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October 10,1983 Des Moines, Iowa Vol. 12 No. 25 penalty provisions now provide for a minimum one month simple interest penalty if the CD period is less than one year, and three months penalty eliminated. Each institution will be for CDs of more than one year. There was no big rash of new an free to set its own minimum. The action on removing the nouncements by banks, indicating m inim um for retirement accounts most are taking a “ wait and see” at was unanim ous. The phasing titude for possible response to com □ schedule for other accounts was petition. achieved on a 4-1 vote, with FHLBB Iowa News Chairman Edwin J. Gray voting “ no" on both counts via long The November meeting of the distance phone from New Zealand. NABW Northwest Iowa Group will The next DIDC meeting has been be held Wednesday, October 12, at sch edu led for D ecem ber 15, Indian Village in Sac City. The although the bulk of its work ap meeting will begin at 5:00 p.m. pears to have been accomplished. followed by dinner. Speaking about the elimination of The evening’s program entitled the d ifferen tial, w hich many “ BBB & Banking,” will be given by bankers have sought for several Marion LeGrand of the Sioux City years, an ABA spokesman said, Better Business Bureau. “ Bankers hail the elimination of the interest rate differential on regular DES MOINES: Terrence J. Mont savings, as provided for in the Garn- gomery has been appointed presi St. Germain Act, and only wish that dent of Hawkeye Insurance Ser this might have occurred earlier. vices, a subsidiary of Hawkeye BanThe elimination of the $2,500 corporation. A 1967 graduate of the minimum denomination on money University of Iowa, Mr. Mont market accounts, SuperNOW ac gomery most recently was president counts and 7 to 31 day time deposits of Kirke-Van Orsdel Insurance Ser for IRAs and Keoghs is appropriate vices. and in line with an earlier request by ABA. This provides an additional MOUNT AYR: Roger W. Kemdt benefit for those using these ac has been elected president of counts to plan for their retirement.” Hawkeye Bank & Trust. He Earlier action by the DIDC which p reviou sly was em ployed by became effective October 1 was to Waukon State Bank as senior vice permit financial institutions to pay president. Mr. Kerndt succeeds any rate they wish on time cer Ralph P. DiCesare, Jr., who has ac tificates of 32 days or more. Also, cepted a position as president of The DIDC Takes Action at October 1 Meeting: Differential and Minimums to End THEIR one hour meeting on A TSeptember 30, the five members of the D epository Institutions Deregulation Committee voted to end the rate differential advantage of thrifts and set a phase-out schedule of minimums for various accounts. Viewed in the context of continuing, planned deregulation mandated by Congress, the DIDC action did not spark any unusual response from the banking industry. The further deregulatory steps approved at the September 30 meeting follow: Differential: January 1, 1984—The rate dif ferential enjoyed by thrifts for many years was eliminated by approving an increase from 5*4% to in the interest rate ceiling commercial banks may pay on passbook ac counts and on 7 to 31 day time deposits of less than $2,500. Minimum Denominations: December 1, 1983—The $2,500 minimum for accounts designated as retirement accounts is eliminated on MMDAs, SuperNOWs, and 7 to 31 day time deposits. January 1, 1985—The $2,500 minimum is reduced to $1,000 for all other types of MMDAs, Super NOWs, and 7 to 31 day time deposits. January 1, 1986—The $1,000 minimum (noted above) is totally YAKE, SPRENGER AND JENNINGS Getting it done for you. Ernie Yake Bill Sprenger Tom Jennings 234-2483 234-2625 234-2484 Commerce Bank ofKansascitf https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MEMBER FDIC Tí»lp>nhr>rv» 994.9n nn Telephone (816) 234-2000 V 2 Norwest Bank Des Moines, N.A. Call (515) 245-3131 or toll-free (800) 362-2514 Member FDIC NORWEST BANKS Yearn work: one o f the reasons we're firs t in iowa. Mark Conway Bernie Kersey Security Trust & Savings Bank in Shenandoah. An excellent program has been planned and can be found in the Oc tober Northwestern Banker. Increasing Bank Deposits Through... KEITH w eigel IRA’s...Keoghs...Pension Plans Serving Banks in Iowa and Minnesota INDEPENDENT SERVICE C O M P A N Y P.O. Box 171 • Albert Lea, MN 56007 507/373-8216 WEBSTER CITY: Mark A. Sams has been elected vice president and Minnesota News cashier at First State Bank. He BEATRICE: First Security Bank RUTHTON: A t a vacant farm p rev iou sly was em p loyed at and Trust Co. has announced the ad previously owned by James Jenkins, Norwest Bank, Cedar Falls, where dition of Edward J. Kelleher as vice 46, two Ruthton bankers were shot president. He previously was a loan he had been since 1972. officer at the First National Bank of to death September 29. Rudy Blythe, Jr., 42, owner and president Omaha. Nebraska News of the Buffalo Ridge State Bank, The newly-formed Iowa-Nebraska and Deems “ Toby” Thulin, 37, vice OAKDALE: The Federal Reserve president and loan officer, were Chapter of the Bank Marketing has approved the sale of First State killed when they were lured to the Association is sponsoring a program Bank to Tim Brennan of Neligh, P.J. to be held Tuesday, October 18, at Jenkins farm, which the bank had Morgan Company of Omaha and the Omaha Marriott, featuring Mur foreclosed on four years ago, by a Paul Merchant of Norfolk. Bob ray Raphel and his Ten Golden phone call in which the suspects said Zuehlsdorf will continue as presi Rules of Financial Advertising. they wanted to buy the land. On dent with no staff changes an Fee for the program is $35 for Sunday, October 2, James Jenkins, ticipated, according to Mr. Brennan. members and $50 for non-members. wanted in the slayings, was found For more information contact David OMAHA: Dennis C. Robey recently shot to death from an apparent selfSimmons, executive vice president was promoted to vice president at inflicted wound at a farm in nor at Fremont National Bank, Fre American National Bank. He will thern Texas. Police were led to the mont. continue in his position as commer body by James Jenkins’ son Steve, Two more programs are scheduled cial lending officer and also act as 18, also sought in the murders. to be held in January and May of department head of the consumer Authorities speculate that revenge 1984. Watch for additional informa may have been the motive for the loan department. tion on locations and speakers. slayings. * # * TRENTON: D.D. Whaley has been The N ebraska Independent elected president of State Bank of Illinois News Bankers Association Annual Con Trenton. He succeeds D. Roger In the closing days of September, vention will be held November 3 & 4 Thuman who has been named chair Governor Thompson signed into law at the Midtown Holiday Inn, Grand man. Mr. Thuman has served as HB1313 permitting Illinois banks to Island. president since 1971. Mr. Whaley make commercial and consumer has served as executive vice presi loans at all facilities. This action has dent of the bank since 1971 when he generated a great deal of positive response. joined the bank’s staff. Don't gam ble when choosing q correspondent bank. Come to the professionals. UNITED CENTRAL BANK OF DES MOINES, N A ■ MEMBER FDIC ■ (515) 245-7111 AFFILIATED WITH UNITED CENTRAL BANCSHARES, INC. TOLL FREE NUMBER (800) 362-1615 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R o r in o f o r « îir r p c fi ---- ------ --- - ■ ;!T '* . ' .. "'-V.\ 1 JKnR A Member FDIC and FRS 1 V__________ ^ Bernie Miller, Correspondent Banking Officer, has over 3 0 yea rs o f Banking exp erien ce, and the recipe fo r su ccess. tjLm Help yourself by calling Bernie Supplement to Northwestern Banker Newsletter 10-10-83 W h e re success is etched in quality. he success of your bond portfolio is a function of quality investments. After all, quality is your best assurance of growth in earnings. United Missouri’s Investment Banking Division can make sure you’re investing in high quality securities. W e offer exactly what lb you want. And, for over 50 years, our track record for making successful recommendations has been excellent. Undoubtedly due to our consistently high standards. Call or write us today. W e’ll hold your investment information in the strictest confidence. Investment Banking Division U N IT E D M ISSO UR I B A N K of Kansas City, n.a. Member FDIC United we grow.Together. 10th and Grand o P.O. Box 226 o Kansas City, Missouri 64141 (816)556-7200 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis üFHutton One Carriers Building Des Moines, Iowa 50309 Telephone: (515) 243-1203 NEW ISSUE MOODY’S: A We own and offer subject to prior sale and change in price and subject to our attorney’s approving opinion: $3,800,000 JOHNSTON COMMUNITY SCHOOL DISTRICT, IOWA School Building Bonds DATED: October 1,1983 DENOMINATION: $5,000 Both principal and semiannual interest (June 1 and December 1; first coupon due June 1, 1984) payable at Norwest Bank Des Moines, Des Moines, Iowa. IN THE OPINION OF COUNSEL INTEREST ON THESE BONDS IS EXEMPT FROM ALL PRESENT FEDERAL INCOME TAXES. MATURITIES 10.50% June 1,1985 6.00 11.00% $ 80,000 June 1,1986 6.50 85,000 June 1,1987 7.00 95,000 June 1,1988 7.20 100,000 June 1,1989 7.40 105,000 June 1,1990 7.60 115,000 June 1,1991 7.80 135,000 June 1,1992 8.00 8.50% $150,000 June 1,1993 8.20 *Bonds callable June 1, 1994 at 102% declining to $ 70,000 $170,000 8.40% June 1,1994 8.40 $455,000 8 60% June 1,1995 8.60 8.75% June 1,1996 June 1,1997 June 1,1998 June 1,1999 NRO NRO NRO NRO $490,000 535,000 585,000 630,000 100% LEGALITY TO BE APPROVED BY AHLERS, COONEY, DORWEILER, HAYNIE & SMITH, ATTORNEYS, DES MOINES, IOWA The Johnston Community School D istrict is located in central Iowa adjacent to the City of Des Moines. Included within the D istrict’s 25,344 acres is the City of Johnston and minor portions of the Cities of Des Moines, Urbandale and Grimes. Transportation facilities are provided by U.S. Interstates 35 and 80, Iowa Highway 401 and numerous paved county roads. Commercial development w ithin the District has been great ly enhanced by the continued growth of the northwestern portion of the m etropolitan area. Residential growth and recreational opportunities within the D istrict have been enhanced by the construction of Saylorville Lake, a U.S. Corps of Engineers flood control dam impounding the Des Moines River. The two major employers w ithin the District are Pioneer Hi-Bred International, Inc., an internationally known producer of Hi-Bred seed employing over 500 persons, and Iowa National Guard - Camp Dodge, a m ilitary division of public defense employing over 300 persons. Continuing education centers w ithin the area include: Drake University, Des Moines; Grand View College, Des Moines; Iowa State University of Science and Technology, Ames; Simpson College, Indianola and Area XI Des Moines Area Community College, Ankeny. Total enrollment in the D istrict for the 1982-83 school year is 1,223 with projected enrollment, based on a 3% growth factor, at 1,417 by 1987-1988. The D istrict employs 138 for the 1982-83 school year. The proceeds of this issue will be used to defray the costs of constructing and equipping a new middle school. FINANCIAL STATEMENT Actual valuation, 1982 Assessed Valuation, 1982 Direct debt, including this issue Total direct, overlapping and underlying debt Population, 1983 estimate: 4,700 $238,673,982.00 191,230,592.00 6,120,000.00 8,604,448.00 Direct debt per capita: $1,302.13 Direct debt per capita: 1,830.73 Area: 25,344 acres Total debt per acre: 241.48 Total debt per acre: 339.51 Tax collections have approximted 99.83% of taxes levied for the past five years. The information contained 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 a particular maturity may or not not still 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 10-10-83 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CALL ON THE “PERFORM ANCE TEAM ” where comm on transactions are handled uncommonly well. FIRST NATIONAL LINCOLN 13th & M Street • Lincoln, Nebraska 68501 » Member, F.D.I.C. The IBA-initiated bill was spon sored by House M ajority Leader Jim McPike (D-Alton) and Senate President Philip Rock (D-Chicago), and was a major item on the associa tion’s legislative agenda. IBA President Donald R. Lovett said, “ It is good to see this measure go into effect, because it had strong across-the-board support. In addi tion, this will go a long way to justify the cost of operating facili ties and will certainly represent in creased service to our customers.” outer edge of Rapid City. BofA has also filed application to the Federal Reserve to offer insurance services. VOLGA: Controlling interest in the First National Bank has been sold to North Central Financial Services, Inc., at which time a new board of directors assumed control of the bank. Michael A. Lyons, senior part ner in the law firm of Doyle, Mahoney, Lyons & Palmer of Sioux Falls, has been elected chairman. David A. Callies, president and chief operating officer of the Security CHICAGO: The Bank of Montreal, State Bank in Madison, will serve as Canada’s third-largest bank, an vice chairm an, and A llan L. nounced last Wednesday that it has Kostboth has been named president. agreed to buy Harris Bankcorp Inc. Mr. Kostboth is president and of Chicago for approximately $546.6 owner of Kostboth Motors, Inc., million. Unanimously approved by Madison. He previously served as directors of both banks, the agree president of the Chancellor State ment is subject to approval by Har Bank and Security State Bank in ris Bankcorp shareholders and Madison. Howard B. Lee, who resigned as president and chairman, regulatory agencies. will continue to serve the bank as a MONMOUTH: J.D. Jack Lemmer- special advisor to the board. man has retired as chairman of the North Dakota News board of National Bank of Mon mouth, it was announced recently by H.E. Gladfelter, president. Mr. BISMARCK: Stan L. Wiens has Lemmerman was president of the Il been appointed vice president and linois Bankers A ssociation in trust officer of The Bank of Kirkwood Plaza. He previously 1980-81. worked at Dakota First Trust Co. in Fargo. South Dakota News RAPID CITY: Bank of America, San Francisco, received approval October 3 for a state bank charter here. It is authorized to operate as a commercial bank, but is “ not to compete to the substantial detri ment of existing banks,” according to Director of Banking and Finance Glen Ritterbusch. BofA announced its plan to open a Travelers Check processing center near a mall on the BISMARCK: First Bank Bismarck has elected Robert Westbee chair man and Donald W. Green president and managing officer. Mr. Green has been with First Bank System since 1967 and joined First Bank Bis marck in 1982 as executive vice president and trust officer in the commercial lending department. Mr. Westbee has served as president of the bank since 1975. Montana News BILLINGS: First Trust Montana has elected Timothy J. Healey chair man and chief executive officer and David L. Servies president. Mr. Healey, who will retire December 31, has served as president since 1979. He joined First Bank System in 1963. Mr. Servies joined the bank in 1979 as vice president and manager of the Billings division. Prior to that time he was associated with SeattleFirst National Bank, Washington. ASK JO HN MANGOLD to make MNB work for you. Toll free 1- 800- 332-5991 Merchants National Bank IS I Member F.D.I.C. A ‘BANKS OF IOWA’ BANK Loan participation through us can help improve your bottom line For that reason, banks in Iowa depend on Correspondent Banker Dick Flesvig ♦ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F irs t B a n k S a in t P a u l Member First BankcSystem Correspondent Banking Division 332 Minnesota Street Saint Paul, Minnesota 55101 (612)291-5577 Portable Modular Bank Building Ag Banking Personnel Let us help you. Call the ag lending personnel specialists without cost or obligation. Confi dential. Employers pay us to hire the best. POSITIONS AVAILABLE CEO for progressive eastern Nebraska bank. Requires heavy administrative and lending background.To $55,000. CEO for $100 million Upper Midwest Bank. Requires per son now in a senior capacity in a bank of $50 million or more. Extra benefits including car, profit plan.To $85,000. Senior Ag Lender for larger multi-bank holding company bank in Upper Midwest. Requires strong ag lending back ground..............................................................To $40,000. Correspondent Bank Head for major midwest bank. Re quires strong lending and administrative abilityTo $50,000. Correspondent Banker for major bank. Must know lending and possess business-getting ability............... To $38,000. Commercial Lender for $100 million bank located in Upper Midwest............................................................To $32,000. Linda: 515/394-5827 Jeannie: 515/263-9598 if New Hampton, la. 50659 no answer, 712/779-3567 I Massena, Iowa 50853 donC4RTOK, INC. THE ORIGINAL AGRICULTURAL RECRUITER General Bank Equipment S Systems, Ine. FOR SALE RENT, RENT, Single pocket NCR 775 as low as $95.00 per month. Other bank equipment available. Call Bill, Bankers Elec. Equip. 308/384-5995. (FS) RR 45, Box 115 Hiway 73,3 Vz Miles North of Int. 680 Omaha, Nebraska 68152 (402)453-3000 Lease* Rent* Buy MARKET RESEARCH COMMUNITY ATTITUDE SURVEYS ...Since 1937 Central Surveys, Inc. P.O. Box 100 Shenandoah, Iowa 51601 ___________ (712) 246-1630 Walk dow n the tellers line this morn ing. Are you proud of their appear ance? If not, call us and find out how only $1 .0 0 per day per teller will help. M e A jy io e k & ~ ^ CAREERAPPAREL N. M ain St., C arroll, la ., 51401 712-792-2748 Estate Appraisals Purchase of Collections Sale o f Rare Coins Reliable and respected service for over 20 years Used by bankers throughout the midwest Ben E . Marlenee Coins 913 L ocust D es M oin es, Iowa 50309 515-243-8064 A large quantity of NCR 279-300 taller machines, running on-line through 751 concentrators or 3250 controllers. Also available are the 751 concentrators and 3250 controller and passbook printers. We will sellindividuallyor large quantities. PRICE BREAKS.Machines are under maintenance. Call 512-250-0794. (FS) Twenty-two NCR 2261 on-line teller terminals. Also (5) 3250 controllers. GREAT PRICE. Like-new machines, under maintenance. Call 512-2500794. (FS) Three (3) NCR 7750-2200 proof machines. Under mai ntenance. Cal1512-2500794. (FS) SERVING PROFESSIONALLY Banking, Financial & Business Personnel Iowa and Nationwide CAPITAL PERSONNEL SERVICE 714 U.C.B. Building, 515-283-2545 Des Moines, Iowa 50309 CEO for Illinois community bank. Must have ag lending experience........................................................ To $32,000. Senior Ag Lender for Southern Minnesota Community bank. Excellent location and opportunity.................... To $35,000. Ag Lender with bank experience for eastern Iowa bank located near metro area..................................... To $35,000. Senior Ag Lender for N.E. Iowa bank located near metro area................................................................... To $35,000. Operations/Customer Contact for major Iowa banking group ...........................................................................To $30,000. Installment Lender with farm background. Immediate open ing .......................................................................Low $20s. Number Two Person for N.W. Iowa community bank. Ex cellent conditions...............................................To $30,000 Junior Ag Lenders with two or more years banking ex perience for llinols, Indiana, and Iowa locations................. ............................................................... Salary to $23,000. Write or call Malcolm Freeland, Freeland Financial Service, Inc., 1032 Carriers Bldg., Des Moines, la. 50309. Phone 515/282-6462 in confidence.Employer pays fee. BANK PLACEMENT SPECIALISTS (Our 34th year) Call experienced professionals to locate the right candidate for your vacancy ... or the right “ move-up” for yourself. CORPORATE RECRUITERS MIDWEST BANKING DIVISION 202 S. 71st Street 402/393-5515 Omaha, Nebraska 68132 BANKERS AVAILABLE CEO with proven high performance record in community bank seeks new opportunity....................... Salary $45,000 POSITION AVAILABLE ASSISTANT CONTROLLER—-Four-year accounting degree, a CPA or working toward a CPA. Would like 1 to 2 years experience with a public accounting firm. Send resume to Diane Good, National Bank of Waterloo, 100 E. Park Ave., Waterloo, IA 50704. (PA) Commercial Lenders with experience ranging from three to 20 years..............................................Salary to $50,000 Senior Ag Lenders with experience ranging from 5 to 20 years........................................................ Salary to $40,000 Junior Ag Lenders with one to five years experience. ............................................................... Salary to $25,000 OPERATIONS & PERSONNEL OFFICER for bank in N.E. IA. Some experience helpful. Chance for advancement. Please send Resume. Write file VBC, c/o Northwestern Banker. (PA) Administrative Officers with major banking experience. ............................................................... Salary to $50,000 Installment Lenders with over five years banking ex perience................................................. Salary to $25,000 JR. OFFICER POSITION—$22 million S.W. Minnesota Bank. Salary commensurate with experience. Replies con fidential. Send resume to file VBF, c/o Northwestern Banker. (PA) Operations people with over five years experience............ ............................................................... Salary to $30,000 LESLIE LOWE Bankjng Specialist I recruit and place coast to coast. Let our network of 450 offices serve you. If you are considering an additional officer, we have dozens of qualified applicants listed in most job cate gories. Write or call Malcolm Freeland c/o Freeland Finan cial Services, Inc., 1032 Carriers Bldg., Des Moines, IA 50309. Phone 515/282-6462. Employer pays reasonable fee. POSITIONS AVAILABLE COMML/INSTL. LOAN— $30MM suburban bank desires experienced lender to oversee loan function. $35K World's Largest 1 0 CASHIER— new charter situation. Minimum 3 yrs. opera tions exper. $22K Employment Service Ulwr* flawfuture/Begin PRESIDENT— community bank of $35MM. Must have ex perience as managing officer. $50K 2201 5th Ave., Moline IL (309) 797-1101 One and two bedroom condos on Main Street in Frisco, Colorado at pre-construction prices. Call: 1-800-922-2590 Dwayne Smith Paradise Properties Box S Dillon, Colorado 80435 AGRI LOAN— manage ag portfolio for $30MM bank. Degree desired. $30K INSTL. LOAN— growth opportunity for consumer lender with 2-4 yrs. bank exper. $20K ASST. CONTROLLER— $80MM suburban bank. Degree and some banking background required. $20K Resume’ requested. Many additional opportunities available in midwestern states. TOM HAGAN & ASSOCIATES (FS) 2024 Swift - Box 12346 North Kansas City, MO 64116 816/474-6874 “ Serving the Banking Industry Since 1970” Vol. 12 No. 25 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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