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Major Banks Adopt New Prime Loan Rate 4 * sjk. * 4 - A 6% basic lending rate on business loans became widespread in the nation’ s banking system last week. Practically all major banks in New York, Chicago, San Francisco and other financial cen ters followed the lead of C hicago’ s Continental Illinois National Bank and Trust Company in boosting the “ prime” rate from 5y2%. Continental Illin ois, C hicago’ s largest bank, posted its increase last Monday morning in the wake of the Federal Reserve System’ s increase in the discount rate to 4 y2% from 4%. The Reserve System had acted to protect the international value of the dollar following Britain’ s devaluation o f the pound to $2.40 from $2.80. Britain simultaneously raised its bank rate to 8% from 6i/2% . *r t Y- At 6%, the prime rate has re turned to a level that prevailed from August 1966 to late last Jan uary, when it was cut by some banks to 5%% and by most others to 5%%; this split rate remained in effect until last March, when an industrywide 5%% went into effect. William H. Moore, chairman of New York’ s Bankers Trust, had questioned the timing of the in crease, suggesting that banks should withhold any change until the dust settled. It was cleaF that Bankers Trust finally decided to boost its rates because most of its competitors had already in creased theirs. California’ s Bank of America, the nation’ s largest, which had similarly indicated earlier in the week that it wanted to hold the prime-rate line, at least temporar ily, also announced a 6% prime rate last Tuesday. In the Twin C ities, Midland National Bank, Minneapolis, was first to announce the change in rate to 6%. Other major banks follow ed. ABA To Hawaii in 1969 New York: The American Bank ers A ssociation has announced dates for the 1968 and 1969 annual conventions. The 1968 convention will be in Chicago, September 29 — October 2. The 1969 Convention will be held in Honolula, Septem ber 29—October 2. Harris Plans Facility CHICAGO: Harris Trust and Sav ings Bank has announced plans to construct an operations center and personal banking facility about two blocks west of its La Salle street headquarters. It is the second major Loop bank to d isclo se plans for install ing teller windows at a location separate from the main banking premises. American National Bank and Trust Company said last March it plans to put a drive-in and walk-up facility in a 41-story office build ing ju s t outside the Loop. The bank received zoning clearance from the city and expects to let the contract as soon as some other minor details are cleared up. No completion date has been an nounced. Illinois prohibits branch bank ing, but a revised banking code which went into effect last January permits a bank to establish one drive-in facility within 1,500 feet of its principal o ffice . Delay Federal Charters For "Thrift Institutions” A bill proposing a new federally chartered thrift institution has no chance of passing this year, and could very well be a dead issue insofar as the 90th Congress is concerned. The legislation originally was the outgrowth o f an agreement b e tween the mutual savings bank and savings and loan industries. It Federal Charters... (Continued to back page) The myriad tools of modern banking . . . and men who know how to use them. Good reasons why over half the banks in Iowa are — MNB correspondents F. Forbes Olberg Executive Vice President * Mehckontd Nafaowai C E D A R R A P ID S f 0 IC T H E F U L L S E R V I C E B A N K F O R T H E B A N K S O F IO W A % https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis We're here to help you get what you want Call jay Bordewick IOWA-DES MOINES NATIONAL BANK Bob Buenneke M em ber F e d e r a l D e p o s i t In s u r a n c e C o r p o r a tio n IOWA NEWS AMES: Plans are now underway for the formal dedication of the new University Back and Trust Company office facility which opened for business November 22. Bank President Dean Knudson has appointed David Vaselaar to man age the new facility, which in cludes the first T .V . installation in Ames. CRAWFORDSVILLE: The Peoples Savings Bank has completed re modeling of its bank premises and will hold an open house Decem b er 16. A reception for visiting bankers, ladies and guests will be held by William R. Bernau, bank president, at his home. DEFIANCE: The State Bank has filed application with the Federal Deposit Insurance Corporation to change its present location to another main street site. DES MOINES: Members of the ex ecutive council and committee chairman of the Iowa Bankers A s sociation will convene at Wakonda Club on Tuesday, November 28 in an organizational meeting to make long-range plans for the A s s o c i ation . DES MOINES: The Iowa-Des Moines National Bank has filed an appli cation with the comptroller of cur rency to establish a facility in the vicinity of East 25th and Euclid Streets. Dee L. Frost has been promoted from vice president to senior vice president in charge of the trust division of Iowa-Des Moines Na tional. C. W. Aurand, bank pres ident also announced the promo tions o f James Kempkes and James D. Robinette from trust officers to vice presidents. Lester T. Proctor, Richard W. Carey and Lewis C. Cobb were promoted from trust of ficers to senior trust officers. Lois Olsan was named assistant trust officer. Alan Braga and John D. Hunt of the bank’ s bond department were promoted from assistant cash iers to assistant vice presidents. HUBBARD: D. W. Heineki ng, pres ident of the Security State Bank of Hubbard has announced that the bank is in the process of remodel ing an addition which will nearly double the size of the present bank building. General construction work will be done by Gilbert Build ers of Iowa F a lls. The building is to be completed by the spring of 1968. KEOKUK: Edward K. Johnstone, II, president o f the Keokuk Savings Bank and Trust Company, has an nounced that the bank has made application to the Federal Deposit Insurance Corporation and the Iowa State Banking Department for per mission to establish a drive-up, walk-in banking facility to be located at the corner of 16th and Main Streets. RICEVLLLE: The R iceville State Bank recently observed its 75th an niversary with an open house, a c cording to Lee Dietsch, bank pres- for Personal Attention to A ll Your Correspondent Needs CALL 402 AREA CODE A Member Federal Deposit Insurance Corporition ident. An extensive remodeling program also recently has been completed. LINCOLN: Paul R. Scott, computer services manager of thé National Bank of Commerce, has been pro moted to vice president. He joined the bank in 1953 and was promoted to assistant vice president and as sistant manager of computer ser v ice s in 1966. LINCOLN: Glenn Y aussi, chair man of the board of National Bank of Commerce in Lincoln, has an nounced a plan for the stockholders of NBC to be offered rights to pur chase ownership in the Fremont First National Company and the Fremont First State Company. These companies own control of the First National Bank, Fremont, N ebr., and the First State Bank, Fremont, Nebr., respectively. A registration statement has been file d with the Securities and Ex- OVER 10,000 the Security National NATIONAL Sioux City, Iowa https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis * NEBRASKA NEWS I SECURITY * 341-8765 financial institutions across the country buy our equipment and services every year. lie! y & i -f * +■ % & .x & B A N K C E DA R RAPI DS, I OWA 52406 A 4 LIN CO LN FIRST IMATIOIMAL BANK & TRUST CO M PAN Y OF LINCOLN 12th & N S tr e e t • L IN C O L N , N E B R A S K A • Member: F .D .I.C . * * i. * 4" 4 ...EDP Accounting with a Personal Touch change Commission, and approval is being sought from banking au thorities. If a majority of NBC stock holders purchase a majority of the shares of these companies, it will mean that the two Fremont banks will join NBC and Lincoln Bank South as affiliated banks. The present officers, staffs, and Boards of Directors will continue to man age the Fremont banks. W. N. Mit ten is president of the First State Bank and J .D . Schiermeyer is pres ident of the First National Bank. The directors and officers of the Fremont First National Com pany and the Fremont First State Company are to be identical. They are as follows: Gene H. Tallman, chairman of the board; William N. Mitten, vice chairman of the board; Glenn YausSi, president and treas urer; Paul J. Amen, executive vice president and secretary; J. D. Schi ermeyer, executive vice president; Phil L. Sidles, Arthur C. Sidner, James Stuart, Avery E. Forke and Harry P. Seward. First Nebraska Securities, Inc. and Ellis-Holyoke & Company of Lincoln are the underwriters. OMAHA: An Elizabeth, N. J., man has been arrested at the First Na tional Bank as he attempted to cash bonds thought to have been taken in a $125,000 burglary Octtober 18 in Bayonne, N. J. He was charged with forging an endorse ment on U. S. bonds. Other charges may be filed later. •f MINNESOTA NEWS COKATO: The First National Bank of Cokato recently moved into its new quarters at 365 Broadway. Open house in the new building is planned for the near future. MINNEAPOLISr W. Bryan Jensen, R oseville, and David S. Birkeland, Bloomington, have been named as sistant cashiers at the First Southdale National Bank, Southdale Center.. The bank’ s capital funds also were increased $100,000 by a trans fer from undivided profits, MINNEAPOLIS: The Farmers and Mechanics Savings Bank is spon soring the first general film ever made depicting the University of Minnesota past and present, ac cording to Hermon J. Arnott, bank president and a 1924 graduate of the university. The 15-minute, colorsound film was produced for the University o f Minnesota Alumni Association by the university’ s audio-visual department. WARREN: Over 2,500 people re cently attended the opening days at the new State Bank of Warren to inspect the new bank building and banking facilities. During the first evening of the opening, visiting bankers and their wives were guests of H. A. Bustrack, bank president, and officers of the bank. After a tour o f the new building, they were served a turkey dinner at the War ren Legion Hall. MONTANA NEWS GREAT FALLS: Glacier Chapter of NABAC will hold its quarterly meeting at the Holiday Inn, Great F alls on December 9. Registration begins at 8:45 A.M. Charles Walker, deputy auditor, United States Na tional Bank, Portland, will be a featured speaker. COLORADO NEWS DENVER: Proposed formation of the First National Bancorporation, Inc., has been announced by Eu gene H. Adams, president of the First National Bank of Denver. The new bank holding company would acquire, through an exchange of stock, ownership of the First National Bank of Denver and its three affiliates - the First National Banks of Bear V alley, North Glenn and South Glenn. DENVER:The city council recently moved to carry out its d ecision to require national, state and indus trial banks to pay the city ’ s 2% sales tax. The city attorney’ s of fice has been directed to draft measures repealing section s of the city sales tax ordinance that might be interpreted by financial insti tutions to back their position that they are entitled to exemption. DENVER: Directors of the First National Bank of Denver, as well as those of one of its affiliated banks, the First National of Bear V alley, have declared dividends on the banks’ stock. The First Na tional of Denver will make a 700 per share quarterly dividend. The five cent per share annual dividend declared by the First National of Bear Valley is the bank’ s first such payment. The First National of Bear Valley also approved the transfer of $5,000 from undivided profits to surplus. FORT COLLINS: Plans have been announced for construction of a 12-story, $1.25 million office build ing adjoining the First National Bank. The bank will be connected to the new tower building by a covered annex, providing expansion room for the bank. The new build ing will be a condominium project and is designed for professional Jarry Parker is deeply Earnest m"¡egea i Iff call me 4 ¡¡i i A https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis If you're earnestly seeking better correspondent banking service, it's high time you got in touch with Jarry Parker and his associates at Commerce Trust. They don't fool around. For example, they see that transit mail is picked up 40 times a day at the main post office. Isn't this the earnest service you want and deserve? Call us soon. (ommerce Trust (ompany’ Kansas City's Oldest and Largest Bank Member Federal Deposit Insurance Corporation your capital city correspondent gives you THE RIGHT COMBINATION for all your correspondent banking EXPERIENCE / KNOWLEDGE / SERVICE National Bank of Commerce Member FD IC PHONE 308 477-8911 - LIN CO LN , NEBRASKA 68501 people and service organizations. NORTH GLENN: The First Nation al Bank of North Glenn will pay its first annual dividend in the amount of five cents a share, a c cording to Don M. Whiteman, bank president. The bank’ s board of directors also ' voted to transfer $5,000 from undivided profits to surplus. WYOMING NEWS The state examiner’ s office has announced that assets in Wyoming’s 69 banks increased some $29 mil lion since the quarterly report of September 20, 1966. Total assets as of October 4, 1967, amounted to over $651 million, an increase of 4.7% since the September report. The ratio of capital accounts to total deposits was 10%, which was unchanged from 1966. Wyoming has 29 state banks and 40 national banks. GILLETTE: Wyoming bankers re cently met in the hospitality room of the Stockmens Bank for the fall meeting of the Wyoming Chapter of the National A ssociation of Bank Auditors and Comptrollers. A panel discussion on accrual accounting and new reporting requirements for banks was presented. Andrew Semsey, auditor o f Stockmens Bank, Gillette, was moderator. LANDER: Floyd E. Harmon has returned to the First National Bank as executive vice president. He was with the bank for three years, until May of 1964 when he resigned to manage the National Bank of N ewcastle. CENTRAL NATIONAL BANK “ SERVING BANKS AND BANKERS SINCE 1948“ Bankers Service CORPORATION BANK STOCK BROKERS BANK PERSONNEL 1301 R & T BLDG. PHONE 515-244-3113 DES MOINES, IOWA 50309 LARAMIE:The First National Bank has mailed out $43,000 in checks to nearly 400 local residents, all member of the bank’ s 1967 Christ mas Club which has just been con cluded. According to MaxE. Fisher, bank president, this year’ s club participation represented a 10% increase over last year. N ATIO N AL NEWS ST. JOSEPH: J. M. Ford, II, pres ident of The First National Bank of St. Joseph, Missouri announces the appointment of John V. Giddens, assistant vice president, as administrative head of the bank’ s Data Processing Department. Mr. Giddens will continue to work clo se ly with the correspon dent bankers in the field o f data processing as well as business firms within the St. Joseph area. He has been clo se ly identified with EDP since November of 1965 when the IBM equipment was in stalled in The First National Bank. Mr. Giddens has attended the IBM Management Computer Con cept School as well as other short courses to prepare him for this new assignment. Mr. Giddens is well known throughout the four-state territory served by The First National Bank, and he has many years of experi- AND TRUST Member Federal Deposit Insurance Corporation COMPANY YOUR STATE BANKERS ASSOCIATION O FFICIAL SAFE, VAULT AND TIMELOCK EXPERTS F. E. DAVENPORT & CO. OMAHA ence serving correspondent bank ers in agriculture and correspon dent needs. Federal Charters... (Continued from page one) proposes a new thrift institution with expanded investment powers— a concept supported by the Federal Home Loan Bank Board. The commercial bank lobby is opposed to the bill, which would project a tough, new competitor into the banking business. W ANT ADS Rates 25 cents per word per insertion. Minimum: 12 words. NORTHWESTERN BANKER 306 15th St., Des M oines, Iowa FOR SALE Serial No. 6876678 NCR Postronic Machine, in excellent condition, purchased new July 1963. Contin uous service. Bank of Millard, Box 405, Millard, Nebraska 68137. Phone (Area Code 402) 334—5211. POSITION WANTED Progressive minded executive bank officer wishes to relocate. Age 39, married, 13 years banking and in surance experience. C ollege grad uate, school of banking. Resume sent on request. Write File HST, NORTHWESTERN BANKER, 306 15th St., Des Moines, Iowa 50309. FOR SALE Loan application forms for the modern agricultural banker. Sam ples on request. Farm Business Council, Inc., P.O. Box F, Urbana, Illinois 61801. FOR SALE National Cash Register 12-pocket proof machine—2-47535. A-2108 (17). E xcellent condition. Reasonable price if taken soon. The Tilden Bank, Tilden, Nebraska 68781. POSITION WANTED Specialist in overlines and cattle loans desires work. Offers years of banking experience. Intense desire to please. Backed up by staff of sp ecia lists in all phases of bank ing. For immediate action ca ll Max Roy in Iowa City 338—5224 or at La Salle National Bank, 135 So. La Salle St., Chicago, 111. 60690. STate 2—5200 (Area Code 312). No. 1067 Northwestern Banker is published five times monthly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309. Subscriptions 50^ per copy, $6 per year. Second c la ss postage paid at D es Moines, Iowa. Address all mail subscriptions, changes of address (Forms 3579), manuscripts, mail items to above address. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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