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Vol. 15 No. 20

Des Moines, Iowa

Land Bank Sets New Loan Rates
FOUR-TIERED interest rate
A structure
announced August 27
by the Federal Land Bank of Omaha
offers qualified borrowers in Nebras­
ka, South Dakota, Wyoming and
Iowa a range of risk-based rates
from 10.5% to 12.75%. The rates are
effective October 1 for current bor­
rowers, and September 2 for new
borrowers. These rates apply to
long-term loans. A similar interest
rate program became effective for
PCA borrowers July 1.
The individual loan pricing pro­
gram has four interest rate classifi­
cations: AAA -10.5%, AA -11.25%,
A - 12.25%, and B - 12.75%. An
Omaha Land Bank spokesman from
the public affairs office said 12.75%
will be the highest rate charged any
borrower, the rate which has been in
effect since March 1, 1986.
Land Bank borrowers will receive
an additional .25 percent reduction
from their new individual rates if
they use the PCA of the Midlands as
their primary lender for short or in­
termediate-term credit.
The Land Banks are precluded by
law from going into the market to
sell new debentures at today’s lower
rates unless they can show the
money is needed to meet anticipated
new loan demand. Consequently, the

current average cost of borrowed
funds has kept the Land Banks’ top
rate as high or higher than those ob­
tainable by farm borrowers from
local commercial banks, the tradi­
tional short-term and production
Two long-time ag lenders con­
tacted by the N o r t h w e s t e r n
B a n k e r said the move to tiered
rates has been needed by the land
bank but is late. One banker stated,
“I t ’s a step in the right direction,
and we’re pleased with it, but I ’d
say it’s a little late. Some of their
better customers have found new
lenders, and at a better rate. We’ve
had some good ones come in here
and I know other bankers who have
told me they’ve had good Land
Bank customers now come back into
their shops. Basically, we’re offering
better loans to some good customers
of ours. They’ve been with us for
their short-term, production type
loans for years, and now they’ve
turned away from their Land Bank
loans because they were grouped
with all the Land Bank’s loan prob­
lems and they got a better deal from
That banker said he is making 20year amortized land loans at threeto-five year variable rates. Rates at
his bank currently are 10% for a
loan of 50% to appraised value, and
11% for two-thirds to appraised
value. Both bankers pointed out

September 1,1986

that Land Bank borrowers must
also figure in the cost of their 5%
stock they’re obligated to buy when
determining a true lending rate. For
a borrower paying the B rate of
12.75%, the actual Land Bank an­
nual rate then becomes 13.42%. For
a AAA borrower at the new rate of
10.5%, the actual interest rate then
becomes 11%.
Another banker said, “It appears
th at they’re formalizing what has
been local bank lending criteria for
some years (owner equity, current
and intermediate position, payment
history and collateral pledged as
security). In our bank, for example,
we offer a lower rate to an ag bor­
rower who is borrowing only for the
current year. If it’s rollover money
from a previous borrowing season,
then a higher rate applies, and this
reflects risk as we determine it. So
far as rates are concerned, I know
better borrowers can get 9.5% to
10% at some ag banks, because the
local bank’s cost of funds has gone
down.” (See separate story in Iowa
“Their big problem (at the Land
Bank),” one banker stated, “is that
they are not putting out any new
money; they’re ju st working over
their loan portfolios trying to pull
themselves out of the current bad
situation. Basically, this means agri­
culture has lost its long-term lender,
and banks are trying to pick up the
slack for solid borrowers.”
Both bankers feel like many

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13th & M Streets, Lincoln, Nebraska 68501
Federal Reserve Bank of St. Louis

Firslier Bank, N.A., Lincoln, Member FDIC

Norwest Bank Des Moines, N.A.
Call (515) 245-3131 or toll-free (800) 362-2514


Member FDIC

one of the reasons
we’re first in Iowa.
Dorothea Wolfe

Mark Conway

chase or refinancing of farm produc­
tion land at an interest rate of 9.9%
for the first two years. The rate will
be adjusted every two years after
that, pegged at three percentage
points above the three-year rate for
U.S. Treasury bills. All five banks
share some common directors. Four
have common owners—American
National Bank of Bedford, Corn Belt
State Bank of Correctionville, Union
National Bank of Massena, and
United National Bank of Sidney.
Mike L. Keim is president of the
first three banks and chairman of
Sidney. The fifth bank is Security
State Bank of Stanton, where James
Iowa News
W. Grotenhuis is president. Owners
Five southwest Iowa banks an­ of the first four banks are awaiting
nounced last week formation of a approval of their application to pur­
$20 million loan pool for the pur- chase the Stanton bank.
Mr. Keim said common pooling of
loans among the five banks will offer
any borrower a maximum $750,000
individual loan. The program was
made public on August 25 and near­
ly 50 inquiries were received in the
first week, Mr. Keim stated. He
added that it is hoped the loan pro­
gram will help stabilize declining
farm land values in southwestern

others apparently do—that the Land
Bank will finally work its way out of
the current mess, but at the long­
term expense of the banks. With the
help of government money, or gov­
ernment-sponsored funds, a several
billion dollar infusion will eventually
restore the Federal Land Banks.
“That may take eight to 10 years,”
one banker noted, “but when they
come back after this period, look
out. They offer the threat of being
the biggest ag lender in the nation
and they want all the business;
th a t’s why they keep tying in their
PC As with the Land Bank loans.”

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M erchants
N ational B ank
M e m b e r F.D.I.C.



Federal Reserve Bank of St. Louis

ANITA: Donald R. Runger, chair­
man of the board of the Anita State
Bank, announced August 26 the sale
of Anita Bancorporation, owner of
the Anita State Bank, to a group of
southwest Iowa investors. Darryl D.
Smith, Atlantic is president of the

purchasing group. Mr. Smith says
the new owners plan no immediate
changes and will work at keeping
the Anita State Bank a very positive
force in trying to bolster the area’s
economy. The sale is subject to Fed­
eral Reserve approval.
CEDAR RAPIDS: Robert J. Louvar has been promoted from assis­
tant vice president to vice president
in the correspondent bank division
of Merchants National Bank. David
G. McQuown has joined the bank as
vice president in the correspondent
division. He formerly served as pres­
ident and CEO at Panora State
Bank, Panora.
CHEROKEE: Richard Carpenter
has been elected vice president of
Central Trust and Savings Bank, as
well as a director. He is a director
and cashier of the Ruthven State
Bank, Ruthven.
WATERLOO: Peoples Bankshares
Ltd. was reported last week to have
submitted an audited 1985 holding
company statement to the Federal
Reserve Board that restates the
multi-bank holding company’s pre­
viously stated profits of 1985 down­
ward by $2.6 million to show now a
loss for last year in excess of $ 1.1
million. The $2.6 million adjustment
apparently was ordered by the state
banking department to reflect in­
come statements at two subsidiaries
—the flagship Peoples Bank & Trust
Co. and the affiliated Parkersburg
State Bank. The holding company
also owns Kellogg-Sully Bank &
Trust in Kellogg, Melbourne Sav­
ings Bank in Melbourne, and First
State Bank in Britt.
Earlier, R.K. “Rollie” Sverdahl
was removed as chairman and presi­
dent of Peoples Bankshares, Ltd.
Acting president of PBL is Steve G.
Marlette, previously comptroller of
the company. Several lawsuits have
been filed by stockholders who claim
the holding company failed to re­
deem their stock as promised. The

We’re Security for You
At Security National Bank, we’re people you can
count on to handle all of your Correspondent
Banking needs.
So, start corresponding with us.
We’re Security for you!


Ron Kiel
Banking Officer


Stress can play a detrimental role
in the life of a banker, especially in
this day and age when the future of
banking is unsure. Dr. Richard Se­
bastian, associate professor at St.
Cloud State University, gave a time­
ly talk on “Stress Management.”
He said, “Ju st living in the 20th cen­
tury you encounter daily stress it’s inevitable.”


REPRESENTING the 1986-87 leadership of the IBoM are, from left: Second Vice Pres.—
Gene LaFrance, pres., Elysian State; First Vice Pres.— Edward J. Zapp, v.p., Zapp Natl., St.
Cloud; Treas.— Robert Jacobson, v.p., American Natl. Bk. & Tr., St. Paul; Pres.— Kermit A.
Mahlum, pres., First Natl., St. Peters; Immed. Past Pres.—J. Stephen Schmidt, pres., North­
ern Bank, Anoka, and Exec. Vice Pres.— Norbert A. McCrady, Bloomington.

Kermit Mahlum Elected President of IBoM
Associate Publisher







ERMIT A. Mahlum, president,
■V First National Bank of St.
Peters, was elected president of the
Independent Bankers of Minnesota
during the 1986 annual convention
held at Breezy Point Resort, August
21-23. He succeeds J. Stephen
Schmidt, president, Northern Bank
of Anoka.
Edward J. Zapp, vice president,
Zapp National Bank of St. Cloud,
was elected first vice president, and
Gene LaFrance, president of Elysian
State Bank, was named second vice
Robert Jacobson, vice president,
American National Bank & Trust,
St. Paul, will continue as treasurer,
and Norbert McCrady remains as
executive vice president of IBoM,
headquartered in Bloomington.
IBAA President Chuck Doyle,
president, Gulf National Bank,
Texas City, Tex., was the keynote
speaker during the first general session. In his presentation he told
bankers that the IBAA is com­
mitted to resolving the agricultural
problems facing America and to the
elimination of the non-bank bank
loophole. Mr. Doyle said, “ I t’s not
fair to allow competitors into the
Federal Reserve Bank of St. Louis

banking circle without their having
to play by the same rules as the rest
of us.”
R egarding current in te rsta te
banking legislation, Mr. Doyle con­
ceded “The IBAA has been beaten
by ‘Sears’ and ‘Citicorps,” but he
emphasized, “we’re not down.” To
attendees he urged, “ I encourage
each of you to stand up for Main
Street America and for America’s
well being, for you people are the
backbone of the IBAA.”

Dr. Sebastian went on to say,
“The old philosophy of ‘w hat’s good
for the organization is good for us’ is
now ‘what’s good for us is good for
the organization.’” It is apparent
that bankers must manage their
stress. Dr. Sebastian explained
three steps to accomplish this im­
portant management technique. 1.
You must have controlled individual
responsibility. 2. Balance in your life
is needed; variety is the spice of life.
3. Wellness is important, including
relaxation, exercise and proper diet.
United States Senator Dave Durenberger (MN) was the featured
speaker at the second day’s general
business session. Senator Durenburger said, “Because of deregulation,
there has been incredible impact on
rural America and the banking in­
dustry.” He added, “Rural America
is suffering because the things that
were once taken for granted, like
police and fire protection, Eire now
being jeopardized.” He concluded
his speech with the comment, “We
can’t solve the problems in banking
by recycling old debt into longer
terms and lower interest rates. . . .
we ju st can’t save everybody for­
Many interesting speakers were
included in the general business ses­
sions. Richard Filippone, vice presi­
dent, Midway National Bank in St.
Paul, gave his views on the economic
outlook. He predicted the Dow
Jones Average to be at or near 4000
by 1988 and money market interest
rates to be at 4%.

IBAA Pres. Chuck Doyle, pres., Gulf Natl.,
Texas City, Tex., told bankers “If you’re
committed to your goals, you will be suc­

There were many activities
planned for bankers and spouses. A
special workshop, “What Do You
See As Your Role In The Communi­
ty?” hosted by Sue Carlson of Amer­
ican National Bank & Trust of St.
Paul, was featured. There was boat­
ing, swimming and a men’s and
women’s golf tourney during the
convention. The annual dinner/
dance featured the music of the
Jules Herman Orchestra.


LEFT—Visiting during the opening night social hour were, from left: Mary Ellen and Chuck Doyle, IBAA pres, and pres., Gulf Natl., Texas
City, Tex., with Norbert McCrady, exec, v.p., IBoM, and wife Natalie. RIGHT— Dr. Richard Sebastian, assoc, prof., St. Cloud St., talked
about stress management.
v '

LEFT—United States Senator Dave Durenberger talked about the situation in rural America. CENTER—Sue Carlson, a.v.p., American Natl.
Bk. & Tr., St. Paul, hosted a workshop for spouses. RIGHT— Richard Filippone, v.p., Midway Natl., St. Paul, presented his views on the

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Directors and Officers
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is now available
coverage up to $100,000

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435 K a n sa s A ve n u e
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Serving bankers for more than 75 years
Federal Reserve Bank of St. Louis

Supplement to Northwestern Banker Newsletter 9-1-86
Federal Reserve Bank of St. Louis

Bill Sprenger

Tom Jennings

Outside Missouri call 1-800-821-2180

In Missouri call 1-800-892-7100

Federal Reserve System, which has
responsibility for supervising activi­
ties of bank holding companies, is
conducting an investigation.

Nebraska News
The Nebraska Bankers Associa­
tion is sponsoring a seminar entitled
“Planning for Profits,” to be held
Sept. 23-24 at the Kearney Holiday
Inn. Registration/continental break­
fast on the 23rd is at 8:30 a.m. From
9:00 to noon and 1:30 to 4:30 there
will be presentations, followed by a
reception at 6:00 and dinner at 6:30.
On the 24th there will be breakfast
at 8:30 and programs from 9:00 to
noon. Advance registration is $125
and includes materials and meals.
Fee for the reception/dinner is $25.
After Sept. 16 the fee is $15 addi­
tional. Contact the NBA to register.
NEBRASKA CITY: Steve Darling
has recently joined the staff at Otoe
County National Bank Trust Co. as
vice president. He was formerly the
vice president and cashier with the
First National Bank, Wisner.
SEWARD: At The Cattle National
Bank, Donald L. Bauer has been
elected vice president, agricultural

Minnesota News
MILTON A: The Federal Reserve
Board has approved the acquisition
of Miltona State Bank, by Tysan
Corporation, which also owns State
Bank of Long Lake. Jon Schmid will
continue as president of Miltona
State Bank. Rodger Bense, presi­
dent of the Long Lake bank, will
assume chairmanship of the Miltona
don has been named executive vice
president and managing director of
corporate relationship banking in
First Bank System’s metropolitan
Digitized for division.
FRASER He was previously execu­
Federal Reserve Bank of St. Louis

Doug Doll


Commerce Bank

o f Kansas City
Mpmher FDIC •

tive vice president and manager of Late registration is $25 additional.
the corporate development and stra­ For more information contact Bar­
bara Blough at Independent Com­
tegic planning department.
munity Banks in Illinois at (217)
MORA: Robert L. Nikodym, execu­ 753-4331.
tive vice president of People’s Na­
tional Bank of Mora, has retired. He ARLINGTON HEIGHTS: Bobbye
was in banking for 45 years and at DuPree DePaul has joined The Bank
the Mora bank since 1969. He & Trust Company of Arlington
served as secretary-treasurer, vice Heights as vice president/marketing
president, and president of the 6th director. Previously she was associ­
district of the Minnesota Bankers ate m arketing manager/product
Association. In addition, William F. manager at Citicorp Diner’s Club.
King has joined the bank as vice CHICAGO: The board of directors
president in lending. He previously of West Bancorp, Inc., holding com­
served at Stearns County National pany for the Bank of Westmont, has
Bank of Albany.
unanimously voted to enter into a
letter of intent with Lane Financial,
ST. PAUL: F. William Johnson has Inc., to acquire the bank. Terms of
been elected to the board of Capital the agreement were not disclosed
Bank, and was named president and and the acquisition is subject to
CEO. He was previously vice presi­ shareholder and regulatory appro­
dent and head of corporate banking val.
for Midwest Federal, a Twin Cities
ROCK ISLAND: At the Rock Is­
land Bank, Charles W. Calhoun has
been named senior vice president in
charge of lending. He joined the
Illinois News
bank last August. J. Bryant GoodThe Independent Community all, tru st officer, has been promoted
Banks in Illinois 12th annual con­ from assistant vice president to vice
vention, “Growing Strong,” will be president.
Sept. 27-30 at the Prairie Capital
Convention Center in Springfield.
South Dakota News
On the 27th there will be a golf tour­
“ IRA ’86 New Horizons” will be
ney, reception, dinner, and show fea­
turing Red Skelton. The 28th will presented by the SDBA on Sept. 23
feature concurrent sessions and a at Holiday Inn City Centre, Sioux
candlelight reception at the Old Falls, and Sept. 24 at Holiday Haus,
State Capitol. On the 29th there will Pierre. The presentation will be by
be education sessions, the annual Collin Fritz and Associates. The
business meeting, concurrent ses­ schedule is registration—8:00-9:00,
sions, and an Oktoberfest Party. seminar—9:00-12:00, lunch—12:00The 30th will feature educational 1:00, seminar—1:00-4:30. Early re­
sessions and a recognition luncheon. gistration, which includes lunch and
Before Sept. 12, registration is $160 materials, is $95. On-site registra­
for members, $120 for spouses, and tion will be $105. Contact the SDBA
$50 additional for non-members. to register.


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The industry’s highest quality and the industry’s lowest cost

Bankers Security—Safe and Vault
9906 A E. 53rd St. Raytown, MO 64133

7 73 S P R U C E STR EET, P.O. BOX 159, O C H E Y E D A N , IO W A 51354

PHONE 712/758-3660
• Loan Review and Credit Administration • Profit Planning

CEO for western Nebraska bank. Located near recrea­
tional a r e a ...................................................Salary to $45,000
SENIOR LENDER for $60 million Illinois bank. Requires ag
and commercial lending experience . . . . Salary to $45,000
TRUST OFFICER with employee benefit experience. JD
preferred but not required........................ Salary to $40,000
BANK AUDITOR for major eastern Iowa b a n k ....................
..................................................................... Salary to $28,000

JUNIOR AG CREDIT position. Ag/flnance or ag/economics
background with 1-2 years on job experience, some com­
puter skills and financial analysis training. Send resume
to Norwest Bank Grafton, N.A., P.O. Box 580, Grafton, ND
58237, Attn: Ray Charlton, Pres.

aqri careers,inc.

$10MM bank near Sioux Falls, SD wanting to expand resi­
dential Real Estate Department through the use of secon­
dary markets, needs experienced REAL ESTATE LENDER.
Send resume to File No. WGR c/o Northwestern Banker.
_______________________________________________ (PA)
CREDIT ANALYST— Immediate opening in $170MM east­
ern Iowa bank. Candidate will need strong background in
accounting and financing. Work will involve heavy use of
an IBM-PC. Prior credit analysis, bank examining, and or
loan review services are preferred. Send resume and
salary requirements to File No. WGS c/o Northwestern

LENDER with Ag and Installment background for commu­
nity bank near Des Moines........................ Salary high $20s.

Freeland Financial Service
Jean 712/779-3567
Massena, la. 50853

Sandi 515/394-5827
New Hampton, la. 50659

Confidential. Employer paid fees

1010 Equitable Bldg. Des Moines, IA 50309
Employer pays fee.
Please contact Malcolm Freeland concerning these posi­
tions or for other banking opportunities.


WANT ADS— Rates are $5.00 per line per insertion. Add
$3.00 for file letters per Insertion. Identity of file letter
advertisers cannot be revealed. NORTHWESTERN
BANKER, 1535 Linden Suita 201, Das Moines, Iowa 50309.
Phone 515-244-8163

D ecorah, Iow a 52101
Farm E q u ip m e n t S p e c ia lis t
A p p ra is a ls & A u c tio n s
C all Dale Ryan 319-382-8648


R egency



EXPERIENCED community bank CEO seeks challenging
position. Experienced in all phases of banking and man­
agerial decisions; 14 years in banking. Currently have re­
stored problem bank to acceptable and salable. Excellent
references. File WGQ c/o Northwestern Banker.

#2 PERSON with operations & lending background for
Eastern Iowa b a n k .....................................Salary to $32,000
SENIOR LENDER for major Metro bank. Must have experi­
ence in larger bank ...................................Salary to $50,000.

$12M eastern Iowa bank near Iowa City has an opening for
individual with experience in LOANS AND OPERATIONS.
Send resume and salary requirements to File No. WGI c/o
Northwestern Banker.
$55MM bank in Western Nebr. needs experienced CON­
SUMER LOAN OFFICER to head department. Desire min.
of 3 + yrs. consumer lending exp.; a working knowledge of
floor plans, student loans and compliance desirable.
Salary open based upon experience & background. Send
resume to First National Bank Ogallaia, Box 179, Ogallala,
NE, 69153.______________________________________ (PA)

REAL ESTATE LENDER with at least 5 years experience in
sales, pricing and production. Knowledge of residential
and commercial products. Will manage Secondary Market
Activity ............................................................... Salary Open

Diane Evans

1102 Grand Avenue,
Kansas City, MO 64106

Fill a vital role with a top MN bank offering excitement &
challenge. Desire 8 + yrs ag lending exp, proven mgmt &
ability to get actively involved in the community. This is
your chance to be the #1 person and call the shots!
Job #NW8969.

Looking for potential? 90M Wl bank desires individual with
finance co, consumer lending and real estate bkgd to go

Serving bankers quietly and efficiently.


714 First Interstate Bank Building
Des Moines, Iowa 50309

progressive bank, college town . $48,000 - $52,000
MARKETING DIRECTOR for a $400mm + bank ..
........................................................$29,000 - $33,000

Don’t miss your chance! MN bank needs degreed ag loan
officer with 3 + yrs exp, strong FHA and cash flow knowl­
edge needed now!
To $35K.
Job #NW8971.

EXECUTIVE V.P., $70mm bank, 10,000 approx,
pop................................................................. $50,000 -$60,000
........................................................$22,000 - $29,000

#2 MAN
Sm town rural bk w/7 + yrs community bkg in clean bk.
Hvy exposure to metro area lending handling com’l, ag &
Aggressive leader w/sr executive exp in both $100m + &
Irg bank environ.
2 yrs hvy consumer loans. Floorplanning & new bus. dev.

Excel new bus. Proven pro In strong bk/$18m port.


Good technician enjoys community involvement & leader­
ship role. Family oriented, very skilled.

io n
to o

317 6th Ave, Ste. 650
Des Moines, IA 50309

(515) 244-4414


COMMERCIAL LOAN OFFICER, college town . . .
........................................................$24,000 - $29,000
CHIEF OPERATIONS OFFICER, metro ................


3636 IDS Center
Minneapolis, MN 55402

(612) 339-9001

LOAN REVIEW OFFICER............................ $25,000 -$40,000
WORK-OUT LOAN SPECIALIST . $25,000 - $40,000
b a n k ..........................
$28,000 - $35,000
pop................................................................. $35,000 -$40,000

CASHIER - $25MM Ag Bank. Requires background with inhouse minicomputers and some knowledge of Agri Loans.

PRESIDENT - Agri Bank with problem loans. Should have
administrative experience and solid Agri Loan skills. $40K
4,000 pop....................................................... $25,000 -$32,000
OPERATIONS - manage department of 35 for large urban
COMMERCIAL AVP, $5mm portfolio, ideal loca­
bank. Experience with deposit accounting and account
tion ................................................. $25,000 - $35,000
services required.
PRESIDENT, $5mm, 6,000 approx, pop....................
AGRI LOAN - community bank with large Ag portfolio.
........................................................$45,000 - $55,000
Seven yrs. or more Ag Lending experience needed.
OPERATIONS OFFICER, $400mm .............. OPEN
COMMERCIAL LOAN - large suburban bank with $100MM
loan portfolio. Degree and minimum 3 yrs. comml lending
2508 East Meadow
experience with six figure credits.
Springfield, Missouri 65804
Additional positions available in Midwestern states.


"Successful Banking is Quality Personnel"

2024 Swift - Box 12346
North Kansas City, MO 64116

"Serving the Banking Industry Since 1970”

Vol. 15 No. 20 Northwestern Banker Newsletter (USPS 873-300) is published weekly by the Northwestern Banker Company, 1535 Linden
Street, Suite 201, Des Moines, Iowa 50309, (515) 244-8163. Subscriptions $1.00 per copy, $18.00 per year. Second class postage paid at
Des Moines, Iowa. Address all mall subscriptions, changes of address (Form 3579), manuscripts to Northwestern Banker, 1535 Linden
Digitized for
#201, Dee Moines, Iowa 50309.
Federal Reserve Bank of St. Louis