Full text of The Northwestern Banker : October 1, 1984 : Northwestern Banker Newsletter, Vol. 13, No. 23

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Vol. 13 No. 24

Des Moines, Iowa

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October 1,1984

Garn Bill Killed by St. Germain
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A FTER watching the Senate pass
F \ by an overwhelming margin
(89-5) the Garn Bill that closes the
non-bank bank loophole (S. 2851) and
authorizes some additional powers
for banks, House Banking Commit­
tee Chairman Fernand St. Germain
(D., R.I.) unexpectedly and unexplainedly gave up on pursuing his
proposed House bill aimed only at
closing the non-bank bank loophole
and the so-called South Dakota loop-,
hole.
The election year power-play
standoff could cost the nation’s
banks a large section of their turf by
default because if no action is taken,
the Comptroller of the Currency will
be free to charter any and all non­
bank bank applications now sitting
on his desk awaiting action at the
O ctober 31 conclusion o f his
moratorium he imposed on such ac­
tion a few months ago.
The only deterrent to that further
action by the Comptroller, who had
already taken it upon himself to slip
several such charters in under a
crack in present law, would be a sim­
ple resolution by House and Senate
imposing such a moratorium on him
until such time as Congress acts in
the next session. That deferral
would be necessary because, while
the rest of the nation continues to
work on its usual time schedule,

Congress will adjourn October 5 and
basically do nothing legislatively
until the new Congress is convened
after the first of the year.
Chairman St. Germain, rather
than accept the Garn Bill for House
consideration and amendment, de­
cided on his own that there was no
consensus on the increased powers
issues in the House, as well as those
facets of the bill other than loophole
closing. Chairman St. Germain’s bill
confronted only those narrow issues
and he would not budge from that
position. When he informed Sen.
Garn of his action, offering on Sep­
tember 24 to push for a moratorium,
Sen Garn replied “ N o,” in view of
the Senate’s obvious desire that
something be done.
The American Bankers Associa­
tion and IB A A lobbyists were try­
ing to salvage something within rea­
son from the standoff, but any ac­
tion looked dim in Washington last
week. The only ray of hope for loop­
hole closing were the statements by
both Sen. Garn and Rep. St. Ger­
main of a caveat emptor to those ap­
plicants for a non-bank charter who
are hoping the Comptroller will open
things wide after October 31 and
begin chartering them. The two
committee leaders did say that when
the loophole is closed they will have
placed a cloud over those seeking a

non-bank charter because of the po­
tential expense involved in possibly
having to unscramble their non­
bank omelet.
Making the job of banking lobby­
ists almost impossible at this time is
the fact that the House races in the
November election are getting to be
much closer than earlier expected.
Therefore, “ incumbent House
members are hiding behind St. Ger­
main,” one veteran Washington ob­
server said, “ because they don’t
want to antagonize those who make
donations and don’t want to antago­
nize voters in their home areas
where such a vote now could be
made an issue with Republican
challengers.”
The same fate befell the A B A ef­
fort when it got the support of vari­
ous business and industry groups to
join it in working for a discharge
petition in the House to force out a
bill that would have required House
members to vote on the balanced
budget bill. It became a party issue.
ABA , however, is continuing its ef­
forts on this front, seeking to in­
crease public awareness of the issue
so that when the bill has a chance of
being brought up again, hopefully
there will be public sentiment forc­
ing House members to face up to
their responsibility to vote on the
issue.
□

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Iowa News
POSTVILLE: In the 1984 Iowa
Bank Directory, the name of James
P. Lage, president of Citizens State
Bank here, was inadvertently
printed as James L. Page. Users of
the directory are requested to
change the last name to Lage, as
noted above. The publisher regrets
this inconvenience.

has announced the return of James
W. Goering as vice president. Mr.
Goering has spent the last year and
four months with The State Bank of
Alexandria.

JANSEN: Following the recent reor­
ganization of the board of State
Bank of Jansen, Robert D. Zuehlsdorf was appointed president. He
has been with the bank since Febru­
ary of this year. Kevin Keiser has
been named loan officer. He pre­
Nebraska News
viously was a loan officer at Crofton
At their meeting in Kearney Sep­ State Bank. Gene Guilford, manager
tember 27, the Nebraska Bankers of Jansen Farmer’s Co-op Associa­
executive councilmen voted unani­ tion, and Lyle Wegele, farmer and
mously to survey CEOs of member lifetime resident of Jefferson Coun­
banks on the subject of interstate ty, have been named to the board.
banking. The seven-question survey
asks respondents if this is an appro­
Minnesota News
priate subject for N BA to concern it­
The
M B A will conduct seven
self with, if the CEOs need more in­
PEP
(Personal
Economics Program)
formation on the topic, and whether
Training
Meetings
throughout the
NBA should proceed with a legisla­
state
between
O
ctober
4 and
tive position. The survey is to be
sent out immediately from NBA November 5. The M B A /A B A spon­
sored program will acquaint bankers
headquarters.
with the information and materials
BELDEN: David G. Hay has been that PEP offers and train them in
elected president and chief executive their use.
PEP offers six classroom presen­
officer of First National Bank here.
tations:
Banks and Banking Ser­
He succeeds Bruce E. Barks, who
vices;
Banking
as a Business;
was elected vice chairman. Mr. Hay
had been serving as the bank’s ex­ Careers in Banking; Checking A c­
ecutive vice president and cashier. count Management; Consumer Cred­
G.E. (Earl) Barks will continue as it and Loans, and Personal Money
Management.
chairman.
The seven PEP Training Meet­
GENEVA: Dennis A. Devine, presi­ ings will be held at the following
dent of the Fillmore County Bank, locations:

Professional ...
Responsive...
Call M ark C hristen fo r
any corre sp o n d e n t service.
Call to ll free (800) 622-7262

Valley National Bank ili
DES MOINES, IOWA 50304

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Member FDIC


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• Oct. 4 — Northland Lodge, Crookston
• Oct. 9 - Kahler Hotel, Rochester
0
• Oct. 11 - Orchid Inn, Sleepy Eye
• Oct. 16 - Madden’s, Brainerd
• Oct. 25 - Best Western, Jackson
• Oct. 29 - Holiday Inn Interna­
tional, Bloomington
• Nov. 5 - Radisson Plaza Hotel, St.
Paul
DUNDAS: Craig Redalen has been
named president of Dundas State
Bank. He succeeds George Crocket,
bank owner. M ost recently Mr.
Redalen was assistant vice presi­
dent in correspondent banking for
American National Bank and Trust
Co. of St. Paul, where he has been
since 1981.

®

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9

ELBOW LAKE: A t The First Na­
tional Bank of Elbow Lake, Betty
Lou Cravens has been elected vice
president and cashier; Ginger Ricks
has been elected vice president, and
Janice Ellingson has been elected as­
sistant vice president.
PLYMOUTH: Several management
changes were recently announced at
First Bank Plymouth. James Cory
was named senior vice president and
cashier. He also serves in that same
position at First Bank Hopkins.
Roger M. Janikowski has been
named vice president and manager
of the commercial lending area. He
started with the bank in 1978 as
manager of personal banking. Rich­
ard R. Nelson, new vice president
and business development manager,
started his career in 1971 with First
Bank Duluth.

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®

RED W ING: William F. Pich has
been elected vice president and
manager of the Rushford Branch of
The Goodhue County National Bank
of Red Wing. Mr. Pich has been with
First Bank Systems since 1967,
serving in six affiliate offices
throughout North and South Dako­
ta. M ost recently he served as presi­
dent in Langdon, North Dakota.
ROCHESTER: Stephen J. Arbour
and Thomas R. Cover have been pro­
moted to senior vice president 0
status at First Bank Rochester. Mr.
Arbour, in charge of commercial
loans, joined the bank’s staff in
1982. Mr. Cover, in charge of opera­
tions, data processing, human re- #
sources and marketing for First
Bank Rochester and Southeastern
Minnesota, has been with the bank
since April of this year and previous­
ly was with Security Bank in Bill- #
ings, Mont.

IB A Leaders Offer Confident Vision of Future for Iowa Banks
talks by the top
three elected leaders of the Iowa
Bankers Association were of enough
significance that they are printed
here in full for review by all Iowa
bankers.

P

repared

Retiring IBA President A1 Maser (presi­
dent, First National Bank in LeMars), giving
his President’s Report:
is my last formal presentation as
THIS
president of our association. As you know,

my theme this past year has been “ New
Banks and New Bankers,” and with that
theme in mind, let’s reminisce for a moment.
I began in this business as an examiner for
the Iowa Banking Department some 30 years
ago. Actually, I ’m a product of the ‘50s, and
all too often I like to immerse myself in the
music and the activities of the nostalgic
memories of the ‘50s. In those days, banking
was a pleasant ‘live and let live’ business. It
was a real joy to be a banker. That environ­
ment lasted 20 years—well into the ‘70s—be­
fore we heard of deregulation. It is comfort­
ing to tie oneself to the past instead of meet­
ing the challenges and the change of the
future.
Low Rates in ‘60s
When I was examining in the ‘50s, it was a
rare occasion to find any classification be­
yond substandard in any of our Iowa banks.
In fact, most banks had no classifications be­
yond that of substandard. After leaving the
banking department and taking employment
with the First National Bank in Le Mars, and
that was some 20 years ago, our loan interest
rate in Le Mars was 5 and 6 percent, usury
was 7 per cent, savings and CD rates were 3
and 4 percent, and 70% of our deposits were
in the good old non-interest bearing checking
accounts. Banking functioned very well in
this stable and regulated environment. No
question about it.
Later in the ‘60s when I purchased control­
ling interest in the Le Mars bank, and at
book value, I might add, it was not uncom­
mon to enjoy a bank stock loan at 1 or 2 per
cent under the New York prime rate, because
any correspondent bank coveted a country
bank relationship in those days. Earnings
were modest, but then again, so were the
risks. If a bank did have any loan problems
they were usually confined to the consumer
loan department, as ag loans or commercial
loans that did not perform well could usually
be refinanced, either by the Farmers Home
Administration, the Federal Land Bank or
SB A, and if you couldn’t get any of those,
quite often by your competitor just down the
street. How about those good old days? As
we look back, what a joy it was to be a no­
problem Iowa banker. The good old days
when agriculture and agri-business were also
no-problem industries. Agriculture and our
rural Iowa communities also enjoyed this
‘live and let live’ environment. But now, as
you heard, agriculture is going through the
most wrenching financial adjustment in half
a century. Not since the 1930s have the
issues of debtor distress and creditor
remedies gripped the farm communities as
they have in the 1980s. Agriculture is the
basic economic activity in rural America and

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I feel there is no more important issue for all
Americans to face than how to deal with this
current problem. Agriculture is a national
treasure and we must find solutions or we’re
going to lose that treasure.
Iowa banking is synonymous with agricul­
ture and all rural America. We have to come
to recognize the problems in our economy
and work together to search out solutions for
these problems.
But, more importantly, we must focus on
our strengths. I will always be optimistic
about our future as a nation, our business of
banking, and agriculture and really do feel
that the best is yet to come.
An Era of Change
Well, obviously, the changes the past few
years in banking have been just as dramatic
as those in agriculture. I think I ’ve seen more
change in the last five years than in the past
25 years. We have to be aware of the massive
restructuring of the financial services indus­
try which is currently underway. The old cli­
che that the only constant in life is change
could not be more true than in our business
today.
Let me give you three examples. We have a
changing consumer environment, we have a
changing competitive environment and we
have a changing technological environment.
First, the changing consumer environ­
ment. In 1983, $400 billion were put in high
interest Money Market and Super NOW ac­
counts.
Second, we have a changing competitive
environment. Example: First Nationwide
Savings has announced it will enter into a
shared concept with J.C. Penney, who has
1,700 stores open 84 hours a week, with 27
million credit card holders. Example: MasterCard. Financial institutions increasingly of­
fer credit cards to out-of-state consumers to
try to circumvent statewide branching laws.
MasterCard officials reported over 65 million
cards in 1983. That was an increase of 25%
over 1982 and there will be an increase in
their market share more significantly in
1985.
Another example: Merrill Lynch now has a
retail system of 431 branch offices and 8,763
brokers. Its Cash Management Account,
which for all practical purposes is a bank ac­
count, has attracted 520,000 new customers.
And, of course, there is always Sears, Roe­
buck, which now owns Dean Witter, Coldwell
Banker, Allstate Insurance and a California
savings and loan, just to name a few.
Lastly, we have a changing technological
enviornment. Example: In the United States
today, 30,800 ATMs are handling 184 million
transactions per month. Our own Iowa
Transfer System is recognized nationally as a
leader in this field and we Iowa bankers can
be very proud of this. Example: Smart Card.
In 1982, Bank of America collaborated with
Intel and Madco Plastics on a microchip re­
search for a Smart Card—a single card which
can service everything from a birth certifi­
cate to a medical insurance card, from a
driver’s license to an automatic teller card.
All this on a microchip no bigger than a dime.
Change! Change has never been a more
dominant characteristic in banking. We are a
vulnerable profession and we’re subject to
the whims of the consumer.

Focus on Strengths
But, let’s focus on our strengths. And
there is an underlying strength and there are
many resources which have brought Iowa
hanking to its present position. These will be
relied on as we address this changing en­
vironment of what we now are coming to call
the Financial Services Industry. We are, in
fact, a very strong industry. We have the
benefit and experience and expertise of hun­
dreds of thousands of bankers who have a
very solid image—an image of being depen­
dable and trustworthy people in our local
communities.
Another strength is regulation. There are
times when we all have doubts and have
some complaints about our regulators. But
that, in fact, is a strength of our profession.
Another major strength is the utilization
of technology. Perhaps no industry or busi­
ness has better utilized technology than
banking.
A final resource is the support that we
have available through our responsible trade
association. I have great confidence in that
strenth—the ability and desire of men and
women in Iowa banking to make the right
choices, to make the right decisions, and to
prepare for the future by creating and de­
signing banking services and procedures for
tomorrow.
Volunteers Make the IBA
I am also confident that the people of your
state association—and that includes all our
banker volunteers and our professional
staff—are committed to helping all Iowa
bankers to succeed and excel in the months
and years ahead. The future of banking will
depend on people. And just who are those
people? Frankly, they’re the people who
make up this great organization. They’re the
men and women of Iowa banking who are the
IBA, who participate in the programs, who
design and recommend for the association
positions in legislative matters. They’re the
committee members, the Task Force people,
they’re the Group officers, they’re the
members of the Board of Directors, and the
officers and our staff people as well.
Volunteer leadership is the vital ingredient
for any trade or professional association. As
local bankers, we are all heavily involved
volunteers in our own communities. But, we
are also involved and have a real stake in the
direction of the Iowa Bankers Association. I
invite you to continue this involvement to
help banking, to help yourselves, and to help
other bankers. The best interests of the Iowa
banking community can only be promoted ef­
fectively if we work together. Remember, our
association represents all banks, from the
smallest to the largest and we’re the associa­
tion for all banks and all bankers. And, work­
ing together, I am surely convinced that the
future of banking in Iowa could never be
more promising. I’m proud to be an Iowa
banker and I ’m proud of our industry.
And now we’re in the ‘80s. W e’re in a new
era—if not a revolution, most certainly an
evolution in the banking industry. Banking
has been good to me personally and I felt
that if something good in life happens to you,
it’s nice to put something back. And that is
what I hope I have accomplished this past
year as your president. I believe in doing, and

to do nothing is a way of saying “ nothing
matters.”
Three Questions
We must come together, build enthusiasm
and core about what is happening to our in­
dustry. Here are three questions you can ask
yourself:
First. Just remember, if the present is any
indication of the future, our bank customers
are going to be calling a lot more things
banks tomorrow than they are today. What
kind of bank will you be tomorrow?
Second. Banking structure is people. Peo­
ple, bankers caring about other people, other
bankers. How do you care about your people?
How do we feel about our colleagues, staff,
our customers and our profession? How we
care about people may be more critical to our
survival than any other business decision we
might make.
Third. Deregulation and perhaps re-regula­
tion are facts of life. No banker can be sure of
what the final analysis of deregulation will
be, but you can be sure that only the survi­
vors will be among the New Banks and the
New Bankers. And what is your survival
plan?
Thank you very much.
□
*

#

*

Newly-elected IBA President William
Logan (president, The State Central Bank,
Keokuk), in his acceptance address at Inau­
gural Dinner:
this year is a simple theme,
M YbutTHEME
one that means so much for Iowa
and Iowa bankers. That theme for this year
is “ Teaming Up for the Future.” Teaming up
recognizes that there are lots of players try­
ing for the same goals. A team player knows
when he should shoot or when he should pass
off to someone closer to the basket, knowing
its the team that scores to win and not the in­
dividuals.
Ladies and gentlemen of Iowa Bankers, I
hope we’ll all be team players for 1984 and
‘85 and pass the ball rather than take that
bad shot. The first team for the future, I
would suggest, is your membership in the
Iowa Bankers Association. I’ve gone over
some of the plans and programs of the future
with Neil Milner and his fine staff and they
assured me that they’ll be lean and mean,
ready to go to work for you, our membership.
Picture your IBA as a roadrunner, work­
ing highways and by-ways for your banking
problems. Beep, Beep—we’re on our way!
Next year will be complex in banking with
new players, new problems, not the least of
which is the agricultural economy and we
heard a lot about that these past two days.
Depend on your IBA staff. They’ll be there
with some answers necessary to get us
through these trying times. They're there on
your account, so let’s use them to the ut­
most. If for some reason you’re not satisfied
with anything the IBA does I have an opendoor policy. Call me; we’ll try to get some
answers.
Banker Cooperation
For 1984-85, as far as I ’m concerned, there
will be no inter-banker politics played. Bank­
ing’s too critical in Iowa for any organization
to be immersed in any partisan politics. Al­
ready we have met with the Iowa Indepen­
dent Bankers executive group and Ned (Job),
you’re here tonight I know. We hope to keep

communications at a high level for all our
constituents. In the near future, I hope to
meet with representatives of the holding
companies and explore where they’re going
and how the Iowa Bankers Association will
fit into those plans.
After all, big or little, independent or
holding company, we’re all Iowans and all
Iowa bankers. If we believe and are sincere,
ladies and gentlemen, I predict great things
for this state. Keep communications open, up
front, with integrity, and no one can rend us
asunder. Yes, we’ll be ready for the non-bank
banks, the Shearson Americans, Sears Roe­
buck, you name ‘em. They’ll find out just
how tough Iowa banks and bankers are when
it comes to opening up any market in our
state.
Know the Politicians
I urge everyone here to team up for the
future with your politician. Start with your
state representative. Where is he or she
from? What does he or she stand for? Per­
haps you should call and introduce yourself.
How about your state senator? How about
my Congressman, my Senator? All these peo­
ple will be important to Iowa and Iowa bank­
ers for 1984 and ‘85. The political scene is
shifting as we’ve never seen before—new
players, new products, expanded powers. All
are in the realm for politicians to decide.
Bankers must be politically astute and be
able to help their fellow bankers with their
representatives.
One only needs to go back one year and
know what happened to the lien law, public
funds, the Gam Bill, non-bank banks and,
frankly, Al, for some bankers that didn’t get
their Nike running shoes on in time, the bear
got them. Just last week bankers throughout
the country, including Puerto Rico, were on
the Hill in Washington communicating with
their Senators that legislation has to be en­
acted this year to close the non-bank bank
loophole. And do you know what? The very
next day, after our visit, the Garn II Bill
passed and closed the non-bank bank loop­
hole that effectively prevents the Comp­
troller from issuing any more charters for
this type of encroachment into the banking
system. That bill also gave us expanded
powers. We were quite disappointed by our
junior Senator’s vote which might shut down
some of our Iowa bank’s insurance programs.
We’re studying that and we’ll just have to let
you know. (Bill killed; see lead article on page
one.)
So, I urge all of you to go back to your
various banks and know that politics will be
one name of the game in 1984-85. Be ready
when that call comes. That call—“ We need
your help!” —might come at any time.
Team Up with Community
Team up for the future with your commu­
nity and your customers. Only you know
your community and its needs. Speak out for
the good things. Lead progressively so that
your community will thrive in the future, and
your bank will grow because of your involve­
ment and leadership.
Remember, Jonathan Seagull never soared
to greater heights until he helped those below
him learn how to fly. Be a Jonathan Seagull!
Reach down and help those people who are
searching for a better life and a better way in
your home town. Many of you have a rough

year or two ahead with this agricultural
economy the way it is but, ladies and gentle­
men, the world has to eat and Iowa is the
bread basket to the world. Sure, our farmers
are down for a while but they’re certainly not
out. Work hard with those customers you
know who have a future and whose sons and
daughters will work the land. Keep Iowa the
great state it’s been over the years. They
might dent Iowa a little bit, but they’ll never
put us down!
Iowa banks and bankers have provided
credit and leadership in this state since its
early beginning and now, perhaps more than
at any other time, we have a chance to show
the stuff that Iowans are made of! We’ll be
helping each other out of these hard times.
Team Up with Family
Last, but certainly not least, team up for
the future with your family and with your
God. Be positive in all you do. Know there is
someone guiding and helping each of us to be
a better person. Think better things and lead
the good paths. Have high moral principles
and understanding minds, positive attitudes,
and be happy with yourself. Count on the
support of your family—your wife, your sons
and daughters. They’re on the same team,
working for the same goals you are.
Then one year, two years, three years from
now, after Teaming Up for the Future in the
ways discussed you’ll be able to get up in the
morning, look at the face in the glass. He’ll
look back and say, “ Job well done!”
Thank you very much.
□
IBA President-Elect J. Bruce Meriwether
(president, First National Bank, Dubuque), in
his acceptance remarks at Inaugural Dinner:
FRIGHTENED, because it’s become so
I ’M
fashionable to try and convince bankers
that we are in such a rapid state of change, or
evolution, or re-inventing the industry that
we will not be able to cope, to keep up, to
adapt and can instantly be rendered obsolete
by some giant something out there, be it de­
regulation or government intervention.
The strength and the power to avert such a
notion is the Iowa Bankers Association, the
American Bankers Association, the Iowa In­
dependent Bankers and the Independent
Bankers Association of America, working to­
gether with their collective wisdom to forge a
mutually beneficial financial environment for
all the players in the banking fraternity.
It is too late for us to assume we can, or
perhaps even should, stop the process of de­
regulation and, thus, its effects. It is folly to
believe the structure of the banking industry
will not be tampered with. If it is not tam­
pered with by us, it will be tampered with by
someone else. But it is not too late to assert
profound professionalism, objectivity and
non-self serving reason into the process that
will dictate our future.
And that is what my work will be about as
I accept this new position. (Paraphrasing)
President Lincoln, now if we choose to en­
gage in internal conflict of some kind, we will
not meet the test of endurance in this indus­
try and we will all lose—all of the players.
The prevention of that by working in the
arenas of cooperation, communication and
education is what I try to be about on your
behalf and I thank you for the opportunity to
make that service.
□

Supplement to Northwestern Banker Newsletter 10-1-84

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Wisconsin News

South Dakota News

BELOIT: Robert R. Hood has been
named president of Heritage Bank
Beloit. Previously vice president
and manager of commercial lending
for Third National Bank & Trust Co.
of Dayton, Ohio, Mr. Hood replaces
LeRoy C. Gust, who has been named
president of Heritage Bank in Milwaukee.___________________________

The Siouxlands Group of Robert
Morris Associates will hold its an­
nual meeting October 11 at the Min­
nehaha Country Club, Sioux Falls.
In addition to electing its new
slate of officers and directors for the
1984-85 year, the group will be ad­
dressed by Raymond Worseck, vice
president, economist and director of
commodity research, for A.G. Ed­
wards and Sons, St. Louis, Mo.

STATEMENT OF OWNERSHIP
MANAGEMENT AND CIRCULATION
(Required by 39 U.S.C. 3685)
(also DMM 448.31)
1. Title of publication — Northwestern Banker
Newsletter.
2. Date of filing — September 27, 1984
3. Frequency of issue — Weekly.
4. Location of known office of publication (Not
printers) — 306 -15th Street, Des Moines, Iowa 50309.
5. Location of the headquarters or general business of­
fices of the publishers (Not printers) — 306 - 15th Street,
Des Moines, Iowa 50309.
6. Names and complete addresses o f publisher and
editor and managing editor — Editor and Publisher — Ben
Haller, Jr., 306 -15th Street, Des Moines, Iowa 50309.
7. Owner (If owned by a corporation, its name and ad­
dress must be stated and also immediately thereunder the
names and addresses of stockholders owning or holding 1
percent or more o f total amount of stock. If not owned by a
corporation, the names and addresses of individual
owners must be given. If owned by a partnership or other
unincorporated firm, its name and address, as well as that
of each individual must be given). Ben Haller, Jr., Presi­
dent, 306 - 15th Street, Des Moines, Iowa 50309. North­
western Banker, 306 - 15th Street, Des Moines, Iowa 50309.
8. Known bondholders, mortgages, and other security
holders owning or holding 1 percent or more o f total
amount of bonds, mortgages or other securities: Ben
Haller, Jr., President, 306 - 15th Street, Des Moines, Iowa
50309.
10. Extent and nature of circulation:
Average No.
Actual No.
copies each of copies of
issue during single issue
nearest to
preceding
filing date
12 months
4,083
4,205
A. Total No. copies printed
(Net Press Run)
B. Paid Circulation
1. Sales through dealers
and carriers, street ven­
NONE
NONE
dors and counter sales
3,648
3,771
2. Mail Subscriptions
3,648
3,771
C. T o ta l paid c irc u la tio n
D. Free distribution by mail,
carrier or other means—
sample, com plim entary,
334
335
and other free copies
E. Total distribution
3,983
4,105
(Sum of C and D)
F. C opies not d is trib u te d
1. O ffice use, leftover,
unaccounted, spoiled
100
100
after printing
2. R e tu rn s fro m new s
NONE
NONE
agents
G. Total (Sum of E, F1 and
2—should equal net press
4,083
4,205
run shown in A)
11.1 certify that the statements made by me above are cor­
rect and complete.
BEN HALLER, JR.
Editor and Publisher
12. For completion by publishers mailing at the regular
rates (Section 132.121, Postal Service Manual). 39 U.S.C.
3626 provides in pertinent part: “ No person who would
have been entitled to mail matter under former section
4359 of this title shall mail such matter at the rates provid­
ed under th is subsection unless he files annually w ith the
Postal Service a w ritten request for permission to mail
m atter at such rates.”
In accordance w ith the provisions of this statute, I here­
by request permission to mail the publication named in
Item 1 at the phased postage rates presently authorized by
39 U.S.C. 3626.
Ben Haller, Jr., Editor and Publisher
for FRASER

Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

,

ne

? 85^ i

Member, F.D.I.C.

board until March 1, 1985, is a past
president of the North Dakota
Bankers Association. Mr. Boyum
has been with the bank since 1976 as
a trust officer and executive vice
president.

GRAND FORKS: Community Na­
tional Bank of Grand Forks has an­
nounced the advancement of Donald
C. Miller to chairman and chief exec­
utive officer and Dennis D. Douville
to president. Mr. Miller, former
president, and Mr. Douville, former
ABERDEEN : Jack M. Thompson
executive vice president, have been
will retire December 31 as chairman
with Community National Bank
and chief executive officer of First
since its founding in 1963.
Bank Aberdeen. Mr. Thompson be­
gan his career at First Bank Min­ LISBON: Stew Turing and Gary L.
neapolis in 1955 and has served as Barta have been named vice presi­
president of First Bank Aberdeen dents at First American Bank. He
since 1973. In May, 1983, he was most recently was with Security
elected deputy chief executive of­ State Bank at Mankato, Minn. Mr.
ficer of First Bank of South Dakota Barta was employed at Norwest
and head of its Northeastern divi­ Bank in Moorhead prior to moving
sion. Earlier this year, Mr. Thomp­ to Lisbon.
son was named chairman and CEO
Montana News
of First Bank Aberdeen.
Fred
Napier,
formerly president
ARLINGTON: Robert Gunderson,
of
First
State
Bank
of Stevensville,
president of the Citizens State Bank
has
been
named
to
succeed
Les Alke
for the past 14 years, will retire
December 31. He will be succeeded as Montana’s commissioner of finan­
as president by Wayne Fischer, who cial institutions. Mr. Napier has
has been with the bank since May of served as president in Stevensville
last year. He currently is vice presi­ since 1982 and prior to that time
dent and senior loan officer of the was vice president at First Security
bank. Mr Gunderson has been with Bank in Havre. He also served as a
bank examiner under Mr. Alke at
Citizens State the past 31 years.
the Department of Business Regula­
tion (now the Department of Com­
North Dakota News
merce). Mr. Alke, who retired Sep­
CARRINGTON: Kelley Boyum has tember 1, has been in the bank exbeen named president of First Amer­ aming business 31 years.
ican Bank and Trust of Carrington.
He succeeds Tom Roney, who re­ GREAT FALLS: Daniel K. Sullivan
tired September 7 after 25 years as has joined First Bank Great Falls as
president of the bank. Mr Roney, assistant vice president in opera­
who will remain as chairman of the tions.

An important new profit center
for your bank:

Contact:
Leroy Bell or

■

a computerized
local billing/credit service

Milt Hennick

319- 291-5412

National Bank of Waterloo
315 East 5th St. • Waterloo, IA 50704

Member Federal Reserve System FDIC

Ag Banking Positions
Let us help you. Call the ag lending personnel
specialists w ithout cost or obligation. Confidential.
Employers pay us to hire the best.

Financial Careers
COMMERCIAL LOAN OFFICER for $50 million Iowa bank .
......................................................................Salary to $45,000
AUDITOR for $50 m illion Iowa bank.............Salary $25,000
EVP for $30 million bank in Northwest Io w a ........................
............ ..............................
Salary to $40,000
NUMBER TWO person for major bank in Northern Iowa . . .
............ ...................................................................Salary open
CEO for eastern South Dakota com munity b a n k ................
................
Salary to $35,000
NUMBER TWO person for major southern Iowa bank. Re­
quires strong commercial lending experience and college
Salary to $60,000
degree ........................

Jean 515/263-9598 if
no answer, 712/779-3567
Massena, Iowa 50853

aqncareers, inc.
J

AG BANKING SPECIALISTS

NUMBER TWO person for $60 m illion central Iowa bank.
Must be ag-oriented w ith good commercial experience . . .
........................................................................Salary $40,000 +
CEO for small com m unity bank in north central Io w a ........
........................................................................Salary low $30’s
SR. AG LENDER for major Illinois bank. Must be ex­
perienced in working with large ag business customers
and larger ag c re d its ................................ Salary to $49,000
NUMBER TWO for major Iowa bank. Must have proven
commercial loan record..................................... Salary open.

INSURANCE MANAGER— Immediate opening for experi­
enced insurance agent. Base salary plus commission. Re­
plies confidential. Send resume to: Frank Osowski, EVP,
National Bank of Canby, Box 70, Canby, MN S6220.
(PA)

BANK SALES AND PURCHASES

CEO for $20 m illion central Iowa b a n k ............ Salary open

EDDIE A. WOLF

COMMERCIAL LENDER for major Illinois holding company
bank. Must have experience with large credit lin e s ..............
............................................................................... Salary open

Eddie Wolf Bank Sales
7202 Maple Drive, Des Moines, la. 50322
Phone: 515/278-2271

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

W ANT TO BUY
TRUST DEPARTMENT HEAD
Well established Central Wyoming bank seeks ex­
perienced individual w ith successful track record
to head its new trust department. Excellent
growth potential and benefits for the right indivi­
dual. Salary commensurate with experience and
abilities. Send resume and salary history to:
CONSULTANT ASSOCIATES
P.O. Box 8776
Newport Beach, CA 92658

(PA)

WANT TO BUY ALL COMPUTERS— IBM, Apple, etc. Con­
tact Omaha Computer Exchange Inc. Phone 402/333-3203.
(WTB)

LUCY HUBER
"Banking Specialist”
7625 Metro Boulevard • Suite 350
Minneapolis, Minnesota 55435
Phone (612) 835-4466

EH

M A N A G EM EN T
RECRUITERS

OF MINNEAPOLIS
THE SEARCH AND RECRUITING SPECIALIST

AND- K O lit ASSOCIATES

If you would like to be informed of positions as they
become available and if you are interested in chang­
ing your present position, send your resume or
phone Don Schooler, 417-882-2265, 2508 East
Meadow, Springfield, Missouri 65804. Information
on you w ill be kept confidential until you are inter­
ested in a specific position.
Eighteen years of banking serving as President of
rural and metropolitan banks enables me to match
you, technically and personally, with the right bank­
ing environment.

Excellent career opportunity. Requires Bachelor’s
Degree and a minimum o f two to three years’ lend­
ing experience. The individual will work in both ag
and commercial loan departments. Salary com­
mensurate with experience. Excellent benefits.
Contact: Steven L. Afdahl, President, Hawkeye
Bank and Trust, P.O. Box 4068, Spencer, Iowa
51301. Member Hawkeye Bancorporatlon. Phone
712/262-1940.
(PA)

BANKING OPPORTUNITIES
PRES. - W. IA independent $25mm bank.

Open.

AG LO • metro areas NE, competitive salary

TO N -^C H O O LER Ir
"Successful Banking is Quality Personnel"

ASSISTANT VICE PRESIDENT
LOAN DEPARTMENT

AG LO - near college town IA, $40mm bank

AGRICULTURAL LOAN OFFICER
Immediate opening for am bitious agricultural
loan o fficer in progressive Iowa bank. Must have
at least three years banking experience. Applicant
should be knowledgeable in the areas of bank op­
erations, public relations, insurance, micro com­
puters, and banking regulations. Applicant w ill be
working for a one bank holding company. Compe­
titive salary and fringe benefits. Clean com m unity
with excellent school system. All replies confiden­
tial. Send complete resume, references, and sal­
ary requirements to file WCB, c/o Northwestern
Banker.
(PA)

30K’s

COMMERCIAL LO - metro Wl, small & large banks
$45 K
COMMERCIAL LO - metro areas NE, competitive
salary
TRUST OFFICERS • openings in MN, IA, SD
ALL FEES PAID. To discuss these openings and
others contact:
Barbara J. Ritta
PROFESSIONAL RECRUITERS, INC
6818 Grover Street
Omaha, NE 68106
Phone 402/397-2885

(PA)

POSITIONS CURRENTLY AVAILABLE

Missouri, Iowa Oklahoma, Kansas, Arkansas,
Illinois, and Nebraska
OPERATIONS, $65mm bank, 15 min. from Metro­
politan a r e a ..................................................$40,000
AG LENDER, #2 man in bank of $35mm, 5,000 pop.
...................................................................... $30,000’s

M IC R O FILM SYSTEMS
SERVICE AN D SUPPLIES
Eastman Kodak microfilm supplies, cam­
eras, and processing in our certified lab.
For information contact:

SECURITIES, VAULT, SAFEKEEPING . $30,000’s
PRESIDENT, $35mm bank, population 6,000 ........
................................................................... to $50,000
COMMERCIAL, SENIOR VICE PRESIDENT,
$140mm bank, 95,000 pop................................OPEN
ALL AROUND lender, $30mm bank, 12,000 popula­
tion ....................................................................OPEN

LeRoy S w edlund
IN F O R M A T IO N S Y S TE M S
8939 “ J ” S tree t
O m aha, N E 68127
Phone 402/339-6111

POSITIONS AVAILABLE
PRESIDENT • $25MM rural bank in small community close
to southern Missouri lake area. Superior agri-loan skills re­
quired.................................................................................$40K
COMMERCIAL LOAN - $50MM suburban bank located in
major midwestern metro area. Assist senior loan officer
with commercial portfolio............................................... $32K
PRESIDENT - $30MM com munity bank within fifty miles of
large city. Requires commercial and ag loan experience...
........................................................................................... $45 K
AGRI-LOAN - $25MM com munity bank. Need ag loan
background with some exposure to instal. cre dits... .$25K
PRESIDENT - $35MM community bank. Majority of port­
folio in commercial and consumer credits. Prefer CEO ex­
perience............................................................................. $46 K

EXECUTIVE VICE PRESIDENT, $125mm, popula­
tion 160,000+ + ....................................... $50,000’s

SERVING PROFESSIONALLY

EXECUTIVE VICE PRESIDENT, $15mm, m etropoli­
tan a re a ..........................................................$35,000

Banking, Financial & Business Personnel
Iowa and Nationwide

Additional career opportunities available for experienced
bankers.

COMMERCIAL LENDER, $65mm bank, 15,000
p o p u la tio n .................................................$30,000’s

CAPITAL PERSO NNEL SERVICE

COMMERCIAL LENDERS (Large Texas b a n k ). . . .
........................................................................... OPEN

714 U.C.B. Building, 515-283-2545
Des Moines, Iowa 50309

2024 Swift - Box 12346
North Kansas City, MO 64116
816/474-6874

TOM HAGAN & ASSOCIATES

Serving the Banking Industry Since 1970

Vol. 13 No. 24 Northwestern Banker Newsletter (USPS 873-300) is published weekly by the Northwestern Banker Company, 306 Fif­
teenth Street, Des Moines, Iowa 50309, (515) 244-8163. Subscriptions $1.00 per copy, $18.00 per year. Second class postage paid at Des
Moines, Iowa. Address all mail subscriptions, changes of address (Form 3579), manuscripts, mail items to above address.

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis