Full text of The Northwestern Banker : September 1975, 82nd Year, No. 1344

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SEPTEMBER
|
1975

■v'

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

O r call Peter Bailey and get immediate personalized service.
Peter Bailey is a good way fo r you to
avoid being bumped from hold button to hold
button. Call him and you w o n 't have to go
through a co m m ittee of juniors to get help.
He's the man w ho can give you personalized
assistance w ith your investm ent p o rtfo lio .
Pete's an experienced pro in correspon
dent banking. He knows your needs and he
knows how our bank can help your bank
make the most o f its investments.
Call Pete when you need:
• U.S. Treasury Securities
• Personalized Safekeeping

•
•
•
•

M unicipal Bonds
A M arket in Federal Funds
Federal Agencies
Commercial Paper or other money
market instruments
• Odd Lot Purchases for your customers
Call Pete when you're tired o f dealing
w ith a com m ittee of juniors.
Peter Bailey's the reason w hy we can
give you the personalized assistance you
need. Call him on our inbound watts number
(1-800-332-5991). He'll be w aiting on you.

Merchants National Bank
Cedar Rapids, Iowa 52401

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

A BANKS OF IOWA’ BANK

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1

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•

The questions are getting tougher
The answers and the people
who give them are more important

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

O ver 1200 b a n k s
b r in g in g th e ir q u e stio n s
to First O lin n e ap o lis.
W hy?
Banks from around the region, around the country
and overseas —over 1200 of them —are getting
help from First Minneapolis. Obviously, they
feel we’re providing the answers they need
in today’s rigorous business and banking
climate. Helpful answers. Profitable
answers. And, in some cases,
answers that are available
only at First Minneapolis.

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

.■

ijp iS lrg S -'iS l | | | y

To start finding answers, these are the people to call. >*
H ere are th e F irst M in n e a p o lis “ a nsw er
p e o p le " and th e te rrito rie s th e y serve.
Each is a banking p rofession al, each is
backed by th e fu ll re so u rce s o f a m ajor
b a n k w ith a m a jo r c o m m itm e n t to

Bill Hamilton

Chuck Shewey

S. Dakota and W. Iowa

N. Dakota & Wash., Chisago and
Dakota Counties in Minn.

(612) 370-4683

(612) 370-4691

co rre s p o n d e n t service. We have all the
p e o p le , all th e s e rv ic e s , all th e h e lp
you need — all in one place. That's w hy
w e re know n as th e B ankers' bank of
M id -A m e rica .
.

Ray Johnson

Al Highum

Mike Boncher

Central Minn.

Southern Minn.

E. Iowa, Wise, and Upper Mich.

(612) 370-4688

(612) 370-4689

(612) 370-4684

Bill Johnson
Montana, N Minn, and Ramsey Co

if612) 370-4685

Dave Christenson

Bud Omiie

Ken Wales

June Swanson

In charge o f cre dit

Deputy Head of Div.
Henn., Wright. Anoka and
Isanti C ounties in Minn.

Head of Division

A dm inistrative Assistant

Special Services

(612) 370-4687

(612) 370-4697

(612) 370-4788

(612) 370-4692

Delores Ellis

(612) 370-4682

Correspondent Bank Division • First National Bank of M inneapolis • 120 S outh S ixth S tre e t • M e m b e r FDIC

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

Convention
Calendar
Sept. 21-24—ABA Bank Card Convention,
Americana Hotel, Bel Harbour, Fla.
Sept. 21-24—ABA Supervisory Training
,,r Workshop, Continental Plaza, Chicago.
Sept. 28-Oct. 1—BMA Convention, Las
r Vegas Hiiton, Nevada.
Oct. 2-4—National Bankers Association,
* Inc., Convention, Washington Plaza Hotel,
Seattle.
i Oct. 3— 6th Annual Security Corporation
Invitational Golf Tournament, The Play
boy Club, Great Gorge (McAfee), N.J.
Oct. 6-9—IBAA Junior Bank Officer Semi
nar, Ball State University, Muncic, Ind.
' Oct. 4-8—ABA 101st Annual Convention,
New York.
Oct. 12-15—Southwestern Graduate School
of Banking Conference on Planning and
Execution of Policy, Tan-Tar-A Resort
& Golf Club, Osage Beach, Mo.
k>Oct. 17-18—Association of Registered Bank
Holding Companies Fall Meeting, Kahala
Hilton Hotel, Honolulu.
v Oct. 26-29-—Iowa Bankers Association 89th
Annual Convention, Hilton Inn, Des
-*■ Moines.
Oct. 26-29—BAI 51st Annual Convention,
» Marriott Motor Hotel, Atlanta.
Oct. 26-29—BMA Trust Marketing Workshop, San Francisco Hilton Hotel.
Nov, 2-5— Robert Morris Associates 61st
t Fall Conference, Fairmont Hotel, San
Francisco.
Nov. 5-8—Southwestern Graduate School
of Banking Assembly For Bank Direc
tors, The Arizona Biltmore, Phoenix.
Nov. 9-12— ABA National Personnel Con
ference, Marriott Hotel, New Orleans.
Nov. 9-12—BMA Community Bankers
Seminar, Stouffer’s Inn, St. Louis, Mo.
Nov. 9-12—-ABA National Correspondent
Banking Conference, Century Plaza, Los
Angeles.
Nov. 16-18—Association of Registered Bank
Holding Companies Fall Meeting. The
>" ► Breakers, Palm Beach, Fla.
Nov. 16-19— ABA National Agricultural &
- Rural Affairs Conference, The Shamrock
Hilton, Houston.
Nov. 20-21-—Midcontinent Trust Confer
ence, Radisson Hotel, Minneapolis,

for your September 1975 reading
82nd Year
FEATURE ARTICLES
12
18
20
31
35
44
50
52
58

Bank Promotions and Changes
Nebraska, Iowa Finish MAPS Study
Corporate News
ABA Centennial Convention Is in New York, October 4-8
Annual Cattle Outlook— A N orthwestern Banker Survey
Kay M arketing Revitalizes Omaha Yards— Ben Haller, Jr.
Predict Favorable Hog Prices— Malcolm Freeland
Direct Deposit of Checks Starts
Bankers’ Market Place

REGIONAL B A N K IN G
Illinois News

Minnesota News
Twin City News

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

84
85
87
88
94
96

South Dakota News

North Dakota News

Montana News

Colorado News

Washington News

Oregon News

IMM Asks for Permission
To Trade T-Bills
The International Monetary Market
of the Chicago Mercantile Exchange
has filed an application with the Com
modity Futures Trading Commission
seeking permission to list a futures
market in short-term interest rates —
,90-day Treasury bills.
Leo Melamed, I.M.M. chairman,
"^said the 90-day T-bill was chosen over
other short-term, interest-bearing in
struments because of its uniform qual\ Âty and liquidity, and because its yield
movements are closely correlated to
'‘yield swings of other market instru
ments, actually setting the pace for all
interest-rate movements and monetary
- policy shifts in the United States.

No. 1344

99
108
110

NEW S
Utah News
Idaho News
Nebraska News
Omaha News
Lincoln News
New Building
Brings New Business
Iowa News
Life Investors
Has New Home
Des Moines News

OTHER FEATURES
I 12
112

In the Directors’ Room
Index of Advertisers
N O R TH W EST ERN B A N K E R
3 0 6 1 5 th S tre e t, Des M o in e s , Io w a 5 0 3 0 9 , Phone 5 1 5 — 2 4 4 -8 1 6 3

Publisher
M a lc o lm K. F reeland

Advertising Assistant
S h e rri N ie ls e n

Field Representative
A I K e rb e l

No. 1344. N o rthw estern B anker is
F ifteen th S treet, Des M oines, Iow a
postage p aid a t Des Moines a nd a t
address F o rm 3 5 79, m anuscripts, m ail

Editor
Ben H a lle r, J r.

Circulation Department
Dee T im m e rm a n

Associate Editor
lin d a L. Larson

Auditor
M ild r e d Barnes

Field Representative

Field Representative
Paul M aste rs
Glen H icks
published m onthly by th e N orthw estern B anker C om pany, 306
5 0 309. Subscription $1.00 p e r copy, $10 p e r year. Second class
a d d itional m ailing office. A ddress all m ail (subscriptions, change of
item s) to above address.
N o rthw estern B a nker, Sep tem b e r

1975

lllMIlii

**i

M G K / S SYSTEM FOR GOVERNMENT PROGRAM S

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MORTGAGE GUARANTY INSURANCE CORPORAT
v * .tMÉBBM M M M

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

The “word” is out. Our System
for FNMA and government programs
is in with thousands of lenders.

Rod R eppe,
MGIC S ales Director,
explains how
MAGICUS is helping
lenders sim plify
procedures and
achieve greater
profits using FNMA
and governm ent
program s.

to help shorten personnel
learning time. It also reduces
paperwork and substantially
cuts costs by reducing loan
rejection rates.
“In fact, our underwriting
department tells me that the
double check service performed'for our customers has
revealed that 60 to 70% of
the loans reviewed have
failed to meet FHLMC
matrix requirements. The
most common failings are
incomplete information, and
the inability of the borrower
to meet 25% payment and
33% total obligation ratios.”
W hat about the n ew
p lan s and conversion
p riv ileg es?
“A ll of the elements in the

T he “ w o rd ,” M AGICUS,
how do you sa y it and
w h a t does it mean?

“According to Webster, it’s
pronounced “maj'-i-kus”
and means the ability to
produce extraordinary
results. But no matter how
you say it, it’s the meaning
that counts. The System is
already helping thousands of
FNMA, FHLMC, and
GNMA program users, and
it can produce extraordinary
results for you, too.”
W hat do you m ean b y
“ ex traord in ary r e su lts” ?

“Simply more profit, less
fuss for your company. To
begin with, our Loan Proc
essors’ Kit is recognized by
experienced and new FNMA
and government users as a
valuable educational tool

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

MAGICUS System are prov
ing to be very helpful. Our
special FNMA and govern
ment program plans make
coverage selection simple.
Yet the conversion privilege
on standard plans lets every
lender keep his options
open. He can enjoy higher
and more prudent standard
coverage on any loan today,
yet convert to lower-cost
FNMA and government
minimums later if he decides
to include that loan in any
government package. And
with the higher standard
coverage, he will enjoy
greater acceptance of the
loan should he decide to sell
in the conventional
secondary market.”
Can you report any addi
tional hard facts on
len d er resp onse?

“Since our announcement,

over 3,000 institutions have
requested the use of one or
more elements in the
MAGICUS System. Nearly
10,000 guide kits have been
made available to loan
processors. In Florida sev
eral institutions asked us to
conduct a special FHLMC,
FNMA, GNMA seminar for
their loan people—and even
paid a nominal fee to attend.
Every day we are receiving
phone calls and letters
requesting additional advice
and counsel on FNMA,
FHLMC, or GNMA deals.”
What can an institu tion
do to obtain help in its
ow n shop?

“Simply call the MGIC
representative. Today our
men in the field are being
called “FNMA and govern
ment loan experts.” They
will be happy to work with
any mortgage officer and
his staff of loan processors.
Our goal is to continue the
MGIC tradition of taking
the lead in rendering the
highest degree of professional
service to the industry.”
FOR A FREE MAGICUS
KIT call your MGIC
Representative, or MGIC
direct: 800/558-9900. In
Wisconsin call: 800/242-9275.

MGIC

Better Homes
For More People
Mortgage Guaranty Insurance Corporation
A Subsidiary of MGIC Investment Corp.
MGIC Plaza, Milwaukee, W l 53201
N o rthw estern

B a nker, Sep tem b er

19 7 5

DAKTRONICS

displays gì

Bank Promotions and Changes
ROMOTIONS and other new an
P
nouncements have been made by
the following banks:

IMPACT
A Daktronics display is Ihe efficient
a d v e rtis in g m edium th a t c re a te s
traffic, new business, image and pro
vides community service.
Daktronics has taken the service ex
pense out of time and temperature dis*
p l a y s w i t h 100% s o l i d s t a t e
electronics.
Our engineers will custom design a
time and temperature display, that will
enhance the appearance of your facili
tyCall or write us today! Daktronics
will give you the edge over your com
petition with 100% solid state displays,

MESSAGE CENTERS

Daktronics offers entirely solid state
message display centers with chang
ing and traveling messages, and time
and temperature information.

D A K T R O N IC S, INC.
BOX 299

BROOKINGS, S.D. 57006
PH. 605-692-6145

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

American National Bank and Trust
Co., Chicago: J. Roy West, second vice
president in the
c o rre sp o n d e n t
banking division,
has taken early
retirement after
m o r e than 41
years of service
with the bank.
Born in Berke
ley, Cal., May 2,
1913, Mr. West
J. R. W EST
moved to Illinois
with his family as a youth. He started
with the American National March 28,
1934, as a page boy. The young man
he replaced, who was moving up to an
other job in the bank, was Allen Stults,
now chairman of the board of Ameri
can National. After service in many de
partments, Mr. West was assigned to
the correspondent banking division in
1947. He traveled extensively in Wis
consin, Minnesota, North Dakota,
South Dakota, Iowa and Illinois and
has made hundreds of friends in those
states.
Mr. West is a graduate of the Grad
uate School of Banking at the Univer
sity of Wisconsin, Madison, and served
for a number of years as a staff assis
tant at the school during the annual
two week sessions. He is a past presi
dent of the Wisconsin Drummers Club.
Mr. West will continue working on
a part-time basis with Wayne Hummer
& Co., Chicago investment firm, as a
field representative in Minnesota and
Wisconsin. He and his wife, Mary, will
continue making their home at 2131
Drury Lane, Northfield, 111. 60093.
Bank of America, San Francisco:
John R. Grey, president of Standard
Oil Company of California, has been
elected a director succeeding E. Horns
by Wasson, 70, who resigned as a di
rector of the bank and BankAmerica
Corporation. Mr. Grey already is a di
rector of the corporation and formerly
was an advisory director of the bank.
Also announced was the appoint
ment of James B. Wiesler to senior
vice president. He is in charge of the

bank’s northern Europe area office. „ ,
In addition, BankAmerica Corpora
tion, parent of the bank, has announced that Lawrence E. Nerheim,
general counsel of the Securities and
Exchange Commission, will join the . ^
BankAmerica organization as a senior
vice president. In the new position, Mr. 1
Nerheim, 40, will be responsible for
the activities of the corporation’s non
banking subsidiaries and corporate <
business planning for the corporation
and bank.
'
Central National Bank, Chicago:
John A. Fisher, Jr., recently joined the
bank as director of marketing. Mr. Fisher previously was advertising man
ager for the National Bank of Detroit.
He received his B.S. degree from the A „
University of Detroit in 1965 and his
M.B.A. in marketing from W ayneJ
State University in 1967.
Charter New York Corporation,
New York, N. Y.: Edwin A. Schoenborn, executive vice president and
head of the loan administration divi
sion of Irving Trust Company, has ^
been elected executive vice president
of Charter New York, the bank’s par- ent company. Mr. Schoenborn, who is
also chairman of the bank’s credit
policy committee, joined the Irving in
1941.
The Chase Manhattan Bank, New - York, N. Y.: Richard W. Hughes and
George J. Witt have been promoted *
to vice presidents in the community ^
banking department.
Commerce Bank of Kansas City, Mo.: John W. Anderson, vice presi
dent and general manager of South- ’
western Bell’s Kansas City area, has <, ^
been elected a director of the bank.
Continental Bank, Chicago: The <M
bank recently restructured its national
commercial banking divisions dividing
its 23-state western division into sep- - >
arate central and western divisions.
The new central division will work 1
with correspondent and commercial ^
customers in Arkansas, Colorado,
Kansas, Louisiana, Minnesota, Mis- -*■
souri, Montana, Nebraska, North
Dakota and South Dakota and is
headed by Hollis W. Rademacher, vice - i
PROMOTIONS . . .
( Turn to page 14, please)
N o rthw estern

Banker, Sep tem b er

1975

13
-< 4

For money managers:
calculated answers to complicated questions.

Determine the opportunity cost in dollars and 32nds
of remaining in one security at a given yield for a specific
number of days compared to another security at a different
yield for the same number of days.
□
.20%

.40%

.60%

[

.80%

YIELD-TO-DOLLARS
CALCULATOR
The Harris Yleld-to-Dollars Calculator provides a quick
method (or determining the dollar value of selected
yield-spreads for a given number of days.
INSTRUCTIONS
1. Determine yield-spread between two investments.
2. Move arrow to this yield-spread on top scale.
3. The answer in the window is the opportunity cost in
dollars and 32nd's of remaining in one security at a
given yield for a specific number of days compared
to another at a different yield for the same number
of days.
(See sample calculations on reverse side)

^
^
v- /
T
^
t

1.00%

U IV A .E N T
$

3 2 n d 's

1.20%

NO.

167

♦

: 3O00

1.80%

2.00%

DAYS

'm m
500
HJ8Q

1.60%

= HARRIS
BANK

m im

2000

1.40%

3 •
6

4000

120

:ÍS Ífc

150

6000

180

Harris Trust and Savings Bank
111 West Monroe Street, Chicago, Illinois 60690
Organized as N.W. Harris & Co., 1882.
Member F.D.I.C. Federal Reserve System

GOVERNMENT BOND DIVISION
New York 212 425-9252
Chicago 312 461-3180
MUNICIPAL BOND DIVISION
New York 212 791-1240
Chicago 312 461-2850
St. Louis 314 231-2060
San Francisco 415 391-1030

(+) equals 1/2 of 1/32 - (32nd's are approximations).
Interest on 360 day basis.
Figures based on $1,000,000.

The Harris Yield-to-Dollars Calculator provides instant
answers to a wide gamut of routine (but otherwise time-consuming) money questions. Best of all, it's free.
Use it to quickly determine the dollar value of selected
yield spreads between two different securities for a given num
ber of days. Or to figure the dollar worth of coupon differentials
or arbitrages. Or the cost of carry.
You can have one of these little wizards free, by writing
under your letterhead to Bill Hawk, V.P., Government Securities;
or if you prefer, contact your Harris Banker.
Footnote:
Harris Trust and Savings Bank makes an aggressive market
nationally as a primary dealer in Government securities and
securities of Government-sponsored agencies. For market
quotations, call 212/425-9252 (New York) or 312/461-3180
(Chicago).

H A R R IS
BANK
Harris Trust and Savings Bank, 111 W. Monroe St., Chicago, Illinois 60690. Organized as N. W, Harris & Co., 1882. Member F.D.I.C., Federal Reserve System.

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

N o rthw estern

B a nker, S e p te m b e r

1975

14
PROMOTIONS . . .
( Continued from page 10)

president, who also has administrative
responsibilities for the eastern and
western divisions.
The central division staff includes:
Leonard W. Busse, vice president;
Thomas J. O’Bryant, Daniel T. Zapton, William M. Goodyear and John
R. Rucker, second vice presidents;
and Charles A. Huston and William
D. Michael, commercial banking of
ficers.
Garry J. Scheuring, vice president,
heads the new western division, which
is responsible for business in Alaska,
Arizona, California, Hawaii, Idaho,
Nevada, New Mexico, Oklahoma. Ore
gon, Texas, Utah, Washington and
Wyoming, and Continental’s Houston
and Los Angeles representative offices.
The division’s calling staff, not in
cluding the representative offices, con
sists of: James H. Davis, vice presi
dent; Charles E. Smith, second vice
president; and Alfred W. Bowman, Jr.,
Gregory K. Hinckley and George R.
Prince, commercial banking officers.
As part of the restructuring, Con
tinental’s New York representative of
fice now reports to Caren L. Reed, vice

J. S. LA F O N T A N T

M . G. MITCHELL, JR.

president, who remains head of the
bank’s midwest division.
In addition, Jewel S. Lafontant,
former deputy solicitor general of the
United States, and Marvin G. Mitchell,
chairman and president of Chicago
Bridge and Iron Co., have been elected
directors of the bank and its parent
company, Continental Illinois Cor
poration.
Mercantile Trust Company, N. A.,
St. Louis, Mo.: Patrick J. Brennan has
joined the company as senior vice
president, international group. He
comes from the Mellon Bank, Pitts
burgh, Penn., where he was vice presi
dent of the international department.

ment have been
a n n o u n c ed by
Charles M. Bliss,
executive v i c e
president. Edward
W. Banker, senior
vice president, be
comes d e p u t y
group executive,
international
E. K. B A N K E R
banking g r o u p .
H. Charles Beck
er, vice president, replaces Mr. Banker
as group executive of the U. S. group,
which covers businesses and banks in
35 states and the transportation, oil
and natural gas industries. Edward W.
Lyman, Jr., vice president, was named
to succeed Mr. Becker as division ad
ministrator, U. S. group. John A. Sivright, vice president, was promoted to
deputy group executive, Chicago
group. Frederick E. Bishop, vice pres
ident, was named to succeed Mr. Sivright as division administrator, Chica
go group.

Harris Bank, Chicago: Promotions
of five officers in the banking depart

This announcement is not an offer to sell or a solicitation
of an offer to buy any of these securities.
The offering is made only by the Prospectus.
NEW ISSUE

August 13. 1975

$ 6 ,200,000

FIRST NATIONAL OF NEBRASKA, INC.
H. C. BECKER

81/2% Floating Rate Notes, Due July 15, 1990
PRICE 100%
plus accrued interest from August 20,1975

Copies of the Prospectus may be obtained in any State
from the underw riter and other dealers, as may
law fully offer these securities in such State.

FIRST MID A M E R IC A INC.
N o rfor
t h wFRASER
estern B a nker, Sep tem ber
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1975

F. E. B IS H O P

Also announced was the appoint
ment of Robert P, Seass as vice presi
dent and controller. He also is group
executive of the newly formed planning
and control group. Succeeding him in
heading the planning office is J. Wil
liam Gimbel, III, assistant vice presi
dent, who was named director of plan
ning. Richard J. Egan, vice president,
was named administrator of the ac
counting division.
P. David Hubbard, vice president,
was promoted to vice president and
secretary and Charles D. Wesselhoeft,
vice president and senior accounting
officer, was moved to the group level

Are your new checking
customers going to be customers
o f other services?
T hat’s hard to say. But the
potential is certainly there
with any new checking
account customer to become
a user of several services
your bank has to offer.
The key is to make your
customers aware of the services
available. Your new accounts
people do that. And DeLuxe can
be of some help as well.
Our new series of what we call
Cross-Sell Fly-Sheets are color
fully illustrated descriptions of
other bank services. And,
because they’re inserted
into the New Account Kit,

your customer has a take-along
reminder that you also have
savings, loans or other services.
We have several fly-sheets
illustrating most common
services. We also have
the flexibility to print any
special service informa
tion you’d like. Just tell
us which ones and how
many you'd like in
your next order of New
Account Kits.
Your DeLuxe representative
will be glad to show you the
complete line of Cross-Sell
Fly-Sheets available.

C H EC K PRINTERS, INC.
SALES HDQTRS.

•

P.O. BOX 3399, ST. PAUL, MN. 5S16S

S IRA 1E (.I( ALLY LOCATED PLANTS FROM COASI TO ( OAST

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

N o rthw estern

Banker, Sep tem b er

1975

and will be responsible for taxation,
expense control and related financial
analyses.

Results of Study on Comptroller’s Office

A DETAILED review of banking
regulation as practiced by the
Morgan Guaranty Trust Company,
New York, N. Y.: Harrison V. Smith Comptroller of the Currency recently
will become head of the trust and in called for an overhaul of the agency’s
vestment division on October 1 suc examining practices and tougher en
ceeding Samuel R. Callaway who will forcement of banking regulations.
Most of the recommendations, re
retire. Mr. Smith, 55, is presently a
senior vice president and deputy head sult of a $1 million study of the
of the division. Mr. Callaway has been Comptroller’s Office by Haskins &
an executive vice president and divi Sells, national accounting firm, will be
implemented within the next 12
sion head since 1968.
months, according to the Comptroller.
The Northern Trust Company, Chi
The examination and supervision
cago: Named senior vice presidents in function will put more emphasis on re
the trust department are Herbert P. viewing, analyzing and evaluating bank
Evert and Leonard M. Spalding, Jr., management decisions and less on per
Stephen M. Wolfe has been named forming detailed verification proce
second vice president, international dures. Examination techniques will be
department.
different for larger banks and smaller,
United Missouri Bancshares, Inc., less complex banks.
The Office will establish an early
Kansas City, Mo.: Charles H. Church,
Jr., has been elected to the board. Mr. warning system, to be known as Na
Church, who has served as president tional Bank Surveillance System (NBof the United Missouri Bank of Hick SS), which will involve the computer
man Mills since 1958, began his bank ized analysis and comparison of
ing career with United Missouri Bank financial and non-financial data from
of Kansas City, N. A., in 1951 follow various national banks. Comptroller
ing graduation from the University of Smith has said that he plans to require
Kansas.
more current statistical information

HOME
BUSINESS
AUTO
LIFE

from national banks, including quar
terly rather than annual income reports
and that he will revamp the procedures
currently used by bank examiners. He
also will examine affiliates of national
banks where their activities could af
fect the soundness of the banks.
On the issue of branching, the study
says the Comptroller “should ask the
Congress to authorize the establish
ment of branches by national banks
under Federal standards irrespective of
the law of the state in which either the
particular bank is located or the pro
posed branch is to be located.
Such authorization should specify
that the Comptroller define branching
areas that would maximize competition
and public convenience.
In the corporate regulatory function
area, recommendations include trans
ferring to the 14 regional offices some
of the responsibilities currently as
signed to the Washington office, thus
permitting it to concentrate on overall
policy decisions. The transfer will re
quire a reorganization of some per
sonnel between the main office in
Washington and the regional offices.

C O N T IN E N T A L W E S T E R N IN S U R A N C E C O M P A N Y
Phone (515) 278-3000
C O N T I N E N T A L W E S T E R N LIFE I N S U R A N C E C O M P A N Y
Phone (515) 278-3345
Home Offices:
11201 Douglas A venue (Interstates 35-80), Des M oines, Iow a 50322
DIVISIONS OF CONTINENTAL WESTERN INDUSTRIES, INC.

N o r tfor
h w FRASER
estern B a nker, Sep tem b er
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1975

Every size
and style
you need
LeFebure
Safe Deposit
Boxes

Just by looking at this photograph, you get an idea of the variety
and impressive styling of-LeFebure Safe Deposit Boxes.
You choose from a complete selection of standard-sized nests to
fill practically all of your space requirements. Custom sizes are
available to satisfy any additional needs.
You and your customers will like the eye-appealing beauty, the
distinctive, classic styling that LeFebure Safe Deposit Boxes add to
your vault. They project strength and security.
And you get maximum security with LeFebure’s Safe-T-Hinge
system. Doors are recessed and locked on the bolt side and interlocked
on the hinge side to guard against unauthorized box entry. Every
lock carries the U/L seal.
Only the finest quality materials and experienced craftsmanship
go into LeFebure Safe Deposit Boxes. You have many convenience
options available including file drawers, bond boxes, multiple
containers, key trays, and pull-out shelves.
Discuss your safe deposit needs with your LeFebure sales
engineer. He can help you lay out your vault space so that it will
make more money for you.

Division of Walter Kidde & Company, Inc.
Cedar Rapids, Iowa 52406

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

We m ake m ore of the th in g s you need than an y on e else in the w orld.

Nebraska, Iowa Finish MAPS Study
HP HE DESIGN for a proposed
rem ote electronic term inal
banking system for the banks of
Nebraska and Iowa was unveiled
recently when banker committee
members of the Mid-America Pay
ments Study (MAPS) completed
their three-volume report. Distribu
tion of the report was handled by the
Nebraska and Iowa Bankers Associ
ations, which sponsored MAPS.
M ember banks of the two
associations have been provided an
outline of the technical report in
MAPS Out Line, a special publica
tion devised to keep them posted on
MAPS progress during the past
year. The MAPS Study Committee
was automatically dissolved with
completion of the report. Imple
mentation of the recommendations
will now be up to the NBA and IBA
through action of their respective
executive committees.
F irst D ata R esources, In c .,
Omaha, was contracted to provide
project coordination and staff and
technical support for the advisory
board and the working committees
from the two states.
The three advisory board members
from each state were:
Nebraska: James I. Black, presiN o r t h w efor
s t eFRASER
rn B a nker, Se p tem b e r
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1975

dent, Cones State Bank, Pierce, and
president-elect of the NBA; Robert
E. Burkley, president and chairman,
First National Bank, Fairbury, and
president of the NBA, and H. Jack
Moors, executive vice president,
First National Lincoln. Observing
board member was Robert Harris,
executive manager of the NBA,
Lincoln.
Iowa: John D ean, presid en t,
Glenwood State Bank, Glenwood;
Russ Howard, president, Mahaska
State Bank, Oskaloosa, and Paul
D unlap,
presid en t,
H aw keye
Bancorporation, Des Moines. Ob
serving board member was Neil
Milner, executive vice president,
IBA, Des Moines.
The three volumes in the printed
report are: Volume I, System
Standards; V olum e II, S ystem
Design Specifications, and Volume
III, Miscellaneous. Each volume has
several sections: Volume I —trans
mittal, background terminal func
tions, transactions, switch func
tions, card and magnetic stripe
specifications, and security. Volume
II —terminal analysis, transactions,
sw itch sp ecifica tio n s, card and
magnetic stripe, security and com
munications. Volume III —topics

outside of standards and specifica
tions.
Terminals were placed in three
categories: manned terminals pro
viding all transactions; manned
terminals providing limited trans
actions, and unmanned terminals.
Standards for each are set forth in
the final report. It was decided that
all unmanned terminals should be
on-line to a switch.
The system as devised would
support all transactions provided for
in both Iowa and N ebraska
leg isla tio n (passed during last
legislative sessions). Details in
volving such matters as acceptance
of checks for deposit at remote
term inals are covered in th is
transaction legislation section.
Standards for identification codes
also are outlined for use by all banks
and provide codes both for trans
actions and responses.
The technical section on switch
network follow previously generally
outlined flows of transactions, using
the switch as the central point for
receiving and transmission of all
data.
The MAPS study states “One of
the thorniest problems the MAPS
committee found in their delibera
tions concerned settlement between
banks in a statewide or multi-state
shared-terminal environment.
“Their conclusion: It would be
most logical and efficient for a
central sw itch or sw itch es to
generate settlement information and
pass this along to the Federal
Reserve for settlement between
banks.
“This information, showing each
bank’s net debit or credit situation
as a result of electronic transactions,
would be obtained from transaction
records maintained at the switch. It
would be summarized daily, at a
certain cut-off time, and sent to the
Federal Reserve by midnight for
settlement the following morning.
“Banks which are not members of
the Federal Reserve would be settled
through a correspondent bank which
is a member.’’
Throughout the report, careful
emphasis is placed on security
procedures, dealing primarily with
three general areas: for the card
holder, at the terminal, and at the
switch.
Member banks of the Nebraska
and Iowa Bankers Association have
been furnished with their copy of the
MAPS final report.—End.

Death. Financial disruption. Default. Foreclosure.
Forced sale. Probate.
Cold, hard words? Yes, but, unfortunately, all part of
the language of the bank loan officer.
There are other words that work their way, subcon
sciously, into the bank’s vocabulary. Emotionally-tinged
words like heartbreak. Fear. Frustration. Remorse.
Needlessness.
Mixed together, the two groups of words evoke a pic
ture of tragedy. Senseless tragedy. Avoidable tragedy.
Tragedy that is a by-product of economic dislocations
caused by a default on an uninsured loan.
Death, of course, may or may not be avoidable. But
the tragic aftermath certainly can be. For both the bank
and its loan customers.
That’s why North Central Life has been a long-time
leader in marketing credit insurance to customers of
financial institutions. And that’s why North Central has
developed FACT . . . Farm And Commercial Term
insurance.
FACT protects short-term loans up to $100,000 with
level life insurance. It pays off the full original amount
of the loan in case the borrower dies before it’s repaid.
It protects the borrower’s family or business from ^
having to disturb other financial resources or
Ml
regular insurance benefits to pay back the loan
M
Redcoat
Service

obligation. And it protects the bank from the “villain’s”
role in default situations.
FACT coverage is easy to apply for, easy to get. FACT
can be issued without underwriting in most instances.
And in all other instances it can be requested over-thephone with one quick, toll-free “Hot-line” call to North
Central Life and approved within 24 hours of application.
No medical is required.
“Hot-line” underwritten cases up to $50,000 can be
renewed without further underwriting for a period up to
five years if approved originally.
FACT protection is designed for all large-scale, short
term obligations such as commercial loans, feeder loans,
operating loans, construction loans, equipment loans,
specialty applications, inventory loans, and supply loans.
FACT costs are rated by age, providing a lot of pro
tection for very little cost.
And, the FACT program can provide an important
extra source of profit to your bank.
We think that you should have FACT insurance avail
able at your bank. You and only you can help solve loan
default problems for your customers and your bank.
FACT or friction. The choice is yours.
Get all the FACTs by calling North Central’s
Red Coat Desk.
Wis., N. Dak., S. Dak., la., Nebr. - (800) 328-1612
Minn. - (800) 792-1030 All Other Areas - (800) 328-9117

North Central Life Insurance Company
NORTH CENTRAL LIFE BUILDING, 275 EAST FOURTH STREET, ST. PAUL, MINNESOTA 55101

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

N o rth w estern B a nker, Sep tem b e r

1975

Corporate News
ROMOTIONS and other news an
P
nouncements have been made by
the following firms:
Bank Building Corporation, St.
Louis, Mo.: The corporation has an
nounced the establishment of a fullystaffed division in Denver, Colo. New
division headquarters also have been
established in Dallas and Washington,
D. C. The Denver office is located in
the Montbello office campus at 12000
East 47th Avenue and has been op
erational since June 16. John F. Carson has been named division general
manager. Other managers are Frank
Fiehart, architecture and engineering;
Jeff F. Gentry, construction; Robert
A. Owens, sales, and Manuel Cortez,
administration and control.
The division will cover the states of
Arizona, Colorado, Idaho, Kansas,
Montana, Nebraska, New Mexico,
Utah and Wyoming.
The Central National Insurance
Group of Omaha, Omaha. Nehr.:
Donald J. Sleezer has been elected
president, chief operating officer and
director succeeding Maurice G. Olson

Cass Bank and Trust Company
St. Louis, Missouri

Beat the pants
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s e r v ic e /a d v e r t is in g d is p la y .
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M e s s a g e C en ters, c o m p le te
s ig n a g e and lo g o p r o g r a m s . . .
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W ith A S& I y o u a ls o g e t
e n v ir o n m e n ta lly -s o u n d
d e sig n and a life tim e
g u a r a n te e o f d ep e n d a b le
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O v er 5,000 fin a n c ia l
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the rew a rd s p o s s ib le w ith
A S& I d is p la y s . Y ou s h o u ld be,
too. R eturn th e c o u p o n to d a y
for fu ll d e ta ils!

D. i. SLEEZER

E. G. W ATTERS

American Sign
& Indicator
C o rp o ra tio n

N. 2310 Fancher Way, Spokane, WA
99206
GARDENA, CA DES PLAINES, IL
DALLAS, TX
JACKSONVILLE, FL
HARTFORD, CT
Representatives and Field Engineers
Serving Every City

A. V. BOEDEKER

Name_________________ __________
T i t l e _____

Company
Address _
* C ity ____________

I State_________Zip

Northwestern B a n k e r , S e p t e m b e r
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1 9 /5

J. K. T W IS S

who continues as chairman and chief
executive officer. Mr. Sleezer has been
with the organization since 1961 and
most recently was administrative vice
president. Also announced were three
additional promotions. Comptroller
and Vice President Earl G. Watters

was elected senior vice president and >comptroller and named a director.
Vice President James K. Twiss was
named senior vice president and mar- A
keting director. Alice V. Boedeker,
treasurer, was elected vice president
and treasurer.
Corporate Policyholders Counsel,
Inc., Chicago: R. Maynard Toelle,
John Sabol, Ronald E. Seaver and
Richard J. Burns have been appointed
senior consultants. All continue in
their existing posts: Mr. Toelle, vice
president; Mr. Sabol, assistant secre
tary; Mr. Seaver, director of profes
sional planning, and Mr. Burns, direc
tor of employee benefit services.
Dain, Kalman & Quail, Incor
porated, Minneapolis, Minn.: Twelve
registered representatives have been
appointed. Those located in the Twin
Cities offices are Robert D. Person,
James R. Shaw and Gregory A. Sir- ^
mai, Minneapolis; Harry Weingartner,
Southdale, and Thomas A. Peterson
and Vernon Schwartz, St. Paul. Thom
as D. Brown will be located in the
Duluth office.
Registered representatives located
in other parts of the country are Wil
liam Tierney, Billings, Mont.; Virgil
J. Weisner, Omaha, Nebr.; Jerry Flan
agan and Gerald Bunkers, Sioux Falls,
S. D., and John P. Gill, Waterloo, la.
Financial Communication Services
Corporation, St. Louis, Mo.: Stolz
Advertising Company of St. Louis has
been selected by the corporation to
handle marketing planning, advertis
ing and promotion for the new, notfor-profit corporation’s electronic con
sumer banking communications sys
tem. The FCS service will be made
available to 2,300 banks in Missouri,
southern Illinois, Kansas, Iowa and
western Kentucky.
Financial Shares Corporation, Chi
cago: Helen J. Tierney has joined the
company as sec
ond vice presi
dent and account
r e p r e s e n ta tiv e .
Previously s h e
was an officer of
the Citizens Bank
of Park Ridge
where she had
been advertising
H.

J .TIERNEY

and

p u b l i c i t y

manager s i n c e
September of 1974. Financial Shares

You can sum up thé Citibank concept of correspondent banking
in a word. That word is cooperation —complete and wholehearted cooperation
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and resources and .expeijJace, to any situation—yours or ours—in which two banks

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F IR S T N > » O N A L C ITY B A l l i
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M e m b e r F .D .I.C .

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

Northw estern

Banker, Septem ber

1975

22
Corporation serves a variety of client
banks, trade associations, insurance
companies, consumer product manu
facturers and others in financial mar
keting, advertising, public relations,
education and training and general
management consultation.
The Firestone Tire & Rubber Com
pany, Akron, Ohio: James M. Denny,
42, has been elected treasurer, suc
ceeding Kenneth W. Reese, 44, recent
ly named executive vice president in
charge of finance. Elected to replace
Mr. Denny as an assistant treasurer is
Thomas E. Brewer, 36, who has been
manager of corporate cash and bank
relations.
John H. Harland Company, At
lanta, Ga.: H. Grady Wilson, Jr., vice
president of sales, and Robert R.
Woodson, vice president of finance and
treasurer, have been given the addi
tional title of executive vice president.
The following three men have been
given the additional title of vice presi
dent: James E. Hooper and A. Clyde
Baxter, III, district sales managers,
and Donald K. Voshall, director of
manufacturing.

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Ft.Worth,Tex."Los Angeles,Calif.

N o rthw estern B anker, Se p te m b e r

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

1975

LeFebure, Cedar Rapids, la.: J. W.
Lumley, Jr., has been appointed man
ager of product
planning, banking
equipment and se
curity systems. He
will be responsi
ble for developing
and
marketing
banking e q u i p ment and will as
sist in m a r k e t
planning and de
J. W . LUMLEY
velopment of the
company’s 724 Walk-Up and Drive-Up
Automated C u s t o m e r Terminals
(ACT). After experience in banking in
Montgomery, Ala., and Tampa Fla.,
Mr. Lumley had specialized training in
automated banking equipment and set
up two separate automated teller sys
tems.
Meilink Bank Equipment, Toledo,
Ohio: Don R. Scheidemantel has been
appointed v i c e
president and gen
eral manager in
charge of all pro
duction and sales.
He has 17 years
of experience in
the bank equip
ment industry in
cluding involve
ment in the de O. SCH EIDEM ANTEL
velopment of the
line-of-sight pneumatic tube drive-up
system. For the past five years, Mr.
Scheidemantel was administrative man
ager of the financial systems division
of Rand McNally & Co. Prior to that
he spent 12 years on the sales man
agement team of LeFebure Corpora
tion, Cedar Rapids, la., where he
handled sales of bank equipment prod
ucts.
Mortgage Guaranty Insurance Cor
poration, Milwaukee: The territory su
pervised by Ed
Kallemyn, v i c e
president and re
gional manager,
has b e e n ex
panded and Mr.
Kallemyn has an
nounced the addi
tion of a new field
representative to
his staff.
Mr. Kallemyn
said Raleigh E. Allen, Jr., has been ap
pointed regional director of develop
ment for eastern Iowa. He succeeds
Frank Augustine, who resigned recent

ly to become executive vice president
of Scandia Savings & Loan Association
in Des Moines. Mr. Allen has served
the past one and one-half years in a
similar capacity for MGIC in central
Missouri, and spent the preceding year
in the company’s home office training
program. Prior to that he was with National Cash Register Company in Mil
waukee. Mr. Allen received his B.B.A.
degree from Angelo State College in
San Angelo, Tex., while serving there
in the Air Force.
Mr. Kallemyn now will have field
supervisory responsibility for all MG
IC services to banks and other institutions in Minnesota and Wisconsin.
These states are in addition to his
former area of Iowa, Nebraska, South
Dakota and North Dakota. Missouri,
formerly served by Mr. Kallemyn’s
staff, will now be handled by a south
ern division.

A
>
T

^
A
>

NYTCQ Services, Inc., St. Paul,
Minn.: Robert J. Hamlin has joined
the
staff. Mr.
Hamlin, a native
of St. Paul, most
recently was as
sistant vice presi
dent and instal
ment loan mana
ger at First Mer
chant’s State Bank
of St. Paul. He
attended the Uni
R. J. H A M L IN
versity of Minne
sota.
NYTCO is a national third party
collateral control and a subsidiary of
Space Center, Inc., of St. Paul.
James Talcott, Inc., New York, ’ 1
N. Y.: Robert J. Cambora has been
appointed credit manager for the
Chicago district office of Talcott’s - ^
business finance division. Mr. Cambora, who joined Talcott in 1972, was
previously senior loan officer for the
Chicago office.

FDIC Reassigns Doster
Chairman Frank Wiile of the Fed
eral Deposit Insurance Corporation —
has announced the reassignment of
Charles E. Doster, presently the
FDIC’s regional director in Philadel- s,
phia, as regional director of the San
Francisco region. He succeeds John J.
Early whose appointment as director ^
of the division of bank supervision was
recently announced.

The

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The Northern Trust Bank

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Federal Reserve Bank of St. Louis

Bring your financial future to us.

Gaylord Freeman To Keynote ABA 1975
<■>
National Correspondent Banking Conference "
Freeman, chairman of
G AYLORD
the board of the First National

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h wFRASER
estern Banker, Se p te m b e r
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1975

Bank of Chicago,
will keynote the
1975 N a tio n a l
C o rre sp o n d e n t
Banking Confer
ence, William T.
D w y e r , confere n c e chairman,
a n n o u n c e d re
cently.
The meeting,
sponsored by the
correspondent banking division of the
American Bankers Association (ABA),
will be held at the Century Plaza Ho
tel in Los Angeles, November 9-11.
Mr. Dwyer, who is also vice presi
dent at First National Bank of Chicago,
said, “Mr. Freeman will set the tone of
the entire Conference at the Monday
opening session. This year’s theme will
be ‘Strive For Quality — Plan For
Growth’.”
The two-day business session will
be divided with Monday’s attention fo
cused on assessing the quality of inter
bank credit and Tuesday’s emphasis
on planning for future growth.
Mr. Freeman will be followed on
Monday by ABA correspondent bank
ing division chairman Roger A. Lyon,
executive vice president of Chase Man
hattan Bank, New York.
Mr. Lyon will cover the loan of
ficer’s appraisal of bank ratios in ar
riving at a credit decision. His ap
proach will be directed toward an
evaluation of the medium-sized bank.
Money center banking operations will
be covered later in the program.
“This evaluation will not be an ‘end
all’ approach to interbank credit
analysis,” Mr. Dwyer said. “It is,
rather, a serious first step in the estab
lishment of techniques of credit ap
praisal of banks as borrowers and is
a recognition of the correspondent loan
officer’s needs and responsibilities to
start with some basics and move
progressively toward refining the tools
of his trade.”
Monday morning will be concluded
with three concurrent workshops: An
Evaluation of the Bank Holding Com
pany Borrower, An Evaluation of the
Medium-Sized Bank Borrower, and
Generating Non-Bank Sources of
Funds.

W . T. D W Y ER

R. A. L Y O N

Monday afternoon will feature three
different concurrent workshops, using
a case study approach and involving
well-known academicians: Evaluating
Holding Company A nd/O r Big Bank
Borrowers, Evaluating Medium-Sized
Bank Borrowers, and Evaluating Bank
Stock Loans.
The afternoon will be rounded out
with 10 separate consulting sessions
covering credit and correspondent ser
vices.
*4
With Tuesday’s emphasis on plan
ning for growth, Mr. Dwyer said, “the
morning’s speakers will stress the
basics of products and people, mar
kets and profits.”
Electronic funds transfers (EFT)
will dominate Tuesday afternoon,” Mr.
Dwyer said. “EFT is a key element of
concern and study at all levels of bank
management today, and correspondent
bankers cannot help but be enmeshed
in all aspects of their banks’ EFT plan
ning.”
The afternoon will begin with a
third General Session on EFT aimed
at the correspondent banker followed
by 10 more consulting sessions.
“This will include,” Mr. Dwyer said,
“a discussion on the economics of EFT
for correspondents and their re
spondents plus a review of the costs
of current systems, identification of
major cost elements — both develop
mental and operational — and how
to analyze the risk and return.”
^4

To Hold Workshop for
Bank Planning Officers

How to prepare for the immediate
and long-range future will be the sub
ject of a workshop for senior bank >, .
planning officers, sponsored by the
American B a n k e r s
Association v
(ABA). The meeting will be held Sep- ^
tember 21-23 at the Stouffer’s Denver
Inn, Denver, Colo.

4*--

►

4♦-

With more than $4 billion of insurance in
force, United G uaranty is now the num ber 2
insurer fo r lenders who finance A m e rica ’s
shelter needs.
Today, United is p rotecting lenders against
loss on more than 220,000 loans. Loans used to
purchase new and existing homes, including
town houses, condom inium s, and fa cto ry-b uilt.

Loans to finance m ulti-fam ily housing. And
loans used to im prove and m odernize existing
homes.
We appreciate that
business, W e’d like
to have yours. Maybe
yo u ’ll find w e ’re
num ber 1 in service.

tUnited

Guaranty C orporation
826 N. Elm, Box 21567, Greensboro, NC 27420 (919) 273-6961

Contact United Guaranty Residential Insurance Company • P.O. Box 778, Bettendorf, Iowa 52722.
In Iowa (800) 292-0047. In States bordering Iowa (800) 553-8976.
United Guaranty Residential Insurance Company • 300 Morgan Building, Portland, Oregon 97205.
In Washington and Idaho (800) 547-1064. In Oregon (800) 452-7697.

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Federal Reserve Bank of St. Louis

N o rthw estern

B a nker, S e p te m b e r

7975

BAI Convention Scheduled For Oct. 26-29
AMES E. Smith, Comptroller of the
Currency, and John F. McGillicuddy, president
of Manufacturers
Hanover T r u s t
Co., New York,
head the list of
more than 50
speakers who will
address Bank Ad
ministration In
stitute’s 51st Na
tional Convention
R. L. KATTEL
in Atlanta, Octo
ber 26-29.
Approximately 3,500 delegates from
across the country are expected to at
tend the meeting, according to Richard
L. Kattel, convention chairman and
president and chairman, The Citizens

& Southern National Bank, Atlanta.
Mr. Kattel, who will preside at the
convention’s opening general session
on Monday morning, October 27, said
that the four-day meeting will examine
a wide range of banking subjects with
special emphasis on recent develop
ments in the area of Electronic Funds
Transfer Systems.
In addition to the formal program,
the convention will feature 153 ex
hibits of the latest banking systems and
equipment as well as the traditional
“Meet the Experts” sessions which
provide an informal forum for individ
uals to discuss their immediate banking
problems with the Institute’s technical
commission members.
The convention is being hosted by
the Atlanta chapter.

September 21 is Date of
ABA Bank Card Convention

BMA members and $25 each to nonmembers. They may be purchased by
contacting: Order Department, Bank
Marketing Association, 309 West
Washington Street, Chicago, 111.
60606/

Electronic funds transfers and gov
ernment regulation will highlight the
program of the 1975 annual Bank
Card Convention, sponsored by the
American
Bankers
Association
(ABA), Conference Chairman Nicho
las J. Ferrante said.
Mr. Ferrante, who is also vice presi
dent of Security Pacific National Bank,
Van Nuys, Calif., said the theme of the
ABA bank card division’s annual con
vention will be “New Challenges in the
Mid-70s.” The meeting will be held
September 21-24 at the Americana
Hotel in Bal Harbour, Fla.

Publishes Analysis of
Marketing Expenditures
Bank officers can gain a clearer in
sight into what other banks are spend
ing on marketing by consulting an
“Analysis of 1974 Bank Marketing
Expenditures,” the latest in a series of
such analyses published by the Bank
Marketing Association.
Drawn from a sampling of the entire
U.S. commercial banking industry, the
1974 analysis groups banks according
to deposit size, in seven categories
ranging from “under $25 million” to
“over $1 billion.”
Within each size classification, mar
keting expenditures are broken down
by service and expenditure type. For
the first time, expenditures are also re
ported by population size of market
served. Salary expenditure information
is also included.
Copies are available at $12 each to
Digitized
N o r tfor
h w FRASER
estern B a nker, Sep tem b er
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1975

NABW Announces
Mid-Year Officer Changes
Three recent major changes in the
leadership ranks of the National Asso
ciation of Bank Women, Inc., have
been announced by NABW President
Patricia Weninger, vice president,

Fidelity Mutual Savings Bank, Spokane, Wash.
The first is the appointment of Ruth
I. Smith, executive vice president,
cashier and director of Tower State
Bank, Kansas City, Kan., as treasurer
to fill the office vacated by Mary F.
Holstad. Mrs. Holstad, who was an in
vestment officer with the Central National Bank & Trust Company, Des
Moines, la., has left the bank and the
NABW elective post to accept an ap
pointment by Iowa Governor Robert
Ray to the Iowa State Commerce
Commission. In succeeding Mrs. Hol
stad, Mrs. Smith will complete the
1974-75 treasurer’s term, and she will
also be a nominee for election to the
post for 1975-76.
Edith E. Calliham, vice president,
First National Bank of South Carolina,
Charleston, has been named to complete the two-year 1974-76 term of
southeastern quadrant director, sueceeding Josephine Reed, vice president
and cashier, Keystone State Bank,
Keystone Heights, Florida, who has resigned for reasons of health. In taking
on the new role, Mrs. Calliham will also retain her current chairmanship of
the NABW revisions committee.
The final change is the appointment
of Hermine Herbring, women’s bank
ing officer, U.S. National Bank of Oregon, Portland, to succeed Helen V.
Goode of Norfolk, Va., as chairman
of NABW’s education and training.

,y
'

“
-

^
„
^

San Francisco is Site of RMA Convention
different aspects of com
T HREE
mercial lending wil be featured at
the 61st annual Fall Conference of
The Robert Morris Associates Novem
ber 2-5 in San Francisco. They will
include “Commercial Lending: Its En
vironment” on Monday, Nov. 3;
“Commercial Lending: Its Priorities
and Direction” on Tuesday, and
“Commercial Lending: Its Practice”
on Wednesday.
The opening business session is at
9 a.m. Monday. Sessions will run all
day Monday and Wednesday and there
will be a half day session on Tuesday.
One change is in the President’s Ban
quet, normally held on Tuesday night,
which has been moved to Wednesday
night.
Robert A. Young, president of
Northwest Bank, Vancouver, Wash.,
will speak at the RMA President’s
Luncheon Monday. Mr. Young was
named president in the association’s
annual election in August.

Dan W. Mitchell, president, Old Na
tional Bank in Evansville, Ind., was
elected first vice president. Willis F.
Rich, Jr., executive vice president,
Northwestern National Bank, Minneapolis, Minn., was selected second vice
president.
In addition, four new directors were
elected to the RMA board for three
year terms. They are: George R.
Baker, executive vice president, Con
tinental Illinois National Bank & Trust
Co., Chicago; Claude Higginbotham,
senior vice president, Wachovia Bank
& Trust Co., Winston-Salem, N.C.;
Frank H. Odell, president, State Bank
of Albany, N.Y.; and M. G. Sanchez,
executive vice president, First National Bank of Pompona Beach, Fla.
In addition, Paul G. Black, president,
Shawmut Bank of Boston, N.A., was
chosen to fill the two-year unexpired
term of Willis Rich.
The new officers and directors took
office on September 1, 1975.

<
v
,

*
v
v
k.

Correspondent banking
is a one-to-one relationship at
N um ber O ne W all Street

►

You can have a corre sp o n d e n t
re la tio n s h ip w ith m any m oney
ce n te r banks.
W hat's d iffe re n t at th e
Irvin g is th e personal q u a lity o f
th a t re la tio n sh ip .
W e alread y have a n e tw o rk
o f local banks th ro u g h o u t
N ew York State, so w e under
stand c o m m u n ity banking.
W e also have nearly 1,000
co rre sp o n d e n t acco unts in
A m e ric a and even m ore abroad.

So w h a t w e o ffe r is an im
p o rta n t, q u a lity m oney center
bank th a t isn't to o big to be
personal.
W e o ffe r such special
services as:
— Bond P o rtfo lio Analysis.
— Funds m o ve m e n t and
in v e s tm e n t...to d iv e rs ify
surplus funds.
— E conom ic O u tlo o k
Forecasts.
— S ecurity h a n d lin g and
safekeeping, th ro u g h a
q u a lity clearance bank.
— Foreign d ra ft...a llo w in g
you to take advantage o f
o u r overseas branches
and co rre sp o n d e n t ne t
w ork.
The b o tto m line: a big
m o ney cen ter bank that's
personal, fa st and fle x ib le .

✓

Irving Trust
Company

A Charter
New York Bank

Number One Wall Street

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

N o rthw estern B anker, Sep tem b er

1975

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

is MorAmerica?
Being synergetic is the briefest way
of saying that we work together
smoothly. We invite you to call us
when a synergetic response is what
you want.
We are a registered bank holding
company offering diversified financial
services in the areas of commercial
banking (Jackson State Bank & Trust,
Maquoketa, Iowa; First Trust and
Savings Bank, Wheatland, Iowa), con
sumer finance (Morris Plan), leasing
(LeaseAmerica Corporation), venture
capital (MorAmerica Capital Corpora
tion) and commercial mortgage fi
nancing (MorAmerica Mortgage Com
pany.) We serve the nation.
MorAmerica Financial Corporation
Peter F Bezanson. President
200 American Building
Cedar Rapids. Iowa 52401
AC 319-363-0261

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Federal Reserve Bank of St. Louis

[li

Next time you call Paul or Gene,
you’ll know w hat they look like.
Behind every correspondent banker
at First National Bank of Kansas
City, Missouri, there’s a team of
specialists back at the bank.
Specialists like Paul Gregory in
Operations and Gene Wisner in
International.
If you do your correspondent
banking with First National, you’ve
probably known their voices for
some time. Because we encourage
our correspondent banks to call the

“people back at the bank” direct,
anytime.
Let’s say you have a check or
draft collection problem. You
telephone your correspondent
banker at First National and learn
that he’s out.
Your need can’t wait.
So you ask for Paul Gregory.
Paul can handle the coordination of
your collections and assist you in

obtaining available funds as quickly
as possible.
Sound simple enough? It is.
That’s why we welcome your
calling our FNB specialists direct.
Because we want you to trust them
as much as we do.
So telephone (816) 221-2800 and
ask for Paul or Gene. Maybe
someday they’ll find out what you
look like, too. Member FDIC.

FIRST NATIONAL BANK

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Federal Reserve Bank of St. Louis

An Affiliate of First National Charter Corporation

ABA Centennial Convention
Is in New York, October 4-8

G e o rg e W h y e l

J. R e x Duw e

W . Liddon M cP ete rs

R o ge r A. Lyon

H P HE NATION’S Bicentennial is an integral part of activities scheduled prior
-*• to and during the American Bankers Association’s Centennial Convention to
be held October 4-8 in New York City. As part of a number of special projects
designed by ABA to honor the nation’s 200th birthday, ABA and federal govern
ment officials will unveil a feature exhibit September 17 in Washington’s Smith
sonian Institution. This special display will pictorialize the role of banks in United
States history. Additionally, the ABA will preview at the Centennial Convention
its feature film on banking history.
The U. S. Postal Service also will issue a commemorative stamp in con
junction with the national convention, one commemorating American banking
and commerce. A special Post Office will sell first-day covers on site at the con
vention.
The 100th anniversary program will feature a three-track format: two gen
eral sessions to be held at famed Radio City Music Hall, 10 forums and manage
ment sessions, and 42 special interest sessions designed as discussion groups.
An added highlight will be a series of seminars entitled “The Person in
1975: Psychiatrists Look at Prejudice, Power, Pain and Pretense,” to be con
ducted by senior staff members of the Center of Applied Behavioral Sciences for
the Menninger Foundation in Topeka, Kan.
The Monday morning general session will feature a banker panel moder
ated by David Brinkley, NBC-TV commentator, and including A. W. Clausen,
president, Bank of America; Gaylord Freeman, chairman, First National Bank of
Chicago, and Walter B. Wriston, chairman, First National City Bank of New
York.
The Wednesday morning general session will feature NBC-TV’s “Today”
show, produced especially for the convention. Hosts Barbara Walters and Jim
Hartz will interview a number of prominent personalities and authorities in var
ious fields of public life. The two hosts also have produced 52 Bicentennial spe
cials co-sponsored by the ABA, honoring each state, the nation’s capital and
Philadelphia, to be aired each Friday during a year’s time. The first was broad
cast July 4.
Other features include a special spouses’ program Tuesday morning, Octo
ber 7, highlighted by a musical production, “Star Spangled Rhythm,” featuring
the entire Radio City Music Hall cast. A special event that has gained tremen
dous interest since its inception several years ago is the Sunday morning prayer
fellowship gathering. This breakfast event will be addressed this year by Dr.
Norman Vincent Peale.
More than 330 exhibitors have announced intentions to display their prod
ucts and services in the massive exhibit area.

AMERICAN BANKERS ASSOCIATION OFFICERS
Presiding at the Centennial Convention will be George Whyel, ABA
president, who will be elected chairman of the Governing Council for the
coming year. He is chairman, Genesee Merchants Bank & Trust Co., Flint,
Mich.
J. Rex Duwe, president-elect, will advance to the presidency. He is
president and chairman, The Farmers State Bank, Lucas, Kan.
W. Liddon McPeters, president, The Security Bank, Corinth, Miss., is
scheduled to be elected president-elect to succeed Mr. Duwe.
Roger A. Lyon, executive vice president, The Chase Manhattan Bank,
New York, is scheduled to be elected treasurer.
Willis W. Alexander is executive vice president and chief administra
tive officer, headquartered in Washington, D. C.

W illis W . A le x a n d e r

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

N o rthw estern

B a nker, Sep te m b e r

1975

ABA Centennial Convention Program
New York C ity
O ctober 4-8,1975
Saturday, October 4

A.M.

D a v id B rink le y

Grand Opening of Centennial Convention.
Registration.
Educational Displays.
Hospitality Center.

10:00 to 11:00
10:00 to 12:00

Special Interest Sessions (7).
Menninger Executive Seminar I.

P.M.
1:30 to 4:30
2:30 to 4:30
2:30 to 3:30

Management Series.
Menninger Executive Seminar II.
Special Interest Sessions (7).
Sunday, Octobers

A.M.
8:30
10:30
P.M.
2:00
A. W . Clausen

2:30
2:30
5:30

Fellowship Gathering— Dr. Norman Vincent Peale.
Menninger Executive Seminar III.
Management Series.
Menninger Executive Seminar IV.
Special Interest Sessions (7).
Reception.
Monday, O ctobers

A.M.
8:00

9:15

Special Interest Sessions (7).
General Session— Radio City Musical Hall.
Presiding— ABA President George Whyel.
Panel Moderator— David Brinkley, NBC-TV.
A. W. Clausen, president, Bank of America, San Francisco.
Gaylord Freeman, chairman, First National Bank of Chicago.
Walter B. Wriston, chairman, First National City Bank, New York.

P.M.
2:00

Concurrent Forums:
Regulation and the Public Interest.
Management Series.
Menninger Executive Seminar V.
Spouses’ Program— Electronic Money.
Tuesday, October 7

A.M.
8:00

9:30

10:00

Special Interest Sessions (7).
Concurrent Forums:
Investment/Economic Outlook.
Correspondent Banking Today.
Menninger Executive Seminar VI.
Management Series.
Spouses’ Program— Star Spangled Rhythm.

P.M.
W a lte r B. W risto n

2:00

6:00

Concurrent Forums:
The Washington Scene.
EFTS & Community Banking.
Management Series.
Reception.
Wednesday, Octobers

A.M.
8:00

B a rb a r a W a lte rs

Digitized
N o r tfor
h wFRASER
e s t e r n B a n k e r , S e p t e m b e r 19 7 5
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Federal Reserve Bank of St. Louis

Special Interest Sessions (7).
General Session— Radio City Music Hall.
Presiding— ABA President George Whyel.
NBC-TV "Today” Show— Hosts, Barbara Walters and Jim Hartz,
Election of Officers.
Adjournment of Centennial Convention— End.

Commence
means business
about wanting
to see everyone
at the
A3 A convention
James M. Kemper, Jr.

P. V. Miller, Jr.

8. M. Lamberson

David A. Rismiller

Frank E. Boesche

Fred N. Coulson, Jr.

Chairman

President

Vice Chairman,
Commerce Bancshares, Inc.

Executive Vice President

Senior Vice President

Larry E. Lumpe

Tom C. Cannon

Ben F. Caldwell

Paul N. Shy

Lee W. Peakes

Senior Vice President

Vice President

Assistant Vice President

/ 08k
W
J

UL
NG

C o m m erce
o f Kansas C ity
9th & M ain
12th and C harlotte Branch
10th & W alnut 234-2000

-A

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

N o rthw estern

B anker, Sep tem b er

1979

U S E IT I

For direct contact with the Midwest’s newest Livestock
Marketing Information Center.

U S E IT !

To get up-to-the-minute prices; trends; movement of
slaughter cattle and hogs, feeder cattle and feeder pigs!

U S E IT !

To check activity at any market in the nation; research
U.S.D.A. reports; commodity futures; current beef trade.

U S E IT I

To a s k a n y q u e s t i o n !
*1

During the past several months hundreds of bankers
have begun calling us each and every day for any and
all market information and services
... for themselves and for their customers.

KAY

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Federal Reserve Bank of St. Louis

OMAHA

LIVESTOCK

MARKET

■0

l e

l a

A Northwestern Banker S u rvey

T ) ROBLEMS of feed supply, weather, excess numbers

■** on ranches and uncontrollable market forces con
tinue to plague the livestock industry as shown in special
reports sent to the Northwestern Banker from repre
sentative parts of the upper midwest and mountain states.
Bankers state that availability of money supply is no
problem this year, but continue to urge caution for cus
tomers in placement of feeders. In some normally high
feeding areas, there is a noticeable lack of buying interest
for replacements. Internationa] trade has offered attractive
grain prices that provide cash grain crop operators with
an alternate market than livestock feeding.
Weather has plagued key areas of the midwest this
summer, notably in parts of Iowa, Minnesota and the
Dakotas. Some veteran observers believe the expected
record crops will tail off to average size or even less,
with silage all that is salvageable in hardest hit areas.
Ranchers and cow-calf operators are still being urged
to cull heavily. Apparently, many are carrying their large
supply of calves through as yearlings and, in some cases,
are considering finishing the cattle themselves through
commercial feedlots. Availability and cost of feed will be
a major controlling factor. Hardest hit areas in this regard
appear to be the southwest, since the alternate of roughage
and silage is not as plentiful as in the upper midwest, due
to weather conditions.
Reports from selected observers follow:

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

By OLIVER A. HANSEN
President
Liberty Trust & Savings Bank
Durant, la.

EVER have I seen such a lack of interest in purchas
NInterest
ing feeders as we are witnessing this year!
in cattle feeding at the time of this writing
(August 12) is practically non-existent in our area. This
is most important to our bank since in past years about
half of our non-real estate loans were for feeder cattle
purchases.
Losses sustained during the past years account for most
of the prevailing attitude. Earlier in the season when it
looked like a “bumper” crop we were predicting a renewed
interest in feeders as a means of marketing corn. The re
cent improved cash price for corn has resulted in more talk
of selling the crop and not taking a risk in feeding. Very
few cattle have been contracted.
In view of the prevailing attitude we look for feeder
prices to decline as we go into the fall, particularly with
N o rthw estern

Banker, Sep te m b e r

1973

36
certain feeder production areas being quite dry and over
stocked. The cow-calf producer cannot carry over another
calf crop without either: 1) Reducing his cow herd. 2)
Selling or placing his yearlings in commercial feedlots on
his own account. Feeder production has not been profit
able particularly for the person limited to that enterprise
only, and the experience many encountered with storms
last winter has forced the cow man to realize he must go
into the winter at a reasonable number level.
Somewhere down the road there is money to again be
made in the cattle business. Heifer replacements are down.
Calf slaughters are up. Cow herds are being heavily
culled. Cattle are being marketed at lighter weights. Feedlots are not being refilled. Many feeders have simply quit
and are enjoying the cash sale of corn and beans. We
might have several more months of adjustment, but major
adjustments are taking place in the industry. Diverted
acres are not available as additional feed for cow herds in
the grain areas and herd numbers are decreased to more
reasonable numbers.
We are encouraging our experienced feeders to stay
with their enterprise at least to some extent with varied
marketing periods in mind. This proved very profitable the
past few months for many operators. The uncertainty of
feed and feeder prices is such that we are not encouraging
the early purchase of too many replacements, as continued
dry weather could push many feeders to market at a time
of low demand. We are advocating the continued use of
more silage in feeding programs. Cow herd owners are
urged to continue utilizing every available bit of roughage on their farms but to practice careful culling.
Past experience has usually shown the most money is
made by not doing what the neighbor does but just the op
posite. This might be the time for such action if feeders
continue to slip in price and cash grain prices remain high.
In any event, if we learned any lessons from the past
couple of years, it is the necessity to utilize every avail
able feedstuff produced on the farm and the advantages
of diversified operations where all of the eggs are not in
one basket.

By CLARK J. JENKINS
Vice President
Agriculture Manager
Merchants National Bank and Trust Company
Fargo, N.D.

S you have probably heard, in our immediate local
A
area we have had a tremendous blow to our agricul
tural economy due to the floods. However, this has not af
fected to any large extent the cattle situation and we are
looking at another year of mixed feelings as to the cattle
outlook.
Due to the much reduced price of feeder calves last fall,
along with the easing off of feed grain prices, most of our
cattle feeders had a respectable, profit-wise feeding season.
This, of course, reflected on the cattle producers and most
of them moved their feeder cattle at less than production
costs. According to the most recent statistics, the cattle
situation should improve for the producers within the next
year as the numbers have apparently been siphoned down
to a level that will be manageable when considering the de
mands and increased population levels as against a pre
vious projection of taking approximately two years for the
workout.
N o r tfor
hw e
ste rn B a nker, Se p te m b e r
Digitized
FRASER
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Federal Reserve Bank of St. Louis

1975

For the immediate upcoming feeding season, I look for
feeder prices to be comparable to last season, with some
what cheaper feed grains and fat cattle prices easing off
from current levels, but not to last season’s low levels and
that will allow for a reasonable profit structure in the feed
ing business. However, it looks like another year before
the cow-calf operator will again be in a position of pro
ducing for a profit.
As far as the money supply is concerned for financing
the cattle industry, it really hasn’t changed a great deal,
but we anticipate being in a position to supply our custom
ers their financial needs.

By C. P. MOORE
President
First National Bank
Aberdeen, S.D.

r P ' HERE are very few notes of optimism to be offered
for the cow-calf and yearling operator! Adverse factors
affecting these two operations are:
(1) July and August drouth has caused a rapid deteri
oration of ranges and pasture in central South Dakota.
Some ranges were hurt last year due to drouth and over
stocking. This continues to the present day.
(2) Possibilities for corn prices at higher levels than an
ticipated; could be nearer 1974 level, depending on
precipitation in the com belt in August.
The result is that we do not see any improvement for
feeder cattle or calves this fall. What are the alternatives?
(1) Cull cow herd closely and sell feeder cattle and
calves down to where the rancher is assured of having ade
quate grass and hay on which to winter, with a small
carryover of both.
(2) Cull closely to normal carrying capacity and back
ground calves with adequate feed on hand.
(3) Go to a commercial feedlot with heavy feeder cat
tle. Consider hedging both cattle and feed if the futures
market warrants.
We may see more ranchers going to the commercial
feedlot with their cattle, carrying them through the com
plete cycle.
The long and short of it is . . . this will be another loss
year for the cow-calf and yearling operator. Bankers will
need to counsel with borrowers on an individual basis,
analyze their credits carefully, and continue to assist the
credit-worthy customer through this period of adversity.
As bankers we need to encourage the range and pasture
operators to reduce their cows and light cattle, improve
quality, and get the numbers down to a normal stocking
rate.
Our drouth conditions for the past several weeks may
have an adverse effect on our economy later this year, but
these same conditions will provide additional roughage.
We will have more silage, although in some areas the corn
is beyond the stage where it will make good silage. There
has been more precipitation in the extreme northern area
served by our bank and reports are that the com crop will

be quite good. With the excellent moisture conditions this
spring there was an abundance of hay piled in the area
of north central South Dakota.
Fat cattle prices have held up well during the summer.
While we have seen some easing just recently, we would
expect the fat prices to hold somewhere near current levels
into the late fall and early winter.
Overseas sale of grain, which is good for our balance
of payments and economy in general, will no doubt raise
domestic corn prices to the detriment of cattle feeders later
this year. While we may see an improvement in fat cattle
prices, the net advantage to the cattle feeder may be less
than it has been this spring and early summer of 1975 due
to higher feeds costs.
We believe that the money supply is adequate to sup
port the good cattle operator and diversified farmers in this
area. There is a continual need for close cooperation be
tween borrower and lender in planning for the future farm
ing and ranching operation. We anticipate heavier borrow
ing needs next year and it goes without saying that the
range livestock operator will need to operate “close to his
belly” if he is to survive at least another year or until we
see recovery in the feeder cattle business. The lender must
provide the needed support for the qualified operator
. . . he must also be able to identify the unworkable situa
tion and not prolong an untenable situation over the long
pull which is not good for either the borrower or lender.
Small grain production is average to above on wheat,
barley, and oats. Most of this crop came off in good shape
in our area and the continued favorable prices will be a
tremendous boost to the economy of eastern South Dako
ta. One of the major strengths of north central South
Dakota is the diversification of agricultural production.
By CARL STEWART
Farmers Grain & Livestock
Iowa Grain & Livestock
Hedging Corp.
West Des Moines, la.

UR objective at Iowa Grain & Livestock and Farm
ers Grain & Livestock Hedging Corp. is to develop
a total marketing strategy for our member subscribers that
will provide them with PROFITABLE production levels.
Included in this objective is our effort to gather all the
facts and figures available (including our own private sur
veys), and analyze them to establish price forecasting.
As we view the fed cattle markets at present (midAugust), we feel that we have seen the highs for this year.
We are now in a turn-around for our fat cattle prices
and are advising our members to sell very currently — in
some extreme cases even to the extent of selling cattle on
a warmed-up basis.
What we sell now will probably look good versus hold
ing for that extra 30 days.
As we look ahead, we see larger numbers of feeder cat
tle that will be moving either into the slaughter arena
as grass feds, or into feedlots for grain consumption.
If we see corn at $2.75 per bushel or better this fall, we
will see non-fed slaughter making up 40% to 48% of total
kills. This will suppress fall and early winter prices for our
finished cattle, and in turn will be a burdensome fact for
hog markets as well.
If we see corn at $2.25 per bushel or lower, we will see
heavier placements in feedlots — particularly large com-

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mercial lots. We would then be storing large numbers of
feeder cattle in those feedlots; thus, helping fall and early
winter markets but augering for lower prices in 1976 as
they come to slaughter.
The availability of credit will be an important factor if
this latter alternative develops.
P & L statements for the last two years will dictate
prudence from the lending institutions for the financing of
large-scale feeding operations. We don’t feel that the rate
of interest will govern placements, rather the question will
be collateral and quality of operator.
Basically, feed grain prices are the key to feeder move
ment and marketing strategy this year through 1976.
Long-range, we feel that it would be in the best interests
of the cattle industry to accomplish the liquidation through
grass fed slaughter this fall. This would put the feeder on
a firm foundation in the years ahead.
We have for the past year seen very small demand for
replacement cows and feeder cattle. We feel that it will
take a minimum of 18 months before we will see cow and
calf numbers reduced to the point that will equate to better
supply and demand fundamentals.

By C. V. SHEWEY
Assistant Vice President
First National Bank of
Minneapolis, Minn.

HIS is still next-year country for the cattlemen. It
T
will probably take longer than 12 months for the cowcalf producer to once again see light. Though many feed
ers are presently taking a wait and see attitude, they might
have some opportunity between now and year-end to re
coup a portion of their previous 18 months of losses.
We believe that cattle feeding credits are still a desir
able segment of our overline business provided a reason
able profit can be projected or, in some cases, locked in.
Caution should be exercised to avoid inaccurate or op
timistic cost of gain figures when setting up hedges. There
are many cost variables that are difficult to tie down for
the length of the feeding period.
Many of the larger banks in our area have improved
their liquidity positions over the past 12 months. They are
again seeking out credit worthy earning assets, including
livestock producers and feeders who were able to salvage
some of their equities after the 1974 crunch. They will,
however, be very selective. A portion of this selection
process has already been achieved by the economic attri
tion experienced in 1974. The brief decline in higher in
terest rates appears to be over and recognition of this
should be included in cost projections.
Consumerism, thought by some to be the enemy of the
cattleman, might help to narrow the spread between
wholesale and retail meat prices making the product more
acceptable in the marketplace. Some retailers have been
guilty of profiteering and an accelerated beef advertising
program conducted by stockgrower organizations would
N o rthw estern

Banker, S e p te m b e r

197S

38
undoubtedly help to stimulate and renew consumer de
mand.
Our nation’s food stamp program currently funds 11 %
of retail beef sales and it is estimated that in the next five
years 25% of the country’s population will be eligible for,
or participating in, the food stamp program. Projected
statistics indicate that by 1980 over 50 million FSP parti
cipants will account for 25-30% of the total U.S. beef ex
penditures. This surely emphasizes the importance of the
program when estimating current and long range demands
for red meat.
I cannot help but interject the probability that the U.S.
consumer will ultimately reject the “eat-grass-fed-beef”
promotion that was begun last year. The American diner
has come to appreciate and demand well-flavored, tender
beef and will eventually frown upon over-aged mushy
meat in favor of that which is properly finished and aged.
After weighing all of these trends, we believe bankers
should suggest flipping short term credit to long term
where equities have been depleted by feeding and produc
tion losses. The Federal Land Bank and FmHA and some
aggressive insurance companies have been doing an admir
able job. They are, however, demanding solid projections
indicating ultimate repayment ability.
A cautious approach is still the key to successful live
stock lending.

If crop conditions do not deteriorate further, we should
see corn prices stay at $2.50 to $2.80 per bushel. Feed
prices in this range may encourage a moderate increase in
the number of cattle fed. If this assumption is correct, we
may expect to buy yearling feeders at $34 and under and
calves at $30 and under with possible choice fat cattle
prices in the second quarter of 1976 dropping to a $37 to
$40 range. We can also expect to see a wider than normal
spread between good and choice grades of fat cattle con
tinue through 1976 because of the large numbers of nonfed cattle that will be marketed. Under these conditions,
cattle feeding will be a profitable alternative use for the
feed supply that will be available, with the greatest profit
potential in cattle that will grade choice at market weight.
The farmer-feeders in the corn belt will continue to
have a definite feed cost advantage over the commercial
feeding areas of the southwest if they utilize corn silage to
full advantage. Good managers and feeders should be able
to make a profit with cattle purchased this fall. If a feeder
has crops that are damaged, feeding cattle may certainly
be his highest profit alternative market for his crops or in
many cases, his least loss alternative.

By LESLIE W. PETERSON
Farmers State Bank
Trimont, Minn.

ELOW is my report on current cattle conditions in our
BNumber
area:
of customers feeding now: same as last year.

SSESSING the livestock outlook at this date (Au
gust 13) is still difficult because of uncertain crop
prospects. This year, as never before, the total production
and the price level of feed grains will affect the movement
of cattle into feedlots and profitability in the cattle business
for both the feeder and rancher.
It now appears that total feed grain production will be
down from earlier estimates but that total production will
still be large. It also appears that export demand will re
main good because of poor crop conditions in other parts
of the world, which will tend to support feed grain prices
at higher levels than had been anticipated earlier. Corn
prices at the country level of over $2.75 will not en
courage feeding. Corn prices at this level now seem possi
ble.
If feed grain prices remain high, we will see a repeat of
last year’s situation with cheap feeder cattle, fewer cattle
going through feed lots and a lot of unfed beef on the mar
ket. The wide spread between good and choice cattle
would also remain. With a cheaper, more plentiful feed
grain supply, we would see more grain fed to cattle, more
cattle going through feed lots and a higher price level for
feeder cattle. This would also depress fat cattle markets
as these cattle move to slaughter later.
Cattle feeding has been on the decline in our area for
several years, because of excellent crops and prices which
have made cash grain farming profitable. This year is dif
ferent with crops already damaged in southwestern Min
nesota and our area by dry weather. I look for a sub
stantial amount of damaged corn which can be used for
cattle feed. If we receive no rain in the next week, damage
will be severe. The only salvage value for some of the
corn will be as silage, so we may see more cattle move into
the area this year for this reason.

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Federal Reserve Bank of St. Louis

1975

By R. J. SOLOMON
Vice President, Farm Department Manager
Citizens National Bank
Macomb, 111.

Number of cattle on feed: same as last year.
Replacement cattle for fall: There is little or no con
tracting. The feeders have a wait and see attitude, but I be
lieve replacement numbers will be maintained.
Feed Prospects and Pasture Conditions: It looks like
a record feed crop and good pasture conditions.
Money Supply: Adequate — much better than a year
ago.
Hedging Requirements by Lender: Not required as
most cattle are in strong hands.
Comments on our Feeder Customers: Most of those left
in the game are the hardy and weather-wise ones who
have consistently remained in and will stay, and their sons
will stay. The trend is from barnlot feeding to confinement
setups, with less feeding on grass.
By DALE E. WALKENHORST
President
First National Bank and
Trust Company
North Platte, Nebr.

T AST YEAR our area had about an 8-inch rainfall
deficit and we are an inch short of normal for this
year to date. Our hay carry over was at a 10-year low, but
this year hay has been excellent in most of the area.
Pastures have certainly lasted longer than even the greatest
optimist hoped for last spring.
The lower fat cattle market in the last few months has
exerted extreme pressure on the two year old and yearling
market. It looks like the low 30 cent area will catch most
of this market on steers and the mid to high 20 cent area
on the heifers. With a near two year supply of feeders, it
is impossible to be very optimistic.
The cow-calf operation certainly was not profitable last

Help! His competition just slashed prices
to the bone.
They’re really after his hide. But don’t let
it dampen his spirits.
Your advice-it’s time to pool his resources.
Make a splash with his new products. And
flood the marketplace.
You tell him it’s still time to call Talcott
in Minneapolis.
Our Business Finance Division can put
teeth into his expansion plans.
As a banker you know Talcott’s Minne
apolis experts can help him with financing.
So if a competitor is biting off chunks of
your client’s market, call us. Together we
can turn him into a poor fish.
For more information, contact James Talcott, Inc.
Business Finance Division, 820 Northwestern
Bank Building, Minneapolis, Minnesota 55402
(612) 339-7711.

Tell himto call Talcot
He’s soaking up that sun while it
lasts. Your client sure is having
fun basking in the glow of success
while his orders simply flow in.
But, he knows if he dozes off, his
hungry competitors lurking below are
waiting for their chance.
He comes to the bank for help. You
recommend he sink some money into
market expansion. New product develop
ment. Better channels of distribution.
You tell him it’s time to call Talcott
in Minneapolis.
We’re specialists in floating loans to
businessmen who want to make waves.
Talcott’s Business Finance Division can
help his company avoid deep trouble. Like
when he springs a leak in working capital,
or his inventory runs dry.

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Still tell himto call Talcott,

year and may not be for the next two
years. Our more successful operators
have been holding calves and market
ing them as yearlings. With calves at
$125.00 or less, we believe this is the
best program when feed supplies and
range are available at a reasonable
cost.
With calves in the low 30 cent
bracket, and if corn should be under
$2.50, we believe the feeder may have
a good chance for profit. To carry the
guessing game one step further, we
would not be surprised to see fat cattle
above $50 CWT late in the first quarter
of 1976.
With the present loan to deposit ra
tio in most of the area banks, I see no
great problem in supplying funds for
the cattle industry for the balance of
1975 and 1976.

(after coming through the worst fi
nancial disaster ever) the future still
seems to be questionable in many proJ. D.
ducers mind. The ups and downs ex
HENDERSON
perienced
the past few years are diffiVice President
cult to understand and even harder to
United Missouri
predict. About the only thing sure is
Bank
Kansas City, Mo. that the markets will continue to be
volatile. We’re the best producers in
the world. We are in a world feed and
ROSPECTS for grains and live grain market and unfortunately a dostock bring some interesting com mestic meat market. Profits or losses
parisons to mind when related to “the will be determined by taking advantage
basics”—their fundamental supply and of marketing alternatives, unless your
luck has been better than most. There’ll
demand picture.
In feed grains the demand is there; only be room for the good managers
the supply is the question. The U.S. and good marketers.
When trying to assess the current
supply will be sizable but we will con
and
near term situations, there are
tinue to be the balance wheel for a
world in which supplies are tight—> several primary factors that need to be
strong demand for our product— and considered. The biggest question is that
our producers are more than ever at of grain prices and their effect on cost
of gain and replacement of feedlot cat
tuned to holding for higher prices.
tle.
Secondly, the amount of non-fed
There is no shortage of cattle in the
U.S., nor world wide, though we are slaughter presently and to come will
play a great role in determining both
JOHN CHRYSTAL experiencing a shortage of fat cattle fat and feeder cattle prices. Thirdly, the
that will continue to support prices in
President
the 400 range into next year. With weather certainly fits in, especially how
Iowa Savings
plenty of stockers and grass fats avail it affects the first two mentioned facBank
Coon Rapids, la. able demand for breeding stock isn’t tors. Competitive meat supplies, name
there until ’77 and only then if we’ve ly poultry and pork, must also be taken
curtailed numbers. Demand for beef into consideration. The general econo
has been a question but when related to my is most important, as it relates to
disposable personal income we have unemployment and demand.
BELIEVE that 1976 could be a
Many feel the economy has seen the
cause for thinking people will buy beef
period for good fat cattle profits.
worst and is on the way to recovery.
in
larger
amounts;
however,
not
for
It would appear that feed grains will
any extended time at more than 500 However, unemployment is high and
sell in the range of three dollars per
inflation is still with us. We still have a
per lb. on the hoof.
bushel in Iowa. We know that the
record
number of cows and calves in
In summary, it looks as though the
non-agricultural feeder in commercial
the country. It will likely be 1976-77
feeder
will
be
competing
with
interna
feed lots still is somewhat shy of re
tional trade for grains in a turbulent before these numbers get back to even.
entering that business as a result of
market in which the biggest unknown We are looking at the highest retail
his 1973-1974 experience. Some
may be U.S. Government export policy meat prices ever seen. These factors
farmer feeders were hurt badly by
. . . hard to outguess—but we know are mentioned only to buffer any pro
that same debacle. Some just don’t
our
consumers come first especially in ducers who might get so bullish as to
have the financial ability to jump in
an
election
year. Looks as though the think they’ll never see low prices again.
heavy again with high priced input.
adjustment will continue to come in
There is also some money shortage
stocker-feeders prices. Hopefully, cat
caused by the reluctance of city banks
tle
and hog feeders and their bankers
By MERV AEGERTER
to participate or purchase feeder
will
be looking carefully at break-even
Vice President
loans as they have historically done
costs and then protecting their flanks
First National Bank
— some of them were burned in ’73Omaha, Nebr.
by locking in grain costs and forward
’74. I see high priced grain and some
pricing
their
fats
whenever
a
reason
feeder resistance causing prices at
ORE than ever, the probable key
able profit opportunity presents itself.
least in calves that could range near
to livestock prices during the
or below $25 for steers.
next six months is the weather, which
If adequate use is made of corn
has already played havoc with a lot of
silage to cheapen gains before the
the dry land grain crops and pastures in
final finishing period then I think
Nebraska and adjoining areas, and the
By TOM GATZ
there is a good chance at a reasonable
rains that we were supposed to get here
Farm Market Division
as of the middle of August apparently
profit for the feeder in 1976. The
Heinold Commodities, Inc.
economy shouldn’t get worse and any
weren’t
widespread enough, or in most
DeKalb, III.
instances were too localized to be of
improvement ought to mean an in
creased demand for beef that has been
VEN though the cattle feeder has great help to most of the territory; so,
had a taste of profit once again, while dry land crops have suffered genproduced efficiently.

•

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Digitized
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w e sFRASER
tern B a nker, Sep te m b e r
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Federal Reserve Bank of St. Louis

1975

V-

XGL
KELPS THE BANKER
AND PRODUCER
PU T XT ALL TOGETHER

Immediate and accurate information is a necessary
tool for any business, and especially important to the
successful farm operation. What it means to the
farmer is more profits through better marketing.
Today’s farm producer and you, his banker, need
all the facts available so that you can make prudent
decisions. Wildly fluctuating markets with boom-orbust prices make marketing strategy an essential part
of successful farming and farm financing.

That’s the job of Iowa Grain and Livestock Hedging
Corporation’s market advisory service. IGL is not a
broker or buying agent. Our only business at IGL is to
provide you with facts and analysis. We do it by keep
ing abreast of market trends on an hour-by-hour
basis.
That’s why both the banker and the farm producer
should put IGL to work for them . . . and put it all
together.

Iowa Grain and Livestock Hedging Corporation

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Federal Reserve Bank of St. Louis

Suite 800 -1200 35th Street
West Des Moines, Iowa 50265

42
erally, on the other hand, irrigated corn
and milo and soybeans have never
looked better.
Most of us will be anxiously await
ing the September 1st report on esti
mated yields and total productions,
which will probably give us a clearer
picture than the August 1st report.
Then, too, the cattle industry has not
fully recovered from the disruptive
events of the past two years, and some

serious problems remain for both feed
ers and cow-calf producers. For the
past three weeks, cattle kill is in excess
of 700,000 head per week, and a de
clining demand for low quality beef has
currently put significant pressure on
beef and live cattle prices. Wholesale
beef prices are down about $15 per
hundred weight from the highs made a
month ago, and live prices are down
another $8. Total beef production has

T H E P R O F IT C R O S S
Mr. Banker, you are interested in financing the most profitable
cattle program, aren’t you? Then make sure your customers use the
most profitable cross breed ... Shorthorns and Polled Shorthorns.
For over 200 years this breed has improved the cattle industry. Over
30 other recognized beef breeds trace to Shorthorn parentage. No
other breed has such a history of crossbreeding success. The
recent “Challenge of Change” Seminar held by the breed in Des
Moines, indicated these Shorthorn advantages:
• Milking ability for heavier weaning weights.
• Mothering instinct.
• Easy fleshing and ability to grade quickly ... certainly an ad
vantage with rising feed costs.
• Bulls that do a breeding job.
• Pigmentation of eyes and udders.
• Growth rate and feed efficiency.
• Fertility.
For more facts about the Shorthorn PROFIT CROSS, write

8288 HASCALL STREET /

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1975

/ OMAHA, NEBRASKA 68124

eased ahead of a year ago, even though
average live and dressed beef weights
have continued to decline.
Anyone who predicts the future
prices of cattle is certainly guessing, be
cause our economy is so upset with
controls and restrictions. Large inven
tory numbers will probably cause
enough selling to create pressure on the
market during late summer and this
fall. Hopefully, by early 1976, we
should have decided the sky is not go
ing to fall in, and that prices will stabi
lize. With all this in mind, I think we
should expect steer calves to sell in the
$28-$30 bracket for choice calves
when the runs get heavy, and heifer
calves will probably sell for $5 less.
Yearling steers and heifers probably
won’t vary much from these figures.
One thing that is helping the beef
market is the fact that hog supplies ap
pear to be tight well into 1976—maybe
longer—and we won’t see a seasonal
upswing in pork supplies this fall, un
less USDA goofed with its March pigcrop estimate. Supplies are now reflect
ing the smallest December-May pig
crop in 40 years. Likewise, hog prices
could be moderated, if cattle prices
move lower in response to larger sup
plies of beef.
The credit supply should be suffi
cient to finance most cattlemen this
fall, while on the basis of loan quality,
some may have difficulty competing for
money. Some have, or will obtain,
liquidity through refinancing of real
estate.
Cattle feeders must feel that there is
not much they can do about the prices
they pay, or about the prices they get
when they sell, so this means to me
that in order to achieve any success, it
has to come through doing a better job
in the feed lot. It can best be illustrated
this way: currently, a yearling steer
eating about 20 pounds of corn per day
will have a perhead daily lot cost of
about $1.35. If he gains 2.7 pounds a
day, this makes the cost of gain 50y; if
he gains 2Vi pounds a day, the cost is
54£; if he gains 2 Va pounds a day, the
cost will be 60(i. However, if the aver
age daily gain is 3 pounds, the cost of
gain drops to 45^, and at 314 pounds,
it drops to 4114y. This means, then, it
will pay to watch the details of select
ing cattle with the most potential gain
ing ability, cattle that are healthy, and
cattle that can be tuned to your own
feeding plan.
So, if there is a trick to it, it’s to try
to be better than average.

V
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B a nker, Sep tem ber

19 7 $

AIR VIEW of Omaha Stock Yards looks east to west, w ith L Street main artery leading through the Yards to
Interstate at west end of the city. The main road branching o ff to the left is overpass street leading from L to
the Union Stock Yards B u ilding. Extensive rem odeling of the Yards includes new, alum inum fram ew ork for the
hundreds of pens shown, new loading docks, paved alleyw ays, new water system , new heating system , new
cattle auction ring equipm ent, new feeder pig auction quarters and new internal con tro l equipm ent.

Kay Marketing Revitalizes Omaha Yards
By BEN HALLER, JR.
Editor

i y f ARKETING is the key word in
the resurgence of Omaha’s Un
ion Stock Yards toward the position
it held for many years as the nation’s
top livestock market.
In a reversal of the more passive
management by previous owners of the
Yards, the Kay Corporation has ex
hibited progressive leadership that re
versed in less than 18 months a 10year downward trend in numbers of
livestock handled at the Omaha mar
ket. It had slumped to third in cattle
and fifth in hogs.
When Kay Corporation of New
York bought Union Stock Yards Com
pany of Omaha, Ltd., for $9.6 million
in March, 1973, the yards were han
dling 1,164,974 head of livestock for
the first six months of that year. Just
one year later, the decade-old decline
was a thing of the past with 1,260,544
head sold at the yards during the first
half of 1974.
A continued climb has been regis
tered in the ensuing year, accounting
for the fact that the Omaha yards now
handle more than one-fourth of cattle
receipts listed for the nation’s seven
major central markets. While Omaha
N o rthw e ste rn B a nk er, Se p te m b e r

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1975

cattle sales were gaining that first year,
they were down at the other markets.
Reason for Turnabout
If one word had to be selected to ex
plain this distinctive turnabout it would
have to be marketing. A number of
other adjectives properly help describe
the transformation, but marketing is
the base.
And that is no accident for it is cen
tral to the life blood of Kay Corpora
tion and its parent firm, Bowater
Corp., Ltd. London. Bowater, which
owned 62% of Kay on December 31,
1973, is internationally known as one
of the world’s largest commodity mar
keting firms, specializing in cotton and
coffee. It is also the world’s largest
supplier of newsprint and has world
wide commodity sales in all fields of
$3 billion annually, with pre-tax profits
of $140 million for the 1974 fiscal
year.
Until March, 1973, Kay Corpora
tion was engaged in commodity and
marketing areas. What prompted this
eastern United States firm, owned by
foreign interests, to hop-scotch to the
midwest in a field beset with financial

problems? The livestock and agricul
tural business was the one major area
in which it was not active so its man
agement was attracted from a com
modity standpoint as well as a market
ing view. It considers the central mar
ket to be as basic a market place as the
New York Stock Exchange or the
American Stock Exchange (where Kay
stock is traded).
Team of 3
After a thorough examination of the
Union Stock Yards situation, Kay
management determined it provided a
substantial opportunity to build on
what was a traditional stockyard facil
ity and convert it into a contemporary
livestock marketing center. To accom
plish this basic goal, Kay management
assigned a team of three young execu
tives from New York headquarters to
get the job done.
Heading the team is Julian Rundle,
31. A native of Australia, he did his
undergraduate work at Princeton, re
ceived his law degree from Harvard,
served as a helicopter pilot in Viet
Nam and joined Kay Corporation in
1972.

45
Louis T. Enos, 38, is a native of
Dayton, O. He graduated from the
University of California at Berkeley,
did graduate work at Columbia Uni
versity in New York and later served
as a professor in Columbia’s Graduate
School of Business. He has also been
with Kay since 1972.
Seth Poppel, 31, is a graduate of
Long Island University. After complet
ing graduate school at Columbia he re
turned to L.I.U. as a professor in its
Graduate School of Management. He
has been associated with Kay since
1972.
In June, 1974, they hired Robert
W. Bachman, 41, as president of Kay
Livestock Marketing Services, the sub
sidiary which actually runs the yards.
A graduate of the University of Ne
braska, Mr. Bachman has been active
ly engaged in the livestock industry for
25 years. His previous position was
general manager of the Harrington
Feed Yards at Grand Island, one of
the midwest’s largest feed yards. For
15 years he was co-owner and manager
of Grand Island Auction. He has
served as vice president of the Nebras
ka Livestock Feeders Association and
director of the National Livestock
Dealers Association.
When the three-man team arrived
from New York they found a 114-yearold business on 168 acres of land, with
employment in the yards and related
industries of about 800, just one-third
of the peak 2,000-2,400 employment
some years ago.
Objectives
Keeping in mind the basic goal to
convert this investment into a profitproducing center by converting the
stockyards into a livestock marketing
center, several objectives were outlined
at the beginning, as related by Mr.
Poppel:
“ 1. The internal house had to be
put in order — our own company, the
facilities at hand.
“2. Building bridges to other firms.
“3. Education for us.
“4. Marketing.
“5. Developing the marketing center
concept.
“6. Expansion of present services.
“7. Formation of new services.”
implementation
Recognizing the deficiencies, but
keeping their objectives and the oppor
tunity foremost in their minds, the new
management team knew, Mr. Poppel
observes, that “if one would try to lo

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

TOP LEVEL m anagem ent conference show s (le ft to right) Julian Rundle, Seth Poppel,
Louis Enos and Bob Bachman d iscussin g an operational m atter during one of their
frequent weekly m eetings that keep these fo u r o ffic ia ls posted on all activitie s relating to
the Omaha Yards.

cate a livestock marketing center, you
couldn’t pick a better center than
Omaha.” With this conviction, they
moved full-speed to implement their
objectives. Mr. Poppel describes what
ensued:
Putting internal house in order
" — “From the time of acquisition
we have not released one employee,
except one for dishonesty. Five former
executives retired because they were
at retirement age; the rest stayed.
Charlie O’Rourke, former marketing
vice president, is back with us in a
marketing consultant capacity. We had
to pursue development and use of
management information on facilities,
labor, usage, etc.”
2

Building Bridges to other firms
— “We did this on a positive ba
sis, which meant letting them know we
have faith, that we want to grow, that
we want to include them in planning.
This included supplying to commission
firms marketing reports by counties,
showing receipts and what each firm
was doing. We were told it would take
10 years to turn things around. We
talked to commission firms, order
buyers, and packers to get their ideas
on what was needed to improve re
ceipts and facilities.”
Education for the new owners —
“We had a lot to learn. We read
everything we could get. We lived on
farms and ranches, spent time in the
fields, toured packing plants. We ran
the whole gamut to get an education
on this part of the country. Business
arrangements are different, the people
are different, and we wanted to learn

about them and be a part of them —
fast.”
Q

Marketing — “This was a key
point with us. What had gone on
at the Omaha market previously was
highly important to us, so we visited
with shippers to see what they liked
and didn’t like. We developed five-year
data by county for Nebraska and Iowa
and tried to find out why the drops in
Omaha receipts occurred. We devel
oped demographics by county, reflect
ing livestock marketing practices.
“We felt the only way we could suc
ceed would be to sell a product that
is better. I am not a preacher for the
central market but a preacher for the
best for the livestock producer. There
are some places as an exception where
it is better to sell locally.
“We developed charts showing cat
tle and hog receipts by states by dis
tances of 50, 100, 150 miles, etc., from
the Omaha market. We knew we must
have a good reason to sell the prospect.
“Our next step was to sit down with
the 28 commission firms here and fig
ure out a marketing program. Where
were people going when they were not
coming to us? The answers to these
questions dictated our remodeling and
expansion program and our personnel
needs.”

Developing the marketing center
concept — “We are the largest
fat slaughter cattle market and the best
replacement cattle market in the na
tion. We wanted to have the best
feeder cattle auction in the United
States. We wanted to be the best feeder
pig auction in the nation, as well.
N o rthw estern

B anker, Sep te m b e r

1975

46
dozen marketing representatives. We
have our own ‘jumbo’ railroad stock <-*cars available to shippers (described
below).
“Next, new cattle chutes were need- t .
ed. We knew if we wanted to get cus
tomers to bring their cattle into the
Omaha market, they must be given
first-class service. The results speak for
themselves. We spent $325,000 cont*
structing a new dock which will unload
10 trucks at once. It was specifically
designed for better customer service, u
to reduce waiting time in line and re
duce animal stress and disease.
u
“The unique design provides banks
of holding pens directly behind the
docks for 3,000 to 4,000 head of cat- *
FEEDER CATTLE auction fa c ility , w ith its 1,000 seat arena, features an electronic
tie prior to being yarded. On Monday
com p uter ‘scoreboard,’ shown in photo above.
this
constitutes 40-50% of the day’s
“Because of this lack of cattle con
“We became aggressive in soliciting
receipts.
This new facility is in addition
centration
in
the
hands
of
commercial
strings of western cattle, working
to
regular
receiving chutes which take
feedlot
operators,
and
due
to
drastic
through commission firms and setting
v
up auctions. Our feeder cattle auction increases in car and fuel prices, as well smaller trucks, mixed loads of cattle
and
hogs,
and
hogs
only.
now ranks second only to Oklahoma as wage needs, the packers’ cost per
head for country buying has increased
City.
Results
“Our feeder pig auction is complete substantially. This has created the eco
“The results speak for themselves.
ly new, built from the ground up and nomic motive for the packer to pur
it is now the finest such facility in the chase from the central market where The new chutes cut waiting time by
60% for all trucks coming into the
United States. It provides the seller plentiful supplies are concentrated.
K
“Furthermore, there is currently a market. Early reports indicate a 50%
with a high-quality, healthy environ
ment in which to sell pigs. It provides strong movement to cause packers to reduction in death and crippling ex
the buyer with a healthy feeder pig. be bonded for their country purchases perienced on arrival. The new unload
This special environmental facility was and to require immediate payment ing dock is open 24 hours a day, seven
designed to eliminate stress, for feeder from local banks, since in many cases days a week. Our constant contact with
pigs are very delicate. Our vet super the interest value of float involved far truckers turned up another problem —
exceeds bond costs. Any economic ad mud. Consequently, we invested an
vises the entire operation.
“We have developed our Livestock vantage derived from purchasing in the other $25,000 in paving. More of this
Marketing Information Center which country would be reversed. It used to will be done as needed in the yards.
“The feeder pig facility is complete
gathers information from all private, be that packers went out to the coun
market and government sources and try not only to be closer to the supply ly new and cost $250,000. Previously,
then makes this information available but because no bond was needed. If we did not have a feeder pig auction.
to anyone in the United States. 1hey a packer had $1 billion sales per year, Buyers had to go directly to local sale
may call us toll-free from 8 a.m. to for example, then with float he could barns or to producers. However, our
new feeder pig auction facility (de
4:30 p.m. daily. Nebraskans dial 800 pick up $2 million.”
642-8900 and other states dial 800 “7 Formation of new services — scribed earlier) is the finest in the na
228-9240. Bankers are particularly in ' ‘ “Our feeder cattle auction facility tion.”
Behind the scenes, other major
vited to use this toll-free service.”
was rebuilt from the ground up to pro “housekeeping” expenditures totaling
C: Expansion of present services — vide a 1,000 seat arena. This features more than $1 million were necessary,
“We needed to improve existing an electronic computer ‘scoreboard' including an all new well system, a new
-v
hog and cattle slaughter markets. As which presents full information — av steam plant, and major repairs to pens
in the feeder market, we asked our erage weight per head, gross weight of and other installations.
selves, ‘How do you improve?’ Our an lot immediately prior to animals enter
swer was to increase supply, give peo ing the ring (many auctions don’t have
Transportation
ple a choice and sales would improve a pre-weigh), and sale price.
Developing improved transportation
“To improve this entire operation
“The growing trend over the past
10 years was toward a concentration we spent $125,000 on the facility itself to and from the Omaha market is one
of livestock in the hands of commercial and $125,000 in marketing. This in of the personal assignments underfeeders. We are now seeing two sub cluded mailing consignment cards to taken by Louis Enos. The biggest proj- ^
stantial developments — financial 6,000 feeders weekly and advertising ect to date is acquisition of three Kay
hardships of feedlots, and bountiful in newspapers and on radio stations. Jumbo cars.
These Jumbo cars are used princi
feed crop — reversing this trend to the Our marketing cost recurs annually
point where the jarmer-feeder is now and now is increased due to an expan pally for moving live cattle to eastern
proportionately feeding more than sion of personnel to give us coverage packers, but will also be going to west
in western states where we put on a ern states, Mr. Enos states, to bring
commercial feedlots.
N o rthw e stern B a nker, Se p te m b e r

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

1975

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ship of key asset components to total assets,
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Since past performance is particularly relevant
in projecting future performance, the BankRoll
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identify risk situations before they com e full
bloom. But it can also do much more. Like help
ing you to measure the performance of your
bank against others of the same size. Or banks
that are bigger or smaller than yours. It can assist
you in determining whether you should advance
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ticular bank may be a customer for one or more
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If you would like to protect your bankroll by shar
ing our BankRoll, fill out and mail the coupon or
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the country. BankRoll is another of the many
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Chase Relationship Manager
Correspondent Banking Division
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I want to know more about BankRoll and how it will
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Member FDIC

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

N o rthw estern

B anker, Sep tem b er

1975

* “We use the computer to commu
nicate with customers to make them
aware of auction sales. Through direct
mail we can elicit their intent to buy
or sell at feeder pig auction, their in
tent to buy or sell stocker-feeder cat
tle, or just to obtain market informa
tion. All this data is funneled into the
computer and then followed up after
a matching process with personal and
telephone contacts, alerting buyers and
sellers. This improves business at the
yards. We think that the farmer who
sells slaughter cattle here will buy re
placements here if he knows he can get
what he wants and at a fair price.
NEW CATTLE CHUTES con stru cted by Kay Livestock M arketing at a cost of $325,000
make it possible to unload 10 trucks at once, w ith ho lding pens behind the docks for
3,000 to 4,000 head of cattle.

back feeders for auction. The cars have
been specially modified to allow the
cattle to be fed, watered and rested
within the car, minimizing in-transit
handling and reducing shrinkage,
bruising and death loss.
Kay Jumbo Car Service supervises
the shipment from Omaha to its desti
nation, eliminating time-consuming
work for the packer and any responsi
bility on the part of the railroad for
care of the animals during shipment.
USDA regulations require cattle to be
given five hours of feed and rest en
route on long hauls. Previously, this
meant unloading the cattle — usually
in Chicago — then reloading and con
tinuing the trip to east coast packers.
USDA has approved the special de
sign of Kay Jumbo cars so the cattle
need not be unloaded. A full-time Kay
employee in Chicago services the cars
after they are laid off on a siding.
Fresh water and feed are provided with
special equipment. After the five hour
rest period, the cars are picked up by
an east-bound Penn Central or Chessie
System train and the 36-hour USDA
regulation for transporting stock is ob
served. At the terminal point, specially
designed ramps unload cattle from
both levels of the cars at one time,
speeding up delivery to the packer’s
trucks.
The 85-foot long, double deck, steel
constructed cars have a maximum load
capacity of 140,000 pounds of cattle,
equivalent to about three truckloads.
On longer trips, Kay Jumbo cars can
haul for 40% less, according to Mr.
Enos. It is not economical, as a rule,
to use the cars for trips of less than
600 miles, as they are designed for
longer trips. The seller pays for Jumbo
car transportation at the rate of about
$1 per mile, as opposed to $1.60 by
N o r tfor
h wFRASER
estern Banker, Sep tem b er
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1975

truck. Trucks are faster, Mr. Enos
notes, but livestock can be shipped by
rail with less weight loss, stress, bruis
ing, death loss and cost.
EDP
All of these efforts and accomplish
ments to date relate back directly to
Kay Corporation’s premise that its
marketing expertise could be applied
profitably to managing a complex busi
ness like the Omaha Stock Yards.
Modern management invariably in
volves electronic data processing and
Kay has made liberal use of EDP as
an essential tool in its marketing ap
proach at the Omaha market. This is
the specific field of Mr. Poppel, who
doesn’t forget what he taught in mar
keting classes at L.I.U. — data pro
cessing is just that, a tool, and is not
an end in itself. EDP output is for use
in making decisions and going into ac
tion. Here’s how he recounts the use
of various EDP based marketing strat
egies:
• “For in-house use we have pro
vided better customer service by sched
uling 140 employees in the yards to
be in the right place at the right time,
based on patterns of livestock receipts,
weather conditions, etc. This also helps
us to monitor internal efficiency.
* “We share information with com
mission firms. We assemble all data for
our market territory, including receipts
by county, by commission firm, month
ly and year-to-date, with five-year
trend analyses. This allows us to de
termine areas for further market devel
opment and after-the-fact to evaluate
the success of any marketing program.
It also allows a commission firm to do
the same for it gives the firm informa
tion not previously available in this
form.

Bottom Line
Bankers are interested in the bottom
line of a business, so Mr. Poppel was
asked to summarize results of Kay
Corporation’s 30 months at the helm
of the Omaha Stock Yards. He said,
in conclusion:
“In August, 1975, we feel we have
cleaned up our own house. We have
good communications on the market;
we have an influx of new, aggressive
people in commission firms and in
Kay; there is a new feeling of pride
throughout. Perhaps the fundamental
reason for optimism is we feel we have
demonstrated the viability of a live
stock marketing complex. This is evi
denced by experiencing a 12% increase
for receipts in 1974, reversing a 10year downward trend; tripling the prior
year’s feeder cattle volume; the suc
cessful launching of the new feeder pig
auction; the favorable reception ac
corded the new cattle chutes, and the
growing use of our WATS lines, indi
cating a reliance on the Omaha market
for genuine market information.”
The records show that in 1965 the
Omaha Stock Yards had receipts of
5.215.000 head of livestock — 2,082,000 cattle, 86,000 calves, 2,621,000
hogs and 423,000 sheep. By 1973 this
had dropped to total receipts of
2.534.000 — 1,086,000 cattle, 13,000
calves, 1,337,000 hogs and 96,000
sheep. In 1974 the total had moved
upward — counter to the trend of the
other major central markets — with
a yearly total of 2,829,000 — 1,230,000 cattle, 32,000 calves, 1,478,000
hogs and 88,000 sheep, although sheep
are being phased out of the Omaha
market.
After looking over the results, Mr.
Poppel stated in a positive tone: “I’m
very bullish and optimistic about the
future of the Omaha livestock market.”
— End

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Central Group, Banking Dept. • M ercantile Trust Company N.A.
(314) 231-3500 • St. Louis, Mo. • Member F.D.I.C.

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

N o rthw estern B anker, Sep tem b e r

1975

50
Interest rates paid by agricultural _
borrowers have tended to remain
stable in spite of the ups and downs *■
of America’s major money markets,
the bankers observed. They attributed
their interest rate stability to the fact r
that the bulk of their lendable funds
are generated by local deposits.
Although growing depositor sophistication is slowly raising the interest
rates that rural banks pay their de- ,,
positors, the stable rates paid by ag
borrowers have helped to strengthen
PANELISTS — Bruce Otto, Charles Belshe, Oliver Hansen (moderator), Ed Leahy, and
American agriculture, both Mr. Bel- *
James Swackhamer.
she and Mr. Swackhamer noted.
“With basic, productive agriculture ^
Predict Favorable Hog Prices
at heart, we have joined the Farmers
Home Administration and the Federal ^
OG prices will remain at favor
Land Bank in joint financing, and even ^
By MALCOLM FREELAND
able levels at least through next
participating with our local competi
Publisher
spring.”
tors, to assist ag financing and help "
This was the prediction made by a
keep local dollars in our area,” Mr.
panel of five agricultural bankers in budget, cash flow and credit needs. We Swackhamer said.
Des Moines last month. Speaking dur like to give them a committal on their
ing a special press seminar on hog pro credit needs which will include not
Price Averages
duction financing sponsored by the only operating expense, living ex
The use of three-to-five-year market
ABA’s agricultural bankers division, penses, machinery needs but also other price averages in figuring repayment
the bankers emphasized that hogs can improvements which will be a profit schedules has helped to protect farmer
still be the mortgage lifter for many able investment.
borrowers from financial troubles dur“Loans are normally made on a ing price cycle dips, said Bruce Otto,
farmers, as well as a means of build
ing financial strength for young farm secured basis using livestock, feed vice president of First Farmers State
machinery and crops, unless their farm Bank of Minier, 111. “We use the aver
ers.
“Efficient hog production has been is clear of liens and has a high net ages to carry out customers through
one of the main factors in increasing worth. All notes are usually set up for the dips in the cycle.”
the net profits on many of our farms,” the following fall and winter after the
One way of generating additional ^
reported Charles Belshe, senior vice farmers have sold their year’s produc funds for agricultural borrowers was
president of First National Bank, Gal tion,” Mr. Belshe added.
reported by Edward J. Leahy, execu- -c
The relatively quick capital turnover tive vice president of Northwestern
latin, Mo.
“Feeder pig producers, purebred and high profit of hog operations make State Bank, Orange City, la.
breeders, and farrow-to-finish opera them attractive to young farmers, he
Security Agri-Credit Corp., formed ^
tions have been profitable three out of said. “We like to start our young farm in 1973, has enabled Security National
four years during the past decade. Our ers in a hog operation. You invest to get funds for agriculture through the ■*
market hogs are making money now $700 in a sow, feed and other over Federal Intermediate Credit Bank of
with $3 corn, and there is a good pic head expenses, and she could return Omaha. “It has been a great assist to
ture of profitability for the next 12 you $700 in 10 months. You would our bank in helping us to be in the
still have the sow to continue the op position of having funds when they are
months.
“We are estimating a $45 to $48 eration.
needed.”
"r
“Compared with a beef cow which
hog market this fall and winter,” he
Recognizing that current prices for
added. “With corn ranging from $2 to would take $300 for cow, feed and market hogs are at the highest level in
$3, most of our producers can show overhead expenses and the sale of a history, Mr. Leahy said it is difficult <
a profit on $100 per head fat market $150 calf each fall, you have over to predict how large the build-up in the
twice as fast a capital turnover with the hog market will be, or if it will follow 4*
hogs.”
hog enterprise,” Mr. Belshe noted.
a traditional hog production cycle. 4
WORK for Profit
“This is due mainly to the dependence
Management
Oliver A. Hansen, panel moderator
on the 1975 corn crop, as far as what ^
Management has become the most the yield will be and what the price will
and president of Liberty Trust & Sav
ings Bank, Durant, la., emphasized the critical factor in agri-business, all five be at harvest time.”
importance of financial counseling. bankers agreed. “We can say this be
“An observation that I have made ^
“The farmer’s banker should be a cause when the chips are down it is the from past experience has been that
sounding-board, consulting and work operator who has that proven man when we have bred sow prices over w
ing with the farmer to ensure that his agerial ability who can usually get the $150 to $200 per head, and 40-pound
land, capital and labor,” commented
plans will work out to a profit.”
Mr. Belshe said his bank’s officers James B. Swackhamer, senior vice
“spend the winter months visiting with president of Clinton County Bank and HOG PRICES . . .
( Turn to page 56, please)
h
farmers in preparing an operating Trust Co., Frankfort, Ind.

Digitized
N o rfor
t h wFRASER
e ste rn B a nker, S e p te m b e r
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Federal Reserve Bank of St. Louis

1975

We re already
a part of your livelihood

...we’d like to become
part of your financial life.

Northwestern
National
* LIVESTOCK EXCHANGE BLDG.
• 24TH & “ L” • 96TH & “ L”

® OM AHA, NEBRASKA

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Federal Reserve Bank of St. Louis

Banco
N o rthw estern

Banker, Sep tem b er

1975

52
guarantee do not consider it too much
of a risk for the peace of mind it of
fers customers.

Direct Deposit of Checks Starts
HASE III of the Treasury Depart
P
ment’s direct deposit program for
Social Security recipients got under
way in August in all states west of the
Mississippi River except Minnesota.
September is the starting month for
Minnesota and states east of the Mis
sissippi River, except New England
states and they start in October.
The program has two purposes.
First, to help the federal government
get better control of the mammoth,
ever-growing task of placing millions
of Social Security checks in the mail
to each individual recipient every
month. Second, to help those recipients
by devising a more efficient way to get
their funds to them on the same date
each month. The arrival of the Social
Security check on time is a critical
matter for many of these recipients.
Direct deposit also avoids the sticky
problems connected with stolen and
lost checks.
Phase I was a test of the direct de
posit of Social Security checks in
Georgia last December. Phase II was
the extension of that test in April to
Social Security recipients in Florida.
As in Phases I and II, Phase III will
continue to be the direct deposit of
paper checks. The Social Security Ad
ministration will send to each bank a
bulk shipment of checks to be received
by the third day of each month, these
checks being for direct deposit to the
Norffivvesfern B o n k e r , S e p t e m b e r

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Federal Reserve Bank of St. Louis

1975

accounts of recipients who have signed
the official form requesting such de
posit. Those who choose not to sign
the direct deposit form will continue
to receive their checks by mail.
Time Schedule
As noted above, Social Security
checks are scheduled to arrive on the
third day of each month. The bulk
shipments of checks to designated
banks will be handled on the same time
schedule. A number of banks have an
nounced already that they will guaran
tee to the Social Security depositor the
availability of those funds either on the
third day of the month or the follow
ing business day.
One large bank which is guarantee
ing availability on the fourth (or the
following business day in the event of
a weekend or holiday) also has re
cycled records of all Social Security
customers so they will receive their
statements on the fifth day of each
month. Those statements will show the
Social Security checks for that month
already credited to their accounts.
It is felt this guarantee on the part
of banks will greatly relieve the minds
of many older persons who must rely
on the availability of Social Security
funds for their day-to-day living.
Barring a major, unforeseen delay that
is presently considered only a remote
possibility, the banks offering such a

Phases IV and V
Phase IV is a pilot electronic funds
transfer system for Georgia and Flori
da, scheduled to begin in late 1975 or
early 1976. Phase V will conclude the
program by extending the paperless
program nationwide by the end of
1976. Recipients who still wish to re
ceive a monthly paper check at home
will be entitled to have it delivered in
that fashion. The Treasury hopes to
be able to deposit directly at least 40%
of recurring Social Security payments
by 1980.
In Phases IV and V, the Social
Security Administration will prepare
magnetic tapes to be sent to each des
ignated processing center — generally
a Federal Reserve center which is al
ready set up to serve the area auto
mated clearing house. At that point,
all Social Security data for each recipi
ent will be “stripped” from the master
tape and sent directly to the bank des
ignated earlier by the recipient. Thus,
a bank with 150 Social Security de
positors, for example, who have desig
nated it as their depository bank, will
receive a mag tape with all pertinent
deposit data for those customers for
that month, assuming the bank has
electronic data processing equipment.
If it does not have EDP, it may then
receive punch cards or paper advice
for each customer, whichever way it
is equipped to handle the posting.
When magnetic tape is substituted
later for the present checks, the same
time schedule for delivery will be in
effect. Tapes will be sent to all process
ing centers and forwarded from there
by courier to individual banks so that
every bank in the region has the So
cial Security deposits available for
posting on the same day.
A Social Security recipient may elect
at any time to join the direct deposit
system merely by going to the financial
institution of the individual’s choice
and completing the necessary form. It
will not be necessary to contact Social
Security depositors later when Phase
V becomes effective, since the original
direct deposit agreement covers that.
The recipient, in fact, will neither
know nor care by what method his
payment is transferred to the bank by
the Social Security Administration, just
so it is there on the correct day each
month! — End

INDIVIDUAL BANKS
COMMITTED TO MUTUAL GROWTH

The Continental
Correspondent Community
Portfolio Advisory
Service
• Expert Analysis • Timely Evaluations
• Profitable Recommendations
• Continuous Follow-Up
W h e re
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CONTINENTAL BANK
CONTINENTAL ILLINOIS NATIONAL BANK AND TRUST COMPANY OF CHICAGO

231 S O U T H L A S A L L E S T R E E T , C H I C A G O , I L L I N O I S 60693

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N o rthw estern

B a nker, S e p te m b e r

1975

First of Omaha Debt Issue Sells Fast
IRST National of Nebraska, Inc.,
F
Omaha, holding company for the
First National Bank of Omaha, last
month offered $6,200,000 in notes due
in 1990 with a floating interest rate,
payable semi-annually on July 15 and
January 15. The offering was over-sub-

CHECK fo r $6 ,060,500 is received by F.
Phillips Giltner (rig h t), pres, o f First Na
tional of Nebraska, one bank holding com
pany fo r First National Bank of Omaha.
Presenting check is Charles J. Burm eister,
pres, o f First Mid America, Inc., invest
m ent banking firm , which has Lincoln and
Omaha offices. The check represents pro
ceeds of an un derw riting sale by First Mid
America o f an issue by First National of
Nebraska o f 15-year, 8 % % floa ting rate
notes.

of a promissory note issued by the
company to First National City Bank,
New York. The note was issued for the
purpose of financing the purchase of
201,125 shares of the company’s stock
in December, 1972. Such shares are
carried as treasury stock.
John Lauritzen, chairman, and Phil
Giltner, president, of the First National
Bank, said executive management of
the bank is very well pleased, for it
indicates the name of the bank is very
well received in the market place. Con
trary to some predictions that the float
ing rate is a thing of the past, we have
shown that the floating interest rate is a
viable function of the market today.
“This is a fine way to handle this
debt, and provides an excellent yield
on the stockholder’s investment and in
creases his earnings per share.”
This is reportedly the first bank debt
offering to conform to the new, ex
panded rules covering such issues with
the Securities Exchange Commission.

Don Jackson Competes on
Track After Retirement
Donald C. Jackson, vice president in
the national division of Irving Trust
Company, New York, retired recently
after more than 40 years with that in
stitution. He was assigned to upper
midwest and Rocky Mountain states
scribed and was completely sold out for a number of years, where he served
the first day of issue, according to First banks and corporations through Irv
Mid America, Inc., the investment firm ing’s national division.
Mr. Jackson was graduated in 1933
with Omaha and Lincoln offices which
from Drake University in Des Moines,
handled the transaction.
The rate will be 1Vi% above the where he starred on Drake’s track
interest rate equivalent of the average teams as a miler. He continued his in
of the weekly per annum discount rates terest in athletics after entering the
for three-month U. S. Treasury bills as business world, returning frequently to
reported by the Federal Reserve Bank Des Moines for the famed Drake Re
of New York during the 21 days im lays.
After undergoing major surgery in
mediately preceding the first day of
July or January, or such higher rate as 1971 for a lobectomy, Mr. Jackson de
the company may determine. Except cided to quit smoking and get back in
under certain limited conditions, the shape. After two sessions a day of run
notes may not be redeemed at the op ning to condition himself, he competed
tion of the company prior to July 15, just 20 months later in the mile race at
1982, and will be redeemable on and the Fourth Annual Senior Olympics in
after such date at their principal Los Angeles in 1974, winding up third
amount plus accrued interest. The in a field of 10 senior runners. He set
notes will be repayable on any January out then to sharpen his endurance in
15 or July 15, commencing July 15, order to compete in the 1st World
1977, at the option of the holders Masters Track and Field Champion
thereof at 100% of their principal ships held last month in Toronto,
amount together with interest payable Canada.
However, the 65-year old banker
to the date of repayment.
Net proceeds from the sale of the was sidelined from the Masters when
notes will be applied to the prepayment he pulled a muscle running the hurdles
N o rthw e stern B a nker, Sep tem b er

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Federal Reserve Bank of St. Louis

1975

in a warmup meet at White Plains,
N. Y., in July. He attended the Masters
and jogged around the track, but could
not compete.
Don and Mary Jackson will continue
making their home at 15 Old Hills
Lane in Port Washington, N. Y.
11050.

Bankers Data Corporation
Tests Talking Computer
A “talking computer” which, when
properly keyed, will be able to tell a
bank customer the amount of the bal
ance of his checking or savings ac
count, is being demonstrated at several
banks in Minnesota.
In a special test, a customer picks
up the phone linked to a computer tied
into Bankers Data Corporation,
Bloomington, which will maintain
minute-by-minute accounting of cus
tomers’ bank balances for its client
members. Once contact is established,
the customer dials his personal identifi
cation number. This number, memo
rized by the customer, assures the
computer it is being contacted by a
bona fide and identifiable customer. If
the number is not correct, the com
puter responds, “Invalid entry. Retry.”
Demonstration units are being in
stalled at Mid America National
Bank of Eagan, First Mid America
State Bank of Coon Rapids, Mid
America National Bank of Roseville,
First National Bank of Anoka, Goodhue County National Bank and St.
Anthony Park State Bank, according
to Donald H. Gregerson, president of
the Anoka bank and president of
Bankers Data Corporation. The Cor
poration, is tied to First Chicago Data
Corporation, Chicago (formerly Bev
erly Computer Corporation).
ABA Personnel Conference
Scheduled for Nov. 9-12
“Productivity — The Personnel
Challenge” will be the theme of the
American Bankers
Association’s
(ABA) 1975 National Personnel Con
ference November 9-12 in New Or
leans.
Charles H. Fletcher, chairman of
the bank personnel division which
sponsors the conference, said general
sessions will cover such topics as total
compensation costs’ impact on the bot
tom line, productivity, personnel costs,
ABA government relations efforts and
meeting the profits test in personnel
departments. A number of “how to”
and “earlybird sessions” are planned.

■i ■

el see un
anhattan!
W ell soon be on our way to help the
ABA celebrate its centennial.
Crosby Kemper, Jerry Scott, Ed Huwaldt,
John Kramer, Bud Cox, Don Thomason,
E. L. Burch, Tom Wood, Mike Fleming, and
Fritz Krohmer— all look forward to greeting
our colleagues from over a thousand
correspondent banks we serve.
The ABA convention is a great place to see
familiar faces, a great time to meet new ones,
and a good opportunity to leave our mark
as Middle America's most corresponsible bank.

united missouri bank
of kansas city, n. a.
N one o f th e o th e rs co m e close.

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Federal Reserve Bank of St. Louis

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B a nker, S e p te m b e r

1975

Bankers Qualify for CCL Title
bankers from
SEVENTY-seven
across the country have passed a

qualifying examination for the title of
Certified Commercial Lender (CCL),
the American Bankers Association has
announced.
A. Robert Abboud, chairman of the
ABA’s commercial lending division
which sponsors the CCL program, said
the officers qualified by passing an all
day test which was administered for
the first time May 23 at the University
of Oklahoma, Norman. In addition,
more than 50 bankers have qualified
as CCLs under a “grandfather” clause.
Two hundred others received the CCL
designation under the clause at the
ABA’s 27th annual National Credit
Conference last March in New York.
The clause will remain in effect for
four more years.
Following is a list of those receiving
the CCL designation in the area cov
ered by the N orthwestern Banker.

Wisniewski, vice president, First National
Bank in Chicago Heights.
Minnesota: John J. Brenengen, vice pres
ident, The First American National Bank of
St. Cloud: Marvin L. Ellison, vice president,
Northwestern/St. Paul; Byron J. Loving,
vice president-credits, Bremer Service Com
pany, Inc., St. Paul; Thomas E. Olson, pres
ident, First National Bank of Starbuck.
South Dakota; Mike J. Clark, assistant
vice president, National Bank of South Da
kota, Huron; James K. Hendricks, vice pres
ident, American State Bank, Yankton; and
Elden W. Ranee, senior vice president and
manager, National Bank of South Dakota,
Sioux Falls.
North Dakota; Walter Bauer, president,
First National Bank, Valley City; Donald
W. Green, commercial loan officer, Mer
chants National Bank & Trust Company,
Fargo, and Lloyd C. Kempf, president, The
Goose River Bank, Mayville.
Colorado: Thomas J. Gleason, chairman,
First National Bank, Fort Collins; Albert
D. Latham, executive vice president, The
First National Bank of Denver; Donald E.
Lawrence, vice president, The Exchange N a
tional Bank, Colorado Springs, and Alan D.
Linton, commercial banking officer, United
Bank of Denver, N. A.
Montana; Walter H. Nussbaum, executive
vice president, The First National Bank of
Whitefish.
Nebraska: Bruce D. Jones, vice president,
First National Bank of Omaha; Joseph A.
Peterson, Jr., president and cashier, Water
loo State Bank; Gary K. Thrasher, vice
president. The Omaha National Bank.
Iowa: James F. Boyd, vice president, First
State Bank, Audubon; James W. Hoffman,
executive vice president, Qkey Vernon First
National Bank, Corning; Robert W. Krumwiede, commercial loan officer, Security N a
tional Bank, Sioux City; Gordon G. Leth,
senior vice president, Security Savings Bank,
Marshalltown; Sam W. Neill, senior vice
president, Security Savings Bank, Marshall
town; E. James O’Connor, senior vice pres
ident, The Waterloo Savings Bank; Thomas
R. Smith, president, Fidelity Savings Bank,
Marshalltown; James L. Tymeson, assistant
cashier. The Commercial Bank, Storm Lake,
and Floyd F. Whitmore, president, Okey
Vernon First National Bank, Corning.

independent consultant and has six
years experience with organizations in
the health and medical fields.

Ameribanc To Acquire
Princeton Bank
Acquisition of Farmers State Bank
of Princeton, Mo., by Ameribanc,
Inc., St. Joseph-based multibank hold
ing company, has been approved by
the Board of Governors of the Federal
Reserve System.
The Princeton bank becomes the
seventh fully-affiliated banking sub
sidiary for Ameribanc and moves the
assets of the holding company to more
than $238,000,000,

RMA Publishes "Annual
Statement Studies"
Robert Morris Associates (RMA),
the national association of bank loan
and credit officers, has just published
the 1975 edition of its Annual State
ment Studies.
The book gives bank credit and loan
officers a valuable tool for analyzing
customers’ financial statements. The
Illinois: Raymond H. Acopiado, vice pres
information contained in the Statement
ident, Midwest National Bank of Lake
Studies enables a banker to see if —
Forest; Edmond J. Arseneault, president,
Soy Capital Bank & Trust Company, D e
and how — a firm fits into the general
catur; Larry R. Clark, senior vice president,
profile
of its particular industry.
Bank of Silvis; Donald W. Fisher, vice pres
ident, First National Bank of Rock Island;
Banks belonging to RMA submitted
Joseph E. Franks, executive vice president,
some 42,000 statements of borrowing
First National Bank of Lincolnwod; John
customers to generate this year’s book.
E. Miller, president, The Rock Island Bank;
Donald W. Mueller, executive vice president,
The statements, when sent to RMA,
First National Bank of Rock Island; Ken
were identified only by line of business
neth W. Obrecht, president, Hawthorne
and not by company name.
Bank of Wheaton; Chauncey E. Schmidt,
president, The First National Bank of Chi
Copies are available from the RMA
cago; Robert R. Vinson, senior vice pres
National
Office, 1432 Philadelphia Na
ident and director, State Bank of Freeport;
tional Bank Building, Philadelphia,
William S. Ward, vice president, First N a
tional Bank of Rock Island, and Charles J.
Pa., 19107. The price is $13.50 a copy
to
non-RMA member banks and $5
1-4 family mortgage debt was insured,
MGIC Publishes Fact Book
a
copy
to members.
nearly all under the Federal govern
On Mortgage Debt
ment’s
FHA/VA
programs.
The
low
More than one-third of the total
1-4 family mortgage debt outstanding est percentage reached since 1960 was
in the United States at the end of 1974 35.7% in 1966.
What has changed considerably
carried some form of insurance to pro
tect lenders against loan default losses, since 1960 is the rising volume of HOG OUTLOOK , . .
according to Mortgage Guaranty In mortgage debt carrying private mort
(Continued from page 50)
gage insurance and a corresponding
surance Corporation (MGIC).
In its newly published “Fact Book”, decease in FHA/VA insurance. In feeder pigs selling for more than $40
MGIC points out that $418 billion in 1960, less than 1% of insured loans to $45 per head, we usually are on the
total mortgage debt was outstanding were privately insured. That figure rose road to a build-up in hog numbers,”
at year-end 1974. Of that amount, to 21% by 1974, and is expected to he said. “Presently we are at the $200
to $300 per head level for bred sows
$155 billion, or 37.1%, was insured continue growing in the years ahead.
and $40 to $50 per head for feeder
by either government or private
pigs.”
mortgage insurance. MGIC founded
The hog production financing semi
the private mortgage insurance busi BMA Appoints Associate
nar was the third in a series of special
Director of Education
ness in 1957.
Sandra J. Chumack has been ap ized briefings held by ABA’s agricul
The percentage of mortgage debt
that is insured has not changed signifi pointed associate director, education tural bankers division and public rela
cantly in the pat 15 years, says MGIC. department at the Bank Marketing As tions division for members of the agri
In 1960, 40.1% of the outstanding sociation. She previously served as an cultural press.
N o rthw e stern B anker. Se p te m b e r

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Federal Reserve Bank of St. Louis

J97S

T h e n ew
1975 M HT COUPAY
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coupon paying and destruction system.
COUPAY, the first fully
automated coupon paying and
destruction system, could put
your state and municipal bond
business into high gear. A shift
into COUPAY at Manufacturers
Hanover can actually save you
money.
Compare these exclusive
MHT COUPAY features with your
present system:
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• no costly storage of unreconciled
coupons
• no risk of destroying today’s
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• no coupons without a numerical
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COUPAY is so foolproof
that Manufacturers Hanover
guarantees all items listed on our
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all “stops” that have been properly
placed with us.
Get all the details about
COUPAY from your National
Division Representative or
Lawrence M. Masterson,
Manufacturers Hanover, 40
Wall Street, New York, N.Y.
10015. Tel: (212) 623-2691.
M ANUFACTURERS
HANOVER

■
■. ,

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Federal Reserve Bank of St. Louis

•

N o rthw estern

ju t
1 1 1

B a nkerr Sep tem ber

I9 7 S

Bankers' M arket Place
TA iebold, Incorporated now has two
ways to help banks make sure
how much money they need to protect.
The two ways are represented by
Diebold 120 and 150 Currency Veri
fiers which offer banks the convenience
and accuracy of verifying the count of
new and used strapped currency at the
rate of 25,000 bills per hour.
The Diebold Model 120 Currency
Verifier can be operated in an auto
matic mode for high volume verifica
tion of new currency, in semi-auto
matic mode for older bills, or mediumvolume counting; and in the manual
mode for currency in poor condition.
In any of the three operating modes,
an interlock device automatically stops
the machine if any strapped bundle
totals more or less than a multiple pre
viously registered into the machine.
The Diebold 150 Currency Verifier
also accommodates strapped currency
and verifies its count at the rate of 25,000 bills per hour. It operates only in
the manual mode, and offers the addi
tional advantage of portability so it can
easily be moved from department to
department for verification service.
For additional information, contact
Diebold, Incorporated, Canton, Ohio
44711.
NEW cost-effective means of
safeguarding external telephone
lines reporting from bank vaults or
other alarm-protected locations to re
mote monitoring stations has been de
veloped by Mosler, an American-Stan
dard Company. The new system is
called Mosler Coded Line Security, or
CLS.
Mosler says that the new system
represents a second-generation, defectA

N o rthw e stern B anker, Sep te m b e r

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Federal Reserve Bank of St. Louis

1975

resistant, electronic system of tele
phone line security which is markedly
superior to conventional police signal
ling of the non-coded “tone” or AC/
DC double-loop types. Incorporating
many features of the Mosler UL Grade
AA Hi-Line Security, or HLS system,
the new CLS line security provides an
alternate risk management considera
tion for vital telephone signal security
links, according to Mosler.
CLS transmits a coded, digital signal
from protected premises to a newly de
signed four-zone police monitor cabi
net where it is received and recognized.
An attempt to use external applications
of AC/DC current, signal frequencies
from another system, matching resis
tance, or function generator patterns
to isolate, duplicate or otherwise com
promise the unidirectional coding pat
tern over CLS-secured telephone lines
will result in immediate alarm. CLS
is, however, extremely resistant to nui
sance alarms from random noise or
temporary line outages.
Engineered to meet UL Grade AA
standards for police connections, with
approval now pending, Mosler CLS is
available in a variety of sealed code
configurations. For maximum security,
CLS elements are randomly selected
and assigned in noninterchangeable
matched pairs.
For complete information concern
ing Mosler CLS Coded Line Security
and other Mosler line security systems,
write Mosler Safe Company, Depart
ment PR-014, 1561 Grand Boulevard,
Hamilton, Ohio 45012.
ECURITY Corporation, national
S
marketer of equipment and ser
vices for financial institutions, has

available a full-color brochure on the
new Continental Vault Door.
The door and frame are of high
grade open hearth steel plate clad in
stainless steel. The lock area is inlaid
with KT-20 monolithic protective met
al which resists explosives, torches and
drills.
The new door, which has a 6R in
surance rating when employed with
corresponding vault wall specifications
as required by the Bank Protection
Act, is 3V2" thick (overall thickness
is 7"). The clear opening (36 by
78Vi") easily accommodates wheel
chairs. The door swings a full 180%
on its precision built-in hinges which
feature anti-frictions gearings. Two
key-changing locks with spy proof dials
and a 120-hour, three movement Se
curity Precision-Matic time lock are
part of the standard features.
All exposed metal surfaces of the
door and vestibule including door
edges and jamb are clad in satin fin
ished stainless steel. A concealed
snorkel emergency ventilator is built
directly in the door frame. The stain
less steel daygate completes the pack
age of standard features.
To receive the brochure write Se
curity Corporation, 2055 S. E. Main
Street, Irvine, Calif. 92705 or call your
local dealer.

>«-

f■
>

N electronic control system de
A
signed to speed up customer ser
vice is now available from the Mosler
Safe Company, Hamilton, Ohio. The
system was developed specifically for
use in conjunction with single-line
stanchion/roping waiting systems, to
streamline these operations for greater
efficiency, faster customer service and
to assure a totally balanced teller
workload, according to Mosler.
The patented system incorporates
memory and logic circuitry for positive
automatic sequencing of teller availa
bility signals. It is totally modular in
design, compact and easily installed in
existing or new installations.
A master indicator module, placed
on the teller counter at the head of the
waiting line, provides guidance instruc
tions to the waiting customer as to
where to proceed for prompt service.
The visual indicator provided includes
not only direction of the next available
teller but also the specific teller num
ber. Each customer receives positive
instructions; balanced teller workload
is maintained, even at teller stations
most remote from the head of the line.

•V »

North Central Shows Gains
The North Central Companies, Inc.,
St. Paul, Minnesota-based financial
services company,
announced i t s
mid-year, 19 7 5
f i g u r e s which
show increases in
net profit, assets
and net worth but
a slight decline in
total income com
pared to the same
six-month period
T. S A N B O R N
for the year be
fore.
Net profit for The Companies, ac
cording to Theodore Sanborn, presi
dent, was $518,000 through June 30th
of this year compared to $496,000 for
the equivalent period in 1974. Net
profit per share was $.70 for the first
six months of this year compared to
$.60 at last year’s half-way point.
Assets rose to $42,210,000 at mid
year, an increase of 9% over that reg
istered at June 30th the year before.
Net worth climbed to $10,655,000
at mid-year, and net worth per share
grew to $14.50, up 22% over last
June’s $11.36.
Total revenues for The Companies

Moderate Loan Growth Ahead for Banks
a “somewhat strong
A LTHOUGH
er” loan picture is expected
later this year at commercial banks as
the economy improves, the increase
probably will be moderate compared
with that of the past several years,
Continental Illinois Corp. stated re
cently in its quarterly shareholder mag
azine.
The parent of Chicago’s Continental
Bank said the more moderate loan
growth together with increased capital
positions would enable commercial
banks to contribute to economic re
covery when it eventually does occur.
Banks, however, will continue to em
phasize loan quality and balanced, pru
dent growth, according to the report.
Continental Illinois said the drop in
loans outstanding in the first half re
flected the lower level of production
as businesses continued to concentrate
on liquidation of existing inventories.
However, it noted that while this
drop in economic activity has led to
continuing unemployment and excess
dipped slightly to $9,281,000 at mid
year compared to $9,332,000 the year
before.

capacity, there have been a number of
encouraging developments on the infla
tion front.
“In the second quarter the Con
sumer Price Index rose at less than half
of increase registered during 1974.
Moreover, most wholesale prices have
risen at a modest rate recently, fore
shadowing continued improvement in
retail price trends in the months
ahead.”
Continental Illinois also said there
is an urgent need to reduce the ex
tremely large federal budget deficit.
“So far this year, it has been financed
with relative ease, but serious problems
could arise if the deficit is not signifi
cantly reduced as private credit de
mands rise in a strengthening econo
my.
“Recent crises concerning national,
state, and municipal fiscal responsibil
ity here and abroad serve as emphatic
warnings of what can happen when
government spending exceeds income
by large amounts over a number of
years.”
Insurance-in-force for North Central
Life Insurance Company, The Compa
nies’ principal subsidiary, grew 11%.

The first name in
money orders is
______ Express.
T R A V E L E R S EXPRESS, that is. Did you think it was another
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We process over 48 million money orders, transfer close to
2 billion dollars in funds per year. And, we've pioneered every
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Get to know us. On a first name basis.
Call toll free 800-328-4800.*
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TRAVELERS
EXPRESS COMPANY INC.

15 South Fifth S treet, M inneapolis, M innesota 5 5 4 0 2
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N o rthw estern

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Federal Reserve Bank of St. Louis

Banker, Sep tem ber

1975

Our ¡dea of
correspondent banking
THE COMMITTEE OF ONE.
Our people are real, live, experienced correspondent professionals, with
years of correspondent banking behind them. So, since they aren’t shiny new
management trainees or just goodwill ambassadors, they have the authority
to okay loans or services on the spot. Without going through a committee.

WE CALL YOU BY NAME
NOT BY PHONE.
Because we work person
to person, eye to eye, with the
management of every corres
pondent bank, right there at
the correspondent bank, things
get done faster. Friendlier.

WE'RE THE BANK
FOR THE NEW DOWNTOWN.
NBB is the biggest bank on Michigan Avenue.
The hub of Chicago’s new changing skyline. But we’ll
extend the New Downtown to wherever you are.
WE'RE BIG ENOUGH TO SERVE YOU, BUT
SMALL ENOUGH TO TAKE CARE OF YOU.
That’s why we can give you
literally dozens of services. Like loan
participations. Bond portfolio analysis
and advice. Safe-keeping of securities.
Credit information. Use of our
computers. Executive search.
And more. It’s all part of being
whatever kind of bank you
need us to be.

BANKER TO BANKER.
NOT BANK TO BANK.

The bank for the New Downtown
NATIONAL BOULEVARD BANK
OF CHICAGO
400-410 North Michigan Ave., Chicago, 111. 60611 Phone (312) 467-4100 Member FDIC
N o rthw e stern B anker, Sep tem b er

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Federal Reserve Bank of St. Louis

1975

Illinois
News
ARTH UR

F. B U S B O O M

Pre sid e nt Rantoul

ROBERT C. SC H R IM P LE Exec. V. P. C hicago

Addison Bank Names
Gomora CEO
Leslie J. Go
mora has been
named chief ex
ecutive officer of
the First Security
Ba n k , Addison,
according to Ver
non S. Hoesch,
chairm an. Mr.
Gomora will car
ry the title of ex
L. G O M O R A
ecutive vice presi
dent. He succeeds Donald L. Patten
who recently accepted a position as
president of the newly-formed Bank
of Creve Coeur, 111.
Prior to joining the Addison bank,
Mr. Gomora served with the National
Bank of Joliet for nine years, most re
cently as vice president in charge of
commercial loans.
Oak Park Trust Opens
Neighborhood Banking Center
William R. Langley, president of
Oak Park Trust & Savings Bank, re
cently opened the new Neighborhood
Banking Center at Harlem and Oak
in River Forest.
The new facility is all brick, steel
and glass. It houses four drive-up fa
cilities, a walk-up facility and drivethrough depository. A 24-Hour Teller
soon will be added.
Harris Bank Introduces
Bond Investment Counseling
The Harris Bank, Chicago, has in
troduced a new bond investment coun
seling service for banks, insurance
companies and other institutional in
vestors. Termed Fixed Income Port
folio Service (FIPS), the new program
will advise portfolio managers on their
bond management putting primary em
phasis on interest rate judgments, the
development of portfolio strategy and
credit analysis.
For information and sample copies
of reports on the new service, contact

John Alexander, Jr., trust officer, Har
ris Bank, 111 West Monroe Street,
Chicago, 111. 60690.

Continental Bank Opens
Office in Seoul, Korea
Continental Bank of Chicago has
announced that it has received final ap
proval from the Bank of Korea to open
a representative office in Seoul later
this year. The new unit will expand
Continental’s international network to
123 offices in 39 countries on six con
tinents.
David F. Lenz, second vice presi
dent, will serve as representative.
First of Chicago Plans
CBCT in Hospital
The First National Bank of Chicago
has filed notice with the Comptroller
of the Currency to establish its first
customer bank communication termi
nal in a Chicago hospital. The un
manned off-premise automated teller
machine will serve the 4,500 em
ployees of Rush-Presbyterian St.
Luke’s Medical Center located on the
west side.

with account servicing. This would in
clude accepting loan applications,
which would then be processed and re
viewed at the main bank downtown,
and would also include banking service
offered downtown for a fee, such as
payroll accounting, international fi
nancing and cash management. No re
tail banking service, including accept
ing deposits or making loans, will be
handled at the office.
Centex Industrial Park has about
1,200 companies, Mr. Stuffs noted,
and there are about 1,000 more in the
area considered to be potential cus
tomers.
American National becomes the
first downtown bank to establish such
an office, although First National and
Continental Bank have a network of
offices in major cities outside Illinois.
Mr. Stuffs said if the office is success
ful, American National may open as
many as eight such offices around the
Chicago suburban area. The next two
which could be opened, he said, by
yearend are in Oak Brook and Clear
ing,

Skokie Bank Displays

Opens Service Office in
Chicago Industrial Suburb
Allen P. Stuffs, chairman and chief
executive officer of the American Na ERMAN G. Kramer, pres., & c.e.o., 1st
tional Bank and Trust Co., Chicago, N at’ l, Skokie, & Ron Leavitt, professional
announced recently the bank has a rtist (on right) show Mr. Leavitt’s paint
opened a service office in suburban ing which was acquired by the bank as a
Elk Grove Village to provide commer “ Purchase Award Prize’’ during the Skokie
A rt Fair. The bank has been giving pu r
cial and industrial customers with ac chase award prizes at each Skokie Art
count servicing. He said the office is Fair over the years and, in the process,
not a branch, and the bank does not collecting works o f many local artists. A
consider it a loan office “since we are display, changed m onthly, of paintings by
local artists, adorns tw o walls of the bank.
not looking for loans.”
The Illinois Commissioner of Banks
and Trust Companies, Richard K, Lig- Elected at Deerfield
Herbert E. Schifter recently was
noul, has submitted the matter to the
Illinois Attorney General for an elected to the board of the First Na
opinion.
tional Bank of Deerfield expanding the
Mr. Stuffs said the Elk Grove Vil board’s membership to 11. Mr. Schif
lage office is located in Centex Indus ter is president of Squire-Cogswell
trial Park and is designed to provide Company, air and vacuum pump spe
commercial and industrial customers cialists.
N o rthw estern B a nker, Sep tem b er

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

1973

Illinois News

New Corp. To Provide Shared EFTS
EX EC U TIV ES of 2,300 banks in
^
five midwestern states have been
notified of the
formation of Fi
nancial Communic a t i o n Services
Corporati on,
which will begin
to offer shared
electronic facili
ties for consumer
banking in the
ill
area by mid-1976.
J. G. R E G A N
In a letter to
the bank’s executive officers, FCS Ex
ecutive Vice President John G. Regan
said the new service will be an elec
tronic funds transfer system to accom
modate commercial banks in Missouri,
Kansas, Iowa. Illinois and western
Kentucky.
The system, Mr. Regan said, “will
consist of an electronic communica
tions network that will enable partici
pating banks to provide remote access
to a wide range of consumer banking
services to their customers.”
The not-for-profit corporation was
formed on May 2, 1975, by 10 spon-

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N o rthw e stern

Banker, Se p te m b e r

Minonk State Bank
Announces Changes
Henry H. Byers, president of the
Minonk State Bank, has announced
the following changes in the bank’s
staff: Lewis M. Gregg, executive vice
president and trust officer, has retired
but will continue as a director; Merlyn
D. Kalkwarf, cashier, has become
executive vice president; Donald Rene
gar, assistant vice president, has been
named cashier and trust officer;
Stephen O’Riley continues as assistant
cashier and becomes assistant trust of
ficer and agricultural representative.
Chicago Fed Introduces
New Bicentennial Quarter
The Federal Reserve Bank of Chi
cago has introduced the new Washing

H O T E L *

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

soring banks. Development of the sys
tem will continue through the end of
this year, with implementation of the
service during the third quarter of
1976.
It is anticipated that the network
will include two different types of
banking outlets for consumers: com
pact, point-of-sale machines at retail
merchant outlets, and free-standing,
unattended, automatic equipment in
various, 24-hour locations.
“Through this new network, con
sumers will be able to transact their
banking business from literally thou
sands of convenient locations through
out the five-state area,” Mr. Regan
said.
In his letter, he noted that, “Al
though the company is separate and
distinct from Credit Systems Incor
porated — the Master Charge operat
ing center for the same five-state area
— the same officers and design per
sonnel that developed the Master
Charge program will be involved in the
design and implementation of this new
program.”
Sponsoring banks of the system are:
Boatmen’s National Bank of St. Louis,
City Bank, First National Bank in St.
Louis, and Mercantile Trust Com
pany, all in St. Louis; Traders Na
tional Bank and United Missouri
Bank, both of Kansas City, Mo.; Com
mercial National Bank of Kansas City,
Kan.; Central Trust Bank of Jeffer
son City, Mo.; Davenport Bank and
Trust Co. of Davenport, la.; and First
National Bank of Belleville, 111.

1975

ton quarter at ceremonies on the Fed
eral Building Plaza. The inaugural also
honored Jack L. Ahr, the prize-win
ning designer of the reverse side of the
coin and a resident of suburban Ar
lington Heights, 111.

^
>
^

A. Peter
CARL
sen has been

appointed v i c e
president of Sea
way N a t i o n a l
Bank according to
Richard Linyard,
bank president.
Formerly vice
p r e s i de n t and
co m p tro ller of
c- A- PETERSEN
Continental Casuulty Company, Mr. Petersen is a gradu
ate of the University of Iowa, Iowa
City. He has served on the board of
Seaway National for the past several
years.
* * 4=
William H. Szesny has been named
commercial loan officer at the Chicago
City Bank and Trust Company, ac
cording to Gavin W'eir, president. Mr.
Szesny has served as an officer of several Chicago area banks, most recently
with the Bank of Elmhurst.
* *

Funeral services were held recently
for Irwin Marcus, 78, chairman of the
Lincoln National Bank of Chicago. He
headed the bank for the past 10 years
and was one of the original directors
when it was acquired in 1947. In re
cent years he directed a major renovation program of the bank’s facilities.
He has been president of the Community Currency Exchange Association
of Chicago.

4
A

-»«

s
v-

W ork with a banker
who knows what his bank
can do for you.
>

Leonard J. Schrewe
Vice President
St. Louis
( 314 ) 342-6470

E. Randolph Whitelaw
Vice President
Los Angeles
( 213 ) 628-8411

At First National Bank in St. Louis, our represen
tative bankers are trained in what our bank can do for
you. Across the board. Department by department.
The result is men with solid experience and
individual authority. So they can make fast decisions
for you on their own.
Now, with an office in Los Angeles, our represen
tatives can work closely with banks in this area for
mutual benefit.
They represent a bank with strong, healthy
growth, and a reputation throughout Mid-America for
unexcelled capabilities in check collection, and cash
management and disbursement. Plus overall expertise
in the handling of national corporate business.
Get to know your First National Bank represen
tatives. They know their bank. They’d like to put us to
work for you.

First National Bank in St.Louis
WTm
Member FDIC H i I H

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Federal Reserve Bank of St. Louis

N o rthw e ste rn B anker, Se p te m b e r

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

1975

When Dick Holm es
com es in three hours
late for dinner
itVyour problem .
It might be any banking problem . . . a
que stion about our HR10 program . . . or
should you install a computer terminal.
Dick Holmes will gladly miss dinner for a
chance to discuss your problems with you.
And often the best time is after you close
your bank for the day. Your phone isn’t ring
ing off the hook then. You can sit back and
take time to tell Dick what’s on your mind.
He’ll listen.
Marquette men are good listeners. And,
because th e y ’ re good bankers, too, they

have the capacity to understand what you’re
saying.
Which is how problems get solved.
Dick himself may not have the solution in
his back pocket. But he knows where to look
for it. And he has a whole stable of able bank
ers behind him who are interested in helping
him find it.
For Dick Holmes and other M arquette
Correspondent bankers, bankers’ hours start
after bankers’ hours.

We do things your way.

Gary B Wollan

Avery G.Fick

Bill Addington

Bill Rosacker

Dick Holmes

Len Erickson

370-2154

370-2166

370-2165

370-2164

370-2167

370-2168

Correspondent Banking Department

AMarqietieRaDnHBatt
777 Marquette Avenue, Minneapolis, Minnesota 55480

T he BankAmericard Bank

N o rthw estern

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Federal Reserve Bank of St. Louis

B a nker, S e p te m b e r

1975

Howard’ll
help you
set up an
Individual
Retirement

Account program
for your customers.
Call him. Howard Luick. In our Correspondent Banking Department.
At 612 -372 -8282 .

We take your business personally.
H e lp in g you c h a n g e th in g s fo r th e be tte r.

Q N orthw estern
M NATIONAL BANK
W

Of Minneapolis

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

Member FDIC

67
dent of The First National Bank of
Austin, where he began his banking
career as a management trainee. In
1960 he was elected assistant cashier,
in 1965 assistant vice president and in
1968 vice president.

Minnesota
News
JO H N

C H IS H O L M

T . L. J E F F E R S

P r e s id e n t

E x e c . V .P .

R o ch este r

M in n e a p o l is

Program for District Meetings Announced
ISTRICT meetings conducted by
D
the Minnesota Bankers Associa
tion start September 15 and continue
through September 24. Each meeting
has the same program, which follows:
P.M. Registration.
3:30 Call to Order—District Presi
dent.
Workshop on Keogh HR-10 and
IRA plans.
E d u c a t i o n Workshop—New
plans and programs for all
bankers.
Update on regulations, laws and
bank supervision.
Legislation Workshop—U s u r y,
EFT and the future.
5:45 District business meeting. Elec
tion of officers and endorse
ments.
6:15 Social Hour.
7:00 Dinner. Presiding—John D.
Chisholm, president of MBA;
president, Marquette Bank &
Trust Co., Rochester.
“Better Living for Better Man
agement”—J. N. Chris Chris
tianson, Scottsdale, Ariz.
Dates and locations for the dis
trict meetings are:
Sep. 15, Dist. 6, Germain Hotel, St.
Cloud.
Sep. 16, Dist. 8, Holiday Inn, Eveleth.
Sep. 17, Dist. 9, Holiday Inn, Moor
head.
Sep. 18, Dist. 7, Ramada Inn, Mar
shall.
Sep. 22, Dist. 3, 4, 5, Majestic Oaks,
Anoka.
Sep. 23, Dist. 2, Orchid Inn, Sleepy
Eye.
Sep. 24, Dist. 1, Holiday Inn, Ro
chester.
Winnebago Bank
Plans Addition
Plans have been completed for an
addition and alterations to the First
National Bank of Winnebago, accord
ing to Dudley Krause, bank presi
dent.
The new wing will feature office

space for an officer, additional book
keeping area and space to be used
initially for the insurance agency. A
drive-in teller and after-hour lobby
and night depository will be added at
the rear of the building. An addition
to the second story also will be built.
The exterior of the new wing facing
the street will feature large glass win
dows. Construction is expected to take
about a year.
First National, Mankato,
Elects President
Durwood W .
■'i: Thompson h a s
been elected pres
ident of the First
3 jjj National Bank of
Mankato, effective
Sept. 15, succeed
ing George M.
Leland, who has
been named presi
dent of The West
ern National Bank
of Missoula, Mont.
Mr. Thompson began his banking
career in 1956 at The First National
Bank of Virginia, Minn. He joined the
First National Bank of Willmar in
1963, was elected vice president and
commercial and real estate loan officer
in 1964 and president and managing
officer in 1970.
To Head Willmar Bank
Oliver H. Ha
gen has b e e n
elected president
of the First Na
tional Bank of
Willmar. He suec e e d s Durwood
W . Thompson,
who h a s been
elected president
of the First Na
O . H A G EN
tional Bank of
Mankato.
Mr. Hagen formerly was vice presi

Duluth Bank Plans Branch
Plans for a branch bank at the
southeast corner of Lake Avenue and
First Street have been announced by
the Northern City National Bank,
Duluth. C. Glenn Rye, chairman, said
the one-story structure will include
lobby facilities and seven drive-up auto
lanes. Completion is anticipated in the
spring of 1976.
Damberg & Peck, Duluth, is the
architect.
Lakeville Bank
Names Directors
John Morrison and Gerald Helgeson, owners of the First National Bank
of Lakeville, have announced the addi
tion of Maynard Johnson and Jerry
Erickson to the bank’s board. Mr.
Johnson is vice president of Hitchcock
Industries and general manager of Airlake Industrial Park. Mr. Erickson is
the proprietor of Erickson Drug.
Dawson Bank Increases
Capital and Surplus
Northwestern State Bank of Dawson
has increased its capital and surplus
accounts by $350,000, according to
Charles L. Kretchman, bank president.
Capital was increased $300,000 and
surplus $50,000. Together they now
total $850,000.
Minnesota RMA Chapter
Elects New Officers
Laurence R. Kennedy, vice presi
dent, The First National Bank of Saint
Paul, has been elected president of the
Minnesota chapter of Robert Morris
Associates, the national association of
bank loan and credit officers.
John A. Kvam, vice president,
Northwestern National Bank of Min
neapolis, was elected vice president;
and David Gilman, executive vice
president, Fidelity Bank and Trust
Company of Minneapolis, has been
elected secretary-treasurer.
Other members elected to the board
of governors include: immediate past
president, J. Leonard Erickson, as
sistant vice president, Marquette Na
tional Bank of Minneapolis; and Rob
ert J. Anderson, vice president and
senior commercial banking officer of
the First National Bank Minneapo
lis.
N orthw estern

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Federal Reserve Bank of St. Louis

Banker, S e p te m b e r

1975

HHHrnnm n

m mnnm WËSSBBSBBË

T w in C ity
News i-*’*'

First National Bank of Saint
T HE
Paul has announced the election

of two directors. They are Joseph C.
Harris, president and chief executive
officer of B. W. Harris Manufacturing
Co., and Andrew G. Sail, executive
vice president, The First National
Bank of Saint Paul. Announcement
was made by Philip H. Nason, chair
man.
Mr. Sail was named an executive
vice president in November of 1974.
The bank’s seven wholesale banking
divisions are under his supervision in
cluding the banks and bankers division
which serves banks and commercial
accounts outside the Twin Cities.
He joined the bank in 1956, served
in the U. S. Army from 1956 to
1958, was elected assistant cashier in
1962, assistant vice president in 1964,
vice president and division head in
1968 and senior vice president in
1972.
Mr. Nason also announced the fol
lowing promotions:
Dianne E. Arnold and Eileen Long,
commercial banking officers; Pamela
L. Clayton, personnel officer; Linda
A. Darling, Loren J. Dressier, John
E. Landry, Ronald R. Stroschein and
Dale L. Timmerman, to operations of
ficers; Michael T. Mishou audit of
ficer; Donald R. Olson and Terrance
E. Svejda, systems officers.
* * *
The First Minnehaha National Bank
of Minneapolis has announced the fol
lowing officer elections: James H.
Thompson, elected assistant vice presi
dent, commercial loan division; Mary
Ann Raina, assistant manager, instal
ment loan department; Irma Lantre,
assistant cashier and operations officer,
and Carol Stromberg, auditor.
Mr. Thompson had previously
served in a similar capacity with the
First National Bank of Hopkins. In his
new position, he will manage the mar
keting department and also will serve
on the management committee. Ms.
N orthw estern

Banker, Se p te m b e r

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Federal Reserve Bank of St. Louis

1975

H. T H O M P S O N

I. L A N T R E

M. A.

R A IN A

STRO M BERG

Raina has been with the bank since
1965, Ms. Lantre since 1952 and Ms.
Stromberg since 1968.
î{C
Dexter J. Sid
ney has joined the

Bank of Minne
apolis as assistant
vice president, ac
cording to Robert
R. H elm eriehs,
president. He will
head the marketi ng, advertising
and retail areas of
the bank.
Mr. Sidney formerly was associate
editor with N orthwestern Banker
and more recently has served as pub
lisher of Commercial West and Greater
Minneapolis magazines published in
Minneapolis.
* * *
G. Richard Slade, president of the
Northwestern National Bank of St.
Paul, has announced the election of

four to officer positions. They are
Richard A. Clare and Frank H.
Hlavka, personal banking officers;
Thomas W. Longlet, commercial ser
vices officer, and John H. Rahm, sys
tems officer.
* * *
First National Bank of Minneapolis
has announced the election of four new
assistant vice presidents: Donald G.
Haines and Richard W. Thompson,
personal trusts; Donald D. Mikelson,
trust trading, and Richard M. Irvin,
interim construction financing. In addi
tion, Douglas C. Engler has been
named operations officer in the opera
tions department.
Mr. Haines joined the bank in 1952
and Mr. Thompson in 1956. Mr.
Mikelson has been with the bank since
1962 and most recently served in
equity research and trading. Mr. Irvin
has been with the bank since 1968 and
Mr. Engler since 1963.
* * *
Two directors have been elected at
the Eastern Heights State Bank. They
are Dr. Lesier C. Krogh, 49, vice
president of 3M’s commercial chemi
cal division, and Roy M. Svee, 50,
metropolitan district manager for
Montgomery Ward.
* * *
Lloyd L. Leider, executive vice pres
ident of The First National Bank of
Saint Paul, re
cent l\ retired, ac
cording to Philip
'
H. Nason, chair’ I** 4 >
yf man and chief exl|jp ecutive officer.
%
Mr. Leider’s fi
nancial career be
gan in 1938 when
he joined the First
1 Bancredit Corpo
L. L . L E ID E R
ration, then an af
filiate of the bank. He transferred to
the bank in 1945 and was named ex
ecutive vice president and elected di
rector in 1968.
. ^

-* « * * » - * « *

An outstanding financial computer
service division requires the perfect
marriage of people and machine.
Meet the better half.

Left to right, Dick Casey. Connie Luttio, Tom Trench, Lenny Kiskis, Bill Stegora, Pat Lavin, Margaretha Schuyten, Jan Melton, Carol Larson, Frank Brosseau, Sharon Peterson, Ken Dagel, Pat Stewart

Banking has always been a people business. It still is, even
when there's a com puter in the picture. In fact, the ability
to autom ate certain banking functions makes people more
im portant than ever.
C onsider the basic question, should your bank automate
certain services or not? It’s im portant to have the right
people helping you make this decision. These people have
to be know ledgeable, conscientious and, most of all, they
ought to be bankers.
And th a t’s exactly what our people are— know l
edgeable, conscientious bankers who w o n ’t
even recom m end autom ation unless it
represents sound banking practice for
6
your particular bank.
Then, if you decide to automate, y o u ’ll
discover that our people have the

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People and machine w orking together have the potential
to help you im prove your service capability in several areas:
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Maybe autom ation can help you now, maybe it
ca n ’t. But one thing fo r sure, w e ’ve got some
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Division, 612/370-4800.

F ir s t * ®

Minneapolis
Financial Computer Services Division
First National Bank of Minneapolis
120 South Sixth Street • Member FDIG

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Federal Reserve Bank of St. Louis

N orthwestern

Banker, Septem ber

197$

Minnesota News

SHOWN above w ith th e exh ibit is designer Seth G. H u ntington (rig h t) & George H.
Dixon, chm n. & pres, o f First M inneapolis.

The first bicentennial half-dollar
went on sale recently in Minneapolis,
the home of the winner of the nation
wide competition to design the official
coin. An exhibit showing the design
and minting process from which the
coin evolved is now on display in the
concourse of the First National Bank.
Seth G. Huntington won the com
petition with his design which features
Independence Hall. The front carries
the traditional half-dollar design, with
a dual 1776-1976 date designated for
use during the Bicentennial year.
A graduate of the Minneapolis Col
lege of Art and Design, Mr. Huntington has served on the faculty of the St.
Paul Arts and Science Center and is
currently manager of art and design
at Brown and Bigelow.
* * *
St. Anthony Park State Bank, St.
Paul, has announced the appointment
of Bradley K. Rinsern to assistant vice
president in the commercial loan de
partment.

Mr. Rinsern comes to the bank from
Chicago where he served as commer
cial loan officer with the Parkway
Bank and Trust Company and in the
loan and discount department of the
First State Bank of Chicago.
* *
L)r. Donald W. Herrick, chairman
of First State Bank of North St. Paul,
has announced the election of A. Wil
liam Esher and William T. Sandberg
to the bank’s board of directors. Mr.
Esher is vice president and general
manager of Keindel’s Super Market
and Mr. Sandberg is vice president of
the Sandberg Funeral Home.
Hi H: *
John G. Fischer recently joined
Piper, Jaffray & Hopwood Incorpo
rated as director of community rela
tions, according to H. C, Piper, Jr.,
chairman of the Minneapolis-based se
curities firm. Mr. Fischer formerly was
executive director of the Spring Hill
Conference Center, Wayzata.

Northwestern National Bank of St.
Paul has announced the promotion of
David R. Warner ......
to assistant vice
president, com
mercial banking,
according to G.
Richard S l a d e ,
president.
Mr. Warner, a
graduate of the
University of Mi
ami with a degree
D. R. W A R N E R
in finance, has
been a commercial sales officer at
Northwestern since 1972. He formerly
was with Reynolds Securities, Inc., in
Minneapolis. He is a director of the
St. Paul Sales and Marketing Execu
tives.
* * *
First National Bank of Minneapolis
has announced the election of Allen G.
Highum to assis
tant vice presi
dent in the corre
spondent banking
division.
O t h e r First
Minneapolis pro
motions include:
John R. Iten and
Edward L. Whe
lan to bond in
A . G . H IG H U M
vestment officers,
municipal bond division; Thomas J.
Peters to trust operations officer, trust
special custody operations division;
Dorothy H. Sandburg to operations
officer, methods research department;
and Irving D. Fish and Jeffrey S. Smith
to personnel officers, human resources
department.
In addition, W7arren R. Jeffers has
transferred from First Edina National
Bank to become a commercial banking
officer at First Minneapolis’ St. An
thony Falls office. He replaces D. Jack
Robertson, Jr., who has been elected
president of the First State Bank of
Babbitt, Minn., which like First Min
neapolis and First Edina is an affiliate
of First Bank System.
Mr. Highum has been with First
Minneapolis since 1964 and has ad
vanced through a number of responsi
bilities in correspondent banking. He
is a native of Austin, Minn., and began
his banking career with the First Na
tional Bank there in 1960. He is a
graduate of the University of Min
nesota.

N orthw estern

Banker, Se p te m b e r

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Federal Reserve Bank of St. Louis

1975

The B a n k Poll.

The Housing Industry During the Remainder of 1975
Tw o-thirds of all bankers polled feel that there w ill be a m oderate revival of the housing industry
during the rem ainder of 1975. Among different states, W isconsin and M ichigan were most o p ti
m istic with 78% indicating a housing revival.
A m ajority of bankers estim ate the total national housing starts fo r 1975 to be at least 1 m illion
but less than 1.5 m illion. The largest banks w ere especially in agreem ent on this estim ated
range, with over tw o-thirds indicating that range for total 1975 housing starts.

1. What is the outlook for the housing industry during the remainder of 1975?
Response:

All Banks
Minnesota
W isco nsin /M ich ig an
Iowa
South Dakota
North Dakota
Montana

%
%
%
%
O/
/o
O/
/o
O/
/o

Strong
Revival

Moderate
Revival

No
Change

Moderate
Decline

67
59

27
34

77
69
67
63
60

20
25
26
28
38

3
5
2
3
3
4
1

1
1
3
2
5
1

Strong
Decline

No
Answer

0
0
0
0
0
0
0

Total

1
1
0
0
2
0
0

100

100
100
100
100
100
100

2. What do you estimate the total housing starts to be nationally during 1975?

Response:

Assets under $100MM
Assets over $100MM

%
%

Less than
1 Million

1 Million
but Less
than 1.5
Million

1.5 Million
but Less
than 2
Million

2 Million
or More

No
Answer

Total

20
18

56
67

7
4

1
0

16
11

100
100

C o rr e s p o n d e n t
Bank
D iv is io n
Your bottom line is our top priority.

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1975

Minnesota News

James W. Ladner has been named
vice president-marketing of The
American Bancorporation, St. Paul,
and senior vice president-marketing at
American National Bank of St. Paul,
the company’s lead bank. Mr. Ladner
joins the American organization from
the First National Bank of Minne
apolis, where he has been vice presi
dent and director of marketing ser
vices. Most recently, he was head of
the personal banking department.
Mr. Ladner began his banking ca
reer with the First of Minneapolis in
1954 and has held various responsibili
ties in the commercial banking group.
A native of St. Cloud, Minn., he did
his undergraduate work at St. John’s
University in Collegeville, Minn.
A graduate of the Graduate School
of Banking at Rutgers University, Mr.
Ladner is active in the Bank Mar
keting Association and has held sever
al appointive posts in that organiza
tion.
Maplewood Bank Moves
The Hillcrest Mid America State
Bank of Maplewood recently moved
into its newly remodeled building of
25,000 square feet. The bank features
a six-lane drive-up facility on its west
side.
Elected at St. Cloud
R. F. (Dick) Statz, St. Cloud, has
been elected to the board of North
western Bank and Trust Co., St.
Cloud. Mr. Statz is division general
manager of the Northern States Power
Co.
Beaver Creek State
Elects Scholten Cashier
Leonard Scholten has been elected
cashier of the Beaver Creek State
Bank.
Prior to coming to Beaver Creek,
Mr. Scholten was affiliated with North-

Bank Shares To Merge into Mid America

pendently owned banks was an
nounced jointly recently by W. T.
Richards, chairman of Mid America
Bancorporation, Inc., St. Paul, and
Carl P. Pohlad, president of Bank
Shares Incorporated, Minneapolis.
The arrangement would merge
into Mid America Bancorporation, all
five banks of Bank Shares Incor
porated, a registered bank holding
company, and 12 independently owned
banks in which Mr. Pohlad and asso
ciates have a major interest. Mid
America Bancorporation would be
come the surviving corporation.
The resulting holding company
would have 24 affiliated banks, 18 of
which are in the Twin Cities area,

with a major bank, Marquette Nation
al, located in downtown Minneapolis.
The remaining six are located in
Rochester, Worthington, Hutchinson
and three other out-state locations. A
complete list of the banks involved will
be made available in the near future,
the announcement said.
The transactions are subject to cer
tain contingencies including the ap
proval of various governmental agen
cies, as well as the board of directors
and shareholders of Bank Shares In
corporated and Mid America Bancorporation, and the shareholders of
the independent banks involved.
The announcement noted that the
consolidation would result in a banking
organization with more than $35 mil
lion in capital and more than %Vi
billion in deposits.

western National Bank of Sioux Falls
and Dell Rapids from 1961 to 1969.
In 1972 he graduated from Northwest
ern College, Orange City, la., with a
degree in business education. For the
past three years he has taught the
banking and finance program at
Brainerd Area Vocational Institute.

Promoted at Newport
Raymond E. Schlemmer, vice presi
dent and cashier of the Town & Coun
try State Bank of Newport, has been
promoted to senior vice president.
Elaine D. Schlemmer, assistant vice
president, has been promoted to vice
president and cashier.

GREEMENT in principle of a
A
merger of two bank holding
companies and acquisition of 12 inde

Sherburn Bank Announces
Promotions, Retirement
Farmers State Bank of Sherburn has
announced two promotions and one re
tirement. Dennis P. Hartman, who
joined the bank last January, was
promoted from assistant cashier to
cashier. He previously was associated
with the State Bank of Fairmont. Aria
Mae Ringeisen was promoted to as
sistant cashier.
Alice Becker, cashier, retired after
an association that began in the late
1940s.

Mr. Schlemmer joined the bank in
1961 after a 12-year career at North
western National Bank of South St.
Paul. He has served as cashier and
vice president and cashier of the bank.
Mrs. Schlemmer has been with the
bank for 27 years and has been an of
ficer since 1951.
First State of Bay port
Elects Meissner Director
Harold M. Meissner has been
elected a director of the First State
Bank of Bayport, according to Keith
Clements, bank president. Mr. Meiss
ner is executive vice president of mar
keting of the Andersen Corporation.

N orth
w eFRASER
ste rn Banker, Se p te m b e r
Digitized
for
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1975

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Insured Credit Services
originated the idea
of privately insured
home improvement loans.
Today,
1,062 banks
are glad we did.
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loan portfolios enjoy a
guaranteed profit return w ith
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every unpredictable default such
as bankruptcy, divorce, strikes
and recessionary causes.
W e can demonstrate how
your ICS protection program
provides a significant increase
in profits, com pared to other
types of loans.

The Insured C redit Plan, w ith its
guaranteed high p ro fita b ility,
com plete default protection and
on-going counseling services,
enables lending institutions to
expand and diversify their
lendingoperations in th e grow ing
property im provem ent market.
For com plete details on the
advantages of the Insured Credit
Plan, call or w rite W illia m F.
Schumann, President, today.

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197S

Minnesota News

American State
Opens New Building

SHOWN above is an a rch ite ct’s drawing of the new building of
the Am erican State Bank of Moorhead. At right is an in te rio r
view.

almost a year, advertising for
F OR
the American State Bank of Moor
head has carried the slogan, “Building
a Better Way to Bank.”
On Monday, July 14, the new bank
opened its doors for business with
grand opening activities running
through July 20. The $2.2 million
home is at the eastern end of redevel-

in m
J a

m
l^

STAY AT THE

jJ iio

) r iv

r e

e S

( o ie l

THE BEST LOCATION
IN TOWN . . .

Lake M ichigan and the Park at
you r fro n t door • Adjacent to
business district and Michigan
Ave. shops • Spacious Rooms and
Suites (some w ith Kitchen & Bar)
* Com plim entary continental
breakfast • Com plete hotel serv
ice • M eeting and Banquet facil
ities up to 300 persons.
DINING AT / W R ITE TODAY
0
V
/ FOR BROCHURE
S a 0 e S / & TARIFF
r - A o ^ / DONALD 0. CRONIN,
E A S T j Gen, Mgr.
181 EAST LAKE SHORE DR.
CHICAGO, ILL. 60611

(312) 787-8500
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1975

oping downtown Moorhead — at the
corner of Center Avenue and Eighth
Street.
The bank encompasses 43,000
square feet. The main banking level
includes approximately 14,000 square
feet and features cultural white plaster
forms played against natural redwood
soffits and trim. The mezzanine level
overlooks the main lobby and an
atrium with natural clerestory lighting.
The white plaster framework, with
accenting carpeted walls, complements
the warm colors of the stoneware tile
and carpeted floors. The woodwork
and teller line is dark red oak.
Exterior white-ribbed masonry walls
are combined with natural wood facias
and solar bronze glass.
Customer parking is available for
about 130 cars.
P. J. (Pern) Canton, bank presi
dent, said that lush landscaping will
accent the new structure.
The new building was designed by
Richard Vosejpka and Associates of
Wayzata, with interior coordinated by
Dayton’s Contract Division of Min
neapolis. Supervising architect was G.
S. Rutter Associates of Moorhead.
Welcome State Bank
Announces Changes
H. W. Folk has been advanced from
president to chairman of the Welcome
State Bank. D. D. Saxen has moved
up from vice president to president and
Luverna E. Wilkinson and Janet
Saxen, both directors, have been
named vice presidents. Rudolph P.
Rode has been named a director re
placing the late Paul Matthies.

Robertson To Head
First State, Babbitt
First State Bank
of Babbitt has an
nounced the elec
tion of D. Jack
Robertson, Jr., as
president succeed
ing H a r r y A.
Shearer now presi d e n t of t h e
Northfield Nation
al Bank.
D. J. R O B E R T S O N , JR .
Mr. Robertson
joined First Bank System in 1965 at
the Red River National Bank and
Trust Company of Grand Forks, N. D.
Following service in First Bank Sys
tem’s credit department from 1972 to
1973 he was elected personal banking
officer in the St. Anthony Falls office
of the First National Bank of Minne
apolis.
Sells Upsala Bank
Roland Viehauser recently assumed
the presidency of the Farmers State
Bank of Upsala succeeding Axel Borgstrom, 87, who retired. Mr. Borgstrom
sold his controlling interest in the bank
to Mr. Viehauser.
In 1914, two years before the incor
poration of Upsala as a village, Mr.
Borgstrom, his father, Peter Viehauser,
J. W. Falk and Gust Lindgren teamed
up to form the bank. Peter Viehauser
and Axel were the bank’s first cashiers.
Axel has been president of the Farmers
State Bank since his father’s death in
1933. Mr. Viehauser has been an em
ployee and director of the bank since
1940.

Am ericanism
is alive and w ell
and living in St* Paul

Bob Jacobsen

John MacLeod

Don Johnson

Art Nelson

Bob Knopke

Bob Sipple

Bill Langford

Charles White

At American Bank we've got our own special brand of
Americanism. It's a friendly, cooperative spirit
that's dedicated to mutual progress . . . yours and ours. Nobody
displays our kind of Americanism better than our Correspondent
Banking team. Look for them at the South Dakota and
Minnesota Bankers Association District Meetings.
Minnesota District Meetings
September 15th-24th
(Haessig, Johnson, Nelson,
Knopke, MacLeod, Langford, White)

South Dakota District Meetings
September 8th-12th
(Jacobson and Knopke)

The Bankers
o f Am erican
Am erican National Bank and Trust Com pany (612)
298-6000. Fifth and M innesota Streets • Saint Paul,
M innesota 55101. M em ber F.D.I.C.

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1975

Minnesota News

Minn. Bank’s Idea Adopted by Red Cross
Addison wrote: “What sunshine is to flowers, smiles are to hu
Jway,oseph
manity. They are but trifles, to be sure, but scattered along life’s path
the good they do is inconceivable.”
Who said banks are cold institutions? Last November the Alexandria
Bank and Trust Company of Alexandria, Minn., aware of the plight of
many lonely “shut-ins,” began distribution af a two page “SMILEMAKERS” bulletin to all residents in local nursing homes, according to Earl W.
Scrogum who collects the jokes. Many of these patients had not received a
piece of mail or a visitor for years.
This two-page bulletin of quips and jokes just made their day—gave
them a lift and is eagerly awaited each month. The nurses noted the good
reaction and became enthusiastic about the unique service and its thera
peutic effect. They say it is a happy day when the “SMILEMAKERS” bul
letin is distributed.
Now this little idea became national in scope for it was adopted by
the American Red Cross. Each month a copy of “SMILEMAKERS” as
printed by the Alexandria Bank and Trust Company, is sent to the Ameri
can Red Cross for reproduction. They drop the bank name in the heading.
In its place the title reads—“Distributed through Red Cross volunteers to
VA hospitals and domiciliaries, nursing homes and community hospitals.
Thus, a little idea originating with the Alexandria Bank and Trust
Company headed by Martin Haar, president, becomes national in scope.
Now hundreds of thousands of lonely, sick, shut-ins all over the country
will benefit from a situation the Alexandria Bank just wanted to do some
thing about locally.
Independent Bankers Name
Assistant Administrator
Lyndon Mar
shall Griffin has
b e e n appointed
assistant adminis
trator by Inde
pendent Bankers
of Minnesota.
Mr. Griffin is a
graduate of the
University of Min-

tional Register of Historic Sites. An
open house dedication ceremony was
held and a bronze plaque com
memorating the building was set in
stone.
The First American Bank Building,
originally the Exchange State Bank
Building and so listed in the National
Register, was erected in 1910. It is the
first building designed and constructed
by the architectural firm of Purcell and
Elmslie.
Fergus Falls Bank
Announces Promotions
Douglas M. Johnson, president of
the Northwestern National Bank of
Fergus Falls, has announced the fol
lowing promotions: Charles D. Angus
to vice president; Darrell E. Weidauer
to assistant vice president, Bruce W.
Ness to agricultural lending officer,
and A. William Pennings to instal
ment lending officer.
Mr. Angus has served as agricultural
representative since joining the bank

rectors: Lila Hill, cashier, and Verna
Furiel, assistant cashier.
Mrs. Hill has been with the bank
since January of 1961 and was named
cashier in 1967. In 1972 she became
a stockholder. Mrs. Furiel joined the
bank 12 years ago. She became as
sistant cashier in 1971 and a stock
holder in 1972.

Three Promoted at
Albert Lea Bank
Gordon L. Bickle, president of the
L. « . G R IF F IN
" e S O ta
W it h
S'X
years experience Freeborn National Bank of Albert
in securities analysis and municipal Lea, has announced the following three
bond sales. His most recent employ promotions: Gerald R. Gehling from
ment was with a national courier ser cashier to assistant vice president; Ken
vice company as district manager for neth Gerber to cashier and comp
troller, and Lorraine Schaper to audi
the state of Minnesota.
tor.
Mr. Gehling started in banking
Open House at New London
with the First National Bank of Austin
The Farmers State Bank of New in 1959 and joined the Albert Lea
London recently held an open house bank in 1963 as auditor. He was
to celebrate its sixtieth anniversary and elected assistant cashier in 1966 and
the addition and remodeling of its cashier in 1972. Mr. Gerber, formerly
building. Features include a night cashier, has been with the bank since
depository, additional offices and new 1964. Mrs. Schaper joined the bank
teller windows.
in 1968.

in 1966. Mr. Weidauer has served in
the instalment loan and marketing
areas since joining the bank in 1970.
Mr. Pennings, a 1973 graduate of
Southwestern Minnesota State College,
formerly was with the Northwestern
National Bank of Marshall. Mr. Ness
joined the bank in April of 1974.

Floodwood Bank Names
Two New Directors
Jerry J. Jubie, chairman of the First
State Bank of Floodwood, has an
nounced the addition of two new di-

Elbow Lake Bank
Holds Open House
The First National Bank of Elbow
Lake recently held an open house in
its new building.

N o rth w e ste rn

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Federal Reserve Bank of St. Louis

1975

Grand Meadow Bank
Named Historical Site
The building housing the First Bank
of Grand Meadow recently was named
an historic site and listed in the Na-

B. W .

N ESS

P E N N IN G S

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Investment Services Group

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Federal Reserve Bank of St. Louis

N orthw estern

B a n k er,

Septem ber

1975

78
joined the bank at its Vermillion of
fice in 1964. He transferred to Madi
son in 1970 and was elected an as
sistant cashier in 1972. He is
responsible for marketing and instal
ment loans. Mr. Wehrenberg joined
the management training program in
1973.

South Dakota
News
TED

SCH AN ZEN BACH

I. M IL T O N

SCH W ARTZ

P re s id e n t

S e lb y

S e cre ta ry

H u ro n

Huron Investment
Corporation Sold
The Huron Investment Corpora
tion, a one-bank holding company, re
cently was purchased by three Wessington residents, Arnold E. Domke,
Bernard B. Casavan and Leonard E.
Fritzsche. The corporation owns
80.4% of the capital stock of the
Bank of Wessington.
Mr. Domke, president of the cor
poration, announced the change of
ownership. Plans are to change the
name to Wessington Bankshares, Inc.
Mr. Fritzsche and Mr. Casavan
were named new directors. New of
ficers elected are Mr. Domke, presi
dent and cashier and Mr. Fritzsche,
and Mr. Casavan, vice presidents.
Mr. Fritzsche is an area farmer and
Mr. Casavan is the owner of Casavan
Apiaries operating in South Dakota,
North Dakota and Texas. Mr. Domke
has been managing officer of the bank
for the past two and a half years and
will continue in that capacity.
The Huron Investment Corporation
was owned by Leland Steele of Huron.
National Bank of S.D.
Elects Vice President
James T. Brick has been elected
vice president and executive trust of
ficer of the National Bank of South
Dakota, Sioux Falls, according to Nels
E. Turnquist, president and chief
executive officer.
Mr. Brick is a graduate of the Uni
versity of South Dakota and joined the
bank in 1953 after several years in pri
vate law practice in Vermillion. He
was elected a vice president in 1958.
In his new position, he will be re
sponsible for organizing and con
solidating certain functions of the
bank’s trust departments in Sioux Falls
and Rapid City.
LaVern Mitchell
Funeral services were held recently
for LaVern Mitchell, 63, retired
Sturgis banker.
Mr. Mitchell retired on February 7,
1974, as vice president and manager
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Federal Reserve Bank of St. Louis

1975

of the Sturgis branch of the First Na
tional Bank of the Black Hills. He
joined the bank August 30, 1930, and
had held positions in Deadwood, Hot
Springs and Rapid City before his as
signment to Sturgis in 1950.
National Bank of S.D.
Announces Promotions
Nels E. Turnquist, president and
chief executive officer of the National
Bank of South Dakota, Sioux Falls,
has announced the following promo
tions and election: Richard Hess,

H ESS

O DEN BRETT

W EH R EN BER G

assistant vice president and assistant
manager, Sunset office, Sioux Falls;
Gene Odenbrett, assistant vice presi
dent, Madison, and Alan Wehrenberg,
loan officer, real estate lending, main
office, Sioux Falls.
Mr. Hess joined the bank in 1965,
was elected assistant cashier in 1969,
and transferred to the Sunset office in
March of this year. In his new position
he will be responsible for real estate
and commercial lending and new busi
ness development. Mr. Odenbrett first

Hold Advanced Farm
Management Program
Managers from 10 states recently at
tended an Advanced Farm Manage
ment program in Sioux Falls. The pro
gram was co-sponsored by the South
Dakota Society and American Society
of Farm Managers and Rural Ap
praisers.
Instructors for the school (one of
eight held in 1975) are: A. F. Waldstein, AFM, ARA, Stalcup Agricultur
al Service, Storm Lake, la., and Robert
H. Johnson, AFM Hutchinson Nation
al Bank & Trust Company, Hutchin
son, Kans.
Coordinators are Elton Budahl,
Northwestern National Bank, Sioux
Falls, and Don Hitterdal, AFM, ARA,
Doane Agricultural Service.
Kurt Schliebe, agricultural repre
sentative, and Rick Lockert, trust ser
vice representative, of the First Nation
al Bank of Aberdeen, were among
those attending.
Community Bank, Hartford,
Celebrates 50th Year
Community Bank of Hartford re
cently observed its fiftieth anniversary.
The bank, which has offices in Hum
boldt and Colton, first opened its doors
in 1925 with capital and surplus of
$27,500. ft now has capital and sur
plus of $500,000. Deposits have grown
from $150,000 to nearly $14 million.
Television sets, bicycles and other
prizes were given away by the bank on
July 31, according to Neal F. Van
Vleet, bank president.

First Nat’l of Black Hills in Hot Springs

SHOWN is an arch ite ct's drawing o f the proposed new First National Bank of The
Black Hills building in H ot Springs. An incorrect picture of the bank was published in
advertently in the July issue o f the Northwestern Banker.

79
Dakota until 1952 with time out for
Navy duty during World War II. In
1952 he was called to Washington for
promotion to sales director and later
became national director of the Sav
ings Bonds division and served in that
capacity until his retirement in 1972.

PICTURED are the employees, th e ir title at retire m ent and years w ith the
row le ft to rig ht— Delm ar C. Lowe, v.p., 45; Leo Olson, a.c., 35; Bessie M.
44, and Carl E. Voigt, pres., 36. Back row— Elm er Jorgensen, acct. officer,
Lodm ell, v.p., tru s t off., 43; Ben F. Borgers, a.v.p., 39; G. Oliver Nordby,
Virgil Lowe, pres., 47, and Louis M. Fannemel, a.c., 45.

bank: fro n t
Dunn, a.c.,
28; Adolph
v.p., 44; J.

Bank of Lemmon Holds
C. 0. Peterson Day
A career of 61 years in financial
work and management was honored
recently when the Bank of Lemmon
hosted C. O. Peterson Day. The bank
held an open house throughout the day
and served coffee and cake, according
to Stanley Peterson, president.

Retired Bankers Form Association
EN former Northwestern Bank
T
employees have become the nu
cleus of an association of Retired
Northwestern Bank Employees. The
goals of the new association are to con
tinue fellowships among former bank
employees and to suggest ways the
bank can better serve retired indi
viduals in Sioux Falls.
The group elected Adolph Lodmell
as its spokesman and president.
The 10 former employees were all
officers of the bank and represent over
400 years of banking experience. The
association plans to meet again this
fall.
Valley Banks Name
Marketing Officer
Erling Haugo, president of the Val
ley Banks, has announced the appoint
ment of Norman Woodrow (Woody)
Wilson as marketing and public rela
tions officer for all the Valley Banks.
The Valley Banks operate in Sioux
Falls, Harrisburg, Lennox, Yankton,
Elk Point, Jefferson, North Sioux City
and will soon open an office at Tea.
Mr. Wilson has been in banking and
related fields for 30 years. He lives in
Sioux Falls.

Planning Institute, Inc., of Denver, the
groups are organized and conducted
by Marjorie Gross, wife of the presi
dent of First Dakota, Norman C.
Gross, assisted by Wynn Speece, direc
tor of marketing and public relations.
A pilot group of planners has not only
completed its original schedule of
study of health, law, housing, recrea
tion, money and lifestyle for retire
ment but has had monthly reunions.
Elmer Rustad
Elmer Rustad, former South Dakota
Savings Bonds director who later be
came national director, died July 29,
1975.
Mr. Rustad opened the South Dako
ta office in 1941 and served South

SHOWN is Carney Peterson (rig h t) receiv
ing a plaque from Stanley Petersen, pres.,
Bank of Lemmon.

Mr. Peterson has been with the bank
since 1932 when he joined it as a
teller. In 1938 he was named cashier
and director. The past five years Mr.
Peterson has served as chairman of the
board. He began his career in 1914
with the First National Bank in Rock
ford, N. D.

Yankton Bank Sponsors
Pre-Retirement Sessions
First Dakota National Bank, Yank
ton, has announced that it will spon
sor another Pre-Retirement Planning
(PRP) session this fall.
An off-shoot of the Pre-Retirement

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1973

North Dakota
News
G . C. A N D E R S O N

P r e s id e n t

T io g a

W . J.

S e cre ta ry

B is m a r c k

D A N ER

Cavalier Bank Elects
Chairman, President
First State Bank
of Cavalier has
announced t h e
election of Carl
A. Berg as chair
man and Darold
D. Johnson a s
president.
Mr. Berg joined
First Bank Sys
tem in 1935 and
the Cavalier bank
in 1946 as cashier. He was elected
president and managing officer in
1957.
Mr. Johnson most recently was vice
president of the First National Bank
of Valley City where he began his
banking career in 1958. He also has
been associated with The First State
Bank of Paynesville, Minn., and the
First State Bank of Babbit, Minn.,
where he was elected president and
managing officer in 1968. He returned
to the Valley City Bank as vice presi
dent in 1969.
Minot Bank Opens Office
Union National Bank’s new $400,000 building on South Broadway in
Minot has opened with seven driveup lanes. One of the terminals is de
signed for large vehicles such as motor
homes, with a raised automatic teller
and no roof. The bank is secured with
bulletproof glass in the doors, in front
of the tellers and around the vault, ac
cording to Larry Jochim, assistant vice
president and manager of the facility.
The structure was designed by
Brunner Hoeffel Torno & Nester
Architects, Minot.
New Rockford Bank
Holds Open House
First State Bank of New Rockford
recently held an open house to en
courage visitors to get acquainted with
its new facility at 6 South 8th, accord
ing to Ross Watson, bank president.
The decor of the building features
N o rth w este rn Banker, S e p te m b e r

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Federal Reserve Bank of St. Louis

1975

Indian artifacts and sculpture done by
cowboy artist Harvey Rattey of Boseman, Mont. A mural, painted by South
Dakota artist Dale Lamphere, restates
the eastern theme.
Promoted at Jamestown
Wil Summers, president of the Stuts
man County State Bank of Jamestown,
has announced the promotion of Gail
Fleischer from head bookkeeper to
auditor. Mrs. Fleischer has been with
the bank for almost two years.
First National, Bismarck,
Names Chairman, President
Robert P. Hendrickson has been
elected chairman and Robert E. Westbee president and chief administrative
officer of the First National Bank and
Trust Company of Bismarck. Mr.
Hendrickson, president and managing
officer since 1964, continues as chief
executive officer.
Mr. Hendrickson has been with
First Bank affiliates since 1938. Posi
tions he had held include cashier of the
First National Bank of Valley City
and vice president and cashier of the

P. H E N D R IC K S O N

R„ E. W E S T B E E

Red River National Bank and Trust
Company, Grand Forks. He joined the
Bismarck bank in 1959.
Mr, Westbee began his career in
1959 at the First National Bank of
Minneapolis. He joined First Edina
National Bank, Edina, Minn., in 1967
as assistant vice president and was
elected vice president and senior lend
ing officer in 1968. He was elected as
sistant vice president and liaison offi
cer of First Bank System in 1971 and
to his present position as vice president
and liaison officer in 1972.
Elected at Bismarck
Craig Sorenson has been elected as
sistant auditor of the Bank of North
Dakota, Bismarck. Mr. Sorenson is a
graduate of the University of North
Dakota, and joined the bank’s audit
department in January of 1975.
Joins Mayville Bank
Richard Emberton, a native of LaMoure and a 1972 graduate of the
University of North Dakota, has joined
the Goose River Bank of Mayville as
auditor.

ARCHITECT'S sketch of the new banking fa c ility fo r First National Bank, Minot.

First National, Minot, Begins Construction
IRST National Bank, Minot, has
F
begun construction of a $2.5 mil
lion banking facility. Scheduled for
completion in the fall of 1976, the 134
by 116 foot, three-story structure will
contain 46,660 square feet of floor
space.

The second and third levels will
be faced with white pre-cast concrete
panels measuring 34 by six feet. A spe
cial feature of the new bank will be a
1,906 square foot safe deposit vault.
George M. Johnson is the bank’s
president.

81
37 Complete SDBA
Officer Training Seminar
Thirty-seven recently completed the
week-long Officer Training Seminar
sponsored by the South Dakota Bank
ers Association in conjunction with the
School of Business, University of
South Dakota, Vermillion.

Montana
News
A.

F, W IN E G A R D N E R

J . T. C A D B Y

Those receiving Certificates of Comple
tion are:
Larry Rumpca, assistant cashier, Peoples
State Bank, Summit; Thomas E. Baxter,
vice president, First National Bank, Watertown; Frank M. Felix, cashier, Citizens State
Bank, Arlington; Arlyn D. Smith, cashier,
American State Bank, Oldham; Metha An
derson, assistant cashier, Farmers State
Bank, Irene; Eldon Eighmy, assistant cash
ier, Bank of Bruce; Gordon H. Hoffner, vice
president, Citizens Bank, Mobridge;
Lee Malmberg, assistant cashier and timepay manager, National Bank of South Da
kota, Huron; Keith D. Lunde, assistant cash
ier and assistant instalment loan officer,
Commercial Trust and Savings Bank,
Mitchell; Leelan K. Larsen, assistant man
ager and loan officer, Westwood branch,
Northwestern National Bank, Sioux Falls;
Dwain O. Blackwell, vice president, TriCounty State Bank, Chamberlain; Patrick
J. Cleberg, assistant manager and ag loan
officer, First National Bank of Aberdeen,
Britton; Maurice D. Putnam, manager, Live
Stock State Bank, Letcher; Terry W. Kangas, vice president and ag representative,
Security Bank & Trust, Webster; Joseph P.
Engelhart,
assistant manager, personal
banking department, First National Bank
of Aberdeen; Everett Kelley, assistant vice
president and assistant manager, First N a
tional Bank of Aberdeen, Groton;
Richard L. Traphagen, assistant manager
and loan officer, East Branch, First National
Bank of Aberdeen; Keith E. Brugger, assis
tant cashier and instalment loan officer,
National Bank of South Dakota, Rapid
City; Joyce Brink, assistant cashier and
operations officer, National Bank of South
Dakota, Corsica; Lucille C. Mower, assis
tant cashier, National Bank of South Da
kota, Hot Springs; Larry F. Ness, assistant
vice president, Mitchell National Bank;
Gerald M. Wenzel, assistant vice president
and assistant manager, First State Bank,
Delmont;
Florence H. Reynolds, operations officer,
National Bank of South Dakota, Vermillion;
Daniel D. Davis, instalment loan officer,
First National Bank, Pierre; Marvin Lutz,
cashier, First National Bank of Selby; Den
nis G. Van Der Werff, vice president and
manager, Citizens State Bank, Willow Lake;
Terry W. Sanderson, vice president and
cashier, First Fidelity Bank, Murdo; Patricia
L. Loucks, personnel officer, First National
Bank of Aberdeen; Raymond K. Kayser,
assistant cashier, United National Bank,
Tabor;
J. Randall Hershley, instalment loan offi
cer, United National Bank, Viborg; Milton
R. Siebelts, cashier, Farmers & Merchants
State Bank, Iroquois; Robert Biers, loan
officer and assistant manager, First National
Bank of the Black Hills, Hot Springs; Kirk
G. Malcolm, loan officer and assistant man
ager, First National Bank of the Black Hills,
Sturgis; Edward A. Toms, personal loan
officer, First National Bank of the Black
Hills, Lead; William R. Madson, personal
loan officer, Northwestern National Bank,
Huron; Dennis J. Holm, cashier. Bank of
Cresbard; and Gus Carlson, assistant vice
president, Farmers & Merchants Bank,
Huron.

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Federal Reserve Bank of St. Louis

P r e s id e n t

S e c re ta ry

B illin g s

H e le n a

Southside National
Elects Director
Donald M. Leuschen has been
elected a director of the Southside Na
tional Bank of Missoula, according to
Earl W. Johnson, chairman and presi
dent. Mr. Leuschen is manager of the
Missoula division of The Montana
Power Company.
Western Montana National
Names Chairman, President
Ross E. Hunt has been elected
chairman and George M. Leland presi
dent of The Western Montana Nation
al Bank of Missoula, effective October
1.
Mr. Hunt, currently president and
managing officer, began his career with

managing officer of The Batavian
National Bank of La Crosse, Wise,
(now The National Bank of Wisconsin
in La Crosse). He was elected presi
dent of the Missoula bank in 1965.
Mr. Leland is currently president of
the First National Bank of Mankato,
Minn. He began his banking career at
The First National Bank of Austin,
Minn., in 1951, where he was elected
assistant cashier in 1954, assistant vice
president in 1956, and vice president
in 1959. He was elected president and
managing officer of the Mankato bank
in 1968.

First Bank System in 1935. Follow
ing varied responsibilities at affiliates,
Mr. Hunt served as a vice president of
the Red River National Bank and
Trust Company of Grand Forks,
N. D., president and managing officer
of the Freeborn National Bank of Al
bert Lea, Minn., and president and

First National, Great Falls,
Announces 2 Promotions
John Reichel,
president of the
F i r s t National
Bank of Great
Falls, h a s an
nounced the pro
motions of Mi
chael J. Wangen
to vice president
in the commercial
loan department
and Marilyn Rose
to assistant instalment loan officer.
Prior to coming to Great Falls in
June of 1974, Mr. Wangen was as
sistant vice president, commercial and
real estate departments, First National
Bank, Mankato, Minn. Previously he
was with First National Bank, Minne
apolis, and the Red River National
Bank, Grand Forks, N. D.

National Bank of S. D.
Receives Photography Award
The National Bank of South Da
kota, Sioux Falls, has been named an
honorable mention winner in the ninth
annual Esquire/BCA “Business in the
Arts” awards competition for 1974.
The bank received the award for a
photography competition in coopera
tion with the South Dakota Arts Coun
cil and the State Historical Society.

The bank’s “Photoscape” contest
was designed to encourage interest
among South Dakotans in the unique
historic attractions found across the
state. Winners were judged on photo
graphic quality and subject matter
selected. Winning entries in the con
test have been incorporated into a
traveling exhibit displayed throughout
South Dakota. Exhibit stops included
many of the bank’s 16 statewide loca
tions.
N orthw estern

Banker, S e p te m b e r

1975

82
First National, Fargo,
Elects Johnson, Staine
Gary L. Johnson and Philip D.
Staine have been elected assistant vice
presidents and trust officers of the First
National Bank and Trust Company of
Fargo, according to R. D. Harkison,
president.
Mr. Johnson joined the bank in
March of 1968, was elected an as
sistant trust officer in 1969 and a trust
officer in 1973. He attended San
Diego State College and Interstate
Business College.
Mr. Staine joined the bank as a trust
representative in January of 1972. He

received his B. A. degree from St. Olaf
College in Northfield and his Juris
Doctorate degree from the University
of Denver College of Law.
Fargo Bank Appoints
Johnson Office Manager
Roy H. Johnson, assistant vice pres
ident in the agricultural department of
Merchants National Bank and Trust
Company, Fargo, since 1969, has been
appointed manager of the bank’s new
southside branch recently opened in
temporary quarters.
Mr, Johnson began his banking

P re s.

B u sh

G . L. S C A R B O R O

E x e c . M g r.

D enver

To Head Kiowa Bank
Keith Brighton, 32, has been named
president of the Kiowa State Bank.
Mr. Brighton began his banking
career with United California Bank in
Los Angeles. He also has served as
agricultural loan officer for First Na
tional Bank of Riverton, Wyo., as
sistant vice president of Commercial
Savings Bank, Sterling, and most re
cently as vice president of commercial
loans for Century Bank in Denver.
United Bank of Monaco
Elects Wester Director
George A. Wester has been elected
to the board of directors of United
Bank of Monaco, Denver, according
to Robert W. Tschappat, Jr., presi
dent. Mr. Wester is president of
Wester and Company, a real estate
development and management firm.
Elected at Denver
R. K. Hudson, president of National
City Bank of Denver, has announced
the election of a new director. He is
Grant Wilkins, president of Mountain
States Advertising, Inc.
First National of Northglenn
Names Loose Director
Ronald A. Loose has been named
to the board of The First National
Bank of Northglenn.
N orthw estern

B an ker, S e p te m b e r

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Federal Reserve Bank of St. Louis

1975

Ruben E. Sailer
Named BAI Director
Ruben E. Sailer, vice president and
cashier of the Bank of North Dakota,
Bismarck, recently was named a state
director of the Bank Administration
Institute. In his new post, Mr. Sailer
will represent the Institute throughout
the state as a volunteer official, coor
dinating statewide membership ser
vices of the organization’s 89 member
banks and six local chapters.

Named at Aurora
Jay G. Hoselton has been named
business development director for
United Bank of Aurora. Prior to join
ing the bank Mr. Hoselton was a mar
keting representative in the corporate
planning division of American Nation
al Bank.

Colorado
News
W . M. W ATRO US

career at Carrington in 1959 with the
Foster County State Bank.

Washington News
Mr. Loose, senior vice president in
charge of The First National Bank of
Denver’s correspondent bank depart
ment, began his banking career with
Bank of America in 1962. In 1963 he
joined First of Denver and moved to
the correspondent department in 1966.
Both First of Northglenn and First
of Denver are members of The First
National Bancorporation, Inc.
Merriam Berger Dies
Merriam B. Berger, 74, retired Den
ver banker, died August 13 in St.
Luke’s Hospital after a brief illness.
Mr. Berger was a banker for more
than 50 years before retiring as chair
man of the board of Colorado Nation
al Bank in 1972. He continued as
honorary chairman until his death.
A member of a pioneer banking
family his father, George B. Berger,
Sr., was president of Colorado Nation
al Bank from 1910 to 1933 and his
brother, George B. Berger, Jr., was
president from 1955 until death in
1957.
Born in Denver December 22, 1900,
he graduated from Salisbury School in
Salisbury, Conn. He joined Colorado
National as a bank messenger on Octo
ber 1, 1920. He was appointed as
sistant cashier in 1923, elected a direc
tor in 1926, and was named president
in 1958, vice chairman of the board
in 1962, and board chairman in 1964.

R . E. P Q I A C H E K
E v e re tt
W a s h in g t o n B a n k e r s
A s s o c ia t io n

Union Bank Opens in Tacoma
Tacoma’s banking community has a
unique addition with the opening of
the Union Bank, founded through the
joint effort of members of both the la
bor and business communities, accord
ing to Joseph Pelkey, the bank’s chief
executive officer.
To commemorate the event, a spe
cial ceremony replaced the traditional
ribbon cutting at the grand opening.
Instead of cutting something apart, the
cooperative effort was symbolized by
the joining together of two links of a
large chain. Later, the chain will be
mounted and hung in the bank.
The bank had been under construc
tion since last spring.
Rainier National, Seattle,
Announces Staff Changes
William J. Zunkel has joined
Rainier National Bank as a vice presi
dent in the international division. From

W o rk in g fo r y o u ,
is w o rk in g fo r u s.
V
V

If you're one of our 300 correspondent bank
customers, we want to thank you. Because working for you
builds our reputation for good banking service.
We know we have you to thank for our success . . . because you
provide us the opportunities to show
the banking industry just how good correspondent
banking service can be.
Working for your business is what's working
for our business.

Larry M a tth e s

C hris Jeavons

Central
Bank
o f D enver

À Financial Service of
1515 A rap ah oe Street

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Federal Reserve Bank of St. Louis

B a ld w in

D e n ve r, C o lo ra d o 80202

(303) 893-3456
N orthw estern

Banker, S e p te m b e r

1975

84
1972-75 Mr. Zunkel was president of
the European division, Equibank N A.,
Pittsburgh, becoming manager of its
Luxembourg office in 1973.
Also announced was the promotion
of two officers to assistant vice presi
dent of the head office. They are Peter
V. Rodionoff, instalment lending, and
Lester M. Parsons, data processing.

Top Level Changes at
First National of Oregon
Major changes in the top manage
ment positions of First National Bank
of Oregon, Portland, have been an
nounced.
Bank President Robert F. Wallace,
40, has been elected chairman and will
continue as its chief executive officer.

Merger
The First National Bank of Poulsbo
has merged with Rainier National
Bank, Seattle.
Rainier National Opens
North Bend Office
Rainier National Bank recently
opened a new office at 40626 S. E.
Snoqualmie-North Bend Road, North
Bend. Michael A. Sweeney, formerly
with the Issaquah office, has been
named manager of the new installation.

Oregon
News

R. B O Y L E , JR .
P o r t la n d
P re s id e n t
O reg o n B a n k ers
A s s o c ia tio n

United States National
Applications Approved
The United States National Bank of
Oregon, Portland, has received permis
sion to establish three offices. They will
be located at Avalon Street and Shasta
Way in Klamath Falls; N. E. 122nd
Avenue and N. E. Skidmore in Port
land, and 2575 Commercial Street
Southeast in Salem.
To Establish 2 Offices
Douglas National Bank, Roseburg,
has received permission to establish an
office in the vicinity of Little River
Bridge and the Lone Rock Bridge in
Glide, and in the vicinity of 146 Main
Street in Yoncalla.
N o rth w e ste rn B anker, S e p te m b e r

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Federal Reserve Bank of St. Louis

1975

Opens Wilsonville Office
United States National Bank of Ore
gon, Portland, has opened an office at
30120 S.W. Boones Ferry Road, Wil
sonville.

Utah

0 F

News

R . F. W A L L A C E

R. J .

VO SS

Opened at Port Angeles
First National Bank in Port Angeles
has opened a facility at 722 South C
Street in Port Angeles.
Seattle-First National
Opens Northwest Facility
Seattle-First National Bank has
opened a facility at 4212 University
Way Northeast in Seattle.

Johnson’s career with the bank dates
from 1966 when he was named execu
tive vice president and later senior
executive vice president in January of
1974. He has been a director since
1967.

L . E. S E E L Y

H. J O H N S O N

Ralph J. Voss, chairman, but not
actively involved in the management
of the bank since taking over as chief
executive officer of Western Bancorporation on January 31, 1974, will re
tire at age 65 from First National’s
chairman position to become chairman
of the executive committee.
Lyman E. Seely, 57, chairman of
the executive committee of the board,
has been elected to the vacant position
of vice chairman and will continue as
chief administrative officer and second
principal officer of the bank.
Leland H. Johnson, 59, senior
executive vice president, has been ele
vated to president and will continue
to be responsible for a group of ad
ministrative departments in the bank.
Mr. Wallace succeeded Mr. Voss as
president in 1972 after serving in sev
eral key departments and senior
administrative positions since joining
First National in 1968. He previously
had been employed by Chemical Bank,
New York, for 12 years.
Mr. Seely joined the bank in 1940,
was elected a director in 1967, vice
chairman and chief administrative of
ficer in 1972 and chairman of the
executive committee in 1974. Mr.

R. K . H E M IN G W A Y
P re s id e n t
U ta h B a n k e r s
A s s o c ia t io n

Tracy-Collins Bank & Trust
Announces 2 Appointments
Gilbert L. Shelton, president and
chairman of Tracy-Collins Bank and
Trust, Salt Lake City, has announced
the appointment of two bank officers.
Peter K. Ringger has been promoted
to vice president and cashier. He
joined the bank in September of 1973
and has also been with Peat, Marwick,
Mitchell in Honolulu and with Touche
Ross and Co., in Salt Lake City.
Rex A. Madson has joined the bank
as vice president and senior internal
auditor following retirement from the
Federal Deposit Insurance Corpora
tion. He was employed by the FDIC
in 1948 and most recently was in
charge of the Salt Lake City field of
fice.
First Security Corporation
To Acquire 2 New Banks
The Board of Governors of the Fed
eral Reserve System has announced its
approval of the applications of First
Security Corporation of Salt Lake City
to acquire First Security State Bank
of Helper and First Security Bank of
Kaysville. Both are proposed new
banks.
First Security Corporation
Elects Two Directors
First Security Corporation, regional
bank holding company based in Salt
Lake City, has announced the election
of two directors. They are Oakley S.

85
Evans, president, director and chief
executive officer, Zions Cooperative
Mercantile Institution (ZCMI), Salt
Lake City, and James M. Stone, group
vice president, Aerospace, Brigham
City.
Zions Bank Appointment
Wallace H. Gardner, senior vice
president and division manager for
Zions First National Bank, has been
assigned supervision of all 36 Zions
bank branches and their operation.
While maintaining his current re
sponsibilities in the Southern Division
office, he will also assume his addi
tional assignment of branch supervi
sion from the head office in Salt Lake
City.
Also announced was the appoint
ment of Dale W. Westergard, senior
vice president, as Salt Lake division
manager.

SdaSio Bank & Trust Co.
Opens Pocatello Mall Office
The Pocatello Mall office of Idaho
Bank & Trust Co. was opened recently,
according to J. Grant Bickmore, presi
dent and chief executive officer. Garth
Oborn will be the facility manager.
Complete banking services are of
fered including three teller stations,
night depository, and safe deposit box
es. The red-white-blue American
motif, reflecting the bi-centennial
theme, features an animated Betsy
Ross to greet the bank’s customers.
i
Bank of Idaho Promotions
Bank of Idaho, Boise, has an
nounced the following elections: Mar
garet Wolfgram, vice president and
general loan officer; David W. Pelz,
vice president, regional credit officer,
northern region in Coeur D’Alene;
Don L. Shaffer, vice president and
assistant manager of the Caldwell
branch, and Ronald C. Beckman, vice
president, regional credit officer for the
southern region in Boise.
Idaho Bank and Trust
Elects Vice President
Richard O. (Dick) Garvin, manager
of the Paul branch of Idaho Bank &

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Federal Reserve Bank of St. Louis

Trust Co., Pocatello, has been elected
a vice president, according to J. Grant
Bickmore, president.
Mr. Garvin’s banking career began
in 1949 with United California Bank.
He joined Idaho Bank & Trust in
1957 and was named Paul office man
ager in 1973.
SBA Reports Record
Loan Volume in June
The U. S. Small Business Adminis
tration reported to the White House
recently that during the month of June
it approved the largest volume of busi

ness loans in the history of the Agency.
Administrator Thomas S. Kleppe
said, “All of our indicators support the
growing evidence that the recession is
over, confidence is being restored and
the nation is regaining economic sta
bility.”
Mr. Kleppe reported that for the
first time in the 22 years since the
SBA was created, the total volume of
business loans approved in a single
month went over the $200 million
mark. The report stated the Agency
approved loans totaling $218.5 mil
lion.

Polls Show Banks Rank High by Public
HP WO independent national polls
show that the public’s confidence
in banking is high,
the president of
the A m e r i c a n
Bankers Associa
tion said recently.
Since banks func
tion at the heart
of the economy,
he added, this
confidence
amounts to a sig
G . L. W H Y E L
nificant positive
force in strengthening the nation’s eco
nomic recovery.
George L. Whyel, citing recent pub
lic opinion surveys by the Gallup and
Roper organizations, said in an address
before the ABA’s 1975 Governmental
Affairs Conference that America’s
bankers “have earned strong public
confidence in their institutions and
great satisfaction with their services.
“Despite the highly publicized prob
lems with a handful of banks during
the past year, despite the dire predic
tions and the scare headlines in some
publications, and despite the adverse
economic circumstances of 1975 —
nine out of 10 adult Americans were
found to consider bank deposits safe,”
Mr. Whyel said, referring to the re
sults of the Gallup poll.
“Three-fourths consider bank de
posits as safe as — or safer than —
they were five years ago,” added Mr.
Whyel, who is also vice chairman of
the board of Genesee Merchants Bank
& Trust Co., Flint, Mich.
The Gallup poll also revealed that
Americans see banks “as positive fac
tors in the economy by a two to one
margin. And two out of three also be
lieve that at least some banks are op
erated in ways that help their commu-

nities,” the ABA president noted. High
interest rates were blamed on infla
tion by 52%, on government policies
by 29%, on rising wages by 16% and
on higher bank profits by 13%.
Mr. Whyel said banking’s image has
been built chiefly “at the grassroots.
“There is no substitute for people-topeople service in building an image for
institutions so close to their customers,
so deeply rooted in their communities,
as America’s 14,000 banks.
“Last November, the Roper Or
ganization asked a national sample of
adult Americans how satisfied they
were with the services provided by
various professions and industries.
Doctors and dentists were on the list;
so were radio and television stations,
hospitals, food and clothing stores, and
newspapers. All told, 16 types of ser
vices were listed.
“I am happy to report that banking
came out on top of the list: 58% of the
people were very well satisfied with
banking services, and 29% were rea
sonably well satisfied.
“Let it be noted in Washington,” he
said, “that banking is serving the finan
cial needs of the American public. Let
Washington restrain banking’s progress
or restrict its services only when the
public interest — as identified by the
public — demands such action.”
Mr. Whyel warned, however, that
bankers should not permit the positive
findings by Gallup and Roper to make
them complacent. “Relatively high
perches in the polls don’t make good
resting places. Public opinion is transi
tional.
“Banking’s central position in the
economy makes the public confidence
it has earned a significant national as
set. Let us protect it, nurture it, and
build upon it for the future.”
N orthwestern

Banker, S e p te m b e r

1975

...as head of the U.S. National Bank’s Interna
tional Banking Department. He can help you
provide your customers with complete overseas
banking services. U.S. National’s Banco affilia
tion provides Jim with a staff of over 40
international banking experts at Northwestern
National Bank of Minneapolis. And he has
direct connection to a world-wide network of
banking and financial centers, including 350
correspondent banks overseas. Contact Jim for
your Foreign Exchange, Collections, and Letters
of Credit. Phone: 402-536-2117.

A ffiliations w ith alt principa l New York City banks and Northwest Internat anal
as well as representative offices

Bank’s branches
in Nassau and Luxem bourg,

in Canada, Colom bia, England and Spain.
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Federal Reserve Bank of St. Louis

OMAHA, NEBRASKA

87
cently he transferred from operations
to consumer credit.

Nebraska
News
RO BERT

E. B U R K L E Y

R . E. H A R R I S

P r e s id e n t
Exec.

M g r.

F a ir b u r y
L in c o ln

Announce Group Meeting Programs
’C ' ACH of the six group meetings to
^
be conducted in October by the
Nebraska Bankers Association will
have the following program, with the
exception of the dinner entertainment.
Group 5 will have special entertain
ment, and Group 6 will feature James
»> Metzger, president of Fincom, Inc.,
Topeka, Kan. The program:
1:00 Registration.
2:00 Group President’s Welcome.
State of the Association—Robert
E. Burkley, president of the
NBA;
chairman and president,
,1
First National Bank, Fairbury.
Outlook for the Nebraska EconoV
*

W . COOK,
G ro u p 1

JR .

K . N EW TO N
G ro u p 2

my—L. Wayne Dobson, Ab
bott Professor of Banking,
University of Nebraska, Lin
coln.
Report on NETS, Inc.—Kermit
Hansen, president of NETS;
chairman, United States Na
tional Bank, Omaha.
Report on Nebraska Banking—
William H. Riley, Director of
Banking.
How the Legislature Operates—
30 minute film.
Election of officers.
5:30 Social Hour.
6:30 Dinner.
7:30 Future of Banking—John L. Jef
fries, III, chairman, Projec
tions Unlimited, New York
(Groups 1, 2, 3, 4).
The meetings are scheduled as fol
lows:
Oct. 14—Gp. 5, Ramada Inn, Kear
ney.
Oct. 15—Gp. 4, Elks Club, Holdrege.
Oct. 16—Gp. 6, Elks Club, Scottsbluff.
Oct. 21—Gp. 1, Radisson Cornhusker,
Lincoln.
Oct. 22—Gp. 2, Holiday Inn, Colum
bus.
Oct. 23—Gp. 3, Villa Inn, Norfolk.
The presidents of the six groups are
pictured on this page.

. b

>•
C.

E. F R O E H L IC H
G ro u p 3

VAN NORM AN
G ro u p 4

A. W H A LEY
G ro u p 5

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Federal Reserve Bank of St. Louis

S. O LSO N
G ro u p 6

McDonald State Bank
Announces Promotions
J. Y. Castle, chairman of the Mc
Donald State Bank of North Platte, has
announced three promotions.
Donald R. Weber was named as
sistant vice president. Mr. Weber, a
graduate of Doane College, has been
with the bank since 1959. He heads
the instalment loan section and admin
isters public relations.
Marjorie Berg and Jerry B. Snyder
were advanced to assistant cashiers.
Mrs. Berg joined the bank in 1951 and
most recently has been manager of the
auto bank at 1st and Bailey. Mr. Sny
der, a graduate of Chadron State, has
been with the bank since 1967. Re

Construction Begins on
Grant Bank Building
Construction has begun on the new
Farmers National Bank of Grant
building to be located on the southwest
corner of Fourth and Central. The 60
by 90 foot structure has a projected
completion date of March 1, 1976.
Don Sexson, bank president, said
the new building is designed to provide
more office space and a larger lobby.
It will contain five teller windows as
opposed to the three windows in the
old bank. The one-story structure, with
a partial basement, will have a drivein teller window and a parking lot on
the south side.
Bank Consultants of America, lo
cated in Denver, is the general contrac
tor. M. E. Knedler & Associates is the
architect.
First National of Albion
Opens Drive-in Window
The First National Bank of Albion
recently opened a drive-in window, ac
cording to Jim Fox, bank president.
In addition to the driveway and pneu
matic teller unit, a 24 by 40 foot addi
tion was added to the bank providing
room for two new offices, a customer
service desk and two stations for tellers
operating the drive-in unit.
Four Promoted at
Hastings Bank
Norman NacKerud, president of the
First National Bank of Hastings, has
announced the election of Keith Ljunggren, Dave DeRosear and Lyle Knudson as assistant vice presidents and Jim
Harris as marketing officer.
Mr. Ljunggren, who joined the bank
in August of 1974, also becomes man
ager of the instalment loan department.
Mr. DeRosear, with the real estate
loan department since 1973, previous
ly was mortgage loan officer. Mr.
Knudson joined the agricultural de
partment in August of 1973 and was
elected agricultural loan officer in Jan
uary of 1974.
Mr. Harris had served in the
instalment loan department since his
completion of the Northwest Bancorporation management training pro
gram in 1973. He has also administered
the advertising program since October
of 1973 and was elected loan officer in
January of 1974.
N orthw estern

Banker, S e p tem b er

1975

vice president and chief lending officer
at Northwestern National for two
years. A native Omahan and a graduate
of the University of Nebraska, he be
gan his banking career with the Live
Stock National Bank in South Omaha.
When that bank merged with The
Omaha National in August, 1954, he
joined the latter bank’s staff. He left
The Omaha National in 1973 to join
Northwestern National.
* * *
Morris F. Miller, chairman and act
ing chief executive officer of The Oma
ha National Bank, has announced the
following promotion and appoint
ments: Melvin D. From, vice presi
dent; Daniel F. Boehle, controller;
Michael L. Dahir, Robert H. Hatch,

Omaha News

level executive changes were
T OP
announced late last month by di

rectors of United States National Bank
and Northwestern National Bank. Both
banks are affiliated with Northwest
Bancorporation.
Kermit Hansen was advanced from
president to chairman and chief execut i Ve officer at
United States Na
tional Bank, ef
fective August 20.
Donald J. Mur
phy has b e e n
named president
and a director of
United States Na
tional,
effective
October
1.
E. Â . K O H O U T
„
,
,
E d w a r d A.
Kohout has been named president of
Northwestern National Bank to suc
ceed Mr. Murphy, effective October 1.
Mr. Hansen, 58, joined U. S. Na
tional in 1959, was named executive
vice president and a director in 1967,
and was elected president in July,
1973. He is chairman of the University
of Nebraska Board of Regents and is

H A N SEN

M URPHY

president of the Nebraska Electronic
Transfer System, Inc. (NETS). He is
also a director of Creighton University
and the University of Nebraska Health
Foundation.
Mr. Murphy, 57, has been president
of Northwestern National the past 10
years. A native of St. Paul, Minn., he
graduated from St. Johns University,
Collegeville, Minn., then entered the
banking business with Farmers State
Bank at Osseo, Minn. He joined Banco
in June, 1956, later moving to Omaha
in May, 1963 as senior vice president
of the Stock Yards National Bank
(later renamed Northwestern National)
and was elected president in April,
1965.
Mr. Kohout, 44, has been senior

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of our experts in bank printing and
supplies, or . . .
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19 7 5

(402) 345-3162

FR O M

M A R T IN

RYAN

John E. Martin, William M. McGee,
Jr., Y. Gary Olsen, Carl L. Rapp, Jr.,
and William J. Tiedje, second vice
presidents; Christian B. Ott, control
officer; George T. Ryan and Marvin
A. Schutte, operations officers; James
J. Aden, assistant data processing mar

keting manager;
George M. Brady
and Jay C. Langh u r s t , assistant
control officers;
C h r i s t i a n L.
Gruenther a n d
Stephen R. Lundh o l m, assistant
trust
officers;
w âd.
m ,
Shirley G. Jordan
M . A . SCH U TTE
a n d Cheryl A.
Swanson, operations officers; John C.
Olsen, assistant systems officer, and
Gary J. Rowe, assistant collections of
ficer.

Itrat national bank of Omaha • one first national center • omaha, nebraska 68102 • 341-0500

JOHN SMITH
1 2 3 MAIN STREET
OMAHA, NEBRASKA

21961*5 7 00
CUSTOMER

1 -3 0 -7 5

ACCOUNT NUMBER

68102

. NUMBER

I 2-26-75

FROM
I
TO
STATEMENT PERIOD

AMOUNT ENCLOSED
PLEASE DETACH AND RETURN THIS COUPON WHEN:
1. YOU ARE MAKING A FIRST CHECK PRO- 2- YOU HAVE A CHANGE OF ADDRESS

BALAI

NUMBER

SAVINGS
C.D.
INST. LN.
CHECKING
CH. PROT.

1,582*50
10,000100

10
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1 ,658 J 1»9
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C.D.

02-10

10,000 00

INST. LN.

: 02-17

1,658 1»9

CHECKING

01-30
01-31
02-03
02-0!»
02-05
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protection
® check

I CHECK PROTECTION LINE

AVAILABLE CREDIT

338.35

1,000
DAYS IN BILLING CYCLE

341-0500

AVERAGE
DAILY BALANCE
DAILY
PERIODIC RATE

CLOSE DATE OF CYCLE

PAYMENT DUE DATE

3-15-75___
AT LEAST THE MINIMUM PAYMENT MUST BE

26-75MIE

TOTAL LATE CHARGE DUE

UNDER $1000 $1000 OR OVER COMBINED
--------------- 1— r -

0
0

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CURRENT PAYMENT AMOUNT

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CREDIT UFE
FINANCE
CHARGE

PAY THE ABOVE AMOUNT
I 8 .O O

SERVICE CHARGE

NOTICE: SEE REVERSE SIDE FOR IMPORTANT INFORMATION

First in s e rv ic e .
First in re ta il.
First National Bank of Omaha now offers
our customers the convenience of a con
solidated statement of accounts.
We call it (Daccounts because
each customer's checking, sav
ings, certificates of deposit, in
stallment loans and overdraft
protection are all together on
one simple statement.

Now you too can offer this new customer
convenience. We'll be here to help with the
practical experience plus on-line
access to a central information file.
Be the first in your area to offer con
solidated statements of accounts.
Call the Correspondent Banking
Department at First National soon.

first n a tio n a l bank
of omaha

you're in first national territory
In Nebraska call us Toll Free at 800-642-9907, From States a dja ce n t to Nebraska call us Toll Free at 800-228-9533.

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Federal Reserve Bank of St. Louis

N orthw estern

B an ker, S e p te m b e r

197S

Nebraska News
A caterpillar tractor did the ground
breaking honors. Mr. Murphy then
presented a $500 check on behalf of
the bank to Bill Hinckley, head of the
Omaha Boys Club, for the group’s
summer camp program.
The new bank building will feature
10 enclosed drive-up windows.
* * *

ARCHITECT’S sketch of the N orthw estern National Bank's new main bank building now
under construction at 24th and L Streets.

Groundbreaking ceremonies were
held last month at 24th and L Streets
in South Omaha for the new head
quarters building of the Northwestern
National Bank. The main bank pres
ently is located in the Live Stock Ex
change Building in the center of the
Omaha Yards, where it has been lo
cated for years. The present main of
fice will be continued as a detached
bank facility, according to Donald R.
Murphy, president.
Located between L and K Streets
on the west side of 24th Street, the new
office building will be located directly
across the street from the Northwest
ern’s drive-in facility that has been

maintained on that corner for several
years.
As part of the day’s ceremonies,
about 150 boys from ages 8 to 13, all
from the South Omaha Boys Club, had
a massive “shoot-out,” using water pis
tols aimed at targets on each others
shirts. There was also a “bucking
bronco” contest on a barrel attached
to springs fastened to a platform
powered by other entrants. A modern
day “Gold Rush” occurred when
tokens valued at 10i£ each were scat
tered in a designated area and the boys
made a mad scramble to collect as
many as they could carry. The tokens
were redeemed at the drive-in office.

John E. Kraft, president of John
Kraft Chevrolet, has been elected a di
rector of the Douglas County Bank &
Trust Co. He formerly served on the
bank’s advisory board. Harold E. Hyslop, rancher and cattle feeder from
Broken Bow, also has been named to
the board to succeed his father, Ernest
Hyslop, who resigned.
William L. Anthes, Ph.D., and Mary
Ellen Mulcahv have been named to the
advisory board. Mr. Anthes is an asso
ciate professor of economics at the
University of Nebraska. Miss Mulcahy
manages the blood bank at the Veter
ans Administration
Hospital in
Omaha.
Donald Falk has been promoted
from assistant cashier to assistant vice
president. He has been with the bank
for 10 years. Also announced were the
appointments of Barbara A. Harvey,

you a t the
Nebraska Group M eetings
C h il e s , H e id e r & Co., I n c .
MEMBER N E W

YORK

S T O C K E X C H A N G E , INC.

1300 WOODMEN TOWER
OMAHA, NEBRASKA 68102 ■ (402) 346-6677

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Federal Reserve Bank of St. Louis

1975

Duane L. Nelson
Richard P. Nelson
Jack Julian
Asst. Vice President Asst. Vice President Vice President

Wilbur Baack
Sr. Vice President

Richard Wible
Vice President

James W. Norris
Ray Weilage, Jr.
Asst. Vice President Asst. Vice President

G ro u p M eeting Schedule
October 14 October 15 October 16
Kearney Holdrege Scottsbluff
October 21 October 22 October 23
Lincoln Columbus
Omaha

NSC
N a t io n a l B a n k o f C o m m e r c e
13th and N Sts.
Lincoln. Nebraska
Member FD1C

T h e p e o p le p la c e .
WATS line: 800-742-7317

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Federal Reserve Bank of St. Louis

N orthw estern

Banker, S e p te m b e r

1975

Nebraska News

Stephen F, Robinson and Gary D. Wil
son to assistant cashiers.

Donald J. Murphy, president of the

Northwestern National Bank, has an
nounced the elec
tion of three new
directors. T h e y
are L e w i s R.
Leigh, attorney;
Stanford Lipsey,
p resid en t a n d
publisher of Sun
Newspapers
of
Omaha, Inc., and
Phyllis B. Schmidt,
administrator of
Doctors Hospital.
Mr. Leigh is a graduate of the Uni
versity of Nebraska College of Law
and has been in private practice in

S . L IP S E Y

P . B. S C H M ID T

Omaha since 1939. Mr. Lipsey is a
graduate of the University of Michigan.
He joined Sun Newspapers in 1950,
became editor of the South Omaha
Sun in 1952 and publisher in 1965.
Mrs. Schmidt has been administrator
of the Doctors Hospital since 1957.
* * *
Edwin E. Brodkey, formerly chair
man and chief executive officer of the
Ames Plaza Bank,
has been appoint
ed a special loan
officer for the
t h r e e Omaha
b a n k s affiliated
with the North
west Bancorporation of Minneap
olis: United States
National, North
E. E. B R O D K E Y
western National
and Center Bank.
Mr. Brodkey and his family char
tered the Ames Plaza Bank in 1962,
and he served as chairman until the
bank’s sale earlier this year. He also
served as chairman of the Sidney Na
tional Bank from 1959 to 1969.
Mr. Brodkey now will specialize in
bank and business counselling for
medium and small businesses.

Joseph Stuczynski has been promot
ed to vice president of the real estate
mortgage department of Center Bank.
Dennis C. Morris has been elected
commercial loan officer.
Mr. Stuczynski has been with the
bank for six years in the operations
and real estate departments. Previous
ly he spent 15 years at Packers Nation
al Bank.
Mr. Morris joins the bank from an
other Banco affiliate, First Northwest
ern Bank of Marshall, Minn., where
he served as a commercial loan officer.
He has been with Banco for five years.

Kermit Hansen, chairman of the
United States National Bank, has an
nounced the addition of Joseph
T. Sullivan, Jr., to
the bank’s staff as
a com m ercial
banking officer.
Mr. Sullivan, 35,
who has 11 years
of banking expe
rience, had been
senior
vice presi
J . T. S U L L I V A N , J R .
dent of the South
west Bank of Omaha.

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Omaha, Nebraska 68131
(402) 342-7600
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Î97S

St.
Poul^T)
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HOME OFFICE
P.O. Box 1711
St. Paul, Minnesota 55111
(612) 854-4515

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INCORPORATED

INVESTMENT BANKERS - UNDERWRITERS

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N orthw estern

Banker, Se p tem b er

1975

94
Del Dagley, manager, Lincoln
Grain Co.
George David, manager, Ameri
can Stores Packer Division,
Lincoln.
Merlin Carlson, rancher-farmer,
Chappell.
Roland McClymont, feederfarmer, Holdrege.
11:00 Pre-game luncheon.—Adjour
nment.
First National Bank & Trust Compa
ny of Lincoln has elected Robert W.
Sinkey vice president, sales and mar
keting.
1Y/Ï ORE than 800 bankers and their P.M.
l ? x wives from eight states are ex
Mr. Sinkey, one of the founders and
2:00 Conference called to order—■
pected to attend the 15th Annual Cor
Burnham Yates, chairman, executive vice president of Swanson,
Sinkey, Ellis, Inc. advertising agency
respondent Bank Conference to be
First National Lincoln.
hosted September 19-20 at Hotel
Speaker—Dr. Pierre Rinfret, has served as the account executive in
Cornhusker by First National Lincoln.
president and chief executive handling the advertising for First Na
Welcoming the guests will be Burnham
officer, Rinfret-Boston Associ tional Lincoln for the past 13 years.
He also has served in a similar capacity
Yates, chairman; William Smith, presi
ates, New York City.
dent, and Charles Leffler, vice presi
Speaker—Martin Mayer, author for First National Bank & Trust Com
dent and head of the correspondent
of The Bankers and The Law pany of Grand Island, Beatrice Nation
al Bank, Fremont National Bank,
bank division.
yers, Shelter Island, N. Y.
Speaker—Nancy Steorts, spe several insurance companies and other
The conference will follow the for
cial assistant for consumer af business firms. He is a graduate of the
mat of previous years, starting with the
fairs to the Secretary of Agri University of Nebraska.
Friday noon luncheon, featuring guest
Tom Ernst has been elected vice
culture, Washington, DC.
speakers for the first business session,
president in the correspondent banking
5:30 Social Hour.
dinner and entertainment Friday eve
division. He has been with the bank
6:30 Banquet and entertainment.
ning, a second business session Satur
Adjournment to Top of the and the correspondent division since
day morning devoted to agriculture,
First for informal visiting bal 1972.
and concluding with an early luncheon
Newly appointed administrative of
ance of evening.
to permit all guests to adjourn to the
ficers are Jacquelyn Darner, and Craig
University of Nebraska stadium where
Larmon, credit officers in central cred
Big Red will open the home season
Saturday, September 20
it,
and Fred Grabber, systems officer
A.M.
against Indiana University.
for computer.
The program follows:
8:00 Breakfast—Cornhusker Hotel.
* * i*
Friday, September 19
9:00 Agriculture Panel: “Cattle +
Alice
M.
Dittman
has succeeded her
Noon Men’s Luncheon—Hotel Corn
Grain = Profit?”
father,
G.
A.
Frampton,
as president
husker.
Moderator: Irvin Omtvedt,
Speaker—Tom Osborne, head
chairman, Animal Sciences, of the Cornhusker
football coach, University of
University of Nebraska Col Bank. Mr. Framp
ton remains as
Nebraska.
lege of Agriculture, Lincoln.
chairman of the
board.
Mrs. Dittman
We can h e lp y o u . . .
recently moved to
L incoln
from
Kansas City, Mo.
SEE Y O U A T T H E ‘ ‘ N ”
Her
husband,
GROUPS
Marcus W. DittA . M . D IT T M A N
OCT 21
Kearney
OCT 14
Lincoln
man, d i e d in
OCT 22
OCT 15
Columbus
Holdrege
April. He had most recently served as
president
and chief executive officer of
OCT 23
OCT 16
Norfolk
Scottsbluff
the North Hills Bank in Kansas City,
Mo.
Mrs. Dittman received her Bachelor
of Science degree at the University of
Nebraska in 1952, Harvard-Radcliffe
Program and Administrative graduate

Lincoln News

LINCOLN NEWS . . .
(Turn to page 96, please)
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197S

FIRST NATIO NAL LINCOLN
B o x 8 1 0 0 8 • L in c o ln , NE 68501

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Federal Reserve Bank of St. Louis

N orthw estern

Banker, S e p te m b e r

1975

Nebr as ka N e w s

PICTURES above and at right show the new building housing
the First National Bank of McCook, Nebr. (The exterior photo
shown in the July issue w ith an earlier story was inadvertently
transposed w ith another picture.)

New Building Brings New Business
YV7 HENEVER bank management
** decides to initiate a new build
ing or extensive remodeling program
it wants to have some assurance that
this expense will bring in new business,
as well as fulfilling requirements for
improved service and increased space.
Results of such building programs na
tionwide prove that increased business
is one of the direct benefits.
This was the experience of Harold
E. Larmon, president of the First Na
tional Bank of McCook, Nebr., after
his bank occupied its unique new
building that is now considered a land
mark. The spacious, contemporary
structure was occupied on March 31
of this year on the bank’s 90th anni
versary and Mr. Larmon reports that
new business activity has picked up
considerably in the ensuing five
months.
Completed at a cost of more than
$1 million after 18 months of con
struction, the building has 8,100
square feet of space on each of three
levels. It was constructed by Bank
Consultants of America, Denver, and
designed by BCA architect Marvin E.
Knedler. (Details of the building were
described in the July N orthwestern
Banker .)

Several distinctive features immedi
ately attract the attention of any visi
tor. The sculptured exterior with mas
sive design imparts the sense of perma
nence and solidity desired in a bank,
yet the customer finds no front doors;
instead, there is a 10-foot wide, unob
structed entryway formed by the “air
door.” One customer was so impressed
with this “openness” that he actually
started to drive his car through the en
trance into the lobby.
Immediately inside, and giving relief
from the typical downtown scene visi
ble in most cities, is a lush, tropical
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Federal Reserve Bank of St. Louis

1975

park filled with rare trees and plants
in the center of the lobby. This central
atrium rises 20 feet to the ceiling of the
second floor and has special lighting
so there is year-round greenery even
if snow is waist-deep outside. A rare
tropical Ficus tree was so large it was
transported from Florida in a special
truck.
Other features for customer conven
ience are three drive-up stations and
indoor parking, eight inside teller win
dows and a special customer service
area adjacent to bookkeeping for
lengthy transactions.
The third level contains bookkeep
ing and records departments, em
ployees lounges and an expansion area.
With all of these unusual features
for a mid-Nebraska city of 8,500 peo
ple, the $43 million First National held
special grand opening ceremonies that
included tours through the building, a
special supplement to the McCook
Tribune, a special song written for the
event, an old-fashioned pancake and
sausage party, and drawings for a live
calf and a $500 U. S. Savings Bond.
All of these activities drew more than
5,000 visitors from the trade area.
Commenting on the results of all
these efforts, Mr. Larmon relates:
“We told Bank Consultants of
America that we did not want our
bank to be like any other. We feel the
results speak for themselves, and we
could not be more pleased with the
building. As a matter of fact, when
Bob Schutt, president of BCA, asked
me what I would do differently, be
cause he said there is ‘always some
thing,’ I honestly couldn’t think of any
major changes. The reaction of our
customers is, of course, of major im
portance to us, and already the new
business activity has demonstrated that
this investment has paid off for us.”

The First National Bank of Mc
Cook’s experience is further evidence
that a well-conceived and executed
building plan, complemented by a
sound marketing plan, will help build
new business. — End
LINCOLN NEWS . . .

(Continued from page 94)
in 1953, and her Masters Degree in fi
nance from the University of Nebraska
in 1955. She has been active in banking
for 20 years, having been organizing
officer of Central Bank, Central City,
Nebr., and also participating in the or
ganization of the First National Bank
in Richmond, Mo. She has been con
tinuously active as an officer and direc
tor of the Cornhusker Bank since its
move to Lincoln in 1960.
* *
Gerald L. Schleich and Gary J.
Nickel have been elected directors of
Citibank & Trust Company of Lincoln,
according to Roger L. Anderson,
chairman. Mr. Schleich is owner and
manager of Austin Realty Company.
Mr. Nickel is a registered account
representative with First Mid-America.
❖ ❖ ❖
Charles J. Burmeister, president of
First Mid America, has announced the
election of Bob
Hinrichs as vice
president.
Mr. Hinrichs, a
CPA
formerly
with Peat, Mar
wick & Mitchell
& Company, will
work with Mel
Andelt and Frank
Marks in the op
B. H IN R IC H S
erations depart
ment and will assume responsibilities
in accounting, data processing and
auditing.

Nebraska News

Junior Judges Select Shorthorn Winners

ALL FIRST-PRIZE class w inne rs in the recent N ational J u n io r S horthorn Beef H eifer C lassic are show n (le ft above) in the Ak-Sar-Ben
ju d g in g ring in Omaha. Judge Bert M oore, N orth Dakota State U niversity, Fargo, prepares to select his grand cham pion S horthorn
heifer. RIG HT— J u n io r S horthorn m em bers com p etin g in the ju d g in g con test were topped by Duane Petty (rig h t), Eldora, la ., who had
307 p o in ts. Craig Ulry (le ft), J o h n sto w n , O., was second high w ith 302 p o ints. They flank Jonie M ontover, Castle Rock, C o lo., National
S horthorn Lassie Queen.

Appointed Cashier at Wisner
Jerry Purintun, 32, has been ap
pointed cashier of the First National
Bank of Wisner. Mr. Purintun former
ly was assistant cashier in the First
National Bank of Central City for
two years. He has a bachelors and
masters degree in education from
Kearney State College and taught
mathematics and coached wrestling in
the Aurora Public School system be
fore joining the Central City Bank.
Joins Bank of Valley
Robert R. Lichtenberg has joined
The Bank of Valley, as assistant
cashier, according to Peter L. Heintzelman, bank president. Mr. Lichten
berg is a graduate of Iowa State
University, Ames, and has his Masters
Degree. He is originally from Bartlett.
Retires at Loup City
Ed Bazant, assistant cashier of the
Sherman County Bank of Loup City,
recently retired. Mr. Bazant also has
served as city treasurer since 1947,
treasurer for the Loup City Schools
and has been a member of the Loup
City Volunteer Fire Department for 33
years serving as president, secretary,
and treasurer, a position he currently
holds.

Let us help you
put it all together
\

PERSONAL SERVICE « ON-THE-SPOT
COMMITMENTS
fS'
/
\
?
PROFESSIONAL KNOWLEDGE * TRUST DEPARTMENT
\ .

.yVAVr.w,

COMPUTER SERVICES (EDP) • BONO DEPARTMENT
AGRICULTURAL LOANS • COMMERCIAL LOANS
I

INVESTMENT COUNSELING •

È g lj q

^ ,n C T

Simply call (1-816-279-2724)
Martha or Nita. They’ll
put you in touch with
pro’s. Men who will come
to your bank and help you
put it all together.

FIRST NATIONAL BANK
of St. Joseph, Missouri 64501 • Fourth at Felix • 816-279-2724
Member Federal Deposit Insurance Corporation

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

N orthwestern

B an ker, S e p te m b e r

1975

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Federal Reserve Bank of St. Louis

99
associated with the insurance depart
ment of the Farmers Savings Bank in
Garwin.

Iowa
News
J. L. CAMPBELL, JR. Presid ent H u m boldt

NEIL M ILN ER

Exec. V.P.

D es M o in e s

Announce IBA Convention Speakers
RELIMINARY plans are now be
P
ing made for the 89th annual con
vention of the Iowa Bankers Associa
tion, to be held at the Hilton Hotel,
Des Moines, October 26-29.
IBA President Jack Campbell, presi
dent, Humboldt Trust and Savings
Bank, has announced a list of nationally-known speakers and entertainers
for “America’s largest state bankers
convention.”
James Whitmore in his one-man
show portraying Will Rogers will be
the feature attraction at the C. Y.
Stephens Auditorium in Ames on Sun
day evening; Earl Butz, U.S. secretary
of agriculture, and U.S. Senator Dick
Clark will be on the program for the
Agricultural Breakfast Conference on
Monday morning; C. W. McCall, TV
personality will appear with the Mike
Day Orchestra at the Val Air Ballroom
on Monday evening.
Other well-known speakers will be
J. Rex Duwe, ABA president; Rep.
Henry S. Reuss, chairman of the House
Banking, Currency and Housing Com
mittee; Robert Thompson, controller of
Shell Oil, Houston; Bruce MacLaury,
president, Federal Reserve Bank of
Minneapolis; Jimmy the Greek, Las
Vegas, and Admiral Elmo Zumwalt,
chief of naval operations 1970-74.
The president’s reception will be
held Tuesday evening at the Hilton
Inn. Ladies’ luncheons will be held on
Monday and Tuesday at Younkers.
Complete convention details and
highlights will be published in the Oc
tober magazine issue of the N orth
western

and Associates of Spencer. The 38 by
50 foot building will be divided into
a lobby and three offices with a work
area behind the three teller windows,
Mr. Haroldson said.
A drive-in window and full base
ment with public meeting room also
will be included.
H. Lloyd Haroldson is the bank’s
president.

Central BAI Chapter
Names Officers
Joe Bishop, auditor for Bankers
Trust Co. in Des Moines, has been
elected president of the central Iowa
chapter of the Bank Administration In
stitute. Elected vice president is James
Michaud, vice president and cashier
of the Union Story Bank and Trust Co.
in Ames.
Green Mountain Bank
Adds Cramer to Staff
Producers Savings Bank of Green
Mountain has announced the addition
of Roger J. Cramer to its staff as
head of the insurance department and
farm representative. He formerly was

Iowan To Head National
4-H Bank Campaign
A former 4-H member and Iowa
farm boy has been named chairman of
the 1975 nation
wide 4-H Bank
Campaign which
begins in l a t e
September.
Tom R. Smith,
president, Fidelity
S a v i n g s Bank,
Marshalltown, will
head the annual
campaign t h a t
gives b a n k e r s
from across the nation an opportunity
to support more than seven million
members served by the 4-H youth pro
grams of the Cooperative Extension
Service.
Funds are used to help young peo
ple at the local and state level and to
support national citizenship and lead
ership training conducted by the Na
tional 4-H Foundation in Washington,
D. C. This year’s goal is $120,000, ac
cording to Mr. Smith.
Mr. Smith served as Iowa state 4-H
bank campaign chairman in 1966. He
has served on many committees of the
Iowa Bankers Association and the
American Bankers Association. He
was previously chairman of the ABA’s
agricultural committee and the com
munity banker division and served as
a director.

Dubuque Bank Opens Key West Office

B anker .

First National, Rembrandt,
Begins Construction
First National Bank of Rembrandt
has begun construction of a new build
ing that will cost an estimated $130,000, according to Ronald Haroldson,
vice president. Completion is expected
in six months to a year.
The modern, brick front, one-level
building was designed by Earl Kooker

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

AMERICAN T rust & Savings Bank, Dubuque, recently opened a tem po rary office in the
unincorporated area of Key West, south o f Dubuque. Pictured are (fro n t): Earl Maury,
guard (back row, le ft to rig h t): Florence Z im m erm an and Robert Donovan, custom er
service, and John Koppes, a.c. and mgr.
N o rthw estern

B anker, Sep tem b e r

197$

100

Iowa Ne w s

SHOWN below is an a rch ite ct's drawing of the new Glenwood State Bank. At rig h t is
a photograph of the old bank, before the recent rem odeling.

Glenwood State Bank Remodeled
MAJOR remodeling program has
A
been completed at the Glenwood
State Bank, according to John Dean,
bank president. The program changed
the exterior of the building into a
classic structure. Native stone, new
roof and pediment, free-standing col
umns and double doors helped to
achieve the major face lifting.
The designing and planning for the
facility was handled by Kirk Gross
Company of Waterloo.

Security Nat*!, Sioux City
Announces Officer Changes
The Security National Bank of
Sioux City has announced new areas
of responsibility for several officers in
the banks and bankers division.
James M. Hongslo will assume ad
ditional duties designed to expand his
involvement with correspondent banks
and bankers in the four-state area. Mr.
Hongslo joined the bank in 1967 after
receiving a B. A. degree from the Uni
versity of South Dakota.
Wayne Johnson will join the banks
and bankers division as correspondent
bank officer. Mr. Johnson joined the
bank in 1970 and was elected data
processing marketing officer in 1973.
He received his B. S. degree from
Morningside College.
R. E. (Gene) Hagen, vice president,
banks and bankers division, also an
nounced that Edward J. Leahy, vice
president, banks and bankers division,
has been named executive vice presi
dent of Northwestern State Bank in
Orange City. He will be actively in
volved with the operation of the bank
N o rfor
thw
e s t e r n B a n k e r , S e p t e m b e r 1975
Digitized
FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

purchased in January of 1973 by the
Security National Corporation.
Owen A. Riddle, agricultural loan
officer, will become more actively in
volved in the function of the Security
Agri-Credit Corporation in a related
move.

J. H O N G S L O

W. JO H NSO N

O. A . RIDDLE

E. LEAHY

H. V. Rowenhorst, president of
Northwestern State Bank in Orange
City, has announced the appointment
of Edward J. Leahy as executive vice
president. Mr. Leahy will be responsi
ble for the direct supervision of daily
operations at the bank and will con
tinue his current involvement with
credit administration and policy. Mr.
Leahy previously was vice president
in the correspondent bank department
at Security National Corporation.

Mr. Rowenhorst will continue a
close and active personal association
with the bank he has served as presi
dent since 1962. On June 9 of this
year, he was appointed full-time presi
dent of Northwestern College in Or
ange City, after serving as its interim
president for six months. He has been
a senior member of the College board
of trustees since 1959.
Mr. Leahy received his B. S. degree
in agronomy from Iowa State Univer
sity, Ames, in 1961. He is a graduate
of the Iowa State Agri Credit School at
ISU and has completed work for the
Graduate School of Banking at the
University of Wisconsin at Madison.
Mr. Leahy has an extensive back
ground in agri-business and finance.
After active duty service in the U. S.
Army and seven years with the John
Hancock Mutual Life Insurance Com
pany as a farm and agri-business mort
gage loan fieldman, he joined Security
National Bank as an ag loan officer in
1969. He has spent the last six years
in Security’s correspondent bank divi
sion working closely with banks, bank
ers and agri-businessmen of the fourstate area served by Security.
In 1973 Mr. Leahy was elected
executive vice president of Security
Ag-Credit Corporation, a subsidiary of
Security National Corporation. He was
elected vice president of Security Na
tional Bank in 1974.

ACORN
^ ** * *

** ^

Registers

"Accepted Solo Registers by Bank
Clerks Everywhere"
F o r in fo r m a tio n

w r ite

THE ACORN PRINTING CO.
Oakland, Iowa

CHRISTY ARMSTRONG
President

LEO F. KANE
Executive Vice President

ROBERT G. SCOTT
Senior Vice President

KEITH DRALLE
Assistant Vice President

Four ways to stay on top
of new
state and
federal regulations.
One of the important areas American
Trust and Savings Bank's correspondent
bankers serve you is in keeping you posted
on state and federal regulations... what
you need to know and what you need to do.
They’re also intermediaries between you
and the full range of departmental services
offered American Trust correspondent
banks: participating in loans and overlines;
a wide variety of computer services; expert

help in establishing and managing trusts
including advantageous plans for your ad
ministration of HR-10 and Keogh Plans.
But that’s not all. Whatever your bank
ing opportunities or problems, chances are
your American Trust correspondents have
recent firsthand experience to lend you.
That’s why we say, “ We have what you want
in a correspondent bank’’.

American Trust and Savings Bank
DUBUQ UE, IOWA M em b e r F.D.I.C., Federal Reserve System

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

N o rthw estern

B anker, Sep te m b e r

1975

102

Io w a N e w s

Bank, Grand Mound, into First Na
tional Bank, Clinton, has been ap
proved. Union Savings Bank, with as
sets of $8,500,000, is located 20 miles
west of Clinton and will become a full
service office of First National Bank.

Centerville National Names
Executive Vice President
William H. Griggs has joined the
Centerville National Bank as executive
vice president, according to Robert
C itizen’s Savings Bank, Avoca
F. M a 1m b e r g,
b a n k president.
Mr. Griggs form
erly was executive
ITIZENS Savings Bank, Avoca, serve Board approval. Centerville Na
vice president of
recently held an open house cele tional Bank with assets of over $32
the Clay County
bration in its new building on Elm million will become the sixteenth mem
National Bank at
ber bank of Hawkeye.
Street.
Spencer.
At the same time, Mr. Dunlap an
The main floor of the structure in
Clay C o u n t y
cludes four offices, conference room, nounced that the merger of the $4.5
N a t i o n a l is a
bookkeeping area, lobby, restroom fa million Cumberland Savings Bank, in member of Hawkeye Bancorporation.
cilities, cloak room, storage vault and to Houghton State Bank, Red Oak, has
Mr. Griggs joined the Hawkeye orsafe deposit box area. A lounge area been completed. The bank, located 27 ganization in 1967 and had been with
with kitchenette and an all-purpose miles from Red Oak, has become a full Clay County National since 1969. He
service office of Houghton State Bank. also was associated with the Pella Na
room are located on the lower level.
Mr. Dunlap also announced that the tional Bank.
acquisition of Farmers and Merchants
Hawkeye To Acquire
State Bank, Lake Mills, became effec Cedar Valley BAI
Centerville Bank
tive July 31, 1975. Farmers and Mer
Elects President
Paul Dunlap, president of Hawkeye chants State Bank with assets of over
John F. O’Byrne, vice president of
Bancorporation with offices in Des $13 million, located in extreme north
the
Cresco Union Savings Bank, has
Moines, and Robert Malmberg, presi central Iowa becomes the fifteenth
been
elected president of the Cedar
member
bank
of
Hawkeye
Bancorpo
dent of Centerville National Bank,
Valley
chapter of Bank Administration
have announced that an agreement has ration.
Institute.
A fourth acquisition has been ap
been reached for the purchase of the
Centerville National Bank by Hawkeye proved by the Comptroller of the Cur
Bancorporation subject to Federal Re rency. The merger of Union Savings Storm Lake Bank
Announces Changes
The Commercial Trust & Savings
Bank, Storm Lake, has announced the
following promotions: Dale L. Martin
and James L. Tymeson to vice presi
dents; David G. Hadden to cashier and
Dan Siefer to assistant cashier.
the man you're looking for!

A
^

Avoca Bank Opens in New Building

4
v
-■4

v
<■

JUST-

Jerry Just

NORTHWESTERN
BANK
Of Sioux City

Digitized
N ofor
r t hFRASER
w estern B a nker, Se p te m b e r
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

19 7 5

Joins Eagle Grove Bank
Jerry Burke, 27, has joined the
Security Savings Bank as loan officer.
A graduate of Iowa State University,
Ames, Mr. Burke taught vocational agriculture at Riceville for three years
before joining the bank at New Hamp
ton in February of 1973.
Oskaloosa Bank Opens
New Motor Facility
Mahaska State Bank, Oskaloosa,
recently held a grand opening celebra
tion of its new motor bank and opera
tions center. Russel Howard, Jr., is the
bank’s president.

103

These Iowa Bankers work
with LaSalle in Chicago
to build business for Iowa banks
■ Why do L aS alle’s c o rresp o n d en t balances con
tinue to climb?
Two big reasons are Cy Kirk and Max Roy, two
Iow a bankers who work with LaSalle correspondent
banks in Iowa. These life-long Hawkeyes know Iowa
and Iowa credits.
They keep our business growing by helping busi
ness grow in the correspondent banks they serve.
If you would like to find out what Cy Kirk or Max

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

Roy can do for your bank and for Iowa, call them in
Chicago at (312) 443-2774. O r call at h o m e; Cy Kirk
at (815) 398-9521; Max Roy at (319) 338-5224.

© LaSalle
...th e bank on the move
LaSalle National Bank, LaSalle Bank Building
135 S. LaSalle Street, Chicago, Illinois 60690 • Phone (312) 443-2774

N o rthw estern B anker, Sep tem b er

1975

104

Io w a N e w s

“We try to o ffer
a service
th at’s there w hen
you need it.”

Joins Marshalltown Bank
Dwight K. Conover has joined the
Fidelity Savings Bank, Marshalltown,
and has begun
training in agri
cultural lending,
according to Tom
Smith, bank presi
dent.
M r . Conover
earned his BS de
gree from Iowa
State University,
D. C O N O V E R

Am eS

M a7

°f

1974, with a ma
jor in agricultural business and a minor
in marketing management. Since grad
uation he has been a field counselor
for Delta Tau Delta Fraternity.

Joins Davenport Bank as
Assistant Vice President
Tom Dills has joined the First Na
tional Bank of Davenport as assistant
vice president, ac
cording to Dean
Duben, president.
Mr. Dills is a
graduate of the
University of Io
wa, Iowa City,
and has taken
post-g r a d u a t e
courses at the
University of Col
T. DILLS
orado. He has
been associated with the Lakeside Na
tional Bank, Wheat Ridge, Colo., as
assistant vice president.

■ 1| ■
: 8

“ We continually upgrade the service we
furnish our correspondent banks to
find new ways we can help. The biggest
area we’re working on right now is
automation. For at least the next five
years we’re going to be deeply involved in
more automated services to find better
ways to serve all our
correspondent banks.”

Gene Hagen, Vice President
Banks and Bankers Division

Rahn To Head
Spencer National
John W. Rahn
has been elected
president of Spen
cer National Bank
succeeding Walter
Kriens who will
continue as chair
man of the board.
Mr. Rahn is a
graduate of the
U n iv e rsity
of
J. W . R A H N
Iowa, Iowa City,
and the Graduate School ofBanking,
Madison, Wis. He joined the bank in
June of 1974.

Security National Bank
6th & Pierce Street, Sioux City, lov
Phone: 712-277-6517

DigitizedNfor
o r tFRASER
h w e stern B anker. Se p te m b e r
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Federal Reserve Bank of St. Louis

1975

Joins Emerson Bank
Larry R. Johnson of Bloomfield,
Nebr., has joined the Emerson State
Bank as assistant cashier.

105

Worthwhile
endeavors
always
take
extra effort
Extra effort is the principal ingredient we put into every correspondent
banking endeavor. Enterprise of this sort has characterized our service
since the first days more than ninety years ago when cattlemen
arriving in Chicago made The Drovers their headquarters bank. We
pioneered in crediting their newly-earned cash to banks back home and
thus built strong ties of trust and integrity with banks from the Midwest
to the Rockies.
In Drovers Country you’ll find experienced help for just about every
known correspondent banking need including loans and overlines,
clearings and transit services, bond and investment portfolios.
W on’t you call to tell us how we can exert extra effort on your behalf?

iheD
rovers
National Bank of Chicago
Illustrated above is Frederic Reming
to n 's " C u tt in g O ut A S t e e r ." A
14 x 17-inch reproduction suitable
fo r fram ing is available w ithout cost
or obligation upon request.

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

47th & Ashland Ave. • Chicago, Illinois 60609 • Phone (312) 927-7000
*

Member Federal Deposit Insurance Corp. • Member Federal Reserve System
• Member Chicago Clearing House Association

N o rthw estern

B a nker, S e p te m b e r

1975

106

Io w a N e w s

- íb 8t

s«**- ,A | ä i

PICTURED is the new facility of The First National Bank of Missouri Valley.

Missouri Valley Bank Opens New Facility
The First National Bank of Missouri
Valley recently celebrated the opening
of its new facility by holding an open
house for area bankers and correspon
dents July 24 and for the public July
26. Tours were given and the bank’s
new drive-in was explained. Prizes
were given every half hour including
three television sets. A total of 2,400
people attended, according to Robert
E. Brown, vice president.

Alvin W. Poffenberger
Funeral services were held recently
for Alvin W. Poffenberger, 68, retired
vice president and cashier of the Clin
ton National Bank. Mr. Poffenberger
joined the bank in 1940. He previous
ly was with the First National Bank
of Lyons and from 1930 to 1937 was
examiner in charge of closed banks for
the Iowa Banking Department.
Elected at Kellog, Sully
James Tyler has been elected to the

board of directors of the Kellogg Sav
ings Bank of Kellogg and Sully, ac
cording to Chuck Fritz, president. Mr.
Tyler is a partner in the law firm of
Hammer, Matthias, Tyler & Levin
which maintains part-time branch law
offices in Sully and Kellogg.

First of Sioux City Elects
Director, 2 Join Staff
The election of Edwin H. Spetman,
Jr., to the board of the First National
B a n k in Sioux
City has been an
s s p
w
M ,\ ‘ ' J J J
nounced by Gil
bert R. Gadzi..
m
kowski, chairman,
fill
following the di
H
rector’s meeting
on August 11.
Éfc
.
¿A
In ad d itio n ,
I t
*
fc•'
Richard C. Tay
I —
lor, president, has E. H. mSPETM
AN , JR.
announced tw o

Design to fit
your budget
When you set yo u r b u ild in g budget, we
believe you! Our goal is to make your new
b uilding efficient yet distin ctive while
keeping w ith in the b u d g e t you establish.
T h a t’s w h y so many financial in stitu tio n s
use the specialized services of the Kirk
Gross Company.

Kirk Gross Co.
110 EAST 7TH ST., WATERLOO, IOWA 50705
PHONE 319/233-6641
N ofor
r t h FRASER
w estern B anker, Se p te m b e r
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1975

additions to the bank’s staff: Bernard
J. Lattyak as a correspondent officer in
the commercial division and Dick L.
Coffman as assistant farm manager.
Mr. Spetman, who is president of
the Council Bluffs Savings Bank, cur
rently is serving an appointment by
Governor Robert D. Ray to the state
banking board and is past president
of the Iowa Bankers Association. He
also is serving on the board of trustees
for the Iowa 4-H Foundation and for
the Iowa College Foundation.
Mr. Spetman, who is on the board
of Banks of Iowa, Inc., is joining First
National in anticipation of the Federal
Reserve’s approval of the recent pur
chase agreement of the bank’s majori
ty stock by Banks of Iowa.

B. J. LAT TY AK

O. F. C O F F M A N

Mr. Lattyak formerly was a credit
analyst for the correspondent division
of Marquette National Bank, Min
neapolis, Minn. A native of Chicago,
he received a Bachelor of Business
Administration degree from the Uni
versity of Iowa, Iowa City, majoring
in finance and insurance.
Mr. Coffman, who will assist in con
ducting farm management activities in
the commercial division, has authored
and assisted in a variety of agricul
tural studies involving such areas as
United States and Midwest grain ex
ports, corn marketing alternatives and
analyses of the financial growth of
agricultural cooperatives. He is an
agricultural economics graduate of the
University of Nebraska and is com
pleting work toward a Masters degree
from Iowa State University, Ames.

Named Director at Muscatine
Richard M. Disbrowe, vice presi
dent and general manager of Huttig
Manufacturing Company, has been
elected a director of the First National
Bank of Muscatine. He replaces Elwood A. Clark who recently resigned
after being a board member since
1966. Mr. Clark retired in July as
vice president and general manager of
Huttig Manufacturing.

107

the new man on
your Tirst team

B e r n a r d J. L a t t y a k ( j u s t a s k f o r B e r n ie ) .
B a n k in g D e p a rtm e n t.

H e ’s th e n e w e s t m e m b e r o f o u r C o r r e s p o n d e n t

B e r n ie w ill w o r k w it h

F ir s t T e a m

v e te ra n s

lik e G a r y

S te venson

a n d D o u g V a n M e e t e r e n to p r o v i d e y o u w ith h e lp f u l a n d a c c u r a t e i n f o r m a t i o n in a r e a s
s u c h as c o m p u t e r s e r v i c e s , lo a n s a n d fa r m
m a n a g e m e n t,

a c c o u n tin g

and

tru st

s e r v ic e s ,

o p e ra tio n s , p e rs o n n e l, and m u c h m ore.
B e r n ie L a t t y a k — a n o t h e r g o o d
re a s o n to jo i n th e F ir s t T e a m ,
CARY STEVENSON
Vice President

BERNIE LATTYAK
Correspondent
Officer

DOUG Van MEETEflEN
Correspondent
Representative

SEE YOU AT THE SOUTH DAKOTA GROUP MEETINGS!

FIRST NATIONAL BANK
DEPOSITS INSURED TO $40,000 BY F.D.I.C.

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

in S io u x C ity

N o rthw estern

B a nker, Sep tem ber

197$

108

Io w a N e w s

Opens Foreign Offices
Manufacturers Hanover Trust Com
pany, New York, recently opened rep
resentative offices in Jakarta, Indo
nesia, and Kuala Lumpur, Malaysia.

B of A To Install Color
TV Playback Systems
Bank of America has announced
plans to install color television play
back systems in more than 1,000 of
its California offices to increase the ef
fectiveness of employe training pro
grams.
Consisting primarily of a video
cassette player unit which works much
like a music tape cassette and tape
deck, and a 19-inch television set in
each office, the new equipment will be
used to show a series of color training
programs related to daily banking op
erations. It is also designed to speed
and improve other kinds of internal
audio-visual communications.
The bank said installation is ex
pected to be completed by mid-Janu
ary 1976.
Figures In Design In stan tly Identify
Package Value From Top, Edge or Bottom

îtrûNG
TRADE MARK

FEDERAL

BILL

STRAPS

That's right! Banks and financial institutions who have used "SteelS trong" Federal Bill Straps continually specify these superb currency
bands in case lots. Constructed of the finest of materials — extra
strong, high quality Kraft stock plus the finest Tapioca gum m ing —
they offer the maximum in performance and protection. Due to their
trouble-free history, they have become the favorites of tellers, pur
chasing agents, executives and others concerned w ith the gathering
and protection of currency.
M id-band design is available in Brown Kraft in the follow ing sizes
and with denominations printed in designating colors: $25 Orange,
$50 Light Blue, $100 Brown, $2 0 0 Black, $2 5 0 Dark Green, $3 0 0
Light Green, $5 00 Red, $1,000 Dark Blue, $ 2 ,0 0 0 Orange, $ 5 .000
Purple, Blanks— (No Denomination), Brown Kraft.
Other fine "S teel-S trong" products include Coin Wrappers, Colored
Bill Straps, Pre-Banded Bill Straps, Banding Straps, Shipping Tags,
Lead Seals, Seal Presses, Coin Counters, Coin Packaging Trays, Post
Currency Racks, Coin Storage Trays and Tellers' Moisteners.
For Details on "S te e l-S tro n g " Products Call Your Dealer or Send
Coupon Below.

The C. 1. D O WNE Y C O M P A N Y

H A N N I B A L , M I S S O U R I , DEPT. N

PLEASE SEND FREE DETAILS ON "STEEL-STRONG" COIN HANDLING PRODUCTS TO:
Name _______________

__ _______

Title_______ ____

Firm _______________________ __ _________
A ddress_______

__ _____ _

____________ ________ __________

C ity - ---------------------------------- ---------- State _______ ___
AROUND

MONEY

N o rth w e ste rn B a nk er, Se p te m b e r

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

THE
¡9 7 5

FINEST

"STEEL-STRONG"

50 Begin Bank Women's
Degree Program
The first class of about 50 women
bankers working toward the B. S. in
management degree, made available
under the auspices of the National As
sociation of Bank Women’s Educa
tional Foundation, are now taking
courses at Simmons College in Boston,
Mass.
The courses are part of the general
requirements for their undergraduate
degrees. The management major itself
will be offered in a series of six twoweek Management Institutes designed
to provide concentrated coverage of
key management issues. These core
courses, which will provide 36 of the
required 128 credit hours toward the
B. S. over a three-year period, will
eventually be offered at 10 regional
colleges throughout the country.
The first such Institute will be of
fered at Simmons in January of 1976
with the remaining five to follow at sixmonth intervals.
Persons wishing further information
about admission to the Management
Education for Bank Women Program
at Simmons can write to Anne L. Bry
ant, education director, NABW Educa
tional Foundation, c /o State Street
Bank & Trust Co., P. O. Box 351, Bos
ton, Mass. 02101.

109

"Aman’s got to get some mud on his boots
before he’s any use out here.”
^he city is the city.
The country is the country.
T hat’s a difference we’ve always
appreciated at American National.
And so we offer our correspon
dents several unusual services
specially developed to meet the
needs of banks outside the big city.
For example, we have an
automated bond accounting service
that can streamline your investment
pricing, and the accounting on your
whole investment portfolio.

And we can offer you a whole range of
management tools, from expense
reporting systems to employee
benefit programs.
W e’ve also staffed our correipondent department with people
who understand the unique needs
of a small city bank. From personal
experience.
One of them is Mike Byrne.
And we hope you’ll call him the
next time you need the kind of help
that only a big-city bank can offer.

AND TRUST COMPANY OF CHICAGO

LaSalle at Washington/LaSalle at Wacker 60690/Phone (312) 661'5000/Member FD1C

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

N o rthw estern

B a nker, Se p te m b e r

1975

110

Des Moines News
Wenzl, president of First
L ARRY
Federal State Bank, has an
nounced the app o i n t m e n t of
Charles Drake as
a s s i s t a n t vice
president and as
sistant manager
of the Clive of
fice. Prior to join
ing the bank, Mr.
Drake was asociated with the Uni
C. DRAKE
versity Bank and
Trust Company, Ames, as assistant
cashier. He is a 1971 graduate of Iowa
State University Ames.
John R. Fitzgibbon, chairman and
chief executive officer of the IowaDes Moines National Bank, has
announced the opening Monday, Au
gust 11, of the bank’s new full service
facility in South Des Moines.
Located at 600 Army Post Road,
the bank’s exterior is reminiscent of
fort architecture of early American
days. The facility has four drive-up
teller lanes and a drive-up night de
pository.
Frank Mihalovich will be the man

ager with Linda Snider as his assistant.
Garry Frandson will be assigned new
duties as a personal banker.
The bank was dedicated at a brief
flag raising ceremony. The grand open
ing was held on Wednesday and
Thursday, August 13 and 14, from
6:30 to 8 p.m. and featured a cookout
and bank concert.
The Iowa-Des Moines has three
other suburban locations— on East
Euclid, Beaver, Douglas, and in Ur
bandale.
*

Dwight H. Swanson, president and
chairman of Iowa Power, announced
that the company’s board of directors
has authorized building leases and
steps for new construction to accom
modate Iowa Power headquarters
functions.
Mr. Swanson said that principal cor
porate offices will be established on the
27th and 28th floors of the new Ruan
Center early in 1976. Departments in
cluded in the move will be finance, ac
counting, audit, budget, legal, rate,
marketing and stockholder services.
The present office at 823 Walnut
will become metro Des Moines Head
quarters for all gas and electric ser-

vices. Operations department officers
and managers will be located there,
and billing functions and customer ser
vices for the Des Moines area will con
tinue from that location.
The Cooper Building, adjacent to
823 Walnut, which was purchased in
1973 for corporate expansion, will
continue to be used. Anticipated rede
velopment on this site will be deferred
subject to future plans.
The Company plans to continue
consolidation of operating functions
with construction of Des Moines gas
service and stores facilities, according
to Mr. Swanson. Iowa Power has just
completed a work center in Northeast
Des Moines and an addition to the
work center in Council Bluffs, which
consolidates Western Division opera
tions.
*

J. Locke Macomber, president of
Valley National Bank, has announced
the election of
Thomas W. Pick
ering to vice pres
ident.
Mr. Pickering
joined the bank
in 1971 as an as
sistant vice presi
dent and head of
the in sta lm e n t
loan department.
T w pokering
Prior to 1971, he
was employed by The Merchants Na
tional Bank of Cedar Rapids. Current
ly, Mr. Pickering heads Valley’s instal
ment loan department, and is plan
manager for the Master Charge opera
tion of the five Banks of Iowa banks.
Those banks are: Valley National
Bank of Cedar Rapids, Union Bank
and Trust Company of Ottumwa, First
National Bank of Burlington, and
Council Bluffs Savings Bank.

OPENING DAY activities a t the Fort Des Moines office o f lowa-Des Moines National Bank had a nostalgic touch as visito rs viewed
th e new bu ild ing th a t has th e flavo r o f th e old m ilita ry fo rt. Adding to the occasion was th e man in photo at le ft who was clad in
Cavalry dress un iform . Photo at rig h t shows in te rio r w ith rustic m otif.
N o r t h w e s t e r n B a n k e r , S e p t e m b e r 19 7 5

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

Need
computer?
Rent ours.
The Big “ C ” data center can
save your bank a lot of work and time.
At very competitive prices too.
Find out more about getting “ on line”
with our “ C”omputer. Call 800-362-1615
toll fre e and ask for
Claude Dawson, David Sollenbarger, John Cook,
Gloria Johnson, or David Akehurst.

“C

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

99
Central National Bank 6- Trust Company
DES M O IN E S (515)2 43 -8 18 1

M E M B E R FDIC

LO CUST AT S IX T H /F IF T H & G RAND / 35TH & iN G E R S O LL / W EST DES M O IN E S
4 5

A FF IL IA TE D W IT H C E N T R A L N A TIO N A L B A N C S H A R E S . INC

112

In th e

DIRECTORS’
ROOM
No Need For Lessons

Mis-matched

Son: “Dad, how do you think those
rock groups can afford all those expen
sive instruments?”
Dad: “No problem at all. Look at
all the money they save on music les
sons.”

As they arrived at a party, a man
whispered to his wife, “Your left stock
ing seam is crooked."
Quickly she made adjustments with
out being noticed in the crowd. Then
she whispered to him, “Is the right one
all right?”
“Sure,” he whispered back, “It’s
seamless.”

Good Business
A wealthy old man had been visiting
his psychiatrist every day for several
months. He lay on the couch and went
to sleep every time. After he awoke he
paid the $50 fee for each visit.
The doctor was disturbed at his
never talking and one day said, “Now
1 want you to think of something and
ask me about it.”
After a few minutes of silence, sud
denly the old man bolted upright from
the couch. The doctor said, “Do you
have something to ask?”
“Yes,” replied the old man, “you
don’t need a partner, do you?”

Pie or Stew?
A new bride said to her new hus
band at the first meal she cooked,
“Dear, my mother taught me to cook
and I can cook two things well, lemon
pie and beef stew.”
The husband, biting into the stew
said, “Fine dear, and which is this?”

IN D E X OF
A D V E R T IS E R S
SEPTEMBER,

1975

A
A com Printing C om pany ........................................ 100
A m erican N ational Bank, Chicago .................... 109
A m erican N ational Bank, St. P a u l ....................... 75
42
A m erican Shorthorn A ssociation .........................
A m erican Sign & I n d i c a t o r ...................................
20
A m erican T ru st & Savings B a n k ......................... 101
A stor T ow er H o t e l ....................................................
62
B
B ankers T ru st C o m p a n y ..........................................
98
C

C entral Bank. D e n v e r ...............................................
83
C entral N ational Bank, D es M o in e s .................. I l l
C hase M an h attan Bank .............................................
47
C hiles, H eid er C o m p a n y ..........................................
90
Com m erce B ank ........................................................
33
C ontinen tal Illinois N ational B ank ....................
53
C ontinental W estern Ins. C o....................................
16

D aktronics ................................................................... .
N ofor
r t hFRASER
w estern B anker, Se p te m b e r
Digitized
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

1975

Non-Stop Talker
Said one fellow to another: “My
wife has been talking for two straight
days.”
“What is she talking about?”
“She didn’t say.”

it’s confidential”

Bachelors vs. Husbands
A New York employer explained
why he’d rather hire a married man in
stead of a bachelor: “The married men
don’t get so upset if I yell at them.”
Hard Sale
A life insurance salesman was
standing beside a tractor trying to
sell a farmer a policy, but the farmer,
looking down, said: “No, Sir! I
don’t want any life insurance. When
I die, I want it to be a sad day for
everybody.”
D eLuxe Check P r i n t e r s .............................................
15
D ow ney, C. L .............................................................. 108
D rovers N ational B a n k ............................................. 105
F
F irst M id A m erica ....................................................
14
First N ational Bank, Kansas C ity ....................... 30
First N ational Bank, L i n c o l n ................................
95
First N ational Bank, M in n e a p o lis ..................3 -8, 69
F irst N ational Bank, O m a h a ................................
89
F irst N ational Bank, St. J o s e p h ............................ 97
F irst N ational Bank, St. L o u i s .............................
63
F irst N ational Bank, St. P a u l ......................... 71, 77
First N ational Bank, Sioux C i t y ............................ 107
First N ational C ity B ank ........................................
21
Flo-G o-A rm ento Incorporated ..............................
58
G
Gross, Kirk Co................................................................ 106
H
H arris T ru st & Savings B ank ..............................
13

In su red C redit Services ........................................... 73
Iow a Des M oines N ational B a n k ......................... 114
Iow a G rain & Livestock H e d g in g .........................
41
Irving T ru st C om pany ............................................. 27
K
KAY Livestock ..................................
34
Kooker, E. F. Associates ........................................
97
L
Lake Shore D rive H o t e l ..........................................
74
LaSalle N ational B a n k ............................................ 103
L eF eb u re C orporation .............................................
17
Leon Shaffer G olnick ...............................................
24
M
M anufacturers H anover ..........................................
57

Hazy Translation
Reverend McDaniels is preparing
his sermon for Sunday. His little fiveyear-old daughter has been watching
for some time.
“Daddy!”
“Yes, dear.”
“What are you doing?”
“I’m preparing my sermon for Sun
day’s service, dear.”
“Daddy, does God tell you want to
say?”
“Of course, dear.”
“Well, then, how come you keep
scratching so much of it out?”
M arquette N ational B a n k ...................................64-65
49
M ercantile T rust C om pany ...................................
M erchants N ational B ank .....................................
2
M orA m erica ........................................................
28-29
M ortgage G uaranty Insurance C orp............. 10-11
M osler Safe C om pany ............................................. 113
N
N ational B ank of C om m erce ................................. 91
N ational B oulevard B ank ...................................... 60
N orth C entral C om panies ..............
19
N orthern T ru st C o m p a n y ..................................
23
N orthw estern N ational Bank, M inneapolis . . .
66
N orthw estern N ational Bank, O m a h a ............
51
N orthw estern N ational Bank, Sioux C ity . . . . 102
P
P ioneer H y b r i d ......................................................
43
S

St. P aul H ospital & C a s u a lty ................................ . 92
Schweser, R obert E. C om pany ............................ 93
Security N ational Bank, Sioux C i t y ..................... 104
T
T alcott, Jam es . ............................................................
39
T ension Envelope ....................................................... 22
Travelers Express Com pany ...................................
59
T riad Sign ...................................................................
72
U
U nited G uaranty C orporation ..............................
25
U nited M issouri B a n k ..........................................
55
U nited States Check Book .............................. 79, 88
U nited States N ational B a n k ...........................
86
V

V an H om e Investm ents ..........................................
94
V an W agenen, G. D . C o m p a n y ......................
70

P li% to p lu g! N o au tom atic teller system
g o e s on-line e asie r th an Teller-M atic.
Order most automatic teller
systems and you’ll get hardware.
Order the Mosler Teller-Matic and
you'll get not only the industry’s
most advanced automatic teller,
but a system that is plug-to-plug
compatible with 90% of all main
frames. You read that right:
plug-to-plug!
We began by specifying
the most capable mini-computer
ever used in automated teller
design: the DEC PDP-11. We
chose it for its flexibility and popu
larity as a telecommunications
processor.
To its 4K of non-volafile
memory, we added an additional
64K of rotating mass memory, and
tied it all together with a VS oper
ating system developed by Mosler.
The result is a 68K processing
system. [And wouldn’t you rather

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

put that on-line than a 4K or
8K mini?)
We continued in the Mosler
systems development laboratory.
Here, our specialists developed
emulations for a wide range of
controllers and terminals operating
Teller-Matic in an on-line relation
ship. The result was a series of
complete software packages for
the EDP equipment most widely
used by today’s financial institutions.
The point is, there’s more
to Mosler Teller-Matic than just
hardware. Pre-designed software.
Consultation with our staff of
systems specialists. Customer
experience profiles. The complete
automatic teller package.
Write us. We’ll send you
our software services portfolio,
including a software block diagram
for your equipment.

Mosler
An

American-Standard

H A M IL T O N , O H I O 4 5 0 1 2

Company

YES . . . We’ll Be Happy To Help

George Milligan
245-3300

Bob Buenneke

Bernie Kersey

Dwayne Smith

245-3302

245-3301

245-3305

Dorothea Wolfe
245-3306

John Zdychnec
245-3304

Voldy Vanags
245-3303

This group of people will be happy to help you with
any of your banking needs. Just give them a call any
time. If they don’t know the answer there are experts
in every field of banking at the lowa-Des Moines . . .
ready to help with your correspondent needs.

Iowa-Des M oines National bank
7th & Walnut Des Moines, Iowa 50304

245-3131

MEMBER FDIC

Ban co

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Federal Reserve Bank of St. Louis