
Girl in chair: “Ye Gods! Do dentists pull that old stuff, too?”

The holdup man shoved a note at
the bank teller ordering, “Hand me all
the dough in your cage. I’ve got you
covered.”
The teller scribbled his reply,
“Kindly go to the next window, I’m on
my lunch hour.”

Sally, talking to her father: “You **
think you had it tough in high school. v
Some of the kids in my class have to
park their cars three blocks away.” >*

H a r d T im e s

Two duck hunters were hidden in
a marsh waiting for dawn to break. In
an effort to keep warm, one was re­
peatedly hitting a bottle of coffee and
the other a flask of brandy.
Soon after sunrise a single duck flew
overhead. The coffee drinker raised his
gun, took careful aim. fired and
missed. The brandy drinker aimed,
fired and the duck fell.
“Nice shot! exclaimed the coffee
drinker. “When you shoot at a flock
that size, you’re bound to hit one!”

F e m a le Q u a litie s
The legal requirement that employ­
ers not discriminate in favor of one sex
over the other in filling positions, re­
sulted in the following no-discrimina­
tion ad in a western newspaper.
“Help wanted — one cow person.
Applicant must be proficient in pro­
fanity to avoid inferiority complex in

“We stress privacy in all our loans.’’
C o n tin e n ta l Illin o is N a tio n a l B a n k a n d T r u s t
C o ............................................................................................... 13
D
D e lta C o rp o ra tio n o f A m e ric a ....................................15
D e L u x e C h e c k P r in te r s , I n c ........................................ 4
D o u g la s -G u a r d ia n W a re h o u s e C o rp o ra tio n . . . . 4 7
D ro v e rs N a tio n a l B a n k ....................................................7 7

N o v e m b e r, 1971
A
A c o m P rin tin g C o m p a n y .............................................. 96
A m e ric a n
N a tio n a l B a n k a n d
T ru s t C o. —
C h ic a g o
.............................................................................. 3 7
A m e ric a n
N a tio n a l B a n k a n d
T ru s t C o . —
St. P a u l .............................................................................. 4 5
A m e ric a n S ig n a n d In d ic a to r C o rp o ra tio n . . . . 10

B
B a n k B u ild in g & E q u ip m e n t C o rp o ra tio n . .5 0 - 5 1
B an k e rs T ru s t C o m p a n y — D e s M o in es ...............72
B a n k o f N e w Y ork ............................................................9 9
B a n k S erv ic es, I n c .............................................................. 8
B ro w n , G eo. F ., & S ons, I n c .........................................83

C

H
H a rris T ru s t a n d S av in g s B a n k ................................. 11
H o lid a y I n n ........................................................................... 3 5
I
Io w a -D e s M o in es N a tio n a l B a n k ...............................1 0 0
Io w a L e g a l B la n k & P r in tin g C o ...................................9 6

K

C e n tr a l N a tio n a l B a n k a n d T r u s t C o. — D es
M o in es .................................................................................89
C h a s e M a n h a tta n B a n k .................................................2 7
C h iles, H e id e r & C o ............................................................. 6 4
C o m m e rc e B a n k o f K an sas C ity ............................. 7

Digitized
N ofor
r t h FRASER
w estern B anker, N o ve m b er,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

F
F irs t M id A m e ric a I n c ........................................................ 6 8
F irs t N a tio n a l B a n k — D e n v e r
.................................5 5
F ir s t N a tio n a l B a n k — K an sas C ity ........................91
F irs t N a tio n a l
B a n k — M in n e a p o lis ........................4 0
F ir s t N a tio n a l B a n k — O m a h a ...................................63
F ir s t N a tio n a l B a n k — S io u x C ity ......................... 7 9
F irs t N a tio n a l B a n k a n d T r u s t C o. — L in c o ln . . 71
F irs t N a tio n a l C ity B a n k — N e w Y o rk .................. 16
F ra n k lin N a tio n a l B a n k ................................................... 6

1971

K o o k er, E . F ., A sso ciates

...............................................9 6

L
L a S a lle N a tio n a l B a n k ....................................................81
L in c o ln B en e fit L ife C o m p a n y ....................................7 0

M
M a n u fa c tu re rs H a n o v e r T r u s t C o m p a n y . .
M e rc h a n ts N a tio n a l B a n k ..................................
M o rA m e ric a F in a n c ia l C o rp o ra tio n .............
N
N a tio n a l B a n k o f C o m m e r c e .............................
N a tio n a l B o u le v a rd B a n k ................................
N o r th e r n T r u s t C o m p a n y B a n k ..................
N o rth w e s te rn N a tio n a l B a n k — M in n e a p o lis
N o rth w e s te rn N a tio n a l B a n k — O m a h a . . .
O
O m a h a N a tio n a l B a n k .......................................
O m a h a P rin tin g C o m p a n y ................................
O z a rk A ir L in e s .......................................................
P
P ro te c tiv e G ro u p , T h e .....................................
S
S e c u rity -P a c ific N a tio n a l B a n k .....................
S m ith , A. O ., H a rv e s to re , I n c ............................
T
T a lc o tt, J a m e s, I n c ................................................

. 6 9 .*
. 33
. 3
.4 3
.6 5
67
62
49
9
57
12
39

U
U n ite d B a n k o f D e n v e r .......................................
U n ite d S ta te s C h e c k B o o k C o m p a n y ..........
U . S. N a tio n a l B a n k — O m a h a ........................
V
V a n H o m e In v e s tm e n ts , I n c ...............................
V a n W a g e n e n , G . D ., C o ..................................
Y
Y ale B a n k S erv ic e D i v i s i o n .............................

59
84
60

66
34 4
7 0 -9 6

4

Correspond with the bank that initiated the concept of correspondent bank­
ing. And still maintains its first correspondent relationship.
Correspond with the bank that today spends more of its talents and
revenues on investment sk ills than any other major com m ercial New York
bank. Provides every usual correspondent service (including EDP accounting, cash
letters, demand deposits) with unusual care, thoroughness and personal attention.
And helps you approach your corporate and trust customers’ financial problems on
the basis of a complete and in-depth analysis of the total investment picture.
Correspond with The Bank of New York. The bank with money management
skills.

The Bank Of New York. The bank that manages money.
Main Office: 48 Wall Street, New York, N.Y. 10015

k


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

Member of The Bank of New York Company, Inc.

Member FDIC

From the IOWA-DES MOINES NATIONAL BANK
Every day at the lowa-Des Moines MICRO­
FICHE gobbles up print-out and paper work
for banks. Information goes directly from mag­
netic tape to microfilm. On each 4 by 6 inch
Microfiche card are 207 computer pages of
reports. Jiffy quick retrieval of information is
another Microfiche plus. Wouldn’t it make life
easier at your bank to have Microfiche con­
sume the paper jam and send it back to you
in records so small you could put two years’
supply in a small 4 by 6 file box?
For more information about
Microfiche, contact this
gentleman . . . he’s Dale Luckow,
Vice President of our Correspondent Bank De­
partment.
Or this gentleman. . -Larry Welch,
he’s our Computer Services Officer.
Or talk to any one of our well-informed
ntatives in the Correspondent Bank
Services Department, they’ll welcome the
opportunity to help you.

IO W A -D ES M OINES
NATIONAL BANK
SIXTH


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

AND

WALNUT,

DES

MOINES,

P H O N E (51 5) 2 8 4 - 8 6 8 6

IOWA

50309