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Economists See Slower Pace But—

Economic Expansion Still on Track








November 26,1984

Des Moines, Iowa

Vol. 13 No. 32

1 Mf H IL E m any governm ent
W watchers, economists, busi­
nessmen and others are basically
“waiting to see” what happens since
the national election earlier this
month, the economists of at least
two major banks are looking for eco­
nomic growth in the nation in 1985,
even though at a slower rate than
Financial Digest, weekly econom­
ics publication of Manufacturers
Hanover Trust Co., New York,
states “There is plenty of life in the
two-year old recovery, and the eco­
nomic expansion is still solidly on
track.” The Digest points to the
strong index of economic indicators
and the fact that U.S. and Canadian
auto strikes have been settled. A re­
cent decline in money market rates
should boost interest-sensitive in­
dustries such as housing and dur­
able goods, while consumer attitudes are brightening just in time
for the Holiday shopping season.
Digest further says the lower un­
employment rate of 7.4% masks the
substantial rise in number of people
employed—a 350,000 worker rise in
October, while non-ag businesses
posted a 440,000 gain in payroll
employment. Also, the number of
jobless decreased by 30,000 in the
month, making it the 12th decline in

the past 14 months. Most of these
increases were in service industries.
“The entry of 320,000 persons in­
to the labor force shows people’s
confidence in the health of the eco­
nomy,” the Digest concludes. It
cited the Conference Board’s Octo­

as televisions, vacuum cleaners and
washing machines and dryers.”
Economists Joe Keating and Jack
Tilton at American National Bank
in Chicago concur. In their quarterly
report, they cite their expectation
for a rebound in consumer spending
and for continued gains in business
capital spending to carry the econo­
my. They, too, look for the economy
to receive a temporary boost from
the housing and consumer durable
goods sectors due to the roughly two
percentage point decline in interest
rates over the past few months.
While GNP real growth dropped
from an 8.6% annual rate in the first
half to 2.7% in the third quarter, due
mainly to a 49.8% rate of gain in im­
ported goods and services, the good
news, Mr. Keating and Mr. Tilton
state, is about the positive impact of
the strong dollar on inflation. They
estimate that 1984 inflation rate
now to be 3% to 4.5%, but predict a
cyclical upturn in inflation rate for
1985 to 5%.
By mid-1985 they expect a one
percentage point rise in interest
rates, a fed funds rate of 11 %, three
month T-bill yields at 10.5% and the
bank prime rate to be 13%. Interest
rates, they believe, will peak early in
1986 with an average first quarter
prime rate of 14.5%.

ber consumer confidence survey
which shows the number of people
expecting business conditions to im­
prove in the near term rose to the
highest level since last April, when
the economy was expanding briskly.
“With an improved economy, people
believe their employment and finan­
cial prospects will brighten, too. As
Iowa News
a result, consumers now plan to step
up spending on new and used cars, FAIRFIELD: Dean Holst has been
carpeting and such home appliances named president and chief executive

to make M N B w o rk for you.
Toll free: 1-800-332-5991

Merchants National Bank
M em b er F.D.I.C.
Federal Reserve Bank of St. Louis

ib i



Professional ...

1 ‘

¥ im U M f

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

Valley National Bank £


Member FDIC

officer of First National Bank in
Fairfield. He succeeds Earl Rodibaugh, who plans to retire in Janu­
ary of 1985. In addition, Steve
Cracker, vice president, has been ad­
vanced to executive vice president
and chief operating officer, and
Randy Lewis has joined the bank as
assistant vice president. Mr. Holst
has been with the bank 11 years,
most recently as vice president.
JEFFERSO N : Douglas McDer­
mott, president of Home State
Bank, has announced the promotion
of Mary Geisler to vice president
and cashier. Ms. Geisler has served
as cashier for the bank since 1980
and previously worked as a Certified
Public Accountant with Touche
Ross and Co. in Omaha, Neb.
MARION: Farmers State Bank re­
ceived approval from the state bank­
ing board last week for a full service
office to be located in the Collins
Road Square Shopping Center, 1380
Twixt Town Road.
NEW SHARON: An application
was filed with the banking depart­
ment November 16 for Taintor Sav­
ings Bank to dissolve and for
Mahaska State Bank to purchase
assets of the Taintor bank. Mahaska
State would retain offices in New
Sharon, as well as in Taintor where
the bank was originally located.
POSTVILLE: Jeanine Lenth recent­
ly was elected cashier of the Postville State Bank. She has been with

the bank 24 years. Also at the bank,
Diane Davis and Rose Pfister were
elected assistant cashiers.
Nebraska News
Executive officers of Nebraska
banks attending the Nebraska
Bankers Association Leadership
Conference in Kearney on November
16 voted in favor of a position state­
ment that says the NBA will oppose
all forms of interstate banking in the
next state legislative session. The
standing vote recorded 110 in favor
of that position statement and none
Earlier in the day, speakers for
both sides of the interstate issue had
presented their viewpoints, then 14
round tables of discussion among
the 140 registrants took up the
issue. When those table reports were
given, eight tables had a consensus
opposing the issue, and six had a
consensus supporting it. Of the six
tables supporting it, two tables,
however, felt that NBA should not
initiate such legislation. As each
table leader gave the table vote, it
was reported that 67 opposed inter­
state banking, while 51 supported it.
That 118 vote represented the num­
ber left at the tables at that time of
the 140 registered.
Following the table vote the posi­
tion statement was read, which re­
sulted in the 110-0 vote. The matter
now goes to the NBA executive
council, which meets December 13 in
Lincoln, for a final decision.

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National Bank of Waterloo
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Federal Reserve Bank of St. Louis

Member Federal Reserve System FDIC

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Bank Consultants
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P.O. Box 450 405 Main Ames, Iowa 50010
D o n a l d E . H o l d e r , Principal

LINCOLN: Max Callen, vice presi­
dent and head of the correspondent
loan division at National Bank of
Commerce, will assume new duties
on December 1 as executive vice
president and senior loan officer at
City National Bank & Trust Co.,
Hastings. He will replace Michael B.
Jacobson, who will move to Lincoln
to assume Mr. Callen’s duties as
head of the correspondent division
and also will be senior vice president
of Commerce Group, Inc., which
owns both banks.
OMAHA: First National Bank has
announced the promotion of Charles
R. Walker to vice president. Mr.
Walker has been with the bank since
August of 1983 as a second vice
president and is now division head
in charge of retail banking.
Minnesota News
MINNEAPOLIS: The Financial In­
stitutions Group of Norwest Corpo­
ration will host its 20th Annual Ex­
ecutive Management Conference and
Duck Dinner on December 6 at the
H yatt Regency in downtown Min­
neapolis. The following program has
been announced:
Thursday, December 6
11:00 Registration, Hyatt Regency.
1:00 Welcome—John Morrison,
chairman, and Darin Narayana, senior vice presidentFinancial Institutions Group,
Norwest Corporation.
1:10 *‘Futurism—Rivets, Robots,
S ta r W a rs ” —D r. E a rl ^
Joseph, president, Anticipa­
tory Sciences, Inc., St. Paul.
Minn.; futurist, world-wide
lecturer, author of 36 books. M
2:10 “The Banker’s Plight’’—Dr.
Paul Nadler, professor of bus­
iness administration, Rutgers
University, Brunswick, N.J.
3:15 “ Legislation ’85 Panel— ^
W hat’s Coming in the New
Congress for Banking, Agri­
culture and Business.”
Moderator: Robert A. Krane,
vice chairman, Norwest Cor- q
poration. Panelists:

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You can market the plan to your local
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Supplement to Northwestern Banker Newsletter—


Call on the “ Experienced Professionals”


13th & M Streets, Lincoln, NE 68501
A FirsTier Company

• Hon. Sen. James Abdnor,
Washington, D.C.; chairman,
subcommittees on agriculture
and transportation.
• M. Danny Wall, Washing­
ton, D.C.; staff director,
United States Senate Com­
mittee on Banking, Housing
& U rb an D evelopm ent
(chaired by Sen. Jake Gam—
R., Utah).
• Dr. Sung Won Sohn, se­
nior vice president and chief
economist, Norwest Corpo­
“Why Finance a Drought?
(or, How Weather Affects
Bank Ag Loans)” —Dr.
Walter Lyons, president,
R-SCAN Corp., Minneapo­
lis; meteorologist serving
business and banking na­
5:00 “We’re Banking on Selling
Ability”—Charlie Hermann,
vice p re sid e n t—n ational
sales development, Josten’s
Inc., Owatonna, Minn.
Cocktail Hour.
Roast Duck Dinner.
“ Salute to Americana”—
featuring vocalist Marilyn
Sellars and her orchestra.




Spouse Program
Spouses attending the conference
will be guests on a tour via articu­
lated buses to the nation’s newest,
$20 million WCCO-TV studio and to
the Minneapolis Institute of Arts to
view the special centennial collec­
tion that is celebrating the Insti­
tu te ’s 100th Anniversary. One
group will proceed first to WCCOTV while the other group goes first
to the Institute. Refreshments and
music will be part of the Institute
program. Each group then will pro­
ceed to the other location to com­
plete its tour. Buses will leave from
and return to the H yatt Regency.
PLYMOUTH: James Sherard has
been named president of First Bank
Serving bankers quietly and efficiently.

714 U .C .B . Building, 515-283-2545
Des Moines, Iowa 50309
Federal Reserve Bank of St. Louis

Plymouth. Most recently, Mr. Sher­
ard was vice president and manager
of First Bank Ridgedale, Hopkins.
Neal Frank has been named to suc­
ceed Mr. Sherard as manager of
First Bank Ridgedale. Mr. Frank
had been serving as assistant vice
president at Ridgedale.
W isconsin News
APPLETON: Paul R. Trigg has
been elected president and chief ex­
ecutive officer of Firstar Corpora­
tion, following the resignation of
William D. Wolter, chairman and
CEO. Mr. Trigg has been serving as
president and CEO of the holding
company’s lead bank, Firstar Bank
in Appleton, a position he will re­
KINGSTON: The Kingston-Dalton
State Bank has named Stan Sielaff
as executive vice president. Mr Sie­
laff, who had been serving as vice
president, will succeed Rellis Mor­
gan, who recently retired. Prior to
joining the bank in September of
this year, Mr. Sielaff spent 14 years
with First Bank Freedom.
SHEBOYGAN: David A. Rauwerdink has beeen appointed executive
vice president and chief operating
officer of Security National Bank.
Mr. Rauwerdink has been associated
with Security First National and its
corporate affiliations, Security Fi­
nancial Services, Inc., since 1970.

• Member, F.D.I.C.

donald has joined the bank as vice
president in commercial lending.
Mr. Landis has been with the bank
over six years and will also serve as
cashier. He will handle operations,
marketing and advertising. Ms.
Sinn has been with the bank 27
years. Mr. Macdonald has spent a
number of years with Bank of Amer­
ica in commercial lending, most re­
cently in San Francisco.
LUSK: Rodger Jones has been pro­
moted to vice president of First
Wyoming Bank and Dick Ivey will
replace Mr. Jones as installment
loan officer. Mr. Jones joined the
bank in January from First Wyom­
ing Bank, Fort Collins. Mr. Ivey
also joined the bank in January in
its management trainee program.

Meet the

Illinois News
BELLEVILLE: Following approval
from the Comptroller of the Curren­
cy, Belleville National Bank has
changed its name to General Bank,
Melissa Smith

South Dakota News
PIERRE: Sandy Zinter has been
elected vice president of BankWest
and will head the commercial loan
department in Pierre. Ms. Zinter
joined the bank in 1980 and was
named assistant vice president in

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W yom ing News
JACKSON: Jackson State Bank has
recently promoted David R. Landis
and Laurene W. Sinn to vice presi­
dents. In addition, Robert D. Mac­

United we grow together.
10th and Grand ° P.O. Box 226
Kansas City, Missouri 64141


SENIOR VICE PRESIDENT— The individual will supervise
all loan departments. Requires Bachelor’s degree plus
minimum five years’ lending experience. Salary commen­
surate with experience plus excellent benefits. Excellent
career opportunity. Contact: Steve Afdahl, President
Hawkeye Bank and Trust, P.O. Box 4068, Spencer, Iowa,
51301. Member Hawkeye Bancorporatlon. Phone

Ag Banking Specialists
Let us help with your career advancement or staffing
needs. Cali in confidence, without obligation. Employ­
ers pay our reasonable fee to hire the best.

SENIOR AG LOAN O FFICER — with 5-10 years experience.
Salary open. $24 million northeast Nebraska bank. Send
resume to Bank of Elgin, R.K. Draper, Jr., President, Box
329, Elgin, NE 68636._______________________________ (PA)
EXCELLENT CAREER opportunity with $40 million S.E.
Iowa bank as Senior Lending Officer and second in com­
mand. Position requires a degree and a minimum of 5
years lending experience, with approximately 15 years
total business experience, and a solid ag background.
Some overall bank management and broad lending ex­
posure desired. Salary based on qualifications. A gener­
ous fringe benefit package is in place. Send resume to file
W CJ, c/o Northwestern Banker.
AG LENDING POSITION— Eastern Nebraska. Opportunity
to work with experienced ag lenders in servicing large
portfolio. Ag degree required. Experience helpful, but not
required. Reply to file: WCK, c/o Northwestern Banker. (PA)
SENIOR LOAN OFFICER AND ADM INISTRATOR— This individual will manage entire loan portfolio. Extensive com­
mercial and supervisory experience required. Extremely
competitive salary and benefits. $125 million bank. Con­
tact: J.P. Mansfield III, Pres./CEO, United Central Bank &
Trust, P.O. Box U, Ft. Dodge, IA, 50501.
Small Northeast Iowa bank seeks LOAN O FFICER with
two to five years general lending experience. We are seek­
ing a candidate with varied skills who is capable of many
responsibilities. Salary commensurate with experience.
Send resume to file WCL, c/o Northwestern Banker.

CEO, 45, now serving as president of $60 million bank in
metro area. Heads loan committee, and directs assetliability management. Twenty years banking experience.
TO P references.
COMMERCIAL LENDER, 38, a results-oriented profes­
sional with 17 years of diversified commercial lending and
financial management experience. Extensive knowledge
of credit analysis, loan administration, workout and loss
control - and asset/liability management.

CEO W A NTED — $10 million rural bank in Marion county Il­
linois. Must be strong in ag lending and documentation.
Good salary and benefits. Write file WCF, c/o North­
western Banker.
AQ LENDER— Position available for individual with ag
lending background in $65 million bank in Grafton, ND. Ap­
plicant should have minimum of three to five years ag len­
ding experience and strong business development skills.
Send resume to: President, Norwest Bank Grafton, N.A.,
P.O. Box 580, Grafton, ND 58237.

Bankers Available
CEO with 10 years commercial lending experience in $60
million bank. Graduate of ABA commercial lending school
and working knowledge of current banking practices.

Linda 515/394-5827
Jean 515/263-9598 (T/W/F)
New Hampton, la. 50659
712/779-3567 (M/TH)
Massena, Iowa 50853


COMMERCIAL LENDER, 40, now responsible for commer­
cial, agricultural and real estate lending in $80 million
bank. College graduate with additional degrees from ABA
commercial lending school and ISU ag lending school. O F­
FERS 14 years intensive banking experience.



COMMERCIAL LENDER, 37, now with $300 million bank;
five years’ experience in large bank environment. Detailed
knowledge of commercial and agricultural leasing. Good
people skills, as well as both credit and operations.
IN STALLM ENT MANAGER, 28, with 3 years’ college and
five years managing $4 million portfolio of consumer, stu­
dent and floor plan loans in community bank.

TOR. Excellent for small business. Phone 319/827-1050. (FS)

Experienced real estate appraiser needed to su­
pervise operation of appraisal department and re­
view and critique appraisals on commercial real
estate loans. Must be designated member or can­
didate for membership of either the Society of
Real Estate Appraisers or the American Institute
of Real Estate Appraisers and have 4 years ap­
praisal experience, including 3 years of commer­
cial experience. Send resume and salary require­
ments in confidence to: F.B. Bruner, Human Re­
sources Department, United Federal Savings
Bank of Iowa, Locust at Fourth, Des Moines, Iowa

Financial Careers

AG LENDER, 34, with over 10 years’ experience and col­
lege degree in economics. Currently in charge of $11
million ag loan portfolio. Experienced in ag, commercial,
real estate, consumer and student loans. Graduate of ABA
Advanced Ag Credit School.
We have many other applicants. Call or write Malcolm
Freeland or Cy Kirk at Freeland Financial Service, Inc.,
1010 Equitable Building, Des Moines, Iowa 50309. Phone
515/282-6462. Employer pays reasonable fee.


Available on a temporary or an intermediate basis in
an on line or advisory capacity for:
22 years experience in acquisitions and liquidations,
write: WBX
c/o Northwestern Banker
— All Replies Confidential —

CEO for$17 million bank in M ontana___ Salary to $35,000

DO N ^ C H O O L E H In

COMMERCIAL LENDER for $150 million bank in Midwest.
Must be experienced in handling and documenting large
credits. Prefer 10 years lending background.......................
.......................................................................Salary to $45,000

"Successful Banking is Quality Personnel"

NUMBER TW O person for $40 million bank. Must have a
strong ag lending background and college degree.............
............................................................................... Salary OPEN

If you would like to be informed of positions as they
become available and if you are interested in chang­
ing your present position, send your resume or
phone Don Schooler, 417-682-2265, 2508 East
Meadow, Springfield, Missouri 65804. Information
on you will be kept confidential until you are inter­
ested in a specific position.

NUMBER TW O officer for major community bank in cen­
tral Iowa. Requires ag/commercial loan experience and
college degree. Excellent benefits...........Salary to $45,000

Eighteen years of banking serving as President of
rural and metropolitan banks enables me to match
you, technically and personally, with the right bank­
ing environment.

TR U S T O FFICER for $60 million bank in college communi­
ty ................................................................... Salary to $32,000
AG OFFICER for $65 million bank in central Iowa. Requires
bank experience and college degree___ Salary to $35,000
AG O FFICER for $40 million bank in southern Minnesota.
Requires college degree and three or more years lending
experience. High performance bank with $10 million in ag
lo a n s .............................................................. Salary to $35,000

Missouri, Iowa Oklahoma, Kansas, Arkansas,
Illinois, and Nebraska

AG OFFICER for $30 million bank on lowa/llllnois line. Ex­
perience with bank or PCA required. Excellent recreation
a re a ................................................................ Salary to $26,000

$150mm bank, (K ansas)......................... to $40,000

We have many other opportunities. Call or write Malcolm
Freeland or Cy Kirk at Freeland Financial Service, Inc.,
1010 Equitable Building, Des Moines, Iowa 50309. Phone
515/282-6462. Employer pays reasonable fee.

COMMERCIAL LENDER, $225mm bank, (Iow a ). . .
........................................................................... OPEN
COMMERCIAL LENDERS, (Texas), $200mm bank $40,000
8,000 population................................................... mid$30,000

AG LENDERS •Need 2, S.E. Nebraska.

$35K range.

MARKETING - Degree. Need several years of banking or
S&L experience in marketing. Omaha.

Due to the growth and expansion of an agricul­
tural credit corporation, a credit analyst position
awaits you. Responsibilities of this position in­
clude analyzing agricultural and agri-business
credits. A bachelors degree in ag economics/business or related field plus 5-10 years ag banking ex­
perience. We offer a competitive salary and bene­
fits package. For confidential consideration send
a complete resume with salary history to:
Liberty Building
Human Resources Dept.
418 6th Ave.
Des Moines, Iowa 50308


SENIOR LENDER - $25MM rural bank affiliated with major
holding company. Overall management experience with
emphasis on Agrilending. Will become #2 within one year.
CEO - Southern Missouri bank of $25MM. Requires strong
agriloan and administrative experience. Small community.
........................................ .................................................. $38K
AGRILOAN - handle majority of Ag and some Instal.
credits for$20MM community bank. Prefer degree. .. $24K

CASHIER for a $50mm bank, 10,000 population
close to c it y .............................................. to $25,000

COMMERCIAL LENDERS • Need 2. Degree. Need 3-5 yrs.
of strong commercial lending. Des Moines.

COMMERCIAL LENDER • suburban bank of $60MM
located in large metro area. Position demands ability to
generate new business and good analytical skills___ $30K

PRESIDENT for a $30mm bank in small town close
to c i t y ............... ......... ......................... to $45,000

CEO ’s - Need 5 in West Iowa & Eastern Nebraska. Degree
or not. Several years of banking experience, including
$50-70K range.

SECOND OFFICER - medium size community bank. Prefer
Agriloan and Operations background. Excellent recrea­
tional facilities nearby...................................................... $36K

Call or send resume to:

Additional opportunities available in midwestern states.

AG LENDER, $95mm bank, 30,000 population, (Illi­
nois) ........................................................... to $35,000
SENIOR LOAN OFFICER, $60mm bank, 12,000
population ......................................$35,000-$40,000
EXECUTIVE VICE PRESIDENT, $40mm bank . . . .
..................................................................... $40,000 +

Richard L. Beem, CPC
11246 Davenport Street
Omaha, NE 68154
Phone: 402/330-3260


2024 Swift - Box 12346
North Kansas City, MO 64116

“Serving the Banking Industry Since 1970”

Vol. 13 No. 32 Northwestern Banker Newsletter (USPS 873-300) is published weekly by the Northwestern Banker Company, 306 Fif­
teenth Street, Des Moines, Iowa 50309, (515) 244-8163. Subscriptions $1.00 per copy, $18.00 per year. Second class postage paid at Des
Moines, Iowa. Address all mail subscriptions, changes of address (Form 3579), manuscripts, mail items to above address.
Federal Reserve Bank of St. Louis