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ÍAvÚtAküU Vol. 10 No. 22 Des Moines, Iowa A ll Saver Rules Are Defined HE FIN AL countdown to the 52-week T-Bills, which are auctioned day when All Savers Certificates every fourth Thursday. The Septem may be offered officially to the ber 3 auction was 18.01 % and 70% of public—October 1—has started. that yields 12.61% to the customer. Amid a nationwide rash of high Institutions must invest 75 % of their interest offers via the repo route to ASC deposits or qualified net get money into financial institutions savings, whichever is lesser, into early, the IRS tossed in a monkey qualified residential or ag financing, wrench, as predicted, by ruling that as described earlier. This type of such offers would void the tax free credit allocation was assailed by benefit if a rollover from a repo to the A B A , but was written into the law. All Savers Certificate was manda NOW Account Suit tory. This meant that S&Ls and On another front, A B A prevailed banks engaged in the bidding war, in its suit to prohibit the Federal that got as high as 35% and 50% for Home Loan Bank Board from issuing the short-term money, faced the more liberal regulations for S&Ls on possibility of these funds going back NOW accounts than those issued by out on October 1 instead of into the the Federal Reserve Board for banks. ASC program. The FHLBB gave approval for The ASC offers an individual a tax practically every kind of non-profit exemption of up to $ 1,000 ($2,000 in account, while the Fed’s list was more the case of a joint return). It must be restrictive. A District Court Judge in offered in denominations of $500, Washington, D.C., ruled last week according to A B A ’s “ Capital” the FHLBB exceeded its authority report, but also can be offered in any and the intent of Congress, and that other denomination and must have a the Fed’s list was correct. maturity of one year. The life of the ASC program was set by Congress at IRAs Big Business 15 months. It may be offered October With all the immediate furor over 1, 1981, and expires December 31, the ASC starting date of October 1 1982. and the hassle over NOW accounts, A B A reports that the IRS ruling little has been publicized on what also states that the tax exemption is could well be the greatest opportun lost if any portion of the ASC is used ity currently for banks to acquire as collateral or security for a loan. funds and to stabilize existing funds The customer will earn 70 % of the within their institutions. That could average annual investment yield on be accomplished through extensive « September 21,1981 marketing o f the IR A privilege for individuals that was included as part of the Economic Recovery Tax A ct of 1981. That portion of the law authorizes employed persons who already have an IRS approved pension or profit sharing retirement plan to set up an IR A o f their own. An individual now may open such an IR A account with a financial institution in his or her own name for a maximum $2,000 annual tax free investment. Additionally, a spouse may do the same so that the total for a couple could be $4,000. It was revealed recently that the Prudential Insurance Co., for exam ple, plans to make a nationwide campaign very soon through its 25,000 general agents seeking IRAs from a major share of the estimated 40 million working persons. Banks are in a premiere position to tap this market themselveá for an influx of stable dollars, according to various banking leaders. □ Iowa News BELLE PLAINE: Controlling inter est in the Citizens State Bank, Belle Plaine, has been sold by the Groszkruger family to the Belle Plaine Service Corporation, a onebank holding company. Richard H. Buenneke of Des Moines has been elected president, succeeding Carleton P. Groszkruger, who has been advanced to chairman. Homer ASK JERRY TRUDO to m a k e M N B w o rk fo r you. Toll fre e : 1-800-332-5991 hants National Bank •Member F.D.I.C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis is i A BANKS OF IOWA’ BANK 2 Teamwork: One of the reasons we’re first in Iowa. IOWA nesMOines □ I would like to sell my majority bank stock. □ I would like to buy ma jority bank stock. Please Contact: J. Mason Henry Charles E. Walters Co., Inc. Linda Burks Data Services g u ll An Affiliate of Northwest Bancorporation A A NATIONAL BANK Member FDIC 39 Ginger Woods Road, Valley, Nebraska68064 Phone: (402)553-6400 BANKERS PARTICIPATING BANCO Call (515) 245-3131 or toll-free (800) 36 2-25 14 LeasePlan, Inc. Jensen of Des Moines and Hot Springs Village, Ark., will serve as vice chairman. Mssrs. Buenneke and Jensen served as president and executive vice president respectively of Capital City State Bank, Des Moines until 1979. Assets of the Citizens State Bank, Belle Plaine, are now $33 million. operations officer, Deborah L. Ganzel to second vice president-marketing services, Jerry C. Houser to second vice president-commercial banking, Linda L. Snider to second vice president and manager of the Fort Des Moines office amh'Linda M. George to compliance officer. DES MOINES: The following promotions have been announced at the Iowa-Des Moines National Bank: Mitchell A . Christensen to senior W H EATLAN D: The Federal Re serve Bank of Chicago has announced approval of the application of Wheatland Bancorporation to be come a bank holding company by acquiring the First Trust and Savings Bank here. The approval was made in conjunction with the purchase of First Trust and Savings Bank by a group of local investors from MorAmerica Financial Corpora tion, Cedar Rapids. Assistance in the acquisition and formation of the bank holding company was provided by Holder & Associates, Ames. GET THE COMPETITIVE EDGE over savings and loan, credit unions, etc. This “on-premise” system gives you complete inde pendence, competitive flex ibility and control. Banco Offers to Buy Dial Northwest Bancorporation of Min neapolis has offered to buy Dial Corp. of Des Moines, a consumer finance company, for $56 a share under a cash deal that would total more than $250 million. Just prior to the announce SERVING PRO FESSIO NALLY Get tighter instantaneous reporting in every phase of your operation. At the same time reduce your operating costs. A program for your every need — and more. The best banking system in the industry. Modern Banking System s, Inc. 6818 G rover St., O m aha, N ebraska 68106 (402) 392-0151 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Banking, Financial & Business Personnel Iowa and Nationwide CAPITAL PER SO N N EL SERVICE 714 Central National Bldg. 515-283-2545 Des Moines, Iowa 50309 5 45 - 31st Street Des Moines. Io w a 50312 R. L. “ DICK” SELLON • P.D. “ DUANE” DEVAULT ment on September 16, Dial stock sold for 24 3/8. Banco has 87 affiliated banks in seven states, five trust companies and several service subsidiaries. Dial has more them 500 consumer finance offices in 37 states, including 98 in California, 45 in Florida and 43 in Texas. John Morrison, who takes over as Banco chairman October 1, said the merger is in line with Banco goals for diversifying and expanding from its regional base. Banco has 50 banks in Minnesota, 11 in Iowa, nine in North Dakota, five in Nebraska, four in South Dakota and one in Wisconsin. The Federal Reserve Board must approve the merger. Minnesota News Over 2,000 bankers from through out the state are expected to attend one of nine annual district meetings of the Minnesota Bankers Associa tion during the last two weeks of September, 1981, according to Truman Jeffers, executive vice president of the Minnesota Bankers Association. Meetings will be held in St. Cloud on September 15, Hibbing on September 16, Crookston on Septem ber 17, the Twin Cities on September 21, Marshall on September 22, Sleepy Eye on September 23 and Rochester on September 24. EDINA: H.J. Wogsland, president, Single System Banking With Availability Availability of funds. . . availability of people. . . responsive to your needs. National Bank o f Waterloo Waterloo, Iowa 50704 Member FDIC Phone Bill Rickert at 1-800-772-2411. IRA and KEOGH SEMINARS by Collin W. Fritz 3 Collin Fritz is an attorney and a consultant to a number of banking associations in regard to IRAs and Keoghs. He develops seminars to be informative and educational with complete review of the law and regulations: suggestions for marketing, administration, and use of forms. M AJOR C H A N G ES IN IRAS A N D KEOGHS HAVE CREATED D YN A M IC DEPOSIT O PPO R TU N ITIES!! The new law will be outlined and opportunities for your customers and your bank will be discussed. The old law, which will govern the IRAs and Keoghs established before January 1, 1982, will be reviewed. DATES A N D LOCATIONS Montana September 29.......................................... Billings, Sheraton September3 0 .....................................Missoula, Village Inn Oregon October 1 ....................... Portland, Red Lion Inn Downtown Nebraska October 1 3 ................................... Columbus, Holiday Inn October 1 4 ...............................Scottsbluff, Scottsbluff Inn South Dakota October 1 5 .............................. .SiouxFalls, Ramadalnn Iowa October 2 7 ................................ .Waterloo, Conway Center October 2 8 ................................ Storm Lake, Harbor House November3 ......................................... Des Moines, Marriott Novem ber5....................................... Iowa City, Highlander M innesota N ovem ber12........................ Minneapolis, Radisson South Missouri November 16...........................Cape Girardeau, Holiday Inn November 17.........................St. Louis, Holiday Inn Airport November 18.. ................... Columbia, Holiday Inn West Novem ber19.................................... Springfield, Sheraton November 2 0 ................... . Kansas City, Sheraton Royal IRA and KEOGH SEMINARS Please register the following person(s) at the location indicated below for the IRA-KEOGH Seminar. Pre-registration fee: $55.00 • (Registration at the door $60.00) • Check enclosed for $ ________ Name_____________________________________ _ Location Name.________________ ____________________ ___ Location Bank-------------------- --------------------------------- Town___ By___________________________________________ ® Please return the above form to: Collin W. Fritz 3211 Wakonda Court Des Moines, Iowa50321 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Zip Telephone________________ (please include area code) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A Banking System Designed For “NOW” and the Future Applications □C.I.F. □Proof of Deposit □ D.D.A. □Savings □N.O.W. □Commercial Loans □Installm ent Loans □Real Estate Loans □ C .D .’s □General Ledger □Just ask Reports we have them all □Call Report □Participation Register □Yield Forecast □Financial Statements due □Annual Interest received □ Late payment notices □1099’s □Stop Payment Report □Closed Account Report □New Account Report □M aturity notices □ Interest checks □ “Just Ask” (Allows you to choose your own report) Our typical system includes Hardware, software, training and service for less than $800/month IVe Feature: • Fully trained service technicians • Factory manufactured parts https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • Experienced personnel (over 170 years worth) (Both systems and service) • Lower operating costs DATA BUSINESS EQUIPMENT, INC. OFFICES: 1228 - 2nd Ave., Des Moines, Iowa 50314 (515) 288-3000 625 - 1st Ave. S.W., Cedar Rapids, Iowa 52405 (319) 366-6000 Model 775 Proof Encoder Why not let us save you hundreds of dollars per year by renting this reconditioned all field proof encoder from us? • M .I.C .R . encoding for $ Am ount • “Line Lock” Feature • M .I.C .R . encoding for Account Number • Com plete Audit Trail • M .I.C .R . encoding for FR-ABA • M .I.C .R . encoding for transaction code • Endorsement Feature • Non-Volatile memory BANK ON SHARP . . . . With Our New Electronic Bank Teller Machine WeWelcome Trial Periods P.S.— You’ll be Amazed at its low cost https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Sharp BE3500 WE GUARANTEE COMPLETE SATISFACTION OF SYSTEMS - --------EQUIPMENT - INSTALLATION ! - -ïut.------------ --------------- ---------Ü --------------------------------------------______________________J 5 C A L L O N TH E “P E R FO R M A N C E T E A M ” where comm on transactions are handled uncomm only well. FIRST NATIONAL LINCOLN 13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C. (zMoCdex and cdJ-±±oaiats,± We’re people you can turn to for investments. Bank Consultants Specializing in Bank Acquisitions 515-232-0814 P.O. Box 450 405 Main Ames, Iowa 50010 D o n a l d E. H o l d e r , Principal 0 ^ ^ 0 0 M ARSH ALL: JohnSuedbeck, presi dent of First Northwestern Bank, has annnounced the promotions of Rick Veldkamp to vice president in charge of agricultural banking and Lee Mammen as head of the consumer loan department. Mr. Veldkamp joined the bank in 1977 as an ag loan trainee. Mr. Mammen was previously manager of the First Northwestern East Side branch. HINSDALE: Robert E. Hamilton has accepted a position as president of Farmers Bank & Trust Co. in Knox, Ind. Mr. Hamilton previously was executive vice president of Citizens National Bank in Downer Grove. Prior to that he was vice chairman at Central National Bank in Chicago, and earlier was president of the old Live Stock National Bank of Chicago prior to its merger with Central National. Nebraska News • We’re more than western Iowa’s largest bank. We’re people. - First Bank Edina, has announced the election of Daryl Standafer to vice president-marketing. Mr. Standafer began his banking career in 1973 at First Bank Worthington. He was most recently group marketing officer of First Bank System, Inc. Illinois News 0 For investment services, data processing, ag lending and overlines . . . we’ re the people you can turn to. Frank Farrar, former governor of South Dakota, will speak at the September 27 meeting of the Mid Plains grou of the National Association of Bank Women. The dinner meeting will begin at 6:30 p.m. at Mr. C’s Restaurant in Omaha. South Dakota News MITCHELL: Kenneth H. Reckerhas joined the First Mitchell National Stephen J. Hatz Vice President 7 1 2 /2 7 7 -6 5 2 6 SECU R ITY N A TIO N A L B A N K IN SIOUX CITY, IOWA. ________________ Bank as executive vice president. Mr. Recker has 15 years of banking experience and was most recently with the International State Bank in International Falls, Minn. North Dakota News CANDO: David D. Wolsky has been elected vice president and second officer of First Bank Cando, according to Wayne N. Forgey, president. Mr. Wolsky joined the bank in 1975 as a management trainee. He was elected assistant vice president in 1979. FARGO: George W . Schwartz, president of First National Bank, has announced the election of Stan K. Dardis as senior vice president-loan administration. Mr. Dardis began his career in 1975 at First National Bank of Aberdeen, S.D. Since 1977 he has been president and a director of the First National Bank in Bowman. W AHPETON: Gary Lochow has been promoted assistant vice presi dent and head of the ag loan department of First National Bank. Mr. Lochow joined the bank in 1976, and was advanced from ag represen tative. M EM BER F .D .I.C . © 1980 Security National Bank by Collin Fritz, a banking consultant from Iowa. Dates are September 29 at the Sheraton in Billings, and September 30 at the Village Red Lion in Missoula. Registration is $65, which includes breakfast, luncheon and all handout materials. BANK PLACEMENT SPECIALISTS (Our33rdyear) Call experienced professionals to locate the right candidate for your vacancy . . . or the right “move-up” for yourself. CORPORATE RECRUITERS MIDWEST BANKING DIVISION 525 Commercial Tower 402/393-5515 Omaha, Nebraska 68124 Estate Appraisals Purchase o f Collections Sale o f Rare Coins Reliable and respected service for over 20 years Used by bankers throughout the midwest Ben E . Marlenee Coins 913 L ocu st D es M oin es, Iowa 50309 515-243 8064 Montana News The Montana Bankers Association is sponsoring a one-day seminar covering IRA and Keogh plans and how they have changed in the past year. The seminars will be presented □ My majority bank stock is for sale. □ I want to purchase majority stock in a bank. Please contact Ellis Jones, Broker JONES REALTY 205 South Eaton St. Lakewood, Colorado 80226 Phone: (303) 232-1189 Approved Iowa Bankers Association Forms FO R orms BANKS https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis APPLICATIONS/FINANCIAL STATEMENTS—Agriculture, Business, Consumer Credit. Personal, Real Estât NOTES—Standard, Variable, Simple and Precompute, Master, Home Improvement with Disclosures. Adjustable Rate Note and Rider REAL ESTATE—Mortgages, Home Improvement, FNMA and FHLMC SECURITY AGREEMENTS—Agriculture, Business, Consumer Credit, Retail, Wholesale SECURITY—Assignments, Agreements, Collateral Pledges, UCC Forms MISCELLANEOUS— Notices (Co-Signors, Right-to-Cure), Substitution of Collateral. Right of Rescission, et« WA TC H FOR SAMPLE CA TALOG IN THE MAIL Maynard Printing, Inc. Authorized Distributor 801 Park Street Phones 282-9164 Wats 1-800-532-1213 Des Moines, IA 50309 — TRUST POSITIONS— If you would like to evaluate your career potential, my clients in the midwest have trust and investment opportunities in the $18 thousand to $50 thousand range. Clients pay our service charge and relocation. Call or write: Gordon Mesley, Dunhill of Minneapolis Suite 1135,730-2nd Avenue South Minneapolis, MN 55402 ____________ Phone 612/355-6451________ (PA) 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. NORTHWESTERN BANKER 306 -1 5th Street Des Moines, Iowa50309 Phone 515/244-8163 B A N K IN G PLA CE M EN TS “ Successful Banking is Quality Personnel” P A R T IA L L IS T OF A V A I L A B L E A P P L IC A N T S Eighteen years banking experience serving as president of rural and metropolitan banks enables me to find the "right” banking position for you as a banker or the “right” officer for your bank. TRUST OFFICER - JD, 5 yrs trust exp. $28,000 901 A. West Jackson* Ozark, Missouri 65721 417/485-6020 COMPLETELY CONFIDENTIAL “Employment Service” P A R T IA L L IS T OF A V A I L A B L E P O S IT IO N S POSITIONS A V A IL A B L E Ag Lender for progressive Nebraska community bank ................................................................................. $18,000 Marketing Officer for banks in central and eastern Io w a ................................................................ Salary Open Installment Officer for western Iowa bank Salary Open Four NCR 400 posting machines, one Pitney Bowes model 1830 folding machine and one Pitney Bowes Model T8 collator. Contact: Jim Braafhart, Vermeer Manufacturing Company, P.O. Box 200, Pella, Iowa 50219. Phone (515) 628-3141.___________________(FS) MOBILE BANK - 14’x70’, fully equipped. Suitable for permanent location. Phone 312/837-7528 or 219/925-0215.________________________________ (FS) PORTABLE MINI-BANK 8’x14’ Diebold BR drive up window, BR door, heater, AC and carpet. Available 11-1-81. Contact T.J. Richards, Peoples Trust and Savings Bank, Indianola, Iowa 50125. Phone (515) (FS) 961-6241._____________________________ Write or call Malcolm Freeland, Freeland Financial Service, Inc., 246 Insurance Exchange Bldg., Des Moines, IA 50309. Phone 515/282-6462. Employer pays fee. __________________________ Insurance Agent for western Iowa bank. . . Salary open POSITIONS W A N T E D Ag Lender, Iowa State grad, currently employed, seeks central Iowa po sitio n .................................$23,000 Operations officer with multi-bank holding company wants to join community b a n k ...........................$23,000 Iowa State grad with basic banking exp. seeks job in GreaterTwin Cities a re a ...................................... $17,000 Second Officer in Wyoming bank wants position leading to CEO in Mountain S ta tes .................... $30,000 Ag Lender located in Illinois wants to relocate $20,000 CEO of $50 million Illinois bank seeks new opportunity.............................................................$45,000 Write or call Malcolm Freeland, Freeland Financial Service, Inc., 246 Insurance Exchange Bldg., Des Moines, la. 50309. Phone 515/282-6462 for all your personnel requirements. Employer pays fee._______ WANT TO BCIY NEED one used vault door. Phone Vern Ehlers, 308/532-5570 or write Box 69, North Platte, N E69101. ___________________________________________ (WTB) INSTALLMENT LENDER - 2Vz yrs lending exp, some supv. $18,000 T R U S T -12 yrs exp, hvy operations. $28,000 Ag Lender for north central Iowa b a n k ............. $20,000 Twenty (20) NCR 152-70 teller machines. Four(4) NCR 775 single pocket proof machines. Three (3) NCR 775 twelve (12) pocket proof machines. Call 512/250-0794 for more information.______________________ (FSorL) SR LOAN OFFICER - BA in finance, well rounded lending exp. $26,000 BRANCH MGR - 4 yrs hvy exp in installment lending. $20,000 FOR SALE FOR SALE OR LEASE EVP - 1 2 yrs exp, hvy operations. $30,000 AG LENDER - Come in as #3 man. $25,000 INSTALLMENT - 3 yrs banking exp preferred. $17,000 SR COM M C’L LENDER - 1 0 yrs exp, exposure to ag. $30,000 TRUST OFFICER - Need Generalist bkgd. Salary nego #2 MAN - Must have hvy ag bkgd. $25,000 COM M C’L LENDER - 2 yrs commc’l lending in Ig bank. $26,000 ALL FEES COMPANY PAID. FOR FURTHER INFORMATION RESPOND IN CONFIDENCE TO: Bank Division WE NEED aggressive, high performance BANK PRESIDENTS. Send resume to BSC, Inc., 2121 North Webb Road#200, Grand Island, Nebraska68801. (PA) Opportunity for young lending officer to join management team of $18 million northwestern Illinois Bank. Duties will include installment and commercial lending and business development. Excellent community; good growth potential. Send resume and salary requirements to file OBA, c /o Northwestern Banker. ________________________________ (PA) NUMBER TWO LOAN OFFICER - Want loan officer with experience in commercial, farm and other types of loans for growing $26 million bank at gateway to Lake of the Woods area. Salary commensurate with experience. Contact: David Swenson, President, First National Bank of Baudette, P.O. Box Drawer D, Baudette, M innesota56623.___________________(PA) A g Banking Specialists 1968 SIN C E When it comes to agriculture, banking end personnel. . . go to the specialists — go to AGRIcereers, Inc. Progressive bankers pay us to find tbe people they need. Ag Loan O fficer................... IA . $15-20,000 Sales & Mktg. Rep . . . FL/ G A . $20-25,000 C E O ................. ............... K S . $30-35,000 Ag Loan O ffic e r .............. MN . $15-20,000 Ag Loan Off icer/ Insurance IA . $15-20,000 2 Ag Loan O ffic e rs .............IA . $16-23,000 Ask the ag banking specialists what’s available without cost or obligation. f NEW HAMPTON. IA 50659 MASSENA. IA 50853 (515) 394 3145 (712) 779-3744 30/1CAREERS, INC. / "* TH E ORIGINAL AG RICULTURAL RECRUITER Now available ECO NO M Y Tim e-Tem perature Solid State Display One Year Guarantee 30” x 96” Complete Sign only $2895.00 UNITED SIGNS, INC. (308)384-0111 321 N. Eddy St. P.O. Box 263 Grand Island, NE68802 J / of Iowa, Inc. 317 6th Ave. Des Moines, IA 50309 (515) 244-4414 A L L FEE S C O M P A N Y P A ID IOWA NATIONAL BANK CURRENCY WANTED FOR PERSONAL COLLECTION Also paying top prices for other “types” of U.S. currency and finan cial paper. DON MARK Box 1, Adel, IA 50003 • 515 / 270-8170 POSITIONS A V A IL A B L E CORRESPONDENT OFFICER - travel Kansas and Missouri for affiliate of major midwestern holding company. Preferag background. $27,000 INSTALMENT LOAN - head dept, for $30MM Iowa bank. Must like rural communities and have 5 yrs consumer loan experience. $25,000 INSURANCE AGENT - rural Iowa bank with established agency desires fully licensed agent with at least 2 yrs. experience. Some bank duties. $Open SENIOR LENDING OFFICER - independent bank located in western state. Supervise entire lending function and establish policy. $28,000 AGRI-LOAN - large southwestern bank needs senior ag officer to coordinate and review credits of branches. Degree and major bank experience required. $40,000 OPERATIONS - $50MM bank in major resort area. Position requires operational expert with a record of solving problems. $28,000 COMMERCIAL LOAN - suburban bank of $100MM wants to expand staff. Primary duties involve comm’l loans with secondary responsibility for comm’l real estate credits. $30,000 SECOND OFFICER - rural Nebraska bank with majority of portfolio in ag credits. Excellent opportunity to assume number one position. $30,000 All inquiries confidential. Salary history and resume’ requested. TOM H A G A N & A SSO C IA TE S of Kansas City P.O. Box 12346,2024 Swift North Kansas City, MO 64116 816/474-6874 “Serving the Banking Industry S in cel 970” Vol. 10 No. 22 Northwestern Banker Newsletter [USPS 873-300] is published weekly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309. Subscriptions $1.00 per copy, $15.00 per year. Second class postage paid at Des Moines, Iowa. Address all mail 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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