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Can History Teach Us a Lesson? EBATE continues to m ove through the nation’s capital about the importance, or lack o f it, attached to the current $200 billion federal deficit and the projection by some that the figure will go higher in following years. The debate seems to m ove with great deliberation (while more red ink is used) in trying to ascertain if the deficit really is that serious and whether the current econom ic recovery will help reduce it in com ing months. The debate swirls and eddies with the vagaries o f political moves. Only a few among us are trained econom ists, but m ost people seem to have a basic grasp o f econom ics; i.e., spending more than one makes or can reasonably expect to take in by the time the piper has to be paid is recognized as a genuine “ no-no.” Depending on what circle you’re traveling in, it is labeled in various ways as unfortunate, imprudent or—in more basic language—stupid. M ost people know that if you keep running up bills you can’t pay, you need to turn o ff the tap while the tank is re-filled. W e dusted o ff a quotation that ad dresses itself to this same situation. It is from Chapter 7 titled “ The End o f Greatness” from the book “ Im perial Rom e,” which is part o f the series called “ The Great A ges o f D M an.” That chapter says in part: “ Marcus Aurelius died in 180 A .D ., probably o f the plague that was ravaging the Empire. The three centuries between the great age o f this Emperor and the overwhelming o f Rome by barbarians in the Fifth Century, A .D . is often called the epoch o f Rom e’s decline and fall.’ But Romans who lived in those cen turies did not know it was falling. To them, the business o f empire ap peared to go on as usual... It is only in the perspective o f tim e that Rom e’s fall is evident... “ The imperial coffers had been drained by the m ilitary campaigns o f M a rcu s; F in a n c e s w ere henceforth to be a problem that plagued all Roman leaders. He had made matters worse by devaluing the Roman currency 25 per cent... Now Septimius Severus devalued the money by another 25 per cent and in addition raised existing taxes and devised new ones... “ But none o f these measures was sufficient. Just as the age o f peace had brought Rome prosperity for which all emperors could take credit, so the age o f wars brought econom ic and social difficulties which no emperor could resolve. The increas ing taxation which war required depleted the treasuries o f provincial cities and also o f individual citizens: some members o f the upper classes were driven to forfeit their rank and retire to lower social orders where the financial burdens were less. Thus, paradoxically, higher taxes led to a decline in revenues. “ A t the same time, the numbers o f the poor increased. To ease thenburden—and allay their unrest— Severus system atically distributed food, money and medicine, putting an additional strain on the imperial budget. The state, it seemed, could not meet all the demands that were placed upon it, yet could not endure without m eeting them .” W e should rest our case here, but human nature being what it is, we must add a question: “ Where are the statesmen we need today; ones who will keep their eyes on the longrange welfare o f the nation and world, and not on the election calen dar?” Ben Haller, Jr. Publisher Kansas City Fed Accepts Nominations for Directors The terms o f two directors o f the Federal Reserve Bank o f KansasCity will expire at the end o f this year and nominations are currently being taken for their successors. The deadline for nominations is O ctober 28, with elections being held November 14-29 and newly ASK JOHN MANGOLD to make M NB work for you. Toll free: 1-800-332-5991 Merchants National Bank 1:1 M em ber F.D.I.C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A BANKS OF IOWA BANK 2 Norwest Bank Des Moines, N.A. Call (515) 245-3131 or toll-free (800) 362-2514 Member FDIC NORWEST BANKS GRAN D ISLAN D : Five Points Bank has prom oted Lenora Cor nelius to vice president and cashier. Ms. Cornelius has been with the bank since 1971, serving as cashier since 1980. T e a m w o rk : one of the reasons w e ’re first in Iowa. Sue Van Dyke Bob Peterson elected d irectors takin g o ffice January 1. Nominations may be made by the smaller banks (those with capital and surplus o f less than $1 million) in the Tenth Federal Reserve District. The two directors whose terms ex pire are W ayne D. Angell, chairman o f First State Bank o f Pleasanton, Kansas, who is eligible to seek reelection to a second three-year term, and James G. Harlow, Jr., chairman and president o f the O k la h om a G as C om p a n y o f Oklahoma City, has com pleted two consecutive terms and thus is in eligible for reelection. Iowa News Bank Adm inistration Institute will be co-sponsoring its October dinner m eeting/ seminar with the Des M oines Chapter o f American In stitute o f Banking, to be held O cto ber 20 at the Hyperion Field Club, Grimes. The evening’s topic will be “ M icro -Computer Concepts,” and will be presented by a panel o f guest speakers. Social hour will begin at 5:30 p.m. followed by dinner at 6:30 and m eeting at 7:30. Cost per person is $15. For more information contact Jeff M cMullin, d o East Des Moines Na tional Bank, Des Moines, Iowa 50316. DES M OINES: Michael L. Feeney has joined the staff o f Bankers Trust Company as vice president, assigned to the commercial business development group. He will be reporting directly to Larry Frowick, senior vice president, and his responsibilities include agriculture loan portfolio management and development o f commercial banking accounts. FORT DODGE: United Central Bank & Trust m oved into its new building here last week. A tentative open house date is November 14. W IN TE RSE T: A t Union State Bank, Richard D. Irvin and Roger J. Fredericks have been prom oted to vice president and Bradley D. G olightly to assistant vice presi dent. Mr. Irvin will be working in consumer and student loans. Mr. Fredericks joined the bank in March o f this year. Mr. G olightly joined the bank in 1983 and will serve in the agricultural and commercial loan department. Nebraska News The Mid-Plains Group o f the Na tional Association o f Bank Women will hold its O ctober meeting at Johnny’s on Tuesday evening, Oc tober 25, at 6:30 p.m. The guest speaker for the meeting will be Evelyn Schafer, the Nebras ka state council chairm an for N ABW . Ms. Schafer served as chair man for the Mid-Plains Group for the 1981-82 term and has been a member o f the group for 13 years. Professional ... Responsive... Call Mark Christen for any correspondent service. Call toll free (800) 622-7262 Valley National Bank in DES M O INES, IOW A 50304 A BANKS OF IOWA BANK M em ber F D IC https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The topic for the meeting will be an N ABW Update, covering recent changes that were determined at the national convention in Dallas in Setember. G REELEY: Controlling interest in the City National Bank has been purchased by James M. McQuillan and W illiam McQuillan. In addition, the latter Mr. McQuillan has joined the bank as executive vice president, cashier and director. He m ost recently was senior vice president and director o f the Palisades Na tional Bank in Palisade, Colorado. H OLDREGE: The First National Bank has elected Joan T. Swan vice president. M rs. Swan has served as a director for more than five years and has served on the board’s audit com m ittee since 1978. She is daugh ter o f Liscom b W . Titus, past bank president and Gladys H. Titus, former chairman. N ORFOLK: Paul Zutz, retired longtim e officer o f DeLay First Na tional Bank, died last month one day before he would have turned 83. Mr. Zutz started in the banking business in 1921 at Hoskins and in 1924 was em ployed by the former Nebraska State Bank. In 1930, when the DeLay First National Bank was organized, he began employment there, and in 1931 was made a direc tor. For 38 years he was an exec utive officer o f the DeLay Bank un til retiring in 1968. He continued on the board o f directors until the time o f his death. NORTH PLATTE: The FDIC has granted final approval for the merger o f Am erican State Savings Company and Am erican Security Bank, announced Dean Nieden, chief executive officer and chairman of American Security Bank. State approval w as given in Ju ly. American Security will now have three facilities: the main bank, the newly named Mid-Towne and SouthTowne. U PLAND: Minden Exchange Bank & Trust Company, Minden, recently received approval from the Director o f Banking and Finance to acquire substantially all o f the assets and C A L L O N T H E “P E R F O R M A N C E T E A M ” where com m on transactions are handled uncom m only well. FIRST NATIONAL LINCOLN 13th & M Street • Lincoln, Nebraska 68501 • M em ber, F.D .I.C. # lia b ilitie s o f the U pland C o operative Credit Association, to liq uidate the Upland Co-operative Credit Association and to operate a branch o f the bank in Upland. Minnesota News M ANKATO: Norwest bank Manka to, N.A. has announced the addition of Michael J. Buzzell as vice presi dent o f loan administration in the com m ercial banking department. Mr. Buzzell began his banking career in 1978 with Norwest Corpor ation as a bank examiner. M APLE GROVE: James H eig, president o f Norwest Bank here, has anounced the election o f Keith Bent ley and Mark M ontag as vice presi dents. Mr. Bentley joined the bank in 1980 as assistant vice president in operations. Mr. M ontag joined in 1981 as controller. Illinois News T é m m On N ovem ber 4 the Illinois Bankers Association will participate in a live, satellite-fed video telecon ference on the provisions o f backup withholding. The teleconference will be held at Decatur H oliday Inn and the Mar riott O ’Hare, where attendees will have the opportunity to hear expert speakers address the operational, marketing and custom er relations policy changes that stem from this legislation. President Reagan signed the bill in August and implementa tion begins January 1, 1984. For more information call Fred Straub at 217/ 789-9340. Junck vice president and senior lending officer in Vermillion and Sally LaBau, vice president in M il ler. Mr*. Junck started at the Sioux Falls main office in 1974 as ag rep. In 1977 he was prom oted to vice president and ag loan officer. Ms. LaBau joined First Bank Miller in 1971, serving as cashier and opera tions officer since 1981. D EN VER: Shareholders o f InA ssista n t A tto rn e y G eneral traW est Bank on September 30 ap Marilyn Foss has been appointed proved the merger o f the bank into Commissioner o f the Department of First Interstate Bank o f Denver, Banking and Financial Institutions creating the state’s largest bank by Governor Allen I. Olson, effec with assets o f more than $2.4 billion. tive O ctober 15. Ms. Foss succeeds The merged First Interstate Bank Lee M. Stenehjem, Jr., who this opened October 3 at 633 17th Street. summer was appointed director o f The bank also will have a drive-in the O ffice o f Management and bank at 18th and W elton and a Budget. A native o f M inot, Ms. Foss has been with the A ttorney General’s of fice since January, 1982, and has served as legal counsel for the Bank ing Department. Montana News In response to what was felt to be a significant need, the Montana Bankers Association and the W yom ing Bankers A ssociation are cospon soring a one-day seminar for bank directors to be held November 4 at the Heritage Inn in Great Falls. A reception is planned for Thurs day evening, November 3 from 6:00-7:30 with registration beginn ing at 5:30. The registration fee o f $100 includes the reception, a con tinental breakfast, lunch on Friday and all handout materials. Wyoming News f ■ l \ ju e’reyour ” best authorities for bond portfolio management recommendations. Our quality is your key to success. Contact: Leroy Bell or Milt Hennick 319- 291-5412 E ^ a^com ®puterized local billing/credit service National Bank of Waterloo 315 East 5th St. • W aterloo, IA 5 0 7 0 4 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C o m e to the quality investment specialists in Nebraska and Iowa. CASPER: C.W. Derby, vice presi An important new profit center for your bank: - Colorado News North Dakota News South Dakota News SIO U X FALLS: First Bank of South Dakota has elected Gary dent o f operations for The W yom ing National Bank, has transferred to A ffiliated Bank Corporation to assume a newly created position o f vice president in charge o f opera tions. Mr. Derby joined W yom ing National in 1977 follow ing a long term banking carer centered in Col orado. Member Federal Reserve System FDIC Jeff Goble kl Dave Dickens Investment Banking Division UN ITED MISSOURI BANK Member FD,C ^ 10th and Grand o P.O. Box 226 Kansas City, Missouri 64141 (816) 556-7 200 detached facility at 17th and Stout, featuring both drive-in banking and a lobby. IntraW est’s current de tached facility at 13th and Tremont streets will be merged into the 17th and Stout streets office. 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 North Central Iowa community bank....................... Salary Open. 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 $ Massena, Iowa 50853 danCAREERS, INC. ■ J THE ORIGINAL AGRICULTURAL RECRUITER CE O 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.Iowabank located near metro area........................................................................... To $35,000. A S S IS T A N T C O N T R O L L E R — 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) SERVING PROFESSIONALLY Operationa/Cuatomer Contact for major Iowa banking group .................................................................................... To $30,000. Banking, Financial & Business Personnel Iowa and Nationwide Installment Lender with farm background. Immediate open in g ....... ..................................................................... Low$20s. CAPITAL PERSONNEL SERVICE Number Two Person for N.W. Iowa community bank. Ex cellent conditions..................................................... To $30,000 714 U.C.B. Building, 515-283-2545 Des Moines, Iowa 50309 Junior Ag Lenders with two or more years banking ex perience for llinois, Indiana, and lo'wa locations................... ........................................................................Salary to $23,000. OPERATIONS A PERSONNEL O FFICER for bank in N.E. IA. Some experience helpful. Chance for advancement. Please send Resume. Write file VBC, c/o Northwestern Banker. (PA) JR. O FFICER POSITION— $22 million S.W. Minnesota Bank. Salary commensurate with experience. Replies con fidential. Send resume to file VBF, c/o Northwestern Banker. (PA) INSTALLM ENT LOAN OFFICER— 25 million suburban bank. Bank or finance company experience required to begin consumer lending immediately. Need good PR skills. Salary commensurate with experience. Send resume and salary history to file VBE, c/o Northwestern Banker. (PA) Immediate opening for MANAGER O F BANK INSURANCE AGENCY along with part-time banking. Located In west central Minnesota near Willmar. Contact Don Collins, First State Bank, Murdock, MN 56271. Phone 612/ 875-2431. (PA) ENTRY LEVEL OPENING— College graduate preferred with strong livestock background. North central Iowa $22 million bank In 900 population town. Contact Howard F. Garton, Iowa State Bank, West Bend, Iowa 50597. (PA) Write or call Malcolm Freeland, Freeland Financial Service, Inc., 1032 Carriers Bldg., Des Moines, la. 50309. Phone 515/282-6462 in confldence.Employer pays fee. BANKING If you would like to evaluate your career, my clients across the country have a wide range of needs in operations, lending, and trust. Salaries are in the $20-80,000 range. Clients pay our service charge. Call or write: Walt Heyne, Dunhill of Fayetteville Box 1570, Rogers, Arkansas 72756 Phone: 501/636-8578 czHoCclsx and ¿z/f's.s.ocLats.i Bank Consultants P.O. Box 450 515-232-0814 405 Main Ames, Iowa 50010 E. Holder, Principal POSITIONS AVAILABLE Executive Vice President, Large Bank, Oklahoma OPEN Division Head, Corporate Lander, Arkansas $38,000-$45,000 Commercial Lander, #3 man in Department, Iowa $22,000-$25,000 Ag Representative, $40mm bank, Kansas $38,000-548,000 #2 In Large Ag Department, Missouri OPEN SVP, Commercial/Ag lander, $80mm Bank, Illinois $40,000545,000 #3 Man, Head of all Loans, Kansas #2 Man, Small Bank, Missouri EXECUTIVE BANK RECRUITING Why Not a Higher Paying Position? Call us and lets talk about your banking career. R.E.B. & Associates Executive Search Consultants 13625 C. St., Omaha, Nebraska 68144 Phone: 402/333-8248 or 333-6604 BANKERS AVAILABLE $38,000-546,000 $22,000-$28,000 CEO with proven high performance record in community bank seeks new opportunity..........................Salary $45,000 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 un til you are interested in interviewing. Commercial Lenders with experience ranging from three to 20 years......................................................Salary to $50,000 Eighteen years of banking service as President of both rural and metropolitan banks enables me to find the right bank ing environment for you. Phone or send resume to: Don W. Schooler, 2508 East Meadow, Springfield, Missouri 65804. Phone (417) 882-2265 (24 hrs.). don - S choolerT AND jSfiw) ASSOCIATES “Successful Banking is Quality Personnel” “Banking Em ploym ent A gen cy ” A large quantity of NCR 279-300 teller machines, running on-line through 751 concentrators or 3250 controllers. Also available are the 751 concentrators and 3250 controller and passbook printers. We will sell individually or 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. G R E A T PRICE. Like-new machines, under maintenance. Call 512-250-0794. (FS) Three (3) NCR 7750-2200 proof maintenance. Cal1512-250-0794. machines. Under (FS) Specializing in Bank Acquisitions D onald All positions are in Missouri, Iowa, Kansas, Arkansas or Oklahoma Commercial Head, Illinois $30,000-$40,000 Ag Lender, Missouri, Small Town $30,000-$36,000 Ag Lender, Missouri, Small Town $22,000-$26,000 FOR SALE 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 Administrative Officers with major banking experience. ........................................................................Salary to $50,000 Installment Lenders with over five years banking ex perience..........................................................Salary to $25,000 Operations people with over five years experience............. ........................................................................Salary to $30,000 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. 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 (FS) POSITIONS AVAILABLE COM M L/INSTL LO AN — $30MM suburban bank desires experienced lender to oversee loan function. $35K CASHIER— new charter situation. Minimum 3 yrs. opera tions exper. $22K PRESIDENT— community bank of $35MM. Must have ex perience as managing officer. $50K AGRI LO AN — manage ag portfolio for $30MM bank. Degree desired. $30K INSTL. LO AN — growth opportunity for consumer lender with 2-4 yrs. bank exper. $20K ASST. CO N TR O LLER — $80MM suburban bank. Degree and some banking background required. $20K Resume’ requested. Many additional available in midwestern states. opportunities TOM HAGAN & ASSOCIATES 2024 Swift - Box 12346 North Kansas City, MO 64116 816/474-6874 “ Serving the Banking Industry Since 1970” Vol. 12 No. 26 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 mall 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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