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Vol. 11 No. 32 Des Moines, Iowa Northwestern National Economist Says: Midwest Econom y Will Turn Around N T ER EST rates will drop signifi cantly in coming months, and the Idecline will be the catalyst needed to turn the economy around, says Dr. Sung Won Sohn, chief economist of Northwestern National Bank of Min neapolis. The economist also predicted that, even though the general out look for the Up per Midwest is “gray,” the ex pected drop in in terest rates will help the regional economy. DR. SUNG WON SOHN His predictions were made in con junction with the release of the 13th semi-annual survey of 625 bankers in the Twin Cities, northeastern Minnesota and agricultural com munities in Iowa, Minnesota, Mon tana, Nebraska, North and South Dakota and western Wisconsin. “Today, the key to an economic recovery is lower interest rates,” Dr. Sohn said, adding that the declines since last summer have already add ed $300 billion to the consumers’ net worth. “With additional cuts in interest charges,” he said, “consumers’ finan cial positions will continue to im- prove. But most important, the drop will raise consumer’s confidence levels causing them to use buying and borrowing powers they have built up thus far.” Lower interest rates also will have a more direct impact on consumer spending because of flexible install ment loan rates and floating mort gage rates, Dr. Sohn stated. In agricultural communities, he said, huge crop inventories will pre vent meaningful improvement in the farm economy in 1983. He added that producers with heavy debt loads will “struggle to survive, while diver sified operators, strong managers and participants in next year’s acreage-reduction program will hold their own. “The plight of the farmer has been widely publicized,” Dr. Sohn added, “yet our bankers indicate that the vast majority of their cus tomers continue to be in sound fi nancial shape.” He pointed out that the number of farms going out of business during the past year was quite small, aver aging about one percent. He said the number of farms ceasing operations next year is expected to be about two percent, “still a very low figure.” In northeastern Minnesota, siz able layoffs in the taconite industry November 29,1982 and weak demand for wood products continue to depress economic condi tions, Dr. Sohn said. He pointed out that, although some taconite em ployees are being called back to work, “the near-term outlook re mains poor.” Half of the bankers surveyed in northeastern Minnesota expect over all conditions to be worse in the next six months. But, Dr. Sohn, added, the pick-up in national economic ac tivities will eventually help the min ing industry, although there will be “a substantial lag.” The economist also predicted that the Twin Cities area will recover before any improvement is seen in the agricultural and mining com munities. And, while a quick turn around for the metropolitan area is not expected, further deterioration “should be limited.” “The Twin Cities area will be the first in the region to benefit from lower interest rates and increased national economic activity,” Dr. Sohn predicted. The report of the Fall 1982 Re gional Economic Survey conducted by Northwestern National shows a loan-to-deposit ratio for all banks in the seven states of 59.5%. Last spring that ratio was 58%. The fall survey of 1979 showed a ratio of 68.9%. All surveyed banks reported an average interest rate charged for operating loans of 1 5 .7% . Am ong the respondents, 44% said loans are A SK JE R R Y TR U D O to make MNB work for you. Toll free: 1-800-332-5991 nts National Bank m F .D .I.C . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A B A N K S O F IO W A ’ B A N K 2 Gariy Frandson H o w did we g et to be first in Iowa? By putting Iowa first. •WWW* m • « ill BANCO Call (515) 245-3131 or toll-free (800) 362-2514 An Affiliate of Northwest Bancorporation 1 / 1 1 NATIONAL BANK Member FDIC higher than a year ago, while 23% said lower. Also, 54% of the banks said customers are repaying loans slower, and only 2% said they are repaying faster. The respondents stated that in the past three months 42% of them denied loan requests more than nor mal, while 58% said about normal. In regard to anticipated loan de mand for the next 12 months, only 11% expect higher loan demand for machinery and farm equipment; 25% more for livestock; 48% more for crop operating expenses; 21% higher for non-ag loans, and a total of 37% expect higher loan demand for all bank loans. □ Loomis and Gates Re-elected To Kansas City Fed Board Howard K. Loomis, president of the Peoples Bank, Pratt, Kan., and Charles C. Gates, chairman and pres ident of the Gates Rubber Co., Den ver, have been re-elected directors of the Federal Reserve Bank of Kansas City. Mr. Loomis, who has served on the board since May, 1979, was op posed in the election by Roy P. B rit ton, president and chief executive of ficer of the Citizens State Bank and Trust Co., Ellsworth, Kan.; and Richard W. Ducic, president and chief executive officer of the In dependent State Bank of Colorado, Denver. A Class A director, Mr. Loomis was elected by member banks with capital and surplus of from $1 to $3 million. Mr. Gates was unopposed in the election for his second three-year term as a Class B director. Electing him were member banks with capi tal and surplus of $3 million or more. Both men will serve three-year terms beginning January 1. Mr. Loomis entered banking in 1963 and has been president of the Peoples Bank since 1966. Mr. Gates joined the Gates Rub ber Company in 1946. Between 1951 and 1960 he served as vice president and executive vice president, and he was elected president in 1961. Iowa News ADEL: Wayne Geadelmann, presi dent of Brenton State Bank and Trust Company, has announced the promotion of Ken Hykes to senior vice president. Mr. Hykes joined the bank in 1968, transferred to the Dex ter office in 1969 and was promoted to manager of that office in 1971. ALLISON: The State Bank of Allison has announced the promo tion of Ronald Allan to vice presi dent. Mr. Allan, who joined the bank in 1962, previously held the title of assistant vice president. D E S MOINES: Iowa-Des Moines National Bank has received approv al from the Comptroller of the Cur rency to establish a branch office at Single System Banking With Availability Waterloo, Iowa 50704 Member FDIC https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis D ES MOINES: The Federal Reserve Board of Chicago has announced its approval of the acquisition of State Bank of Vinton by Hawkeye Bancorporation. The terms of the ac quisition, which in in exchange for Hawkeye stock were not disclosed. It is anticipated that the acquisition will be completed by the end of the fourth quarter. State Bank of Vin ton, with assets of $45 million, will become Hawkeye’s 34th affiliate bank. E ST H E R V IL L E : Joseph R. Simmens has been appointed vice president, commercial and real estate lending, at United Central Bank & Trust Company. Prior to joining UCB, Mr. Simmens was employed by the State of Iowa, Department of Banking, as an examiner for four years. His most recent position was executive vice president, Farmers State Bank, Jesup. LIVERM O RE: Dennis R. DeGroote was recently elected executive vice president and director of the Liver more State Bank. He replaces Rob ert L. Wilson, who passed away suddenly November 10. Mr. Wilson ap parently suffered a fatal heart at tack as the board was concluding its November director’s meeting. Mr. DeGroote has been employed at the bank since 1975. A.C. Benton of Hampton was elected president. In addition, he is the chairman of the board. \ ® ® # # • Nebraska News HASTINGS: The First National * Bank recently announced the pro motion of Dan Finken to vice presi- a dent, marketing. Mr. Finken joined the bank in 1976 and in 1981 was named the bank’s marketing officer. MINDEN: The Comptroller of the Currency has approved the application by The First National Bank of Minden to establish a CBCT branch at First Street & Highway 6 in Axtell. • Minnesota News Availability of funds. . . availability of people. . . responsive to your needs. National Bank of W aterbo the northwest corner of University and 100th Street in Clive. Phone Max Cory at 1-800-772-2411. A L B E R T LEA: Alger J . “A l” Knut son, longtime area banker, died re cently at Naeve Hospital at the age of 66. Mr. Knutson began a long car eer in banking when he became cash ier at the Security State Bank in Albert Lea. He joined the Marquette National Bank in Minneapolis in 1954 as a loan officer and in 1960 # • MFHutton One Carriers Building Des Moines, Iowa 50309 Telephone: (515) 243-1203 NEW ISSUE MOODY’S: Aa We own and offer subject to prior sale and change in price and subject to our attorney’s approving opinion: $3,000,000 MARSHALLTOW N, IOWA General Obligation Bonds DATED: December 1,1982 DENOMINATION: $5,000 Both principal and semiannual interest (June 1 and December 1; first coupon due June 1,1983) payable at the Office of the City Treasurer, Marshalltown, Iowa. IN THE OPINION OF COUNSEL INTEREST ON THESE BONDS IS EXEMPT FROM ALL PRESENT FEDERAL INCOME TAXES. MATURITIES $100,000 $105,000 120,000 $130,000 $140,000 $155,000 $170,000 $185,000 10 1/8 % October 1,1984 10 1/4% October 1,1985 October 1,1986 8.60% October 1,1987 7 1/4% October 1,1988 7 1/2% October 1,1989 7 3/4% October 1,1990 8.00% October 1,1991 5.75 $205,000 6.25 6.70 $220,000 $245,000 7.00 7.25 $265,000 7.50 $290,000 7.75 $320,000 8.00 $350,000 8 1/4% October 1,1992 8 1/2% October 1,1993 8.70% October 1,1994 8.90% October 1,1995 9.10% October 1,1996 9.20% October 1,1997 9.30% October 1,1998 8.25 8.50 8.70 8.90 9.10 9.20 9.30 ‘ Callable on October 1, 1993 in inverse numerical order at 102.5% declining to 100.5% LEGALITY TO BE APPROVED BY AHLERS, COONEY, DORWEILER, HAYNIE & SMITH, DES MOINES, IOWA The City of Marshalltown is located in the central part of Iowa about 49 miles northeast of Des Moines. Although agricultural production in Marshall County is one of the highest of Iowa’s 99 counties, the excellent growth in industrial activity during the past few years within the City of Marshalltown has established industrial and commercial activity as a predominant contributor to the city’s economic base. The largest in dustrial employees in the City are: Fisher Controls, valves, regulators, controls; Lennox Industries, Inc., heating and air conditioning pro ducts; Swift Independent Packaging Co., fresh pork products and Marshalltown Instruments, pressure and temperature measuring in struments. Transportation is provided by Chicago & Northwestern Railroad, State Highway 14 and several all-weather farm-to-market roads. Commercial airline service is available in nearby Des Moines. Marshalltown has three commercial banks with total deposits exceeding $212,987,000 and one savings and loan association with deposits exceeding $95,782,469. These bonds are being issued to defray the costs of constructing necessary sanitary improvements within the City. FINANCIAL STATEMENT Actual Valuatlon, 1981 Assessed Valuation, 1981 Net Direct Debt, including this issue Net Direct Overlapping & Underlying Debt Population, 1980 estimate: 27,513 Net Direct Debt: $522.12 per capita Combined Net Debt: $616.30 per capita $573,781,765.00 444,642,272.00 14*365i000.00 16,956|248.00 The information herein is not guaranteed, but is derived from sources we deem reliable and is that on which our purchase of these bonds are based. Bonds of particular m aturity may or may not s till be available or may now be available at a price or yield different from that indicated above. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Supplement to Northwestern Banker Newsletter 11-29-82 CALL ON THE “PERFORM ANCE TEA M ” where comm on transactions are handled uncomm only well. FIRST NATIONAL LINCOLN 13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C. became president of the Twin Lakes State Bank. In 1963 he was made president of the First National Bank of Alden and he retired from the banking business in 1977. He was active in banking association af fairs, serving as district represen tative to the Minnesota Bankers As sociation and president of the Free born County Bankers Association. COON RA PID S: Roger Humóla was recently elected vice president/manager of the Central North western National Bank-North. Mr. Humóla joined the bank in 1980 as assistant vice president. D ETRO IT LA K ES: David Jones re cently began as vice president in charge of operations at First Na tional Bank of Detroit Lakes. Mr. Jones came to Detroit Lakes from Nisswa where he was president of the Nisswa State Bank. EDINA: First Bank Edina has elected Herbert J . Wogsland chair man and Steven D. Gregerson presi dent, effective January 1, 1983. Mr. Wogsland, who had served as presi dent of the bank since 1979, con tinues as chief executive officer. Mr. Gregerson is currently president of First Bank White Bear Lake. Suc ceeding Mr. Gregerson as president at White Bear Lake will be Edward L. Kalafat, senior vice president and group executive for First Bank Sys tem’s Minnesota North Group. of Minneapolis has approved the ap plication by Emery Security Bancorporation, Inc., to become a bank holding company through the acqui sition of the Security State Bank, Emery. North Dakota News LIDGERWOOD: First Bank Lidgerwood has elected Arvy J . Larson president, effective December 1. Mr. Larson succeeds Virgil Eckhoff who recently resigned. Mr. Larson is cur rently vice president and senior loan officer of First Bank E ast Grand Forks, Minn., where he has been as sociated since 1966, most recently as vice president. MANDAN: M SB Holding Co., Inc., Bismarck, recently received approval from the Comptroller of the Curren cy to become a bank holding com pany through the acquisition of the Mandan Security Bank. Montana News ANACONDA: Don Clark has been elected senior vice president and senior credit officer of First Security Bank of Anaconda. Mr. Clark, who has been with the bank since 1972, was elected to the board in 1981 and has served as vice president in charge of the commercial loan de partment for several years. He has also been serving as chairman of the officers and directors credit commit tees. MINNEAPOLIS: Northwestern Na BILLIN G S: Patrick L. Hogan has tional Bank has moved its corre joined First Northwestern National spondent banking department to the Bank as vice president and manager 12th floor of the Cargill Building, as of the loan servicing center. Mr. of November 1. The address and Hogan previously worked for 18 telephone numbers will remain the years for the Comptroller of the Cur same. rency, most recently as an examiner in charge of the Billings sub-region. M INNEAPOLIS: F&M Marquette National Bank has promoted Dale CHOTEAU: R.W. Gronberg, who Jorgenson to vice president and has been with the Citizens State trust officer. He will manage the Bank since 1940, has sold his in bank’s administrative and opera terest to Duane S. Amundson of tions areas of the trust department. Plentywood, and Lloyd A. Amund Prior to his promotion, Mr. Jorgen son of Sioux Falls, South Dakota, son held the position of manager of along with a group of investors re the depositor services division of presented by the Amundsons. The F&M Savings Bank before the mer Amundsons have controlling inter ger. est in the Montana National Bank of Plentyw ood, C ulbertson S ta te South Dakota News Bank, and other banks in Min ER Y: The Federal Reserve Bank nesota, South Dakota and Michigan. Digitized forEM FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis M ISSOULA: C. Robert Paciotti, former executive vice president and chief executive officer of the First National Bank of Marinette, Wise., has been named president of Mis soula Bank of Montana, as of No vember 15. He began his banking career as an assistant national bank examiner in the United States Trea sury Department, where he worked in all areas of commercial bank ex amination. In 1974 he joined the Marinette bank as vice president. Wyoming News CASPER: Wyoming National Bank of Casper has named Robert Hays president and chief operating officer effective January 1. Robert W. Mir acle, bank president, who has been both chief executive and chief oper ating officer since 1968, was named vice chairman and will remain as chief executive officer, and at the same time will continue to serve as president and chief executive officer of the Affiliated Bank Corporation of Wyoming. It was also announced that Robert Noel has been elected executive vice president of ABC. Mr. Hays has served as president and chief executive officer of the Ruidoso State Bank, New Mexico, since 1978. Mr. Noel was formerly president and chief executive officer of the F irs t Wyoming BankCheyenne. LA RA M IE: John W. Easterbrook has been appointed senior vice presi dent of First Wyoming Bank N.A.Laramie. First Wyoming Bank is under contract to be purchased by American Bank Corporation. Mr. Easterbrook is the proposed presi dent of the American National Bank of Laramie upon consummation of the sale. Colorado News STEAMBOAT SPRINGS: James R. Echtermeyer has been named presi dent and chief administrative officer of IntraW est Bank. Mr. Echter meyer joins the bank from United National Bank Corporation of Yank ton, S.D., where he served as vice president since 1979. Prior to join ing the corporation he was vice pres ident and executive vice president of American State Bank of Yankton for 14 years. Supplement to Northwestern Banker Newsletter 11/29/82 James Neuroth, left, senior vice president of First Bank Albert Lea (Minnesota), employed Robert Hoebelheinrich, right, in late 1981 through AGRIcareers. The young man had acquired ag lending experience in South Dakota and was willing to relocate. Banking personnel specialist Linda Heit worked with the Albert Lea bank in locating and selecting a qualified employee. Liked The W ay Resum es W ere W ell Screened When James Neuroth, Senior Vice President of First Bank Albert Lea (Minnesota), started looking for a new ag rep recently, he tried locally, had no success, then con tacted three personnel firms for help. “ What I liked about AGRIcareers was that they didn’t send me a hun- “What I liked about AGRI careers was they didn’t send me a hundred resumes.” — James Neuroth Senior Vice President First Bank of Albert Lea dred resumes. They sent several, and all of them fit the qualifications we were looking for,” says Neuroth. He hired Robert Hoebelheinrich, who has since been promoted to ag lending officer. The south central Minnesota bank is part of the First Bank Sys tem, and footings total $57 m illion. Loans to farmers totals $5 m illion and volume is growing, managed by Hoebelheinrich under Neuroth’s supervision. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The new employee has a degree in business adm inistration, grad uating in 1980 with a major in ac counting, and came to the job from an ag banking position in South Dakota. He grew up on a Nebraska farm. “ The demands on ag lending are changing,” observes Neuroth. “ We have to become more knowledge able about agriculture. The mar gins in farming are narrow; there’s not much room for error. “ The farmer can’t price the pro ducts he sells, so forecasting in come and sticking to a budget are very important. The lender has to be careful not to encourage a bor rower in the wrong direction.” Continues the Minnesota bank er, “ Ag lending isn’t as much fun as it was five years ago. The ratio 'AGBAflKING SPECIALISTS' SINCE 1968 (515)394-3145 NEW HAMPTON, IA 5 0 6 5 9 (712)779-3744 MASSENA, IA 5 0 8 5 3 I NATIONWIDE dCin C AR EER S, IN C . ^^^^^^^^n^^^RjHGINA^^GRICULTURA^^ECRLMTEP^^ of failures to successes is less favorable. Failures are painful and can use up a lot of tim e.” Neuroth felt it was important to “Ag lending isn’t as much fun as it was five years ago.” — James Neuroth employ a qualified person, and four candidates were interviewed. “ It was helpful to find a man with Robert’s qualifications who was w illing to relocate,” commented Neuroth. AGRIcareers was extremely help ful, and worked closely with us. Re ceiving screened applicant resu mes saved us tim e.” Neuroth worked directly with AGRIcareers’ personnel specialist Linda Heit. He had learned of the personnel firm through an ad in the Northwestern Banker newsletter. The placement fee charged by the several personnel firm s con tacted was about the same, ex plained Neuroth. What got his at tention about AGRIcareers was the 120-day employee guarantee. BariC4REERS,INC BANKING PERSONNEL NEWSLETTER The Ag B anking S p e c ia lis ts S ince 1968 Bankers A vailable It costs no th in g to see if the banker we recom m end is be tte r than the one you can fin d on your own. Now candidates from throughout the nation. BANKING...P.C.A. branch manager responsible for $11 million in loans. Stable individual (11 years with PCA), record of credit quality and presents himself well. B.S. Ag. Lives IA. Age: 37. $24-30,000. Call Linda at 515-394-5841. AG CREDIT...Has 12 years experience working for PCA in Kan sas. Started out as ag loan officer and was promoted to senior vice president four years ago. Currently in charge of five branch offices in 17 counties. Is experienced in accounting and public relations as well as loans and financial analysis, real estate, personal and chattel loans, also has some sales ex perience. His current supervisor says “He is very dependable and trustworthy.” B.S. Ag. Married. Age: 42. Lives KS. $35,000 plus. Call Georgia at 712-779-3745. BANK MANAGER OR SENIOR LENDING OFFICER... This bank vice president responsible for agricultural and commer cial loans of $22 million. Still employed by the bank he started with 12 years ago. Supervises staff of five employees. B.S. degree. Married. Lives MN. $30-35,000. Call Linda at 515-394-5841. BANK TRAINEE...Licensed in insurance lines, Ag Business degree, sales experience, dresses well (three piece suit), farm background. Sharp, personable and willing to start at $12,000. Single. Age: 22. Lives MN. Call Linda at 515-394-5841. CREDIT...Three years experience as manager of a consumer loan office. Strong farm background and ag related degree. Has the credit experience and wants to combine his farm background and college training in an ag loan area. B.S. Ag. Married. Age: 25. Lives IA. $14,000. Call Georgia at 712-779-3745. AG LENDING...Customer oriented ag loan officer with a proven record of writing quality loans. Responsible for 4 million volume. Promotional minded individual; has taken sales oriented courses and enjoys prospecting for new accounts. In terested in banking position in larger community. Plans to ob tain insurance licenses. High caliber young man who’s manner inspires confidence. B.S. Ag Business. Single. Age: 24. Lives IA. $22,500. Call Sherry at 712-779-3677. AG FINANCE...PCA loan officer servicing a 7 million general portfolio. References say, “First class...a natural feel for ag lending...excellent public speaker...farmers recognize his ability and respect his opinion..;he’s on his way up!” Worked in the teller line in a small bank before moving into loan work. Holds major insurance line coverage. Recruited 19 new members in an 18 month period. B.S. Ag Economics/Farm Management. Married. Age: 26. Lives IL. $25,000. Call Sherry at 712-779-3677. ADMINISTRATIVE FINANCE...V.P. of Administration and Finance with a major ag lending cooperative for the past four years, and four years of previous experience in direct lending. Supervises operations, financial planning, insurance services and marketing, and overseas management of $50 million in loans. References praise his performance and character. B.S. in Ag Administration. Married. Age: 30. Lives IA. $40,000. Call Sherry at 712-779-3677. Bankers Needed " Never A Fee From An Em ployee” Confidential FARM REPRESENTATIVE...Eastern Iowa bank seeks person to call on farmers developing new business, supervise two women in motor bank and be active in community affairs. Large, growing bank in a small town. Seek sales oriented per son with credit experience. $20-$25,000. Call either office. V.P. & AG LOAN OFFICER...Responsible for farm loans in a dairy and hog area of northeast Iowa. Seek 5-10 years of suc cessful ag loan experience with PCA, Land Bank or bank. Col lege town. $27,000. Call either office. VICE-PRESIDENT...Major Iowa bank seeks person to work with other bankers in ag loans...some commercial. Five or more years of ag banking or PCA experience required. Ag degree. Need to be able to communicate well and dress well. Employer says, “Don’t send me any slouches.” $30-$40,000 with upward mobility. An opportunity worth calling about. COMMERCIAL LOAN OFFICER...Handle business loans for bank in eastern Iowa town. Needs commercial loan ex perience. Located in smaller town near city. Degree. Salary open...probably $15-$20,000. P.C.A. BRANCH MANAGER...Supervise one loan officer and one clerical in southern Iowa branch with $9 million loans. Management experience, rural background and two or three years of lending experience. $24,000. Call either office. FARM R EP R E SEN TA TIVE ...H andle farm accounts... maybe some insurance work. Central Iowa. Small town. Ag len ding required. Insurance helpful. $16-$20,000. Call either office. VICE PRESIDENT/CASHIER...Ag loans and operations. Mature individual with ag loan and insurance experience. Small eastern Nebraska town. $18-$20,000. Call either office. AG LENDING OFFICER.Jn charge of ag lending for Min nesota bank located on edge of Red River Valley. $24,000 for well qualified individual. Less for less qualifications. 2ND MAN...Western Minnesota bank seeks person to han dle ag, commercial, and installment lending plus insurance. Related experience helpful. $15-$17,000. Call either office. AG LENDING OFFICER...Make ag loans, farm calls mostly but some operations and insurance for small town bank in northern Iowa. $20,000 or more. AG LOAN OFFICER/INSURANCE...50% of time in ag loans and 50% handling insurance. Related experience required. Small northeastern Nebraska town. $15-$25,000. Call either office. SqnC4RSRS,INC. THE ORIGINAL AGRICULTURAL RECRUITER Highways 18 & 63 South Highways 148 & 92 West New Hampton, Iowa 50659 Massena, Iowa 50853 (51 394-3145 (712) 779-3744 5, Serving the Nation From Two Iowa Locations https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis * IMPORTANT CHANGES TO REGULATION E DISCLOSURE FORM Electronic Banking Card Issuers: • Recent changes in the Code of Iowa, Chapter 527, has made Regulation E disclosure forms that refer to “deposits made at Satellite terminals” obsolete. # As of July 1,1982, customer deposits to checking and savings accounts are not restricted to satellite terminals within or contiguous to the county in which your bank maintains its principal place of business. • Furthermore, if you have not been providing a shortform error resolution notice on, or with, each periodic statement, Regulation E requires you to send an error resolution notice to each account at least once each calendar year. The requirement applies to each account from which, or to which, electronic fund transfers can be made. • Non-Issuers: • Although recent changes do not affect Regulation E disclosure forms covering pre authorized debits and credits only, if your bank’s assets exceed $25 million on December 31, 1981 — Regulation E requires you to send an error resolution notice to each account at least once each calendar year. The requirement applies to each account from which, or to which, electronic fund transfers can be made. Hurry! Disclosures must be sent to your customers before December 31,1982. • ® _ w ^ To place your order for Regulation E disclosure forms, please complete the following: For Electronic Banking Card issuers: Form (A) This disclosure covers all transactions initiated by electronic means, including preauthorized debits and credits, automated teller services and point-of-sale services. Revised to reflect changes in Chapter 527 Code of Iowa which became effective July 1, 1982. $60.00 per 1,000 forms (plus 3% sales tax) For Non-Issuers of Electronic Banking Cards: Form (B) This disclosure covers pre-authorized debits and credits only. Applies to banks with assets exceeding $25 million on December 31,1981. $40.00 per 1,000 forms (plus 3% sales tax) -------------------- check is enclosed -------------------- please bill us on shipment 0 Mail to: Northwestern Printing & Publishing Co. 306 Fifteenth Street Des Moines, Iowa 50309 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Please place my order for the Regulation E Disclosure form. Form (A)--------Form (B)_____ Minimum order 1,000 of either form. Must order in units of 1,000. Bank________ _______________________________ ___ Address __________________________________ City_______________ State___________ZIP _________ Officer___ ____________________________ NOTE: Remember to enclose your bank name or logo with the main bank phone number. 3 W A N TA D S Rates are $5.00 per line per insertion. Add $3.00 for file letters per insertion. Identity of file letter advertisers cannot be revealed. NORTHW ESTERN BANKER 306 - 1 5th Street Des Moines, Io w a50309 Phone 515/244-8163 AG LENDING OFFICERS If you would like to use your current expertise in ag lending to develop a career In commodities, please contact: John Kingston R.G. Dickinson & Co. 910 Grand Ave. Des Moines, IA 50308 Phone: (515) 247-8143 (Offices in Iowa, Nebr., Kansas & Colo.) POSITIONS AVAILABLE BANKERS AVAILABLE POSITION AVAILABLE Aggressive NW Illinois bank has an immediate opening for an AGRICULTURAL LENDER. Must have experience in agricultural lending, farm management, and have an agri cultural degree. W ill have some exposure to commercial lending also. Excellent benefits. Salary commensurate to experience. EOE. Send resume to file RBF, c/o North western Banker. (PA) DES MOINES BANK seeks operations and control officer. Applicant w ill immediately assume supervision of book keeping and teller functions responsible to Cashier. Can didate should have a minimum o f 3 years experience. Technical and people skills important. Write file RBK, c/o Northwestern Banker. (PA) Major correspondent bank seeks tw o persons for travel in upper midwest states; three-four years banking exper ience essential; credit background preferred. Also need one person w ith bond sales experience to work w ith cor respondent banks. Write file RBL, c/o Northwestern Banker. (PA) SECOND OFFICER—for a commercial bank In western Nebraska. Must have operational as well as credit ex perience. Agricultural background helpful. Excellent salary and fringe benefits. Send resume and snapshot, in complete confidence to: Dave Doll, Box 209, Ogallala, Nebraska 69153. (PA) Cashier for $60 million midwestern bank. Requires minimum of 5 years experience in larger community bank. Lending knowledge h e lp fu l.............................. Salary open Are you an aggressive, outgoing and personable individual w ith 3 to 5 years of experience in bank indirect dealer financing, and can supervise employees? Then our NW Illi nois Bank would like to interview you for employment. We can offer you excellent working conditions, liberal fringe benefits and opportunity for advancement. EOE employer. Send your resume to file RBM, c/o Northwestern Banker.(PA) Number Two Person for Nebraska com munity bank. Re quires knowledge of operations/ag le n d in g ........................ .....................................................................Salary to $28,000 #2 MAN—Handle operations duties & assist with Ag. Credit Loans. In $25 million rural bank. Mall resume to: Box 477, Hampton, IA 50441. (PA) Ag Lenders needed by four northern Iowa community banks. Prefer college degree and minimum of 3 years banking e xp e rie n ce ............ .............................To $28,000 Commercial Lender w ith eight years of experience in $100 m illion b a n k ............................................................... $35,000 CPA/Chief Financial Officer o f Thrift In s titu tio n ................ ................................................................... Salary negotiable. Real Estate Executive with 16 years experience in all p ha se s............ .......................................... Salary negotiable. Insurance Agent w ith excellent production and manage ment re c o rd .........................................................Salary open Bank Examiner w ith eight years of experience. Strong in loan analysis...................................................................Salary $30,000 Marketing Executive w ith operations background.............. ..................................................................... Salary negotiable Strong Second Man in community bank seeks new oppor tunity ................................................ Salary $32,000 Ag Lender with ag degree and lim ited experience.............. ............................................................................Salary $16,000 Cashier with college degree and four years experience . . . ............................................................................Salary $23,000 Senior Ag Lender with college d e g re e ........ Salary $32,000 Number Two banker w ith extensive lending and opera tions experience .........................................................$35,000 Write or call Malcolm Freeland, Freeland Financial Ser vice, Inc., 1032 Carriers Building, Des Moines, Iowa 50309. Phone 515/282-6462. Employer pays fee. Commercial Lender for major Iowa bank . Salary to $38,000 Office Manager for major western Iowa b a n k .................... ...........................................................................Salary $25,000 Operations person for $35 million bank in major Iowa city . ......................................................................Salary to $25,000 Strong Ag Lender for $40 million bank in eastern Iowa . . . . ......................................................................Salary to $27,000 Executive V.P. with solid lending experience for $40 m illion b a n k .......................................................Salary open. Correspondent Officer for $2 billion city b a n k .................... ......................................................................Salary to $40,000 Does an airline flight attendant’s ap pearance impress you? Call us today and find how your tellers can do the same to your customers. MeAt/boekbr-^ CAREER APPAREL Write or call Malcolm Freeland, Freeland Financial Ser vice, Inc., 1032 Carriers Building, Des Moines, Iowa 50309. Phone 515/282-6462. Employer pays fee. 523 N. Main St„ Carroll, Ia„ 51401 712-792-2748 AVAILABLE NOW All positions are in Missouri, Kansas, Arkansas or Oklahoma Executive Vice President, $60mm bank, over 100,000 population Open [ POSITIONS AVAILABLE NCR 775-2100 with MCR unit (cassette capture) 12 pockets. Eligible for NCR Maintenance. We Deliver Results. Bankers Electronic Equipment, Inc. Phone 308/384-5995 Grand Island, NE 68801 Estate Appraisals Purchase of Collections Sale of Rare Coins Reliable and respected service for over 20 years Used by bankers throughout the midwest Ben E . Marlenee Coins 913 Locust Des Moines, Iowa 50309 515-243-8064 Cashier, $30mm bank, 10,000 population $25,000 Executive Vice President, Loans, $25mm bank, under 10.000 population to $30,000 Vice President, #3 man, Chief Lender, $60mm bank, 10,000 population to $35,000 POSITIONS AVAILABLE Agricultural/Commercial Lender, $40mm bank, under LENDING/INSURANCE—excellent opportunity in $25MM 10.000 population to $27,000 rural bank. Handle Ag-credits and assist in general opera tions of insurance agency. $28,000 Agriculture Lender, $30mm bank, under 10,000 population to $28,000 PRESIDENT— Rocky Mountain area. Strong Ag-lending Commercial Dept. Head, Senior Vice President, $250mm background and knowledge of operations desired. Invest bank; 300,000 population to $75,000 ment possible. $30,000 + President, $60mm bank, 45,000 population suburb CORRESPONDENT OFFICER—travel southern Missouri to $55,000 and Arkansas for major midwestern bank. Degree and previous correspondent experience required. $ DOE President, $4mm bank, under 10,000 population Open Commercial Lender, #2 Position, $40mm bank, 45,000 population suburb Open Commercial Lender, Vice President, Billion Dollar bank, over 300,000 population Open Positions available change as more openings become avail able or as positions are filled. If you are interested in making an advancement or change in your present situation, as a candidate registered with me, you will be informed as posi tions come available that would appeal to you based on what YOU want in a bank, in salary, in location, and in size of town or city. I do not reveal your name to a client bank until you are interested in interviewing. Eighteen years of banking service as President of both rural and metropolitan banks enables me to find the right banking environment for you. Phone or send resume to: Don W. Schooler, 901 A. West Jackson, Ozark, Missouri 65721. Phone (417) 485-6020. CHOOLER In ' A SSO CIA T ES "Successful Banking is Quality Personnel" AGRI-LOAN—join $20MM dept, w ith opportunity to manage same in tw o years. Ag Degree and five years or more Ag-lending experience desired. $28,000 CASHIER— handle operations duties and assist w ith Agri credits in $25MM rural bank. Insurance licenses a plus. $25,000 COMMERCIAL LOAN—suburban bank w ith m ajority of portfolio in life m anufacturing and retail businesses. Degree preferred. $26,000 SECOND OFFICER—rural bank heavy in Ag-credits. Record of com m unity involvement and some knowledge of operations required. $27,000 + A ll inquiries confid e n tial. quirements requested. Resume' and salary re TOM HAGAN & ASSOCIATES of Kansas City 2024 Sw ift - Box 12346 North Kansas City, MO 64116 816/474-6874 “Serving the Banking Industry Since 1970” Vol. 11 No. 32 Northwestern Banker Newsletter (USPS 873-300) is published weekly by the Northwestern Banker Company, 306 Fifteenth 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. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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