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• Vol. 10 No. 31 Des Moines, Iowa Officials Tell A B A A g Lenders: Banks Need to Handle M ore A g Lending By BEN HALLER, JR. Editor The Hon. William C. Wampler (R., Va.), ranking minority member o f the H ouse C om m ittee on Agriculture (when asked if the Farm Bill then in conference committee would get governm ent out of agriculture as USD A Secretary John R. Block says it will)—“ Yes. Our greatest era of national pros perity has been when farm prosper ity prevails. Our goal is to restore that farm prosperity. When it hap pens, we’ll see farmers out buying things again and stim ulating manufacturing and sales . . . W e’ll see more emphasis on borrowers having to first go elsewhere for bor November 23,1981 rowing (instead of to government lenders). These came into being because there was a loan need to which the private sector was not responding.” The Hon. Robert Dole (R., Kan.), NE POINT was stressed re Senate majority leader, speaking at peatedly at each of the three the noon luncheon—“ The good old general sessions and several of the days” of halfway compromise are workshops during the A B A ’s 30th gone (on conference committee ac A n n u al N ational A gricu ltu ra l tion) and although the final version Bankers Conference in Washington, of the Farm Bill will provide “ some D.C., November 9-11 — commercial protection” for farmers, “ no longer banks need to accept a greater role can we afford to farm the federal in financing agriculture. treasury . . . W e’re not out to do in This message came through loud the farm program s that help and clear from Democrat and farmers. The best hope for the Republican Congressmen, as well as American farmers is a quick econo Administration officials from the mic recovery.” Sen. Dole said critics U nited States D epartm ent o f of President Reagan’s economic Agriculture and the Farm Credit Administration. Here is a sampling of their comments. Speaking at the first general ses sion during the Farm Policy Panel: The Hon. Walter D. Huddleston (D., Ky.), ranking minority member of the Senate A g Committee— “ The fact that many farmers are trying to work out production loans of two years ago and the last year, while facing more production loans this year, makes the credit situation pretty muddy. We will have to look more and more to the private bank PARTICIPANTS in one ag panel were, from left: Hon. Ed Jones (D., Tenn.), chmn., House ag ing system and less to government committee; James R. Eatherly, chmn. ABA Ag Division and chmn. & pres., 1st Natl., Tonkawa, lending.” Okla., and Hon. James Jeffords (R., Vt.), ranking minority member House ag committee. O Don't gam ble w hen choosing a correspondent bonk. Com e to the professionals. For any correspondent bonking need . . . overline assistance, d a ta processing services, investm ent counseling . . . just g ive us a call. W e're the professionals w h o put the response in correspondent bonking. ucb CENTRAL OF DES MOINES, N .A. • MEMBER FDIC • TOLL FREE NUMBER (800)362-1615 AFFILIATED W ITH UNITED CENTRAL BANCSHARES, INC. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Eddie A. Wolf, Sr. Vice President UPDATE YOUR ALARMS Team w ork: One of the reasons we’re first in Iowa. iom DesMranœ Professionally installed closed circuit television and 35mm auto cameras. A u to m a tic tape d ia le rs and p o lic e panel connection are available to suit your needs. George Kushman Data Services An Affiliate of Northwest Bancorporation Mem ber FDIC Banco to make MNB work for you. Toll free 1 800 332-5991 Merchants ^ National Bank 151 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis December N orthw estern B anker. Call (515) 245-3131 or toll-free (800) 362-2514 recovery plan should wait until at steps to correct the Farmers Home least May or June when “ the Administration problem. For exam positive effects of these measures ple, in January, 1981, its delinquent debt was in excess of $2.6 billion. By will be seen.” The H on . John R. B lo ck , June 1, it was reduced to $1.8 billion Secretary of Agriculture, who ad and we anticipate it will be $1.7 dressed a standing room only crowd billion by year-end. We want to at the second general session— salvage both the loans and the “ Each of you is aware of the extent farmers. W e’re just trying to super of federal money in the capital vise the loans properly and closely markets—right now it ’ s about to assist the farmers to become 44% —and if this isn’t reversed soon financially more sound and produc the government will wind up being tive. “ We have a pilot project to assist the principal lender. Our goal with the Farmers Home Administration beginning farmers and ranchers in is to return to a statutory reason for 88 counties in 10 states that involve its existence, which is to aid only the FmHA, ASC, SCS, extension ad those who cannot qualify for private visors, perhaps local bankers, credit until they are in shape to perhaps PC As. The objective is to graduate this young farmer within return to private sector financing. “ We have taken a number of 10 years into private sector financ ing. Our assumption is that a com bination of government and private industry is in the overall best in terest of the individuals and their communities.” Two Congressmen were on a panel addressing the A B A A g Leadership luncheon the second day. They were The Hon. Ed Jones (D., Tenn.) and The Hon. James Jeffords (R., Vt.), chairman and ranking minority member respectively of the House A g Committee’s subcommittee on conversation, credit and rural development. Congressman Jeffords addressed the need for banks to have access to the FICB discount window for the benefit of ag lending, and the need for aiding beginning young farmers. Congressman Jones said, “ This could be the worst year for farm in come since 1971. I see little letup, even with reduced interest rates, because new loans will still be at a higher rate than the loans farmers are paying off. American banks won’t turn their backs on farmers. You haven’t in the past and I don’t expect you will in the future.” A further report with pictures Member F.D.I.C. A ‘BANKS OF IOWA’ BANK from the A B A National A g Bankers Conference will appear in the ASK JERRY TRUDO SECURITY SYSTEMS, INC. 3920 Delaware Des Moines, IA 50316 [515] 265-1161 □ ABA Group Supports No Ceiling on IRAs, Keoghs More than 200 bankers attending the A B A Leadership Conference in Washington last week reaffirmed their support for deregulation of IR A and Keogh accounts, which are to be made available on a broadened basis to all workers effective January 1. However, tremendous pressure was being exerted last week on the Depository Institutions Deregulatory Committee (DIDC) by the thrift industry to get DIDC members to reverse their previous order that removes the ceiling from these accounts so banks and thrifts may compete with Money Market Funds and others for these IR A ac counts. Putting a cap on the rate that can be paid by banks and thirfts will severely handicap those institutions in competing for the funds with nonfinancial institutions and lose these long-term accounts, says the ABA. FHLBB Chairman Richard Pratt and thrift leaders lobbied heavily last week with the House Banking subcommittee on oversight of DIDC asking for support of Pratt’s posi tion for a reduced rate indexed to the 1Wyear Treasury rate, with perhaps 50 points extra. Thrift leaders really didn’t even like that and want the differential against banks kept in place on the IRAs. " O p p o r t u n it y T a I |c C I \ Ji I r ^ Robert Scott, ¡ 9 O O O Correspondent Danker Supplement to Northwestern Banker Newsletter 11-23-81 Carleton D . Beh Company Investment Bankers / Financial Consultants 1300 Des Moines Building / Des Moines, Iowa 50309 5 1 5 /2 8 8 -2 15 2 SALE DATE: November 18,1981 $9,085,000 STATE BOARD OF REGENTS OF THE STATE OF IOWA MOODY’S: A*1 S & P: AA (State University of Iowa) Academic Building Revenue Bonds, Series S.U.I. 1981 Dated. December 1,1981 Denomination: $5,000 Both principal and semiannual interest (January and July 1, first coupon due on July 1 1982) payable at the Office of the Treasurer of the State University of Iowa, Iowa City, Iowa. IN THE OPINION OF COUNSEL INTEREST ON THESE BONDS IS EXEMPT FROM ALL PRESENT FEDERAL INCOME TAXES, IOWA INCOME TAXES, AND ALL PROPERTY TAXATION IN THE STATE OF IOWA. MATURITIES 10.60% 10.40% $500,000 July 1, 1984 8.00 $500,000 July 1, 1996 10.40 500,000 July 1, 1985 8.20 500,000 July 1, 1986 8.40 10.60% 500,000 July 1, 1987 8.60 $500,000 July 1, 1997 10.60 500,000 July 1, 1988 8.80 500,000 July 1, 1989 9.00 103/4% 500,000 July 1, 1990 9.20 $500,000 July 1, 1998 10.75 500,000 July 1, 1999 10.90 10% $500,000 July 1, 1991 9.40 9 1/2% 500,000 July 1, 1992 9.60 $535,000 July 1, 2000 11.00 500,000 July 1, 1993 9.80 550,000 July 1, 2001 11.00 500,000 July 1, 1994 10.00 500,000 July 1, 1995 10.20 The State University of Iowa is located in Iowa City in the east central part of the State. It is the oldest institution of higher learninq in the State of Iowa. The University consists of ten colleges: Liberal Arts, Law, Medicine, Dentistry, Pharmacy, Business Administration Engineering, Nursing, Education and the Graduate College. The University of Iowa is a major university not because of its size— it is the second smallest of the Big Ten Universities— but because it excels as a center for learning. It has experienced steady increases in enroll ment over the past decade. Enrollment is currently over 25,100. These bonds are being issued to provide for planning for new space; energy management, handicapped accessibility, and fire safety pro grams, and various u tility projects on the West Campus, including an addition to the Chilled Water Plant. These bonds are being issued under the provisions of Chapter 262, Code of Iowa, 1981, as amended, which authorizes the Board of Regents to carry out certain designated projects, including building construction, equipment and furnishings, at the institutions of higher learning under its jurisdiction and authorizing the Board of Regents to issue its revenue bonds. They are payable solely from gross stu dent fees and charges collected and institutional income received by the State University of Iowa and are not obligations of the State of Iowa nor payable in any way by taxation. Available Student Fees and Institutional Income Academic Tuition Fees Year Resident Non-Resident Total Earmarked Available 1977-1978 750 1,710 $20,305,709 $ 916,976 $19,388,733 1978-1979 750 1,710 20,749,395 923,771 19,825,624 1979-1980 830 1,890 23,295,495 1,041,579 22,253,916 1980-1981 830 1,890 25,201,491 1,119,380 24,082,111 1981-1982 950 2,350 N.A. N.A. N.A. Average annual debt service $1,540,388 Maximum annual debt service $2,521,438 (1984) Available student fees for fiscal year ending June 30, 1981 $24,082,111 Coverage: Average Debt Service 15.63x Maximum Debt Service 9.55x https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis General Institutional Income $6,539,391 6,886,642 8,118,755 9,459,935 N.A. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3 CALL ON THE “PERFORM ANCE TEA M ” where com m on transactions are handled uncommonly well. FIRST N A TIO N A L LINCOLN 13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C. It appeared late last week that DIDC would make a decision by Thursday, November 19 and that it was weakening from its previous position and would succumb to thrift pressure to institute a ceiling of some kind. The regular DIDC meeting is scheduled for December 16. Iowa News M A YN AR D : Controlling interest in Maynard Savings Bank has been purchased by Don W. Buenneke and Volney Palmer from Paul Harrison, Robert Buenneke, Paul Buenneke and Mary and John Schubert. Don Buenneke has been elected president and will continue living in Hazleton where he has been senior vice presi dent and manager of that office. Mr. Palmer has been elected chairman and CEO. He lives in Hawkeye. M ORNING SUN: Steven L. Jacob son has been elected executive vice president of the Iowa State Bank, succeeding Alan Eich as managing officer. Mr. Eich resigned to pursue other interests. Nebraska News YORK: Bruce Fagot has been nam ed vice president in charge of credit administration at First National Bank and has been succeeded as auditor by Kile Olson, who was assistant auditor. Randy Sheldon has been named assistant vice presi dent in charge of marketing and public relations. Alice Walker has been named manager of the two detached facilities. f Montana News STEVENSVILLE: Charles Ferris has been elected president of the First State Bank. He has been presi dent the past two years of First Security Bank of Malta and earlier was a senior officer with banks in Circle and Roundup. He is a graduate of Montana State Univer sity and the Colorado School of Banking. been named president o f the Stewartville First National Bank, succeeding E.A. Jans, who recently retired. Mr. Podein joined the bank in 1959, and was named vice presi dent in 1974. Illinois News Minnesota News REDWOOD FALLS: The State Commerce Commission has granted approval to the Farmers State Bank of Morton to relocate to Redwood Falls, where the bank will be known as the Farmers State Bank of Red wood Falls. Approval was concur rently given for the retention of a full service detached facility in Mor ton. Farmers State Bank’s chief ex ecutive officer will continue to be Carl L. Lokker. ST. JOSEPH: Mr. and Mrs. William Meinz have sold their interest in First State Bank to Don St. Angelo, vice president, Dain Bosworth, Inc., Minneapolis; Robert Hanson, vice president, Rosemount, Inc., Eden Prairie, and Donald Sirek, president, State Bank of New Prague. Walter Bruns, formerly vice president, First National Bank of Waseca the past three and one-half years, has been elected president of First State Bank. CHICAGO: Phillip ¿1. Boersma has been elected president and chief ex ecutive officer o f O’Hare Interna tional Bank N.A. and its parent holding company, O ’Hare Banc Corp. Mr. Boersma was formerly a vice president-commercial banking at The Northern Trust Company, where he headed the midwest divi sion. CHICAGO: George W. Vander Vennet has joined Sears Bank and Trust Company as executive vice presi dent and trust officer and head of the trust division. He was previous ly vice president and division head of personal trust account adminis tration at First National Bank, Chicago. SILVER BAY: Richard J. Binette has been named president and CEO of First Northwestern State Bank, effective December 1. He succeeds Robert L. Draeger, who has resigned to pursue personal interests. Mr. Binette has been with Banco since 1958 and most recently has been vice president of First Northwestern National Bank of Hoyt Lakes. STEW ARTVILLE: Don Podein has Wisconsin News HUDSON: Kenneth A. Heiser has been advanced to president of the First National Bank. He had been executive vice president since 1979. John Huss continues as chairman. Before moving to Hudson, Mr. Heiser worked 10 years for First Na tional Bank of Saint Paul, Minn., where he was well-known in the cor respondent bank division. Insurance for Financial Institutions Automated Systems of Iowa, Inc. 301 N. Ankeny Blvd., Suite 220 Ankeny, la 50021 515-964-1358 BAUM AN RIFFLE A N D S C O TT Getting it done for you. e t IK H. C. Bauman 234-2483 Dennis Riffle 234-2484 David Scott 234-2480 Commerce Bank of Kansas city https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MEMBER FDIC Telephone (816) 234-2000 BANKSFORSALE BANK OWNERSHIP CHANGES —Our Specialty— . SELLERS - if you already have a buyer for your stock and there is a question of whether or not it is a fair price - we can make an indepen dent appraisal. BUYERS - if you are about to purchase controlling interest in a bank and there is a question of whether or not it is a fair price - we can make an independent appraisal. Those wishing to buy or sell - we can do the job for vou if you are serious. ' CROWN BANKING SERVICES 325 W . Prospect Avenue Mt. Prospect, Illinois60056 (312)392-5151 PO SITIO N AVAILABLE COLORADO OPPORTUNITY—Seeking strong, widely ex perienced senior commercial loan officer to join an ag gressive bank in Colorado Springs. Salary commensurate with experience. Send resume to file OBH, c/o North western Banker. (PA) IMMEDIATE OPENING for junior installment loan officer with at least one year’s experience. Knowledge of student loans helpful. Send resume and salary requirements to: State Bank and Trust, Box 1257, Dillon, Montana 59725. ___________________________________________ (PA) SENIOR LOAN OFFICER—Experience in ag lending ($50 million bank) in community of 8,000 population in northern Iowa. Salary open. Write File OBS, c/o Northwestern Bank er. (PA) PARTIAL LIST OF AVAILABLE POSITIONS OPERATIONS—Grow on the job. Solid NE bank needs operations person to handle acctg and operations func tions. Little banking exp. Move up to cashier. $13K. COMMERCIAL LENDING—Well-respected E Nebraska bank needs 5 + yrs commercial lending exp. Exposure to ag a plus. $30-$35K. #2 AG LOAN OFFICER—Sound N/Central IA bank needs 3-5 yrs Ag Lending exp. Candidates need be community minded. Great oppty. $25K. AG LENDING OFFICER—Potential advancement, im mediate challenge. 1-2 yrs ag lending exp, operations training + + . Co is moving fast, interviewing now. $18K. INTERNAL AUDIT—NE/IA locations. Previous exp in bank audit, bankholding, or public. $15-20K. VP COMMERCIAL LENDING—Leading Metropolitan area bank needs 4-7 yrs exp. Persuasive communicator to direct jr officers; marketing bkgd a plus. $35K + . FOR FURTHER INFORMATION RESPONDIN CONFIDENCETO: Bank Division ooo 004» S' of Iowa, Inc. 317 6th Ave. Des Moines, IA 50309 (515) 244-4414 ALL FEES COMPANY PAID POSITIONS AVAILABLE AG Lender with two or more years exp. wanted by $40 million Iowa bank....................................... Salary $20,000 Trust Officer wanted by major North Dakota bank ........................................................................ Salary open Operations Officer with two or more years exp. for N.W. Iowa bank.................................... ................ Salary $24,000 AG Lender for southwest Minnesota bank. .Salary $22,000 Burroughs model B-80 computer with two mini-drives, emulator, processor, printer, and transformer. Phone 402/ 371-4321 for more details. (FS) BANK PLACEMENT SPECIALISTS (Our 33rd year) Call experienced professionals to locate the right candidate for your vacancy . . . or the right “move-up” for yourself. CORPORATE RECRUITERS MIDWEST BANKING DIVISION 202 S. 71 st Street 402/393-5515 Omaha, Nebraska 68132 Office Manager with ag background for northern Iowa b a n k ........................................................... Salary $25,000 Ag-Oriented college grad with basic banking exp. .....................................................................Salary $16,000 Commercial Lender for eastern Iowa community bank .................................................. .................. Salary $25,000 Write or call Malcolm Freeland, Freeland Financial Ser vice, Inc., 246 Insurance Exchange Building, Des Moines, Iowa 50309. Phone 515/282-6462. Employer pays fee. POSITIONS WANTED Trust Officer with 10 years exp.........................Salary neg. \ Number Two person with extensive lending and opera tions exp. Currently heading small bank.........Salary open. COIN WRAPPERS FOR SALE Insurance Agent with successful track record.................... .....................................................................Salary $25,000 •Glory 9400 and 9100, good condition, with paper. Priced to sell. Dave Peitzman • 515/266-6597 Ag Lender with college degree and experience. . . . $24,000 V__________________ ________________ Installment Lender now with major finance co. Salary open J Commercial Lender with 8 years experience...................... .....................................................................Salary $30,000 FOR SALE Entry Level college grad with basic bank exp. and farm background..................................................Salary $15,000 • One Diebold Deluxe Vision Window, BR glass, stainless steel clatting countertop with defroster, countertop heat, closed shades, light package. CEO currently heading $50 million Illinois bank. .....................................................................Salary $50,000 • One Diebold Counterette (drop-front deal drawer) with electric operation and counterette heat and large package drawer. Write or call Malcolm Freeland, Freeland Financial Ser vice, Inc., 246 Insurance Exchange Bldg., Des Moines, Iowa 50309. Phone 515/282-6462. Company pays fee. • Two Diebold VAT 3 Systems, including customer units, teller units, control panel, audio equipment, removable carriers, pneumatic tubing, power unit, communication and control cable. Contact: Richard A. Schneider Security State Bank Sheldon, Iowa 51201 Phone: 712/324-2516 CONTROLLER WANTED Iowa largest credit union ($77 million) is establishing new position. Experience in budgeting, analysis and investments. Will report directly to manager. Send written resume to Layton Stump, Manager, John Deere Employees Credit Union, 1827 Ansborough Ave., Waterloo, IA 50704. (PA) IMMEDIATE AVAILABILITY BURROUGHS SERIES L ELECTRONIC LEDGER CARD MACHINES • Replaces Mechanical Posting Machines • Second Units • All programs available cash or Accrual Basis FOR RENT OR SALE Call or write: MSCI 14609 W est Center Rd. Omaha, NE 68144 Phone: 402/330-4682 When it comes to agricoltore, banking and personnel. . . go to the specialists — go to AGRIcareers, Inc. Progressiva bankers pay vs to find the people they need. 2 Ag Loan Officers . . N .C. IA . $15-20,000 Ag Loan O ff./O per......... N .E. IA . $20,000 Commercial Loan O f f .. .N .C . IA .$18,000 Cashier........................N.E. I A . $15-17,000 General/Ag L e n d in g .. .O h io . $20-23,000 Sales & Mktg. Rep . . . W. N Y . $20-25,000 Ask the ag banking specialists what’s available without cost or obligation. NEW HAMPTON. IA 50659 MASSENA. IA 50853 1 (5 15 )3 94 -3 14 5 (712) 779-3744 anncareers, in c . “ • THE ORIGINAL AGRICULTURAL RECRUITER POSITIONS AVAILABLE PRESIDENT—rural $15 MM bank located in northern state. Required Agrilending background and prefer person who is currently #1 #2 in smaller bank. $35,000 COMM’L LOAN—excellent advancement available. Posi tion is 02 in comm’l loan dept, of $100MM suburban bank that is part of small holding company. $35,000 SECOND OFFICER—growing $50MM bank on outskirts of major metro-area. Must be strong in operations and have some commercial lending experience. $35,000 CASHIER—senior operations position with $40MM bank. Responsibilities include accounting, personnel and regulatory reports. $28,000 EDP COORDINATOR—small metro-area holding company seeks well experienced data processing officer to revise and design systems. $35,000 CREDIT ANALYST—revise and maintain a credit dept, for a $100MM metro-area bank. Position will eventually lead to comm’l. loan officer. $18,000 CORRESPONDENT OFFICER—opportunity for junior of ficer to join staff of one of the midwest’s largest holding companies. Must have ag lending background. $22,000 ALL INQUIRIES CONFIDENTIAL. Please forward salary history and resume. TOM HAGAN & ASSOCIATES of Kansas City P.O. Box 12346, 2024 Swift North Kansas City, MO 64116 816/474-6874 “ Serving the Banking Industry Since 1970” Vol. 10 No. 31 Northwestern Banker Newsletter (USPS 873-300) is published weekly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309. Subscriptions $1.00 per copy, $15.00 per year. Second class postage paid at Des Moines, Iowa. Address all mail subscriptions, changes of address (Form 3579), manuscripts, mail items to above address. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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