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October 24,1983 Des Moines, Iowa Vol. 12 No. 27 A t A B A Convention in Honolulu— Ex-Pres. Ford: ‘ Peace Through Strength’ ITH the applause o f several W thousand bankers and wives resounding through the Neal Blaisdell Center, former President Gerald R. Ford addressed the second gene ral session o f the American Bankers Association annual convention in G.R. FORD C.R. BRENTON Honolulu O ctober 11. Expressing stro n g su p p ort fo r P resid en t Reagan’s determination to re-arm the nation as a protective measure, Pres. Ford called for, with great em phasis and em otion, “ Peace through Strength.” His talk was one o f eight m ajor addresses to the general sessions on M onday and Tuesday. The conven tion was attended by approxim ately 12,000 persons. Installation o f officers also took place at the Tuesday m orning ses sion. C. Robert Brenton, president Brenton Banks, Inc., Des M oines, la., was advanced to the presidency o f A B A , succeeding the extrem ely well-liked William H. Kennedy Jr., chairman o f National Bank o f Com merce in Pine Bluff, Ark., who pre sides in the com ing year as chairman o f the A B A Council. The new presi dent-elect is James G. Cairns, Jr., president, Peoples National Bank of W ashington, Seattle. Elected trea surer was Harry R. M itiguy, presi dent, Howard Bank, Burlington, Vt. A ny banker who was unable to at tend the convention, or did not sit in on the general sessions, m issed some excellent addresses and may wish to contact A B A to arrange for the pur chase o f tapes for selected talks (an entire set o f tapes may be purchased for a flat fee). A more detailed report will be published in the November N orthwestern B anker . Pres. Ford gave his wholehearted support to Fed Chairman Paul Volcker, who had spoken the previous day at the first general session, stating “ He is doing a very superb jo b under the m ost difficult circum stances.” He also called upon Con gress to give the IM F its full back ing and said the needed funding is crucial to this nation and the world. W orld Conference Report In describing a three-day confer ence he chaired recently in Vail, Colo., for some o f the top financial leaders o f the world and about 50 top U.S. businessmen, Pres. Ford re ported “ they all admired the United States recovery, but had skepticism about its sustainability.” He said they were all concerned about trade barriers and that the expansion of world trade was considered a basic for the developing nations of the world. The U.S. businessmen pre sent all were willing to com pete in this environment, he added, but on a fair basis. Pres. Ford said further that con cern was expressed at the conference about the $700 billion debt o f devel oping nations. Those in attendance at the m eeting in Vail were nearly unanimous, he stated, in the opinion “ that the International M onetary Fund, with U.S. support, is the only means of bringing fiscal discipline to these countries.” They all felt that M exico is doing a great turnaround, but were disappointed in Brazil. Mr. Ford then went on to say that “ the m ilitary challenge o f the Soviet Union requires the United States to strengthen its strategic, as well as conventional, forces. This, “ he said,” will bring peace through strength.” “ But the m ost interesting consen sus,“ he continued, “ was that the free world looks to and depends on United States leadership in all these undertakings to meet the challenge of the Soviet Union and the threat o f communism around the globe. I was proud o f our country; that it was recPEACE THROUGH STR E N G TH ... 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A ny marketing program initiated * * * and com pleted by a member bank between September 1, 1982 and The Iowa Society o f Certified August 31, 1983, can be .entered in Public Accountants is sponsoring a one o f six categories: retail, commer Banker/CPA forum entitled, “ A cial, agriculture, trust, institutional Banker and a Regulator Discuss (name changes, bank openings, etc.), Deregulation,” to be held November and com m unity relations. A sset size 9 at the Savery H otel in Des M oines. groups have been established to al Paul Dunlap, president o f Hawklow banks to com pete equally. eye Bancorporation, and Tom Hus Three place winners will be named ton, Superintendent o f B anking, in six categories: newspaper, print, Iowa Department o f Banking, will radio, television, outdoor, and spe- be the speakers for the forum. Both are uniquely qualified to speak about the opportunities and con cerns arising out o f deregulation. The cost is $15 and will include lunch which will be at 12:00 and im mediately followed by the forum. For more information contact Iowa Soci ety o f CPAs, W est Des M oines, (515) 223-8161. * * * ASK JERRY TRUDO to make MNB work for you. Toll free 1- 800 - 332-5991 Merchants A National Bank 151 Member F.D.I.C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A BANKS OF IOWA' BANK A series o f Insurance Continuing Education Seminars are scheduled to be held at five locations during November. Each seminar is approv ed for ten hours o f continuing educa tion credit by the Insurance Depart ment o f Iowa, and will run from 8:00 a.m. - 6:00 p.m ., with registration at 7:30 a.m. Seminars will be held at: H yatt House, Des Moines on Nov. 7; Hil ton Inn, Sioux City on Nov. 9; Holi day Inn, Red Oak on Nov. 11: Red Fox Inn, W averly on Nov. 15, and Holiday, Burlington on Nov. 17. For inform ation contact Jeanette M. Ellington, Iowa Bankers In surance Services, Inc., 1-800-532-1423 or (515) 286-4371. D ES M O IN ES: U nited Central Bank has announced the election of Don Russell as vice president in farm management and Larry R. Cobb as senior trust investm ent of ficer. Mr. Russell previously was with Hawkeye Farm Management where he was chief executive officer. He started in his new position Oc tober 17. Mr. Cobb, for the past 11 years, has been with Valley National Bank in Des Moines. FORT M ADISON : Richard Reeder has been appointed vice president, commercial loans, at the Lee County Savings Bank, Mr. Reeder previous ly was em ployed by the Iowa Bank ing Department as the senior ex aminer headquartered at M t. Plea sant. H A Y E SV ILLE : C.J. M ertz, presi dent o f the Hayesville Savings Bank has announced the prom otion of Neal Conover to senior vice presi dent, administration. Mr. Conover joined the bank in 1979. In addition, Paul Quam, form erly from the Home State Bank, Jefferson, has joined the H ayesville bank as vice presi dent and ag service director. NEW A LB IN : J.E . W elsh, 89, retired president o f the New Albin Savings Bank, died O ctober 1. Mr. W elsh had retired from the bank in January o f this year follow ing 63 years o f service at New Albin Sav ings. Recine for sucre«.«.. ' ■ >11 i 0 ¡i fcafr* i ' ■ •\ 1 1 Am _______ fjlÛ bZûÆ f* ty B em ie Miller, C orrespondent Banking Officer, has over 30 years o f hanking experien ce, and the recipe fo r success" Help yourself by calling Bemie Supplement to Northwestern Banker Newsletter 10-24-83 How to win the brokerage service battle on your own terms. oday, the advantage in the brokerage service war goes to the bank with tfie most competitive weapons. United Missouri’s correspondent bank brokerage program can give your bank the winning edge. 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Box 232 o Kansas C ity, M issouri 64141 o (816) 842-2222 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis iFHutton One Carriers Building Des Moines, Iowa 50309 Telephone: (515) 243-1203 NEW ISSUE S&P: AA MOODY’S: Al We own and offer subject to prior sale and change in price and subject to our attorney’s approving opinion: $ 18,000,000 STATE BOARD OF REGENTS, STATE OF IOWA Academic Building Revenue Bonds, Series I.S.U. 1983 (Iowa State University) DATED: November 1,1983 DENOMINATION: $5,000 Both principal and semiannual interest (January 1 and July 1; first coupon due July 1,1984) payable at the office of the Treasurer of Iowa State University of Science and Technology, Ames, Iowa. IN THE OPINION OF COUNSEL INTEREST ON THESE BONDS IS EXEMPT FROM ALL PRESENT FEDERAL INCOME TAXES. MATURITIES 9.50% 8.20% July 1,1996 $1,000,000 1,000,000 July 1,1986 6.10 $1,000,000 8.20* July 1,1987 6.40 8.50% 8.40% $1,000,000 July 1,1988 6.70 $1,000,000 July 1,1997 8.40* 1,000,000 July 1,1989 7.00 1,000,000 July 1,1990 7.20 8.50% 8.00% $1 ,0 0 0 ,0 60 July 1,1998 8.50* $1,000,000 July 1,1991 7.40 1,000,000 July 1,1999 8.60* 1,000,000 July 1,1992 7.60 1,000,000 July 1,2000 8.70* 1,000,000 July 1,1993 1,000,000 7.70 July 1,2001 8.70* 1,000,000 July 1,1994 7.85 1,000,000 July 1,2002 8.70* 1,000,000 July 1,1995 1,000,000 8.00* July 1,2003 8.90* * Bonds callable July 1,1994 at 100% plus accrued interest plus a premium equal to 1/2 of 1%, but not to exceed 3%. The Iowa State University is located in Ames in the central section of the State. The present campus includes about 1,730 acres with its cen tral area landscaped as a natural park. Cultural and social amenities traditional to university life have been enhanced by the Iowa State Center. This complex of four buildings, which was financed entirely from gifts, grants and designated student fees, include: The C.Y. Stephens Auditorium, which seats 2,700 and has excellent acoustics for performances; The Fisher Theater which is used for drama and other cultural events; The Hilton Coliseum, with a seating capacity for 14,000 which is used for indoor athletic contests, mass meetings and arenatype entertainment; and The Scheman Continuing Education Building which has an auditorium, meeting rooms, food service facilities and of fice space to accomodate the University’s continuing education program. The eight colleges into which the University is divided are: Agriculture; Design; Engineering; Education; Home Economics; Sciences and Humanities; Veterinary Medicine; and the Graduate College. In the past several decades, Iowa State University of Science and Technology retained its traditional preeminence in the practical arts and sciences and has expanded its research in electrical engineering and atomic physics. Presently, the Institute conducts basic research in nuclear energy and has conferred over 1,500 graduate degrees to students whose research was accomplished at the Ames Laboratory. The University has experienced fairly steady enrollment growth over the past decade with the 1983 Fall semester headcount of 26,020. These bonds are being issued to provide funds for the construction and equipping of an agronomy building addition and supporting utility services for College of Agriculture use on the Iowa State University of Science and Technology campus. Available Student Fees and Institutional Income Academic Year 1983-84 Estimated.......... .. . 1982-83 ............................ 1981-82 ............................ 1980-81 ............................ Tuition and Fee Revenue (1) $36,687,218 32,051,580 25,836,994 22,949,836 * Average * Maximum General Annual Annual Institutional $6,465,595 $9,903,145 Income (2) 5.67 x 3.70 x $3,540,000 4.96 x 3.24 x 3,456,196 4.00 x 2.61 x 3,472,169 3.55 x 2.32 x 3,450,925 Notes: (1) Pledged to Academic Building Revenue Bond debt service (including this issue and all outstanding parity issues) per the Bond Resolution. (2) Income which has no restrictions or priorities and is available for Academic Building Revenue Bond debt service if tuition and fee revenue is inadequate to cover debt service requirements. * Estimated 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. m aturity may or not not s till be available or may now be available at a price or yield different from that indicated above. Bonds of a particular https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4 PEACE THROUGH STR EN G TH ... (Continued from page 1) ognized as the savior o f the free world. “ I have since asked m yself, ‘Are we prepared to accept this role o f world leadership?’ I ’m convinced we are! And I support our drive to achieve strength to preserve peace. “ I am aware also o f the threat on the part o f those who would make this a welfare state. In the early 1960s our defense costs took 45 to 48% o f the budget, and entitlements took 25%. Now, those positions are reversed, and I remind m y friends who advocate this pursuit that a governm ent willing to give us every thing we want is a governm ent big enough to take from us eveything we have!” Pres. Ford said that in Great Brit ain “ M argaret Thatcher got an over whelming mandate to reverse that nation’s social welfare policies; the same for Germany and our friends there. France elected the Socialist M itterand and now they have a cata strophe in their finances, but they have stood firm ly with us on NATO. The m ajority o f public sentiment in these countries supports us, and the trend away from hatred o f America is heartening, but this gives us a challenge and if we don’t meet it, our allies will becom e discouraged and we will stand alone.” Issues to Test Character He then listed “ two issues to test our character and wisdom. The first is to pursue sound fiscal policies to be strong. The second, strengthen ing and modernizing our m ilitary strength must be solved simultan eously and interchangeably. W e can’t do one without the other. I be- Don’t gam ble when choosing o correspondent bonk. Come to the professionals. UMTED CENTRAL RANK OF DES MOINES. N A ■ MEMBER FDIC ■ (S15) 245-7111 AFFILIATED W ITH UNITED CENTRAL BANCSHARES. INC. TOLL FREE NUMBER (800) 362-1615 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis lieve strongly that we must re-build our Arm y, Navy and Adr Force to meet and contain any contingency. W ith some minor changes, I support President Reagan’s plans. “ I support the new B -l bom ber re placement program. W e need the M X -1 missiles. W e must expand the Navy from 450 to 600 capital ships. I ju st as strongly support negotia tions for control o f long-range and medium missiles. When I met with Mr. Breshnev we sought at Vladivo stok to achieve peace without war. I can tell you we kept up our guard while I was there! “ President Reagan is doing the same to re-build our strength, while negotiating for peace. “ Fiscal control likewise is im por tant. The m ost serious item is our deficit o f about $200 billion. Uncle Sam in a 12-month period spent $800 billion, took in $600 billion and borrowed $200 billion, or 25% ! That m ight be OK for one year, but for several successive years it’s cata strophic. Since 1980, government expenditures have hemorrhaged— $581 billion in 1980, $661 billion in 1981 and $730 billion in 1982, and now $800 billion. “ W e haven’t been able to cut the budget, but President Reagan has reduced the increase to 5%. W e have to keep the lid on.” Pres. Ford also discussed the con stitutional amendment to balance the budget, stating “ it won’t work. It’s full o f loopholes and I know if there is one, Congress will exploit it. Even if approved today, it wouldn’t be effective for five years. So, the real answer is election o f those Dem ocrats or Republicans who will stand up strong and tall and vote against the pressures and vote no to increased expenditures. And when you find them, support them! Tell them so.” Optimism for Future In concluding, Pres. Ford said with a warm smile, “ I ’m always an optim ist, even though we have a lita ny o f problems. The dark econom ic clouds are clearing. If we look back two and a half years to the dark con ditions when President Reagan took over we see double digit inflation, high interest rates, falling business and other adverse conditions. “ I feel our bright American future will prevail. Our nation was born in strife—13 states and three million people with courageous standards. W e built a nation. W e fought a war within ourselves and healed. W e fought two world wars and then helped friend and foe alike to re build. W e’ve had tough times, but we faced them. Our forefathers faced ^ their problem s and didn’t lose hope! “ Under our system we’ll have hot political campaigns, but let’s re member to only singe and not bum ! Let us remember our unwritten com- ® pact o f respect for others and their opinions.” □ ABA, I BAA Both Object to Demand Deposit Interest Rowland J. McClellan o f the Am erican Bankers Association and Noel Estep o f the Independent Bankers A ssociation o f America both told the House Banking Sub com m ittee on Financial Institutions that legislation to allow payment of interest on demand deposits, if en acted by itself, would hurt the very people it is intended to help. Mr. McClellan, chairman and president o f Bank o f W isconsin, Janesville, said “ further increases in lending rates will contribute to an increase in the number o f problem loans, particularly in the sensitive small business and farm sectors.” He had estim ated earlier that at his bank he would have to raise lending rates by 45 basis points to offset in terest on demand deposits. Mr. M cClellan listed four m ajor impediments lim iting banks’ ability to adjust to these increased costs: Inability to offer a wider range of financial services and thus compete; usury ceilings im posed by some states; the im plicit tax on banks through required non-interest bearing reserves, and the large number o f bankruptcies resulting from abuse o f bankruptcy laws. Mr. Estep, president o f Southwest National Bank in W ichita, Kan., said the proposal would slap some $20 billion in new annual in terest costs on banks at a time o f record high problem s. He told the subcommittee, “ Community banks do not get IM F intervention when our loans to farmers or small busi nesses go bad. W e are not eligible for the thrifts’ net worth assistance program. W e pay a higher effective tax rate. And we are now asked to pay market rates and com pete against these com petitors who are protected by governm ent action from the full range o f market risks and discipline.” * # # • • ® ^ ® m ® ^ ® ^ Nebraska News H ASTIN G S: Edward B. Cosgriff, chairman and president o f City Na- ^ • ^ 0 0 0 0 • • • • ^ tional Bank and Trust Company from 1956 to October, 1973, died October 11 at his home in Las Vegas, Nevada, where he had resided since his retirement from banking in 1973. LINCOLN: Omaha National Corporation o f Omaha announced re cently its intention to make a cash offer at $40 per share for up to 775,000 o f the common stock of First National Lincoln Corp., or approxim ately 45% o f the outstanding shares. Omaha National Corpora tion’s principal subsidiary is Omaha National Bank, Nebraska’s largest bank $1 billion assets, while the Lincoin holding com pany’s main sub sidiary is First National Bank & Trust Co. o f Lincoln, the state’s se cond largest bank $787 million as sets. John D. W oods, chairman and CEO o f Omaha National, said if the merger o f the two banks proceeds as discussed earlier, they will be joined in a multi-bank holding company to be named Firstier, Inc. Any First Lincoln stockholders not wishing to accept the $40 per share offer will receive .85 shares o f Firstier com mon stock; Omaha National stock will remain as one share o f common in the surviving company. M AYW OOD: The board o f directors o f Farmers State Bank has elected M ax Chehey presiden t. R oger Thuman, form er president, was elected chairman. Mr. Chehey has been with Farmers State since 1945, m ost recently as executive vice president and cashier which he was elected to in 1979 when Mr. Thuman became semi-retired. O M AH A: John M. Shonsey, board chairman o f American National Bank, has announced the election of Harold G. “ Hal” Haver as president and chief executive officer o f the bank. Mr. Haver and Allen G. Lo zier, chairman o f the board o f the Lozier Corporation, Omaha, have been elected to the bank’s board of directors. Robert L. Zabawa, former 5 president o f American National, has been named to the newly created post o f assistant to the president. Mr. Haver is a 27 year veteran o f the banking industry, m ost recently ser ving as president o f United Central Bank and Trust in Mason City, Iowa. Minnesota News NEW PORT: Town & Country Bank has announced the election o f Kathleen A. Krause as vice presi dent and manager, m ortgage bank ing services. Ms. Krause has been involved in the m ortgage hanking industry in the Twin Cities for a number o f years and m ost recently was associated with First Bank St. Paul as manager/real estate officer o f its home loan division. G eneral Bank Equipment; & S y s t e m s , Inc. RR45, Box115 RED LAKE FALLS: O.P. “ Bud” Hiway 73,3 Vz Miles North of Int. 680 Omaha, Nebraska 68152 Gjerdingen, president o f the Red (402)453-3000 Lake County State Bank, has sold Lease* Rent* Buy his interests in the bank to Glenn A. Solsrud. Since 1970, Mr. Solsrud has been m ajority stockholder o f the assumed full responsibility for the Peoples State Bank o f Augustana. bank’ s commercial loan department operations. According to Mr. Solsrud, present management and staff will continue Wyoming News to operate the bank with Mr. Gjer dingen assisting during the interim. RIVERTON : Dennis Heckart has been prom oted to executive vice president o f Riverton State Bank, Illinois News according to A lvin Sparky Olson, CHICAGO: Donald D. Thornburg, president. Mr. Heckart is a graduate chairman and president o f Sears o f the University o f W yom ing and Bank and Trust Company, has an has had 12 years banking experi nounced the prom otion o f Rhea ence. M oody to vice president, credit ad ministration. Named assistant vice Montana News presidents were: Paul L. Carson, BILLIN G S: Under terms o f a recent m etropolitan banking; Barbara K. agreement, Security Banks o f M on Doherty, travel center, and Michael tana and Commerce Bancshares of J. O ’Connell, secured lending. W yom ing, Inc., Sheridan, will be EVANSTON: Elizabeth Soter has been prom oted to senior vice presi dent at the Evanston bank. Mrs. Soter, who has been with the bank since 1969, was serving as vice president o f consumer loans, retail banking and marketing and recently joining First Interstate Bancorp, a Los Angeles-based multibank hold ing com pany, and have access to First Interstate services. E xisting management and ownership will be retained with the 11 affiliate banks adopting the First Interstate name sometime next year. 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Call: 1-800-922-2590 Dwayne Smith Paradise Properties Box S Dillon, Colorado 80435 (FS) POSITIONS AVAILABLE TRUST OFFICER—manage growing dept, for com m unity bank. Requires tw o yrs. or more tru st adm inistration ex perience$28K Purchase of Collections Sale o f Rare Coins Senior Ag Lender for N.E. Iowa bank located near metro area......................................................................... To $35,000. BANKERS AVAILABLE CEO with proven high performance record in community bank seeks new opportunity......................... Salary $45,000 ENTRY LEVEL OPENING—College graduate preferred w ith strong livestock background. North central Iowa $22 m illion bank in 900 population town. Contact Howard F. Garton, Iowa State Bank, West Bend, Iowa 50597. (PA) AG REPRESENTATIVE $20 m illion bank in SE Iowa. Some experience desired. Salary com m ensurate w ith ex perience. Send letter w ith resume to file VBG, c/o North western Banker. (PA) Ag Lender with bank experience for eastern Iowa bank located near metro area.........................................To $35,000. Operations/Customer Contact for major Iowa banking group .............. ............................................................... To $30,000. Commercial Lenders w ith experience ranging from three to 20 years..................................................Salary to $50,000 VICE PRESIDENT needed for independent bank in univer sity town in southeast Wyoming. Good opportunity for am bitious, hard-working, and knowledgeable individuai. Send resume and salary requirements to Chuck Kragel, presi dent, Box 1027, Laramie WY 82070. (PA) Senior Ag Lender for Southern Minnesota Community bank Excellent location and opportunity...................... To $35,000 < £ PRESIDENT—Ag/Commercial oriented $30MM bank. Ex perienced CEO preferred but would consider second of ficer. Open • Marketing Bank Services Since 1974 AGRI LOAN—excellent opportunity to move into second man position in $25MM com m unity bank. Requires degree. $30K MATT SCOTT Serving Banks in Iowa and Minnesota INDEPENDENT SERVICE COMPANY P.O. Box 171 • Albert Lea, MN 56007 507/373-8216 SENIOR LENDER—$30MM suburban bank seeks ex perienced lender w ith commercial and instal. background. $32K CEO—com m unity bank of $35MM desires good ad m inistrator w ith superior lending skills. Stock options and bonuses based on performance part of package. Open COMMERCIAL LOAN—$150MM suburban bank. Requires 2-4 yrs. commercial lending experience and degree. $35K 2024 Sw ift - Box 12346 North Kansas City, MO 64116 816/474-6874 “ Serving the Banking Industry Since 1970” Vol. 12 No. 27 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. 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