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Vol. 15 No. 29 November 3,1986 Des Moines, Iowa Farm Bankruptcy Bill Signed law, availability to convert to the new chapter should be lim ited.” (3) Time allowed to file and con HE new Chapter 12 of the Bank with more than 50 percent of the ruptcy Code has been signed by person’s (including spouse’s) gross firm a plan: Only the farm debtor President Reagan, after the IBAA income derived from the farming may file a reorganization plan under urged the president to veto the farm operation during the year immedi Chapter 12, and the debtor has up to ately preceding the filing. A family 90 days to file a plan following issu bankruptcy bill. In his veto recommendation to farmer will be considered as having ance of the stay order. The court the president, IBAA President “regular annual income” if his an may extend the 90-day period if Chuck Doyle said that there are nual income is found by the court to “substantially justified.” The hear much better ways to handle the farm be sufficiently stable and regular to ing on confirmation of the plan must debt problem than “bankruptcy pro enable the farmer to make payments be concluded within 45 days, except ceedings that purport to keep debt- under a Chapter 12 reorganization where cause for an extension is shown. burdened farmers in business while plan. (2) Who may convert to Chapter (4) Adequate protection of loan se driving a wedge between farmers and their lenders that jeopardizes 12: Family farmers may be allowed curity: Basically, under a Chapter 12 the future financing that is essential to convert pending Chapter 11 or 13 proceeding a secured creditor will be for those farmers to sustain their cases to the new Chapter 12, but deemed to be adequately protected only where courts find such a con during the tim e that the reorganiza operations.” Mr. Doyle noted that the bill version “equitable.” The Congres tion proceeding is pending if (a) he creates new bankruptcy judgeships sional conference report on the bill receives cash payments to offset any that are needed, but said that the states: “It is not intended that there decrease in the value of property judgeships could be reauthorized be routine conversion of Chapter 11 securing a claim and (b) in the case next year without any delay in their and 13 cases, pending at the time of of farmland, he is paid a “reasonable work since no money was appropri enactment, to Chapter 12. Instead, rent” based upon the earning capa ated for their appointments this it is expected that courts will exer city of the property. The Act does cise their sound discretion in each not allow the protection of “lost op year. The following summary has been case, in allowing conversions only portunity costs.” This provision is provided by the IBAA outlining the where it is equitable to do so. Chief designed to make it more difficult among the factors the court should for creditors to succeed with a mo major provisions of Chapter 12. (1) Who may file: Any “familyconsider is whether there is a sub tion to lift the stay, on the grounds farmer with regular annual income” stantial likelihood of successful reor that adequate protection is not pro may file under Chapter 12. A “fami ganization under Chapter 12. Courts vided. (5) Sale or evaluation of loan se ly farmer” is a person with a farm should also carefully scrutinize the ing operation whose total debts do actions already taken in pending curity: Prior to the confirmation of a not exceed $1.5 million, not less cases in deciding whether, in their plan, a farmer may be permitted to than 80 percent of which (excluding equitable discretion, to allow conver sell assets such as farmland or farm debt on principal residence) arises sion... In cases where the parties equipment that are part of a credi out of the farming operation, and have substantially relied on current tor’s security, without the consent T Call on the “Experienced Professionals” Ready to meet your correspondent needs. ^FirsTierBank Lincoln 13th & M Streets, Lincoln, Nebraska 68501 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Firslier Bank, N.A., Lincoln, Member FDIC I lk ll mmmmm Norwest Bank Des Moines, N.A. Call (515) 245-3131 or toll-free (800) 362-2514 N O R W E ST BANKS Member FDIC Teamwork: one of the reasons we're first in Iowa. Dorothea Wolfe M ark Conway of the secured creditor. Such sales year lim it that applies under Chap can only occur with court approval ter 13 is retained for unsecured after notice and a hearing, and the debts under Chapter 12. Under the new Chapter 12, many proceeds from the sale must accrue to the secured creditor. This provi of the provisions applying to farm sion is intended to allow farmers to debt reorganization, other than scale down their operations if that those indicated above, will be the appears useful in order to develop a existing provisions of Chapter 11 successful plan of reorganization. Of and 13 of the Bankruptcy Code. For course creditors may bid at such instance, the anti-fraud provisions sales, and those assets serving as of Chapter 11 will generally apply to loan security that are not sold (but Chapter 12 reorganizations. The new Chapter 12 is authorized continue in the possession of the farmer under a reorganization plan) for a 7-year period. Weldon Barton, agricultural rep are subject to current evaluation in determining amounts due to secured resentative for the IBAA, said the group will continue to look for ways creditors under such a plan. (6) Duration of a plan: This is noto restructure debt for those farmers time lim it on the length of a plan that fall short of the bankruptcy □ under Chapter 12, although the 3-5 code. Nebraska News HICKMAN: Lawrence W illiams, president of the First State Bank, has retired after 19 years of service. He is succeeded by Jay Martell, who has been serving as chief executive officer of Martell State Bank in Mar tell. SCOTTSBLUFF: First State Bank of Scottsbluff was the successful bidder for the failed Bank of Gering, which was closed Oct. 23 by the Neb raska Department of Banking. The Gering bank reopened Oct. 31 and will be known as First State Bank— Gering. A t the tim e it was closed, the bank had deposits of approxi mately $25 million. SIDNEY: Larry Rasmussen has re signed from his position of president at the First National Bank of Sid ney. He has assumed a position with the National Bank of Commerce, Lincoln. His successor is Dean Kugler, formerly senior vice president of American Security Bank in North Platte. WILBER: A.W. “Tony” Fridrich, 90, former president of Saline State Bank, passed away in August. Mr. Fridrich joined the bank in 1915 as a bookkeeper and stayed there for 62 years. He became president in 1970 and retired in 1976. Iowa News ASK TERRY MARTIN DUBUQUE: Jerry H. Snuttjer has been appointed vice president of Dubuque Bank & Trust Co. He joined the bank a year ago. Mr. Snuttjer will be responsible for the operation and management of DB&T Insurance. Melvin E. Miller has been promoted to vice president, trust investm ents for the bank’s trust department. MOUNT VERNON: Jay A. Fordyce, president and trust officer of Mount Vernon Bank & Trust Com pany, passed away on Oct. 16. He had served at the bank from 1935 until the time of his death. to make MNB work for you. Minnesota News MINNEAPOLIS: M. Claire Canavan has been elected senior vice president of funds management for First Bank System , Inc. She has been associated with the First Banks since 1976. Ms. Canavan joined the metro treasury depart ment of the capital markets group as vice president in 1984 and assumed responsibility for FBS’s funds man agement activities this past March. Meanwhile, David R. Edstam, Rus sell W. Swansen, and Joseph M. Ulrey, III have been named vice presi dents. Mr. Edstram, m ost recently For Professional Correspondent Service Call 1-800-622-7262 Toll free 1- 800- 332-5991 Merchants jfifc National Bank 151 Member F.D.I.C. A BANKS OF IOWA' BANK https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ThereJs A Difference In Banks... Valley National Bank ¡5 Main Office - Sixth and Walnut DES MOINES, IOWA 50304 A BANKS OF IOWA BANK Member FDIC fe JAMES E. MacLEAN Vice President É H. PETER DeROSIER Vice President R.W.A. Financial Services, Inc. takes the traditional farm operation and makes it a sophisticated business enterprise. Through a process of enterprise analysis, R.W.A. provides spreadsheet breakevens for farm production, data base technology, and a variety of market planning alternatives for securing profits and removing risk. Whether the farm operation is grain and/or livestock, R.W.A. can produce and implement a sound business plan for the farmer. By this process, the farmer can plan for today and tomorrow, in coordination with his lender. Over 150 Midwestern lending institutions are using R.W.A.'s array of professional services for farm financial planning, farm marketing plan development, and consulting. These lenders have discovered that R.W.A. can remove the risk from their ag loan portfolio and at the same time, reduce the financial risk of their farm clients. Isn't it time you offered your clients risk management and market planning? CALL NOW AND ASK FOR OUR FREE LENDER PACKAGE OF INFORMATION AND SERVICES AVAILABLE. See for yourself why over 150 lenders have chosen R.W.A. to make their ag loan portfolios more secure. IN IOWA 1-800-247-0940 OTHER STATES 1-800-553-8018 R.W.A. Financial Services, Inc. 2224 E. 12th St. P.O. Box 3189 Davenport, Iowa 52808 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ATTENTION ¡O WA BANKERS PROBLEMS WITH YOUR BLANKET BOND? ARE YOUR UNDERWRITERS DEMANDS EXCESSIVE? We have been able to solve many bonding problems for bankers at the lowest possible premium. Call or Write Now exclusively represented in Iowa by Iowa Bankers Insurance and Services, Inc. 1-800-532-1423 (Iowa) 515-286-4344 rV tfirrt THE KANSAS BANKERS SURETY COMPANY 435 Kansas Avenue P.O. Box 1654 Topeka, Kansas 66601 1 - 913 - 234-2631 Serving bankers for more than 75 years https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Supplement to Northwestern Banker Newsletter 11-3-86 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis manager of Bank of America’s glo bal U.S. dollar interest rate swap group, will be vice president of fund ing. Mr. Swansen, who previously served as vice president and port folio manager of W ashington Square Capital, Minneapolis, will be vice president of investm ent portfolios. Mr. Ulrey most recently was assis tant vice president of funds manage ment planning and analysis for FBS, and was promoted to vice president of asset/liability management. MINNEAPOLIS: The American In stitute of Banking will sponsor sev eral seminars during November. All seminars will be conducted at the AIB Education Center in Minneapo lis. Dates are as follows: Nov. 11— AIB Intermediate Lotus Seminar; Nov. 12—Account Ownership Semi nar; Nov. 12—Know Your IBM PC Seminar; Nov. 18—AIB Compliance Management and Update Seminar; Nov. 19—AIB Dealing with D iffi cult People Seminar; Nov. 20—AIB Letters of Credit Seminar. REDWOOD FALLS: Norwest Bank Redwood Falls, N.A. has announced that Dean Bloemke has joined the bank as vice president, commercial loans. He has 13 years of lending ex perience, the past 10 years at First National Bank of Waseca, Minne sota. South Dakota News The Independent Community Bankers of South Dakota will spon sor a three-day seminar entitled “Analyzing Financial Statem ents” on Nov. 12-14. It will be held from 8:30 a.m. to 4:30 p.m. each day at the Howard Johnson Motor Lodge in Sioux Falls. Speaker is Dennis McCuistion, owner of McCuistion & A ssociates, a bank consulting firm. Registration is $200 for ICB mem bers and $300 for non-members, and includes lunch and materials. Dead line for registration is Nov. 5. For aqn careers,inc. J AG BANKING PERSONNEL SPECIALISTS Loan and investment reviews and other management services SW ORDS ASSOCIATES. INC. P R O FE S S IO N A L B A N K IN G CONSULTANTS 4900 OAK SUITE 301 KANSAS CITY, MO 64112 (816) 753-7440 Brainerd senior vice president and general counsel. His previous posi tion was as senior vice president and legal counsel for Colorado National Bankshares, Inc. He replaces David Butler, who has returned to private practice with the law firm of Hol Wyoming News land and Hart. In addition, nine offi BAGGS: The FDIC has approved cers of the bank have been promoted paying off insured depositors in to vice presidents. They are: Frances Valley State Bank, Baggs. The E. Draper, planning and analysis; bank, with toted assets of $4.2 mil D onald L. G rant, com m ercial lion, was closed Oct. 17 by Wyoming finance support; Cynthia L. Knut State Examiner Stanley R. Hunt, son, human resources—education and the FDIC was named receiver. and development; Mary D. Maguire, No bids were received for the failed real estate; Darlene D. Romero, in bank. Mr. Hunt said, “The bank was vestm ent banking; Richard J. Sulli closed after a resolution for volun- van, trust banking; Adilberto Tor tetry closure was received from the res, Jr., human resources; Anne D. shareholders. Depressed business Warhover, credit, and Gordon C. conditions in the community led to W illis, private bank and trust. the decision...to ask the state to take over the bank.” Deposits in Valley DENVER: William W. “Peter” State Bank amounted to about $4.0 Grant, chairman of Colorado Na million in 1,900 accounts, including tional Bank of Denver, announced about $2,300 in four accounts that retirement plans on Oct. 22. Mr. exceeded the federal insurance limit. Grant, 54, is taking early retirement after 28 years with the bank, but will retain the title of chairman even though he will cease full-time activi Colorado News ty at the bank. The announcement DENVER: First Interstate Bank of comes five months after Mr. Grant Denver has appointed Frank J. was promoted to the chairmanship. more information or to register, con tact ICB secretary Houston Haugo at Valley National Bank in Sioux Falls, (605) 336-0830. t's easier to talk Iowa banking with people w ho live it — people like Ben Eilders and the correspon dent staff at Bankers Trust. I C all 1-800-362-1688 or 515/245-2424. Bankers Trust Des Moines, IA M e m b e r F D IC Inquire about FLEX-OTAY ■ a com puterized billing/credit system ■ g en erates additional income from p resen t staff and equipm ent ■ m eans of increasing your local commercial business Jean 712/779-3567 Massena, la. 50853 Sandl 515/394-5827 New Hampton, la. 50659 Confidential. Employer paid fees https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ■ plan developed by bankers for bankers CALL: 1-800-772-2411 WRITE: LeRoy Bell T he National Bank of Waterloo RO. Box 90, Waterloo, IA 50704 3 BANKING PRESIDENT/CEO. Aggressive ag lender to step into #1 spot in $15mm bank. Strong capital position and low classifications. Plenty of operations support. Bonus based on performance. 45 minutes from large city....................$40,000..................... Call Steve. OPERATIONS. 2 + years experience, aggressive personality with desire to move upward in $25mm bank. Excellent benefits. . .To $25,000. . .Call Marj V.P./COMMERCIAL LENDING. High performing metro bank needs 3 + years commercial and analy tical background. Business development. Bank pro vides educational opportunities, expects a lot, but reward their p e o p le !........ $35,000............ Call Bruce COMMERCIAL LOAN OFFICER. $135mm bank In metro area expanding their operation. Take over $5mm portfolio and develop from there. Small to mid-size commercial accounts along with real es tate. The right opportunity for lender looking for fast advancement............... To $40,000............. Call Steve #2 PERSON. Experience in loans and some opera tions for holding company bank. Clean portfolio.. . . ........................ To $45,000.............................Call Marj CONSUMER DEPT. MGR. Manage department and supervise staff of this $100 + mm bank. Bank and management experience are musts. Community a plus...................... To $35,000.......................Call Bruce SENIOR LOAN OFFICER. Supervise staff of lenders in $93mm bank. Improve and develop commercial loan portfolio with aggressive area businesses. Per formance will lead to #2 spot. Benefits, profit shar ing.......................... $45,000...........................Call Steve FARM MANAGER. Experienced 2 + years and real estate background for #1 company. Good benefits package....................To$45,000.................... Call Marj V.PJCOMMERCIAL DEPT. MGR. As number two offi cer, you’ll manage portfolio and people for this hold ing company bank. 5 + years commercial. Benefits, 401K. .............. $40,000......................... Call Bruce POSITIONS AVAILABLE SR. LENDER position available for experienced person to develop, plan and implement overall lending function of $200mm bank. Send resume to File No. WHA c/o North western Banker. (PA) Opening in West Central Nebraska Bank for REAL ESTATE LOAN OFFICER with experience in FHA-VA Loans and Secondary Market. Appraisal experience preferred. Send resume to File WHD, c/o Northwestern Banker. EOE/M/F. _____________________________________ (PA) LOAN OFFICER. Commercial & ag lending experience re quired. Real estate lending and insurance licenses pre ferred. #2 position. Opportunity to advance. Salary com mensurate with experience. Range $25-$40 thousand. Con tact Robert J. Miller, CEO, Polk City Savings Bank, Box 528, Polk City, IA 50226. (PA) Immediate opening forexperienced LOANOFFICER in southeastern MN bank of $23MM. Must be strong in man agement ability, agricultural credits, and collections. Rep ly with resume and salaryrequirements toFile WHE, c/o Northwestern Banker. (PA) FOR SALE MECHANICAL CHECK FILES—Two Diebold Inc. files with manual & automatic control selectors, complete with trays and three drawer work stations attached. Southwest Bank & Trust, 8800 West Center Road, Omaha, NE 68124. (FS) 1126 So. 72nd St. Omaha, Ne. 68124 402 - 397- 2980.____ Serving bankers quietly and efficiently. CAPITAL PERSONNEL SERVICE 714 First Interstate Bank Building Des Moines, Iowa 50309 515-283-2545 FOR SALE RECONDITIONED BRANDT Coin Sorters-Counters BRANDT Currency Counters New Warranty 402-571-5577 POSITIONS AVAILABLE LOAN REVIEW OFFICER Aggressive bk h/c seeks exp pro who understands & has done ratio analysis, loan review & desires lending pos. Will grow into comm’l lending & starts at ofcr level. Mid $20's. BRANCH MANAGER Supv 6 in top-notch bk branch of $30m + . Port consists of R/E, consumer & very little ag. Must have 4 + yrs exp in bk or S&L $30 + . EX VP Clean $60m bk in cty seat. Very profitable over the last 3 yrs, now needs added leadership from strong banker w/6 + yrs lending & mgt. $45K. FOR FURTHER INFORMATION CONTACT KURT ROSENCRANTS M1 M> 1 HI MM ® m w m T N n if 317 6th Ave, Ste. 650 Des Moines, IA 50309 (515) 244-4414 ALL FEES COMPANY PAID COMMERCIAL LENDER for $30 million bank located near state university. Requires 5 or more years experience han dling loans of $250,000 or better. Candidate will be a part of management team................................ Salary to $35,000 COMMERCIAL LENDER for prestigious bank in western Chicago suburbs. Great future. Requires college degree and 3 to 5 years solid experience..............Salary to $40,000 MORTGAGE LOAN person to head department in $200 mil lion bank. Requires college degree and minimum of 7 years experience........................................Salary to $40,000 LOAN REVIEW person with 3 to 5 years bank or examining experience for a $60 million bank in a thriving county seat. ..................................................................... Salary to $26,000 Financial Careers (Division of Freeland Financial Service, Inc.) 1010 Equitable Bldg. Des Moines, IA 50309 515/282-6462 Employer pays fee. Please contact Malcolm Freeland concerning these posi tions or for other current openings. POSITIONS AVAILABLE czH oidsx a n d c ^ h io a ia tz i COMMERCIAL LENDER Bank Consultants Are you looking to broaden your career? A premiere Mpls bank needs a sales motivated coml lender with 3 + yrs lending exp. Desire top analytical skills, a degree, and mo tivation to succeed. A fantastic growth opportunity! To $40K. Job #NW9235. Specializing in Bank Acquisitions P.O. Box 450 (personnel Search NEW OPPORTUNITIES INSTALLMENT LENDER to head dept, in $35 million bank located In scenic recreational area near university and state capitol. Require college degree and min. of 4 yrs. ex perience. Excellent potential..................Salary to $35,000. 515-232-0814 405 Main Ames, Iowa 50010 D o n a l d E . H o l d e r , Principal POSITIONS AVAILABLE TWO BRANCH MANAGERS— Need 5 years exper ience as a branch manager. Degreed. Major Mil waukee bank. To $40K. VP REAL ESTATE DIVISION— Need secondary loan experience. M anagement experience needed. $200MM bank, east Iowa. To $37K. CASHIER— EDP + 10-12 years of operations, in cluding supervision of tellers, bookkeeping, per sonnel and customer service. Omaha—$50MM. To $42K. AGRICULTURAL LENDER Do your abilities deserve greater rewards? Outstate MN bank- in a super community needs ag lender with 3 + yrs exp. Desire knowledge of cash flows, degree and strong selling skills. This is a clean bank! You will be the sr. lender. To$35K. Job#NW9236. BRANCH MANAGER Can you keep several bills in the air simultaneously? A profitable Twin Cities bank needs a market driven branch mgr with 5 + yrs consumer lending exp. Must be able to develop new business and underwrite new credit conser vatively. Top image and degree. To$29K + Bonus. Job#NW9237. FOR MORE INFORMATION CONTACT PAUL GENTZKOW All fees are paid by our client employers. Richard L. Beam, CPC GUMBERT EXECUTIVE EXCHANGE, INC. 11246 Davenport Street Omaha, NE 68154 Phone: 402/330-3260 Member National Personnel Associates We’re Nationwide i H1 H M1 M M R O B IR T M S M jF 3636 IDS Center Minneapolis, MN 55402 (612) 339-9001 ALL FEES COMPANY PAID 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 POSITIONS AVAILABLE CASHIER - $25MM Ag Bank. Requires background with inhouse minicomputers and some knowledge of Agri Loans. $30K PRESIDENT - Agri Bank with problem loans. Should have administrative experience and solid Agri Loan skills. $40K OPERATIONS - manage department of 35 for large urban bank. Experience with deposit accounting and account services required. $38K AGRI LOAN - community bank with large Ag portfolio. Seven yrs. or more Ag Lending experience needed. $35K COMMERCIAL LOAN - large suburban bank with $100MM loan portfolio. Degree and minimum 3 yrs. comml lending experience with six figure credits. $32K Additional positions available in Midwestern states. TOM HAGAN & ASSOCIATES 2024 Swift - Box 12346 North Kansas City, MO 64116 816/474-6874 “Serving the Banking Industry Since 1970” Voi. 15 No. 29 Northwestern Banker Newsletter (USPS 873-300) is published weekly by the Northwestern Banker Company, 1535 Linden Street, Suite 201, 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 to Northwestern Banker, 1535 Linden #201, Des Moines, Iowa 50309. Digitized forSt., FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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