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November 28,1977 Des Moines, Iowa # A B A ’s Battle Plan: “ Operation Unravel” ^ ^ ^ £ 0 0 0 0 The president of the American Bankers Association, A. A. Milli gan, announced on November 14 that banks are declaring war on regulations, rules and restrictions that cost bank custom ers and banks hundreds o f m illions o f dollars a year but serve no A. A. MILLIGAN useful purpose. Speaking in Kansas City at the opening of the National Agricul tural Credit Conference sponsored by the A B A , Mr. Milligan said a battle plan already has begun to be implemented by the association. “ It’s Operation Unravel,” he reported. “ We want to roll back—or at least modify—those laws and restrictions that impose regulatory burdens on banks and customers without really benefiting anyone... and.. .we want to make sure that we aren’t weighed down with a whole new set of idiotic rules and regulations.” M r. M illigan, who is also president of the Bank of A. Levy, Oxnard, Cal., explained that A B A already has identified 44 laws, regulations and procedures as being particularly costly or onerous to banking, with five singled out for the A B A ’s initial focus. As each of these is remedied, it will be replaced on the top five by the next target. “ Start with the Truth in Lending A ct,” the A B A president said, “ a classic example of federal regula tion run rampant.” What started as a 12-page act, resulted in a 96-page Fed regulation that has produced 1,200 interpretations, he explained. A B A is working to “ see Truth in Lending get back to its original purpose — to provide borrowers with meaningful information they can use in shopping around for credit.” The association is also working to remove agricultural loans from the law, Mr. Milligan said, because these loans are basic business loans and not consumer loans. A B A ’s second focus point is a provision of the Tax Reform A ct of 1976 which determines capital gains taxes paid by heirs who sell inherited property. Mr. Milligan called this provision “ an adminis trative nightmare” that signifi cantly increases the heirs’ taxes in most cases. The third target of A B A ’s Operation Unravel is the farm valuation provision of the Tax Reform Act which covers the sale of f a ll a a n e l VCH I V II U 3 t loll free 800-062-1615 ~'r - '* farm property by heirs. Mr. Milligan called this “ impossibly complicated.” “ The cumbersome reporting and com pliance requirem ents under the Employment Retirement In come Security Act (ERISA), is the fourth A B A target. “ The law was supposed to improve the quality of pension plan m anagem ent. It hasn’t , ” M r. Milligan declared. “ Thirty per cent of the country’s private pension plans have closed down because of this law.” While the A B A president ac knowledged that progress has already been made to simplify E R IS A , “ the procedures and reporting requirements are still too complex and require further refine ment.” Mr. Milligan identified A B A ’s fifth target as the “ remaining complexities of regulations issued under the Real Estate Settlement Procedures Act (RESPA). ‘ * Instead of improving disclosure, this paperwork serves only to lengthen and complicate the final closing of reed estate transactions,” he said. “ A B A will urge further simplification and reduction of paperwork.” The A B A president closed his remarks by calling on all bankers to get involved in making Congress, regulators and the public aware of the costs of overregulation. S i ^ Correspondent Dank Department Central National Bank & Trust Company DES M O IN ES. IOWA « A F F IL IA T E D https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W IT H C E N T R A L N A T IO N A L B A N C S H A R E S . IN C . ED DIE A. W O LF W IL L IA M B. GREAVES R IC H A R D BRO RAYMOND S C H N E ID E R START SOM ETHING W ITH SECURITY! Call Jim Hongslo for complete service on all your correspondent banking needs. The kind of help Security can provide. 712/277-6625 SECURTTY NATIONAL BANK Sixth & Pierce Street • Sioux City, Iowa 51101 Member F.D.I.C. Iowa News DONAHUE: Walter Paustian, 74, former chairman for many years of Donahue Savings Bank, was sentenced November 21 to 18 months imprisonment for embezzle ment from the bank. His sentence starts two days after Christmas in a minimum security institution and he will then be on three years probation. U. S. District Judge William Stuart of Des Moines also ordered him to repay $53,000 of the amount he admitted embezzling from the bank. Examiners have placed the total loss in the bank at $900,000 over the past 13 years and Mr. Paustian was charged with three counts of making $81,221 in false bank book entries. Mr. Paustian’s personal assets were listed at between $50,000 and $60,000 excluding his house in Bettendorf. No accounting was made at the hearing for the other $850,000 reportedly lost. The bank was closed August 20 by the Iowa Department of Banking. Daven port Bank and Trust subsequently purchased certain assets and is With our service» operating in Donahue now with an office there. FONDA: Norton Obrecht has joined the First National Bank as vice president with principal duties in agricultural loans. He previously was president and trust officer of the Holstein State Bank. HAMPTON: First National Bank has announced the promotion of W illiam D. T u fford to vice president and the appointment of Ronald (Terry) Bayse to assistant vice president. Mr. Tufford joined the bank in 1973 and previously served as assistant vice president. Mr. Bayse has been with the North Centred Farm Service, Inc., as credit director. SUMNER: The First National Bank has a new area code and phone number as follows: 319578-3312. SOLON: Mary A. Hanzelka recent ly was promoted from assistant cashier and auditor to assistant vice president of the Solon State Bank. Nebraska News give your com m unity a lot of help for its money, The Nebraska Bankers Associa tion will hold 1977 Year-End Conferences on Wednesday, Dec. 14, at the Holiday Inn, Kearney, and Thursday, Dec. 15, at the R adisson-C ornhusker, L incoln. A good correspondent bank relationship! is still built by good people. Yours and ours. Member FDIC An Affiliate of Northwest Bancorporation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis B a n c o « Mark Christen Asst. Vice President Registration will begin at noon and adjournment will be at 5:30 p.m. Topics of discussion will include: “ Review of Individual Retirement Accounts and a Look at Rollovers,” “ IR A Legislative and Regulatory Status Report,” “ Operational Con siderations of IR A s,” “ Overview of Banking Legislation in Lincoln and Washington,” and the “ Impact of the Food and Agriculture A ct of 1977 on Nebraska Banking.” * * * The Nebraska Bankers Associa tion will be holding Teller Sympo siums December 6 in Scottsbluff, December 7 in North Platte, and December 8 in Kearney. G R A N D IS L A N D : R oger N. Bailey, vice president and director of marketing of the First National Bank, has been elected director and treasurer of United Bank Services Company. The company is owned by 26 central Nebraska bankers and Call me toll free . . . 800 332-5991 - Merchants gfih National Bank 151 Cedar Rapids. Iowa 52401 A BANKS OF IOWA' BANK C a h l e t o n D . B e h C o . T INVESTMENT SECURITIES TELEPHONE 2 S 8 -2I5 2 AREA CODE 515 DES M O IN E S B U IL D IN G D e s M o in e s , I o w a . NEW ISSUE MOODY’S: “Aa $900,000 ARAPAHOE COUNTY, COLORADO General Obligation Refunding Bonds, Series 1978 (Part of an issue of $1,385,000) # Dated: January 1,1978 Denomination: $5,000 Both principal and semiannual interest (April 1 and October 1, first coupon due April 1, 1978) payable at the office of the Arapahoe County Treasurer, Littleton, Colorado. # IN THE OPINION OF COUNSEL INTEREST ON THESE BONDS IS EXEMPT FROM ALL PRESENT FEDERAL AND COLORADO INCOME TAXES. % MATURITIES 4.85% $115,000 October 1, 1983* 120.000 October 1, 1984* 125.000 October 1, 1985* • 4.30 4.40 4.50 $135,000 140,000 145,000 120,000 4.85% October 1, October 1, October 1, October 1, 1986* 1987* 1988* 1989* 4.55 4.60 4.65 4.70 *Optional in inverse order beginning October 1, 1982 at 100.5%. LEGALITY TO BE APPROVED BY WILLSON AND LAMM, ATTORNEYS, DENVER, COLORADO. 0 w Arapahoe County is located in central Colorado immediately south and east of Denver. Included within the County’s boundaries are the cities of Littleton (the Arapahoe County Seat), Englewood and many smaller communities. Major employers located in the County include: Eastman Kodak, Honeywell, Hewlett-Packard, Texaco, Control Data, Diner’s Club and the United Airlines National Reservations Center. Johns-Manville Corporation has its international headquarters in the County. Transportation is furnished by several major thoroughfares which extend into the area running,north and south of Denver. The proceeds of this issue will be used to refund an outstanding issue of Arapahoe County General Obligation Jail Bonds dated July 1, 1977. In the opinion of counsel, these bonds are legal and binding general obligations of Arapahoe County, Colorado, 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. ^ FINANCIAL STATEMENT Actual value of taxable property Assessed valuation ® # Direct debt, including this issue Total direct and overlapping debt Population, 1977 estimate: 252,500 $3,592,780,050 970,050,739 1,545,000 150,546,264 Direct debt per capita: $ 6.12 Total debt per capita: 596.22 Tax collections have approximated 99.7% of taxes levied for the past six 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 and is that on which our purchase of these bonds was based. Offered subject to prior sale and change in price. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis # CALL ON THE “PERFORMANCE TEAM” where comm on transactions are handled uncommonly well. FIRST NATIONAL LINCOLN 13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C. is a highly specialized company providing banking services and supplies. HEMINGFORD: Eugene Coplen has been promoted from cashier to vice president, cashier and man aging officer of the Bank of Hemingford. He succeeds Mike M cEvoy who resigned to take a position with a Palis ales, Colo., bank. P L A T T S M O U T H : P lattsm outh State Bank recently increased its surplus account from $300,000 to $600,000. Its capital account now stands at $2,500,000. Illinois News The first Association for Modern Banking in Illinois (AMBI) Execu tive Development Institute will be held in conjunction with the University of Illinois Executive Development Center in Champaign November 27- December 2 at the Illini Union. The program will center on refining the basic decision making and human relations skills of the participants. CHICAGO: Sears Bank and Trust Company has announced that Metre R. Kromelow, senior vice president, has been elected secretary and general counsel. Promotions an nounced include: Gary Snieski, trust administration, and Daryl Waszak, trust investments, to assistant vice presidents, and Michael McAndrew to trust busi ness development officer. FOREST PARK: A permit to organize has been issued to the First Security Bank at 7301 West https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Madison Street. The state bank’s total capitalization of $1,500,000 will consist of $600,000 in both capital and surplus and $300,000 in reserve. The 120,000 shares of stock will have a par value of $5 each. Organizers are: Claude W . Youker, Jr., Wheaton; George A. Gregg, River Forest; Edward D. Hendrickson, Oakbrook; Thomas O. Myers, Jr., Elmhurst; John Jay Gerber and Vernon S. Hoesch, Naperville. OAK PARK: Frank J. Roth has been promoted from assistant trust officer to trust officer of Avenue Bank & Trust Company. PEORIA: Commercial National Bank has announced the elections of Michol R. Pula to trust administrator and Kathy J. Vergon to personnel officer. Minnesota News B L O O M IN G T O N : Com m unity State Bank has announced the following four promotions: Tim Doherty and Elaine Carlson, from assistant cashiers to assistant vice presidents, and James C. Friend and Rosemary K. Behrendt to assistant cashiers. EDEN PRAIRIE: Joseph M. Seitz has been named vice president of the Suburban N ational Bank. Cheryl M. Carlson has been named assistant cashier and manager of the Prairie Village Mall Office soon to be opened, and Connie M. Zimmerman has been named assistant cashier. South Dakota News ARTESIAN: James R. Myers has been named vice president of the Live Stock State Bank. He has been with SIC Credit Company of Mitchell since 1969. MADISON: Robert O. Thoen has been elected instalm ent loan manager of the Madison Branch of the N ational Bank o f South Dakota. He succeeds Gene Odenbrett who will continue as an assistant vice president in commer cial lending. Mr. Thoen previously was assistant cashier at the Sioux Falls South Branch. PIERRE: Larry T. Wilson has joined The American State Bank, which recently opened for business, as vice president, and Anne M. Gormley as cashier. Mr. Wilson has five years of banking experience in Webster. Ms. Gormley previously was a loan officer at the South Branch of the National Bank of South Dakota in Sioux Falls. Colorado News DENVER: United Bank of Denver has announced the appointments of Dennis R. Lye, Oliver W . Hickel III and H. David Lansdowne to assistant vice presidents. ENGLEWOOD: The Board of Governors of the Federal Reserve System has announced its denial of the application of Republic Bancorporation, Inc., here to become a bank holding company by acquir ing Republic National Bank of Englewood. North Dakota News CENTER: Applications for char ters by two groups seeking to establish banks here have been denied. LeRoy Gilbertson, banking com m issioner, said the board denied a charter for the State Bank of Oliver County, sought by a group of stockholders of the Security State Bank, New Salem, which operates a paying and receiving station in Center. An application for a charter for the Bank of Center was denied by the board last month. Estate Appraisals Purchase of Collections W A N T E D TO B U Y Good used Rotary check file. 500 filing inches capacity or up. Please contact Peter H. Hansen, Keith County Bank & Trust Co., P.O. Box 209, Ogallala, Nebraska 69153. O U T S T A N D IN G O P P O R T U N IT Y Manager of New Trust Department in rural Minnesota Bank near Twin Cities (less than 1 hour). W ill be in charge of two-four person department. Emphasis placed on new business acquisition and public relations aspects. Salary contingent on ability and experience. Send resume to file number AAP, c /o NORTHWESTERN BANKER, 306-15th S t., Des Moines, IA 50309. LET US SELL YOUR BANK SPECIALISTS IN VALUING & SELLING BANKS SINCE 1959. FORMER BANK EXAMINER & BANKER. Ray E. Reents, 2730 S. MacArthur, Springfield, III. 62704. Sale of Rare Coins Reliable and respected service for over 20 years Used by bankers throughout the midwest L E A S E OR SA LE 14’ x 60’ preconstructed commercial bank bldg., equipped with drive-up window, inside tellers, depository, currency chest, and desk. Also 4 different types of constructed buildings available in various sizes. SON CORPORATION, Box 684, Wichita, KS 67201 -316/942-8167. B A N K IN G careers If you are currently employed and wish to evaluate your career potential, my organization has openings in the $12,000 to $40,000 range in banks throughout the Midwest. All positions are employer paid. Call or write Jim Hogan for a confidential appraisal: Dunhill, Suite 1 13 5 ,7302nd Ave. S., Minneapolis, MN 55402612/335-6451. S ER V IN G PROFESSIONALLY Banking, Financial & Business Personnel Iowa and Nationwide C A P IT A L PERSONNEL SERVICE 204 Securities Bldg. 515— 283-2545 Des Moines, Iowa 50309 POSITION W A N T E D Bank officer, 28, college graduate with 4 1/2 years Instalment lending experience as #2 in department desires similar position with future. Write Box AAQ, c /o NORTHWESTERN BANKER, 306 15th St., Des Moines, Iowa 50309. r — — — — — — — — — — — — i O | □ I w o u ld lik e to sell m y m a jo rity b a n k sto ck. I w o u ld like to buy m a jo rity b a n k sto c k . I I Please Contact: J. Mason Henry. President Ben E. Marlenee Coins 913 Locust Des Moines, Iowa 50309 515-243-8064 | C harles E. W a lte rs C o., In c. I P.O. Box 1313. Omaha, Nebraska 68101 Phone: (402)553-6400 I W ANTED WANT ADS Rates 40 cents per word per insertion. Minimum-12 words NORTHWESTERN BANKER 30615th S t., Des Moines, Iowa SA LESP ER SO N S W A N T E D Acquainted with Iowa Bankers? Protected renewal accounts, 20’s-40’s independent contractor, com munications creating personalized message, largest in U .S., over 30 years expertise. All Iowa locations available. Send resume to Marvin L. Rye, 3321 Richmond Ave., St. Paul, MN 55112. BANKS FOR SALE Fast Shipment made on fíne 8” bayberry candles, boxed in pairs at 68 cents per pair. Minimum 144. ALL ACROSS U.S. A. Daniel A. Hyland CROWN BANKING SERVICES 325 W . Prospect Avenu« Mount Prospect, Illinois 60055 Phone 713-985-4666 Bob Tucker Associates FOR LEA SE FOR SA LE No. 450 NCR 40-pocket Proof Machine with encoder, used about three years. NCR Account Machine, Model FR42. Reasonably priced. Contact A. E. Witte, The First National Bank, Hutchinson, MN. PH. 612-879-8041. Fully equipped, 1000 sq. ft. double-wide trailer for aux. banking facility. Has 2 officer, 2 restrooms, night depository, drive-in window, coin chests, coin counter and wrapper, camera and alarm system, and much more. Available within 30 days. Contact Bob Blank, Cornhusker Bank of Omaha, 90th & Bedford, Omaha, Nebraska - 402-571-2300. ASSISTANT AUDITOR Excellent opportunity for qualified candidate for opening in Internal Audit Department of bank holding company. The qualified candidate must be graduate accountant, CPA or CBA with a minimum of 2 to 3 years audit experience. Must be aggressive, imaginative and enjoy banking environment. Salary will be commensurate with education and experience. Please send resume. Write Box A A R , c /o NORTHWESTERN BANKER, 306 15th St., Des Moines, Iowa 50309. Burroughs F 6200 Sensi-matic posting machine. Contact John E. Dencklau, Farmers Savings Bank, Vincent, IA 50594. Phone 515-356-4912. BANKERS PARTICIPATING fa ltM P la H by ty&wiceby 3nc. 545 - 31 st Street Des Moines, Iowa 50312 R.L. "DICK” S E LL O N **P .D . “ DUANE” DEVAULT W A N T E D TO B U Y Addressograph and Graphotype equipment. Write P.O. Box 607, Boone, Iowa 50036. POSITIONS A V A IL A B L E AG LENDING— good background in farm and agri business loans. Extensive travel; Rocky Mountain a r e a .............................$18-$22,000 OPERATIONS— rural bank of $15MM close to metro area. Handle internal operations and regulatory reports.................................... $16,000 SENIOR CREDIT ANALYST— large Colorado bank. Must be able to supervise and have previous exp e rien ce w ith m ajor credits........................................................ $18-$20,000 CASHIER— $25MM bank in Missouri. Handle personnel and some platform duties. Could lead to #2 position............................... $16,000 C .E .O .— sm all new c h a rte r in Rocky Mountain area. Good lending including ag experience. Excellent opportunity for growth................................................................ $15,000 Please call or write to inquire about the above or other available positions. Linda Blue Smith, President. TO M H A G A N & ASSO C IA TE S Box 12346 — 208 E. 18th Ave. N .K .C ., M O 64116816/474-6874 “ IT T A K E S A B A N K E R TO K N O W O N E” Vol. 6 No. 31 Northwestern Banker N ewsletter is published weekly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309. Subscriptions 25 cents per copy, $8 per year. Second class postage paid at Des Moines, Iowa. Address all Digitized FRASER mail for 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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