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Vol. 14 No. 20 Des Moines, Iowa September 2,1985 First Bank System to Sell 28 Banks ^ ^ ^ ^ ^ ^ 0 # # P IRST Bank System, headquarI tered in Minneapolis, announced August 15 its intention to sell 28 of its 78 banks and trust companies, as well as 17 branch offices. The announcement said the plan would al low FBS “ to restructure its banking assets by offering employees the op portunity to purchase 28 of its re gional division banks with 45 offices in four states—Minnesota, Mon tana, North Dakota and South Da kota.” The announcement said the 28 banks and offices account for “ only eight percent of First Bank Sys tem’s total assets of $22 billion at year-end 1984.” FBS President D.H. (Pete) An keny, Jr., said, “ Directors, management and employees at each of the banks will be given an opportu nity to purchase their respective banks using First Bank System fi nancing/’ He added that “ No community where we have an existing bank will be left without profes sional ongoing h a n k i n g services.” A t 1984 year-end, the 28 banks had $1.55 billion deposits, equal to 11% o f FBS’ total deposits. Their earnings of $1.63 million repre sented only 1% of FBS 1984 earn ings. Their capital of $112 million was 10% of the FBS capital. A g loans at FBS were reported in 1984 as 6 % of the total loan portfolio but accounted for 33% of the loan losses. The institutions listed for sale have 954 of the corporation’s 9,697 em ployees. Mr. Ankeny said the revolution ary changes in banking require FBS to restructure, stating, “ It is vital that we concentrate on those activi ties and markets where we, as a mul ti-state banking system, have a dis tinct competitive advantage and where we can bring real added value to our customers.” The following banks and offices are listed by FBS as for sale: Minnesota—First Banks in Ben son, Blue Earth, Litchfield, Little Falls, Luveme (and its Pipestone of fice), Marshall (and its Ivanhoe and M innesota offices), N orthfield, Paynesville, Sauk Centre, Spring Valley, Waseca, Windom, Wheaton and Worthington (and its Lakefield office). A total of 14 banks and 4 of fices. Montana—First Banks in For syth, Fort Benton, Lewistown and Livingston. A total of 4 banks. North Dakota—First Banks in Cando, Cavalier, Cooperstown, Langdon, Lidgerwood, Park River, Rolla, Valley City and Wahpeton. A total of 9 banks. South Dakota—The First State Bank of Highmore. All other FBS outlets in South D akota are branches of First Bank of South Da kota, N.A., Sioux Falls. The offices in Rapid City and Aberdeen are unaffected by this announcement. The First Bank of Sioux Falls branch in Wessington Springs was not included in the list for sale, but since the announcement, FBS reports the sale of the Wessington Springs office to American State Bank of Wessington Springs, an in dependent bank. The other 13 of fices of FBS are listed for sale. They are located in Clark, Corsica, Get tysburg, Hot Springs, Huron, Lem mon, M adison, M iller, Platte, Presho, Redfield, Sturgis and Ver million. A total of 1 bank, 13 offices (and Wessington Springs sold). FBS will retain its South Dakota presence with First Bank Sioux Falls and the branches at Aberdeen and Rapid City. □ Fed Denies ESOP Bid to Buy Illinois Bank H.C. In a 4-2 decision that could ef fectively prevent leveraged buyouts of their bank holding companies by ESOPs, the Federal Reserve Board rejected the application of the First National Bank of Blue Island, 111., ESOP to purchase 54.1% of Great Lakes Financial Resources, Inc. The holding company owns First Na tional Bank of Blue Island and Com munity Bank of Homewood-Flossmoor. The Fed Board noted that with the highly leveraged buyout, Great Lakes primary capital would fall to 4.5% from its present level of 7.4%, RISMILLER, WEAVER AND YAKE G etting it done for you. David Rismiller Chairman ^ »-.nairman Warren Weaver president President Commerce Bank of Kansas https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MEMBER FDIC Telephone (816) 234-2000 Ernie Yake benior Senior President NA " 2 SSmSS Norwest Bank Des Moines, N.A. Call (515) 245-3131 or toll-free (800) 362-2514 NORWEST BANKS V IM I Member FDIC Yearn work: one of the reasons we’re first in Iowa. John Rigler Mark Conway and said the debt-to-equity ratio of the merged organization would ex* ceed 400%. The majority of the board stated it “ does not believe that Congress intended to allow ESOPs to acquire control of banks without regard to the basic prudent'safeguards.“ The two dissenters, Fed Vice Chairman Preston Martin and Governor Martha Seger said the inclusion of ESOPs in the definition as a bank holding company should be left to Congress. They said, in part, “ If there is a widespread problem with leveraged ESOPs holding stock in banking organizations, we would consider it the prerogative of Congress to legislate specific regulatory responsibility over this area to the ASK DENNIS EARHART Board, rather than have the Board interpret (bank holding companies) to include ESOPs.” Iowa News The Small Business Committee of the Greater Des Moines Chamber of Commerce Federation and the U.S. Small Business A dm inistration are co-sponsoring a seminar entitled “ Fundamentals of Marketing“ to be held September 4 at the Des Moines Botanical Center. The presentation will be given by Eldon L. Little, a professor of marketing at Drake University and a consultant in marketing, advertising and retail pro motion. Fee is $5 for chamber members and $10 for non-members. Re gistration is at 7:30 a.m. with the seminar to be held from 8:00 to 10:00. Register by calling the cham ber office in Des Moines at (515) 286-4995. FORT DODGE: First Interstate Bank of Fort Dodge has made sev eral staff changes. James C. Neuroth has been named executive vice president and second officer. In ad dition to his credit administration responsibilities, he will participate in the general management of the bank, and supervision of the offices at Harcourt, Lehigh, Duncombe and Burnside. He most recently was se nior vice president at First Bank Ro chester, Minn., and vice president— credit administration for First Bank to make MNB work for you. 1-800-332-5991 Member F.D.I.C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A BANKS OF IOWA BANK Nebraska News The Intermediate School of Bank ing will be held Sept. 22-27 at the Rodeway Inn in Overland Park, Kansas. The School is for bank em ployees at the management level, both officers and non-officers, and covers subjects relating to day-today management in commercial banking. Cost is $450 for single oc cupancy housing, eight meals, books and tuition; cost without a room is $400. For more information or to re gister, contact Mrs. Gloria Young, The Schools of Banking, Inc., P.O. Box 14531, Omaha, NE 68124, telephone (402) 391-7738. OMAHA: Alan J. Rausch has been named a vice president of FirsTier, Inc. He is assistant secretary and assistant treasurer of the financial services company. He joined Omaha National Corporation, FirsTier’s predecessor company, in 1977. He later served as manager of professional accounting and was named a second vice president in 1979. •Personal •Prompt •Professional Toll free Merchants ^ National Bank 151 System ’s southeast M innesota region. Laurel L. Ericson has been named vice president—credit. Most recently he was president o f the Fed eral Land Bank Association of Fort Dodge. Francis J. Kenne has been named vice president and manager, operations. He has responsibility for accounting, internal control, deposit operations, and credit card opera tions functions, as well as super vision of the Crossroads Mall office in Fort Dodge. He has been with the bank for 14 years. Jeffry G. Denison has been named vice president and manager, trust. He most recently was with the trust function at the Omaha National Bank, Omaha. Marshall McClurg has been named senior vice president—management service. He is responsible for facili ties, equipment, purchasing, and cost containment. He has been with the bank for 29 years. H. PETER DEROSIER Vice President Count On Our Correspondent Bankers MARK CHRISTEN Vice President Valley National Bank ill DES MOINES, IOWA 50304 Member FDIC A BANKS OF IOWA BANK Call to ll free (800) 622-7262 ^ % # # ^ £ Investment Banking The performance of your bank’s bond portfolio is based on sound thinking and quality investments. Investments that will consistently work at full power to contribute to the earnings of your bank. Bond portfolio recommendations have been our specialty since the 1920s, and our track record is enviable. Although investment vehicles and markets have changed, we’ve maintained our high standards. The result is success for our customers and a reputation that precedes us. For confidential consultation about the benefits of investment banking at United Missouri, call (816) 556-7200 today. U N ITO ) MISSOURI RANK of Kansas C ity i u . Member FDIC https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis P.O. Box 226 Kansas City, Missouri 64141 Supplement to Northwestern Banker Newsletter 9-2-85 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3 Call on the “Experienced Professionals” ^ First N ational Lincoln Ready to m eet your correspondent needs. Minnesota News ^ 9 A a 0 0 0 The Minnesota Bankers Associa tion 1985 District Meetings have been set for the last two weeks in September. According to M BA President Clinton D. Kurtz, this year’s format has changed. The af ternoon program will feature a special session for bank senior officers, followed by a reception, dinner and speaker, which is open to all district bankers. Each district will hold a business session to elect new district officers and directors for 198586. The dinner program will feature Robert Henry from Auburn, Alaba ma, who will address the topic “ Win with Aces.” The meetings will be as follows: District 1: Sept. 16, Midway Motor Lodge, Rochester District 2: Sept. 17, Orchid Inn, Sleepy Eye District 7: Sept. 18, Sunwood Inn, Morris District 8: Sept. 23, Holiday Inn, Grand Rapids District 9: Sept. 24, Holiday Inn, Bemidji District 6: Sept. 25, Maddens, Brainerd Districts 3, 4, 5: Sept. 26, Shera ton Park Place, St. Louis Park • MINNEAPOLIS: First Bank Sys tem, Inc. has announced that the soon-to-be consolidated trust activi0 ties of First Trust Company of St. Paul and First Bank Minneapolis will have a new name, one new St. Paul location and a new chief execu tive. The name will be First Trust 0 Company, Inc. Approximately 550 of the consolidated company’s em ployees in the Twin Cities will move to the Burlington Center in down town St. Paul, beginning January, 0 1986. These employees comprise the security processing, employee bene fit, systems development, trust op erations and corporate securities services groups. Other departments 0 may also move, but all personal trust administrators and portfolio managers will remain at their pre sent locations. John M. Eggemeyer, III has been elected chairman and • chief executive officer and a director of FRASER the new company. He will succeed Digitized for https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A Firsfier Bank Member. F.D.I.C. 13th & M Streets, Lincoln, N E 68501 J. Thomas Simonet, who has an of First Bank Great Falls. He joined nounced his retirement as of Decem the agricultural department at First ber 31, 1985. Mr. Eggemeyer joined Bank Miles City in 1976, and subse First Bank System in February quently served as the manager of 1985 as executive vice president. the commercial and agricultural di Previously he had been president visions. and chief operating officer of First GREAT FALLS: Daniel P. Murray Interstate Bank of Denver. As a re has been promoted to vice president sult of the consolidation, First Trust of Village Bank in Great Falls. He Company, Inc. will have assets has served as assistant vice presi under management of $8.9 billion, dent and head of the installment making it the 19th largest trust loan department since his arrival in operation in the U.S. 1982. MINNEAPOLIS: William J. Swanstrom and Steven E. Rykkeli have Ag Banking Specialists been promoted to vice presidents by Let us help w ith your career advancement or staffing First Bank Minneapolis. Mr. Swanneeds. Call in confidence, without obligation. Employ ers pay our reasonable fee to hire the best. strom, who joined the bank in 1981 as human resources oficer, had been assistant vice president in the human resources group. Mr. Rykkeli had been assistant vice president in the regional group since joining the bank in 1981. Linda 515/394-5827 New Hampton, la. 50659 I Montana News GREAT FALLS: Wayne M. Hirsch has been elected vice president in the commercial lending department Jean 515/263-9598 (WIF) 712/779-3567 (M/T/TH) Massena, Iowa 50853 aqri careers,inc. -J A3 BANKING PERSONNEL SPECIALISTS W e ’ r e S e c u r it y f o r Y o u A t Security National Bank, w e’re people you can count on to handle all o f your Correspondent Banking needs. So, start corresponding w ith us. __ W e’re Security for you! SJ - -v jHHjjjH If dflB SECURITY NATIONAL BANK IN S IO U X C I T Y , IO W A . Hfefc BanktngOfflcer M E M B E R F . D . I .C . 712-277-6736 Make The National Banlc of Waterloo your custodian bank! •The National Bank o f Waterloo is an approved custodian bank for the state o f loum. •Fast, efficient computerized reporting system. •Provides pledging system to secure public funds. •Low, low m onthly fees under our system. Call: 319-291-5235 for complete details. Write: Attn: Don Stonewall, Vice President The National Bank of Waterloo 100 E. Park Avenue Waterloo, IA 50703 4 WANTADS Rates are $5.00 per line per insertion. Add $3.00 for file letters per insertion. Identity of file letter advertisers cannot be revealed. WANT TO BÜY USED COIN SORTERfCOIN WRAPPER. Contact: D. Ledile, Ashton Bank & Trust, P.O. Box 208, Ashton, IL 61006 (815) 453-7441. (WTB) Financial Careers CEO for $60 million Independent bank In midwest. Excel lent opportunity for person with good track record............ ......................................................................... Salary $65,000. 8ENIOR AQ OFFICER for major midwest correspondent bank. Must have ag loan experience In larger b a n k ............ ..................................................................... Salary to $42,000. TRUST OFFICER for $50 million bank In eastern Iowa. Must have law degree and two or more years experience . ..................................................................... Salary to $30,000. COMMERCIAL LENDER with three or more years experi ence for $75 million bank In midwest city of 100,000.......... ..................................................................... Salary to $35,000. NORTHWESTERN BANKER 1535 Linden St., Suite 201 Des Moines, Iowa 50309 Phone 515/244-8163 AG LENDER for $40 million bank In western Iowa. Position leads to number two person In b a n k ----- Salary to $35,000. AG LENDER for $45 million bank In northern Missouri. Pre fer two or more years experience plus college degree — ...................................................................... Salary to $30,000. CASHIER for southern Wisconsin community b a n k .......... ...................................................................... Salary to $35,000. COMMERCIAL LENDERS for Illinois banks located In North & Central a re a s .............................. Salary to $35,000. FARM MANAGER for $160 million Illinois b a n k ................... ..............................................................................Salary open. AG LENDER for major Central Illinois b a n k ......................... ..................................................................... Salary to $35,000. Please call Malcolm Freeland or Cy Kirk In care of: Freeland Financial Service 1010 Equitable Bldg. Des Moines, IA 50309 515/282-6462 Employer pays fee. AG LOAN OFFICER—with strong ag lending skills to work In 7 million + bank. Send resumes and salary require ments to Arnold E. Domke, Pres., Bank of Wesslngton, PO Box 165, Wesslngton, SO 57381. (PA) TRUST DEPT HEAD—$60 million Boone, Iowa, bank has opening for Dept. Head for growing $4 million trust dept. Business development and administrative skills a must. Minimum 2-3 years trust experience or law degree. 824-32K. Send resume to Bob Scott, President, Boone State Bank & Trust Co., Boone, Iowa. (PA) CASHIER—$21 Million S.W. Minnesota Bank with one detached facility. Seeking an Individual to manage the en tire operation. Contact: James G. Sneer, Farmers State Bank, Mountain Lake, MN 56159. (507) 427-2422. (PA) CONSUMER LOAN DEPARTMENT MANAGER—Seeking experienced consumer tender with strong Interpersonal, communication and credit analysis skills. Proven track record In business development. Career opportunity with progressive bank; excellent benefit package and good po tential for advancement. Send resume and salary require ments to: Human Resources Officer, First Interstate Bank, P.O.Box 5010, Great Falls, Mt. 59403 (PA) BANK SALES AND PURCHASES EDDIE A. WOLF Eddie Wolf Bank Sales 7202 Maple Drive, Des Moines, la. 50322 Phone: 515/278-2271 BANKING OPPORTUNITIES WANTED—A bank that needs: NCR 7750-2501 12 Pocket, NCR 7750-2201 12 Pocket, NCR 279-100 Teller, NCR 8251 Mini. Computer, NCR 9020 Mini. Computer and NCR 6420-2401 Printer. Call Bill or Bob at 308/384-5995, B.E.E. _______________________________________________ (FS) BURROUGHS S656 SINGLE POCKET PROOF MACHINE. $1,000 or best offer. Contact Mike Mattson at First State Bank, Fremont, Nebraska. Phone 402/721-2500. (FS) PORTABLE BUILDING FOR S A L E -2 4 X 60, two halves. HD construction: 6” walls, 2V4” floor. Built to “temporary bank bldg.” specs. Each half weighs 50,000 lbs. Two of fices, computer room, two restrooms. Three years old, never moved. Drive up teller equipment also available. Contact: Wyoming Peterbllt, Inc., 81Wyoming Blvd., Casper, WY 82609 (307) 266-3100_________________ (FS) CHOOLER In •ASSOCIATES "Successful Banking is Quality Personnel" POSITIONS AVAILABLE HEAP OF LENDING $70mm bank, 10,000 popula tion ........................................................... $40,000+. LOAN OFFICER—Generalist with Mktg skills. $60mm IL bank, #1 rating. Salary open. Contact Barbara J. Ritta. AG LENDER—$50mm N. MO bank. Contact Barbara J. Ritta. $28K. PROFESSIONAL RECRUITERS, INC. P.O. Box 24227 Omaha, NE 68124 1-800-225-2885, In NE (402) 397-2886 POSITIONS AVAILABLE V.P. AG LOANS - $35M bank E. Nebr. 2-3 years ag loan experience, some work-out. Must have man agement potential. Will lead to CEO. 825-35K. AQ LENDER - N.E. Nebraska bank. 1-3' years ex perience bank or PCA. To $28K. COMMERCIAL LENDER • 3-5 years experience. E. Central Iowa. To $34K. Richard L Beam, CPC QUMBERT EXECUTIVE EXCHANGE, INC. 11248 Davenport Street Omaha, NE 88154 Phone: 402/330-8260 Member National Peraonnel Associates We’re Nationwide ' SENIOR VICE PRESIDENT, HEAD OF LENDING $50mm bank, 10% ag, excellent location, excel lent brganlzation, growth a r e a .......... ....... $40,000 BANKERS AVAILABLE CEO/EVP • Top-notch executive. Presently #2 person In a mid-size bank. 15 + yrs comm'l, ag, RE and operations exp In $40mm + environments. Deg’d,several banking classes and very community active. $45K. AQ OFFICER • Excellent lending history. Very analytical Indlv with cash flow and loan restructuring skills. In 6 + yrs of ag lending has only been Involved In one workout situation. Comm’l ag exposure as well. $30K. CASHIER - Operatlons/cashler type with strong acctg and mgmt exp In rural bank. Supervisory responsibility of 30 + and In charge of call reporting function In a $50mm + Insti tution. $27K. PARTIAL LIST OF AVAILABLE BANKERS FOR FURTHER INFORMATION CONTACT: KURT ROSENCRANTS AT (515) 244-4414 1 HI M► M> F *4 4 ® COMMERCIAL HEAD $200+ bank, 60,000popula tion ........................................................... to $70,000 ALL AROUND BANKER lake resort area, good earnings b a n k .............................. $30,000-$40,000 COMMERCIAL LENDING/BUSINESS DEVELOP MENT $70mm top performing bank, growth area i ................................................................... to $50,000 PRESIDENT $25mm 1,500 population, work out situations .....................................$50,000-$55,000 PRESIDENT $50mm+ bank, college town .......... ....................................................... $50,000 -$55,000 REAL E8TATE/COMMERCIAL, SENIOR LENDING OFFICER eastern state ............ $125,000 BRANCH LOAN ADMINISTRATION, COMMER CIAL LENDER F lo rid a ................................ $55,000 Many years In bank management enables me to find the right banking environment for you, com pletely confidentially. Send your resume or phone: 317 6th Ave, Ste. 650 Des Moines, IA 50309 (515) 244-4414 ALL FEES COMPANY PAID DON W. SCHOOLER 2506 East Meadow Springfield, Missouri 65804 (417) 582-2265 POSITIONS AVAILABLE COMM’L LOAN • $100MM suburban bank with aggressive new ownership. Prefer five to seven yrs. experience In sim ilar size bank. $40K COMM’L LOAN/BIZ DEV • $80MM suburban bank affiliated with major holding company. Emphasis on hew business development but need solid credit background. ■* $35K SENIOR LENDER • $150MM suburban bank with large comm'l and real estate portfolio. Second position in bank with opportunity to advance. $Opeh REAL ESTATE LOAN • Junior position In large suburban bank. Will assume some duties In construction and comm'l real estate depts. plus handle residential loans. $23K AGRI-LOAN • $25MM community bank with 50% of loans In agrl-credlts. Prefer background In cattle financing. $30K Additional positions available for experienced bankers. TOM HAGAN & ASSOCIATES 2024 Swift • Box 12346 North Kansas City, MO 64116 816/474-6874 “ Serving the Banking Industry Since 1970’’ Vol. 14 No. 20 Northwestern Banker Newsletter (USPS 873-300) Is published weekly by the Northwestern) Banker Company, 1535 Linden Street, Suite 201, Des Moines, Iowa 50309, (515) 244-8163. Subscriptions 31.00 per copy, 318.00 per year. Second class postage paid at Des Moines, Iowa. Address all mall subscriptions, changes of address (Form 3579), manuscripts, mail items to above address. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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