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► ► ►ta ► m J- >. » » r% A, ar 'y- y « >• Vol. 5 No. 30 Des Moines, Iowa November 22,1976 SBA Farm Loan Procedures are Detailed Clarification of procedures gov erning the Small Business Admini stration’s new farm loan program has been issued b y M itchell Kobelinski, SB A administrator. As noted in the initial announcement of the program in the November 1 Weekly Newsletter, SBA now has opened its regular business loan program to include farmers, ranch ers and other agricultural enter prises for operating, intermediate and term loans. An official SBA notice to bankers and ag lenders provides these details: These loans will be made under existing business loan programs. No special agricultural loan funds are available. Regular SBA busi ness loan kits (SBA Form 4) available at banks will be used in applying for agricultural loans. In addition to current balance sheet, signed copies o f IR S Schedule F for the past 3-5 years should be included, or certified profit and loss report if available. To quailfy as a small farm business operation, gross receipts must not exceed $275,000.00 per annum. There must be reasonable assurance of ability to repay the loan from the profits of the business. Corporations, partnerships, as well as proprietorships are eligible. As with all SBA loan programs, applicant must be unable to obtain the credit from non-Federal sources, through the utilization of personal or family living expenses, or refinancing of same. Neither will SBA loans be used to construct residential buildings unless they are essential to the business and not available from other Federal sources. Loans can be for purchase of land, buildings and land improve ments, farm machinery and equip ment, and working capital. Maturity will vary from one year for crop needs to seven years for working capital, up to 10 years for equipment and machinery, and up to 20 years for real estate. Maximum loan guarantee is $350,000.00 except in exceptional situations when SB A ’s share can be increased to $500,000.00. Because of uncertain availability of direct loan funds, (direct loan funds are extrem ely lim ited) successful farmers that have adequate borrowing capacity from private sources should not waste their time and attempt to obtain direct loan funds from SBA. Applying for direct loans without bank participation will result in delays in loan processing while the required field visits and manage ment evaluations are made by SBA personnel. Farmers and business men shopping for lower interest rates only are not encouraged to call SBA. The purpose of SB A ’s business loan programs is to help provide the reasonable credit needs at reason able rates and not to compete with private lending credit sources. The maximum interest rate that may be charged on an SBA loan guarantee is now 10%. Agricultural activities are also eligible for the Economic Opportu nity Loan (EOL) program and the Water Pollution Control Loan program. Fed Nominations Three men have been nominated to fill two directorships on the board of the Federal Reserve Bank of Kansas City. An election this month will determine the new direc tors. Two bankers were nominated for one of the posts: Vernon E. Bower, retired president and a director of the First National Bank, Worland, W yo., and Philip Hamm, president [Turn to back page, please] CALL ON THE “PERFORMANCE TEA M ” where com m on transactions are handled uncom m only well. X https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I mm FIRST NATIO NAL LINCOLN 13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C. 2 Call your roving correspondent at Bankers Trust Hom er is ready to help you ... with CCB’s full-service correspondent banking. Let Homer Jensen prove that we do your kind of banking. « ‘•4 CAPITALCITYBflflK Des Moines’ second largest independent bank. Main Bank East Fifth and Locust 50309 515/244-5111 " BAI To Present Call Report Preparation Clinics A series of one-day clinics will be offered on a regional basis by Bank Administration Institute (BAI) in a concentrated effort to aid banks in call report preparation. BAI, with the cooperation of the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Federal Reserve System, has scheduled identical clinics to provide training and assistance to personnel responsible for preparation of these reports. Five clinics still to be held are scheduled for December 6-9, with one each in Denver, San Antonio, Dallas, Tulsa and Kansas City. Iowa News AINSW ORTH: Dan Engler has assumed the duties of assistant vice president of the Ainsworth State Bank succeeding Kenneth Keniston who transferred to the National Bank of Washington. Mr. Engler form erly was w ith O ccidental Chemical in Sioux Falls and St. Louis. C E D A R R A P ID S : R agine C. Meade recently was named control ler and Jay W. Anderson assistant vice president of Brenton Bank and Trust Co. Mrs. Meade has been with the bank since it opened in 1972. Mr. Anderson has been with the South Des Moines National Bank. MANSON: Arlen Kirkhart joined the Manson State Bank vice president. He formerly assistant vice president of Sibley State Bank. has as a was the MASON CITY: First National Bank has announced the election of Janelle Patrick as assistant opera tions officer. She joined the bank in 1951 as a bookkeeper. RIDG EW AY: Dennis R. Hovden has joined the Farmers State Bank as an officer trainee. For the past four and a half years he has been an associate manager in marketing development in the home office of Watkins Products, Inc., Winona, Minn. Nebraska News DORCHESTER: The Federal Re serve Bank has announced its approval of the application of Dor chester State Company for approv al to become a bank holding com pany through acquisition of 100%, less directors’ qualifying shares, of the voting shares of Citizens State Bank here. Minnesota News The Minnesota Bankers Associa tion is conducting a series of executive officer workshops this month and continuing through mid-December at 15 communities. A good correspondent bank relationship is still built by good people. Yours and ours. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis •ArV John Mangold Senior Vice President I’ll be there when you need me.” ■*»43 Don Carmody, Assistant Vice President BANKERS TRUST Des Moines, Iowa 50304 Use our to ll-fre e WATS line: 800-362-1688 Member: F.D.I.C./Federal Reserve System Held yearly, the workshops allow executive officers of banks to meet to examine current banking issues and problems affecting top man agement personnel, and to discuss legislative proposals affecting the banking industry in the state. The workshops run from 1:30 until 5 p.m. Locations and dates are: Nov. 22, Kahler Motel, Hibbing; Nov. 23, Holiday Inn, Brainerd; Nov. 24, Minneapolis; Nov. 29, Benson Golf Club; Nov. 30, Orchid Inn, Sleepy Eye; Dec. 1, McGuires, Arden Hills; Dec. 6, Elks Club, Fergus Falls; Dec. 7, Best Western Motel, Thief River Falls; Dec. 8, Americana Inn, St. Cloud; Dec. 13, Royal Supper Club, Slayton; Dec. 14, Chat and Chew Cafe, Truman; Dec. 15, Holiday Inn, Owatonna, and Dec. 16, Chart House, Lake ville. EDINA: Controlling shares in the Americana State Bank have been purchased by Harold S. Myers, Call me toll free . . . 800 332-5991 - Merchants ^ National Bank 151 C edar Rapids. Iowa 52401 A 'B A N K S O F IOW A B A N K < 4r ±A À Cahletox D.Beh Co . NVESTM ENT TELEPHONE 2S8-2I52 AREA CODE 5I5 S E C U R IT IE S DES M O IN ES BU ILD IN G Des MoinesJ owa N E W ISSU E M O O D Y ’S: S & P: “A aa” “A A A ” $ 4 ,00 0,00 0 DES M O IN E S , IO W A General Obligation Essential Corporate Purpose Bonds Dated: Decern b e r1 ,1976 Denomination: $5,000 Both principal and semiannual interest (June 1 and December 1, first coupon due June 1, 1977) payable at the office of the City Treasurer, Des Moines, Iowa. IN THE OPINION OF COUNSEL INTEREST ON THESE BONDS IS EXEMPT FROM ALL PRESENT FEDERAL INCOME TAXES, IOWA FRANCHISE TAX AND ALL PROPERTY TAXATION IN THE STATE OF IOWA. MATURITIES 4.40% $200,000 June 1,1979 300,000 June 1,1980 300,000 June 1,1981 300,000 June 1,1982 400,000 June 1,1983 400,000 June 1,1984 4.50% 400,000 June 1,1985 3.40 3.70 3.90 4.10 4.25 4.40 4.70% $400,000 June 1,1986 400,000 June 1,1987 4.80% 400,000 June 1,1988 4.90% 500,000 June 1,1989 4.60 4.70 4.80 4.90 4.50 LEGALITY TO BE APPROVED BY AHLERS, COONEY, DORWEILER, HAYNIE & SMITH, ATTORNEYS DES MOINES, IOWA. Des Moines is the capital of the State of Iowa and also the county seat of Polk County. Since its incorporation in 1851, it has served as the commercial, industrial, governmental and financial center of the State. Des Moines is the home of Drake University (enrollment 5,800), Grand View Junior College (enrollment 1,600) and several other smaller colleges and business schools. Des Moines is an important insurance center with 58 home offices located in the City. The largest is Bankers Life Company with 1,860 employees. Also, important is the printing and publishing industry; the largest employer in this category is Meredith Corporation who employ 2,426 in the printing of Better Homes and Gardens and other periodicals. Besides insurance and publishing, there are an estimated 400 factories in the area with combined sales in excess of $500,000,000. Major industrial employers in the area include John Deere (farm equipment, 2,800 employees); Firestone Tire (tires, 2,200 employees); and Pioneer HyBred Seed Co. (seeds, 1,400 employees). Large commercial employers located in Des Moines include Northwestern Bell Telephone (2,700 employees); Younkers Department Stores (2,440 employees) and Iowa Power & Light Co. (1,360 employees). In addition, it is estimated that the various levels of government provide employment to 16,500 people in the area. The population according to the 1970 Census was 201,404 and is presently estimated at 202,800. Des Moines is served by four airlines, seven railroads and 46 truck lines. Interstate highway No. 35 and 80 intersect in Des Moines. The area included within the City’s lim its is about 65 square miles. These bonds are being issued under the provisions of Chapter 384, City Code of Iowa, 1975, as amended, to defray costs of the 1976-77 Capital Improvement Program. In the opinion of counsel, these bonds are legal and binding general obligations of Des Moines, Iowa, and all taxable property located therein is subject to the levy of sufficient taxes to pay the principal of and interest on the bonds without lim it as to rate or amount. -i A j 4, 1 Sy*! > * > FINANCIAL STATEMENT Actual and assessed value of taxable property, 1975-76 $2,134,381,841 Direct debt, including this issue Total direct and overlapping debt Population, 1976 estimate: 49,305,000 70,674^300 202,800 Direct debt per capita: Total debt per capita: Tax collections have approximated 99.2% of taxes levied for the past five years. We own and offer subject to prior sale and change in price and subject to our attorney’s approving opinion. > The information contained in this circular is not guaranteed, but is derived from sources we deem reliable https://fraser.stlouisfed.org nd is that on which our purchase of these bonds was based. Offered subject to prior sale and change in price. Federal Reserve Bank of St. Louis $243.12 348.49 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Ji *. Experienced Bankers Available The descriptions below represent only a sample of our current listings. Call and discuss the needs of your bank in complete confidence. EXECUTIVE — ADMINISTRATIVE TRUST #4122—30 years experience; rural and semirural banks under $20MM. Degree. Lend ing and operations. (Iow a)........................$30,000 #4191—Senior department head, $50MM de partment. Some business development experience; over 10 years in present bank. (O hio).............................................. $35,000 #4194—20 years experience; rural under$30MM. (Io w a )............... banks $30,000 #4168—25 years experience in $20MM banks. (Minnesota)................................... $28,000 #4041—Single female corporate trust officer in large bank. Law Degree and 3 years ex perience. (M isso u ri)................................. $18,000 #4077—Degree; 10 yrs. in banks to $100MM; well qualified CEO for a metro area. (Illinois) .................................................... $40,000 #2999—Investment officer; handles portfolio for $100MM bank. Experience includes common funds & analysis. (Illin o is)........$28,000 COMMERCIAL LOAN INSTALLMENT LOAN #4403—20 years experience; now heads commercial loan department in $40MM bank, including Agri, Real Estate, and some investments. (Io w a )........................$28,000 #4155—Junior officer; 3 years banking and 3 years finance company. Direct & indirect; new business; good potential. (Iowa) .. .$14,000 -r -v #4195—15 years experience, inclu d in g acting CEO, controller, lending head, marketing, and advertising. (Illinois) . . . .$25,000 #3061—10 years same bank organization. MBA. Best suited to a metro area; likes Minnesota. (Nebraska)..............................$30,000 #4049—10 years banking includes major in dustrial lending finance company; large bank experience; CCL certification; likes Illinois, Indiana, Kentucky; now in (Nebraska).................................................$35,000 #4099—21 years with major industrial fi nance company; Degree; Divisional Vice President. Likes Nebraska, Iowa. (M issouri)...................................................$25,000 #4147—Junior officer; rapid advancement; Degree; some Real Estate loan exper ience as well as com’l loan. (Minnesota) .$20,000 WEARE NOT A “SEARCH AGENCY” — Bankers must contact us and state their reason for a change to be listed. #4140—#2 man in large department; direct; indirect, and leasing experience. Seeks challenge. (Nebraska)............................... $27,000 #4162—Junior officer in small rural bank seeks challenge. Experience includes some real estate & servicing. (Kansas) . .$14,000 OPERATIONS, AGRI-LOAN, ACCOUNTING and MARKETING officers (both junior and senior) are also available. Let us know of your needs. NOTE: (1) To the best of our knowledge, all indivi duals above are available at press time, currently employed, and willing to re-locate. (2) States shown in parenthesis indicate where presently employed. (3) Salaries shown represent approximate expected starting base amounts and compare reasonably with present base incomes. T O M H A G A N & A S S O C IA T E S 208 E. 18th Ave., P. O. Box 12346 North Kansas City, MO. 64116 (816) 474-6874 “ IT TA K E S A B A N K E R TO K N O W O N E ” https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANK PERSONNEL Fee-10% Maximum https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis David Myers and Jess Zimmerman. The group also owns banks in Iowa, Nebraska and Colorado, as well as, the State Bank of St. Anthony Village in Minneapolis. The bank also has enlarged its board to include M r. Zim m erm an, vice president. No other changes are anticipated. Farmers & M erchants Bank, Huron, and his son, Jack. The bank was purchased from the Meyer family which had owned it since 1919. The transition will begin January 1, and Mr. Meyer will continue as president for five years. He said that after the first year he will be relieved of the managership. HOUSTON: Funeral services were held recently for Joseph J. Kelly, 78, president of the Houston Bank. RAPID C ITY : First National Bank of the Black Hills has announced the following staff changes: Myles W. Kennedy, assistant vice presi dent, commercial loan department, main office; Dan R. Gasper, credit officer, main office; Kenneth G. Lester, manager, instalment loan department, Deadwood office, and Taffy Bryan, personal loan officer, Deadwood office. HUGO: Nancy Eisenmenger has been named assistant cashier of the First State Bank. NORTHFIELD: Mark Gelle has joined the Northfield National Bank’s management training pro gram. He recently received his degree in economics from St. Olaf. ROBBINSDALE: First Robbinsdale State Bank has announced the election of J. David Waddington as vice president in the commercial lending division. He formerly was with People’s Bank in Providence, R .I., as an assistant vice president in commercial lending. Illinois News Cattlefax, headquartered in Den ver, Colo., will be holding a series of Cattle Market Outlook meetings throughout Illinois next month. The meetings will begin at 7:30 and end at 9:30 p.m. Dick McDougal, president of Cattlefax and vice president o f A M C A , w ill be speaking at the meetings. Loca tions and dates are: Galesburg, Dec. 6, Holiday Inn; Sterling, Dec. 7, Emerald Hill Country Club, and De Kalb, Dec. 8, De Kalb County Farm Building. COAL VALLEY: Rosalie J. Stoehr has been promoted to assistant cashier of the Coal Valley State Bank. Colorado News DENVER: United Bank of Denver has announced the appointment of Edward A. Schwartz to investment officer and King H. Harris to com mercial banking officer. South Dakota News ABERDEEN: First National Bank has announced the promotions of Stanley Dardis to agricultural loan officer and Dennis Aas to instal ment loan officer. DE SMET: The controlling interest Peoples State Bank has been Digitized in for the FRASER sold to Leland Steele, president, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis SIOUX FALLS: Rex C. Bahnson has been named marketing officer for U nited N ational B ank ’ s branches throughout the state. North Dakota News The North Dakota Bankers A s sociation will hold its 15th annual Agricultural Credit Conference at the Ramada Inn in Minot Decem ber 1-2. Registration begins at 3 p.m. Wednesday, Dec. 1. Topics of discussion will include: estate taxes, $2.50 wheat, special farm loan programs, farm real estate lending and marketing. FARGO: Negotiations have been completed for purchase of the con trolling interest in the Dakota National Bank by Raymond A. Lamb, a Fargo attorney, and his father, Raymond F. Lamb of Michigan, N.D. The stock is being purchased from Sam Stem Trust, Edward A. Stem of New York, U.S. Senator Warren G. Magnuson, and A. M. Eriksmoen, bank president and chairman. Mr. Eriksmoen will continue in these posts. ROLL A: David G. Landgrebe has been named assistant cashier and time pay manager of the First Bank of Rolla. He succeeds Steve Grell who is now with the First National Bank of Worthington, Minn. Mr. Landgrebe formerly was with the First National Bank of Brainerd, Minn. Montana News HELENA: A decision from District Court is expected soon on the suit filed by the Montana Bankers A s sociation and 57 Montana banks to Our com puter capabilities give you a lot o f help for your m oney. Dwayne Smith n e s M M o in e s A NATIONAL BANK Member FDIC An Affiliate of Northwest Bancorporation determine whether federal obliga tions are deductible by banks when figuring their state tax. Bank taxes are due November 30 in Montana. The court issued a stay order November 9 permitting the 57 banks not to pay their taxes until the decision is made. The other 98 Montana banks not joined in the suit must pay their taxes on the due date. If they pay them under pro test, as allowed, they may obtain a refund if the court mies in the banks’ favor. Those not filing under protest have no redress in the event of a favorable court decision. Wyoming News W RIGHT: An application has been filed for a state bank here. The town was dedicated during the summer b y A tla n tic R ich field Corp., which is conducting coal mining operations in the area. Filing the application are five Cheyenne men: Arthur Abbey, Sol Bernstein, E. John Deidrich, K. L. McShane and Robert Noel. Over 80 banks have discovered the opportunities we offer with correspondent services. Why not join them? Call 319582-1841 collect Robert Scott, one of our Men o f O pp ortu nity Am erican Trust C Savings Danl^ Town Clock Plaza, Dubuque, Iowa Member: FDIC & Federal Reserve System r\te 1200 35th Street • West Des Moines, la. 50265 • Æ V $ ' i '* ■ ' — FGL Will Help You . . . a 1. 2. 3. 4. 1 IO Increase the volume of vour loan portfolio Increase profitability and stability Develop credibility and leadership in the ag community Provide marketing expertise to your clients • & Marketing Seminars conducted for Clients in your area • 24-hour Toll Free Telephone Service A • Weekly Confidential Market Report jarö 5' ,îV ^*8 Now Is The Tim e To Promote IRA and KEOGH Send today for samples and prices on our multi-color bro chures on IR A and Keogh. Used successfully by commun ity banks th rou gh ou t the Upper Midwest. Group 1 banks, those with com bined capital and surplus of $3 million or more. W AN T ADS Rates 40 cents per word per insertion. Minimum: 12 words NORTHWESTERN BANKER 30615th St., Des Moines, Iowa Northwestern Banker 306 15th Street Des Moines, Iowa 50309 of the First National Bank, El Dorado, Ks. Mr. Hamm is com pleting a three-year term as a director of the Reserve Bank begun in 1974. They were nominated as Class A directors by the Group 2 member bankers, those banks with capital and surplus of $700,000 but under $3 million. Maurice B. Mitchell, chancellor of the University of Denver, was nominated for a Class B (nonbank er) position. His nomination is from BANKERS PERSONNEL SEARCH, INC. 321 Stephens Building Des Moines, Iowa 50309 515/282-4446 or 515/961-5419 Harriette Allison, President Employer Paid Fee Confidential Bank Personnel Only POSITION WANTED POSITION WANTED Trust officer — J.D. attorney. Three years experience in trust department of prestigious bank. Experienced in trust promotion, estate planning, business and tax law. Asking $18,000. ROBERT HALF PERSONNEL 317-6 th Avenue Des Moines, Iowa 50309 Phone: 515/244-4414 POSITION WANTED Bank officer seeking executive position or executive duties in a few years. 23 years experience. Strong in overall management and ag lending. Have all insurance licenses. Write Box TCU, c /o NORTH WESTERN BANKER, 306 15th Street, Des Moines, Iowa 50309. Mature banker, experienced in all areas of banking, FOR SALE 450-24 pocket proof machine is on service agree ment, ready to use. Clay County State Bank, Dilworth, MN 56529. Phone: 218/287-2311. Southeast Iowa bank has an opening in a medium size department. Must have bank experience and capable of taking charge of department. Write Box PSU, c /o NORTHWESTERN BANKER, 306 15th Street, Des Moines, Iowa 50309. An Equal Opportun ity Employer. LEASE OR SELL 12’ x 40’ steel, brick bank building and 14’ x 60’ mobile bank building with bank equipment. SON CORPORATION, Box 684, Wichita, KS. 67201—316/ 942-8167. SERVING PROFESSIONALLY Bonking, Financial & Business Personnel Iowa and Nationwide CAPITAL PERSONNEL SERVICE A 14 x 70 portable banking facility with all banking equipment and furniture and fixtures ready to operate w ill be available.for the term of one year, starting the 1st of May, 1977. This includes a portable drive-up window, also. For more information, write Box BRN, c /o NORTHWESTERN BANKER, 306 15th Street, Des Moines, IA 50309. BANKERS WANTED Call on us! C.E.O.—Two places in rural Ks. banks under $10MM. Also a $30MM bank. ADV. & MKTG.— Prefer special experience. Full charge of programs in bank over $150MM. INST. LN— Iowa and Kansas for junior officers with 5 years or more experience. R.E. LOAN— Metro area of Kansas. Prefer experience in pkg. & selling loans. PERSONAL BANKING OFFICER— Metro Kansas area. Branch manager experience helpful. Prefer some trust. BANK SYSTEMS—(Not Data Processing). To Update procedures in bank over $50MM. Toll free 800-362-1615 We handle bank personnel only for Northwestern Banker Territory. 2 0 4 Securities Bldg. 5 1 5 -2 8 3 -2 5 4 5 Des Moines, Iowa 5 0 3 0 9 Correspondent Bank Department M . Central National Bank & Trust Company DES MOINES, IOWA AFFILIATED V EDDIE A. WOLF WILLIAM B. RUSSELL G. GREGORY S. GREAVES PLAGER WOLFE TOM HAGAN & ASSOCIATES Box 12346, N.K.C., MO. 64116 (816) 474-6874 “IT TAKES A BANKER TOKNOWONE ” Vol. 5 No. 30 Northwestern Banker Newsletter is published weekly by the Northwestern Banker Company, 306 Fifteenth Street, Digitized forDes FRASER Moines, Iowa 50309. Subscriptions 25 cents per copy, $6 per year. Second class postage paid at Des Moines, Iowa. Address all https://fraser.stlouisfed.org mail subscriptions, changes of address (Form 3579) manuscripts, mail items to above address. Federal Reserve Bank of St. Louis ■<(
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