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M: Voi. 7 No. 22 Des Moines, Iowa September 25,1978 Comptroller Concedes—Credit Life Suit Out KEY concession by the Comp A troller of the Currency that the re g u la to r’ sH | 4 if* Ri •ß itóf >r jJU 4 credit life insur ance rule is merely an ex pression of opinion rather than a legally binding regula tion has result ed in a U.S. District Court dismissal of the I. D. FUGATE lawsuit brought by theIndepen dent Bankers A ssocia tion o f America challenging the rule. “ This concession by the Comp troller is a major victory for the Association and for independent banks across the nation,” IB A A President Ivan Fugate said. The regulation addresses the issue of proper distribution of commission income from the sale of credit life insurance to bank loan customers—that is, insurance pur chased by a borrower, the proceeds of which are payable to the lending bank in the event that loan repayment is not completed due to the death or disability of the borrower. The Comptroller initially conten ded that the regulation established as a matter of law that the distribution of credit life insurance com m ission to bank officers, directors, stockholders and employ ees was an unsafe and unsound banking practice, and that in any administrative or judicial proceed ing, a bank could not contest the safety or soundness issue. In a complaint filed last December, IB A A challenged the Comptroller’s authority to issue the regulation and sought a ruling that the regulation was null and void. After the suit was filed, the Comptroller reversed his view, conceding that the right of a bank to contest the regulation’s validity and defend its insurance activities as safe and sound should not be denied. “ It would appear that, upon studied reflection, a national bank would be able to challenge the validity of the regulation and present the defense that its activities are in fact safe and sound practices both during the adminis trative proceeding and during judicial review,” the national bank regulator conceded. Judge Louis Oberdorfer of the U.S. District Court in Washington, D.C. accepted the Comptroller’s concession, ruling that it reduces the regulation to a statement of opinion. In dismissing the case, Judge Oberdorfer concluded that the Comptroller’s concession effectively ends any threat to attempt to employ the regulation in any cease-and-desist proceeding as a bar to any bank’s defense of the soundness and safety o f its practices. Thus, the Comptroller has already given IB A A members all the relief which the Court could effectively provide if it decided in the Association’s favor. □ Iowa News The 92nd annual Iowa Bankers Association Convention began Sun day evening with the President’s Reception at Vets Auditorium. The annual Agricultural Breakfast is being held Monday morning and w ill be follow ed b y business sessions Monday afternoon and all day on Tuesday. A complete convention report with pictures will appear in the October issue of the Northwestern Banker. *** The following applications for detached facilities have been approved: the Iowa State Savings Bank, Clinton, at 7th Avenue South and Dubuque Bank and Trust Co., at One Town Plaza. The Council Bluffs State Bank and Trust has filed an application to place a detached facility at the Sherwood Plaza. HUMBOLDT: Steve Nielsen has joined the Humboldt Trust and Savings Bank as an assistant cashier in the instalment loan department. He formerly was with Centerville National Bank. TABOR: The First State Bank will Homer and Jim are ready to heln v ... with CCB’s full-ser vice correspondent banking. Let Homer Jensen and Jim Eick show you that we do your kind of banking. 515/ 244-5111 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CAPITOLCITY BMK Des Moines' second largest independent bank. "Opportunity Colls..." L e o K o n e . Correspondent Danker American Trust & Savings Dank The Donk of Opportunity A g o o d jj correspondent! bank relationship M p m is still built; lip B r ^ r by good people, Yours and ours. Call me to ll fre e . . . 800-332-5991 Town Clock Ploza, Dubuque, Iowa CALL 319-562-1841, COLLECT Mark Christen 1 Asst. Vice President I G f l i U H I H B ] October 11, Villa Inn, Norfolk. O ctober 12, H ilton H otel, Lincoln. hold Kathryn Miller Day Septem ber 27 with an open house from 9-12 a.m. and 1-3 p.m. to honor Mrs. Miller for over 42 years of service at the bank. Mrs. Miller, assistant cashier, will retire October 1. Nebraska News Four meetings titled “ Managing Your Bank’s Investment Portfolio” have been scheduled in late September and early October by the Nebraska Bankers Association. Each meeting will begin about 1:30 p.m ., conclude about 4:30 p.m ., and will be followed by a cocktail reception. The meetings are sched uled at the following locations: September 27, Scottsbluff Inn. September 28, Holiday Inn, Kearney. C am Sdy: BANKERS’ BANKER Come Crow W ith Us Bankers Tlust De s Moines, Iowa 5 0 3 0 4 BARTLETT: The Bartlett State Bank has been denied a bank charter. FAIRBURY: The Federal Reserve Bank of Kansas City has approved the application of Else Investment Company here to become a bank holding com pany through the acquisition of an additional 55.3% of the voting shares of the Fairbury State Bank. KIM BALL: The Federal Reserve Bank of Kansas City has approved an application by the American National Kimball Corp., to become a bank holding company through the acquisition of 80.92%, less directors’ qualifying shares, of the voting shares of The American National Bank of Kimball. The approval is pursuant to authority delegated b y the B oard o f Governors of the Federal Reserve System. McCOOK: Two banks, the South western Bank and Trust Company and the American State Bank, have applied for state bank charters here. The Southwestern Bank is capitalized at $500,000 and plans to occupy the former Cherrywood Inn at 803 West B. The American Bank plans to build a new facility at the location now occupied by Lou’s Champion. It is capitalized at $850,000. Merchants dSh National Bank 151 Cedar Rapids. Iowa 52401 A BANKS OF IOWA BANK Alton Square in the Alton Square Shopping Mall; The Ina State Bank, in the Student Union Building on the Rend Lake Junior College Campus in Ina; The Elgin State Bank, at 590 North McLean Boulevard, Elgin and The Bank of Illinois in Normal, in the Student Union Building on the State Campus, Normal. AURORA: The Bank of Boulder Hill’s application for federal deposit insurance has been approved. The ban k ’ s capital accounts total $ 1 , 000 ,000 . C H A R L E S T O N : Three wom en have been prom oted at The Charleston National Bank: Sandra Horath and Sara Jane Preston to assistant vice presidents and Barbara Vanatta to assistant cashier. GLENVIEW : John E. Jones was elected chairman of Glenview State Bank. Mr. Jones is the president, chief executive officer and chairman of the Cummins-Allison Corp. John H. Beaulieu continues as president of the bank. With our service, give your com m unity a lot of help for its NORFOLK: The Bank of Norfolk has received consent to build a detached fa cility at 4th and Benjamin Avenue here. Illinois News https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The following banks have re ceived consent to establish a facility: Metropolitan Bank and Trust Company of Alton, at 246 Member FDIC A n A ffilia te o f N o rth w e s t B a n c o rp o ra tio n Banco 3 Carleton D. Beh Co. ♦ Investment Securities Des Moines B uilding • Des Moines, Iowa 50309 • 515/288-2152 * ♦ NEW ISSUE MOODY’S: “Aa” $2,845,000 MANITOWOC, WISCONSIN General Obligation Bonds Dated: October 1,1978 Denominations: $5,000 Both principal and semiannual interest (April 1 and October 1, first coupon due April 1, 1979) payable at the Valley National Bank, Appleton, Wisconsin. J 4 IN THE OPINION OF COUNSEL INTEREST ON THESE BONDS IS EXEMPT FROM ALL PRESENT FEDERAL INCOME TAXES. MATURITIES tM' A $45,000 50,000 50,000 50,000 50,000 50,000 4.75% October 1,1979 October 1,1980 October 1,1981 October 1,1982 4.90% October 1,1983 October 1,1984 4.40 4.50 4.60 4.65 4.70 4.75 $300,000 400,000 450,000 450,000 450,000 500,000 4.90% October 1,1985 5.00% October 1,1986 October 1,1987 October 1,1988 October 1,1989 October 1,1990 4.75 4.80 4.85 4.90 4.95 5.00 LEGALITY TO BE APPROVED BY BORGE & PITT, ATTORNEYS, CHICAGO, ILLINOIS. Manitowoc, the county seat of Manitowoc County, is situated on the west shore of Lake Michigan about 75 m iles north of Milwaukee and 35 m iles southeast of Green Bay. The City is frequently referred to as the “ Alum inum Manufacturing Center of the W orld” althouah a wide variety of other products are manufactured. These include cement, ship building, malt, power shovels, freezers, steel office furniture, hose couplings, instant dry m ilk, corrugated containers, metal stam pings, plastics, castings, o ilin g devices, canvas and cotton cloth and food products. Major taxpayers include: Manitowoc Co., Inc.; Mirro Alum inum Co.; Gould Imperial; Anheuser-BuschAlum inum Specialty Co.; Darcel, Inc.; Medusa Portland Cement Co.; Weyerhauser Co.; Lakeside Packing Co.; Invincible Metal Furniture Co. and Kurth Malting Co. «§ w AS A* A These bonds are being issued fo r the fo llo w in g purposes: $1,045,000 for the purpose of constructing and equipping an addition to the elementary school and renovating, remodeling and repairing existing school buildings; $1,000,000 fo r the purpose of providinq street improvements; and $800,000 fo r the purpose of providing a recreational structure. In the opinion of counsel, these bonds are legal and binding general ob ligations of Manitowoc, W isconsin, and all taxable property located therein is subject to the levy of sufficient taxes to pay the principal of and interest on the bonds w ithout lim it as to rate or amount. FINANCIAL STATEMENT Equalized valuation of taxable property, 1977 Assessed valuation of taxable property, 1977 $509,046,630 301,769,886 Net direct debt, including this issue Total direct, overlapping & underlying debt 15,591,141 20,894,297 Population, 1978 estimate: 32,956 Direct debt per capita: $473.00 Total debt per capita: 634.00 Under Wisconsin Statutes a City always receives 100% of taxes levied for it, as the County assumes all delinquencies. V ITS fl® We own and offer subject to prior sale and change in price and subject to our attorney’s approving opinion. The information contained in this circular is not guaranteed, but is derived from sources we deem reliable and is that on which our purchase of these bonds was based. Offered subject to prior sale and change in price. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Supplement To Northwestern Banker Newsletter 9-25-78 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis AN IMPORTANT PROFIT CENTER FOR YOUR BANK * PROPERTY IMPROVEMENT LOAN INSURANCE PROGRAM How To Produce Bigger Yields In Your Installment Loan Department! (1) You can set your own LOAN RATE: (2) The ability to INCLUDE CREDIT LIFE and accident & Health increases your Insurance commission income. (3) SERVICE to our lenders. Our record for service to our accounts and insurance customers is second to none. (4) FAST CLAIMS PAYMENT, faster than the FHA Title One program, or any other private insuror of Property Improvement loans. Our Property Improvement Loan Insurance Plan insures all types of defaults in the modernization loan area such as bankruptcy divorces strikes skips, etc. , jclfsil , , The Central National Insurance Group of Omaha universal assurors 365 N. SADDLE CREEK RD. • OMAHA. NEBR. 68131 • 558-9000 *■ CUT OFF ALONG DOTTED LINE AND MAIL TO: q “DICK” BEATTY VICE PRESIDENT - PROPERTY IMPROVEMENT UNIVERSAL ASSURORS, INC. 365 N. SADDLE CREEK ROAD OMAHA, NEBRASKA 68131 Yes, I would be interested in obtaining more information regarding your DroDertv Improvement Loan Insurance Program. y y w H y I* 1 * Please call to set up an appointment □ Please forward more detailed information Name .. ■K Title Bank .. ¥ Address C it y ....................... Telephone https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Number State Zip Code □ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7 CALL ON THE “PERFORMANCE TEA M ” where comm on transactions are handled uncomm only well. FIRST NATIONAL LINCOLN 13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C. Minnesota News CHISAGO CITY: The Chisago City Council has approved a building permit for the Chisago City State Bank. The 5588 square foot building will be constructed on the south side of Hwy. 8, between the Pioneer East building and the new Casey’s Convenient Store. HALLOCK: The Kennedy and Lancaster detached facilities of the Northwest State Bank of Hallock opened for business recen tly. Clarice Hanson is the manager at Kennedy and Joyce Zimmerman is the manager at Lancaster. M IN N E A P O L IS :.N orth w estern National Bank has been denied an application to open a detached banking facility at 48th and Chicago Ave. S. ST. PAUL: The North Suburban office of the Northwestern National Bank recently opened at 1220 West County Rd. E. in Arden Hills. Thom as G. H augen is vice president and manager. He former ly was head of the operations support division. Jeanne Fogelberg is the assistant manager and banking officer. Insurance approved: Bank of Thermopolis, of $750,000, and the Bank of Lyman with accounts of $500,000. Steak House, Garrison; arrange ments chairman is Jeff Stockdill, vice president at the Garrison State Bank. Southwest Group, October 4, Golden West Shopping Center, New Salem; arrangements chair man is James M. Goetz, vice president at Security State Bank in New Salem. Southeast Group, October 5, Eagles Club, Valley City; arrange ments chairman is David W. Severson, vice president of First National Bank in Valley City. Each meeting starts at 3 p.m. Contact the group arrangements chairman for information on regis tration. CENTRAL CITY: Larry Spencer has been appointed loan officer for Central Bank. M r. S p en cer’ s experience includes four years with the F arm er’ s State Bank o f Superior. GRANT: Craig Knotwell has joined the staff of the Farmers National Bank of Grant. Mr. Knotwell has seven year’s of experience in a Nebraska state bank. Colorado News BISM ARCK: The State Bank of Burleigh County Trust Company has been given permission to establish a detached facility at 1730 North 13th here. COLORADO SPRINGS: The Uni ted Bank of Colorado Springs has received permission to build a detached facility at 123 North Cascade Avenue, approximately 100 feet east of the main office in Colorado Springs. MINOT: R. Wayne Brostrom has been appointed personnel adminis trator for the First National Bank. Mr. Brostrom had been coordinator of the Career Education Plus program of the Minot Public Schools. South Dakota News North Dakota News The dates and locations of the North Dakota Bankers Association 1978 Fall Group Meetings have been finalized. They are: Northeast Group, October 2, at the Legion Club in Grafton; arrangements chairman is R. A. Charlton, president of the First National Bank in Grafton. Northwest Group, October 3, the M ILBAN K: Funeral services were held recently for Earl F. Nixon, chairman of Dakota State Bank in Milbank. Mr. Nixon was employed in 1938 and active until his retirement in January of 1975. Wyoming News The following banks have had applications for Federal Deposit First State total capital First State total capital DENVER: John Wells has been named vice president in charge of the personnel department of First National Bank. He joined the bank August 1, leaving the personnel department at City National Bank in Columbus, Ohio, where he was vice president. DENVER: Security National Bank has promoted Sharon S. Wheeler to loan administration officer, and appointed D enise E. Aranda assistant cashier and Beth Ann Gargano personnel officer. DENVER: John Nelson, an assis tant vice president at the First National Bank of Denver, was , ¿ Gill our Bond Department For up-to-the-minute, accurate information w C o m m erce Bank oí Kansas City Member FDIC https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10th and Walnut (816) 234-2000 John Reese John Henderson Jim McLaughlin Bond Representative Asst. Vice President Bond Officer 234-2674 234-2463 234-2673 8 PARTIAL LIST OF AVAILABLE POSITIONS POSITION AVAILABLE For availability of funds, knowledgeable people and professional service, call our correspondent bank department. Vice President; 2nd Officer in $14 m illion bank in Central Illinois. Must have ag lending background. Contact: Bart Solon, President, State Bank of Girard, Girard, Illinois. FOR SALE First Floor, 7” Crane Hinge-type vault door, Right Swing, (3) 96-hr. timelocks, 11V2 ” Architrave, 32” clear opening. Painted hinge but remainder stainless steel (SS). Est. 1950 mfrd. Good working condition. Available approx: March 1979. Call A. Kuhn, Naperville National Bank, Naperville, IL 312-355-8800 T O L L FREE SERVING PROFESSIONALLY 1 - 800- 362-1615 Bonking, Financial A Busin««* Paraonnal Iowa and Nationwide COMMERCIAL LOAN OFFICER - 150mm bank. Need 10 yrs. commercial exp. in bank same size or larger. Salary to $35,000. CORRESPONDENT CALL OFFICER - Background should include ag + lending. Low travel. Car furnished. Salary to $25,000. CREDIT - Mgr. for leasing corp. Requires 3-5 yrs. exp. in commercial credit analysis. Salary to $23,000. LENDING - Rural IA bank. Work in all areas commercial, installment & agri. Salary to $16,000. AGRI-LENDING- 3 + yrs. exp. needed. Must haveag lending background. Salary in mid teens. COMMERCIAL LENDER - Nebraska bank. Must be able to make credit decisions as well as lending. Salary to $18,000. ALL FEES COMPANY PAID RESPOND IN CONFIDENCE TO: CAPITAL PERSONNEL SERVICE 814 Central National Bldg. 515-283-2545 Des Moines, Iowa 50309 TRUST OFFICER OPPORTUNITY Central National Bank & Trust Company Agriculture Community Bank of 35 MM needs Trust O ffic e r to head g row ing T ru st D epartm ent. Experience in estate planning, Keogh’s & I.R.A.’s needed. Salary commensurate to experience and background. Write file VXZ, c /o Northwestern Banker. !i H► Bank Division H► ROBERT HALF H► 317 6th Ave. ® of Iowa, Inc. Des Moines, IA 50309 (515) 244-4414 POSITION AVAILABLE Second man in $8 m illion east central Iowa bank. Good salary and benefits. Ag background preferred. Write Box TVX, c /o Northwestern Banker. V; LOCUST AT 6TH/DES MOINES, IA 50309 MEMBER FDIC « g AFFILIATED WITH CENTRAL NATIONAL BANCSHARES. INC named president of the Denver chapter of the Bank Administration Institute. FORT COLLINS: Barbara Ashley was p rom oted from custom er service officer to assistant vice president in charge of internal operations at the United Bank of Fort Collins. W ESTLAND: Darrell L. Kinchelow and John Ricotta have been promoted to assistant vice presi dents, and Stephen R. Dawson to cashier at the F irstbank o f Westland. W H E A T R ID G E : J effrey L. Browning was named assistant vice president and D w igh t G eorge assistant cashier at the First bank of Wheat Ridge. WANT ADS Rates 50 cents per word per insertion. Add $2 for box numbers. Identity of box number advertisers cannot be revealed. Payment in advance, please. NORTHWESTERN BANKER 3 0 6 15th St., Des Moines, Iowa 50309 W ANTED TO BUY One or two used eight or nine digit electric check protectors in good working condition. W rite/call B. Mehmert, c /o NW Bank & Trust Company, 1454 W. Locust, Davenport, la. 52804. BANKERS PARTICIPATING LsasePlan,lnc. 545 - 31st Street Des Moines. Iowa 50312 • ESTATE APPRAISALS • INSURANCE APPRAISALS • BUYERS OF ESTATE JEWELRY AND COIN COLLECTIONS TOP PRICES PAID 40 YEARS IN OMAHA R. 1. “DICK” SELLON • P.D. “DUANE” DEVAULT TRUST OFFICER We are retained by an iowa-based bank to assist in the selection of a trust officer to be responsible for the coordinating of theadminstrative and operational functions of its trust departments. The individual selected to fill this position w ill be named a trust officer of the holding company and report directly to the Vice President-Trust. A minimum of two years experience in a related area in a trust department is required. For further information please contact J. T. Kingston. SIMON'S JEWELRY CO. 328 SO. 72nd ST. OMAHA, NEBR. 68114 PHONE 402-393-2320 FOR SALE First Floor, 31/2” Crane hinge-type vault door, Right Swing, (3) 96-hr. timelocks, 11V2 ” Architrave, daygate with 27” clear opening. Painted front. Est. 1915 mfrd. Good working condition. Available approx: March 1979. Call A. Kuhn, Naperville National Bank, Naperville, IL 312-355-8800. &Ü INCORPORATED 2626 RUAN CENTER DES MOI NES, IOWA 50309 TELEPHONE 243-7687 Estate Appraisals Purchase off Collections Sale off Rare Coins Reliable and respected service for over 20 years Used by bankers throughout the midwest Ben E. Marlenee Coins 913 Locust Des Moines, Iowa 50309 515-243-8064 POSITIONS AVAILABLE SENIOR OPERATIONS—Total responsibility for overall internal operation of $100MM + Missouri bank. Major bank experience preferred. * ..................................................$25,000 REAL ESTATE LOAN—Suburban bank seeks individual with strong single fam ily and secondary market background to start Real Estate Dept...........................................$23,000 BRANCH MANAGER—Strong commercial loan background desired. Should be well versed in 6-figure credits. ...........................$22,000 PRESIDENT—$25MM Iowa bank. Should presently be CEO and have excellent ad ministrative background. Rural location. .$30,000 INSTALMENT LOAN—Complete charge of $35MM portfolio. Both direct and indirect experience required..................................... $25,000 AG-LOAN—$20MM Nebraska bank seeks ad dition to staff. Commercial experience helpful...........................................................$20,000 INSTALMENT LOAN—Supervise $7MM dept, in Iowa bank. Background w ill include dealer experience......................................... $18,000 A sample of our current listings. Please forward resume’ and salary history in confidence to: TOM HAGAN & ASSOCIATES Linda Blue Smith, Pres. Box 12346 - 208 E. 18th Ave. N KC, MO 64116 (816) 474-6874 Vol. 7 No. 22 Northwestern Banker Newsletter is published weekly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309. Subscriptions 25 cents per copy, $8 per year. Second class postage paid at Des Moines, Iowa. Address all mail subscriptions, changes of address [Form 3579] manuscripts, mail items to Digitizedabove for FRASER address. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis VAl > h w.
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