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April 8, 1989* The Journal of Banking and Finance since 1894 • Voi 174, No. 14

ORTHWESIERN
FINANCIAL REVIEW
Deposit activity in the region’s banks • Portfolio management: the basics of bond swapping •
Challenges and opportunities for community bank CEOs • IBA senior management conference


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That was the motivating force that spurred
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Richard Westra looks on as one of the
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David Takes On Goliath
American Takes On the “Giant" Check Processor
When David took one, well-aimed shot with his slingshot he
destroyed the myth of Goliaths power and proved the real strength
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A M E R I C A N
N A T I O N A L

B A N K *

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Table of Contents
""1
l

"T

April

8, 1989 • The journal of Banking and Finance Since 1894 • Voi. 174, Ho. 14

N o r th w ester n
FINANCIAL REVIEW
Formerly published as C O M M E R C IA L WEST, M IC H IG A N IN VESTO R and N O R TH W E STE R N BANKER

FEATURES
15

Bond Swapping Basics B y Jeffrey B . G riffin

In this second article of a six-part series, Griffin describes ways to use bond swapping as part of the total portfolio
management strategy.

18

Management B y D ouglas V A u s tin

A look at five keys to survival for management in the 1990s.

22

1989 Roster o f the Region’ s Banks

Northwestern Financial Review ranks the region’s banks by deposits. Plus, a look at the top 50 fastest
growing banks, and more.
ttjbj/xr. fluii«*/ f(<inA*

70

Snapshot B y M onte O lm sted

Banking comes “ naturally” for the family running Lake Osceola State Bank in Baldwin, Mich.

STATE REVIEWS

DEPARTMENTS

Iowa

48

From the Editor

10

Illinois

55

Headline News

12

Minnesota

56

Classified Ads

66

Montana

59

Business Marketplace

68

Nebraska

60

South Dakota

65

NORTHWESTERN FINANCIAL REVIEW (ISSN 1042-1254) is published 51 times per year on consecutive Saturdays commencing the first Saturday in January and ending
the third Saturday in December (24 issues of a magazine published twice a month, and 27 issues of a newsletter published all other Saturdays) by Financial Communications
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paid at Minneapolis, Minnesota 55401, and additional mailing office. Postmaster: Send address changes to Northwestern Financial Review, 5270 West 84th Street, Suite 480,
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from

T he editor

FUNNY ACCOUNTING
ongressional representatives who have studied the thrift industry
problem have criticized the Federal Home Loan Bank Board for
authorizing the use of Regulatory Accounting Principles. RAP, which
thrifts started using in the early 1980s, permitted troubled institutions to
overstate their income and capital. Adherence to Generally Accepted
Accounting Principles, critics say, would have shown the true extent of the thrift
industry’s problems much sooner.
The criticism is valid, and if anything comes out of the whole thrift industry
brouhaha, it must be the universal implementation of legitimate accounting
practices for thrifts. But if Congress passes the Bush administration’s S&L bailout
bill unamended, it will be guilty of the same mistake the FHLBB made: attempting
to cover up a problem with funny accounting.
Richard Darman, the president’s budget director, has proposed a “ clever”
accounting strategy for the administration’s bailout plan. Expenses related to the
bailout would be off-budget because they would be funneled through a new entity
called the Resolution Financing Corp., or RFC. At the same time, an increase in the
premiums bankers pay for FDIC insurance under the plan would be recorded on
budget. Lo and behold, Darman is able to turn a $50 billion government expenditure
into a deficit-reducing income source.
Fortunately, Sen. Don Riegle (D-Mich.) is waving a red flag. He is wisely
proposing the financing mechanism for the bailout be placed on budget. An onbudget approach would reduce the eventual cost of the bailout by several billion
dollars. If the expense were to be included in the budget, Treasury bonds could be
used to raise the money. Bonds issued directly from the government, of course, do
not have to pay as much interest as bonds issued through an agency such as RFC.
More important than reducing the cost of the bailout, the Riegle plan embraces
sound accounting practices. It forces the government to call an expense what it is:
an expense. The administration, of course, is under great pressure to meet the
budget ceilings established by the Gramm-Rudman-Hollings law. The bailout cost
must be kept off budget, the administration argues, in order to prevent the world
financial markets from assuming the U.S. government is not serious about reducing
its deficit.
Unfortunately, much of the world already has come to that conclusion. People
who keep track of such things are smart enough to see through an accounting
smoke screen. Taxpayers are pretty smart too. They know they’ll end up paying
one way or the other. Congress owes it to its constituents to keep the bailout price
tag as low as possible.
Bankers have particular reason to be upset with the administration’s accounting
shell game. Because premiums paid to the FDIC are counted as general revenues,
bankers would be, in effect, helping to finance the S&L bailout. Under the plan,
RFC would tap general revenues for about $5 billion annually to pay the interest on
the bonds it sells.
Funny accounting, which attempts to make something bad look good, has never
worked. It didn’t help the S&Ls and it won’t help the government. The thrift
industry bailout should be on the budget. The financial benefits of the on-budget
approach speak for themselves. Further, the government can win the confidence of
the world markets and of its own taxpayers by using the same straightforward
accounting principles embraced by every sound company in America.

C

Staff
PUBLISHER EMERITUS
Ben Haller Jr.
PUBLISHER
Paul Blackburn
EDITOR
Tom Bengtson
ASSOCIATE EDITOR
Jennifer Driscoll
EDITORIAL INTERN
Monte Olmsted
CONTRIBUTING WRITERS
Jeffrey Griffin, Doug Austin
EDITORIAL ADVISORY BOARD
Neil Harl, Iowa State University
Kelly Matthews, First Security Corp.
Mark Olson, Arthur Young
Thomas Olson, Lisco State Bank
Diane Van Boxtel, Valley Bancorp.
ADVERTISING SALES DIRECTOR
Robert Cronin
ART & PRODUCTION MANAGER
Nancy Moeller
TYPOGRAPHER
Nancy Fouks
PROOFREADER
Nadine Hunt
COVER DESIGN
Rumsey Associates, Minneapolis
CIRCULATION MANAGER
Deborah Rydeen, C.P.A.
CIRCULATION ASSISTANT
Elizabeth Evans

N orthw estern Financial R eview
formerly published as
Commercial West

Michigan In vestor
N orthw estern Banker
Published by
F IN A N C IA L CO M M U N ICA T IO N S, IN C.
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Bloomington, Minnesota 55437
(612) 835-5225
FAX (612) 835-7914
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ADVERTISING SALES OFFICE
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10 NORTHWESTERN FINANCIAL REVIEW
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%j Copyright 1989, all rights reserved.

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headline

News

Riegle Proposes On-Budget S&L Bailout Plan
Sen. Donald Riegle, (DMich.) Banking Committee
chairman, said he is consid­
ering an alternative route to
raising the $50 million re­
quired for the administra­
tion’s proposed thrift bailout.
The Riegle plan, designed
to hasten the process of rais­

ing funds to help close nearly
500 insolvent thrifts, would
call for the Treasury to issue
bonds directly, said Kevin
Gottlieb, Riegle’s chief of
staff. The proposal contrasts
with the Bush plan, which
would include a separate
agency financing the bonds

over the next three years
and which would not be a
part of the 1989 budget.
The direct issuing of the
bonds would mean lower
borrowing costs because
Treasury bonds pay lower in­
terest rates than those is­
sued by agencies.

Riegle contended the new
agency’s utilization of an
“ o ff-b u d g e t” financing
method, designed not to in­
crease the deficit, would be
more expensive than his pro­
posed “ on-budget” tech­
nique, which would add to
the federal deficit.

FSLIC Loses Case With S&L Creditors Risk-Based
Creditors of failed thrifts
In the case, it was argued eral courts.
Capital
insured by the Federal Sav­ the FSLIC could not serve as
A Bush administration pro­
ings and Loan Insurance
a disinterested judge be­ posal would confer these Policy
Corp. can sue the institutions
cause it competes with credi­ powers on the Federal De­
in federal court without wait­ tors for failed thrifts’ remain­ posit Insurance Corp. If the
Approved
ing for a decision from the ing
a s s e ts .
This proposal is accepted, credi­
FSLIC, the Supreme Court
ruled.
The case, which was de­
cided 9 to 0, was based on
federal law and did not ad­
dress constitutional issues.

arrangement, it was argued,
deprives creditors of due
process and the right to a
jury trial. In addition, such
cases would normally be
within the jurisdiction of fed-

tors would have to submit
claims against failed S&Ls to
the FDIC and could go to
federal court only in limited
circumstances.

MCorp: Third-Largest Failure Ever
The Federal Deposit In­
surance Corp.’s recent ta­
keover of 20 of Texas-based
MCorp’s 25 banks marked
the third-largest failure in
U.S. banking history.
The takeover of the 20
banks, with assets of $15.4

billion, could become the
third-costliest banking bail­
out as well since the FDIC
has already pumped $300
million into the banks.
The corporation’s prob­
lems peaked when MBank
Dallas, an MCorp subsidiary,

was unable to repay Fed
loans.
The failure is exceeded in
size only by that of Continen­
tal Illinois National Bank &
Trust Co. and of First RepublicBank Corp.

Consumer Confidence In S&Ls Wanes
Confidence continues to be
eroded in the nation’s thrift
industry as nearly half of the
American public declared
such institutions unsafe to
hold their money, a recent
Media General-Associated
Press poll indicated.
The national survey of
1,108 adults also revealed
that 58 percent of the public

expects the government to
fail in its search for a long­
term solution to the thrift cri­
sis.
Only 53 percent of those
polled regarded thrifts as
safe, compared with 93 per­
cent who saw banks as a safe
place to keep their money. A
third of the respondents with
S&L deposits feared losing

Digitized for 12
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their money.
Half favored government
regulation of the industry and
a majority preferred a thrift
bailout as opposed to clo­
sure. Most opposed having
the public bear the burden of
industry bailout.

In an effort to achieve
common international bank­
ing standards, the Federal
Deposit Insurance Corp. ap­
proved a policy on bank capi­
tal which recognizes various
investment risks on bank as­
sets.
The risk-based capital pol­
icy statement encompasses
all state-chartered banks
regulated by the FDIC.

Thrift Tax
Breaks
Under Fire
P ro sp ec tiv e b u y ers of
failed thrifts would no longer
be eligible for preferential tax
breaks if the Bush adminis­
tration has its way.
White House Budget Di­
rector Richard Darman told
the Senate Finance Commit­
tee the Bush administration
advocates the discontinua­
tion of favorable tax treat­
ment toward firms which
purchase failed thrifts in at­
tem pts to obtain financial
breaks.

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he best source of information for all finan­
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is now available in new 1989-90 editions—
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Each directory contains the most
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BY JEFFREY B.* GRIFFIN

BOND SWAPPING BASICS
Im portant rules to follow when m anaging an investm ent portfolio
This article is the second in a series on
portfolio management. The first article
appeared in the Feb. 18, 1989, issue of
Northwestern Financial Review.
any bankers use a bond’s
yield as the dominant vari­
able when making an in­
vestment decision. Given
a banker’s need to cover
the cost of funds, this preoccupation is
understandable. But it ignores the con­
cept of total return, which encompasses
the following:
• Coupon income;
• Interest-on-interest; and
• Capital appreciation.
Bankers are the quintessential short­
term investors given the nature of their
liabilities: short-term certificates of de­
posit and seasonal borrowings. Over
the short run, the dominant source of
return is capital appreciation (or depre­
ciation). And because the change in the
value of a bond is almost entirely depen­
dent upon the change in interest rates
since it was purchased, the key to opti­
mizing total return is through interestrate anticipation.
Each time bankers make an invest­
ment decision, they make an interest
rate “ bet.” It is unavoidable. Whether
keeping cash in federal funds or putting
it to work in bonds, the future level of
interest rates plays a critical role in the
total return of that investment. If a gam­
ble must be made on future interest
rates, why not make the best educated
guess possible?
A fundamental truth: It is impossible
to predict exactly where interest rates
will be at any specific future date. But
given the current level of interest rates
and the economy’s position in the busi­
ness cycle, it is possible to anticipate
the future probable direction and change
in interest rates. Depending upon the
economic forces at work, the relative
probabilities for a rising, failing or stable
interest rate environment can be esti­

M


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mated. The investment manager can
then construct a portfolio designed to
complement those probabilities.
It also is important to define exactly
what is meant by interest rates. There
is not just one “ interest rate,” but liter­
ally thousands. Each individual bond is­
sue in the fixed-income market has its
own unique set of supply and demand
patterns. How those patterns compare
with other investment alternatives de­
termines its relative yield level. As a
result, the portfolio manager must an­
ticipate not only the future trend in the
general level of interest rates, but also
the relative changes within the bond
market itself. It is useful to group inter­
est-rate anticipation into three catego­
ries:
• Changes in the “ general” level of in­
terest rates;
• Changes in the relative level of inter­
est rates between market sectors; and
• Changes in the relative level of inter­
est rates within a particular market sec­
tor.
The investment marketplace is not
static. Both the absolute and relative
levels of interest rates are in a continu­
ous state of flux. Exploiting these
changes (rather than being the victim of
them) requires a dynamic style of port­
folio management. Active management
is not “ trading.” Nor is it executing
transactions for their own sake. Active
management is a means of balancing
portfolio structure to accommodate the
changing probabilities of interest-rate
shifts and optimizing total return in a
volatile market environment.
Setting Active Management Framework

The bond swap is a basic tool of the
active management style. A swap must
add economic value to the portfolio or it
should not be executed. Swaps involve
the sale of an existing portfolio holding
(S Bond) and the purchase of another (P
Bond). Analyzing the profitability of a
swap is simply comparing the total re­

turns of both alternatives over a chosen
time horizon. Completing this task
means:
• Setting a time table for the analysis;
• Making an estimate of the future di­
rection and magnitude in the change in
interest rates; and
• Calculating the total returns for both
sides of the swap.
Using this framework, it is possible to
examine a series of bond swaps de­
signed to take advantage of interestrate changes. These are not actual
swaps, but examples designed to dem­
onstrate the basics in terms of total re­
turn. A number of simplifying assump­
tions have been made in the analysis of
each swap. This is intentional. First, as­
sumptions must always be made when
analyzing a potential bond swap. Sec­
ond, to maximize the educational benefit
of the analysis, assumptions were nec­
essary to present the fundamentals
without clutter.
Rate-Anticipation Swaps

The rate-anticipation swap is de­
signed to capitalize on changes in the
“ general” level of in tere st rates.
These changes affect the entire fixedincome market and have a greater im­
pact upon the total return of a portfolio
than other inter-market shifts have.
These changes also are the most diffi­
cult to anticipate. They tend to be mac­
roeconomic shifts, such as a change in
inflationary expectations or the position
in the business cycle. Simply put, rate
anticipation involves changing the dura­
tion of a portfolio to benefit from the an­
ticipated change in rates.
As reflected in Table 1, anticipating a
change in interest rates can add signifi­
cant value to the portfolio versus the
buy-and-hold option. In this case, it re­
sulted in an additional 2.33 percent of
return over the one-year period. The
primary source of value is capital appre­
ciation. Through deliDerately assuming
additional market risk (by extending ma-

Jeffrey B. Griffin is portfolio manager at Piper Capital Management Inc., Minneapolis.
APRIL 8, 1989

15

turities), the portfolio manager is re­
warded in a period of declining interest
rates. The second source of value is the
interest income earned on the takeout.
The takeout is the difference between
the market value of the S Bond and of
the P Bond. When holding the par value
of each equal, it is often possible to free
up cash due to the time value of money
(the longer until maturity, the lower the
present value). This excess cash can be
invested for additional interest income
that would not have been available if the
S Bond were to have been retained.
Market Sector Swaps

The market sector swap is designed
to take advantage of the changing yield
spread relationships between market
sectors. The U.S. Treasury bond mar­
ket is the largest, most liquid and (argu­
ably) the most creditworthy market in
the world. All other fixed-income in­
vestments are measured against a com­
parable U.S. Treasury bond. Since the
supply and demand factors for these al­
ternative types of investments relative
to U.S. Treasury bonds continuously
change, their yield spreads change as
well. But there is usually an equilibrium
yield spread that exists between any
two market sectors. Where the current
yield spread is in relation to that equilib­
rium level affects its total return.
Swapping into the Treasury adds sig­
nificant value to the portfolio because it
avoids the capital depreciation associ­
ated with the widening yield spread.
Again, the capital change component of
total return is the dominant source of
value. This swap also introduces the op­
posite of the takeout: the give up. Be­
cause the market value of the S Bond is
not sufficient to purchase the P Bond
par-for-par, additional cash must be
used. That means losing the incremen­
tal yield from investing that cash. This
opportunity cost must be added to the

TABLE 1 RATE-ANTICIPATION SWAP ANALYSIS
PORTFOLIO HANDLING (S BOND)
$1 million at 8 percent USTN
DUE IN 2 YEARS

DESCRIPTION OF BONDS

DUE IN 5 YEARS

$964,540
990,064
25,524
80,000
2,000
N/A
$107,524
N/A

Beginning market values
Ending market value
Capital change
Coupon income
Interest on coupon income
Interest on takeout
One-year total return
Value added by swap

$922,278
967,020
44,742
80,000
2,000
4,226
$130,968
$23,444

Assumptions:
(1) One-year time horizon.
(2) Current market yield is 10 percent for both bonds (flat yield curve).
(3) Interest rates fall 1 percent at end of horizon to 9 percent.
(4) All swaps are par-for-par.
(5) Accretion of discount/amortization is ignored.
(6) Book value of holding (S Bond) is not factored in because it does not affect total return.
(7) Taxes are ignored for simplicity’s sake.
(8) Interest rate on coupon and takeout is 10 percent per year.
(9) Takeout = beginning M.V. of S bond less beginning M.V. of P bond.

TABLE 2 MARKET SECTOR SWAP ANALYSIS
PORTFOLIO HANDLING (S BOND)
$1 million at 8 percent USTN

PURCHASE CANDIDATE (P BOND)
$1 million at 8 percent USTN

AGENCY NOTE DUE IN 5 YEARS

DESCRIPTION OF BONDS

$979,972
967,020
(12,952)
80,000
2,000
2,002
$71,050
N/A

Beginning market values
Ending market value
Capital change
Coupon income
Interest on coupon income
Interest on giveup
One-year total return
Value added by swap

USTN DUE IN 5 YEARS

$1,000,000
1,000,000
0
80,000
2,000
0
$82,000
$ 10,950

Assumptions:
(1) One-year time horizon.
(2) Current market yields: USTN - 8 percent; Agency - 8.5 percent.
(3) Beginning yield spread 50 basis points. Widens to 100 basis points at end of time horizon.
(4) Ending market yields: USTN - 8 percent; Agency - 9 percent.
(5) Par-for-par snap. Accretion of discount/amortization of premium ignored.
(6) Book value of S bond is not considered because it does not affect total return.
(7) Taxes are ignored for simplicity’s sake.
(8) Interest on coupon and giveup is 10 percent per year.
(9) Giveup = beginning M.V. of P Bond less beginning M.V. of S bond.

analysis. The result, as reflected in Ta­
ble 2 , is an increased one-year return of
1.1 percent.
Substitution Swaps

Yields also can differ on similar bonds
with the same market sector. This can
take two forms. The first is the differ­

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PURCHASE CANDIDATE (P BOND)
$1 million at 8 percent USTN

ence in yield due to the time value of
money, i.e ., the slope of the yield
curve. The second is the difference in
yield between two nearly identical bond
issues. This swap example concen­
trates on the latter. Although the mar­
kets are very efficient, they are not per­
fect. Due to preferences of certain
investors for specific characteristics of
one issue vs. another (such as coupon,
maturity or size of issue), similar bonds
may have different yields. Exploiting
these differences adds value to the port­
folio’s total return.
It is not uncommon for premium
bonds (high coupon) to be trading at a
different yield than discount bonds (low
coupon) due to the same supply/demand
factors that influence changing values
between market sectors. This swap is
designed to take advantage of that dif­
ference. In this particular case, the
value added results from the takeout.
By exploiting the differences in yield be-

TABLE 3
THE SUBSTITUTION SWAP ANALYSIS
PORTFOLIO HANDLING
(S BOND)
$1 million at 14 percent

PURCHASE CANDIDATE
(P BOND)
$1 million at 8 percent

DUE IN 2 YEARS

DESCRIPTION
OF BONDS

DUE IN 1 YEAR

$1,037,188
1,000,000
(37,188)
140,000
3,500
N/A
$106,312
N/A

Beginning market values
Ending market value
Capital change
Coupon income
Interest on coupon income
Interest on takeout
One-year total return
Value added by swap

$976,839
1,000,000
23,161
80,000
2,000
3,719
$108,880
$2,568

Assumptions:
(1) One-year time horizon. Both bonds mature at horizon rate.
(2) Current market yields: S Bond- 1 0 percent; P B o n d - 10.5 percent. Difference due to supply/
demand factors.
(3) Par-for-par swap. Accretion of discount/amortization of premium is ignored.
(4) Book value of S bond is not considered because it does not affect total return.
(5) Taxes are ignored for simplicity’s sake.
(6) Interest rate on coupon and takeout is 10 percent per year.
(7) Takeout = beginning M.V. of S bond less beginning M.V. of P bond.

tween the premium and discount bonds,
excess cash can be freed which can be
invested for incremental return. The
result - an additional 26 basis points of
return.
Caveats

Not every swap examined is work­
able. Depending upon the confidence
placed in the interest-rate forecast,
some swaps may not be profitable
enough to take on the additional risk.
Sometimes the economics do not make
sense. Other factors also must be con­
sidered. Each time a bond is sold, a gain
or loss is recognized. There are tax
consequences. Does the improvement
in total return justify the recognition of a
loss? Does the institution’s tax planning
allow for the recognition of a gain?
These are just two of the issues raised
in discussing the merits of a proposed
bond swap. And the swap not only must
make sense itself, but it also must fit
within the strategic framework of the
bank’s financial condition and policy
guidelines.
Pursuing an active management style
also has risks. As mentioned previously,
in each investment decision a wager of
sorts is made. What if the interest rate
forecast is wrong? What might it do to
the bank’s earnings and liquidity? These
questions also must be addressed when
assessing the profitability of a swap.
The key is diversification. Never “ bet
the bank.” Change the portfolio compo­
sition slowly. If an active management
style is used consistently, it should
never be necessary to radically restruc­
ture the portfolio.

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Implementing Active Management

As with everything else, there is a
cost associated with adding value to the
investment portfolio. There are two
ways to approach the active manage­
ment style. A bank can develop the ca­
pabilities internally, or it can retain an
outside advisor/consultant. Some fac­
tors to consider in the decision:
Time. Implementing an active man­
agement philosophy takes a significant
time commitment. The economy and
capital markets must be monitored con­
tinuously, opportunities must be identi­
fied and analyzed, and then the plan
must be executed.

Education. Assuming an active man­
agement philosophy is an educational
process for the investment officer, bank
management and the board of directors.
A good grasp of the capital markets and
a working knowledge of portfolio man­
agement is vital.
Information. Critical to the success of
an active management style is timely in­
formation on the economy and the mar­
kets. Subscribing to the Wall Street
Journal is just the beginning. The port­
folio manager should have on-line, real
time access to the markets or have a
good working relationship with some­
one who does.
The bank’s asset/liability (ALCO) and
investm ent committees are perfect
places to start the process. The ALCO
already makes interest-rate judgments
in terms of balance sheet allocation (be­
tween loans and bonds, for instance)
and deposit/loan pricing. A logical ex­
tension of this dialogue is setting the
relative probabilities for the various in­
terest-rate scenarios. The investment
com m ittee can examine proposed
swaps and approve them on their mer­
its. Not only are two heads better than
one, but it serves as a valuable educa­
tion tool for all involved.
Using the active management philoso­
phy of total return involves a great deal
of effort. But the rewards are well
worth it. Given the competitive nature
of banking today and the pressures
placed on the net interest margin, it is
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Managem ent

MANAGEMENT CHALLENGES
FOR THE 1990s
ompetition is expected to be­ also is a liability. To carry this further, community bank CEOs face is sur­
come more intense for com­ management can either be an asset or rounding themselves with competent,
munity bankers during the
be the cause of its own death.
aggressive people who want to live in
next 10 years due to the
To illustrate a typical example of a re­ the bank’s community. In order to keep
trickle down theory of na­ cently failed bank: Through an unfortu­ the brightest people interested a bank
tional banking. All of the interstate
nate traffic accident the president of the must grow, either through new oppor­
banking pacts to date have been occa­ bank was injured severely and was riot tunities, new 4C8 activities, acquisition,
sioned without federal legislation, ex­ able to return to work. At that point it tion, branching or new services. A ma­
cept for the failed bank doctrine. The
was discovered the senior loan officer jor problem in many m anagem ent
rest have been accomplished by states
was incompetent. He was sitting on $6 structures is providing opportunities for
reacting to the competition of financial million in bad loans - not fraudulent, not people in lower management positions
service corporations.
fake, not fictitious; just handled poorly. to move up and replace upper manage­
Competition provides an opportunity Documentation was lacking, security ment.
for bankers. Over the last 20 years, no agreements had not been filed, and rol­
One of the toughest problems in
community bank was known to have lovers and extensions of credit had been banking is in the area of succession.
been forced out of business by competi­ recorded indicating accrued interest Most CEOs don’t like to be challenged
tion. A study revealed that 90 percent was paid when nothing actually had been by an executive vice president who is
of all bank mergers and acquisitions paid. The portfolio had approximately brighter than they are - especially when
took place because the companies sold $6 million in holes in it and only $4.5 mil­ the other person is younger. They
voluntarily.
lion in capital.
worry about being fired by the board of
To survive, banks must think better
Another example of management in­ directors. Fortunately, the bank holding
and faster than the major shareholders competency is the case of a senior loan company format allows for employment
and the community. In most cases, it is officer who comptrollers said had per­ contracts. Banks, however, often are
shareholders who shoot down the bank,
formed an outstanding job. He had im­ prohibited from offering employment
not management. Many good banks proved bank policies and office proce­ contracts.
have sold out and merged, not because dures, and had trained all the loan
The best person to have behind a
management was incompetent or died, officers. The problem was he also took CEO is someone who knows more than
not because the bank was unprofitable $3.5 million out of the ban k -sto len the CEO does. When the CEO leaves,
or became insolvent, but because right under the eyes of the external and the person who next sits in the chair had
shareholders wanted liquid securities or internal auditors. All of this happened better be twice as smart. The industry
cash instead of the community bank’s just after the board had given him a 25 has become that tough. Each year,
stock. The millstone of a community percent salary increase because of his there is new, unchartered ground, new
bank is the liquidity of its securities.
“ outstanding” achievements.
products and services, new rules and
For the president or CEO, it does not regulations, new abilities to understand,
The Key To Survival: Management
matter whether senior loan officers or and new concepts in the marketplace of
Competency
cashiers are incompetent or crooks. which the CEO must be aware.
The first major key to survival is man­ The president and CEO are held re­
Management structure and succes­
agement competency. Consider the sponsible. Thus, it is important that sion is extremely important. If anything
president and chief executive officer management be surrounded by the goes wrong, the CEO is the first to be
are they managerially competent? Do smartest, most ethical people possible. sued. CEOs are often directors, and in­
they understand the changing market­ Competency, ethics and the ability to side directors are more vulnerable to
place? Have they surrounded themsel­ double check all transactions is the first lawsuits than are outside directors.
ves with competent people? Manage­ key to survival.
Internal Controls,
ment competency means recruiting,
Audits and Examinations
Management Structure and Succession
retaining and promoting competent indi­
Examinations, audits and internal con­
The second priority on the survival
viduals. It means identifying strengths
and weaknesses, and performing a self- list is management structure and suc­ trol are essential. A bank cannot afford
analysis of management and staff. This cession. One of the greatest challenges not to have an external audit. The
FDIC took a backward step recently
can be done internally or using an out­
when
it withdrew from requiring banks
side expert, but it must be determined
BY DOUGLAS V. AUSTIN
to have audits. Now the examiners can
whether the staff is an asset or a liabil­
Douglas V. Austin is president, Austin As­ be expected to arrive just in time to
ity.
close the bank. It is best for banks to
sociates, Toledo, Ohio.
Lack of a strategic plan for the bank

C


18 NORTHWESTERN FINANCIAL REVIEW
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Federal Reserve Bank of St. Louis

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keep sending in their quarterly reports
and not to count on the examiners for
help.
Using the external audits staff is help­
ful. If the examiners are not there, the
audit staff can provide checks and bal­
ances. Are they perfect? No, but the
audit committee is extremely impor-

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What about an internal audit? This
practice is controversial: A single inter­
nal auditor is the best way of getting
into trouble. Internal auditors have two
things going for them, and against the
bank: 1) They are usually the smartest
people in management; and 2) They are
the only ones who have access to all of
the bank. So if the bank has one internal
auditor, the best thing to do is to get her
or him a friend. Conspiracy is more diffi­
cult when the bank has two auditors.
Management Education

Management Style

The fourth area of importance is man­
agement education. Management must
know more than the cashier, vice presi­
dent or executive vice president and
must understand all of the bank’s func­
tions. The most important responsibility
of the CEO is to plan and administer.
When management selects educa­
tional programs to attend, it should seek
the intense types where they can learn
more about banking and improve their
skills. This should also be required of
others in senior management. Every­
one must be on the same team and must
understand the same information in this
industry.

What is the appropriate management
style for the future? Is it management
by objectives or management by walk­
ing around? Is it delegating? It could be
all three. If the organization doesn’t
have objectives, plans and goals, it
flounders and cannot long survive.
M anagem ent by walking around
shows concern for people. It is a good
idea for CEOs to meet with people, to
communicate with them, to see what
they are doing and to visit their work
areas. By walking around and letting
them know they care about what others
do, they create a team. That is the chal­
lenge - to keep employees motivated.
Delegating projects gives the people be­
hind the CEO the opportunity to make
their own poor decisions or mistakes.
Those behind the CEO cannot learn
how to be stronger and better team
members or managers unless they have
the opportunity to make their own mis­
takes. Delegate and remember: hold
them accountable. Review what they do
and make sure they understand that
they are expected to mature as man­
agers in the organization.

Management Communication

Fifth, management communication is
extremely important for survival in the
future. It is the ability of the organiza­
tion to communicate information among
senior officers. The CEO is both com­
municator and administrator. The CEO

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20 NORTHWESTERN FINANCIAL REVIEW
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Federal Reserve Bank of St. Louis

is the cheerleader who must lead the
team, give it focus and provide a vision
for the next five to 10 years. CEOs
must be able to communicate, including
both speaking and listening.
In most lender liability cases, there
had previously been a problem in the
loan department, but no one communi­
cated that fact until a lawsuit was filed.
At a lower level, an employee “ covered
up’’ and never let a senior level officer
know there was a problem. That is not
communication.

Profitability And A/L Management

A recent study indicates that 80 per­
cent of all capital raised in the United
States by banking organizations re ­
sulted from earnings. That means that
$8 out of every $10 of capital raised in
the past decade resulted from earnings
or profitability. If profitability is weak, a
bank’s ability to go to the market is
hampered significantly.
Like the board of directors, the CEO
wants asset and liability management,
but may not know what it is. It is impor­
tant that the CEO understand duration,
the concepts that are important to the
survivability of the organization. The
CEO, for example, should not make
consumer loans on a fixed basis just be­
cause that is what the competition does.
The CEO must have all the tools neces-

sary for ensuring the bank is profitable
and survives in the marketplace.
Holding Company Format

Consider the format of the bank hold­
ing company. A community bank that is
not in a holding company cannot sur­
vive. The holding company has corpo­
rate flexibility. What does that mean? It
allows the organization to buy things
and to do things that can’t be done as a
bank. It allows anti-takeover measures;
it allows residency clauses, supermajor­
ity clauses, and fair price provisions to
be placed in the articles of the bank.
This allows the bank to control its own
destiny.
The shareholders list is a time bomb
in the community bank. The sharehold­
ers list is where the pressure for sale,
or the pressure for leaving the industry,
is located. If a bank is to survive, it must
transit the shareholder base. In most
states, this cannot be done as a bank, or
it can be done only on a limited basis. A
holding company has the ability to re­
deem corporate stock. The bank hold­
ing company format permits redemption
of stock and anti-takeover measures or
leveraged buyouts.
CEOs less than 50 years of age who
would like to own a piece of the organi­
zation should consider a leveraged buy­
out. The bank is probably owned by
older shareholders, who may have most
of their net worth tied up in bank stock.
If those shareholders die and their es­
tate puts 10 percent of the stock or
bank holding company stock on the mar­
ket at one time, the bank is in trouble.
The CEO may use the corporate re­
demption of the bank holding company,
or have a leveraged buyout ready to
take over through a management buy­
out. An unsolicited takeover can be
avoided by having anti-takeover mea­
sures available.
Another aspect of the bank holding
company that is not handled very well
by the community bank is nonbanking
4C8 activities. In smaller towns (in se­
lected states), full service insurance can
be provided. Don’t wait for insurance
powers to be granted for 4C8s under
the Bank Holding Company Act, other
than credit life. The bank may want to
go into the insurance business, do ap­
praisal work, offer tax preparation, or
run a credit bureau or collection agency.
Austin Associates conducted a survey
of one-bank holding companies in Illi­
nois, Indiana, Michigan, Ohio and West
Virginia and received 272 replies. When
asked what they had done with their

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Federal Reserve Bank of St. Louis

holding company, 87 percent said they
had not used a single 4C8 activity. What
was interesting was that 15 percent had
gone out and bought another bank.
Why? They know banking, so they fig­
ured the best thing to do was buy a
bank, not start a 4C8 activity. Only 13
percent had either acquired or had
started 4C8 activities and most of those
were in the mortgage banking subsidi­
ary business.
Regardless of state branching laws,
4C8 activities are worldwide. A loan
production office can be put in the state

capital or a consumer finance office in
the next state. 4C8 activities are not re­
stricted by state law.
What is the major reason for having a
bank holding company? The answer is
quite simple: to redeem corporate
stock. About 46 percent of those sur­
veyed rep o rted holding corporate
stock. Those banks had managed their
market and were looking for share­
holder transitions, were trying to keep
their community banks alive, and were
Continued on page 69

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BY JENNIFER DRISCOLL

NORTHWESTERN
FINANCIAL REVIEW
1989 BANK ROSTER
Upper M idw est's banks ranked by deposits

ergers and acquisitions led
to the concentration of de­
posits in few er Upper
M idwestern banks, ac­
cording to data compiled
for the Northwestern Financial Review's,
annual bank roster.
A quick glance at the table on page 23
shows that almost all of the 25 fastest
growing banks, in terms of deposits,
grew through a merger or an acquisi­
tion. Most notably, of course, was
Norwest Corp., which combined its 42
Twin Cities locations into Norwest Bank
Minnesota Jan. 1, 1988 (one day after
First Bank System made a similar move
with its 32 Twin Cities banking offices).
Acquiring banks didn’t always gain as
many deposits as one might expect.
T hirteenth-ranked Exchange State
Bank, Collins, Iowa, for example,
merged with Mingo Trust & Savings
Bank, which had $11,789,000 in de­
posits. Exchange State Bank’s 1988 de­
posit total is only $10,492,000 higher
than its 1987 total.
Some banks on the top 50 list were
able to set the competition on its ear
without a merger. Among them were
25th-ranked Republic Bank of Miller

M

Hill, Duluth, Minn., which grew 58 per­
cent, and 27th-ranked Midstate Bank of
Montana, Lewistown, which increased
its deposits by 57 percent (see article
on page 40).
At the state level, total deposits were
up, after decreasing slightly last year
(see chart, page 26). Some of the
growth may be due to the popularity of
certificates of deposit following the
stock market plunge in October 1987.
North Dakota banks attracted the most
new deposits, showing a respectable
7.8 percent increase which out-paces
inflation by about 3.5 percentage points.
Next best in deposit performance were
Nebraska, with 3.5 percent growth;
Minnesota, with 2.6 percent; South Da­
kota, 2.5 percent; and Iowa, 1.4 per­
cen t. M ontana d ep o sits declined
slightly, dropping 0.4 percent.
THE NUMBER OF banks in the Upper
Midwest fell, reflecting the large num­
ber of mergers. In the region, there are
2,250 banks, down 5 percent from last
year. The year brought 89 mergers,
more than twice that of 1987.
Consolidation, of course, is a nation­
wide trend. According to James Camp­

bell, president and chief executive offi­
cer of N orw est Bank M innesota,
California has 16 banks per million resi­
dents. New York has about 11 banks per
million in population, and Arizona, about
10. Minnesota, by comparison, has 148
banks per million. With the state’s inter­
state banking and regional branching
laws in place, Campbell said, Minneso­
ta’s banking environment might soon
begin to resemble Washington’s or
South Carolina’s, which have 88 banks
and 75 banks, respectively, and laws
similar to those of Minnesota. (For in­
formation on Montana’s new branching
bill, see page 59.)
‘‘We expect more banks to be bought
and sold in the next five years than have
been in the last 25 years,” Campbell
said.
Campbell’s prediction is one
many bankers throughout the Upper
Midwest would make, according to the
Chicago Corp, an investment banking
firm. A recent Chicago Corp survey
says 32 percent of Midwestern bankers
expect more acquisitions this year, and
another 55 percent see a continuation of
the 1988 activity level. ■

Jennifer Driscoll is associate editor o/Northwestern Financial Review.

22 NORTHWESTERN FINANCIAL REVIEW
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

MIDWEST’S TOP 50
IN DEPOSIT GROWTH
Rank

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

Bank Name

1988

1st Nebraska Bank, Columbus, N E . . . . . 68,884,000
Norwest Bank North Dakota, Fargo. . . .747,604,000
1st Bank Central, St. Cloud, M N ........ .243,897,000
1st Bank of North Dakota, F a rg o ........ .649,302,000
Bank of Mondovi, W I........................... . 25,939,000
Prairie State Bank, Milan, M N ............ . 23,627,000
Norwest Bank MN South, Faribault . . . .202,446,000
Lake Country State Bank, Long Prairie,
MN......................................................... . 21,543,000
Norwest Bank MN West, Moorhead .. .234,834,000
1st Dakota National Bank, Yankton, SD .115,076,000
1st Bank Southeast, Rochester, MN .. .502,904,000
Norwest Bank Central, St. Cloud, M N. .175,085,000
Exchange State Bank, Collins, IA ........ . 23,134,000
Norwest Bank MN South Central,
Mankato ..
.249,200,000
1st National Bank of Hastings, MN . . . . 47,467,000
1st State Bank, Conrad, IA
. 34,216,865
Bank of Hoven, SD ............................... . 51,885,000
1st National Bank Aitkin MN
23,731,000
1st National Bank, Keewatin, MN........ . 9Ì613Ì000
2st National Bank, St Ignace MI
. 60,516,000
Norwest Bank MN Southeast,
Rochester............................................. .349,396,000
Brenton Bank & Trust Co., Clarion, IA . 44,167,000
American State B&T of Dickinson, ND . 46,795,000
American State Bank, Osceola, IA . . . . . 15,215,000
Republic Bank of Miller Hill, Duluth, MNÍ 25,358,000


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

H

% I

Change!

Rank

9,410,000
160,511,000
54,586,000
199,951,000
9,315,000
8,995,000
90,332,000

632
366
347
225
178
163
124

26
27
28

9,640,000
108,887,000
55,642,000
248,555,000
90,278,000
12,642,000

123
116
107
102
94
83

136,859,000
26,478,000
19,310,000
29,327,425
13,576,000
5,610,000
36,149,000

82
79
77
77
75
71
67

215,213,000
27,302,000
28,972,000
9,597,000
16,083,000

62
62
62
59
58

1987

29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50

Bank Name

1988

West Gate Bank, Lincoln, N E .............. . 24,173,194
Midwest Bank of Montana, Lewistown. . 10,534,018
Community Savings Bank, Edgewood,
IA........................................................... . 40,277,700
Community Nat’l Bank, North Branch,
MN......................................................... . 19,118,000
Security State Bank, Hubbard, IA........ . 24,176,000
Midamerica Bank Chaska, M N ............ . 54,627,000
F & M State Bank, Springfield, MN . . . . 63,729,000
Farmers State B&T Co., Lexington, NE 49,574,000
1st Security Bank, Deer Lodge, M T . .. . 17,670,000
Norwest Bank MN,
Minneapolis........................................... 15,540,745,000
City National Bank of Cedar Rapids, IA . 35,270,242
1st American Bank, Washburn, WI . . . . . 38,395,000
Norwest Bank MN North, Duluth........ .322,575,000
Bank St. Croix, Roberts, W I................ . 7,767,834
Victoria State Rank. M N ..................... . 19.093.000
Norwest Bank MN Southwest, Marshall 149,062,000
Sloan State Bank, IA............................. . 18,610,000
1st National Bank of Monticello, MN .. . 25,007,000
Valley State Bank, Yankton, S D .......... . 66,952,000
The Dakota Bank, Grand Forks, ND .. . 25,522,000
1st National Bank, Hutchinson, MN . . . . 54,532,000
Farmers Savings Bank, Fremont, IA .. . 29,194,000
Kimball County Bank, Bushnell, NE . . . . 6,203,256
1st of America Bank-Marquette, MI . . . .119,271,000
Westbrook-Darfur State Bank, MN . . . . 28,788,000

APRIL 8, 1989

1987

Change!

15,386,000
6,707,000

57
57

25,733,000

57

12,545,000
16,330,000
37,238,000
43,959,000
34,766,000
12,414,000

52
48
47
45
43
42

3,895,776,(aaj
25,073,000
27,360,000
230,146,000
5,553,000
13,723,000
108,346,000
13,534,000
18,265,000
49,533,000
18,946,000
40,689,000
21,826,000
4,645,000
90,332,000
21,877,000

42
41
40
40
40
39
38
38
37
35
35
34
34
34
32
32

23

Rank
12/31/88

Name of Bank

Deposits
12/31/88

Deposits
12/31/87

Raitk
12/31/87

Rank
12/31/88
Name of Bank
71 1st NB IN CRESTON..............................................................
72 BRENTON NB • POWESHIEK CTY, GRINNELL . . .
73 WASHINGTON SB....................................................................
74 FARMERS NB OF WEBSTER CITY
75 BRENTON B&T CO, M ARSHALLTOW N.............

Deposits
12/31/88

Deposits
12/31/87

74,082,000
72,887,000
72,430,000
72,209,163
70,458,663

81,471,000
70,326,000
66,668,000
77,149,000
71,514,000

59
75
79
65
74

Rank
12/31/87

1
2
3
4
5

NORWEST BANK OF DES MOINES, N.A .....................
DAVENPORT B&T CO
MERCHANTS NB, CEDAR R A PID S......................
BANKERS TRUST CO., DES M OINES....................
NB OF WATERLOO

1,040,823,000
929,290,000
622,703,922
400,039,000
340,039,000

1,001,917,000
894,116,000
567,428,000
396,218,000
300,543,000

1
2
3
4
6

6
7
8
9
10

1st INTER SB OF DES MOINES, N.A.....................
VALLEY NB, DES M O IN E S ...................................
NORWEST BANK CEDAR RAPIDS, N.A.........................
SEC NB, SIOUX C IT Y ..........................................
1st NB, IOWA C IT Y ........................

329,430,000
302,471,737
298,293,000
288,097,719
246,310,000

338,709,000
276,295,000
292,931,000
235,371,000

5
8
593
7
10

76
77
78
79
80

GUARANTY B&T CO, CEDAR RAPIDS..................
NORWEST BANK CEDAR FALLS, N.A...............................
LEMARS SAV BAN K..............................................................
IOWA ST SAV BANK, CL IN TO N .............................
1st SB. WEBSTER C IT Y ......................................

69,781,171
69,565,502
68,995,562
68,262,000
68,163,000

67,612,000
67,216,000
72,269,000
62,896,000
62,739,000

76
77
73
86
89

11
12
13
14
15

NORWEST BANK SIOUX CITY, N.A...................................
HILLS B&T CO...........................................................................
AMER TRUST & SAV BANK, DU BU QU E...............
COUNCIL BLUFFS SAV B A N K ...........................................
WATERLOO SAV BANK.........................................................

236,044,000
234,665,000
225,095,000
222,719,000
221,110,000

239,717,000
224,734,000
226,528,000
219,093,000
202,938,000

9
12
11
13
16

81
82
83
84
85

CLARK CTY SB, O S C E O L A ...................................
EAST DES MOINES NB
GRUNDY NB, GRUNDY C E N T E R ........................
CEDAR FALLS TRUST & SAV BANK
PELLA NB .................................................................................

68,021,000
67,027,000
65,605,715
65,188,000
65,080,625

66,795,000
65,724,000
62,787,000
61,142,000
61,307,000

78
81
87
96
95

16
17
18
19
20

WEST DES MOINES SB.........................................................
DUBUQUE B&T CO
SEC BANK, M ARSHALLTOW N...........................
1st NB, DUBUQUE.................................................
IOWA SB&T CO, IOWA C IT Y .................................

210,548,707
210,208,949
208,535,163
200,253,000
177,466,000

206,607,000
198,938,000
198,185,000
199,479,000
171,662,000

15
18
19
17
20

86
87
88
89
90

IOWA TRUST & SAV BANK, OSKALOOSA...........
SB OF LAWLER
1st NB OF WAVERLY............................................................
SB OF WAVERLY ....................................................................
LINCOLN SAV BANK. REINBECK..........................

64,953,000
64,812,000
64,704,000
64,582,406
64,569,410

62,360,000
57,495,000
63,584,000
65,876,000
63,312,000

90
103
83
80
85

21
22
23
24
25

BRENTON NB OF DES MOINES.........................................
CENTRAL SB, M U SC A T IN E .................................
MONTICELLO SB
1st NB, A M E S.........................................................
1st NB, SIOUX C I T Y ............................................

170,981,000
165,956,572
162,917,398
156,946,642
149,322,348

163,231,000
159,284,000
163,152,000
159,392,000
150,073,000

21
24
22
23
25

91
92
93
94
95

1st NB, CLINTON...................................................
1st WHITNEY B&T, ATLANTIC.............................
1st NB OF FAIRFIELD............................................................
HUMBOLDT TRUST & SAV BANK......................................
CLEAR LAKE B&T CO

64,119,857
62,086,309
61,901,000
61,586,000
61,360,000

63,837,000
62,786,000
50,720,000
61,394,000
62,267,000

82
88
131
93
91

26
27
28
29
30

CLINTON N B ............................................................................
1st NB OF MUSCATINE......................................................
UNION B&T CO, OTTUM W A.................................
1st NB, COUNCIL BLUFFS.................................
NORTHWEST B&T CO., D A VENPO RT..................

147,587,194
146,399,000
141,336,836
139,532,667
129,192,000

139,693,000
143,129,000
147,077,000
128,112,000
131,010,000

28
27
26
32
30

96
97
98
99
100

BURLINGTON B&T
HOME TRUSTS SAV BANK, O SA G E........................
SEC B&T CO, DECORAH..........................................
ANKENY SB ..............................................................................
COMMERCIAL SAV BANK, CARROLL......................

61,272,000
60,351,000
59,675,000
59,293,116
59,093,000

56,154,000
55,556,000
55,478,000
52,706,000
60,690,000

108
109
110
124
97

31
32
33
34
35

NORWEST BANK MASON CITY, N.A.................................
1st NB, B U R LIN G TO N ........................................
HAWKEYE B&T OF DES MOINES......................................
FARMERS SB, MARION..........................................
NORWEST BANK FORT DODGE, N.A.................................

128,583,000
127,157,335
126,656,000
122,574,679
122,136,000

135,427,000
122,531,000
122,939,000
122,575,000
121,727,000

29
36
33
35
37

101
102
103
104
105

HERITAGE BANK, N.A., H O L ST E IN ........................
OELWEIN S B ..............................................................................
HAWKEYE B&T, HU M BOLDT.................................
CITIZENS NB, B O O N E...............................................
IDA CTY SB, IDA G R O V E ........................................

58,936,335
58,843,757
58,612,000
58,494,351
57,599,000

57,476,000
59,047,000
56,608,000
61,374,000
57,408,000

104
100
107
94
105

36
37
38
39
40

PEOPLES B&T CO, W A TE R LO O ...........................
CITIZENS 1st NB, STORM L A K E ........................
DECORAH SB
UNITED B&T, AM ES.................................................
1st INTER SB OF FORT DODGE.........................................

117,879,000
116,853,282
116,616,000
113,393,000
109,763,040

128,256,000
116,250,000
110,102,000
122,817,000
102,242,000

31
38
39
34
44

106
107
108
109
110

CARROLLCTY SB
BOONE SB&T CO
PILOT GROVE SAV B A N K ......................................................
BRENTON B&T CO. A D E L ........................................
DEWITT B&T CO

56,491,000
56,009,721
55,727,000
55,679,000
55,623,000

55,246,000
57,543,000
53,548,000
56,758,000
59,331,000

112
102
121
106
99

41
42
43
44
45

1st INTER SB OF MASON CITY.........................................
1st BANK, D A V E N PO RT.....................................
PEOPLES TRUST & SAV BANK, INDIANOLA . . . .
1st SEC B&T CO, CHARLES C IT Y ......................
JASPER CTY SAV BANK. N E W T O N ......................

107,854,193
107,216,000
105,234,000
104,088,185
103,931,878

109,691,000
109,753,000
106,665,000
97,313,000
104,489,000

41
40
42
46
43

111
112
113
114
115

EMMET CTY SB, E S T H E R V IL L E ...........................
SEC SAV BANK, EAGLE GROVE ..........................
ST. ANSGAR S B .........................................................................
1st IOWA SB A I.B IA .................................................
PERRY S B .................................................................................

55,525,000
55,299,518
54,614,000
54,363,000
54,049,909

59,688,000
59,003,000
54,098,000
54,797,000
54,621,000

98
101
119
114

46
47
48
49
50

STATE CENTRAL BANK, K E O K U K ........................
1st INTER SB OF URBANDALE.........................................
MANUFACTURERS B&T, FOREST C I T Y .............
MAQUOKETA SB......................................................................
IOWA SB, DES M O IN E S........................................

101,792,922
98,359,441
97,984,142
96,680,000
92,297,909

84,156,000
100,091,000
82,927,000
94,197,000
90,265,000

55
45
58
47
51

116
117

53,852,000
53,733,865
53,527,961
53,181,244
53,065,000

53,238,000
54,469,000
53,781,000
51,307,000
54,152,000

122
116

118
119
120

GLENWOOD SB
IOWA SB. AI.GONA...................................................
HOME SB, JEFFERSON ..........................................
GREEN BELT B&T, IOWA FA LLS.............................
IOWA FALLS S B .........................................................................

51
52
53
54
55

SHELBY CTY SB, HARLAN.....................................
CITIZENS NB, CHARLES CITY .............................
F&M B&T, BU R LIN G TO N ...................................
AMER SB, SIOUX C E N T E R .................................
1st AMER SB, FORT D O D G E...............................

92,217,900
91,598,000
87,797,000
87,070,738
86,055,148

91,097,000
92,467,000
85,620,000
79,884,000
90,461,000

49
48
53
62
50

121
122
123
124
125

CITIZENS SAV BANK, ANAMOSA.............................
SB OF TOLEDO
OSAGE FARMERS N B ..............................................................
LEE CTY SAV BANK, FORT M A D ISO N ..................
HOUGHTON SB, RED O A K ........................................

52,618,000
52,463,062
52,281,868
52,197,000
52,172,172

52,061,000
51,291,000
50,910,000
50,444,000
54,261,000

125
128
130
132
117

56
57
58
59
60

HARDIN CTY SAV BANK, ELD ORA........................
MAHASKA SB, OSKALOOSA.................................
1st NB, CLARION...................................................
CHEROKEE SB
BRENTON 1st NB, D A V E N PO R T ........................

85,773,679
84,927,623
84,836,177
84,563,311
81,040,000

83,399,000
85,993,000
85,469,000
80,524,000
74,688,000

56
52
54
60
67

126
127
128
129
130

BRENTON NB OF PERRY
NORWEST BANK OTTUMWA,N.A..........................................
COMMUNITY NB&T CO, KN OX VILLE....................
MONTGOMERY CTY NB, RED OAK..........................
NB&T CO, CHARITON ............................................

51,664,000
51,454,000
51,142,000
51,071,615
50,700,000

51,666,000
55,165,000
48,021,000
52,880,000
61,685,000

126
113
139
123
92

61
62
63
64
65

1st TRUST & SAV BANK, CEDAR R A P ID S .........
NORWEST BANK ATLANTIC, N.A.......................................
HENRY CTY SAV BANK, MT PLEASA NT.............
SOUTH OTTUMWA SAV BANK...........................................
FARMERS STATE SAV BANK, IN D EPEN D EN CE.

80,783,000
80,248,000
79,224,000
78,763,142
78,432,320

74,416,000
82,984,000
74,673,000
74,617,000
77,162,000

71
57
68
69
64

131
132
133
134
135

LIBERTY TRUST & SAV BANK, D U R A N T ...............
1st NB. HAMPTON .................................................
BRENTON SB, DALLAS CE N TER ..........................
1st INTER SB OF SPENCER, N.A.........................................
COMMUNITY SB CLARENCE.................................

49,646,000
49,370,791
48,778,889
48,676,000
48,492,000

49,032,000
50,066,000
43,315,000
49,812,000
48,292,000

136
134
159
135
138

66
67
68
69
70

IOWA TRUST & SAV BANK. CENTERVILLE . . . .
SB&T, COUNCIL B L U FFS...................................
CRESCO UNION SAV BANK.................................................
BETTENDORF BANK, N.A......................................................
MARION CTY SB, P E L L A ........................................

78,190,088
76,163,000
75,281,686
75,107,000
74,603,859

80,414,000
63,534,000
74,595,000
74,698,000
73,364,000

61
84
70
66
72

136
137
138
139
140

SB&T CO, NEVADA...................................................
IOWA STATE SAV BANK, CRESTON........................
HANCOCK CTY NB, GA RN ER...................................
CITIZENS SB. CLARINDA........................................
IOWA SB&T CO, FA IRFIELD...................................

48,096,516
48,072,000
47,916,545
47,735,000
47,660,000

48,978,000
47,084,000
55,413,000
50,384,000
46,617,000

137
144
111
133
146

24 NORTHWESTERN FINANCIAL REVIEW

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

115

120
127
118

Rank
12/31/88

Name of Bank

Deposits
12/31/88

Deposits
12/31/87

Rank
12/31/87

Rank
12/31/88

Name of Bank

Deposits
12/31/88

Deposits
12/31/87

Rank

141

47,237,000
47,174,352
46,873,000

47,555,000
50,980,000
45,685,000
44,042,000
46,457,000

129
149
156
147

211 CITY NB OF CEDAR RAPIDS.................................................
212 SEC TRUST & SAV BANK, SH EN A N D O A H ...........
213 CITIZENS SB, SHELDON..........................................
214 FAIRFAX STATE SAV BANK....................................................
215 1st NB, WEST DES M O IN E S ...............................

35,270,242
35,241,000
35,222,000
34,956,000
34,425,000

25,073,000 291
35,227,000 205
35,757,000 203
33,002,000 222
34,490,000 212

FIDELITY B&T, DYERSV1LLE.................................
1st INTER SB OF ALGONA
1st SB, M ANCHESTER..........................................
BRENTON B&T CO., U R BA N D A LE........................
SEC SB, SHELDON...................................................

46,388,415
45,966,000
45,791,000
45,178,000
45,100,818

46,001,000
47,969,000
47,489,000
37,700,000
45,667,000

148
140
142
191
150

216 NB OF WASHINGTON..............................................................
217 1st SB C O N R A D .....................................................
218 ONAWA SB....................................................................................
219 1st CENTRAL SB. D E W IT T ......................................
220 IOWA TRUST & SAV BANK, EM M ETSBURG ...........

34,360,000
34,216,865
34,115,000
34,114,857
33,375,000

33,140,000
19,310,000
34,368,000
33,532,000
35,173,000

151
152
153
154
155

IOWA STATE SAV BANK, K N O X V IL L E ..................
CRAWFORD CTY T & SAV BANK, D E N IS O N ...........
COMMERCIAL SB, MARSHALLTOWN..................
KEOKUK SAV B&T CO...............................................................
HAWKEYE B&T N.A., CEN TER V ILLE....................

45,044,793
44,963,000
44,692,000
44,549,000
44,472,000

43,128,000
41,880,000
47,488,000
45,201,000
44,669,000

161
168
143
152
154

221
222
223
224
225

1st NB, FO N TA N EL LE ....................................................
LAURENS SB
KINGSLEY SB
NORTHWOOD S B ......................................................................
1st INTER SB OF MARENGO.................................................

33,198,972
33,002,000
32,985,655
32,878,000
32,856,000

32,977,000 223
34,134,000 215
31,828,000 236
31,675,000 237
35,103,000 209

156
157
158
159
160

BRENTON B&T CO, C L A R IO N .................................
F&M SB, W IN TER SET ............................................
BRENTON SB OF JEFFERSON..............................................
DAVIS CTY SAV BANK, B L O O M FIELD ..................
1st NB IN LEMARS.................................................................

44,167,000
44,136,854
43,880,000
43,694,000
43,517,372

27,302,000
43,982,000
45,438,000
43,351,000
40,822,000

271
157
151
158
174

226 KELLOGG-SULLY B&T...............................................................
227 SAC CITY S B ...............................................................................
228 KEY CITY B&T CO, D U B U Q U E ...............................
229 1st SB, G R E E N E .....................................................
230 1st INTER SB OF CRESCO. N.A............................................

32,821,000
32,803,005
32,633,208
32,490,757
32,411,000

33,256,000 219
32,344,000 228
32,897,000 224
32,121,000 234
32,655,000 226

161
162
163
164
165

SEC SB, NEW H A M PT O N ......................................
WILTON SAV BANK ..............................................................
CITY NB, SHENANDOAH......................................
SEC T & SAV BANK, STORM L A K E ....................
F&M SAV BANK. W AUKON....................................

43,048,999
42,948,555
42,819,780
42,743,184
42,347,000

43,245,000
40,729,000
42,050,000
46,844,000
42,015,000

160
175
166
145
167

231 ACKLEY S B .................................................................................
232 WALCOTT T & SAV BANK
233 SWEA CITY SB
234 1st SB, B R ITT............................................................
235 CITIZENS SB, POCAHONTAS.................................

32,388,847
32,157,197
32,130,000
32,092,219
32,085,000

32,584,000 227
32,124,000 233
31,041,000 243
32,708,000 225
35,152,000 208

166
167
168
169
170

MEDIAPOLIS SAV BANK
1st NB OF OELWEIN
UNION SB, W INTERSET........................................
TIPTON SB
1st NEWTON NB ....................................................................

42,345,716
42,199,000
41,950,000
41,698,000
41,560,000

40,339,000
42,960,000
44,618,000
40,979,000
41,809,000

178
163
155
172
169

236 NB OF ROCKWELL C IT Y .........................................................
237 LYON CTY SB, ROCK RAPIDS.................................
238 F&M SAV BANK, M A N CH ESTER...........................
239 F&M SAV BANK. LONE T R E E .................................
240 GUTHRIE CTY SB, GUTHRIE C E N T E R ...............

31,954,980
31,903,000
31,648,222
31,451,000
31,426,000

30,962,000 245
31,405,000 239
30,874,000 247
32,202,000 229
30,788,000 248

171
172
173
174
175

1st SB, BELM OND.................................................
CITY SB, OGDEN ...................................................
1st NB, SIOUX C E N T E R ......................................
WAUKON SB ............................................................................
MIDWAY B&T, CEDAR F A L L S .............................

41,407,000
41,356,646
41,208,571
40,866,861
40,718,000

42,454,000
40,668,000
39,606,000
37,607,000
37,720,000

165
176
180
192
190

241
242
243
244
245

1st NB. M ANNING...................................................
EARLHAM SAV BANK..............................................................
1st NB E S S E X .......................................................................
COMMUNITY NB OF MUSCATINE
NORWEST BANK KEOKUK. N.A.............................................

31,410,618
31,362,000
31,226,000
31,224,000
31,202,000

32,188,000 230
31,940,000 235
31,120,000 241
27,660,000 268
34,025,000 216

176
177
178
179
180

HARLAN N B ...............................................................................
UNITED SB, CEDAR R A PID S...............................
NORTHWESTERN SB OF ORANGE CITY
COMMUNITY SAV BANK, ED G EW O O D ................
FARMERS T & SAV BANK, WILLIAMSBURG . . .

40,698,000
40,495,422
40,313,000
40,277,700
40,246,215

38,562,000
40,920,000
41,473,000
25,733,000
40,538,000

184
173
170
283
177

246 MAPLETON T & SAV BANK....................................................
247 1st T & SAV BANK, M OVILLE.................................
248 RANDALL-STORY SB, STORY C IT Y ........................
249 CITIZENS SB. CORYDON ........................................
250 MOUNT VERNON B&T C O ......................................................

31,041,000
30,898,838
30,816,000
30,599,000
30,575,000

31,241,000 240
33,242,000 220
29,219,000 259
32,146,000 232
29,262,000 258

181
182
183
184
185

FARMERS SAV BANK, KALONA.............................
AUDUBON SB
OKEY VERNON 1st NB, CO RN IN G ........................
PAGE CTY SB, CLARINDA ...................................
HAWKEYE B&T, MOUNT AYR...............................

40,208,000
39,880,000
39,818,000
38,983,000
38,911.000

38,739,000
38,454,000
43,120,000
42,953,000
38,595,000

182
185
162
164
183

251 COMM’L T & SAV BANK, STORM L A K E ...............
252 IOWA SAV BANK. W O O D B IN E ......................................
253 IOWA SAV BANK, COON R A PID S .................................
254 1st NASHUA SB.........................................................................
255 1st B&T, SPIRIT L A K E ....................................................

30,417,000
30,359,000
30,152,452
30,081,917
29,925,558

30,623,000 250
23,890,000 302
28,131,000 264
29,576,000 253
30,962,000 246

186
187
188
189
190

HAWKEYE B&T, MOUNT P L E A SA N T ................
CITIZENS SB, W YO M IN G......................................
PEOPLES NB. COLUMBUS J C T ...........................
1st NB, NEW HAMPTON ....................................
TITONKA SAV BANK..............................................................

38,829,000
38,482,258
38,020,357
37,811,000
37,795,000

41,462,000
36,338,000
37,952,000
37,862,000
40,049,000

171
195
187
188
179

256 FARLEY SB
257 DECATUR CTY SB L E O N ....................................................
258 BRENTON B&T CO, CEDAR RAPIDS......................
259 1st NB, MISSOURI VALLEY.................................
260 LIBERTY B&T, MASON C I T Y .........................................

29,683,000
29,468,000
29,457,000
29,375,535
29,213,000

29,075,000
31,085,000
29,024,000
29,303,000
30,646,000

191
192
193
194
195

BRENTON BANK, E M M E T SB U R G ......................
NORWEST BANK DENISON. N.A.........................................
KERNDT BROTHERS SAV BANK, LANSING...........
HAWKEYE B&T S P E N C E R ...................................
FARMERS T & SAV BANK. BUFFALO C T R .........

37,655,000
37,587,000
37,447,787
37,409,858
37,373,000

37,792,000
36,873,000
35,992,000
33,431,000
38,850,000

189
194
202
218
181

FARMERS SAV BANK, F R E M O N T .................................
SEC SB, G U T T E N B E R G ........................................
263 GEORGE S B .................................................................................
264 1st NB OF SUMNER.................................................................
265 ROCK RAPIDS SB

29,194,000
28,802,335
28,736,134
28,712,972
28,702,594

21,826,000 334
28,610,000 263
29,455,000 255
31,005,000 244
29,390,000 256

196
197
198
199
200

STORY CTY B&T CO................................................................
WEST LIBERTY SB
BLUE GRASS SAV BANK......................................................
WALL LAKE SAV BANK.........................................................
SB OF VINTON

37,311,918
36,989,000
36,793,000
36,783,049
36,623,000

36,326,000
35,303,000
34,665,000
36,036,000
36,250,000

196
204
211
201
200

266 FARMERS SB, JE W E L L ............................................
267 ALTOONA S B ...............................................................................
268 VALLEY SB. ROCK VALLEY...................................
269 1st NB. AKRON ....................................................................
270 1st TRUST & SAV BANK, R E M S E N ..............................

28,386,000
28,355,000
28,117,000
28,110,000
28,062,000

29,561,000 254
27,569,000 269
29,033,000 261
28,053,000 266
27,069,000 274

201
202
203
204
205

CITIZENS B&T CO. N.A., BELLE P L A IN .............
1st INTER SB OF ESTHERVILLE
CENTRAL T & SAV BANK, ELD R ID G E ..................
COLUMBUS JUNCTION SB
SEC SB INDEPENDENCE ...............................

36,487,935
36,468,000
36,346,978
36,346,000
36,314,000

34,930,000
38,119,000
44,894,000
36,293,000
37,467,000

210
186
153
198
193

271
272
273
274
275

HAWKEYE B&T. C H A R ITO N ............................................
DANVILLE ST. SAV BANK......................................................
SIBLEY SB.................................................................................
1st SB, STU AR T .................................................................
HARTFORD-CARLISLE SAV BANK

28,030,000
27,809,000
27,562,000
27,546,000
27,260,000

25,845,000
26,670,000
22,645,000
27,495,000
27,753,000

206
207
208
209
210

FARMERS SB, SC H LESW IG ...............................
CENTRAL SB ELKADER......................................
1st INTER SB OF SIGOURNEY
FARMERS SAV BANK. REM SEN...........................
GRINNELL SB.........................................................................

36,207,873
35,893,349
35,750,000
35,425,170
35,410,000

36,263,000
36,310,000
31,570,000
34,474,000
35,197,000

199
197
238
213
206

276 WEST BURLINGTON SAV BANK.........................................
277 WARREN CTY BRENTON B&T CO., IN D IA N O LA . .
278 NEVADA NB ...............................................................................
279 1st INTER SB OF GREENFIELD
280 IOWA SB, HAM BURG............................................

27,242,000
27,156,000
27,090,000
26,648,000
26,466,000

27,164,000 273
25,395,000 286
30,391,000 251
27,297,000 272
30,090,000 252

141
142
143
144
145

HAWKEYE B&T. MAQUOKETA...............................
FORT MADISON B&T CO
FARMERS TRUST & SAV BANK, SPEN CER.............
FARMERS SAV BANK, T R A E R .................................
1st NB OF WEST UNION

47,458,432
47,381,000

146
147
148
149’
150


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

261
262

APRIL 8, 1989

221
374
214
217
207

260
242
262
257
249

281
278
321
270
267

25

1 Rank o
112/31/8 8

•

Name of Bank

Deposits
12/31/88

Deposits
12/31/87

Rank
12/31/87

Rank
12/31/88

281
282
283
284
285

1st SB, MANLY........................................
RACCOON VALLEY SB, ADEI.....................
POCAHONTAS SB.................................................
UNION B&T CO, STRAWBERRY POINT
PEOPLES SB, MISSOURI VA LLEY .. . ,

.............
.............
.............
.............
.............

26,445,087
26,184,818
26,167,000
26,096,652
26,011,000

28,124,000
26,962,000
26,315,000
24,830,000
24,886,000

265
276
279
293
292

326
327

286
287

.............
.............
.............
.............
.............

25,768,098
25,689,668
25,687,897
25,536,000
25,268,191

27,043,000
26,238,000
25,088,000
22,805,000
21,109,000

275
280
289
317
347

331
332

288
289
290

FARMERS SB, M A R C U S ........................
PEOPLES SAV BANK, WELLSBURG . . .
POSTVILLE S B .................................
LIBERTYVILLE SAV BANK.................................
PEOPLES SB. ELK AD ER........................

291
292
293
294
295

SEC SB, HARTLEY.................................
COMMUNITY SB OF CLEAR L A K E .............
FARMERS SB, H A W ARDEN..................
FARMERS SAV BANK, WEST U N IO N ...
FARMERS SB, JE S U P ........................

.............
.............
.............
.............
.............

25,125,000
25,098,850
25,035,000
24,777,735
24,494,000

25,151,000
24,759,000
25,596,000
24,778,000
25,687,000

296
297
298
299
300

KEOKUK CTY SB, SIGOURNEY.............
ANDREW SAV BANK, B E L L E V U E .........
CASCADE SB
SEC SB, HUBBARD.................................
1st T AND SAV BANK, WHEATLAND ..

.............
.............
.............
.............
.............

24,318,756
24,312,000
24,235,740
24,176,000
24,115,477

301
302
303
304
305

CITIZENS SB, P O ST V IL L E ....................
RANDOLPH S B ...........................................
IOWA SB, WEST BEND ........................
WEST BRANCH S B ................................
SEC NB. JE F F E R S O N .............................

.............
.............
.............
.............
.............

306
307
308
309
310

IOWA SB, CLARKSVILLE ....................
1st SB, R IC E V ILLE...............................
UNION SB, M O N O N A ..........................
UNION SB, ROCKWELL C IT Y .............
CITIZENS SAV BANK, AVOCA....................

311
312
313
314
315

Name of Bank

Deposits
12/31/88

Deposits
12/31/87

1st INTER SB OF KALONA
PEOPLES B&T, ROCK V A L L E Y .............................
SB OF WAPELLO
PIONEER BANK, SERGEANT BL U FF....................
CITIZENS SB, O A K L A N D ........................................

22,553,472
22,478,000
22,438,000
22,398,000
22,363,969

21,326,000
19,261,000
22,357,000
19,255,000
22,166,000

343
375
328
377
330

334
335

SOUTH STORY B&T, SLATER...................................
HAWKEYE ANKENY B&T. A N K E N Y ........................
GIBSON SAV BANK...................................................
NEW ALBIN SAV BANK...................................................
FARMERS & TRADERS SAV BANK, BA NCROFT. . .

22,192,769
21,839,982
21,669,000
21,625,000
21,597,963

21,399,000
20,829,000
21,493,000
19,451,000
21,285,000

342
355
340
372
344

288
296
285
295
284

336
337
338
339
340

WELLMAN SAV BANK....................................................
FARMERS SAV BANK, K E O T A .................................
KEYSTONE SAV BANK ................................................
CHELSEA SAV BANK, BELLE PLA IN ......................
CITIZENS SB, H O PK IN T O N ...................................

21,470,335
21,452,000
21,448,572
21,438,324
21,418,000

22,548,000
22,490,000
23,143,000
22,055,000
20,186,000

323
324
313
331
365

23,340,000
25,164,000
23,442,000
16,330,000
25,819,000

310
287
307
416
282

341
342
343
344
345

STATE SAV BANK, B E D FO R D .................................
MONTEZUMA S B .................................................
1st NB OF PAULLINA
1st NB, COLFAX.......................................................
NORTHEAST IOWA NB, SU M N ER.............................

21,374,017
21,356,000
21,354,000
21,319,000
21,303,000

22,001,000
22,450,000
21,676,000
21,738,000
20,478,000

332
326
336
335
359

24,034,662
23,930,528
23,908,000
23,885,000
23,724,727

26,752,000
23,681,000
24,229,000
24,213,000
23,370,000

277
303
298
299
309

346
347
348
349
350

1st NB, GLIDDEN ...................................................
IOWA SAV BANK, D I K E ............................................
SB, SPIRIT LAKE.....................................................
FARMERS SB, K EO SA U Q U A .................................
PEOPLES SB, A L B IA .................................................

21,261,000
21,260,966
21,087,000
21,069,162
21,067,000

21,837,000
21,644,000
20,862,000
32,187,000
16,095,000

333
337
353
231
422

.............
.............
.............
.............
.............

23,636,000
23,514,000
23,489,239
23,421,878
23,337,268

24,638,000
23,095,000
23,266,000
23,480,000
22,707,000

297
314
312
305
318

351
352
353
354
355

1st NB, N E W E L L .....................................................
1st SB, T H O R N T O N ..............................................
LAMONI N B .........................................................................
1st SB, LYNNVILLE ..............................................
PEOPLES SAV BANK, MONTEZUMA......................

21,036,000
20,984,000
20,788,000
20,786,000
20,748,000

21,552,000
22,210,000
20,978,000
18,966,000
17,947,000

339
329
350
381
399

EXCHANGE SB, EX IR A ...............................
EXCHANGE SB, C O L L IN S ........................
SB, EV ERLY..............................................
CITIZENS SAV BANK. SAC CITY...............
NB OF IOWA, DENISON ..........................

.............
.............
.............
.............
.............

23,294,508
23,134,000
23,117,000
23,105,000
23,036,381

23,964,000
12,642,000
23,976,000
23,082,000
21,048,000

301
500
300
315
348

356
357
358
359
360

1st SB OF MAPLETON
SEC SB, LAKE P A R K ..............................................
1st T & SAV BANK, AR M STRO NG........................
ROLFE SB
MORNINGSIDE B&T, SIOUX C ITY ...........................

20,712,506
20,693,000
20,657,966
20,651,392
20,632,000

20,569,000
21,112,000
23,307,000
20,860,000
20,693,000

358
346
311
354
357

316
317
318
319
320

SHEFFIELD SAV BANK.........................................
POWESHIEK CTY SAV BANK, BROOKLYN
DICKINSON CTY SAV BANK, MILFORD ..
AMER TRUST & SAV BANK, LOWDEN . . .
CENTRAL SB, STATE C E N T E R .............

.............
.............
.............
.............
.............

23,033,638
23,021,000
23,018,243
23,008,656
22,869,720

22,417,000
21,601,000
23,396,000
22,693,000
22,477,000

327
338
308
319
325

361
362
363
364
365

MECHANICSVILLE T & SAV BANK
FARMERS SAV BANK, SH E L B Y ...............................
LIBERTY B&T, LAKE M ILLS...................................
HAMPTON SB..............................................................
BELLEVUE SB

20,533,000
20,519,000
20,488,000
20,413,930
20,346,619

21,222,000
20,251,000
20,244,000
20,906,000
19,976,000

345
362
363
352
367

321
322

TAMA SB...........................................................
F&M SB, N EO LA ...................................
LUANA SAV B A N K ........................................
FARMERS SAV B&T, V IN T O N ..................
DUNLAP SAV B A N K .............................

.............
.............
.............
.............
.............

22,838,000
22,793,589
22,767,000
22,762,000
22,618,000

24,794,000
22,674,000
21,463,000
22,995,000
22,628,000

294
320
341
316
322

366
367
368
369
370

SOMERS SAV BANK.................................................................
1st NB IN LENOX......................................................................
FARMERS SAV BANK, M ITCHELLVILLE.............
MALVERN T & SAV BANK, M ALV ERN....................
AMER SAV BANK. T R IP O L I......................................

20,216,578
20,184,000
19,988,237
19,926,000
19,896,500

18,476,000
20,376,000
20,718,000
19,543,000
20,034,000

389
360
356
370
366

323
324
325

328
329
330

333

ANALYS IS O F D EP O S IT AC TIV ITY BY STATE
T O T A L D EP O S IT S

26

Rank
12/31/87

Change

19 8 7

19 8 8

Iowa

$ 2 5 ,9 0 3 ,7 5 1 ,0 0 0

$ 2 6 ,2 6 8 ,7 8 8 ,9 1 9

1 .4 %

M innesota

$ 3 9 ,8 0 2 ,0 4 2 ,5 4 1

$ 4 0 ,8 3 6 ,6 3 2 ,4 5 8

2 .6 %

M ontana

$ 5 ,9 7 3 ,5 5 1 ,9 0 7

$ 5 ,9 4 8 ,7 1 8 ,1 3 7

( 0 .4 % )

N ebraska

$ 1 4 ,3 1 3 ,5 4 2 ,0 0 0

$ 1 4 ,8 2 0 ,7 3 7 ,5 8 3

3 .5 %

N orth D akota

$ 5 ,9 9 5 ,4 4 5 ,5 8 4

$ 6 ,4 6 1 ,9 6 0 ,3 9 0

7 .8 %

South D akota

$ 6 ,2 4 7 ,5 0 0 ,9 4 6

$ 6 ,4 0 3 ,7 7 1 ,2 1 0

2 .5 %

NORTHWESTERN FINANCIAL REVIEW


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

typ er. ttu/uxs/ 5

^

^

^

IOWA
Rank
12/31/88

Name of Bank

Deposits
12/31/88

Deposits
12/31/87

Rank
12/31/87

Rank
Deposits
12/31/88_____________ Name of Bank_________________ 12/31/88

Deposits
12/31/87

Rank
12/31/87

441 AMER SB, OSCEOLA..........................................
442 MAYNARD SAV BANK..............................................
443 SEC SB, SUTHERLAND......................................
444 EXCHANGE SB, ADAIR..........................................
445 DYSART SB.......................

15,215,000
15,206,196
15,195,000
15,100,000
14,992,285

9,597,000
16,180,000
14,259,000
15,829,000
14,000,000

549
420
466
425
475

380
373
364

446 PEOPLES SB, WINTHROP....................................
447 FARMERS SB, WHITTEMORE............................
448 ALTON SAV BANK ..................................................
449 FARMERS SAV BANK, PRINCETON....................
450 ALTA VISTA S B ......................................................

14,972,767
14,899,000
14,895,692
14,799,285
14,756,000

15,059,000
15,616,000
14,795,000
14,646,000
14,628,000

443
431
452
456
457

17,911,000
18,782,000
19,194,000
18,027,000
19,800,000

400
383
379
397
368

451 FARMERS SB, LAKE VIEW..................................
452 1st SB, HAWARDEN..........................................
453 ALBERT CITY SAV BANK..........................................
454 1st NB, REMBRANDT........................................
455 WESTSIDE STATE SAV BANK..................................

14,686,760
14,672,841
14,598,000
14,555,000
14,537,000

14,898,000
14,514,000
14,973,000
14,237,000
14,740,000

449
461
445
468
453

18,055,000
19,238,000
18,312,000
14,623,000
18,830,000

396
378
392
459
382

456 FARMERS SB, YALE..............................................
457 WEST CHESTER SAV BANK......................................
458 1st TRUST & SAV BANK, ALTA............................
459 NORWALK-CUMMING S B ........................................
460 WATKINS SAV BANK..............................................

14,536,000
14,528,000
14,454,795
14,448,000
14,415,000

13,606,000
13,642,000
14,469,000
13,547,000
13,936,000

481
480
462
483
477

18,665,000
18,653,000
18,610,000
18,461,000
18,436,963

19,560,000
18,252,000
13,534,000
17,418,000
18,407,000

369
393
484
404
391

461 NORTH IOWA SB, BELMOND..............................
462 ELGIN SB...............................................................
463 ALDEN SB.............................................................
464 1st SB, IDA GROVE............................................
465 FARMERS SB, MERRILL......................................

14,402,626
14,387,000
14,343,441
14,340,756
14,310,505

15,755,000
13,986,000
14,952,000
15,760,000
14,408,000

429
476
447
428
464

SANBORN SAV BANK......................................................
STATE SAV BANK, A PLIN G T O N ......................
1st NB, PRIM GHAR..........................................
FARMERS SAV BANK. VICTOR..........................
FREMONT CTY SAV BANK. S ID N E Y ..................

18,379,746
18,178,000
18,177,000
18,164,000
18,122,000

18,421,000
17,845,000
19,474,000
17,167,000
18,605,000

390
402
371
412
385

466 MILLS CTY SB. GLENWOOD..............................
467 HEDRICKSAV BANK................................................
468 PEOPLES T& SAV BANK, GRAND JUNCTION . . .
469 SEC SB, RADCLIFFE..........................................
470 RIPPEY SAV BANK, RIPPEY..................................

14,310,173
14,306,000
14,267,108
14,232,000
14,207,214

14,104,000
14,010,000
14,628,000
14,907,000
14,108,000

470
474
458
448
469

401
402
403
404
405

ASHTON S B .........................................................................
HAWKEYE SB IOWA C I T Y ...............................
MANSONSB.........................................................................
1st NB, SIBLEY...................................................
READLYN SAV B A N K ......................................................

17,896,000
17,888,000
17,854,914
17,819,000
17,761,000

18,552,000
17,980,000
17,883,000
17,710,000
18,620,000

387
398
401
403
384

471 FARMERS SAV BANK, WALFORD........................
472 1st SB, GOWRIE..................................................
473 1st TRUST & SAV BANK, OXFORD......................
474 NEWVIENNA SAV BANK..........................................
475 OSSIAN SB ............................................................

14,178,433
14,175,930
14,159,000
14,046,066
14,032,000

14,103,000
12,679,000
15,130,000
13,880,000
13,090,000

471
499
441
479
491

406
407
408
409
410

PEOPLES SAV BANK. E L M A ...............................
IOWA NB, W A PE L L O ........................................
AMER SB. A M E S .................................................
TREYNOR S B .......................................................................
COMMUNITY SB. BATON...................................

17,710,000
17,667,000
17,492,000
17,392,000
17,252,453

17,345,000
17,282,000
14,831,000
17,258,000
18,600,000

405
408
450
410
386

476
477
478
479
480

CENTRAL T &SAV BANK. CHEROKEE................
GATEWAY SB. CLINTON......................................
CYLINDER SB..........................................................
PEOPLES SB, WINFIELD......................................
FARMERS SB. PLAINFIELD................................

13,937,161
13,822,883
13,819,616
13,819,000
13,817,253

14,073,000
14,677,000
14,238,000
13,565,000
14,063,000

472
455
467
482
473

411
412
413
414
415

STATE SAV BANK. CA N TR IL.............................
FARMERS SAV BANK, W EV E R ..........................
MELVIN SAV BANK............................................................
CITY SB, CENTRAL C IT Y ...............................
BENNETT S B ......................................................................

17,086,000
16,861,825
16,818,000
16,546,362
16,517,000

16,558,000
17,279,000
17,288,000
17,312,000
14,467,000

414
409
407
406
463

481
482
483
484
485

BREDA SAV BANK..................................................
RUBIO SAV BANKOF BRIGHTON..............................
BALDWIN SAV BANK..............................................
IOWA SB, CALMAR..............................................
FARMERS SAV BANK, COLESBURG....................

13,524,600
13,468,000
13,411,000
13,387,000
13,273,823

_ 13,888,000
12,905,000
13,193,000
12,950,000
12,464,000

478
494
488
493
506

416
417
418
419
420

AMER NB, B E D FO R D ........................................
FARMERS SAV BANK, BOYDEN........................
IOWA SB. HULL...................................................
WAYLAND SB....................................................................
1st SB, SIOUX R A PID S...................................

16,379,000
16,329,981
16,274,000
16,258,782
16,177,546

16,315,000
17,248,000
15,225,000
15,033,000
16,518,000

417
411
439
444
415

486 UNIONSB, GREENFIELD ..................................
487 FARMERS SAV BANK, FREDERIKA......................
488 PRODUCERS SAV BANK. GREEN MOUNTAIN. . .
489 FAIRBANKSB........................................................
490 SB OF SCHALLER....................................................

13,166,088
13,065,000
12,998,950
12,937,230
12,900,000

11,963,000
12,334,000
13,094,000
12,283,000
12,894,000

512
508
490
509
495

421
422
423
424
425

NODAWAY VALLEY NB, V ILLISC A ....................
SEC SB. STA NTO N............................................
CITIZENS SAV BANK, SPILLV IL LE.................
ANITA SB............................................................................
LAKES NB. ARNOLDS P A R K ..........................

16,118,747
16,104,000
16,074,000
16,041,000
16,020,000

16,261,000
16,700,000
15,517,000
15,844,000
16,154,000

418
413
434
424
421

491
492
493
494
495

CORN BELT SB, CORRECTIONVILLE................
1st NB, FONDA....................................................
OCHEYEDAN SAV BANK..........................................
VAN HORNE SAV BANK............................................
ROWLEY SAV BANK................................................

12,884,203
12,862,000
12,822,000
12,814,000
12,757,000

12,958,000
13,470,000
12,537,000
11,617,000
12,545,000

492
485
504
518
503

426
427
428
429
430

SEC SAV BANK, W ILLIAM SBURG.................
FARMERS T & SAV BANK. EA R LIN G ...............
MILES SAV BANK............................................................
SEC SB, SHELL R O CK ....................................
LAKE CITY SB

16,003,000
15,932,563
15,899,787
15,895,372
15,836,000

15,771,000
15,523,000
15,114,000
15,484,000
15,359,000

427
433
442
435
438

496 FARMERS SAV BANK, LEIGHTON........................
497 LINN CTY SB. COGGON ......................................
498 1st SB, TABOR....................................................
499 1st NB, HUXLEY................................................
500 FARMERS SAV BANK, PIERSON..........................

12,693,000
12,622,000
12,550,755
12,536,110
12,515,000

13,131,000
11,870,000
12,697,000
11,119,000
13,285,000

489
514
498
523
487

431
432
433
434
435

1st SB. NORA S P R IN G S ...............................
GARNAVILLO SAV BANK..............................................
PLEASANTVILLE SB
VALLEY B&T. C H E R O K E E .............................
CORWITH S B ....................................................................

15,764,015
15,652,695
15,639,402
15,594,000
15,468,000

16,023,000
15,463,000
14,589,000
15,696,000
14,326,000

423
436
460
430
465

501
502
503
504
505

DEFIANCE SB..........................................................
VICTOR SB..............................................................
SB OF WORTHINGTON............................................
SB OF DUMONT......................................................
1st SB, CHURDAN..............................................

12,467,000
12,433,000
12,337,744
12,278,384
12,181,000

12,550,000
11,422,000
12,613,000
12,506,000
11,458,000

502
520
501
505
519

436
437
438
439
440

CITIZENS SAV BANK. GILMAN ......................
FARMERS SAV BANK. F O ST O R IA ..................
FARMERS SB. D O W S........................................
POMEROY SB
HOME SB. ROYAL............................................

15,373,000
15,321,756
15,287,903
15,280,107

15,539,000
14,829,000
15,393,000
14,957,000
14,736,000

432
451
437
446
454

506 1st TRUST &SAV BANK, AURELIA......................
507 HARTWICK SB........................................................
508 GRISWOLD SB........................................................
509 UNION NB, MASSENA..........................................
510 STATE SAV BANK, BAXTER..................................

12,166,775
12,164,000
12,162,000
12,112,000
11,868,000

12,812,000
12,727,000
11,663,000
12,457,000
10,718,000

496
497
517
507
531

371
372
373
374
375

FARMERS SAV BANK, GARW IN........................
SEC SAV BANK. LARCHWOOD........................
OAKLAND SB
TAINTOR SAV BANK, NEW SHARON...............
FARMERS SAV BANK. PR ESTO N ......................

19,845,000
19,839,934
19,839,000
19,690,000
19,435,352

23,467,000
20,375,000
20,931,000
20,999,000
18,539,000

306
361

376
377
378
379
380

1st NB. LOGAN...................................................
BUFFALO SAV BANK
DENVER SAV B A N K .........................................................
RUTHVEN SB
SEC SAV BANK, IR E T O N ....................................

19,382,224
19,330,482
19,299,543
19,197,963
19,144,155

19,255,000
18,168,000
19,064,000
19,376,000
20,213,000

376
394

381
382
383
384
385

1st SEC SB, EV AN SDA LE...............................
1st INTER SB OF SIOUX CITY......................................
SOLON SB ............................................................................
WALNUT SB.........................................................................
CORYDON S B .......................................................................

19,129,000
19,124,831
19,101,297
19,091,139
19,045,000

386
387
388
389
390

LANDMANDS NB, A U D U B O N ...........................
TEMPLETON SAV BAN K .................................................
CITY SB, MADRID..............................................
SIOUX CTY SB. ORANGE CITY........................
LE CLAIRE SB ....................................................................

18,930,746
18,911,019
18,823,000
18,743,895
18,700,076

391
392
393
394
395

SB OFLEDYARD
SWISHER T & SAV BANK
SLOAN SB ............................................................................
WHITE SB, SOUTH E N G L IS H ........................
FARMERS SAV BANK, B E A M A N ......................

396
397
398
399
400


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

351
349
388

APRIL 8,1989

27

IOWA
Rank - • W
12/31/88

V -

"

'

- - --cV . ' ■

Name of Bank

Deposits
12/31/88
11,795,000
11,789,000
11,788,000
11,669,142

515

SEC SSV BANK, FARNHAMVILLE......................
CITIZENS SAV BANK, H A W K EY E........................
PANORA S B ...............................................................................
POLK CITY SAV B A N K .........................................................
SB OF BUSSEY.........................................................................

516
517
518
519
520

PEOPLES SAV BANK, O D EB O LT...........................
BENTON CTY BANK. BLAIRSTO W N....................
EMERSON SB............................................................................
MONROE SB...............................................................................
FARMERS SAV BANK. IR W IN .................................

521
522

511
512
513
514

Deposits
12/31/87

Rank
12/31/87

Rank
12/31/88
536
537

Deposits
12/31/88

Deposits
12/31/87

CITIZENS SB, W E B B ..........................................
PEOPLES T & SAV BANK, RIVERSIDE.............
FARMERS SAV BANK, D A N B U R Y ....................
PALMER SB.........................................................................
FARMERS SAV BANK. V IN C E N T ......................

9,748,000
9,689,581

9,522,000
10,596,000

9,639,400
9,540,000
9,499,000

9,029,000
9,819,000
8,989,000

•

Name of Bank

550
534
557
548
560

521
510
515
524

11,619,000

11,263,000
12,227,000
11,829,000
11,113,000
12,123,000

511

538
539
540

11,507,000
11,349,000
11,266,000
11,053,000
11,051,000

11,137,000
10,856,000
10,847,000
11,033,000
11,945,000

522
528
529
525
513

541
542
543
544
545

ONSLOW SAV BANK.........................................................
LISBON B&T CO.................................................................
FARMERS NB, W IN FIELD .................................
1st BANK, N.A., COUNCIL B L U F F S .............
BURT SAV B A N K ..............................................................

9,496,233
9,326,000

9,974,000
9,010,000

9,266,000
9,249,000
9,092,000

9,208,000
10,775,000
8,832,000

545
558
554
530
561

523
524
525

FARMERS SAV BANK, M A R T E L L E ......................
BLENCOE S B ............................................................................
WALKER SB...............................................................................
PALO SAV BANK......................................................................
BENTON CTY SAV BANK, NORW AY......................

11,034,000
11,024,000
11,014,000
10,958,000
10,803,000

10,477,000
10,858,000
10,251,000
10,560,000
10,222,000

538
527
540
535
541

546
547
548
549
550

1st NB, R IP P E Y .................................................
1st NB, FARRAGUT..........................................
SB OF FAYETTE.................................................................
FARMERS SAV BANK, PACKWOOD..................
MOUNT AUBURN SAV BANK.........................................

9,051,000
9,035,935
8,920,420
8,902,000
8,723,652

9,276,000
10,062,000
9,006,000
8,445,000
8,468,000

553
544
559
566
565

526
527
528
529
530

FARMERS SAV BANK, NORTH EN G LISH ...........
ATKINS SAV B&T....................................................................
1st SB, MOUNT AYR............................................
TEEDS GROVE SAV BANK
DELHI SAV BANK....................................................................

10,544,815
10,538,772
10,434,000
10,340,000
10,177,594

10,547,000
10,289,000
9,960,000
10,554,000
10,180,000

537
539
547
536
542

551
552
553
554

555

MANNING TRUST & SAV BANK...................................
MAXWELL SB.......................................................................
CLEGHORN SB ....................................................................
EXCHANGE SB, SPRINGVILLE........................
UTE S B .................................................................................

8,633,000
8,603,000
8,579,149
8,566,000
8,513,523

8,133,000
9,294,000
9,100,000
8,270,000
8,012,000

570
552
556
569
572

531
532
533
534
535

ODEBOLT SB
1st T & SAV BANK, GALVA...................................
PRIMGHAR SAV BANK.........................................................
LOHRVILLE SAV BANK
FARMERS SAV BANK, HA LBU R.............................

10,101,382
9,978,160
9,961,668
9,957,000
9,889,000

10,128,000
10,646,000
10,958,000
10,650,000
9,969,000

543
533
526
532
546

556
557
558
559
560

1st T & SAV BANK, A N T H O N ..........................
1st STATE SAV BANK, M C G REG O R...............
FARMERS SAV BANK, R IC K E T T S ....................
MOORHEAD SB .................................................................
UNITED NB OF IOWA. SIDN EY............................

8,457,000
8,264,000
8,094,000
8,085,818
8,057,580

8,509,000
8,623,000
8,348,000
7,903,000
7,747,000

564
563
567
573
574

M

ic h a u x

N

bp

1

Lj L
66

Rank
12/31/87

N

ot long ago, banks like ours
watched as large super-regional
banks offered our custom ers credit
cards and other financial services. At
the time, there was no alternative —
we were sim ply unable to co m ­
pete. Now we can.
“ W ith low start-up and pro­
cessing costs, IBAA Bancard
gives com m unity banks the
unique opportunity to
issue V isa and M asterCard. And because we
Digitized forcontrol
FRASER
our own
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Jr .

a sh

o n

i

Jl.

interest rates, we control profitability. Profi|
that look great on our bottom line.’'
If y o u ’ve considered im plem enting a
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IOWA
Rank
12/31/88

Deposits
12/31/87

Deposits
12/31/88

Name of Bank

Rank
12/31/87

SB OF BROOKS, CORNING........................
VALLEY NB OF FREMONT CTY, HAMBURG
FARMERS NB, BAYARD...............................
1st SB, BRUN SV ILLE...............................
STATE SAV BANK, RAKE

8.030.000
7.967.000
7.876.000
7.865.000
7.855.000

7.718.000
8.031.000
7.358.000
8.273.000
8.824.000

575
571
577
568
562

566
567
568
569
570

FARMERS & TRADERS SAV BANK, DOUDS.............
IOWA SB&T CO., CENTER P O IN T........................
CITIZENS SB, MARATHON......................................
CEDAR NB, ST. A NSGAR........................................
EXCHANGE SB, LIME SPR IN G S.............................

7,751,000
7,122,000
7,013,000
6,680,000
6,585,000

7,487,000
6,657,000
6,619,000
6,014,000
6,306,000

576
579
580
583
581

571
572

575

HOME SAV BANK, PERSIA ........................................
PEOPLES SAV BANK, CRAW FORDSVILLE.........
FARMERS SB, CHARTER OAK...............................
STATE SAV BANK, ONAWA......................................
SOLDIER VALLEY SAV BANK, SO LD IER ..................

6,554,000
6,130,000
6,038,000
5,752,000
5,695,000

5,728,000
6,688,000
5,995,000
6,154,000
5,939,000

587
578
584
582
585

576
577
578
579
580

FARMERS SB, G RAFTON........................................
MONDAMIN SAV BANK............................................................
FARMERS SAV BANK. JUICE......................................
IOWA B&T. BLOOMFIELD......................................
PEOPLES SB, THOMPSON......................................

5,683,000
5,430,030
5,217,000
4,013,432
3,654,000

4,959,000
5,042,000
5,748,000
13,343,000
3,088,000

590
589
586
486
591

581

FARMERS & MINERS SB, LUCAS.............................

2,667,000

2,734,000

592

561
562
563
564

573
574

.

The following banks were not ranked because of mergers:
Peoples Bank and Trust, Cedar Rapids, merged with Norwest Bank Cedar Rapids.
N.A.
Brenton State Bank, Eagle Grove, merged with Brenton Bank and Trust Co.,
Clarion.
State Bank of Earlville merged with Community Savings Bank, Edgewood.
Forest City Bank & Trust Co. deposits assumed by Liberty Bank & Trust Co.
Iowa State Bank, Fort Madison, merged with State Central Bank, Keokuk.
Hayesville State Bank deposits to Farmers Savings Bank, Fremont.
Norwest Bank Marion, N.A., merged with Norwest Bank Cedar Rapids.
Melbourne Savings Bank merged with First State Bank, Conrad.
Mingo Trust and Savings Bank deposits assumed by Exchange State Bank, Collins.
Pisgah Savings Bank deposits transferred to Iowa Savings Bank, Woodbine.
Community State Bank, Whiting, deposits assumed by Sloan State Bank, Sloan.
Tri City State Bank, Zearing, merged with Security State Bank of Hubbard.

Information for the following banks was not available at the time of publication:
SEC SB, CASEY..........................................................

■nri'T

0

“We already see the
effect of our credit card
program. . . both on
profits and on our
ability to keep our
good customers.”
M ich au x N ash, Jr.
Chairm an/CEO
EastPark N ational Bank
Dallas, Texas

D SC.

A subsidiary of the
Independent Bankers
Association of America

W o rld W id e
CREDIT WITH A
HOMETOWN NUMBER

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

16,224,000

Rank
12/31/88

■

Name of Bank

Deposits
12/31/88

Deposits
12/31/87

Rank
12/31/87

1
2
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THE 1st NB & TRUST CO., M ARQUETTE...........
1st OF AM B-MARQUETTE. N.A.........................................
1st NB & TRUST CO., ESCANABA ......................
SAULT SAV BANK, SAU LTSTE. M A R IE ...........
1st NB OF IRON MOUNTAIN..............................................

211,934,777
119,271,000
100,451,000
95,270,000
86,805,353

192,341,000
90,332,000
98,771,000
96,260,024
78,164,367

6
7
8
9
10

SUPERIOR NB & TRUST CO., HANCOCK.............
NORTHERN Ml SAV BANK, ESCANABA...............
MINERS' 1st NB, ISHPEM ING.............................
1st NB OF IR0NW00D
1st OF AM B ■GOGEBIC, N.A., IRONWOOD . . . .

71,136,832
66,290,000
65,219,489
62,342,000
62,116,000

64,046,543
64,095,000
61,647,000
63,569,000
62,432,201

6
10
8
9

11
12

15

1st NB& TRUST OF MENOMINEE
1st NB, ST, IG N A CE............................................
SB OF ESCANABA....................................................................
1st OF AM B-COPPER CTRY, CALUM ET.............
CENTRAL SAV BANK, SAULT STE. MARIE . . . .

60,979,000
60,516,000
59,914,000
59,478,000
57,795,000

58,372,538
36,149,000
56,659,000
57,332,800
48,479,000

11
23
13
12
17

16
17
18
19
20

1st NB AT MANISTIQUE......................................................
THE 1st NB OF NEGAUNEE.................................................
BANK OF STEPHENSON......................................................
HOUGHTON NB, HOUGHTON...............................
THE PENINSULA BANK, ISHPEMING....................

57,096,056
52,485,738
52,034,000
47,947,000
43,609,000

48,945,559
53,010,000
50,385,250
43,985,000
40,556,000

16
14
15
19
21

21
22
23
24
25

IRON RIVER NB, IRON RIVER...............................
1st NB, CRYSTAL F A L L S ...................................
THE STATE SAV BANK OF MANISTIQUE,
COMMERCIAL NB OF L’ANSE, L ’A N SE..................
THE NEWBERRY SB, NEW BERRY........................

41,242,000
40,928,000

40,923,856
39,180,000

20
22

35,193,000
33,795,000

33,358,000
31,692,000

25
28

13
14

Rank
12/31/88

Name of Bank

Deposits
12/31/88

Deposits
12/31/87

31,768,000
28,043,000
26,228,000
24,474,000
24,209,599

31.721,133
27,239,000
24,355,000
23,155,645
21,301,678

27
29
30
31
34

Rank
12/31/87

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4
2

26
27

3
5

29
30

1st NB, NORWAY.....................................................
BAYBANK, GLADSTON E........................................
1st NB IN GLADSTONE............................................................
CITIZENS SB, ONTONAGON.................................
PEOPLES SB, MUNISING........................................

7

31
32
33
34
35

1st NB, WAKEFIELD..............................................
1st NB, CALUMET, LAKE LINDEN, CALUMET . . . .
1st NB, HERMANSVILLE......................................
MINERS SB, IRON RIVER........................................
SOUTH RANGE SB, SOUTH RA NGE......................

23,625,000
23,521,000
22,191,000
20,158,775
20,111,000

22,596,000
21,776,000
21,233,000
19,897,291
18,752,495

32
33
35
36
37

36
37

SB OF EWEN, E W E N .................................................
1st NB IN ONTONAGON.........................................................

18,830,000
16,310,404

16,798,000
16,548,267

38
39

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Inform ation for the following bank w as not available at the tim e of Dublication:

1st OF AM B-IRON MOUNTAIN, N.A...................................

1 he following banks w ere not ranked b eca u se of m e rg e rs:
F irst of A m erica Bank-M enom inee m erged with F ir s t of A m erica B a n k -M a rq u ette,
April 19 8 8 .
F irst of A m erica Bank-Sault S te . M arie m erged with F irst of A m erica
B an k-Straigh ts A rea, C heboygan.

T he O n e ,
Sure C ourse
for Better R esults.
Don’t take a chance. Our state-of-the-art
cost control and 24 hour loan approval assure you of maximum
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Why assume the risk of loss due to any servicing compliance
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one of the nation’s most successful guarantors,
originators and servicers of student loans.
Call today. Contact 608-246-1631 in
Wisconsin. In Ohio call 614-755-7400,
and in Michigan call 517-332-2100.

‘We’re G reat Lakes.”
NORTHWESTERN FINANCIAL REVIEW

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

40

GREAT LAKES HIGHER EDUCATION CORPORATION

MINNESOTA
Rank
12/31/88
l
2
3
4
5

Name of Bank

Deposits
12/31/88

Deposits
12/31/87

Rank
12/31/87

1st BANK NATL ASSN, MPLS.................................. . 10,674,000,000 11,480,000,000
NORWEST BANK M N,N.A„ MPLS........................... . 5,540,745,000 3,895,776,000
MARQUETTE BANK MPLS., N.A......................................... . 1,106,095,000 1,064,078,000
470,129,836
530,649,000
AMER NB, ST. PAUL...............................................
248,555,000
502,904,000
1st BANK SOUTHEAST*. ROCHESTER................

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2
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4
9

Rank
12/31/87

Deposits
12/31/88

Deposits
12/31/87

71 1st NB OF WACONIA..............................................
72 NORTHERN SB, THIEF RIVER FALLS................
73 CHEROKEE SB, ST. PAUL....................................
74 CITIZENS BANK OF NEW ULM..................................
75 FIDELITY BANK, EDINA.............................................

67,958,000
67,469,000
66,468,000
66,032,000
65,126,000

65,650,000
63,021,000
63,558,221
61,833,000
60,867,000

92
101
98
103
106

76
77
78
79
80

64,332,218
64,920,207
64,106,000
64,690,000
64,096,000 60,632,000
63,950,512 61,573,000
63,729,000 43,959,000

96
97
107
105
161

Rank
12/31/88

A ..' .

Name of Bank

RESOURCE B&T, MINNETONKA........................
MARTIN CTY NB, FAIRMONT..............................
F&MSB. NEW ULM.................................................
SEC B&T CO., GLENCOE.........................................
F&M SB, SPRINGFIELD .........................................

6
7
8
9
10

1st BANK NORTH, DU LUTH .................................
NATL CITY BANK OF MPLS..................................................
NORWEST BANK MN SE, N.A., ROCHESTER...........
NORWEST BANK MN NORTH, N.A.. DULUTH. . . .
NORWEST BANK MN S CENT, N.A., MANKATO ..

369,925,000
365,214,000
349,396,000
322,575,000
249,200,000

284,075,000
369,691,000
215,213,000
230,146,000
136,859,000

8
6
12
11
28

11
12

15

1st BANK CENTRAL, ST. C L O U D ........................
NORWEST BANK MN WEST, N.A., MOORHEAD..
EASTERN HEIGHTS SB, ST. PA U L........................
THE MIDWAY NB OF ST. PAUL
NORWEST BANK MN SOUTH, N.A., FARIBAULT .

243,897,000
234,834,000
211,207,000
204,365,000
202,446,000

54,586,000
108,887,000
185,464,000
195,509,000
90,332,000

125
43
19
16
60

81 THE 1st NB, SHAKOPEE.........................................
82 PRINCETON S B ...........................................................
83 NORWEST BANKNORTHFIELD.....................................
84 1st NB, ST. PE T ER ...............................................
85 THE HIGHLAND BANK, ST. PAUL...............................

63,150,000
62,732,000
62,462,077
62,164,900
59,950,000

61,588,368
62,409,000
54,782,000
57,489,200
56,090,000

104
102
123
110
117

16
17
18
19
20

RICHFIELD B&T CO.................................................................
1st AMER NB OF ST. CLOUD
1st NB IN ANOKA .................................................................
1st BANK MN, VIRG IN IA ......................................
COMMERCIAL SB INST. PAUL

198,414,000
188,629,000
185,785,000
185,159,000
177,986,344

196,590,000
168,607,000
170,017,000
197,471,000
171,973,000

15
23
22
14
21

86 VERMILLION SB..........................................................
87 MNSB OF ST. PAUL................................................
88 PREMIER BANK, MAPLEWOOD...............................
89 1st AB OF MARSHALL.................................................
90 SEC SB, HIBBING.....................................................

59,492,000
59,319,121
58,963,000
57,470,000
56,681,000

56,159,000
58,080,000
54,409,000
55,585,543
55,462,000

116
108
127
118
119

21
22

25

NORWEST BANK CENTRAL, N.A., ST. CLOUD . . .
THE MERCHANTS NB OF WINONA
THE BANK WAYZATA............................................................
METROBANK BLOOMINGTON
1st BANK SOUTH*. M ANKATO...........................

175,085,000
174,432,424
172,100,000
165,430,000
155,860,000

90,278,000
167,883,390
165,861,000
174,878,451
130,239,000

61
24
25
20
30

91 PEOPLES SB OF CAMBRIDGE.......................................
92 MIDAMERICA BANK MAPLEWOOD...............................
93 1st NB, WALKER.....................................................
94 l*t SEC SB, SLEEPY E Y E .......................................
95 NSHORE BANK OF COMMERCE, DULUTH............

56,173,000
56,057,000
55,656,000
55,619,000
55,601,000

54,843,000
56,447,896
54,648,000
56,878,000
56,770,000

122
114
124
111
113

26
27
28
29
30

LIBERTY SB, ST. PAUL..........................................
NORWEST BANK MN MESABI, N.A., VIRGINIA...
NORWEST BANK MN SW, N.A., MARSHALL . . . .
ZAPP NB, ST. CLOUD............................................
MARQUETTE BANK ROCHESTER......................................

151,962,000
151,634,000
149,062,000
140,099,000
136,791,690

130,645,000
115,711,000
108,346,000
129,591,000
122,629,000

29
37
45
31
34

96 1st BANK COONRAPIDS..............................................
97 FARMERS SB OF MOUNTAIN LAKE..........................
98 1st NB OF WAYZATA...................................................
99 MIDAMERICA BANK CHASKA.......................................
100 BUFFALO NB...............................................................

54,983,000
54,732,000
54,702,343
54,627,000
54,570,000

26,452,473
55,462,000
50,510,000
37,238,000
51,012,000

302
120
137
208
135

31
32
33
34
35

1st NB BEMIDJI
1st WESTERN BANK, ST. LOUIS P A R K .............
PARK NB OF ST. LOUIS PARK
THE ROSEVILLE BANK
DROVERS 1st AB OF S ST. PAUL

134,544,361
124,250,502
123,882,000
122,396,000
121,261,000

127,445,000
123,559,162
112,953,000
110,737,615
113,000,000

32
33
39
41
38

101 1st NB, HUTCHINSON...........................................
102 STEARNS CTY NB OF ALBANY .....................................
103 RIVERSIDE BANK, MPLS............................................
104 1st NB, INTERNATIONAL FALLS.........................
105 VALLEY NB OF NMANKATO.........................................

54,532,000
54,492,000
54,385,000
54,278,000
54,213,000

40,689,000
49,536,000
44,339,000
52,257,000
41,275,080

185
139
160
131
179

36
37
38
39
40

SIGNAL BANK, WEST ST. P A U L ........................
1st SB OF BAYPORT ............................................................
SHELARD NB, N.A., ST. LOUIS PARK..................
GOODHUE CTY NB, R E D W IN G .............................
1st AMER NB OF CROOKSTON

115,868,000
115,577,000
114,631,000
114,501,000
110,653,000

93,561,000
106,014,000
108,747,519
111,587,000
110,542,000

55
46
44
40
42

106
107
108
109
110

1st NB, DETROIT LAKES.......................................
COMMUNITY 1st NB OF MARSHALL.............................
AMER SB OF BLOOMINGTON.......................................
MERCHANTS & MINERS SB, HIBBING.......................
SUBURBAN NB. EDEN PRAIRIE...............................

53,972,000
53,660,000
52,591,000
52,216,000
52,195,000

52,654,000
53,676,000
47,476,830
51,275,000
77,384,000

130
128
149
133
79

41
42
43
44
45

1st NB STILLWATER
CITIZENS B&T CO., HUTCHINSON......................
THE BANK NORTH. C RY STA L...............................
GRAND RAPIDS SB
CITIZENS SB, ST. LOUIS PA RK ...........................

109,672.000
105,281,000
104,374,000
94,915,000
94,407,000

104,689,000
99,226,000
99,554,000
91,484,000
86,830,000

48
51
50
57
64

111
112
113
114
115

1st NB OF LONGPRAIRIE.............................................
THE 1st NB OF PIPESTONE.........................................
CITIZENS NB, PARK RAPIDS...................................
NORWEST BANK RED WING, N.A...................................
AMER NB, LITTLE FALLS.......................................

52,179,558
51,879,675
51,178,000
51,053,000
50,353,000

53,083,000
46,182,000
50,736,000
47,904,000
49,345,000

129
153
136
146
140

46
47
48
49
50

WINONA NATL & SAV BANK..............................................
1st AMER B&T OF WILLMAR
GOLDEN VALLEY BANK.........................................................
NORTHERN NB, BEM ID JI........................................
SB & TRUST CO., NEW U LM .................................

92,182,259
90,175,516
88,746.000
87,971,000
87,134,000

93,037,000
84,430,101
82,296,000
91,044,000
75,995,419

56
68
69
59
81

116
117
118
119
120

1st F&M NB, LUVERNE......................- ..............
1st NB, CHASKA.....................................................
CAPITAL BANK, ST. PAUL.........................................
BANK OF ELK RIVER .................................................
1st NB OF DEERWOOD................................................

50,311,000
49,504,000
48,750,000
48,386,000
47,910,000

51,089,000
48,658,000
48,495,000
42,300,000
46,465,000

134
142
144
171
152

51
52
53
54
55

WESTERN BANK & INS AGY. ST. PA U L ...............
1st AB OF ALEXANDRIA
1st SB OF NEW BRIGHTON
ST. ANTHONY NB, N.A...........................................................
1st AB OF BRAINERD............................................................

84,279,000
83,045,000
82,916,000
81,711,000
81,186,000

80,470,000
84,610,364
84,822,000
77,997,645
78,653,000

71
67
66
76
73

121 CAMBRIDGE SB..........................................................
122 NATL CITY BANK OF RIDGEDALE, MINNETONKA.
123 THE 1st NB OF HASTINGS...........................................
124 1st MINNETONKA CITY BANK.....................................
125 1st NB OF WEST ST. PAUL...........................................

47,703,000
47,664,000
47,467,000
47,229,000
47,210,823

46,908,000
39,030,392
26,478,000
42,240,000
39,624,009

150
197
301
172
190

56
57
58
59
60

ST. CLOUD NB& TRUST CO................................................
1st NB, MONTEVIDEO........................................
AB MANKATO............................................................................
THE BANK EXCELSIOR
MARQUETTE BANK COLUMBIA HGHTS

81,065,000
80,348,000
79,180,501
78,997,000
76,695,000

71,647,000
76,095,000
77,562,000
65,281,000
74,052,000

86
80
77
94
83

126 SHELARD NB OF EAGAN...............................................
127 1st AB OF INTERNATIONAL FALLS...............................
128 1st NB, PLAINVIEW...............................................
129 MINNWEST BANK MONTEVIDEO...................................
130 NICOLLET CTY BANK, ST. PETER.............................

47,091,000
46,969,000
46,587,000
46,325,000
46,037,000

49,056,000
42,310,000
45,489,000
35,763,000
48,405,000

141
170
155
222
145

61
62
63
64
65

SB OF FARIBAULT
NORTHEAST SB, M PLS..........................................
1st AB OF DETROIT LAKES..............................................
AMER B&T CO. OF MOORHEAD
1st NB, FERGUS FA L L S ....................................

74,641,000
73,895,000
72,492,000
72,417,736
72,364,000

69,544,000
72,167,000
67,666,000
69,907,000
75,556,000

90
84
91
89
82

131 SB OF WHEATON........................................................
132 PLAZA PARK SB. WAITE PARK...............................
133 PELICAN VALLEY SB ..................................................
134 CROSSTOWN SB OF HAMLAKE, INC.............................
135 COSMOPOLITAN SB. STILLWATER.........................

45,415,000
45,298,000
45,040,000
44,916,000
44,654,000

45,015,000
44,725,000
47,572,000
35,580,000
43,198,000

158
159
148
224
166

66
67
68
69
70

1st NB. ELK R IV E R ............................................
THE NORTHERN BANK, ANOKA...........................
MN VALLEY BANK, REDWOOD F A L L S ...........
1st WORTHINGTON............................................................
CITIZENS SB OF ROSEAU

70,674,694
70,636,000
69,986,000
68,602,000
68,305,000

63,414,000
65,648,000
56,272,000
71,894,000
65,232,000

99
93
115
85
95

13
14

23
24


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

136
137
138
139
140

1st BANK EAST GRAND FORKS...................................
ANNANDALE S B ............................................................
1st NB, W ASECA.....................................................
CITY NB OF CLOQUET...................................................
WINDOM SB............................................................

APRIL 8,1989

44,336,000
43,570,000

54,584,000 126
45,283,678 157

43,024,000
43,005,000
42,665,428

43,718,000 164
41,078,214 181
41,854,126 173

31

Rank
12/31/88

MINNESOTA
Name of Bank

Deposits
12/31/88

Deposits
12/31/87

Rank
12/31/87

Rank
12/31/88

Name of Bank

Deposits
12/31/88

Deposits
12/31/87

Rank
12/31/87

142
143
144
145

1st NB IN JACKSON...............................................................
MIDAMERICA BANK NEWPORT...................................
1st SB, SAUK CEN TRE........................................
PRIOR LAKE S B ......................................................
BLUE EARTH SB............................................................

42,591,000
42,526,000
42,460,000
42,331,000
42,249,000

45,454,000
41,560,139
41,346,000
43,783,952
42,664,000

156
174
177
163
168

212
213
214
215

SEC SB, ST. MICHAEL............................................
1st NB OF BLUE EARTH.........................................................
SB OFCHANHASSEN..............................................................
SEC SB OF WARROAD.........................................................
FARMERS SB, NEW LONDON...............................

32,397,000
32,396,000
32,310,000
32,165,000
31,881,000

29,281,000
31,101,000
32,431,000
26,752,000
31,415,000

266
250
242
297
247

146
147
148
149
150

PEOPLES NB OF MORA
1st NB, NORTHFIELD..........................................
NORTHWESTERN SB. HALLOCK...........................
MARQUETTE BANK LAKE, MPLS.............................
AMERICANA BANK, E D IN A ........................

42,215,000
42,113,256
41,852,778
41,505,000
41,392,000

42,909,000
38,988,000
40,814,690
42,544,000
33,163,000

167
198
184
169
237

216
217
218
219
220

BROOKLYN PARK BANK.................................................
WESTERN NB OF DULUTH...................
SEC SB OF AITKIN.................................................................
OWATONNA SB ......................................................
FIDELITY SB OF HECTOR......................................

31,843,000
31,825,000
31,780,000
31,747,356
31,714,611

30,451,000
30,330,000
30,431,000
29,120,400
30,343,000

256
261
258
269
260

151
152
153
154
155

1st LAKEVILLE BANK............................................................
BANK OF COMMERCE, MANKATO......................
1st BROOKDALE SB, BROOKLYN CENTER . . .
1st SB, WABASHA.................................................
1st SB, APPLE VA LLEY......................................

41,365,000
41,318,000
41,161,242
41,148,649
41,072,000

41,299,000
43,825,000
39,437,313
39,771,556
38,686,000

178
162
192
188
200

221
222
223
224
225

SEC SB OF CANNON FALLS....................................................
STERLING SB, A U STIN ............................................
1st NB, COLD SP R IN G ..........................................
KLEIN NB, MADISON........................................
1st SB OF ADA..............................................................

31,329,051
30,720,951
30,671,000
30,533,000
30,530,000

24,812,000
30,827,000
30,034,000
29,020,000
29,726,000

324
253
263
272
264

156
157
158
159
160

1st SB WASECA..............................................
SB OF BELLE PLAINE
FARMERS SEC SB, ZUMBROTA...........................
MORRIS SB
FOREST LAKE SB

40,894,000
40,772,000
40,633,000
40,611,000
40,372,915

39,043,000
40,866,398
39,548,000
41,529,000
38,446,000

196
183
191
175
201

226
227
228
229
230

PEOPLES SB, PLAINVIEW ......................................
SB OF FAIRMONT.........................................................
SEC SB, FERGUS FA LLS........................................
CITIZENS SB OF OLIVIA.........................................................
1st AB OF WARREN.........................................................

30,503,000
30,467,000
30,338,000
30,203,000
30,130,000

30,906,000
23,634,000
30,503,977
28,648,000
28,294,000

252
336
255
279
283

161
162
163
164
165

AB OF BURNSVILLE
PERHAM SB....................................................
OAKLEY NB. BU FFALO..........................................
SB OF LAKE ELM O......................................................
CITIZENS SB, CLARA C I T Y .................................

40,328,000
40,178,000
39,999,000
39,903,000
39,800,000

39,999,000
39,106,000
46,057,000
37,551,000
40,931,000

186
195
154
206
182

231
232
233
234
235

SB OF FOLEY...............................................................................
COMMUNITY 1st NB OF WINDOM......................................
KASSON SB .........................................................
ARLINGTON S B .........................................................
1st SB OF RUSH CITY

30,121,000
29,866,000
29,790,000
29,753,301
29,452,000

29,279,000
28,977,000
29,629,000
28,532,449
28,970,000

267
273
265
282
274

166
167
168
169
170

WRIGHT CTY SB, MONTICELLO........................
1st SB OF SPRING LAKE PARK
LAKE CITY S B ....................................................................
KANABEC SB, MORA..............................................
SB OF SPRINGFIELD

39,268,000
39,231,000
39,146,000
39,038,000
38,986,000

39,330,000
38,877,000
39,117,362
37,558,000
41,126,000

193
199
194
205
180

236
237
238
239
240

1st SB OF RUSHMORE............................................................
1st NB, LE C E N T E R ..............................................
NORTHERN SB. VIRGINIA........................................
CITIZENS SB, H AYFIELD........................................
1st SB. BRAHAM.....................................................

29,193,000
29,103,000
29,103,000
29,025,863
29,005,000

27,699,000
27,002,000
29,221,000
28,650,000
30,653,000

287
293
268
278
254

171
172
173
174
175

ST. ANTHONY PARK SB, ST. P A U L ......................
MN BANK, N.A.. CALEDONIA.................................
1st NB LITTLE FA LLS..........................................
SB OF YOUNG AMERICA.......................................................
COMMUNITY SB, ALEXANDRIA..........................

38,909,000
38,716,000
38,450,000
37,828,386
37,656,000

43,221,000
36,881,000
34,204,875
36,331,115
33,679,000

165
213
231
217
234

241
242
243
244
245

SEC SB, BEM 1D JI.....................................................
1st NB, MONTGOMERY........................................
CITIZENS SB. M ONTGOMERY.............................
WESTBROOK-DARFUR SB, W ESTBRO O K .............
INDEPENDENT SB OF MN, MPLS...............................

28,971,000
28,836,000
28,815,000
28,788,000
28,701,000

25,759,000
27,008,000
29,111,106
21,877,000
39,709,000

310
292
270
360
189

176
177
178
179
180

1st NB, GLENCOE...................................................
WANDA SB......................................................
AVON SB ....................................................................................
1st SB, HUGO............................................................
THE 1st NB OF MILACA

37,626,000
37,574,468
37,437,096
37,355,000
37,353,000

37,090,000
37,811,648
34,510,000
36,294,000
36,607,000

209
203
229
219
215

246
247
248
249
250

1st AB OF REDWOOD FALLS.................................................
1st NB, HENNING...................................................
SOUTHVIEW BANK. SOUTH ST. PAUL..................
1st NB, WADENA.....................................................
SEC SB OF KENYON.................................................................

28,696,000
28,668,000
28,607,000
28,504,000
28,472,000

29,061,000
28,932,000
30,206,000
27,600,000
26,797,000

271
275
262
289
296

181
182
183
184
185

WADENA SB..................................................................................
CENTER NB, LITCH FIELD......................................
TRACY SB, TRACY.....................................................
LAKE CRYSTAL NB
DAKOTA CTY SB, MENDOTA H EIG H TS.............

37,331,000
37,277,000
36,980,000
36,580,000
36,566,000

37,292,000
36,328,000
37,028,000
34,565,000
31,642,000

207
218
211
228
245

251
252
253
254
255

LAKE AREA SEC BANK, LIN DSTROM ....................
CITIZENS SB, ST. JA M E S ........................................
SEC SB OF WANAMINGO......................................................
MURRAY CTY SB. SLAYTON...................................
CITIZENS SB, GAYLORD..........................................

28,329,000
28,277,000
28,068,000
27,984,000
27,640,000

28,860,120
28,605,000
25,800,000
25,754,000
30,434,000

276
280
308
311
257

186
187

MINNWEST BANK LUVERNE.................................................
F&M SB. P IER Z ..........................................................
ROOT RIVER SB. CHATFIELD ...............................
STAPLES SB ...............................................................................
THE 1st SB OF ROSEMOUNT..............................................

36,469,000
36,441,498
36,378,000
36,184,000
36,166,000

36,636,000
35,696,812

214
223

256
257

39,787,000
37,747,000
37,066,000

187
204
210

258
259
260

F&M SB, APPLETON..............................................
F&M SB OF NY M ILLS ............................................................
VALLEY NB LE SUEUR............................................
YELLOW MEDICINE CTY BANK, GRANITE FALLS.
PEOPLES SB. SLAYTON..........................................

27,554,000
27,530,000
27,353,000
27,215,000
27,093,000

27,630,678
28,582,000
26,585,000
27,117,000
27,560,129

288
281
299
291
290

35,651,000
35,274,000
35,222,000
35,139,000
35,129,000

31,049,000
34,612,000
33,551,000
36,288,000
33,855,876

251
227
235
220
233

261
262

193
194
195

RIDGEDALE SB, MINNETONKA.............................
1st NB OF SAUK CENTRE......................................................
FAIRMONT N B .................................................................
CITIZENS BANK, M O RRIS........................................
1st AB OF BRECKENRIDGE

263
264
265

SB OF LONG L A K E ....................................................................
GLENWOOD SB............................................................................
MERCHANTS SB, NORTH BRANCH......................
VALLEY NB. APPLE VALLEY.................................
1st NB, PINE C ITY...................................................

27,084,000
27,055,000
27,022,000
26,898,000
26,846,000

25,536,000
26,359,000
26,823,000
20,669,000
25,766,000

313
304
295
378
309

196
197
198
199
200

COMMUNITY NB. NORTHFIELD ...........................
POPE CTY SB, GLENWOOD....................................
1st NB, CHISHOLM.................................................
SB OF MOUND............................................................................
F&M BANK OF PRESTON......................................................

35,118,462
34,868,000
34,574,000
34,503,542
34,406,000

32,033,292
34,328,000
34,174,143
32,870,000
34,935,000

243
230
232
239
225

266
267
268
269
270

SEC SB OF MANKATO...............................................................
COMMUNITY 1st SB, PAYNESVILLE....................
CITIZENS SB, EAST GRAND F O R K S ..................
1st SB, CASTLE RO CK ..........................................
AMER NB, BR A IN ERD ............................................

26,681,000
26,624,000
26,615,000
26,280,000
26,257,000

28,043,379
26,092,000
26,479,000
24,569,000
23,862,000

285
307
300
329
331

201
202
203
204
205

1st NB, CANNON FALLS ......................................
FIDELITY SB, NEW PR A G U E.................................
MIDAMERICA BANK, N.A., ROSEVILLE ................
SEC SB, ALBERT L E A ............................................
FRIDLEY SB ..................................................................................

34,160,000
34,130,000
34,073,000
33,848,000
33,561,357

31,226,000
32,833,000
31,724,118
34,703,000
36,478,141

249
240
244
226
216

271
272
273
274
275

SB OF DELANO............................................................................
MOORHEAD SB .........................................................................
1st NB, CROSBY.......................................................
1st SB. ST. JO SEPH .................................................
1st SB, RED WING...................................................

26,187,000
26,129,000
26,097,000
26,036,000
26,013,412

24,829,000
24,811,000
26,978,000
22,060,000
24,653,374

323
325
294
359
328

206
207
208
209
210

MELROSE S B ...............................................................................
TOWN AND CTRY SB WINONA...............................
1st NB, BAUDETTE.................................................
1st NB, BARNESVILLE..........................................
SB OF NEW PRAGUE ..............................................................

33,356,000
33,311,000
32,839,000
32,647,000
32,449,000

33,520,000
31,600,000
30,384,000
31,322,000
32,616,000

236
246
259
248
241

276
277
278
279
280

MINNWEST BANK DAWSON.................................................
FARMERS SB, MADELIA..........................................
HERITAGE NB, NORTH ST. PA U L........................
CITIZENS SB OF WINSTED....................................................
UNION B&T CO., MPLS..............................................

25,871,000
25,853,000
25,825,671
25,737,000
25,683,000

28,080,000
26,384,000
26,346,000
24,989,000
23,430,000

284
303
305
319
343

141

188
189
190
191
192

NORTHWESTERN FINANCIAL REVIEW
Digitized for32
FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

211

1

MINNESOTA
Rank
12/31/88

Name of Bank___________

Deposits
12/31/88

Deposits
12/31/87

Rank
12/31/87

Rank
Deposits
12/31/88_____________ Name of Bank_________________ 12/31/88

Deposits
12/31/87

Rank
12/31/87

281
282
283
284
285

1st NB OF THE LAKES, NAVARRE........................
FREEPORT S B .........................................................................
MINNWEST BANK ORTONVILLE
1st NB, WINNEBAGO..........................................
REP BANK OF MILLER HILL, INC., DULUTH.........

25,619,000
25,536,000
25,495,000
25,441,000
25,358,000

25,216,000
24,352,000
26,101,000
24,768,000
16,083,000

330
306
326
445

351 CR00KST0N NB......................................................
352 CITIZENS SB, BIG LAKE......................................
353 1st NB, STARBUCK............................................
354 GRANITE FALLS BANK............................................
355 NORTHWOODS BANK OF MN, PARK RAPIDS . . . .

20,038,000
20,018,000
19,699,000
19,683,000
19,480,000

18,877,000
19,436,000
20,010,000
20,393,000
17,541,000

401
397
385
383
417

286
287
288
289
290

RED LAKE CTY SB, RED LAKE FA LLS................
CITIZENS SB OF SILVER L A K E .........................................
1st NB OF NORTH PINE CTY, SANDSTONE . . . .
1st NB OF MONTICELLO......................................................
GOODHUE S B ............................................................................

25,182,000
25,082,000
25,070,000
25,007,000
24,987,000

25,658,000
26,701,000
23,555,000
18,265,000
24,750,000

312
298
338
409
327

356 ELLSWORTH SB......................................................
357 BLACKDUCK SB......................................................
358 PINE RIVER S B ......................................................
359 MINERS NB.EVELETH........................................
360 GREEN tME SB, SPICER......................................

19,465,530
19,450,000
19,436,000
19,376,587
19,369,000

19,542,238
19,644,000
18,579,000
19,491,065
19,024,000

393
390
403
395
399

291
292
293
294
295

NORTHWESTERN SB, U LEN ...................................
CLINTON SB...............................................................................
PEOPLES SB OF WARREN
ITASCA SB, GRAND RA PIDS...............................
JANESVILLE S B .......................................................................

24,905,000
24,830,000
24,630,000
24,532,000
24,366,000

23,816,944
23,652,000
25,154,000
21,202,000
24,881,000

333
335
315
370
320

361 CITIZENS SB OF WATERVILLE ................................
362 ALTURA SB ............................................................
363 SB OF BLOMKEST..................................................
364 COMMUNITY NB, NORTH BRANCH....................
365 CHISAGO CTY SB, CENTER CITY........................

19,248,000
19,242,000
19,219,000
19,118,000
19,094,000

19,795,904
18,995,000
18,476,000
12,545,000
17,492,000

386
400
405
537
418

296
297
298
299
300

CENTENNIAL BANK, CIRCLE PIN ES....................
1st NB, M A PLETO N ............................................
1st SB, LE CENTER ............................................
1st NB OF BERTHA-VERNDALE. BERTHA.............
SB OF LONSDALE....................................................................

24,338,505
24,096,000
24,073,000
23,813,000
23,762,000

22,876,505
23,562,000
22,396,000
23,548,000
23,103,926

349
337
355
339
345

366 VICTORIA SB..........................................................
367 NICOLLET SB..........................................................
368 HOME SB, KANDIYOHI ......................................
369 FARMERS SB, TRIMONT....................................
370 1st AB OF WATERTOWN..........................................

19,093,000
19,065,000
18,914,000
18,674,000
18,645,000

13,723,000
16,841,000
18,113,000
19,675,000
18,140,000

504
436
413
389
412

301
302
303
304
305

THE 1st NB, A ITK IN ...............................................
PRAIRIE SB, M ILA N ...............................................
FARMERS SB OF H A M EL....................................................
1st NB OF BRECKENRIDGE.................................................
FARMERS SB, STEPHEN ......................................

23,731,000
23,627,000
23,552,000
23,394,000
23,385,000

13,576,000
8,995,000
22,678,000
22,791,000
22,248,000

506
624
352
350
356

371
372
373
374
375

PIONEER NB OF DULUTH........................................
RUSHFORD SB........................................................
COMMERCIAL SB, TWO HARBORS....................
1st PRAIRIE BANK, BLOOMING PRAIRIE........
FRANKLIN NB OF MPLS...........................................

18,519,000
18,487,000
18,454,000
18,399,000
18,336,000

18,210,000
20,430,000
16,644,000
19,597,000
14,979,844

411
382
440
391
473

306
307
308
309
310

THE ROCHESTER B&T CO.....................................................
SPRAGUE NB, CALEDONIA.................................
PEOPLES SB, TRUMAN..........................................
1st SB OF WYOMING
THE 1st NB, OSAKIS...............................................

23,373,000
23,195,436
23,071,000
23,060,000
22,904,000

25,044,000
23,763,956
24,876,000
22,164,000
23,055,000

317
334
321
357
346

376 EASTWOOD BANK, EYOTA....................................
377 CITIZENS SB OF MILACA-OGILVIE............................
378 1st SB, KENSINGTON ......................................
379 FIDELITY SB OF FAIRFAX........................................
380 BATTLE CREEK BANK, ST. PAUL..........................

18,312,000
18,251,417
18,191,000
18,100,211
18,092,000

17,677,619
18,239,000
17,106,000
17,312,000
15,128,000

416
410
428
426
468

311
312
313
314
315

COMMUNITY 1st NB OF BENSON...................................
F&M SB, BLOOMING PRAIRIE ........................
SB OF PARK RAPIDS............................................................
1st NB, ST. JA M ES.................................................
F&M SB, CLARKFIELD........................................

22,812,000
22,800,000
22,769,000
22,581,000
22,529,000

23,478,000
25,041,000
21,551,149
22,462,000
22,780,000

341
318
363
354
351

381
382
383
384
385

SEC SB, HOWARD LAKE....................................
FARMERS SB OF ADAMS........................................
1st SB OF FERTILE................................................
THE 1st NB, PARKERS PRAIRIE......................
CITIZENS SB. NORWOOD....................................

17,902,000
17,805,000
17,714,000
17,608,000
17,589,000

16,894,000
18,398,000
18,375,000
17,394,000
16,685,000

432
406
407
424
437

316
317
318
319
320

SB OF COKATO.........................................................................
SB OF RICHMOND
SEC SB, PINE ISLAND..........................................
NORTH AMER SB, BELG RA D E.............................
SB OF BIRD ISLAND...............................................................

22,450,000
22,444,000
22,350,000
22,249,000
22,158,000

22,659,000
21,220,000
22,962,000
21,167,000
23,496,000

353
369
347
371
340

386 1st SB, LAKE LILLIAN......................................
387 SB OF LORETTO......................................................
388 WABASSO SB..........................................................
389 1st NB IN MAHNOMEN............................................
390 OSTRANDER SB......................................................

17,550,000
17,458,000
17,410,000
17,367,000
17,138,000

16,850,000
16,468,468
17,452,000
17,780,000
15,899,000

435
442
422
414
451

321
322
323
324
325

1st NB, MABEL .....................................................
HERITAGE BANK N.A., WILLM AR........................
NB OF C ANB Y.........................................................................
NORTHERN SB. GONVICK......................................
BRAINERD NB, B A X T E R ........................................

22,087,000
22,061,000
22,051,694
21,900,000
21,858,000

23,434,000
21,275,000
23,381,171
20,501,000
19,522,000

342
367
344
380
394

391 CITIZENS SB, GLENVILLE..................................
392 SB OF EDGERTON....................................................
393 FARMERS SB, WAUBUN......................................
394 RURAL AB OF GREENWALD......................................

17,111,000
17,058,000
17,046,000
16,873,000

16,619,000
17,026,000
17,706,000
17,483,000

441
431
415
420

326
327
328
329
330

GREENBUSH SB
1st NB, COLERAINE............................................
1st SB OF FOUNTAIN............................................................
1st NB OF MENAHGA............................................................
LAKE CTRY SB, LONG PRAIRIE..........................

21,794,000
21,725,000
21,701,000
21,604,000
21,543,000

21,567,547
19,690,000
23,824,000
20,927,000
9,640,000

362
388
332
373
609

395
396
397
398
399

PRINSBURG SB......................................................
SB OF BRICELYN....................................................
AMERA SB OF SLEEPY EYE......................................
FARMERS SB, SHERBURN..................................
F&MSB, HINCKLEY ..........................................

16,826,547
16,743,000
16,729,000
16,722,000
16,675,000

17,240,000
16,421,000
17,491,000
16,881,000
17,442,000

427
443
419
433
423

331
332
333
334
335

1st NB. FA IRFA X...................................................
THE 1st NB, BA G LEY............................................
1st NB, MOOSE LAKE..........................................
SB OF ROGERS
F&M SB, BALATON..............................................

21,436,000
21,361,000
21,354,316
21,335,000
21,331,000

21,374,000
20,714,000
19,342,000
19,472,000
19,733,000

365
377
398
396
387

400 THE 1st SB OF BROWNTON....................................
401 ONSGARD SB, SPRING GROVE..........................
402 1st NB, COKATO................................................
403 COMM 1st NB OF WHEATON ..................................
404 ADRIAN S B ............................................................
405 SB OF LASALLE......................................................

16,548,907
16,526,769
16,500,000
16,361,000
16,347,000
16,330,000

16,683,388
15,975,000
15,667,000
16,034,000
16,077,000
16,684,000

439
449
454
448
446
438

336
337
338
339
340

SEC SB, MAPLE LAKE..........................................
THE NORTHERN NB, FOREST LAKE....................
F&M SB, PAYNESVILLE....................................
1st SB OF SWANVILLE......................................................
SB OF DANVERS

21,206,000
21,186,000
21,164,000
21,157,000
21,111,000

20,487,000
20,857,000
20,826,000
21,255,000
19,582,000

381
375
376
368
392

406 ST. CLAIR SB.........................................................
407 EITZEN SB.............................................................
408 SB IN EDEN VALLEY................................................
409 1st SB, ISANTI....................................................
410 KARLSTAD SB........................................................

16,303,000
16,217,000
16,037,000
16,010,000
15,769,000

15,703,000
15,347,000
17,034,000
15,376,000
15,225,000

453
464
430
463
466

341
342
343
344
345

EASTWOOD BANK ST. CHARLES...................................
THE ADA NB
LA CRESCENT SB
LAC QUI PARLE BANK, MADISON......................
FARMERS SB, FOSSTON......................................

20,864,015
20,829,000
20,743,000
20,694,664
20,602,000

22,093,145
20,289,000
21,388,100
20,542,894
22,878,000

358
384
364
379
348

411 SEC SB OF HOLDINGFORD......................................
412 F&M SB, SACRED HEART................................
413 KLOSSNER SB........................................................
414 LE SUEUR SB..........................................................
415 SEC SB. LEWISTON............................................

15,762,000
15,744,000
15,703,000
15,618,000
15,614,000

14,523,000
15,534,000
15,609,000
12,743,000
15,965,000

489
458
457
533
450

346
347
348
349
350

1st NB OF FARMINGTON.................................................
GRAND MARAIS S B ............................................................
SB OF HAW LEY....................................................................
EMPIRE SB, COTTONWOOD.............................
ROSEMOUNT NB .................................................................

20,369,000
20,351,000
20,298,000
20,190,000
20,105,000

21,141,000
18,575,000
21,750,000
20,915,722
17,056,000

372
404
361
374
429

416 AMER SB, OLIVIA................................................
417 SEC SB, OKLEE ..................................................
418 EXCHANGE SB, HILLS..........................................
419 SB OF COLDSPRING..............................................
420 WINTHROP SB.......................................................

15,606,000
15,500,000
15,471,000
15,434,000
15,404,000

14,997,000
15,465,000
15,719,000
14,948,000
16,152,000

472
459
452
475
444


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

314

APRIL 8,1989

33

MINNESOTA
I Rank
112/31/88

Deposits
12/31/88

Deposits
12/31/87

1st SB, L ER O Y ............................................
SB OF HANSKA
CHISAGO SB, CHISAGO C I T Y ........................
SB OF AURORA
SEC SB OF MARINE, MARINE ON ST. CROIX, . .

15,401,000
15,381,000

Rank
L2/31/87

Rank
12/31/88

434
495
480
469
497

491

15,358,000
15,335,000
15,335,000

16,868,000
14,227,000
14,713,000
15,123,000
14,019,731

LAKESIDE SB, I S L E ....................
WACONIA SB
BANK OF MAPLE PLAIN
SB OF CHANDLER...................................
CITIZENS SB, WAVERLY ........................................

15,202,000
15,009,000
14,982,512
14,972,000
14,923,000

15,433,990
17,459,000
12,407,000
14,840,000
15,379,000

461
421
541
479
462

496
497
498
499
500

14,842,000
14,802,000
14,724,000
14,719,000
14,670,000

14,681,000
14,951,000
15,443,283
16,046,000
14,939,000

482
474

501
502

435

FARMERS SB, WATKINS........................................
1st AMER SB, GRAND MEADOW........................
LEE SB, BROW ERVILLE...............................
BANK OF ELBOW LAKE.........................................
1st NB, BREW STER................

460
447
476

436
437
438
439
440

SB OF McGREGOR.................................................
JACKSON SB
FARMERS SB OF WEST CONCORD
SEC SB, S E B E K A ........................................
CANTON SB

14,643,000
14,561,000
14,473,000
14,448,000
14,414,000

14,092,000
12,910,000
15,617,000
14,685,000
14,251,000

441
442
443
444
445

ODIN S B ...................................
VERGAS S B ................................
HARMONY S B .................................
PRODUCE SB, HOLLANDALE...............................
TRI-CTY SB, O RTO NVILLE.................................

14,359,000
14,343,000
14,335,000
14,261,000
14,117,000

446
447
448
449
450

CROW RIVER SB, DELANO.................................
ST. CROIX VALLEY BANK, STILL W A T ER.............
1st NB, McIn t o s h ............................................
FARMERS SB OF LAKE BENTON, INC.................................
PEOPLES SB OF W ELLS ......................

451
452
453
454
455

421

Name of Bank

Name of Bank

Deposits
12/31/88

Deposits
12/31/87

12,484,000
12,429,000

544
528
573
523
547
563
562

Rank
12/31/87

HARDWICK SB
1st SB. ONAMIA............................................
ELYSIAN SB......................................................
1st SB, STO RD EN ............................................
HOUSTON SB

12,411,000
12,399,000
12,255,000

12,166,288
12,842,000
11,187,000
13,084,672
12,028,000

ROCKFORD S B ...........................................
NISSWA S B .................................................
PEOPLES SB. COMFREY....................................
SB OF REDWOOD, REDWOOD F A L L S ...........
CITIZENS SB, TY LER...........................

12,247,000
12,245,017
12,229,000
12,209,000
12,188,000

11,493,000
11,617,098
13,756,000
11,833,000
13,340,000

503
554
514

503
504
505

1st SB, NEW LONDON...................................
FARMERS SB, DARWIN......................................
FARMERS SB, ALMELUND .............................
1st SB, FINLAYSON........................................
FARMERS SB OF ELKTON

12,183,000
12,170,000
12,118,000
12,073,000
12,043,051

11,918,000
12,600,000
11,629,000
12,464,734
11,739,363

551
535
560
539
557

496
526
456
481
494

506
507
508
509
510

FARMERS SB OF HOFFMAN.........................................
1st BANK OF MN, STE W A R T ..........................
1st NB. HERMAN..............................................
WHITE ROCK SB, CANNON F A L L S ................
BADGER S B .........................................................

12,039,000
12,004,343
11,990,000
11,939,000
11,903,000

10,971,000
11,387,082
12,227,000
11,348,000
13,566,000

581
567
543
568
508

14 297 000

492

13,093,000
14,634,000
14,527,000
13,976,221

521
484
488
498

511
512
513
514
515

ELGIN MILLVILLE SB
ATWATER SB.......................................................................
SB OF TOW ER....................................................................
CITIZENS SB, L A FA Y ETT E.............................
SB OF HAMBURG

11,827,000
11,765,000
11,678,000
11,578,000

12,058,000
11,700,000
11,917,000
11,170,000

546
558
552
574

14,111,000
14,035,000
14,012,000
13,963,000
13,833,000

13,200,366
18,289,000
15,239,000
14,901,000
13,216,000

519
408
465
478
517

516
517
518
519
520

ARGYLE S B .........................................................................
PEOPLES SB, FRAZEE........................................
SB OF WENDELL
AMER SB, ER SK IN E..........................................
WELCOME SB

11,574,000
11,566,000
11,550,000
11,511,112
11,495,000

12,798,000
11,111,928
11,456,000
11,469,000
11,189,000

529
576
566
564
572

SUMMIT NB, ST. PAUL......................................
AIRPORT SB OF DULUTH
SB OF BUFFALO LAKE
1st NB, HAWLEY.....................................................
SB OF NEW RICHLAND

13,830,000
13,780,000
13,757,049
13,748,000
13,699,000

14,306,582
14,672,000
15,010,688
13,872,000
13,649,000

491
483
470
502
505

521
522
523
524
525

HERON LAKE SB
1st NB. BOVEY...................................................
1st NB. DEER RIVER........................................
PARK SB, DULUTH............................................
RED RIVER SB, HALSTAD.................................

11.494,000
11,455,000
11,304,000
11,286,000
11,268,000

12,407,000
10,559,000
11,107,000
10,866,000
13,395,000

540
588
577
583
513

456
457“
458
459
460

FARMERS SB OF EVANSVILLE.........................................
SB OF LAKE PARK
FARMERS SB OF LESTER PRAIRIE
SEC SB, WELLS..........................................................
O’CONNOR BROS. SB. RENVILLE..................

13,681,000
13,666,000
13,662,000
13,598,000
13,561,000

11,826,000
13,212,000
12,781,000
14,613,000
15,631,000

555
518
532
485
455

526
527
528
529
530

SIBLEY CTY BANK. HENDERSON....................
FARMERS SB OF UPSALA
1st NB. PROCTOR............................................
LOWRY SB
FARMERS SB, WINGER......................................

11,167,000
11,166,000
11,108,709
10,998,914
107928,000

11,198,000
9,601,137
11,260,188
11,624,000
11,632,000

571
611
570
561
559

461
462
463
464
465

1st SB, A SH BY..........................................................
1st NB, K IE S T E R ............................................
SB OF BYRON
SANTIAGO S B ............................................................
SB OF KERKHOVEN

13,469,000
13,395,000
13,368,000
13,346,000
13.316,000

13,885,000
14,295,000
13,437,000
13,410,000
13,423,792

501
493
510
512
511

531
532
533
534
535

BLAINE SB............................................................................
SEC SB, HOUSTON...............................................
SB OF WOOD LAKE...............................................................
AMERICANA BANK ALDEN.............................................
1st SB, GOOD THUNDER.................................

10,862,000
10,814,000
10,805,000
10,772,000
10,689,000

11,017,000
11,068,000
10,496,000
10,246,000
10,935,000

579
578
590
596
582

466
467
468
469
470

1st SB. GILMAN...............................................
BONANZA VALLEY SB, BR O O TEN ...........................
FARMERS SB, UNDERWOOD.................................
FARMERS NB OF MN LAKE.........................
SB OF JEFFER S ...............................................................

13,242,000
13,236,000

536
499
548
509
520

536
537

10,653,000
10,457,000
10,408,106
10,406,704
10,399,565

602
584

538
539
540

FARMERS SB, RU SSELL......................................
1st NB, BATTLE LA KE......................................
CURRIE SB
MERCHANTS SB. LEW ISVILLE...........................
EXCHANGE SB. ST. PA U L....................................

9,973,000
10,854,000

13,051,000
13,034,000
13,004,000

12,576,000
13,975,000
12,010,000
13,462,000
13,184,000

10,294,525
10,166,000
8,925,000

595
598
626

471
472
473
474
475

BELVIEW SB
THE 1st NB, ELMORE ............................................
1st SB, CLEARBROOK..........................................
1st SB, OKABENA...................................................
BOUNDARY WATERS SB, E L Y ...................................

12,956,000
12,891,000
12,833,000
12,809,000
12,808,000

12,891,000
14,450,000
12,982,000
13,281,000
10,972,605

527
490
525
515
580

541
542
543
544
545

1st SB, NEW GERMANY...................................
FARMERS SB OF ROTHSAY
1st SB OF BIGFORK
COMMUNITY SB OF PRINCETON
1st SB OF GROVE CITY ....................................................

10,359,000
10,349,000
10,339,000
10,337,000
10,326,000

10,623,000
10,009,000
10,513,000
10,300,000
10,359,000

587
601
589
594
592

476
477
478
479
480

CITIZENS SB OF SHAKOPEE.................................................
BACKUS SB
SB OF VERNON CENTER......................................................
SB OF GIBBON
SEC SB, R E M E R .......................................................

12,751,000
12,733,000
12,733,000
12,730,000
12,700,000

13,262,000
11,915,634
13,569,000
13,086,000
12,728,000

516
553
507
522
534

546
547
548
549
550

MOUNTAIN IRON 1st SB .................................................
SB OF HENDRICKS..............................................................
FARMERS SB, HARTLAND.................................
TWIN VALLEY S B .................................................................
PEOPLES SB, MADISON L A K E ........................

10,326,000
10,209,000
10,168,000
10,161,000
10,119,000

10,830,000
10,094,000
10,204,000
10,458,000
10,067,000

585
599
597
591
600

481
482
483
484
485

SB OF LUCAN.........................................................................
THE PHALEN BANK. ST. PAUL.................................
FARMERS SB OF RAYMOND.................................................
CITIZENS NB OF MADELIA
SB OF TAUNTON....................................................................

12,680,000
12,679,000
12,643,000
12,640,000
12,638,000

12,345,000
12,082,000

542
545
12,511,000. 538
13,068,000 524
14,533,000 487

551
552
553
554
555

TRIUMPH SB, TRIMONT......................................
FARMERS SB OF DENT......................................................
HANCOCK SB.........................................................................
1st NB MinniTTTTVFTr*
ORMSBY SB............................................................................

9,866,000
9,858,000
9,856,491

10,317,000
8,605,000
9,787,000

593
630
605

9,631,000

9,658,000

608

486
487

AMERA BANK DANUBE
VIKING BANK, HENDRUM......................................
ROYALTON SB ............................................................................
UNION SB, BROWNS VALLEY...............................
SB OF LISMORE

12,608,355
12,599,000
12,565,000
12,527,000
12,522,000

12,793,000
11,944,000
11,459,000
11,786,600
11,938,000

556
557
558
559
560

SB OF EASTON
1st NB, KEEWATIN............................................
SEC SB, CLAREMOUNT...................................
SB OF CLARKS GROVE......................................................
1st SB OF NORTHOME

9,629,000
9,613,000
9,590,000
9,488,000
9,462,000

9,790,040
5,610,000
9,408,887
9,451,000
9,170,000

604
678
617
616
620

422
423
424
425
426
427
428
429
430
431
432
433
434

488
489
490

NORTHWESTERN FINANCIAL REVIEW
Digitized for 34
FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

530
549
565
556
550

492
493
494
495

The correspondent banker
who’s grown attached to
South Dakota and Montana


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

Dick Holmes has r
correspondent banldn
westernways akmgtfo


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

You’re lo o k in g
at one reason D ic k
H olm es likes d o in g
business in So u th
D ako ta and M ontana
(that’s M aster H olm es
on the right, h o istin g
a lu n k er pike). D ick
H olm es likes to h u n t
and fish, and h as sin ce he w as a kid.
S o the lands and the skies and
the w aters o f these tw o great states
have a lot to offer h im in the earlv
m o rn in gs an d w eekend s w h en h e’s
on the road. A nd so do the friends
w h o jo in h im .
j

Common ground
D ic k H olm es h as m ad e a lo t o f
g o o d friends in h is travels to Iow a,
So u th D ako ta and M ontana.

B an kers w h o value his ded ication
to a career o f corresp on d en t b an k in g .
Business peop le w h o value his
n in eteen years as a M arqu ette banker.
A collection o f g o o d friends w h o
tru ly en jo y h is co m p an y

Your M arquette m an
W e w o u ld n ’t b e su rprised if you’ve
know n D ick for
years. H e’s h ard to
tell fro m a native.
Still, h e’s a career
corresp ond en t
b a n k e r w h o ’s b e e n
in b a n k in g for
n in eteen years.
A nd in Iow a,
S o u th D ako ta and
M ontana, h e’s your
Dick Holmes
east of The Missouri.

A fter 19 years with M arquette,
som e o f hisfavorite business days
begin at 5:30 in the morning.

ade a career of

M arqu ette m a n . N o fish out o f water.
D ic k H olm es is your m an .
If you ’d like to p u t h is k in d o f
exp erien ce to w o rk for you, ju s t call our
offices in M inneapolis (6 1 2 -3 4 1 -6 5 7 2 )
and a sk for D ick .

Marquette Bank
Minneapolis

M em ber FDIC

Sixth and Marquette
Minneapolis, MN 55480


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

Dick Holmes
west of The Missouri.

MINNESOTA
Rank
12/31/88

Deposits
12/31/88

Name of Bank

Deposits
12/31/87

Rank
12/31/87

Rank
12/31/88
631
632

563
564
565

SB OF KIMBALL
CITIZENS SB OF ECHO...........................................
PEOPLES SB, C L EV EL A N D ......................
1st SB, G RACEVILLE...............................
SB OF HAMPTON

...........
...........
...........
...........
...........

9,448,000
9,422,227
9,417,415
9,356,000
9,335,000

9,294,000
9,706,786
9,849,649
9,675,000
9,075,000

618
606
603
607
622

566
567
568
569
570

1st SB OF DALTON..........................................
SB OF KENNETH..............................................
MARSHALL CTY SB, NEW FOLD EN...........
SEC SB, BEARDSLEY.................................
STURGEON LAKE SB.................................................

...........
...........
...........
...........
...........

9,268,000
9,250,000
9,182,000
9,174,000
9,142,000

8,990,000
9,547,000
8,722,000
9,141,000
8,822,000

625
613
629
621
628

571
572
573
574
575

SB OF CYRUS......................
SB OF CONGER................
SEC SB OF DEER CREEK
JASPER SB
PINE CITY SB

9.107.000
9.063.000
9.039.000
9.039.000
8,827,099

9.477.000
9.569.000
9.455.000
8.873.000
10,830,000

614
612
615
627
586

576
577
578
579
580

SEC SB, ELLENDALE
VALLEY SB OF O SLO .. .
F&M SB, DONNELLY.
SB OF PENNOCK..............
THE 1st NB OF BUHL .

8.763.000
8.731.000
8.708.000
8,650,354
8.618.000

8.460.000
8,576,414
8.323.000
9,188,560
8.043.000

633
632
636
619
643

581
582
583
584
585

SB OF CEYLON...........................................
1st NB, G ILBERT..........................
AMER SB, GRYGLA........................
CANNON VALLEY BANK, DUNDAS .
F&M SB OF ALPHA...................................

8,526,700
8.526.000
8.415.000
8.334.000
8.318.000

8,422,608
8.272.000
9.064.000
8.605.000
8.148.000

634
638
623
631
640

586
587
588
589
590

AMER NB, NASHWAUK
NEW MARKET BANK . . . .
WALDORF SB........................
1st SB, W Y K O FF.........
ELROSA SB

8,211,0 0 0
8,180,000
8.063.000
7,956,746
7.894.000

8.140.000
7.717.000
7.826.000
7.708.000
7.282.000

641
648
645
649
654

591
592
593
594
595

RANDALL S B ...................................................
GENEVA S B ......................................................
BUFFALO RIDGE SB OF RUTHTON, INC.
F&M SB, COOK...................................
FRANKLIN SB...................................................

7.859.000
7.825.000
7.688.000
7.667.000
7.600.000

7.809.000
7.706.000
8.126.000
6.893.000
6.942.000

646
650
642
660
658

596
597
598
599
600

SEC SB, HAMMOND....
SB OF BELLINGHAM..............
1st SB, LAKE WILSON .
FARMERS SB, HUNTLEY
SANBORN SB

7.518.000
7.500.000
7.484.000
7.357.000
7.188.000

7.400.000
8.284.000
7.296.000
7.244.000
6,830,382

652
637
653
655
662

601
602
603
604
605

VESTA S B ..............................................
COURTLAND S B ...................................
NEW HOPE S B ......................................
1st SB, C O SM O S......................
AMERICANA BANK OF HAYWARD

7.160.000
6.939.000
6.918.000
6.909.000
6.782.000

7.633.000
6.386.000
36,182,000
6.925.000
6.724.000

651
669
221
659
664

606
607
608
609
610

1st SB OF FREEBORN ...................
SB OF MARIETTA..............................
1st SB OF ALEXANDRIA-CARLOS
ST. MARTIN N B .................................
1st SB, AUDUBON..................

6.758.000
6.743.000
6.660.000
6,651,068
6,636,000

7.775.000
6.812.000
5.805.000
6.709.000
7.063.000

647
663
677
665
656

611
612
613
614
615

SB OF BUTTERFIELD.............
SB OF MORRISTOWN..............
1st NB, NASHWAUK
CITIZENS SB, KELLIHER .
SEC SB OF MAYNARD

6.633.000
6.630.000
6.626.000
6.499.000
6.494.000

6.840.000
7.051.000
6.110.000
6.122.000
7.931.000

661
657
672
671
644

616
617
618
619
620

FARMERS SB, DELAVAN
SB OF DENNISON...................
PLUMMER S B ........................
FROST SB
GARY S B ...................................

6.449.000
6.185.000
6.126.000
6,023,718
5,840,000

6,433, 000
5,830, 000
6,033, 000
5,011, 005
5,530, 000

676
673
683
679

621
622
623
624
625

TWIN LAKES SB...................
1st SB, MURDOCK . . .
FARMERS SB OF H O P E ...
1st SB, FLOODWOOD.
1st SB OF EDEN PRAIRIE.

5.812.000
5.784.000
5.779.000
5.596.000
5.562.000

5,848, 000
5,896, 000
6,472, 000
6,166, 000
12,785, 000

675
674
667
670
531

626
627
628
629
630

RENVILLE CTY SB
KENT SB
FARMERS SB OF L Y L E . . .
CITIZENS SB, BARRETT.
1st SB OF EMMONS..............

5.387.000
4.952.000
4.923.000
4,845,590
4.607.000

4,185, 000
5,283, 000

561
562

38 FRASER
NORTHWESTERN FINANCIAL REVIEW
Digitized for
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

4,488 000
5,130 000

668

688

680
704
685
681

Name of Bank

Deposits
12/31/88

o

Deposits
12/31/87

Rank
12/31/87

4,569,000
4,307,000
4,179,000
4,085,000
3,868,000

4,828.000
4,327,000
3,870,000

635

ST. STEPHEN S B .........................................................
OGEMA SB......................................................................
SEC SB, P IL L A G E R .....................................
GRANGER SB
LONDON S B ....................................................................

3,755,000

686
689
700
690

636
637
638
639
640

1st SB, CH OK IO............................................
1st AMER STATE, BROW NSDALE.............
FARMERS SB, NERSTRAND........................
1st NB, CASS L A K E .....................................
MN TRUST CO., A U S T IN ...............................

3,780,582
3,118,000
2,458,000
1,200,000
360,886

11,132,432
18,847,000
2,488,000
8,160,000
526,406

575
402
691
639
692

633
634

684

Information for the following bank was not available at the time of publication:
FULDA S B ....................................................................
MARQUETTE BANK UNIVERSITY, N.A., MPLS..........
SB OF ROSE CREEK .....................................................
NORTH STAR SB OF ROSEVILLE .................................
CITIZENS SB, WALNUT G R O V E ..........................

0
0
0
0
0

36,987,000 212
48,557,081 143
709
79,638,100 72
13,974,752 500

The following banks were not ranked because of mergers:
First Bank Albert Lea merged with First Bank Southeast.
Norwest Bank Albert Lea, N. A., merged with Norwest Bank Minnesota South
Central, N.A.
First Bank Alexandria merged with First Bank Central.
Northwestern State Bank of Appleton merged with Prairie State Bank, Milan.
First Bank Austin merged with First Bank Southeast.
Norwest Bank Austin merged with Norwest Minnesota South Central, N.A.
Biwabik State Bank merged with First National Bank, Keewatin.
Marine Bank Bloomington merged with First Bank National Association.
First Bank Brainerd merged with First Bank Central.
First Bank Cloquet merged with First Bank North.
Minnesota National Bank of Cottage Grove merged with First Bank National
Association.
State Bank of Darfur merged with Westbrook State Bank, Westbrook.
Dassel State Bank merged with First National Bank, Hutchinson.
Norwest Bank Dodge Center merged with Norwest Bank Minnesota Southeast,
N.A.
First National Bank of Dunnell merged with Farmers State Bank of Trimont.
Citizens State Bank, Eagle Bend, merged with Lake Country State Bank of Long
Prairie.
Norwest Bank Ely, N.A., merged with Norwest Bank Minnesota Mesabi, N.A.
First Bank Fairmont merged with First Bank South.
Citizens State Bank, Gibbon, merged with Minnesota Valley Bank, Redwood Falls.
Norwest Bank Grand Rapids merged with Norwest Bank Minnesota North, N.A.
Citizens State Bank, Green Isle, merged with MidAmerica Bank Chaska.
Norwest Bank Litchfield, N. A., merged with Norwest Bank Minnesota Central,
N.A.
Otisco State Bank merged with Valley National Bank of North Mankato.
First Bank Owatonna merged with First Bank Southeast.
Norwest Bank Owatonna, N.A., merged with Norwest Bank Minnesota South,
N.A.
First American State Bank of Sargeant merged with First American State Bank,
Brownsdale.
Norwest Bank Sauk Rapids, N.A., merged with Norwest Bank Minnesota Central,
N.A.
First National Bank of Spring Valley merged with First National Bank of Hastings.
First National Bank, St. Charles, merged with Merchants National Bank of Winona.
Norwest Bank Two Harbors, N. A., merged with Norwest Bank Minnesota North,
N.A.
Watson State Bank merged with Minnwest Bank Montevideo.
First Bank Willmar merged with First Bank Central.
Norwest Bank Winona merged with Norwest Bank Minnesota Southeast, N.A.
Norwest Bank Worthington merged with Norwest Bank Minnesota Southwest,
N.A.

MONTANA
Rank
12/31/88

Name of Bank

Deposits
12/31/88

Deposits
12/31/87

Rank
12/31/87

1
2
3
4
5

1st BANK BILLINGS
1st INTER SB OF BILLINGS, N.A.................................
1st BANK GREAT FALLS.................................................
NORWEST BANK BILLINGS, N.A...................................
1st BANK WESTERN MT MISSOULA

240,368,000
228,908,000
189,193,000
170,884,000
162,619,000

240,719,000
268,358,000
182,062,000
170,557,000
178,677,000

6
7
8
9
10

1st SEC BANK OF BOZEMAN
1st INTER SB OF MISSOULA, N.A..................................
NORWEST BANK GREAT FALLS, N.A.............................
1st INTER SB OF KALISPELL, N.A..............................
1st BANK HELENA............................................................

144,672,000
127,843,021
126,360,000
109,463,000
107,627,000

140,126,966

11
12
13
14
15

NORWEST BANK HELENA, N.A........................................
1st SEC B&T, MILES C ITY.................................
1st INTER SB OF GREAT FALLS
1st BANK BOZEMAN
1st BANK BUTTE. N.A.........................................................

16
17
18
19
20
21
22

Rank
12/31/88

Name of Bank

Deposits
12/31/88

Deposits
12/31/87

Rank
12/31/87

5
4

73
74
75

1st UNITED BANK OF SIDNEY ............................................
1st SEC BANK OF HAVRE......................................................
1st SEC BANK, HELENA..........................................
THE BANK OF BAKER...............................................................
THE 1st NB OF FAIRFIELD....................................................

114,980,003
121,684,000
109,029,000
123,567,000

6
10
8
13
7

76
77
78
79
80

CITIZENS SB, S C O B E Y ............................................
CONTINENTAL NB, HARLOWTON ........................
POWDER RIVER BANK, BROADUS...........................
AB. BILLINGS............................................................
1st SB OF THOMPSON FALLS..............................................

23,455,405
23,091,106
22,560,000
22,480,000
22,165,000

23,597,939
21,847,129
20,056,000
19,512,000
20,817,000

71
76
86
88
82

95,312,000
94,255,000
94,061,000
90,234,000
88,540,000

95,769,000
91,361,000
94,523,000
111,848,000
121,651,000

14
17
16
12
9

81
82

21,957,000
21,942,702
21,823,844
21,580,000
21,177,000

18,859,884

83
84
85

BELT VALLEY BANK, B E L T ........................................
1st INTER SB OF BILLINGS HGHTS....................................
1st NB. PL A IN S.......................................................
UNITED STATES NB, RED LODGE ........................
MANHATTAN SB.........................................................................

0
22,411,000
20,790,000
21,227,000

93
158
74
83
79

NORWEST BANK KALISPELL, N.A..................................
1st CITIZENS BANK OF BILLINGS
1st BANK WEST BILLINGS
1st BANK MILES CITY
1st BANK HAVRE.................................................................

85,986,000
78,758,321
73,602,000
69,996,000
64,561,000

83,717,000
82,763,422
74,469,000
94,573,000
90,163,000

19
20
22
15
18

86
87
88
89
90

1st SEC BANK OF KALISPELL..............................................
BASIN SB, STANFORD............................................
1st MADISON VALLEY BANK. E N N IS ......................
CITIZENS SB, CH OTEAU........................................
FLINT CREEK VALLEY BANK, PHILIPSBURG.........

20,635,000
20,450,000
20,425,918
20,399,000
20,268,000

19,471,000
19,442,000
18,292,686
18,408,000
21,658,100

89
90
98
97
77

64,369,000
60,000,000

91
92

59,475,000
58,333,000
55,415,000

79,364,000
58,372,000
57,526,000
55,820,000
52,603,000

21
24

23
24
25

1st BANK WEST GREAT FALLS......................................
NORWEST BANK LEWISTOWN, N.A...............................
FARMERS SB OF CONRAD
THE 1st NB OF GLASGOW
SEC SB, PLENTYWOOD....................................

25
27
32

93
94
95

SEC SB, HARLEM.....................................................
WESTERN BANK OF CHINOOK, N.A....................................
NORTHERN BANK OF MT, BIG SANDY....................
LIBERTY BANK OF MT, C H ESTER...........................
1st CITIZENS BANK, N.A., COLUMBIA FALLS ..

19,755,000
19,682,000
19,620,000
19,352,000
19,031,000

20,147,000
21,043,000
17,207,780
17,494,000
19,441,000

85
81
103
102
91

26
27
28
29
30

VALLEY BANK OF KALISPELL.........................................
CITIZENS SB. HAMILTON.................................
1st NB, G LEN D IVE............................................
RICHLAND NB& TRUST, SIDNEY.........................
1st INTER SB OF GLACIER CTY, CUT BANK . . .

53,815,168
53,399,000
53,281,373
52,221,000
52,166,000

53,055,000
54,321,000
54,522,000
53,308,000
48,440,151

31
29
28
30
36

96
97
98
99
100

FLATHEAD BANK OF BIGFORK...........................................
SB OF CULBERTSON, M T ......................................................
MT BANK OF CIRCLE, N.A......................................................
1st NB. EKALAKA...................................................
INTERWEST BANK OF MT, BOZEMAN....................

18,920,000
18,895,000
18,750,451
18,612,000
18,483,000

17,659,000
20,743,000
21,171,000
16,922,000
17,504,000

99
84
80
105
101

31
32
33
34
35

1st NB OF LEWISTOWN
MT BANK OF SOUTH MISSOULA...................................
1st SB, SH ELBY...................................................
TOOLE CTY SB, S H E L B Y ......................................
1st NB IN LIBB Y.................................................................

51,801,000
50,969,000
50,955,000
49,918,000
49,283,000

56,068,000
44,146,000
51,200,000
49,249,000
52,225,467

26
41
34
35
33

101
102
103
104
105

EASTSIDE BANK OF MT, GREAT FA LLS................
MT BANK OF RED LODGE, N.A..............................................
CITIZENS 1st NB, WOLF POINT.............................
1st SEC BANK OF MISSOULA...............................................
1st CITIZENS BANK OF BOZEMAN

18,448,000
18,427,302
18,306,000
18,259,000
18,231,000

15,320,000
21,251,000
18,688,000
18,635,706
18,520,000

113
78
94
95
96

36
37
38
39
40

1st SB, MALTA.....................................................
THE YELLOWSTONE BANK. L A U R E L ..................
1st SEC BANK OF LIVINGSTON......................................
1st INTER SB OF HARDIN
CITIZENS BANK OF MT. HAVRE...........................

48,574,237
48,207,000
47,908,000
45,603,000
44,467,000

45,944,000
46,926,000
46,031,000
46,582,000
41,332,000

40
37
39
38
45

106
107
108
109
110

MT BANK OF BAKER, N.A.......................................................
1st NB, WHITE SULPHUR S P R IN G S ................
1st SEC BANK, DEER LO D G E...............................
VILLAGE BANK, GREAT F A L L S .............................
BANK OF MT, HELENA............................................

18,186,000
17,738,000
17,670,000
17,668,000
17,624,000

19,717,450
17,031,342
12,414,000
22,940,000
13,779,000

87
104
125
73
120

41
42
43
44
45

RONAN SB...............................................................................
SB & TRUST CO., DILLON...................................
RAVALLI CTY BANK, HAMILTON......................
WESTERN NB, WOLF P O IN T .............................
FARMERS SB. V IC T O R ........................................

43,566,000
43,244,000
41.661,000
41,577.000
41,525,000

41,533,078
43,135,000
0
42,146,000
41,168,000

44
42
161
43
46

111
112
113
114
115

1st SEC BANK, MALTA............................................
MT BANK OF BILLINGS
GARFIELD CTY BANK, JORDAN ...............................
1st CITIZENS BANK OF POLSON
VALLEY BANK OF BELGRADE

16,571,960
16,432,236
16,408,000
16,109,708
15,840,000

16,854,163
17,562,000
15,440,000
19,024,417
15,434,678

106
100
110
92
111

46
47
48
49
50

MT BANK OF BUTTE. N.A...................................................
1st BANK SOUTHSIDE MISSOULA
MT NB OF PLENTYWOOD
SEC SB, PO LSO N .................................................
1st INTER SB OF WEST BILLINGS

40,802,000
39,809,000
36,292,000
35,755,000
35,553,000

41,056,089
65,085,000
34,185,000
37,827,000
31,971,000

47
23
51
48
55

116
117
118
119
120

1st SB OF FROID.......................................................................
WESTERN BANK OF BILLINGS...........................................
PEOPLES BANK OF DEER LODGE.........................................
1st FIDELITY BANK, GLENDIVE.............................
BLAINE BANK OF MT, CHINOOK.............................

15,796,000
15,659,000
15,554,000
15,545,000
14,941,000

0
15,360,000
14,306,000
14,002,000
13,996,000

160
112
114
115
116

51
52
53
54
55

1st SB OF FORT BENTON
1st SB OF FORSYTH
1st SEC BANK, GLENDIVE.................................
1st SEC BANK OF ANACONDA
MOUNTAIN BANK, WHITEFISH...........................

35,399,000
34,439,000
34,426,000
33,935,000
33,482,000

33,570,000
32,120,000
37,117,000
32,324,056
29,427,000

52
54
49
53
60

121
122
123
124
125

CENTRAL BANK OF MT, GREAT F A L L S ...............
1st NB, EU R EK A .....................................................
MT BANK OF MINERAL CTY, SU P ER IO R ................
1st NB, GERALDINE..............................................
TREASURE SB, GLASGOW ......................................

14,737,000
14,649,000
14,059,000
13,978,000
13,921,000

12,726,100
13,783,000
13,819,512
12,413,000
13,880,000

122
119
118
126
117

56
57
58
59
60

1st INTER SB OF MILES CITY.........................................
MT BANK OF BOZEMAN, N.A............................................
1st SEC BANK OF MT. GLASGOW......................
NORWEST BANK ANACONDA/BUTTE, N .A .,..............
NORWEST BANK DILLON. N.A..........................................

32,955,000
32,676,000
32,233,000
31,548,000
31,548,000

31,659,000
35,782,000
29,684,000
111,916,000
30,353,000

56
50
59
11
57

126
127
128
129
130

1st SB OF STEVENSVILLE......................................................
MT BANK OF ROUNDUP, N.A.................................................
LAKE CTY BANK. ST. IGNATIUS.............................
MISSOULA BANK OF MT
1st CITIZENS BANK OF BUTTE...........................................

13,849,000
13,631,000
13,350,000
13,328,000
13,198,000

12,534,000
16,296,622
12,561,000
12,814,000
0

124
107
123
121
159

61
62
63
64
65

MT BANK OF SIDNEY, N.A.................................................
1st NB OF CUT BANK.........................................................
SB OF TERRY.........................................................................
CITIZENS B&T CO., BIG T IM B E R ......................
MINERS BANK OF M T.N.A., B U T T E ..................

29,790,000
29,681,000
29,052,000
28,346,000
28,281,211

0
30,046,000
27,919,000
28,253,000
25,689,000

165
58
62
61
64

131
132
133
134
135

1st SEC BANK OF WEST YELLOWSTONE........................
1st SEC BANK OF LAUR EL....................................................
PONDERA BANK OF MT, CONRAD..........................
DUTTON SB
1st SEC BANK, BIG T IM B E R .................................

13,052,000
12,904,000
12,773,000
12,124,661
11,491,000

10,767,000
12,109,000
10,392,000
9,895,896
11,135,000

132
127
138
140
130

66
67
68
69
70

LITTLE HORN SB, HARDIN .................................
THE YELLOWSTONE BANK, C OLUM BUS...........
1st SEC BANK. ROUNDUP.................................
VALLEY BANK OF H ELEN A ..............................................
1st NB. W H ITEFISH ..........................................

28,157,585
28,127,000
27,644,225
26,312,100
26,136,000

25,947,000
25,378,000
24,433,800
25,154,000

167
63
65
68
66

136
137
138
139
140

THE WHITEHALL SB
YELLOWSTONE BANK, ABSAROKEE......................
BANK OF BRIDGER....................................................................
BITTERROOT VALLEY BANK, LOLO...........................
BANK OF SHERIDAN.................................................................

11,435,161
11,285,000
11,216,000
10,867,875
10,746,901

11,806,024
11,270,000
10,541,000
9,902,837
10,744,000

128
129
136
139
133


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

2
1
3

71
72

APRIL 8, 1989

25,103,000
24,583,000
24,164,000
24,141,000
23,872,000

24,061,000
24,776,916
0
22,124,000
24,206,000

70
67
162
75
69

39

MONTANA
Rank
12/31/88

Name of Bank

Deposits
12/31/88

Deposits
12/31/87

Rank
12/31/87

Rank
12/31/88

Deposits
12/31/88

Name of Bank

Deposits
12/31/87

Rank
12/31/87

5,277,000
4,908,807

4,621,000
4,114,426

163
164
165

CHEYENNE WESTERN BANK. ASHLAND ................
1st VALLEY BANK. SEELEY LAKE . . . ................
................
MT BANK OF FORSYTH
TRADERS SB. PO PL A R........................ ..................
BLACKFEET NB, BROW NING............. ..................

4,764,000
3,926,134
3,745,000

5,076,000
23,369,000

155
156
154
72

166

1st BANK OF LINCOLN................................... ..................

3,714,000

3,387,000

157

MIDSB OF MT. LEWISTOWN...........................
1st INTER SB OF COLSTRIP.........................................
UNITED BANK OF ABSAROKEE, N.A...........................
FARMERS SB, WORDEN...................................
F&M BANK OF MT. RUDYARD ........................

10,534,018
10,227,000
10,179,366
10,119,501
10,084,849

6,707,000
10,924,000
8,888,434
10,564,000
9,309,000

152
131
144
135
142

1st NB OF TWIN BRIDGES ...................................
1st NB& TRUST, W IBA U X...............................
RICHEY NB .........................................................................
FARMERS SB, DEN TO N ...................................
FAIRVIEW BANK ..............................................................

10,002,000
9,886,000
9,810,000
9,782,000
9,615,538

9,219,000
10,682,000
9,689,000
7,885,000
10,455,734

143
134
141
148
137

Information for the following bank was not available at the time of publication:

153
154
155

BANKWEST, N.A., K AL1SPELL........................
VALIER BANK OF M T ......................................................
STOCKMENS BANK, CASCADE........................
1st NATL PARK BANK, LIVING STO N.............
1st NB, HYSHAM ..............................................

9,187,000
9,177,664
8,740,977
8,375,000
8,198,000

8,502,877
8,092,000
0
8,805,000

146
147
163
145

The following banks were not ranked because of mergers:
Glacier National Bank, Columbia Falls, merged with First Federal Savings Bank of
Montana.
United Bank, Libby, merged with First National Bank, Libby.

156
157
158
159
160

1st BOULDER VALLEY BANK
SEC BANK OF THREE FOR KS......................................
VALLEY BANK OF RONAN
MT BANK OF LIVINGSTON
1st NB, HINSDALE ..........................................

7,930,391
7,928,000
7,667,477
7,519,944
6,681,000

7,607,662
7,464,000
6,418,561
0
6,851,000

149
150
153
164
151

141
142
143
144
145
146
147
148
149
150
151
152

161
162

SB OF TOWNSEND...........................................

15,913,000

109

WITHOUT A MERGER, BANK
GROWS 57 PERCENT
M idstate Bank of Montana, Lewistown, grew 57 percent last year without
buying another bank. How? ‘ ‘B y being a
leader in rates on certificates of de­
posit,” says John Carlson, president.
Carlson says he saw opportunity in
the rural community’s retired farmers
and ranchers, and approached Bank of
Montana System , the bank holding com­
pany of Midstate Bank, about pursuing
growth in deposits. He then started ad­
vertising on the radio and in the news­
paper last Septem ber and began evalu­
ating CD ra te s weekly. Within four
months the bank grew to $ 1 0 .5 million
in deposits from $6 .7 million.
At one point, he informally challenged
the other four full-time employees and
three part-timers to achieve $1 million
in new deposits in 30 days. They added
$ 1 .7 million that month, and Carlson
made good on his promise to take them
all out for dinner.
The employees, Carlson says, are as
important if not more important than be­

NORTHWESTERN FINANCIAL REVIEW

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

MIDSTATE BANK OF M O NTAN A Lewistown, Mont.
Cash and due..............................................619,109
US Securities..........................................1,916,969
States & Pol. Subs......................................... 1,000
Other Securities....................................2,377,963
Federal Funds Sold................................2,080,000
Loans & Leases......................................3,919,705
Total Bank A ssets................................ 11,272,042
President; J o h n C a r ls o n
Cashier; D eb P h illip s
Directors: Jo h n C a r ls o n , J e r o m e P e te rs c h ic k , J o h n M u sic k

ing a leader on interest rates. He cites a
recent example. A customer walked in
the bank to find out the current rate on
CDs. The teller told him the rate and
discussed the CD ’s features. Then the
customer asked what would happen, hy­
pothetically, if he wanted to withdraw
the money 14 days early. The teller said
that he shouldn’t do that, but should
borrow against the money, using the CD
as collateral, which would be cheaper.
The customer obviously hadn’t thought
of doing that. Then he asked what the
penalty would be if he chose not to take

Time Deposits........................................6,207,646
Total Deposits...................................... 10,534,018
Federal Funds Purchased.................................... 0
Other Liabilities........................................104,478
Equity Capital............................................633,546
Net Income......................................................... —
Net L o ss............................................................. —

M em b er, B a n k o f M o n ta n a System

a loan. When she told him, he admitted
that he had recently withdrawn money
on a CD at another bank and had paid a
penalty more than three times the price
just quoted. And the other bank hadn’t
even mentioned the idea of securing a
loan.
‘ ‘Because of service, we won a hefty
account,” Carlson says.
Since Dec. 31, the bank has already
increased another 14 percent in de­
posits. ■

by Jennifer Driscoll

Rank
12/31/88

Name of Bank

Deposits
12/31/88

Deposits
12/31/87

NORWEST BANK NE, N.A. OMAHA..........................
FIRSTIER BANK, N.A., OMAHA............................
1st NB OF OMAHA..................................................
FIRSTIER BANK, N.A., LINCOLN..........................
NB OF COMMERCE T&SAVASSN. LINCOLN........

1,199,189,000
1,077,260,000
925,062,161
796,021,000
423,630,000

1,136,829,000
908,377,000
850,254,000
789,295,000
408,335,000

1
2
3
4
5

SCOTTSBLUFF NB&T CO..........................................
1st NB&T CO., COLUMBUS................................
UNION B&T CO, LINCOLN....................................
DELAY 1st NB&T CO., NORFOLK........................
VISTAR BANK, LINCOLN......................................

209,448,000
187,467,461
187,356,000
168,873,391
138,442,000

208,563,000
185,148,000
155,118,000
167,897,000
121,115,000

12
13
14
15

DOUGLAS CTY B&T CO., OMAHA..........................
1st NB, HOLDREGE ..........................................
1st WESTSIDE BANK OF OMAHA............................
1st NB OF YORK....................................................
SOUTHWEST B&T CO., OMAHA............................

138,421,578
120,872,000
117,455,000
116,200,000
111,561,610

16
17
18
19
20

ADAMS B&T, OGALLALA........................................
FREMONT NB&T CO......................................................
CITY NB&T CO., HASTINGS...................................
PACKERS B&T CO., OMAHA...................................
PLATTE VALLEY SB&T CO., K EA R N EY ..................

110,430,409
104,515,000
99,845,000
97,433,000
88,210,000

21

THE ABBOTT BANK, A LLIA NCE.............................
1st NB&T CO., KEARNEY........................................
YORKSB&T CO..............................................................
FIVE POINTS BANK, GRAND ISLAND....................
1st SB, S C O T T S B L U F F ........................................

86,727,152
85,675,000
83,811,000
80,089,000
75,131,020

79,267,000
65,268,000
65,790,000

24
30
29

74,708,340
74,651,000

76,115,000
73,103,000

26
27

73,169,525
69,547,318
68,884,000

79,202,000
61,388,000
9,410,000

25

29
30

1st NB OF, FA IRBU RY............................................
JONES NB&T CO., SEWARD......................................
1st NB&T CO., NORTH PL A T TE...........................
RALSTON BANK............................................................
1st NE BANK, N.A., C O LU M BU S...........................

31
32
33
34
35

MIOCITY BANK. OMAHA........................................
WASHINGTON CTY BANK, B L A IR .............................
AMER NB, OMAHA...................................................
SEC NB, OMAHA.......................................................
MINDEN EXCHANGE B&T............................................

66,923,357
66,104,000
66,007,000
65,587,000
65,368,325

36
37
38
39
40

BEATRICE NB&T CO....................................................
1st NB OF MCCOOK.....................................................
1st NB&T CO., B E A T R IC E ......................................
NORTH PLATTE NB.......................................................
OVERLAND NB, GRAND ISLA N D ...........................

64,858,571
62,645,000
6 1 , 03 8 ,0 0 0
58,903,000
57,804,000

41
42
43
44
45

NORTHERN BANK. OMAHA......................................
1st WESTROADS BANK, OMAHA.............................
WESTERN SEC BANK. OMAHA.................................
1st NB, OGALLALA.................................................
THE ABBOTT BANK. VALENTINE...........................

46
47
48
49
50

1
2
3

Rank
12/31/87

Rai,k
12/31/88

Deposits
12/31/88

Deposits
12/31/87

Rank
12/31/87

AMER NB, CREIGHTON......................................
GOTHENBURG SB&T................................................
MCDONALDSB. NORTH PLATTE......................
FARMERS SB&T CO., AURORA............................
1st B&T CO., COZAD............................................

42,575,681
42,198,000
42,159,000
41,743,000
41,257,000

41,412,000
42,540,000
45,818,000
40,818,000
40,880,000

73
71
64
75
74

6
7
9
8
11

76 BRUNING SB..........................................................
77 SCHUYLER SB&T CO................................................
78 COLUMBUS B&T CO.................................................
79 COMMERCIAL NB, AINSWORTH..........................
80 PLATTSMOUTH SB..................................................

39,993,000
39,913,000
39,444,000
39,178,553
38,950,000

37,824,000
37,769,000
40,714,000
38,710,000
35,990,000

79
80
76
77
84

135,474,000
117,317,000
112,421,000
111,035,000
103,238,000

10
12
13
14
16

81

38,333,119

37,175,000

81

37,870,000
37,011,000
36,969,009
36,931,000

36,880,000
38,565,000
33,701,000
36,090,000

82

83
84
85

1st SEC BANK OF HOLDREGE......................................
1st SB, GOTHENBURG..........................................
1st NB, SCHUYLER.................................................
BANK OF NORFOLK.....................................................
AUBURN SB..................................................................

78
93
83

106,829,000
98,889,000
98,284,000
95,434,000
89,138 000

15
17
18
19
20

86
87
88
89
90

ALLIANCE NB&T CO......................................................
F&M NB, WEST P O IN T ..........................................
FRANKLIN SB................................................................
SB OF CAIRO................................................................
1st NB OF CHADRON...................................................

35,808,000
35,646,000
34,983,000
34,894,000
34,892,000

33,656,000
35,294,000
34,805,000
32,890,000
33,607,000

94
86
87
99
95

79,389,000

23

8 3 , 80 1 ,0 0 0

21

91
92
93
94
95

FARMERS NB, GRANT..............................................
NE NB, OMAHA.........................................................
1st NB, ON EILL.......................................................
FARMERS SB&T CO., S U P E R IO R ...........................
OTOE CTY NB&T CO., NEBRASKA CITY................

34,885,000
34,369,000
33,641,000
33,374,000
33,131,000

33,796,000
34,062,000
33,578,000
31,928,000
34,649,000

92
90
96
101
89

35
309

96
97
98
99
100

BANK OF CHADRON.....................................................
1st NB, WAHOO.......................................................
1st NB, SYRA C U SE.................................................
STOCKMENS NB. RU SH V ILLE...............................
1st NB OF MINDEN.....................................................

33,109,000
32,901,000
32,694,000
32,658,917
32,594,201

33,001,000
32,227,000
33,875,000
31,192,000
31,161,000

98
100
91
104
105

54,007,000
61,608,000
62,217,000
57,619,000
63,618,000

42
34
33
39
32

101

1st SB, FREMONT...................................................
SEC NB, SU P ER IO R .................................................
SHERMAN CTY BANK, LOUP C I T Y ........................
SCRIBNER BANK.........................................................
CITY B&T CO., C RETE..............................................

32,503,971
32,460,000
32,308,901
32,295,115
32,182,526

2 9 , 37 2 ,0 0 0

114

102
103
104
105

35,936,000
29,931,000
30,864,000
30,484,000

85
112
106
109

64,502,000

31
28

6 1 , 00 8 ,0 0 0

36

60,317,000
55,714 000

37
40

106
107
108
109
110

PLAINVIEWNB..............................................................
1st SB, KIMBALL.....................................................
1st NB, ATKINSON.................................................
FARMERS BANK, NEBRASKA C ITY ......................
PENDER SB ..................................................................

31,688,672
31,590,168
31,397,000
31,329,000
30,780,582

31,193,000
33,008,000
28,381,000
30,708,000
31,651,000

103

6 9 , 52 7 ,0 0 0

118
108
102

56,949,000
56,310,000
56,262,000
56,192,703
55,374,000

53,214,000
48,668,000
52,252,000
53,425,000
51,376,000

45
57
47
43
51

111
112
113
114
115

FAIRBURY SB, THE.....................................................
ST. PAUL NB................................................................
COZADSB&T CO............................................................
BANK OF WILBER.........................................................
1st NB OF ALBION.......................................................

30,769,395
30,591,000
30,545,000
30,304,000
2 9 , 5 31,000

30,289,000
26,105,000
27,971,000
28,884,000
2 9 ,88 4 ,0 0 0

110
133
121
116
113

HAVELOCK BANK, LINCOLN...................................
SEC NB, SIDNEY.......................................................
GENEVA SB ..................................................................
CATTLE NB, SEWARD...............................................
AMER NB OF SIDNEY...................................................

55,272,000
54,886,000
54,448,366
53,612,000
52,930,997

52,687,000
52,009,000
54,447,000
51,575,000
52,080,000

46
49
41
50
48

116
117
118
119
120

BANK OF HARTINGTON ..............................................
CRETE S B ....................................................................
ALBION NB ..................................................................
NE SB, ORD................................................................
CONES SB, PIERC E...................................................

29,389,370
29,313,000
29,119,525
28,753,095
28,605,000

30,191,000
29,073,000
30,792,000
28,674,000
27,740,000

111
115
107
117
123

51
52
53
54
55

1st UNITED BANK, NELIGH......................................
O’NEILL NB..................................................................
1st NB&T CO., FALLS C IT Y ...................................
1st NB, O R D ..............................................................
OMAHASB.....................................................................

52,314,000

53,295,000

44

51,455,000
50,939,000
50,453,000
50,166,957

48,755,000
5 1 , 34 6 ,0 0 0
50,433,000
49,465,000

121
122
123
124
125

F&M BANK, IMPERIAL............................................
DAKOTACTY SB, S. SIOUX C IT Y ..........................
BROKEN BOWSB.........................................................
AMER NB, KIMBALL.................................................
F&M BANK, EDISON.................................................

28,544,000
28,414,000
28,037,528
27,999,000
27,941,000

26,894,000
27,113,000
28,090,000
28,139,000
27,765,000

128
127
120
119
122

56
57
58
59
60

CORNHUSKER BANK, LINCOLN...............................
1st NB&T CO, A URORA ..........................................
FARMERS SB&T CO., LEXINGTON........................
HASTINGS SB ..............................................................
LEXINGTON SB&T CO....................................................

50,166,635
49,625,000
49,574,000
49,437,000
48,326,000

126
127
128
129
130

THAYER CTY BANK, H EBRON.................................
1st NB, AINSWORTH..............................................
F&M BANK, M ILFO RD ............................................
GORDON SB..................................................................
CITIZENS B&T CO., ST. PA U L.................................

27,907,000
27,902,000
27,395,000
27,243,330
27,240,000

27,576,000
26,162,000
26,265,000
24,964,000
26,332,000

131
144
129

61
62
63
64
65

1st NB, GORDON.....................................................
BANK OF PAPILLIQN...................................................
NEBRAKSA SB&T CO., BROKEN B O W ..................
1st NB, BEL LEV U E.................................................
STATE NB&T CO.. WAYNE........................................

131
132

27,208,000
26,916,000

25,526,000
25,637,000

137
136

26,849,000
26,719,000
26,700,000

25,927,000
25,686,000
25,315,000

134
135
139

66
67
68
69
70

BANK OF BELLEVUE.....................................................
1st NB, WEST P O IN T ............................................
CITIZENS B&T CO., COLUMBUS.............................
F&M BANK, BLO O M FIELD ...................................
RICHARDSON CTY B&T CO.. FALLS C IT Y .............

26,654,000
26,442,636
26,189,079
25,802,000
25,686.200

27,490 000
26,308,000
25,084,000
27,362,000
23.889.000

125
130
141
126
153

4
5

6
7

8
9
10
11

22

23
24
25
26
27
28


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

55
52

53
54

71
72
73
74
75

Name of Bank

82

44,462,000

68

4 8 , 730,000

56

34 766 000
48,258,000
47,402,000

88
58
59

46,478,000
46,445,000
46,431,060
46,236,000
45,420,000

46,079,000
43,055,000
45 027 000
42,527,000
46,889,000

63
70
66
72
60

133
134
135

1st NB. CAMBRIDGE ............................................
NE SB, S. SIOUX C IT Y ............................................
RAVENNA BANK............................................................
BANK OF NE, LA VISTA............................................
1st NB&T. FU LLER TO N ........................................

45,107,445
43,815,000
43,740,000
43,701,000
43,532,663

44,598,000
45,159,000
46,635,000
46,650,000
43,609 000

67
65
62
61
69

136
137
138
139
140

BANK OF THE MIDLANDS, PA PILLION ..................
1st NB, THE. FR IEN D ..............................................
FARMERS SB, DODGE..............................................
1st NB, M ITCH ELL.................................................
BANK OF WOOD RIVER.................................................

APRIL 8, 1989

97

124
132

41

NEBRASKA
Rank
12/31/88

Name of Bank

Deposits
12/31/88

Deposits
12/31/87

.

Rank I
12/31/87

Deposits
12/31/88

Deposits
12/31/87

MARTELL S B .......................................................................
BANK OF HYANNIS............................................................
1st SB, SH ELTO N ............................................
FARMERS SB, BIG SPRINGS ...........................
BRUNSWICK SB.................................................................

15,993,000
15,887,000
15,820,000
15,802,000
15,515,000

15,010,000
15,663,000
15,013,000
15,066,000
14,251,000

217
207

Rank
12/31/87

Rank
12/31/88

146
138
143
171
140

211
212
213
214
215

Name of Bank

25,417,969
25,278,000

145

CARSON NB, A UBU RN ............................................
BURT CTY SB, TEKAMAH.. . . rv...........................
1st NB, JOH NSON...................................................
BRIDGEPORT SB, T H E .........................\ ...............................
1st NB, LYONS..........................................................

25,263,000
25,155,878
25,151,067

24,721,000
25,482,000
24,969,000
21,010,000
25,121,000

146
147
148
149
150

PEOPLES-WEBSTER CTY BANK, RED CLOUD . . . .
SALINE SB, W ILBE R .................................................
LINCOLN BANK SOUTH............................................................
BANK OF DONIPHAN............................................................
FARMERS NB. CENTRAL C IT Y .............................

24,993,000
24,951,000
24,789,000
24,705,061
24,514,752

23,885,000
23,890,000
23,334,000
23,004,000
23,966,000

154
152
156
157
150

216
217
218
219
220

1st NB IN EXETER............................................................
BANK OF BERTRAND......................................................
CENTRAL BANK. CENTRAL CITY....................
CRAWFORD SB
AMER NB, FREMONT........................................

15,449,005
15,418,000
15,374,000
15,318,000
15,297,953

16,675,000
14,875,000
14,678,000
15,134,000
14,454,000

198
221
224
214
225

151
152

24,173,194
23,953,000
23,243,000
22,922,000
22,909,715

15,386,000
25,114,000
24,657,000
21,083,000
22,794,000

209
141
147
170
160

221
222

153
154
155

WEST GATE BANK, LINCOLN.................................
BANK OF VALENTINE..............................................................
JOHNSON CTY BANK, ELK C R E E K ........................
BANK OF ELKHORN..............................................................
BANK OF BURWELL..............................................................

223
224
225

DEUEL CTY SB, CHAPPEL.................................
1st NB, STROMSBURG....................................
SPALDING CITY BANK
AMER EXCHANGE BANK, ELMW OOD.............
MURRAY SB.........................................................................

15,091,000
15,009,000
14,950,709
14,829,000
14,743,000

14,872,000
15,177,000
14,996,000
14,932,000
13,630,000

222
213
218
219
239

156
157
158
159
160

1st NB, W AYNE.....................................................
1st NB, H O O PER.....................................................
PLATTE VALLEY BANK, NORTH B E N D ..................
EXCHANGE BANK, G IBBO N ...................................
1st NB, B E E M E R ...................................................

22,902,430
22,823,983
22,735,823
22,413,987
22,338,000

23,480,000
24,094,000
22,486,000
19,884,000
22,998,000

155
149
161
179
158

226
227
228
229
230

1st NB, ELWOOD..............................................
1st NB, HAYES C E N T E R ...............................
1st NB, W ALTHILL..........................................
HARVARD S B ....................................................................
1st SB, ENDERS..............................................

14,737,000
14,735,000
14,731,000
14,281,000
14,245,000

15,471,000
13,611,000
14,060,000
14,170,000
13,676,000

208
240
230
228
237

161
162
163
164
165

COMMERCIAL BANK, BLUE H IL L ........................
GENOA NB .................................................................................
RIVER CITY NB, OMAHA........................................
KEARNEY SB&T CO.................................................................
CLARKSON BANK....................................................................

22,240,000
22,077,000
22,004,206
21,882,000
21,763,000

21,879,000
21,308,000
17,955,000
18,312,000
21,525,000

162
167
191
189
165

231
232
233
234
235

WAKEFIELD NB
THE ABBOTT BANK, HEMINGFORD...............
1st NB, SID N EY.................................................
SEVEN VALLEYS SB, CALLAWAY..................
GRETNA SB ......................................................................

14,182,000
14,138,892
14,105,000
14,088,762
14,044,122

13,788,000
14,240,000
14,833,000
13,996,000
13,025,000

235
227
223
231
254

166
167
168
169
170

BANK OF ELGIN.......................................................................
HOME SB&T CO., HUMBOLDT.............................
1st NB, NEWMAN G RO VE.................................
NE SB. OMAHA.......................................................
HARLAN CTY BANK, ALMA......................................

21,691,000
21,690,000
21,637,000
21,619,000
21,405,000

21,102,000
21,505,000
21,276,000
20,337,000
20,767,000

169
166
168
176
174

236
237
238
239
240

STAMFORD BANK............................................................
LINCOLN SB
BUTTE S B .........................................................................
FULLERTON NB. T H E ....................................................
GUIDE ROCK SB

13,876,000
13,786,000
13,741,000
13,719,000
13,699,000

13,215,000
12,519,000
13,888,000
13,241,000
13,872,000

250
261
233
248
234

171
172
173
174
175

F&M NB, ASHLAND..............................................
SB, BENKELMAN.................................................
1st UNITED BANK OF BELLEVUE......................................
COMMERCIAL SB, HOSKINS.................................
MCCOOKNB ............................................................................

21,398,000
21,393,000
21,157,941
20,967,102
20,886,000

21,550,000
22,815,000
24,896,000
19,043,000
82,320,000

164
159
145
185
22

241
242
243
244
245

1st NB. U TIC A .................................................
SB OF HILDRETH
1st SB, LOOMIS..............................................
SHICKLEY SB....................................................................
AMER SB, MCCOOK........................................

13,511,682
13,492,878
13,478,000
13,338,513
13,303,000

13,401,000
13,281,000
13,536,000
12,565,000
12,549,000

244
247
241
259
260

176
177
178
179
180

1st NB, OSCEO LA .................................................
OAK CREEK VALLEY BANK. VALPARAISO...........
ADAMS CTY BANK, K ENESAW .............................
TRI CTY BANK, STU A RT........................................
NE SEC BANK, D ESH LER ......................................

20,704,482
20,697,541
20,639,000
20,520,000
20,487,000

20,835,000
19,752,000
20,627,000
19,986,000
20,240,000

173
180
175
178
177

246
247
248
249
250

NE SB, WEEPING W A T E R ..........................
LANCASTER CTY BANK, WAVERLY................
FARMERS NB P II.G E R ...................................
1st NB, UNADILLA........................................
CURTIS SB

13,260,000
13,220,000
13,193,101
13,168,000
13,162,300

12,357,000
13,180,000
13,916,000
13,101,000
13,471,000

263
251
232
253
243

181
182
183
184
185

SEC NB, LA U R EL...................................................
ARLINGTON S B ......................................................................
1st NB. WISNEK.....................................................
COMMERCIAL BANK, N E LSO N .............................
BANK OF MADISON..............................................................

20,144,000
19,829,000
19,739,000
19,722,000
19,715,569

21,875,000
19,259,000
24,505,000
18,928,000
20,973,000

163
182
148
187
172

251
252
253
254
255

BANK INDIANOLA............................................................
SUTTON SB
1st SB, HORDVILLE......................................
OSMOND SB
FARMERS SB. MAYWOOD.............................

13,115,231
13,114,000
13,017,000
12,991,169
12,967,000

14,134,000
13,136,000
12,279,000
14,928,000
11,938,000

229
252
264
220
270

186
187
188
189
190

1st SB, BEAVER CITY..........................................
1st SB, RANDOLPH..............................................
NORTHWESTERN SB, HAY SPRINGS....................
TILDEN BANK............................................................................
NE SB, OSHKOSH...................................................

19,270,000
19,245,000
19,139,000
19,007,000
18,619,000

18,167,000
18,968,000
19,120,000
19,456,000
19,232,000

190
186
184
181
183

256
257

12,915,382
12,900,000
12,786,000
12,693,000
12,692,858

13,222,000
11,628,000

249
274

258
259
260

1st NB, B E L D E N ............................................
JENNINGS SB, DAVEN PORT........................
SB OF STELLA
1st NB. SHELBY..............................................
HOWELLS BANK

13,371,000
11,897,000
12,665,000

245
272
257

191
192
193
194
195

WAHOOSB.................................................................................
CHAMBERS SB.........................................................................
CITY SB, SUTTON .................................................
BANK OF DIXON CTY, PO N CA ...............................
COMM’LSB, REPUBLICAN C IT Y ......................

18,286,000
17,832,029
17,817,000
17,349,000
17,246,627

16,824,000
17,258,000
18,428,000
17,149,000
15,313,000

197
193
188
194
210

261
262
263
264
265

SPENCER SB
JEFFERSON CTY BANK, DAYKIN....................
DEWITT S B ......................................................................
1st NB, LEWELLEN........................................
BRENTWOOD BANK, LA V IS T A ......................

12,635,000
12,494,000
12,451,000
12,450,000
12,383,000

12,869,000
11,993,000
12,005,000
12,034,000
10,654,000

255
269
267
266
289

196
197
198
199
200

STROMSBURG BANK............................................................
HENDERSON SB......................................................................
BANK OF M U LLEN.................................................................
FARMERS SB, E U ST IS............................................
CITIZENS NB W ISN EK ..........................................

17,128,247
17,083,493
16,917,364
16,872,000
16.768,879

17,006,000
16,071,000
16,203,000
16,342,000
15,987,000

196
204
202
200
205

266
267
268
269
270

COLERIDGE NB
1st NB OF BANCROFT.................................................
BANK OF LINDSAY
SIOUXLAND NB, S. SIOUX C IT Y ....................
CAMBRIDGE SB

12,310,000
12,266,000
12,201,934
12,182,000
12,138,000

13,654,000
11,995,000
11,209,000
12,761,000
11,936,000

238
268
282
256
271

201
202
203
204
205

COMMERCIAL BANK, BA SSETT.............................
COMMERCIAL SB, CLAY C EN TER ......................
1st NB MORRILL ................................................
CHARTER WEST NB, WEST PO IN T......................
COMMERCIAL SB. WAUSA.....................................

16,756,000
16,705,000
16,705,000
16,666,040
16,588,046

17,012,000
16,539,000
16,148,000
13,480,000
16,220,000

195
199
203
242
201

271
272
273
274
275

BANK OF BENNINGTON
WAUNETA FALLS BANK
BYRON S B .........................................................................
BLUE SPRINGS SB
BANK OF ORCHARD

12,109,000
11,973,000
11,798,000
11,732,000
11,717,148

11,543,000
12,463,000
11,212,000
12,064,000
11,273,000

277
262
281
265
280

206
207
208
209
210

STANTONNB ............................................................................
F&M NB. OAKLAND..............................................
BANK OF ST. EDWARD.........................................................
TRI-CTY B&T, B E L L E V U E ...................................
1st SB, HICKMAN.................................................

16,573,000
16,536,000
16,491,214
16,350,000
16,075,000

15,231,000
17,752,000
15,221,000
13,286,000
15,802,000

211
192
212
246
206

276
277
278
279
280

FARMERS SB, AVOCA......................................
F&M BANK, C ER ESC O ...................................
SB OF SCOTIA.................................................................
1st NB, BAYARD ............................................
CASS CTY BANK, PLATTSM OU TH .............

11,708,000
11,678,000
11,478,000
11,410,000
11,384,000

10,006,000
10,567,000
11,512,000
10,793,000
12,621,000

300
292
278
288
258

141
142
143
144

NORTHWESTERN FINANCIAL REVIEW

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

216
215
226

Rank
12/31/88

Deposits
12/31/88

Deposits
12/31/87

Rank
12/31/87

Rank
12/31/88

Name of Bank

Deposits
12/31/88

Deposits
12/31/87

Rank
12/31/87

353
354
355

CORN GROWERS SB, M U RDO C K ......................
NE SB, LYNCH .....................................................
BANK OF PALMYRA............................................................
CEDAR RAPIDS SB
SB OF COLON

6,580,000
6,549,000
6,535,000
6,521,000
6,369,000

6,437,000
7,227,000
6,020,000
5,683,000
6,077,000

360
348
367
371
366

285
307
299
298
287

356
357
358
359
360

HARDY S B ...............................................................................
KIMBALL CTY BANK, BUSHNELL......................
SEC SB. ALLEN.....................................................
BANK OF STAPLETON.........................................................
GRAFTON S B .........................................................................

6.344,000
6,203,256
6,180,000
6,176,000
6,100,000

6,604,000
4,645,000
6,295,000
5,863,000
5,666,000

357
385
363
369
372

11,157,000
9,749,000
9,678,000
10,265,000
10,231,000

283
301
304
294
296

361
362
363
364
365

COMMERCIAL SB E L S IE ......................................
PICKRELL SB
FARMERS BANK OF CLATONIA......................................
FARMERS BANK, OCONTO.................................
BANK OF M EAD....................................................................

6,081,000
6.060,000
5,977,000
5,927,000
5,750,000

5,486,000
6,283,000
6,384,000
5,460,000
5,554,000

376
364
362
377
374

10,319,000
9,960,985
9,932,000
9,897,000
9,674,000

8,381,000
8,529,000
10,594,000
9,009,000
8,953,000

323
319
291
311
312

366
367
368
369
370

HOME BANK, THE, ELWOOD...............................
SB OF LITCHFIELD
BOELUS SB ............................................................................
BANK OF THE VALLEY, BELLW OOD..................
BANK OF LEIGH....................................................................

5,647,000
5,622,000
5,580,000
5,490.000
5,435,000

5,873,000
5,014,000
5,577,000
5,164,000
5,063,000

368
380
373
378
379

9,572,000
9,418,000

9,688,000
8,148,000

9,398,000
9,354,000
9,292,000

7,429,000
9,469,000
8,437,000

303
327
344
308
320

371
372
373
374
375

MINATARE S B .......................................................................
FARMERS SB, LYMAN..........................................
FARMERS BANK. LINCOLN.................................
NE SB, BR ISTO W .................................................
HALLAM BANK.......................................................................

5,421.000
5,390,000
4,980,000
4,894,000
4,814,000

5,516,000
5,724,000

303
304
305

NORTH LOUP VALLEY BANK.................................................
FORT CALHOUN SB .................................................................
1st NB OF MARQUETTE.........................................................
CITIZENS SB, CLEA RW A TER...............................
SB OF M ERNA............................................................................

4,872,000
4,548,000

375
370
410
383
387

306
307
308
309
310

COMMUNITY BANK OF NE. OMAHA........................
CEDAR SEC BANK. FÔRDYCE.................................
SB OF ODELL...............................................................................
BATTLE CREEK SB
BANK OF CLARKS....................................................................

9,287,000
9,284,779
9,163,000
9,111,000
9,073,263

7,951,000
8,871,000
9,335,000
9,538,000
9,734,000

336
315
310
306
302

376
377
378
379
380

CITIZENS SB, VIRGINIA......................................
FARMERS SB, C A R R O LL...................................
COMMERCIAL SB, CEDAR B L U F F S ..................
AB, B U R R ..............................................................
1st NB OF ELM CREEK

4,766,000
4,747,000
4,705,000
4,685,000
4,571,000

4,811,000
4,965,000
4,981,000
4,524,000
4,438,000

384
382
381
388
389

311
312
313
314
315

LISCO SB
CAMPBELL S B ............................................................................
1st NE BANK. ARCADIA..........................................
PETERSBURG S B .......................................................................
HERSHEY SB

8,917,000
8,776,000
8,566,000
8,547,724
8,474,000

8,131,000
8,284,000
8,840,000
8,115,000
7,981,000

329
324
316
330
334

381
382
383
384
385

BANK OF STEINAUER.........................................................
WESTERN SB. W A TERLO O ...............................
AMER SB, H O M ER ..............................................
CITIZENS SB, CA RLETON .................................
BANK OF PERU

4,542,000
4,333,650
3,676,000
3,646,000
3,565,000

4,618,000
4,069,000
3,923,000
3,984,000
3,172,000

386
391
393
392
396

316
317
318
319
320

THE ABBOTT BANK, TH ED FO RD ...........................
FARMERS SB. SILVER CREEK .............................
FARNAM BANK .........................................................................
AMER SB, NEWCASTLE ........................................
ERICSON SB ...............................................................................

8,468,000
8,432,000
8,335,000
8,326,000
8,269,000

8,135,000
8,406,000
8,010,000
7,715,000
8,160,000

328
322
333
338
326

386
387
388
389
390

SB OF TABLE ROCK
SB OF BURCHARD
EAGLE SB ..............................................................................
F&M BANK, AXTELL............................................
BANK OF OVERTON

3,399,000
3,301,000
3,248,000
3,187,000
3,065,611

3,459,000
3,377,000
3,028,000
3,005,000
2,939,000

394
395
398
399
400

321
322
323
324
325

FARMERS SB, DOUGLAS........................................
BANK OF PAXTON....................................................................
NE SB, WESTERN ...................................................
LAWRENCE SB............................................................................
SB OF BARTLEY.........................................................................

8,183,459
8,169,000
8,049,000
8,032,000
7,985,965

8,017,000
9,604,000
8,048,000
7,922,000
8,685,000

332
305
331
337
318

391
392
393
394
395

MASON SB, MASON C IT Y .................................
HUBBELLBANK ....................................................................
WYMORE S B .........................................................................
SEC SB, ANSLEY...................................................
PULTTE CENTER BANK......................................................

2,916,162
2,808,000
2,670,253
2,633,000
2,417,000

3,043,000
2,669,000
8,878,000
2,048,000
2,071,000

397
401
314
404
403

326
327
328
329
330

CITIZENS SB, POLK...................................................
F&M BANK, MILLIGAN............................................
FARMERS SB, WALLACE........................................
SB OF CHESTER.........................................................................
COMMERCIAL BANK, STRATTON...........................

7,857,000
7,772,647
7,760,337
7,729,000
7,709,000

7,394,000
7,674,000
7,974,000
7,590,000
8,169,000

345
340
335
342
325

396
397
398
399
400

BANK OF TALM AGE............................................................
SB OF DU BOIS
SB OF LIBERTY
SB OF FIRTH
ASHTON S B ............................................................................

2,200,000
2,090,000
1,658,000
1,379,000
1,222,000

1,849,000
2,281,000
1,739,000
1,206,000
1,154,000

405
402
406
407
409

331
332
333
334
335

PLEASANTON SB .......................................................................
SEC HOME BANK, M A LM O ......................................
FARMERS SB, FAIRMONT......................................
CITIZENS BANK, BANCROFT.................................
BANK OF PRAGUE

7,675,000
7,612,000
7,580,000
7,529,000
7,500,000

7,075,000
6,980,000
7,244,000
8,878,000
7,694,000

352
353
347
313
339

401

SEC SB, SUMNER.................................................

1,080,000

1,198,000

408

336
337
338
339
340

FARMERS SB, HUMPHREY ...................................
FARMERS SB, PLYMOUTH......................................
CITIZENS SB, DORCHESTER.................................
BANK OF STERLING
BANK OF BRADY.......................................................................

7,323,000
7,294,207
7.242.000
7.215.000
7,056,000

8,769,000
7.528.000
7.363.000
7.615.000
6,958,000

317
343
346
341
354

341
342
343
344
345

DAWSON BANK. T H E ..............................................................
NEHAWKA BAN K ......................................................................
CULBERTSON BANK. T H E ......................................................
FARMERS SB, EW IN G..............................................
1st NB, WILCOX.......................................................

7,014,000
6,978,000
6,970,000
6,866,000
6,841,000

7,196,000
6,561,000
8,425,000
7,166,000
7,128,000

349
358
321
350
351

346
347
348
349
350

BANK OF Y U T A N .......................................................................
FARMERS NB OF MADISON
FILLEY BANK...............................................................................
HOME SB, BEAVER CRO SSIN G ...........................
BANK OF SWANTON.................................................................

6,840,000
6,822,000
6,812,887
6,706,000
6,630,000

6,633,000
6,183,000
6,450,000
6,780,000
6,409,000

356
365
359
355
361

281
282
283
284
285

SB OF PALMER
PURDUM SB.................................................................................
WINSIDE SB.................................................................................
NORTHWEST NB. GRAND ISLAND........................
SB OF RIVEROALE....................................................................

11,238,000
11,188,000
11,153,000
11,078.000
11,006,000

10,184,000
11,635,000
11,132,000
10,232,000
10,875,000

297
273
284
295
286

351
352

286
287
288
289
290

REPUBLICAN VALLEY BANK, ORLEANS..................
ASHLAND S B ...............................................................................
CITY NB G R E E L E Y .................................................
SPRINGFIELD SB
SB OF TRENTON

10,889,000
10,856,000
10,701,000
10.629,913
10,603,000

11,050,000
9,483,000
10,012,000
10,133,000
10,809,000

291
292
293
294
295

THE ABBOTT BANK. M ERRIM AN...........................
ADAMS SB....................................................................................
BANK OF KEYSTONE ...............................................................
POTTER SB .................................................................................
FARMERS BANK. COOK............................................

10,569,590
10,556,000
10,447,000
10,373,000
10,349,000

296
297
298
299

1st SEC NB, LINCOLN............................................
HOME SB, LOUISVILLE..........................................
BANNER CTY BANK, H ARRISBURG......................
BANK OF MONROE....................................................................
1st SB, LODGEPOLE ............................................

300
301
302

:

'

Name of Bank


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

Information for the following bank was not available at the time of publication:
1st NATL BANK, SPRINGVIEW........................... .0

11,560,000

The following banks were not ranked because of mergers or closures:
Arnold State Bank merged with Farmers State Bank & Trust Co., Lexington.
First Security Bank & Trust Co., Beatrice, merged with First National Bank of
First National Bank & Trust Co., Fremont, merged with Firstier Bank, N. A.,
Omaha.
South Ridge Bank, Lincoln, merged with West Gate Bank, Lincoln.
Mutual State Bank, Omaha, merged with Mid City Bank, Omaha.
Frenchman Valiev State Bank. Palisade, closed on March 10.1988.
Pawnee County Bank merged with Union Bank & Trust Co., Lincoln.
Peoples State Bank, Wolbach, merged with St. Paul National Bank, St. Paul.

APRIL 8, 1989

43

Rank
12/31/88

Name of Bank

Deposits
12/31/88

Deposits
12/31/87

Rank
12/31/87

NORWEST BANK ND, N.A., FARGO........................
1st BANK OF NO, FA R G O ......................................
BANK OF ND, BISM ARCK.....................................
1st NB IN GRAND FORKS....................................................
AMER SB&T CO., W ILLISTO N .............................

649,302,000
461,497,000
194,815,000
125,163,000

160,511,000
199,951,000
560,491,000
198,224,000
127,413,000

DAKOTA B&T CO., FARGO......................................
1st INTER SB OF FARGO, N.A............................................
1st AB&T OF M INOT............................................................
1st NB&T CO. OF WILLISTON
1st WESTERN BANK, MINOT.................................

121,014,000
108,327,000
106,066,000
90,230,000
82,491,000

114,328,000
115,718,000
104,434,698
102,322,000
75,154,000

VALLEY B&T CO., GRAND F O R K S ......................
1st AB&T OF GRAFTON......................................................
13 SB OF FARGO
14 1st NB&T CO., BO TTIN EA U ...............................
15 UNITED BANK OF BISMARCK

78,955,000
78,331,000
75,626,000
73,833,000
71,631,000

77,104,000
77,565,000
65,469,000
74,882,000
73,807,000

LIBERTY NB&T CO., DICKINSON........................
STUTSMAN CTY SB, JAMESTOW N......................
RAMSEY NB&T CO., DEVILS L A K E ....................
THE 1st NB OF BOWMAN
COMMUNITY 1st NB, WAHPETON....................

67,556,000
65,475,000
59,814,000
54,220,930
52,013,000

67,899,000
58,873,000
61,963,000
52,379,000
51,923,000

25

1st AB&T OF CARRINGTON...........................................
1st INTER NB, WATFORD C IT Y ........................
AMER SB&T OF DICKINSON...........................................
COMMUNITY 1st NB&T CO., DICKINSON.........
COMMUNITY NB OF GRAND FO R K S ...........................

51,107,000
48,781,795
46,795,000
46,502,000
45,315,000

26
27
28
29
30

CITIZENS SB OF PEMBINA CTY, CAVALIER . . .
1st SB, HARVEY...................................................
SB&T OF KENMARE............................................................
1st NB OF DEVILS LAKE
WEST FARGO S B .................................................................

31
32
33
34
35

l

2
3
4
5

6
7

8
9

10
11
12

747,604,000

5

2
1
3

8
11
10
13
14
19
18
17
23

20
21
22

Rank 1
12/31/871

Deposits
12/31/88

Deposits
12/31/87

75

THE 1st NB OF FESSENDEN
1st SB, LA M O U R E ..............................................
F&M BANK, COOPERSTOWN.............................
SB OF BOTTINEAU..................................................................
PEOPLES SB, W ESTH O PE...................................

25,057,000
24,768,000
24,090,000
23,649,000
23,528,000

26,011,688
24,791,467
24,283,000
23,330,000
25,063,000

74
82
85
87
79

76
77
78
79
80

F&M SB, TOLNA.....................................................
1st SB, BU X T O N ...................................................
FARMERS SB, CARRINGTON...............................
COMMUNITY 1st NB, LIDGERWOOD..................
STRASBURG SB .......................................................................

23,523,000

24,114,000
22,751,000
25,058,000
22,524,000
19,942,977

86

22,978,000
22,708,000
22,542,000
22,368,838

81
82
83
84

1st NB OF BOWBELLS.........................................................
CITIZENS SB, ENDERLIN......................................
CITIZENS SB OF FINLEY
SEC BANK OF HEBRON.........................................................
1st NB. H ETTINGER............................................

22,263,000
21,799,000
21,763,000
21,599,678
21,531,000

23,296,000
21,520,000
21,813,000
20,171,925
20,933,000

21,476,000
20,861,000
20,536,000
20,432,000
,220,000

22,668,000

Rank
12/31/88
71
72
73
74

85

86

Name of Bank

89
80
92
103

88
94
93

102
96
90
97
98
95

28
25
29
30

87

89
90

1st A8 OF LARIMORE............................................................
SEC SB. WISIIKK ...................................................
TOWNER CTY SB. CANDO......................................
FARMERS SEC BANK OF WASHBURN...........................
WEST RIVER SB. H ETTIN G ER.............................

20

20,650,000
20,590,248
21,091,797
17,436,000

45,258,000
48,490,602
28,972,000
44,553,000
45,576,000

34
32
67
35
33

91
92
93
94
95

DRAYTON S B ............................................................................
SEC SB, DUNSEITH...............................................
CITIZENS SB OF LANKIN ...................................................
THE NB OF HARVEY..............................................................
LINCOLN SB, HANKINSON...................................

20,126,000
19,955,974
19,753,000
19,664,000
19,217,000

20,248,000
20,189,363
18,655,000
20,372,000
18,985,000

43,345,000
42,835,000
42,777,703
41,678,000
41,600,000

41,251,000
44,272,000
38,966,501
42,393,000
40,512,000

42
36
47
39
43

96
97
98
99

PEOPLES SB OF VELVA.........................................................
THE 1st & FARMERS BANK, PORTLAND...........
SEC SB. NEW S A L E M ..........................................
1st NB, McCLUSKY...............................................
SEC SB, HANNAFORD..........................................

18,764,000
18,467,789
18,395,000
17,870,000
17,388,000

18,388,000
17,864,000
17,923,000
17,696,000
15,956,000

107

McIn to sh cty b a n k , a s h l e y ...........................
1st NB OF VALLEY CITY
THE FARMERS SB OF CROSBY
1st NB, LINTON...................................................
UNION SB, HAZEN.................................................

41,357,000
41,252,000
40,828,000
40,125,625
39,946,000

38,994,000
43,029,000
41,770,000
37,915,000
44,198,000

45
38
41
50
37

1st NB, MILNOR.....................................................
THE 1st NB OF BELFIELD
COMMUNITY 1st SB, COOPERSTOW N.............
1 s t NB OF CROSBY..............................................................
1st SB, WEST FARGO..........................................

17,386,000
17,373,000
17,156,000
16,941,000
16,877,000

17,101,000
17,053,000
18,039,000
17,250,000
15,652,000

115
116
108
113
125

36
37
38
39
40

THE 1st SB OF MUNICH
BANK OF BEULAH ..............................................................
MERCHANTS BANK, R U G B Y ...............................
1st SB LANGDON
1st AB OF LISBON

39,382,000
37,747,000
37,465,000
37,161,000
37,010,000

41,869,000
38,054,000
40,107,000
34,833,000
35,580,000

40
48
44
53
52

GRANT CTY SB. CA RSO N ......................................
FARMERS AND MERCHANTS SB, LANGDON . . . .
BANK OF TURTLE L A K E ......................................................
1st SB OF WILTON
1st SB OF SHARON..............................................................

16,651,000
16,432,000
16,087,288
15,930,000
15,866,000

16,175,000
16.491,000
17,181,992
15,101,000
16,494,000

119
114
128
118

41
42
43
44
45

F&M BANK, BEACH..............................................
GARRISON SB
SARGENT CTY BANK. FORMAN..........................
SCANDIA AB, STA N LE Y ......................................
1st SOUTHWEST BANK, MANDAN

34,747,278
34,722,000
33,365,000
33,342,000
33,315,000

38,049,900
37,072,000
32,725,000
32,396,000
34,224,000

49
51
55
56
54

CENTRAL DAKOTA BANK, LEH R.............................
ROLETTE SB ............................................................................
SEC SB OF ROBINSON.........................................................
BANK OF GLEN ULLIN............................................................
KIRKWOOD B&T CO. 10, BISM A R C K ..................

15,562,000
15,365,000
15,333,000
15,295,000
15,261,000

15,049,000
15,469,726
14,826,000
14,401,000
,010,000

129
126
131
134
148

46
47
48
49
50

F&M BANK, VALLEY CITY.................................
THE BANK OF TIOGA
1st NB OF O A K ES ..............................................................
1st SB ROLLA
BISMARCK S B .......................................................................

33,116,000
32,103,000
31,377,000
30,981,000
30,783,451

30,758,000
32,309,924

61
57

15,174,000
14,856,000

58
60
69

14,805,000
14,611,000
14,597,000

14,863,000
16,509,000
13,838,000
14,155,000
12,362,000

130
117

31,822,909
31,393,000
28,493,625

1st SB OF GACKLE.................................................................
PEOPLES & ENDERLIN SB .................................................
UNION SB OF FARGO............................................................
F&M NB, HATTON.................................................
BANK OF HAZELTON..............................................................

138
136
146

51
52
53
54
55

1st SB CANDO
PEOPLES B&T, PARSHALL.................................
THE GOOSE RIVER BANK, MAYVILLE................
1st NB&T CO., ELLEN D A LE.............................
LAKESIDE SB. NEW TOWN.................................

30,620,000
30,443,000
30,310,000
29,224,000
29,206,622

31,548,000
29,225,000
29,886,000
29,948,000
29,109,891

59
64
63
62

123
124
125

1st SEC BANK, UNDERWOOD.............................
FARMERS SB. L E E D S ............................................
KINDRED SB
1st AB OF RICHARDTON
1st SB OF ARTHUR..............................................................

14,589,000
14,577,000
14,088,019
13,980,000
13,875,000

14,060,000
15,658,000
14,719,425
15,179,034
13,256,000

137
124
132
127
140

56
57
58
59
60

STOCK GROWERS BANK, NAPOLEON................
1st AB OF CASSELTON......................................................
DAKOTA WESTERN BANK, BOWMAN..................
WESTERN SB, DEVILS LA K E.............................
BANK OF STEELE.................................................................

28,556,000
28,522,317
27,865,840
27,705,000
27,607,000

26,608,547
29,121,000
24,522,319
28,807,000
26,679,000

72
65
83

1st BANK IN DRAKE..............................................................
CITIZENS SB. MOHAI.I...........................................
THE 1st SB OF NEW ROCKFORD......................................
CITIZENS SB, PETER SBU R G ...............................
SEC SB HUNTER...................................................

13,691,000
13,688,000
13,504,000
13,503,000
12,982,000

14,388,000
16,232,000
16,043,000
13,755,000
12,564,000

135

71

126
127
128
129
130

61
62
63
64
65

1st SB OF CAVALIER 7 ......................................................
SB OFLAKOTA.......................................................................
THE 1st SB OF CASSELTON............................................
1st SB OF PARK RIVER
1st AB OF RUGBY...............................................................

26,661,000
26,197,969
26,156,000
26,095,000
25,967,000

22,596,000
26,754,000
24,489,000
25,047,000
26,336,000

91
70
84
81
73

131
132
133
134
135

1st SB OF GOODRICH............................................................
1st SB, NEW LEIPZIG ..........................................
1st AB OF MINNEWAUKEN.................................................
1st SB, R E G E N T ...................................................
THE UNION BANK. HALLIDAY...............................

12,653,000
12,591,000
12,558,000
12,176,000
12,093,000

13,110,595
12,523,000
12,927,000
,686,000
11,090,000

141
145
142
143
151

SB OF TOWNER....................................................................
THE DAKOTA BANK, GRAND F O R K S ...............
68 NORTHWOOD SB
69 COMMERCIAL BANK OF M OTT......................................
70 WALHALLA S B .......................................................................

25,823,000
25,522,000
25,430,000
25,342,000
25,182,199

25,691,000
18,946,000
25,641,000
25,699,000
25,136,000

76
105
77
75
78

136
137
138
139
140

McKENZIE CTY NB, WATFORD C IT Y ..................
KULM SB, KULM .....................................................
LITCHVILLE SB.........................................................................
1st SB OF HOPE......................................................................
SEC SB OF ADAMS.................................................................

12,076,000
11,590,000
11,479,000
11,477,000
11,310,000

14,433,000
11,082,000
10,920,000
12,049,000
11,479,000

133
152
153
147
149

16
17
18
19

20
21
22
23
24

66

67

Digitized for
44FRASER
NORTHWESTERN FINANCIAL REVIEW
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

66

68

88

100
101
102
103
104
105
106
107
108
109

110
111
112
113
114
115
116
117
118
119

120
121
122

12

12

112
100
101
106
99
104

110
109

111
123

121

120
122
139
144

NORTH DAKOTA
Rank
12/31/8«

Deposits
12/31/88

Name of Bank

Deposits
12/31/87

Rank
12/31/87

Rank
12/31/88
156
157

141
142
143
144
145

LIBERTY SB, POWERS LA K E......................
SB OF OLIVER CTY, C E N TER ........................
SEC NB, ED GELEY........................................
1st SB OF BUFFALO....................................................
FARMERS SB, ELG IN ......................................

.........
.........
.........
.........
.........

11,077,000
10,760,000
10,726,000
10,415,000
10,263,000

11,113,000
9,785,000
10,411,000
8,990,000
9,861,640

150
158
155
164
157

146
147
148
149
150

HARWOOD SB
SB OF MARION .................................................
PEOPLES SB, F A IR M O U N T ........................
McVILLE SB....................................................................
BANK OF M IN TO .........................................................

.........
.........
.........
.........
.........

10,015,000
9,730,291
9,664,790
9,645,554
9,634,000

9,708,000
9,049,000
9,448,512
10,185,000
10,528,000

159
163
160
156
154

151
152
153
154
155

F&M BANK OF WIMBLEDON
IAMB’S BANK OF MICH. CITY, M I ..................
SEC SB, B E U LA H ..........................................
BANK OF HAMILTON.................................................
FINGAL SB.......................................................................

.........
.........
.........
.........
.........

8,900,000
8,864,000
8,368,121
8,324,000
7,302,000

9,155,000
9,172,000
7,532,000
8,398,000
6,922,000

162
161
166
165
167

158
159
160

Deposits
12/31/88

Name of Bank

SB OF STREETER.........................................................
PAGE S B .........................................................................
THE F&M BANK OF SHEYENNE..............................
1st SB OF GOLVA..............................................
FARMERS SB, YPSILANTI ...........................

7,205,168
5,537,941
3,638,063
2,978,434
2,318,713

Deposits
12/31/87
6,720,800
6,073,138
3,918,000
6,234,341
2,668,000

Rank
12/31/87
168
170
171
169
172

The following banks were not ranked because of mergers:
First Bank Bismarck merged with First Bank of North Dakota.
First Bank Grand Forks merged with First Bank of North Dakota.
First Bank Jamestown merged with First Bank North Dakota.
First Bank Minot merged with First Bank of North Dakota.

The All-W eather Savings P o rtfolio:
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45

SOUTH DAKOTA
Deposits
12/31/87

lank
12/31/87

Rank
12/31/88

•

Deposits
12/31/88

Deposits
12/31/87

Rank 1
12/31/87 1

Name of Bank

Deposits
12/31/88

1
2
3
4
5

NORWEST BANK SD, N.A., SIOUX FA L L S...........
1st BANK OF SD. SIOUX FA LLS..........................
1st NB IN SIOUX FALLS......................................................
WESTERN BANK. SIOUX FA L L S...........................
THE 1st NB IN BROOKINGS

1,479,928,000
503,939,000
232,320,633
194,625,000
130,227,000

1,390,074,000
499,672,000
219,002,512
191,473,425
113,886,000

l
2
3
5
6

71
72
73
74
75

AMER SB, RAPID CITY............................................
FARMERS SB. STICK NEY........................................
IPSWICH SB ..............................................................................
FAULK CTY SB, FA ULK TON...................................
DRAPER SB. P R E S H O ..............................................

19,128,000
18,710,000
18,135,000
18,037,000
17,794,000

19,358,267
18,627,000
18.341,000
16,776,000
17,902,000

69
71
72
79
73

6
7
8
9
10

1st DAKOTA NB. YANK TON.................................
F&M BANK. H U R O N ..............................................
BANKWEST, P IE R R E ..............................................
COMMERCIAL TRUST & SAV BANK, MITCHELL .
F&M B&T CO.. A B E R D E E N .................................

115,076,000
112,460,000
109,230,000
98,925,000
96,102,423

55,642,000
110,757,329
113,064,000
99,910,000
86,319,000

22
8
7
9
13

76
77
78
79
80

FARMERS SB, EST ELLIN E......................................
COMMUNITY BANK. AVON........................................
1st WESTERN BANK, CUSTER ...............................
1st NB, G A R R E T SO N ............................................
DAKOTA SB. B L U N T .................................................

17,658,518
17.649,000
17,442,000
17,373,000
17,324,000

16,961,458
17,103,000
17,463,000
17,063,000
16,552,000

78
76
75
77
81

F&M B&T OF WATERTOWN
1st INTER SB OF SD, N.A., SIOUX FALLS...........
VALLEY NB OF SIOUX FALLS..............................................
PIONEER B&T. BELLE FO U RC H E......................
15 1st FIDELITY BANK, B U R K E .................................

95,048,000
94,690,000
89,963,000
84,540,302
82.124,000

96,370,000
81,102,000
85,868,000
86,368,699
80,253,000

10
15
Ì4
12
16

81
82

85

THE SEC SB, EM ERY.................................................
1st SB. B U F F A L O ...................................................
AMER SB, OLDH AM .................................................
MTN PLAINS BANK SPEARFISH.............................
F&M SB IRO Q U O IS.................................................

16,784,000
16,733,000
15,659,000
15,604,173
15,593,000

16,595,000
16,538,745
15,904,000
14,877,000
15,762,000

80
82
85
92
86

16
17
18
19
20

FARMERS SB, W IN NER..........................................
COMMUNITY 1st SB, R E D F IE L D ........................
VALLEY SB. YANKTON..........................................
LIVE STOCK SB, M ITCHELI...................................
1st WESTERN BANK, STU R G IS.............................

80,219,505
76,831,000
66,952,000
65,218,000
64,643,000

77,192,055
75,944,000
49,533,000
62,357,000

17
18
27
19

86
87
88
89
90

FARMERS SB. D U PREE............................................
FARMERS SB, FA ITH .................................................
WILMOT S B .................................................................................
THE ONIDA BANK
FARMERS SB M ARION............................................

15,388,000
15,282,000
15,281,000
15,201,000
15,151,000

16,063,555
14,915,000
15,203,000
14,652,000
0

91
89
94
127

21
22
23
24
25

FARMERS SB. PA R K STO N ...................................
BANK OF LEMMON.................................................................
1st SB, M IL L E R .....................................................
COMMERCIAL SB, W A G N ER.................................
1st NB, P IE R R E .....................................................

63,800,315
60,112,509
59,841,000
52,790,459
52,491,000

58.315,648
56,353,938
51,137,131
50,397,091
51,613,000

20
21
24
26
23

91
92
93
94
95

THE PEOPLES BANK, CONDE...................................
BLACKPIPE SB, M ARTIN..........................................
DAY CTY BANK, W EB STER ......................................
1st SB OF CLAREMONT.........................................................
SANBORN CTY BANK. W OONSOCKET..................

15,129,000
15,068,279
14,882,000
14,517,000
14,515,427

14,620,000
16,119,418
15,041,000
13,092,178
14,691,882

95
83
90
97
93

26
27
28
29
30

INDEPENDENCE ONE BANK, N.A., RAPID CITY ..
BANK OF H OVEN....................................................................
1st NB, P H IL IP .......................................................
DAKOTA SB OF MILBANK
COMMUNITY 1st SB OF PLATTE......................................

52,004,000
51,885,000
51,717,000
51,341,000
45,328,000

29,327,425
46,226,000
49,020,000
43,443,000

50
30
28
33

96
97
98
99
100

SB OF EAGLE BUTTE
MINER CTY BANK, HOWARD...................................
1st SB OF ROSCOE
1st NB. VOLGA.........................................................
DEWEY CTY BANK. TIMBER LAKE ......................

14,495,000
14,470,000
14,195,000
13,204,000
13,080,000

12,184,374
15,414,000
12,571,611
0
15,509,000

100
88
98
129
87

31
32
33
34
35

AMER SB, WESSINGTON SPR IN G S..................
COMMUNITY 1st SB OF VERMILLION
SEC B&T CO.. W E B S T E R ......................................
SB OF ALCESTER....................................................................
CITIZENS BANK OF MOBRIDGE

44,623,000
43,941,132
42,515,000
42,237,000
42,132,491

44,451,000
44,980,000
39,946,000
42,662,164
38,585,216

32
31
35
34
36

101
102
103
104
105

CORN EXCHANGE BANK. ELK TO N ..........................
COMMUNITY 1st SB OF HOT SPRINGS ......................
1st SB, McL a u g h l i n ............................................
1st SB OF WARNER
FARMERS SB. M E L L E T T E ......................................

13,048,000
12.838,000
12,440,888
12,185,000
11,883,000

12,554,000
13,432,000
11,502,815
12,040,000
11,663,502

99
96
104
101
103

36
37
38
39
40

TRI-CTY SB, CHAMBERLAIN...............................
1st MADISON BANK..............................................................
THE ROBERTS CTYNB OF SISSETON ......................
1st SB, ARM OUR...................................................
COMMUNITY 1st SB, H U R O N ...............................

40,039,000
37,302,000
36,015,000
35,568,000
35,426,000

47,415,000
37,453,000
32,763,000
34,296,157
34,584,000

29
37
45
40
39

106
107
108
109
110

BRYANT S B .................................................................................
GARY S B ......................................................................................
1st WESTERN BANK OF EDGEMONT..........................
1st SB, BRIDGEW ATER........................................
FARMERS SB. T U R T O N ..........................................

11,837,000
11,715,000
11,596,000
11,111,000
11,042,000

11,365,000
11,042,000
11,367,000
11,000,000
10,445,000

106
107
105
108
110

41
42
43
44
45

RANCHERS NB OF WINNER
DAKOTA HERITAGE SB, CH A N CELLO R .............
CITIZENS SB, C L A R K ............................................
FARMERS SB, FLANDREAU.................................
McCOOK CTY NB, S A L E M ......................................

34,749,000
34,687,233
33,859,192
33,542,000
33,538,000

33,362,000
35,736,366
33,972,000
33,764,062
31,597,000

43
38
41
42
46

111
112
113
114
115

LANGFORD SB
SEC SB, M AD ISO N...................................................
HAMLIN CTY BANK, H A Y T I.....................................
1st NB, FR ED ER IC K ..............................................
F&M SB, SCOTLA ND..............................................

10,666,358
10,076,000
10,000,594
9,938,000
9,842,000

10,545,786
9,736,000
11,715,000
9,657,000
9,978,000

109
113
102
114
111

46
47
48
49
50

AMER SB. PIERRE .................................................
HAND CTY SB, M ILLER..........................................
VALLEY EXCHANGE BANK. L E N N O X ....................
DEUEL CTY NB, CLEAR L A K E .............................
RUSHMORESB. RAPID C I T Y ...............................

33,397,000
31,518,000
31,197,778
31,192,000
30,752,000

30,867,000
30,050,000
28,671,497
33,224,000

47
49
51
139

116
117
118
119
120

ANDES SB, LAKE ANDES........................................
FULTON SB
HURLEY S B .................................................................................
COMMUNITY SB OF STOCKHOLM......................................
FARMERS SB, H O S M E R ..........................................

9,463,004
9,020,000
8,900,000
8,428,000
7,963,300

9,588,268
9,957,000
50,498,000
7,838,000
7,265,700

115
112
25
119
122

51
52
53
54
55

1st NB. FREEM AN.................................................
F&M SB, PLANKINTON........................................
MERCHANTS SB, FR EEM AN.................................
1st WESTERN BANK, W ALL...................................
DAKOTA SB. C O L M A N ..........................................

30,095,000
29,438,847
29,049,000
28,574,000
28,442,000

30,512,000
27,623,800
22,145,000
0
21,680,000

48
56
62
130
63

121
122
123
124
125

SB OF HUDSON
PEOPLES SB. S U M M IT ............................................
THE 1st NB OF EDEN
FARMERS SB, KAYLOR............................................
MANSFIELD S B ...........................................................

7,795,340
7,692,000
7,447,000
7,386,000
7,108,452

8,050,251
7,423,000
7,205,000
7,328,000
6,932,000

117
120
123
121
124

56
57
58
59
60

SEC SB. ALEXANDRIA ........................................
FARMERS S B .V I B O R G ..........................................
CITIZENS SB. A R L IN G T O N .................................
SEC SB, TYNDALL.................................................
COMMUNITY SB IN LEMMON ...................................

28,217,000
27,040,000
26,529,000
26,266,000
26,240,000

28,604,000
27,790,000
27,731,000
27,014,060
25,392,000

52
54
55
57
58

126
127
128
129
130

1st NB OF WHITE
BANK OF BRUCE .........................................................
1st SB OF SINAI .........................................................
BANK OF WESSINGTON ..............................................
VALLEY BANK OF UNION CTY, ELK P O IN T ...........

7,030,874
6,929,000
6,263,000
5,748,000
3,527,000

0
6,486,136
5,961,081
0
28,179,292

132
125
126
131
53

61

25,521,000
24,011,383
23,434,302
22,422,000
22,374,000

21,653,000
23,568,797
22,644,000
21,604,000
22,924,000

64
59
61
65
60

131
132

CITIBANK, N.A., SIOUX FALLS .............................
DIAL BANK, SIOUX FA LLS......................................

2,206,499
20,000

0

128

63
64
65

BANKlst, B R O O K IN G S........................................
PEOPLES SB D E SM ET
...............................
SEC BANK OF SD, N.A.. FORT PIE R R E ................
EUREKA SB ..............................................................
MENNOSB ................................................................

66
67
68
69
70

CAMPBELL CTY BANK, H E R R E ID ......................
FARMERS SB, C A N T O N ......................................
1st MIDWEST BANK. CENTERVILLE................
LIVESTOCK SB. LEOI.A........................................
1st AB. C A N T O N ................................................

21,043,000
20,971,000
20,151,000
19,593,000
19,128,000

21,116,000
20,960,054
19,591,000
17,472,612
18,701,000

66
67
68
74
70

Rank
12/31/88

11
12
13
14


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

44

83
84

Name of Bank

84

Information for the following bank was not available at the time ot pumication:
1st CITY BANK, SIOUX FALLS, N.A .............................

217,805,000

4

The following banks were not ranked because of mergers:
First National Bank, Beresford, merged with First Savings Bank, F.S.B., Beresford.
Marshall County Bank, Britton, merged with First National Bank of Beresford ■
Bank of Cresbard merged with Farmers & Merchants Bank & Trust Co..Aberdeen.
1 American State Bank, Yankton, merged with First Dakota National Bank, Yankton. 1

WISCONSIN
1 Rank
112/31/88
1
2
3
4
5

Name of Bank

Deposits
12/31/88

Deposits
12/31/87

Rank
12/31/87

Rank
12/31/88

Name of Bank

Deposits
12/31/88

Deposits
12/31/87

Rank
12/31/87

1st Wl NB OF EAU CLAIRE......................................
NORWEST BANK LA CROSSE, N.A............................
1st INTER SB OF Wl, N.A., EAU CLAIRE............
NB OF COMMERCE, SUPERIOR............................
SB OF LACROSSE..................................................

209,900,000
169,786,000
144,273,000
109,616,000
104,631,864

197,829,000
166,660,000
133,827,000
108,759,000
114,034,880

2
3
4
6
5

71 1st NB. BARRON................................................
72 SEC SB, IRON RIVER..........................................
73 MEDFORD NB.........................................................
74 COMMUNITY B&T CO., SUPERIOR......................
75 BANK OF OSCEOLA..................................................

24,758,000
24,451,758
24,196,000
24,028,000
23,794,000

21,744,000
24,050,195
22,174,000
22,678,000
23,334,000

77
69
76
75
70

6 1st Wl BANK OF GRANTSBÜRG..............................
7 SB OF MEDFORD....................................................
8 NORTHWESTERN BANK, CHIPPEWA FALLS . . . .
9 PIERCE CTY B&T CO., ELLSWORTH..................
10 M& 1 COMMUNITY SB, EAU CLAIRE..................

89,243,744
89,006,000
88,409,000
88,402,000
86,671,000

89,668,000
76,774,000
84,487,275
71,528,000
83,697,000

7
11
8
14
9

76 MONYCOR BANK OF SUPERIOR..............................
77 CHARTER BANK EAU CLAIRE..................................
78 HERITAGE BANK OF HAYWARD................................
79 PARK FALLS SB......................................................
80 PEOPLES SB, AUGUSTA......................................

23,643,000
23,586,657
23,159,000
23,001,000
22,449,282

23,180,000
20,089,382
20,868,000
23,328,000
21,095,599

73
82
79
71
78

11
12
13
14
15

THE 1st NB OF RIVER FALLS..................................
1st NB, CHIPPEWA FALLS................................
M&l 1st NB OF SUPERIOR......................................
IstWI BANK OF MINOCQUA ..................................
LAKELANDSB, WOODRUFF................................

81,245,000
74,881,213
73,688,279
69,556,000
68,423,000

73,957,000
79,019,388
72,803,000
63,895,751
63,937,000

12
10
13
18
17

81
82
83
84
85

FARMERS SB, STETSONVILLE..........................
LONDON SQUARE BANK, EAU CLAIRE................
UNION BANK OF BLAIR ..........................................
BANK OF SOMERSET..............................................
LAONASB.............................................................

22,181,000
21,583,000
20,789,145
20,564,000
20,551,000

23,271,000
19,816,000
20,444,000
16,555,000
20,187,000

72
83
80
93
81

16 SEC NB, DURAND................................................
17 1st AB OF AMERY..................................................
18 NORTHERN SB, ASHLAND ..................................
19 DAIRY SB, RICE LAKE........................................
20 1st Wl NB OF RICE LAKE........................................

66,752,000
66,683,000
66,158,000
61,606,000
59,490,000

64,856,000
66,027,000
63,794,000
60,554,000
59,432,000

16
15
19
20
22

86
87
88
89
90

BANK OF CLEAR LAKE............................................
BANK OF GALESVILLE ............................................
PEOPLES SB, THREE LAKES..............................
NORTHERN NB, RHINELANDER........................
HIAWATHA NB, HAGER CITY..............................

18,777,000
18,655,000
18,545,000
18,362,000
17,792,000

19,625,000

84

17,131,000
18,208,010
16,755,000

90
86
92

21
22
23
24
25

M&l MERCHANTS BANK, RHINELANDER..........
M&l CITIZENS AB, MERRILL............................
VALLEY 1st NB, RHINELANDER........................
M&l BANK OF EAGLE RIVER....................................
THE PEOPLES NB OF HAYWARD..............................

57,804,000
57,565,000
57,495,269
56,625,000
56,268,000

57,660,000
59,438,000
57,548,521
48,616,194
59,072,000

24
21
25
29
23

91
92
93
94
95

CITIZENS SB, WOODVILLE................................
SB OF DRUMMOND ...............................................
SB OF INDEPENDENCE............................................
UNIONSB, WEST SALEM..................................
BANK OF BUFFALO COCHRANE ........................

17,240,326
16,968,000
16,813,000
16,723,000
16,555,000

17,945,000
16,007,706
16,771,000
17,339,000
17,439,000

87
95
91
89
88

26 BANKOFMENOMONIE............................................
27 BANK OF SPOONER................................................
28 THE 1st NB OF BALDWIN........................................
29 M& 1 NB OF ASHLAND............................................
30 BANK OF NEWRICHMOND......................................

53,578,000
52,477,000
50,357,000
50,265,000
49,732,000

51,245,000
49,825,000
46,908,000
51,555,000
42,520,401

27
28
31
26
39

96 VALLEY NB, WOODRUFF....................................
97 1st NB OF GLENWOOD, GLENWOOD CITY........
98 CHIPPEWA VALLEY BANK, WINTER......................
99 1st SB, FOUNTAIN CITY..................................
100 BANK OF HOlMEN..................................................

15,904,308
15,768,000
15,725,760
15,265,000
14,262,000

15,106,000
14,615,021
15,591,000
14,247,000

97
98
96
99

31 1st NB OF PARK FALLS..........................................
32 UNITED BANK, OSSEO..........................................
33 1st NB, HUDSON................................................
34 VALLEY BANK MENOMONIE....................................
35 THE COULEE SB, LA CROSSE..............................

49,319,000
48,720,000
48,453,128
46,316,000
46,060,187

48,257,881
45,904,000
44,120,000
43,300,000
46,300,000

30
34
35
37
32

101 WAUMANDEE SB...................................................
102 NB OF BOYCEVILLE................................................
103 PIGEON FALLS SB ..................................................
104 SB OF WABENO.....................................................
105 SB OF GILMAN........................................................

14,045,000
13,702,179
13,631,000
13,108,000
12,764,708

13,806,000
13,174,000
13,815,000
12,528,731
12,665,000

101
102
100
104
103

36
37
38
39
40

1st B&T, MENOMONIE......................................
NORTHWESTERN SB, CUMBERLAND................
1st NB, BANGOR................................................
EXCHANGE SB, LA CROSSE................................
BANK OF BARRON..................................................

45,575,000
43,567,000
43,071,000
42,618,000
41,960,000

43,893,000
42,775,000
36,766,000
45,993,000
39,745,000

36
38
45
33
41

106
107
108
109
110

FARMERS SB, RID G ELA N D ................................
SB OF FLORENCE...................................................
HEADWATERS SB, LAND O ’L A K E S ....................
HAMMONDSB........................................................
1st SB OF PRAIRIE FARM ......................................

12,379,000
12,303,000
12,211,288
11,983,000
11,846,437

12,446,688
11,437,000
10,218,000
10,935,000
10,958,000

105
106
111
109
108

41
42
43
44
45

1st NB, EAGLE R IV E R ......................................
POLK CTY BANK, BALSAM LAKE ........................
PEOPLES SB, B L O O M E R ....................................
CITIZENS SB, C A D O TT ........................................
BANK OF ALMA......................................................

41,507,000
40,539,000
40,110,245
39,228,000
39,068,000

40,709,000
38,026,000
37,756,484
34,516,000
33,084,836

40
42
43
49
54

111
112
113
114
115

SEC BANK, NEW AUBURN ..................................
CITIZENS SB, CLAYTON ......................................
SUPERIOR NB.......................................................
NORTHERN HIGHLANDS SB, M ER C ER ..................
CITIZENS SB, TR EM PEA L EA U ..........................

11,469,000
10,362,000
10,178,000
9,121,744
9,068,000

10,985,000
10,173,005
9,964,000
8,321,000
9,165,000

107
112
113
116
115

46
47
48
49
50

1st AB OF FREDERIC..............................................
1st AB OF APOSTLE ISLANDS, W A SH BU RN ........
RIVER FALLS SB ....................................................
M&l BANK OF ONALASKA........................................
1st NB, ST. CROIX F A L L S ................................

39,062,000
38,395,000
36,763,288
36,683,425
36,472,000

35,631,000
27,360,000
34,405,083
37,510,296
35,218,000

46
66
50
44
47

116
117
118
119
120

1st SB, ELM W O O D ............................................
BANK ST. CROIX, R O B E R T S ................................
BANK OF CAMERON................................................
BRILL SB...............................................................
BANK OF DALLAS....................................................

7,791,000
7,767,834
7,323,000
6,129,000
3,702,000

7,663,000
5,553,000
7,585,000
5,857,000
3,589,000

117
120
118
119
122

51
52
53
54
55

LINCOLN CTY BANK, M ER R IL L...............................
SEC SB, LADYSMITH...............................................
SHELL LAKE SB......................................................
PIONEER NB, LADYSMITH......................................
FARMERS SB. B A N G O R ..........................................

35,009,043
34,379,000
34,257,000
34,237,000
34,086,000

34,625,736
33,136,000
34,259,000
31,217,000
31,427,000

48
53
51
61
58

121
122

M& I BANK OF LA CROSSE....................................
COMMUNITY SB OF PRENTICE................................

3,553,000
2,380,000

3,891,000

121

56

33,942,093

32,216,737

56

33,329,000
33,112,000

33,153,557
32,179,000

52
57

59
60

SB OF ARCADIA......................................................
SB OF HUDSON ......................................................
FIDELITY SB, L U C K .............................................
1st NB, NEW RICHMOND .......................... . . .
F&MSB, STANLEY ..............................................

33,013,168
32,919,000

31,402,494
33,019,000

60
55

61
62
63
64
65

BRADLEY BANK, TOM AHAW K ............................
THE SB OF PHILLIPS..............................................
CHETEK SB............................................................
JOHN 0. MELBY & CO. BANK, W H IT E H A L L ........
THE BANK OF SPRING VALLEY................................

32,255,000
29,487,000
29,101,997
28,811,000
28,139,000

31,425,000
29,346,008
27,561,906
27,387,000
27,961,000

59
62
64
65
63

66
67
68
69
70

IRON EXCHANGE BANK, H U R L E Y ........................
CRANDON NB..........................................................
BANK OF TURTLE LAKE..........................................
DAIRYLAND SB, BRUCE ........................................
SANK OF MONDOVI................................................

28,026,000
27,412,000
26,579,000
26,280,127
25,939,000

0
26,310,000
23,156,000
24,646,000
9,315,000

123
67
74
68
114

57
58


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Federal Reserve Bank of St. Louis

The following banks were not ranked because of mergers:
First Bank La Crosse - figures were combined with First Bank Milwaukee.
The First National Bank, Maiden Rock, merged with Pierce County Bank and
Trust, Ellsworth.
The First National Bank of Mondovi merged with Bank of Mondovi.

R O S T ER U P D A TES
Some banks’ deposit figures in the above roster were incorrectly stated. The
correct 1988 figures are listed below.
FARMERS STATE BANK, KEOSAUQUA, IA, 32,647,287; FIRST AMERICAN STATE BANK, BROWNSDALE, MN, 19,438,000; FIRST NATIONAL BANK, CASS LAKE, MN, 7,386,000; FIRST STATE
BANK, CHOKIO, MN, 10,307,372; NEW HOPE STATE BANK, NEW HOPE, MN, 37,123,000; TRAD­
ERS STATE BANK, PO PLAR , MT, 20 ,2 1 8 ,0 0 0 ; McCOOK NATIONAL BANK, MCCOOK, NE,
81,399,000; WYMORE STATE BANK, WYMORE, NE, 8,289,480; FIRST STATE BANK OF GOLVA,
GOLVA, ND, 6,852,856; VALLEY BANK OF UNION COUNTY, ELK POINT, SD, 29,396,737.

APRIL 8, 1989

47

I owa r e v ie w

Management/Legislative Meeting Draws 300
The Iowa B ankers A ssociation r e ­
cently conducted its annual Bank Man­
agement Conference and Legislative
Briefing in Des Moines. More than 300
bankers from across the state attended
the two-day conference which featured
several speakers.
Featured speaker John Langhorne,
founder of Langhorne Associates, Iowa
City, spoke on participative manage­
ment. He called participative manage­
ment “ the key to improving productiv­
ity in the workplace.’ ’ Langhorne said
participative management has two key
com ponents: 1) open communication
and 2) consultative decision-making.
Open com m unication, L anghorne
said, builds trust within organizations.
“ The implicit but important m essage in
open communication is T respect and
trust you,’ ’ ’ he said. The second com­
ponent, consultative decision-making,
he said, “ is a process that encourages
input, can be accomplished in a timely
fashion and maintains a clear executive
function.’ ’
Other speakers included State Super­
intendent of Banking Ed Tubbs, who
took a look at the state of banking and
predicted where the industry is headed.
Tubbs also reviewed several banking is­
sues facing Iowans.
Steve Porter, vice president, Jam es
A. Baker & Co., Oklahoma City, spoke
on how to simplify the investment port­
folio m anagem ent p ro c e ss. H erbert
Prochnow, founder, graduate school of
banking, Madison, W is., gave his in­
sights on the economic outlook for the
United States. A number of concurrent
sessions were held including a seminar
on winning pricing strategies, a human
resources update, discussions on regu­
latory and compliance issues, and a talk
on ways to market to older customers.
During the session on marketing to
older customers, Judy Guttau, market­
ing officer, Treynor State Bank, told
bankers about her bank’s involvement
with older custom ers. Treynor spon­
sors customer appreciation days, spe­
cial trips and discount rates. She said
more than 50 percent of the U .S . de­
posits come from people 65 years or
older. Sixty-eight percent of all bank
certificates of deposit are held by sen48 NORTHWESTERN FINANCIAL REVIEW

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Federal Reserve Bank of St. Louis

iors, she said. “ It is important to attract
older peoples’ deposits by helping to
build good custom er relations,’ ’ she
concluded.
The legislative briefing portion of the
conference was well attended as Wes
E h reck e, IBA senior vice president,
gave an overview of the many issues
facing bankers in Iowa. Ehrecke said,
“ Involvement in the legislative process
will pay dividends in the long run.’ ’ He
called the briefing and following recep­
tion “ a good opportunity to visit with
our officials and to thank them for their
efforts.’ ’
Rep. Jim Leach (R-Iowa) joined the
bankers via telephone to comment on
the thrift industry crisis. He called many
S& L s “ piggy banks’ ’ rather than hous­
ing banks, as they w ere designated
years ago by the government. Leach
said President B u sh ’s thrift industry
bailout plan is “ pretty credible and it
makes a great deal of sen se.’ ’ He said
he is optimistic the bill will pass out of

committees and be sent to the House
floor in May.
L each com plained about “ d ead ’ ’
S& Ls which continue to pay higher in­
terest rates on deposits. “ Hopefully, a
fairer situation will prevail from this out­
rageous circumstance,” he said. Other
concerns include a possible fee on brok­
ered deposits and the cost of deposit in­
surance. Leach supported a plan which
would tie deposit insurance premiums
to capital levels. “ If you have high capi­
tal ratios, your insurance cost would be
less, and if your capital ratio is low, your
insurance would be higher,” Leach ex ­
plained.
To conclude the legislative briefing, a
leadership panel of legislators was given
an opportunity to address various issues
facing the industry and the State of
Iowa. A reception followed with more
than 500 guests attending, including
bankers and legislators.

by Robert Cronin
At the legislative reception,
from left: Dave Loupee, Story
County Bank & Trust; Sen.
Jack Rife, Moscow; and Don
Kout, Farmers & Merchants
Bank, Lone Tree.

Also at the reception, from
le ft: Jerry Lapke, Shelby
County State Bank, Harlan;
Rep. Joan Hester and Sen.
Jack Hester, Honey Creek;
and Tom Whitson, Council
Bluffs Savings Bank.

Explaining ways to market
to older customers are,
from left: Mae Rodamaker,
Citizens National Bank,
Charles City; Judy Guttau,
Treynor State Bank; and
Mark Hamilton, Valley Na­
tional Bank, Des Moines.

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International Bank.
If you thought you had to go to Chicago or New
York to do your overseas banking, think again.
International services aren't foreign to Bankers
Trust. Our International Banking Division has
over two decades of experience and an exten­
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international banking needs from right here in
Des Moines.
Our International Banking professionals are
trained to help Iowa companies and banks do
business in global markets. Bankers Trust is your


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Federal Reserve Bank of St. Louis

full-service international bank. We can handle all
of your international banking needs, including
letters of credit, foreign fund transfers, collec­
tions, foreign exchange and foreign drafts.
Our telecommunications system directly links
Bankers Trust to money center banks on every
continent. In addition, Bankers Trust is the
banking affiliate of the Iowa Export-Import
Trading Company.
Call Patricia Rourke any time for advice and
service, 245-5284. Our staff is ready to improve
your international business horizons.

BankersTtust
International Banking Division
665 Locust •Des Moines, Iowa 50309
(515) 245-5284
Member FD1C, Federal Reserve System

I owa r e v ie w

Davenport Bank Earns Honor
cent or better;
• A liquidity ratio of more than 45 per­
cent; and
• Maintenance of these standards for
at least eight consecutive quarters.
Only institutions with $50 million or
more in assets qualify for the “ Blue
Ribbon” status.
Davenport Bank was the only Iowa
bank to make the top-ten list.
Veribanc evaluated approxim ately
14,000 commercial banks to arrive at its
“ Blue Ribbon” ratings.

Davenport Bank and Trust Co. has
been named one of the country’s 10
largest “ Blue Ribbon” banks by Veribanc, a national banking research firm.
According to the Banking Safety Di­
g e st’s January issue, “ For the safety
conscious, Veribank-rated blue ribbon
banks are an excellent choice.”
“ Blue Ribbon” banks are a premium
category of com m ercial banks which
have met the highest standards in the
industry, including:
• Demonstrated profitability;
• An equity-to-assets ratio of 7 .5 per-

nance from Iowa S ta te U niversity,
Ames, and 10 years of banking experi­
ence.
He previously spent two years with
First Interstate Bank of Algona as vice
president, commercial loans, and was
promoted to senior vice president of
First Interstate Bank of Estherville in
1986.

per so n n el

First Interstate Bank of Algona has
elected William R. Kahler senior vice presi­
dent. Kahler’s primary responsibilities
include serving as senior lender and
second officer of the bank.
Kahler has a bachelor’s degree in fi-

Horstmann

Erickson

Neuwoehner

Dubuque Bank and Trust Co. has pro­
moted six officers.
Robert F. Neuwoehner has been named
executive vice president, business de­
velopm ent. N euw oehner joined the
bank in 1984. He has responsibility for
current bank customers and new busi­
ness development. Neuwoehner also
serves on the bank’s board of directors.
Kenneth J. Erickson and Douglas J. Horstmann have both been named senior vice
presid ent/ lend ing. E ric k so n jo in ed
D B & T in 1975. Horstmann has been
with D B & T since 1980. They are jointly
responsible for all lending areas.
Steven J. Krogmeier and Michael J. Lampo
have both been promoted to vice presi­
dent, ag lending. Krogmeier has been
with D B & T since 1985. Lampo joined
the bank in 1983. They are responsible
for all phases of agricultural lending.
Les W. Oelke has been named assistant
vice presid ent/ m anager, co n su m er
loans. Oelke joined D B & T in 1988. P re­
viously he was a branch manager for
P eoples Fed eral Savings & Loan in
Manchester. Oelke manages the bank’s
consumer lending function.

Korgmeier

Oelke

Lampo

■

II

ÁïmM

111

œ
L

O F F IC E

ONCEPTS °

LTD

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Committed to your
Building and
Remodeling Needs

Designers end Builders of Finenciel Institutions
Ross Schoonover
Vice President

P.0. Box 808
NORTHWESTERN FINANCIAL REVIEW

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Federal Reserve Bank of St. Louis

•

319 Broadway

•

Waterloo, Iowa 50704

•

319-234-1221


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Federal Reserve Bank of St. Louis

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and service
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Kirk Gross
Company is
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and w e are
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w ith our fin ­
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They took
into consideration o ut

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Arno ld Schultz/Presldent
Grundy National Bank

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Kirk Gross Com pany has an
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Ask any o f the over 300 clients in
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Kirk Gross Company has b u ilt
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I owa R e v ie w

Kathy L. Rank recently joined First In­
terstate Bank of Des Moines as corpo­
rate employee benefits trust administra­
tor.
Rank’s responsibilities include manag­
ing the administration of employee ben­
efit trust accounts by acting as a princi­
pal contact person for custom ers, as

well as assisting with corporate stock
and bond duties.
M ost recently, Rank held the position
of pension administrator for The Princi­
pal Financial Group, Des Moines.
Rank has a bachelor’s degree in social
services from Iowa S tate University,
Ames.

Flexibility is what
makes our credit
insurance program
stand above
the rest!
Credit Life and Disability insurance through Iowa Bankers
Insurance & Services, Inc. offers you the flexibility you
need to tailor your coverage to your customer’s specific
needs. For instance, we give you the choice of a com­
prehensive blanket program for open-end home equity
loans or single premium program for closed-end loans.
In addition, programs are also available forag/business
and mortgage loans as well as collateral protection
(L.S.I.) coverage. When it comes to insurance, IBIS can
give you the professional trainingyou and your staff need
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Banks of Iowa Inc., Des Moines, has
named Larry L. Gilb, president and chief
executive officer. Gilb succeeds Holmes
Foster, who has been an employee of the
company since 1971 and CEO since
1981.
Gilb joined Banks of Iowa Inc. in 1987
as president and chief operating officer.
Previously he was senior vice president
and managing d irecto r of the North
Central Minnesota region of First Bank
System Inc. He also has served as pres­
ident and chief executive officer of First
Bank Duluth and as vice president and
commercial loan manager of First Bank
of Billings, Mont. In addition, he has
been associated with Union Bank, Los
Angeles, and Irving Trust C o ., New
York. He has a bachelor’s degree from
the University of Minnesota and pur­
sued graduate studies at New York Uni­
versity.
■ ■■
John P. Rigler II has been promoted to

senior vice president and manager of
the Norwest investment and trust ser­
vices division, Des Moines.
Rigler has served as vice president
and manager of the Norwest financial in­
stitutions group since 1984. F o r the
past year, he also has managed the gov­
ernment relations function for the re ­
gion.
More than 12 years ago, Rigler joined
Norwest Bank D es Moines as a per­
sonal banker. In 1977, he assumed re ­
sponsibilities in the credit department
before being named correspondent bank
officer a year later.
In 1981, Rigler was elected second
vice president, correspondent banking.
Two years later, he was named vice
president and sales m anager of the
Norwest investment department.
■ ■■

Call Ron Meyer or Ruthanne Helntz at IBIS today
5 3 2 - 1423 for more information.

-800-

lowa Bankers Insurance & Services, Inc.
Owned by all banks in Iowa for the benefit of Iowa banks.
An affiliate of the Iowa Bankers Association


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Federal Reserve Bank of St. Louis

First State Bank, Webster City, has
elected Dwight J. Kelley vice president.
Kelley was most recently a vice presi­
dent with the Farm ers State Bank of
Marion, Iowa.
He is a graduate of the University of
Iowa, from which he has a bachelor’s of
business administration degree.
Kelley has been active in many orga­
nizations, including serving on the Iowa
Bankers Association agricultural com­
mittee.

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Correspondent Banks

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The National Bank
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The National Bank puts its financial strength
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Our state of the art com puter processing
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Wee President

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Peoples Trust
and Savings Bank
Now the same financial strength and
services in correspondent banking are
available to bankers through Peoples Trust
and Savings Bank of Indianola, an affiliate of
Iowa National Bankshares and The National
Bank of Waterloo.
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Everett R Brown
President

Vice President

Vice President

Ex. Vice President

Mike Coppess,
CPA

Erling Schmlesing

Dennis Thoren

Jeff Crisman

James Freet

Leroy C. Bell

Robert Cook

Charles E. Yagla

Executive Vice
President

Assistant Director

Correspondent
Banker

Sr. Vice President

Assistant Vice
President

Assistant Vice
President

Data Processing
Officer

T h e N a tional Ba n k
OF WATERLOO
100 East Park ■ Waterloo, IA 50703


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Federal Reserve Bank of St. Louis

•

Peoples Savings Bank
515-961-6241

(319) 291-5200
FDIC Insured up to $100,000
Subsidiary of Iowa National Bankshares Corp

EAST SIDE SQUARE - W EST ROADS CENTER
INDIANOLA, IOWA

IOWA REVIEW

Margaret Mikulanec has been elected to
Indianola-based Peoples Trust and Sav­
ings Bank’s board of directors.
Mikulanec has an elementary educa­
tion degree from Simpson College, Indianola. She also attended the St. Ni­
cholas M ontessori C enter in London.
Mikulanec was a learning disabilities
teacher in the Saydel Schools from 1971
to 1976 and has taught in the West Des
Moines Montessori Preschool. She is
currently a co-director and teacher at
Treehouse M ontessori Preschool in Indianola.
Peoples Trust has approved promo­
tions for four staff members.
John Russell has been promoted to vice
president. Russell joined Peoples Bank
in 1984 as assistant vice president and
has worked in the ag loan department.
Prior to joining Peoples Bank, he was a
farm m ortgage re p re se n ta tiv e with
Metropolitan Life Insurance Co. in C e­
dar Rapids, and branch manager with
the Production Credit Association in Indianola.
He is a 1980 graduate of Iowa State
University. He has a degree in ag busi­
ness and a minor in ag finance.
Lorena Bollin has been named assistant
vice president. Bollin has been with
P eop les Bank sin ce 1 9 8 4 . She has
worked as a loan secretary and con­
sumer loan officer. Before joining the
bank she worked in the alumni office at
Simpson College.
She has atten d ed the C onsu m er
C red it Sch oo l at D rak e U n iv ersity
through the Iowa Bankers Association
and has completed courses through the
American Institute of Banking.
Beverly Nicholls has been promoted to
marketing officer. Nicholls began her
employment in the bookkeeping depart­
ment in 1963. In addition, she also has
Mikulanec

Russell


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Federal Reserve Bank of St. Louis

served as head teller, motor bank man­
ager and, most recently, as marketing
assistant.
She has completed courses through
the American Institute of Banking.
Deloris Van Ryswyk has been named new
accounts manager. Since her employ­
ment in 1980, she has been assistant
cashier, assistant financial banker and fi­
nancial banker. She has com pleted
c o u r s e s and s u p e r v is o r y c l a s s e s
through the American Institute of Bank­
ing.
■ ■■
American Trust and Savings Bank,
Dubuque, has appointed Timothy J. Tupper
trust officer. Prior to joining American
T ru st, Tupper was tru st officer for
Norwest Bank of Des Moines.
Tupper has a degree from the Univer­
sity of Iowa College of Law. He is a
member of the American Bar Associa­
tion and the Iowa State B ar Association.
Tupper is responsible for financial
planning and administration of personal
trusts and estates.

Brenton National Bank of Des Moines
has promoted P. Scott Cawley to office
manager for Brenton’s 29th & Ingersoll
location.
Cawley attended Creighton Univer­
sity in Omaha, N eb., from which he has
a bachelor’s degree in business adminis­
tration.
Cawley joined Brenton National Bank
in 1985 as a management trainee. He
has worked in the following areas: con­
sumer loan operations and collections,
administration, marketing, accounting,
custom er service and retail manage­
ment. In his new position Cawley is re ­
sponsible for office operations and cusBollin

Nicholls

tomer service.
Cawley is a board member of the Des
Moines chapter of the American Insti­
tute of Banking.
Kenneth R. Brenton has been promoted
to metro lender for Brenton’s 29th &
Ingersoll office.
Brenton transferred to Brenton Na­
tional Bank in F eb ru a ry 198 8 from
B re n to n B an k and T ru s t of C ed ar
Rapids, where he held the positions of
consumer loan officer and Mastercard/
Visa representative. He brought to his
new position experience in commercial
real estate brokerage and acquisitions
from working with the Lincoln Property
Co. in Dallas.
Brenton has a bachelor’s degree in finance/real estate with a minor in eco­
nomics from Southern Methodist Uni­
versity.

Ob it u a r ie s
Charles Earl Stewart, chairman of the
board of Farm ers State Bank, Jesup,
died March 10, 1989, after a lengthy ill­
ness. One of the 10 oldest active bank­
ers in Iowa, he began his banking career
at the Linn County Savings Bank in
Center Point in 1919. In 1928 he began
his work at Farm ers State Bank, Jesup,
where he was employed for 60 years,
advancing from teller to senior vice
president and chairman of the board. He
was active in the Buchanan County
Bankers Association.
Born in 1901 in Center Point, he mar­
ried Mary M. Miller at Vinton in 1927.
He is survived by his wife; two sons,
Ray of Irvine, Calif., and Arlan of Ore­
gon, 111.; seven grandchildren and eight
great-grandchildren.
Van Ryswyk

Stewart

0

ILLINOIS REVIEW

Branching Legislation Proposed
William E . Harris, com missioner of
banks and trust companies, has submit­
ted a proposal to expand statew ide
branching in Illinois and to allow banks
to enter the insurance and securities
businesses.
The proposal would provide expanded
branching rights for banks in major m et­
ropolitan areas. Currently, each Illinois
bank is limited to five branches within a
restricted area. The plan would require
banks to decide by D ec. 31 whether to
become an “ enhanced banking organi­
zation,” which would be allowed to
branch in 11 large metropolitan areas in
the state.
Enhanced banking organizations also
would be allowed to operate branches in

P erso nnel
Verne A. Scazzerò has been appointed to
the position of investm ent officer at
First Colonial Bankshares Corp., Chi­
cago.
Scazzerò began his career with the
company as a management trainee in
1986 and has most recently served as
an investment analyst.
A graduate of Cornell U niversity,
New York, Scazzerò is currently work­
ing toward a m aster’s degree in busi­
ness administration at N orthw estern
University, Evanston.

Tiffany Riehle, who formerly held the
position of assistant director, publica­
tions, for the Illinois Bankers Associa­
tion, was recently promoted to director
of publications.
Riehle has been a member of the IBA
staff since 1986, starting out in the pro­
fessional developm ent programs de­
partm ent. One month later she had
moved into the publications d ep art­
ment, filling the newly created position
of marketing manager.
As marketing manager, Riehle’s re ­
sponsibilities included selling advertis­
ing space in both the Illinois Banknew s,
the association’s newsletter, and Illinois
B anker, its monthly magazine, as well


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Federal Reserve Bank of St. Louis

any open market, namely that which ei­
ther is not a home market of another
bank or only enhanced banking organi­
zations. T hey could open eith er five
branches in an open market or as many
as the greatest number of branches op­
erated by any other bank in that market.
In non-metropolitan m arkets (those
having less than $1 billion in deposits),
banks would be limited to five branches
and hom e-office protection would be
maintained.
To limit banks’ risk in insurance and
securities, Harris called for system fire­
walls between banks and their subsidi­
a ries, and firew alls b etw een a cu s­
tom er’s dealings with the bank and its
subsidiaries.

as developing promotional campaigns to
market IBA publications. Upon her pro­
motion to assistant director, publica­
tions, in October of last year, she took
on the additional role of staff liaison to
the authors on both “ IBA LAWwatch”
and “ IBA Commercial/Ag Lending L et­
ter.’ ’
She has a bachelor of arts degree
from DePauw University, Greencastle,
Ind., with a major in English composi­
tion and a minor in mass communica­
tions. Her previous professional experi­
ence includes work as a freelance writer
for the Illinois Agri-News and as an in­
tern for Greenhill Publishing in Ottawa.

Charles A . Bruning has been named
president, chief executive officer and di­
rector of Merchandise National Bank of
Chicago.
Bruning came to M erchandise Na­
tional from Edge wood Bank, Country­
side, where he served as president,
CEO and director. Prior to joining Edgewood in 1975, Bruning was executive
vice president of Schaum burg S ta te
Bank. He also was president and trea­
surer of Schaumburg Travel Service
Inc.; a senior accountant and consultant
for Peat, Marwick, Mitchell & Co., Chi­
cago; an operations consultant for the
Irving Trust Co., New York; a manage­
ment trainee at Norsk Hydro Corp.,

O slo, N orw ay; and a su p erv isor at
Palmer National Bank, Sarasota, Fla.
Bruning is chairman of EdgeM ark
Bank, Lombard; president, EdgeMark
Financial Corp.; vice chairman, Edgewood Bank; chairman, EdgeMark Bank
Rosemont; and director, First National
Bank of Lockport.
Bruning is a member of the govern­
ment relations council of the American
Bankers Association. A former director
of the American Bankers Association
and of the Chicago chapter of the Bank
M arketing A ssociation, Bruning has
served on the Federal R eserve Bank
electronic funds system s task force.
Bruning has a bachelor’s degree in fi­
nance from Florida State University and
a m aster’s degree from Indiana Univer­
sity Graduate School of Banking.
Robin A . Slas has b een named vice
president and director of marketing for
Merchandise National Bank of Chicago.
Previously, Slas was vice president
and marketing officer for Edgewood
Bank, Countryside, and has served in
various adm inistrative cap acities at
Edgewood since 1977.
In addition, Slas is heading up the en­
tire marketing division for the EdgeMark Financial Corp.
Slas attended the University of Ar­
kansas and has a degree in business administration/marketing m anagem ent.
She is a member of the Bank Marketing
Association and a former member of the
National Association of Bank Women.
■ ■■
Michael K. Kolberg has been named
president of First Colonial Bank of DuP ag e County, lo c a te d in G len d ale
Heights.
The $16 million First Colonial Bank of
D uPage County, fo rm erly D uP age
County Bank, was acquired by First Co­
lonial Bankshares last year.
Kolberg began his career with First
Colonial in 1977 as a universal teller. He
has held a variety of positions including
senior audit officer; vice president and
cashier; and, most recently, senior vice
p resid en t at N orth w est C om m erce
Bank, also a member of the First Colo­
nial group.
Kolberg is a graduate of DePaul Uni­
versity.

APRIL 8, 1989

55

M in n e s o t a r e v ie w

Bankers Meet With Legislators

Minnesota was well-represented when Joan Peper and Jane Treston, Liberty State Bank; Faye
Hamerl, Northeast State Bank; Barb Spannaus, First Bank; and Vicki McIntyre, Norwest Bank,
along with 150 women financial executives met recently with members of Congress to urge a
quick yet long-term solution to the FSLIC problem, during the National Association of Bank
Women’s fourth annual Washington legislative visit. “ NABW believes a quick resolution to the
problem is important for the health and credibility of our nation’ s financial institutions,’ ’ Peper
says. “ Regulatory changes-such as factoring risk taken into the rate of deposit premiums are needed to protect customers’ deposits.’ ’ The two-day program included a debate on the crisis
and deposit insurance reform featuring thrift analyst Bert Ely; Martin A. Regalia, director of
research and economics at the National Council of Savings Institutions; and Robert E. Litan,
director of the Center for Economic Progress and Employment at the Brookings Institution. Other
sessions featured Rep. Henry Gonzales (D-Texas), chairman of the House Banking Committee; and
Jill Emery, director of the U.S. Department of Labor Women’s Bureau. When the Minnesota NABW
members met with Sens. Durenberger and Boschwitz, and Reps. Vento, Frenzel and Sabo, they
also discussed the need for government to encourage and support American businesses’ efforts
in adapting to child care needs. From left: NABW members Faye Hamerl, Vicki McIntyre, Joan
Peper, Sen. Rudy Roschwitz, Barb Spannaus and Jane Treston.

Meet Tony Mailhot,
Norwest’s Corre­
spondent Banker
for North Central Minnesota. When you
have correspondent banking needs, he’s a
good person to know. Tony makes it his
business to understand the special needs of
community banks. And he wants to do
© 1988 Norwest Banks

Member FDIC


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Federal Reserve Bank of St. Louis

with you.
to Tony about our complete line of
specialized correspondent banking
services. When it comes to correspondent
banking, he’s got you covered.

NORWEST BANKS
CORRESPONDENTBANKING
Norwest Bank Minnesota, N.A.

FBS Acquires
Two Eden
Prairie Banks
First Bank System Inc., Minneapolis,
has completed its previously announced
a g re e m e n t with Suburban N ational
Bank of Eden Prairie to acquire Subur­
ban’s two Eden Prairie banking offices.
The bank is now doing business as
First Bank Eden Prairie with a main of­
fice adjacent to Eden Prairie Center and
a branch office in the Prairie Village
Mall. S co tt Hutton, president, F irst
Bank Eden Prairie, manages both of­
fices.
Reporting to Hutton are Jim Oberg,
manager of the Prairie Village Mall of­
fice; Willie Emry, consum er banking
manager; Larry Heuer, service man­
ager; and George Nygaard, manager of
business banking. All were employees
of Suburban National.

per so n n el

Pam Williamson has been promoted to
vice president, retail lending manager,
of Park National Bank, Minneapolis.
Williamson was formerly assistant vice
president, retail lending manager, in the
consumer loan department. She is re ­
sponsible for the design and implemen­
tation of retail loan products and for the
overall direction of the retail lending and
collection staff.
Williamson joined Park National Bank
in 1988 after spending 14 years with
First Bank System s, Edina, in various
consumer lending capacities, including
six years as sales banker.

William Haas of Minneapolis has been
promoted to national bank examiner.
Haas is a graduate of Hastings College
in Hastings, Neb. He has been with the
C om ptroller of the C u rrency sin ce
1984, most recently as an associate na­
tional bank examiner. He remains head­
quartered in Minneapolis.

MINNESOTA REVIEW

Norwest Earns Lender Award

Pipestone Bank
Gets Approval
For Purchase
The First National Bank of Pipestone
has received regulatory approval from
the Office of the Comptroller of the Cur­
rency in Washington, D .C ., for the pur­
chase of the Luverne, Magnolia and
B eaver Creek offices of the Citizens
State Bank of Silver Lake.
The First National Bank of Pipestone,
which celebrated 100 years of commu­
nity service Feb. 25, 1989, has assets
of approximately $60 million.
The acquisition is to increase the total
a s s e ts of F irs t National to approxi­
mately $70 million.

The 1989 small business lender of the year award goes to Norwest Bank Minnesota. Alice
Rainville, Minneapolis City Council president (center), presents a plaque recognizing Norwest
Bank Minnesota as small business lender of the year to Norwest officials. On the left is James A.
Gossen, Norwest regional manager for community banking in Minneapolis and western suburbs.
At right is Thomas A. Welch, president of the Camden office of Norwest Bank Minnesota. The
award, from the Minneapolis Community Development Agency (MCDA), cited the bank for provid­
ing more than one-third of the $4 million of MCDA-sponsored loans to small businesses in
Minneapolis during 1988. The MCDA operates three loan programs for small businesses that
require participation of private lending institutions. Norwest’s financings of $ 1.5 million in loans
were nearly double the amount provided by the next-largest lender among 13 financial institu­
tions participating.

PERSONNEL
Security State Bank of Bemidji has
elected Duane C. Payne senior vice presi­
dent. Payne joined Security Bank in
1978 as assistant vice president. In his
new position, Payne serves as senior
vice president and senior loan officer.

Two promotions have been made at
the Oakley National Bank in Buffalo.
Randy Haskins has been promoted to vice
president. He joined the bank in 1978
and has worked in various areas with
the present responsibility of commercial
loans. Haskins has a bachelor’s degree

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Federal Reserve Bank of St. Louis

from Mayville State University in Mayville, N .D ., and also has attended a
commercial lending school in Oklahoma.
Mary Minnick has been promoted to as­
sistant cashier. Minnick started at Oak­
ley in 1972. She has worked in various
areas of the bank and is presently at the
downtown office.
■ ■■
Steven L. Kirchner, hired in 1972 at the
Richfield Bank & Trust C o., was r e ­
cently promoted to assistant vice presi­
dent of commercial loans.
In 1981, Kirchner held the position of
assistant manager of the Bloomington
branch, and in 1985 he became man­
ager. Kirchner came to the commercial
loan department in 1986.

Asset Based Financial Services
Accounts Receivable
Inventory and Machinery Loans
Bank Participations
Monitoring and Consulting Services
For information on your specific needs
call us or have your banker c a ll. . .
Donald R. Moberg
Chairman

APRIL 8,1989

Elmer A. Fehring
President

Stephen L. Bakke
Vice President

57

MINNESOTA REVIEW

N orw est C orp., M inneapolis, has
named Robert S. Strickland vice president,
investor relations. He was assistant
treasurer.
In his new post, Strickland is respon­
sible for keeping the investment com­
munity informed about N orwest.
Strickland has a bachelor’s degree in

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58 NORTHWESTERN FINANCIAL REVIEW
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Federal Reserve Bank of St. Louis

accounting from the University of Mary­
land and a m aster’s degree in business
administration-finance from Cornell Uni­
versity, Ithaca, N.Y.
He worked with Prudential Life Insur­
ance Co. of America in Newark, N .J.,
for two years before being transferred
by Prudential to Minneapolis in its cor­
porate finance departm ent. He also
worked with the Green Giant Co. as di­
rector of long-term finance, based in
Chaska, before joining Norwest as as­
sistant treasurer in 1979. He was pro­
moted to vice president in 1982.

L iberty S ta te B ank, S t. Paul, has
made the following staff promotions.
Susan H. Anderson, corporate secretary,
was promoted to vice president and cor­
porate secretary.
Jane A. Treston, auditor, was promoted
to vice president and auditor.
In addition, Sandi L. Chittenden was pro­
moted to assistant vice president-oper­
ations; Joan K. Peper, assistant vice presi­
d en t-cu sto m er d evelopm en t; Noreen
Rassier-Saldin, assistant vice presidentteller operations; and Barbara K. Gutz, as­
sistant cashier.
Anderson joined Liberty in 1975 as a
teller, was promoted to secretary to the
president in 1977, and named corporate
secreta ry in 1985. She attended the
College of St. Catherine in St. Paul.
Treston is a graduate of Western Illi­
nois University and has a m aster’s de­
gree in business administration from the
College of St. Thomas in St. Paul. She
joined Liberty in 1977 in teller opera­
tions, was promoted to auditor in 1983,
and is now responsible for E D P and
bank audits.
Treston is actively involved with the
National Association of Bank Women
and currently is serving as president of
the Metroland Group of NABW.
Chittenden joined Liberty in 1969 as
part of St. Paul Central High School’s
work training program. She was pro­
moted to bookkeeper in 1970, auditor in
1978, assistant operations officer in
1983, and operations officer in 1984.
P eper joined Liberty in 1980 as a
b o o k k e e p in g s u p e r v is o r and w as
e le cte d cu sto m er se rv ic e o fficer in
1981. She is currently regional public af­
fairs chairwoman for the National Asso-

ciation of Bank Women.
R assier-Saldin cam e to L ib erty in
1977 as a motor bank teller. She was
promoted to motor bank officer in 1980
and to assistant cashier and head teller
in 1981. She attended Southwest State
University in Marshall, and is active in
the M etro Chapter-American Institute
of Banking.
Gutz also came to Liberty from St.
Paul Central High School’s work train­
ing program in 1977. She started her
full-time c a re e r as a bookkeep er in
1978, was promoted to teller in 1979,
motor bank supervisor in 1980 and mo­
tor bank officer in 1981.

Thomas Weigt has been named to the
board of National Exchange Bank and
Trust, Fond du Lac. M embers of the
bank’s board of directors re -elected
w ere William A. Allen, Thomas D. Baker,
George J. Becker, John T. Boyle, Michael L.
Burch, Joseph P. Colwin, Donald G. Jones,
Richard J. Jordan, Milton A. Lunda, Arthur Sadoff, Peter E. Stone, Dr. David R. Weber and
advisory director Jack F. Reichert. Stone

was re-elected chairman of the board
and chief executive officer, and Burch
was re-elected president and chief oper­
ating officer.
Promotions announced at the annual
meeting included: George E. Baumann to
the position of assistant vice president;
Kathleen A. Kennedy to the position of loan
officer; Lena Detloff to the position of as­
sistant vice president/trust division; and
Sheryl Moore to the position of assistant
trust officer.
Other officers re-elected included: Mi­
chael J. Hildebrand, first vice president;
William F. Lowe, vice president and cash­
ier; Gerald P. Steffen, vice president; Ly­
man T. Powell, trust division president;
assistant vice presidents: Arlene Abler,
Robert Berryman, Larry A. Franke, Ken C.
Kleinschmidt and Dale Norcia; John L. Quackenboss, controller; Nancy Kautzer, auditor;
Carol J. Hankwitz, human resources offi­
ce r; Karen A. Lange, marketing officer;
customer service officers: Anita M. Demoske and Patricia R. Zielieke; Patricia J. Fis­
c h e r, administrative officer and secre­

tary to the board; and assistant trust
officer, Linda K. Herzig.

M o n t a n a r e v ie w

Compromise Branching Bill Becomes Law
Gov. Stan Step h en s has signed a
com prom ise branch banking bill into
law.
The bill, which passed the House and
Senate with a 60 percent majority, con­
tained the following key provisions:
• B anks under com m on ow nership
may be merged and consolidated;
• In -s ta te banks may acq u ire and
merge with other banks, may acquire
failed banks and may branch into towns
currently without a bank; and
• All banks may have one detached
drive-up facility up to 3 ,0 0 0 feet beyond
city limits and may place one ATM
within th e cou nty or a contig u ou s
county of the bank.
“ The bill ends a 20-year civil war’ ’
between the sta te ’s independent banks
and out-of-state banks, said John Cadby,
e x e cu tiv e d ire cto r of th e M ontana
Bankers Association. His association,
he said, tried to stay out of the fight by
remaining neutral until a couple of years
ago, when the association saw a need to
resolve the issue and began work on a
compromise bill.
Joe Thares, executive director of the

P er so nnel
J.F. Gardner, president, Montana R e­
sources Inc., Butte, has been appointed
to a two-year term on the board of di­
re cto rs of the Helena Branch of the
Federal Reserve Bank of Minneapolis.
He replaces Marcia Anderson, president of
Bridger Canyon Stallion Station Inc.,
Bozeman.
Gardner is a graduate of Rice Insti­
tute, Houston, and of the Montana Col­
lege of Mineral Science and Technology.
Gardner’s appointment to the Helena
Branch board was made by the board of
governors of the Federal R eserve Sys­
tem in Washington, D .C.
In addition, the board of directors of
the Minneapolis Bank has reappointed
Noble Vosburg, president and chief execu­
tive officer of Pacific Hide & Fur Corp.
in Great Falls, and Robert Waller, presi­
dent and chief executive officer of First
Interstate Bank of Billings, to second
two-year term s on the Helena board.


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Federal Reserve Bank of St. Louis

Montana Independent Bankers, said he
was “ disappointed’ ’ the bill passed but
saw the move toward concentration of
deposits as inevitable.
Aspects of the bill which the indepen­
dent bankers supported, Thares said,
were the new abilities of in-state banks
to acquire failed banks, to move into
barren sites and to place ATMs in con­
tiguous co u n ties. T h e s e provisions
were contained in a bill the M IB put
forth earlier this year.
The momentum for the bill came not
only from outside the state, including
First Bank System , Norwest Corp. and
First Interstate (which collectively con­
trol 37 percent of the sta te ’s banking as­
sets), but from Montana bankers. P re­
viou sly , T h a r e s sa id , th e s t a t e ’ s
independent bankers had opposed the
bill by a proportion of about 70 to 30.
Now, however, that ratio has changed
to about 33 to 33 to 33, with about 40
percent of those formerly opposed to
the bill moving into the “ I don’t care; it
won’t affect m e ” category. “ T h a t’s
probably what passed the bill,” he said.
What effect might the new legislation

have? Five factors may have convinced
the legislature to pass the bill, MBA’s
Cadby said. First, it may enhance the
competition between financial providers
by giving banks branching powers equal
to that of credit unions and thrifts. S e c­
ond, it may allow multi-bank holding
companies to operate more efficiently,
increasing interest rates for savers and
decreasing fees for borrowers. Third, it
may keep more capital in Montana by
containing the role of out-of-state banks
in the state. Fourth, it may increase the
competition for loans, possibly increas­
ing the availability of loans. Finally, it
may increase the convenience of bank­
ing for consumers by adding branch of­
fices, detached facilities and ATM loca­
tions.
‘ ‘Montana is a small town state, and a
small bank state,” Cadby said. “ One
hundred of our 168 banks have assets of
less than $30 million. This law will allow
small banks to grow and to obtain econ­
omies of scale.”

First Interstate Bank of Billings has
elected the following officers.
Daniel Jordahl was elected assistant
vice president of the correspondent
banking area. He had previously been
employed by the Burroughs Corp. as an
account manager in both Fargo, N .D .,
and in Billings; he was a vice president
of information processing for a multi­
bank holding company, and m ost r e ­
cently was regional sales manager for
American Data in Portland, Ore.
Jordahl graduated from Concordia
College in Moorhead, Minn.
Sandra Wong was promoted to real e s ­
tate loan officer. Wong has a degree in
accounting and communications from
Eastern Montana College. She worked
for the City of Billings finance depart­
ment before commencing employment
with First Interstate Bank of Billings as
a real estate loan representative.

Association volunteer leadership posi­
tions: Frank B ennett, ABA sta te vice
president and president, First Security
Bank, Anaconda; Don Olsson Jr., ABA del­
egate, ABA government relations and
executive vice president, Ronan State
Bank; Bill Strausburg, ABA government
relations and president, First Bank, Bill­
ings; Jim Hanson, ABA community bank­
ers council advisory board and presi­
dent, First State Bank, Malta; Jim Witte,
ABA community bankers council advi­
sory board and president, Traders State
Bank, Poplar; Mike Grove, ABA ag bank­
ers division-executive com m ittee and
president, First National Bank, White
Sulphur Springs; Bob Uecker, ABA com­
pliance division-executive com m ittee
and auditor, First National Bank, Whitefish; Lynn Grovel, ABA state association
division, Montana Bankers Association
president and president, First National
Bank, Glasgow; and John Cadby, ABA
state association division and executive
vice president, Montana Bankers Asso­
ciation.

■ ■■
The following Montana bankers have
been appointed to American Bankers

by Jennifer Driscoll

APRIL 8, 1989

59

N e b r a s k a r e v ie w

NBA Selects 1989-90 Nominees
The Nebraska Bankers Association
nominating committee, chaired by past
president Don Blaha, has nominated
Sam B a ir d , p r e s id e n t and C E O of
Farm ers State Bank & Trust Co., Supe­
rior, to become NBA president-elect for
1989-90. His name topped the slate of
candidates submitted by the committee
to the executive council in Kearney.
Bankers nominated to fill upcoming va­
cancies on the executive council include
the following: Group 2: Phil Burns, presi­
dent of Farm ers & Merchants National
Bank, West Point (nominated for a full
term , having served a partial term );
Group 4: Van Korell, president, First Na­
tional Bank of Hayes Center (nominated

P erso nnel
Joseph W. Barry has been named vice
president of F irs t National Bank of
Omaha. After nine years with Texaco,
Barry joined the First National Bank’s
bankcard division in 1978. He was made
an officer in 1981 and became a second
vice president in 1986. Presently, Barry
is responsible for the risk management
area of the bankcard division and for all
bankcard collection effo rts, including the
Yankton operation. Barry is a graduate
of Bellevue College.
Frances A. Flairty also has been named
vice president. Flairty joined First Na­
tional in 1974 as a senior clerk in the
mortgage loan department. In 1981, she
was assigned to head up the cash man­
agement department, moving to the F IS
project in 1983, and eventually assum­
ing the leadership of that area in 1987.

60 NORTHWESTERN FINANCIAL REVIEW

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Federal Reserve Bank of St. Louis

to succeed Sam Baird); Group 6: Joel
Wiens, chairman of F irst S tate Bank,
Kimball (nominated for a full term , hav­
ing served a partial term ); and Group 7:
A rt B u rtsc h e r, p re sid e n t of D ouglas
County Bank & T ru st C o ., Omaha
(nominated to succeed Gene Zaloudek,
president of River City National Bank,
Omaha.)
The slate of candidates was unani­
m ously approved by th e e x e c u tiv e
council and is to be submitted to the
NBA membership for election at the
1989 annual meeting May 19 in Lincoln.

Flairty was made an officer in 1981, and
was promoted to second vice president
in 1986. She has completed her under­
graduate degree at the University of
Nebraska at Omaha.
Thomas R. Haller was promoted to vice
president. Haller began his career as a
part-time teller in 1971, while attending
Creighton University, from which he
has a bachelor’s degree. After success­
ful assignments as a personal banker,
Haller was made an operations officer in
1977 and a second vice president in
1982. In 1983, he joined the F IS pro­
je ct, transferring to the bankcard area in
1984.
Thomas H. Jensen was named vice presi­
dent. A 1979 graduate of the University
of Nebraska at Omaha, Jensen joined
the correspondent banking department
in 1984. He was initially promoted in
1985 and was promoted to second vice
president in 1987. As senior agricultural

NBA Committee
Chairmen
Named
The following bankers have agreed to
chair the five standing com mittees of
the Nebraska Bankers Association for
the coming year:
Bill Cook Jr., Beatrice National Bank &
Trust, government relations; Gary Essm an, The Home Bank, Elwood, bank
management com m ittee; Ed Cook III,
F irst S tate Bank, Gothenburg, bank
marketing committee; Dick Stull, West­
ern Bank, Alliance, lending committee;
and Jim Mastera, Cornhusker Bank, Lin­
coln, BankPAC committee.

lender, he works closely with corres­
pondent banks and the affiliate bank net­
work.
John G. Langenfeld has been named vice
president. Langenfeld began his career
with the bankcard division as a collector
in 1975. In 1979, he joined the credit
area of bankcard, where he was initially
promoted in 1981, and then promoted
to seco n d v ice p re s id e n t in 1 9 8 6 .
Langenfeld is responsible for the admin­
istrative group within the bankcard divi­
sion. He has a bachelor’s degree from
the University of Nebraska at Omaha.
Todd L. Engle has been promoted to
second vice president. Engle graduated
from the University of Iowa in 1981 and
jo in e d th e bank as a m a n a g em en t
trainee. After successful assignments in
the leasing department and at First of
Omaha Savings Co., he was assigned to
the investm ent departm ent last July.
Engle was made an officer in 1985.

Langenfeld

Engle

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Federal Reserve Bank of St. Louis

firs! n a tio n a l b a n k

of omaha

one first national center
omaha, nebraska 68102

NEBRASKA REVIEW

Marjean F. Sack has been promoted to
operations officer at First National Bank
of Omaha.
Sack has been with the bank since
1967, beginning as a teller. Sack trans­
ferred to the data processing division,
and in 1980 was promoted to assistant
operations officer. In 1985, she joined
the F IS area and is currently responsi­
ble for client services.
Richard B. Jankovich was named com­
mercial loan officer. Jankovich joined the
bank as a management trainee in 1985.
He has a m aster’s degree from Kansas
State University. As a member of the
commercial division, he is primarily re ­
sponsible for asset-based lending activi­
ties.
Thomas J. Rohling has been named com­
mercial loan officer. With a degree from
the University of Notre Dame, Rohling
joined First National as a management
trainee. He currently is assigned to the
127th and Q Street First of Omaha Sav­
ings Co. facility, handling commercial
accounts.
Kirk A. Yung was promoted to commer­
cial loan officer. Yung is assigned to the
132nd and Center S treet branch work­
ing with commercial accounts. He has a
degree from Iowa State University and

jo in e d th e bank as a m an ag em en t
trainee.
Scott Cruickshank was named marketing
officer. Cruickshank has a degree from
Kearney State College and joined First
National Bank as a management trainee
in 1986. He is assigned to merchant
marketing activities.
Michael S. Foutch was promoted to mar­
keting officer. After two years with Data
Base System s in Omaha, Foutch joined
the bank in 1984. He is assigned to the
marketing efforts for First integrated
system s and in-house data processing
products.

Diane Poots has been named marketing
officer at First National Bank of Omaha.
Poots has a degree from Georgetown
University. She joined the bank as a
management trainee in 1985. She is
manager of Card Registry of America,
overseeing the operations and market­
ing of that area.
Barbara J. Gregg-Clapper has been pro­
moted to operations officer. G reggClapper is assigned to the m erchant
services departm ent. She joined the
bank in 1979 as an accounting clerk in
the bankcard division.

Harold Davis was named operations offi­
cer. Davis spent 30 years with the U .S.
Air F orce before joining the staff at
First National Bank in 1985. He super­
vises the technical support area of data
processing.
Carl W. Humiston was promoted to oper­
ations officer. Humiston joined First Na­
tional in 1983, initially assigned to First
integrated system . He supervises the
cardholder automation team in the data
processing area.
Janies Shanahan has been promoted to
operations officer. Shanahan spent 17
years with Sears Roebuck & Co. and
joined the bank in 1987. He is the port­
folio manager in bankcard credit.
Carol A. Stump was named operations
officer of the bank. Stump joined the
bank in 1983 in the operations area. Her
current responsibilities include super­
vising central settlem ent.

We Welcome Your News
And Black-and-White Photos
Send them to:
N O RTH W ESTERN
FINANCIAL REVIEW
5270 W. 84th Street, Suite 480
Bloomington, MN 55437

Sack

Jankovich

Rohling

Yung

Cruickshank

Foutch

Poots

Gregg-Clapper

Davis

Humiston

Shanahan

Stump


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Federal Reserve Bank of St. Louis

APRIL 8, 1989

63

For Cash Letter Processing,
Call On
FirsTier

Dick Yeshnowski

James Allen

Thomas Clabaugh

Vice President
Omaha. NE

John Wear

Vice President
Omaha, NE

Assistant Vice President
Omaha, NE

Assistant Vice President
Omaha. NE

Gary Bieck

Chuck Greenway

Marv Hefti

Kathryn Barker

Vice President
Lincoln, NE

Vice President
Lincoln, NE

Vice President
Lincoln, NE

Assistant Vice President
Lincoln, NE

Introducing the FirsTier Team of Correspondent Bankers —
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In NE: 800-742-7462
Outside NE: 800-742-7462

FirsTier Bank, N.A., Om aha and FirsTier Bank, N.A., Lincoln, M em bers FDIC

SOUTH DAKOTA REVIEW

PERSONNEL
Mike Hahn has been elected president
of the Norwest Bank in Spearfish and
Ray Spellman has been elected president
of the Norwest Bank in Sturgis.
Hahn joined Norwest in Rapid City in
1979. He transferred to Spearfish as a
credit analyst in 1980 and was named a
business banking officer in 1981. He
was promoted to assistant vice presi­
dent, business banking, in 1984.
Hahn has a bachelor of science degree
in business administration from the Uni­
versity of South Dakota.
Spellman joined N orw est in Sioux
Falls in 1984 as regional credit officer
and was named vice president, regional
credit administration, later that year.
Prior to joining Norwest, he was with
the Federal Land Bank in Omaha and
Watertown for 10 years. Spellman was
personal banking officer with Norwest
in Watertown for two years before he
joined the Federal Land Bank.
Spellman has an animal science de­
gree from South Dakota State Univer­
sity. He is currently enrolled in the Pa­
cific Coast Graduate School of Banking
at the University of Washington.

Dale C h ris te n se n h as r e tu r n e d to
Norwest as manager of the Watertown
trust department. Mark Marcellus, who
has been trust officer and manager of
the Watertown office since July 1988, is
transferring to the Sioux Falls trust of­
fice.
Christensen joined Norwest in 1978
in Watertown and was assistant vice
president, trust, when he left Norwest
in 1988. He has a business administra­
tion degree from Northern State Col­
lege.
Marcellus has a degree in business
administration from the University of
Iowa and a law degree from Creighton
University School of Law.

Merlin Stillman has been promoted to

assistant vice president, business bank­
ing, and Larry Jones has been promoted

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Federal Reserve Bank of St. Louis

to assistant vice president, ag banking,
for Norwest Bank South Dakota in Hu­
ron.
Stillman joined Norwest in Sioux Falls
in 1967. He was an operations supervi­
sor at the Westwood Branch from 1973
until 1978, when he was named per­
sonal banking officer. In 1979 he trans­
ferred to Huron and was named busi­

ness banking officer in 1984.
Jones joined Norwest in Chamberlain
in 1984. In 1986 he transferred to Hu­
ron as an ag banking officer. Jones has a
bachelor’s degree from South Dakota
S ta te U n iv e rsity . P rio r to jo in in g
Norwest, Jones had been with the Fed­
eral Land Bank A ssociation in Scottsbluff, N eb ., and in Huron.

HARBOUR ISLAND, BAHAMAS

C O R A L SANDS
HOTEL
O n e o f th e Bahamas' p re m ie r o u t island resorts. T h irty -th re e room s
at th e ce n te r of th e fam ous 3 m ile p in k beach PLUS 14 acres e x te n d ­
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EVERYTHING b u t g o lf. A ir c o n d itio n e d d u rin g sum m er. Closed
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For im m e d ia te c o n firm e d re se rva tio n s, see y o u r travel agent
o rc a ll to ll free in th e U.S. and C a n a d a 800-327-0787, M ia m i443-3821.
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C o rp., P.O. Box 5377, H iale ah, FL 33014, Batch 1377.

Meet Don Hooper,
Norwest s Corre­
spondent Banker
for South Dakota. When you have corre­
spondent banking needs, he’s a good
person to know. Don makes it his business
to understand the special needs of commu­
nity banks. And he wants to do business
© 1988 Norwest Banks

with you. Talk to Don
about our complete line of specialized
correspondent banking services. When it
comes to correspondent banking, he’s got
you covered.

U M NORWEST BANKS
a w CORRESPONDENT BANKING

Member FDIC

APRIL 8,1989

Norwest Bank South Dakota, N.A.

65

CLASSIFIED ADS

HELP WANTED

HELP WANTED

PARTIAL LISTING OF
AVAILABLE POSITIONS
COMMERCIAL LOAN OFFICER

Looking to make things happen in your career? Profit­
able, aggressive bank in dynamic metro area needs
4 + year commercial lender for growing department.
Sales skills, communication abilities and strong under­
standing of $50-150K loans a big plus. $40K.
OPERATIONS HEAD

Are you a successful manager looking for more? Do
you have the ability to solve problems and prior opera­
tions exp. in $40MM + bank? Join a creative mgt team
and move your career into the fast track. $36K.
AG LOAN HEAD

Tremendous opportunity! Run a $10MM + dept in
profitable ag area. Sound like what you’re after? If you
have 4 + years of ag banking and 7 years of lending
this is the challenge of a lifetime. If you are unappreci­
ated in your current position let us know! This is your
chance to get ahead. $33K.
ALL FEES COMPANY PAID
FOR MORE INFORMATION CONTACT
KURT ROSENCRANTS AT 515-244-4414

CASHIER/LOAN OFFICER

POSITIONS AVAILABLE

Variety, challenge, mentorship, upward potential and
more! Central MN bank seeks take charge indiv. w/
3 + yrs operations &/or experience. Salary $2025,000. Job #CW4618.

PERSONAL TRUST - head trust activities for medium size

CASHIER

Northern MN resort area bank seeks #2 person. 3 +
yrs bank operations exp req’d. Salary to Mid $20’s.
Job #CW4617.
LOAN OFFICER

This successful bank located attractively near the
Twin Cities seeks experienced consumer lender. 2 +
yrs installment lending exp from a bank or finance co
req’d. Resp for consumer, real estate & com’l lend­
ing. Salary to Low $20’s. Job #CW4619.
CALL PAUL GENTZKOW, BILL BENSON
OR PAUL BEES AT (612) 339-9001

ROBERT HALF
OIF MINNESOTA, INC.

2800 Norwest Center
Minneapolis, MN 55402
(612) 339-9001
ALL FEES COMPANY PAID
INSURANCE AGENCY MANAGER

Immediate opening for an aggressive bank insurance
agency manager. Agency is located in a $28MM bank
in SW Minn - town of 2500. Agency services all lines
with much potential. Desire experienced manager.
Salary + commission. Please send resume and salary
requirements to File #9552 c/o Northwestern Finan­
cial Review.

3176th Ave., Ste. 700
Des Moines, IA 50309
515-244-4414

VP/SR. VP

HELP WANTED

community bank. JD Degree; four yrs. personal trust
experience.
$40K
COMMERCIAL LOAN - $30MM suburban bank; experienced
commercial lender with excellent technical skills. $35K
LOAN WORKOUT - portfolio of special assets; large urban
bank. Commercial credits & commercial real estate
workouts. S alary..........................................negotiable
TRUST ADMINISTRATOR - handle portion of personal trust
portfolio for urban bank. Three yrs. personal trust ex­
perience.
$30K
SECOND OFFICER - suburban bank; large retail credit port­
folio. Requires strong operations background. $40K
Resume and salary history requested.
All inquiries Confidential.
TOM HAGAN & ASSOCIATES
P.O. Box 12346/2024 Swift
North Kansas City, MO 64116
816/474-6874
“ Serving the Banking Industry Since 1970”
AG LOAN OFFICER, experienced, insurance license
preferred but not required, SE Minn, salary based on
experience, benefits. Send resume and salary require­
ments to File #9556 c/o Northwestern Financial Re­
view.
Immediate opening for an individual to fill a vacancy in
our insurance agency. Prefer licensed individual with
minimum of two years experience. Please send re­
sume to File #9541 c/o Northwestern Financial Re­
view.

BANKERS AVAILABLE

A very warm and personable individual with a great attitude and excellent
work credentials. Offers 10 yrs. bank experience and good pattern of
stability. Strong in lending (primarily ag and consumer), good with prob­
lem loans and collections, successful in marketing, adept on computer,
and previous operations experience. References include: “An excellent
candidate for #2 spot in mid-sized bank. . . intelligent and knows his job
well. . . self-starter, works hard, and gets the job done without a lot of
noise.. .A real asset to the bank and the community.” B.S. Ag Econ.
plus state banking schools. $32,000. J-l
AG LENDER

Seven yrs. with a major holding company bank, in charge of $5-$10 mil­
lion ag, commercial, and consumer loans. Comes highly recommended:
"Training and work record are excellent. One of the best lenders I’ve
seen! Common sense and good judgment. . . gives the job his best. . .
good integrity, excellent personal appearance. I’d hire him back tomor­
row!” Graduated Cum Laude with B.S. Bus. Admin., A.A. Accounting,
Life and Health insurance licenses, plus several R.M.A., A.B.A. and
M.B.I. schools. $28,000 minimum. J-2
SR. LENDER/COMMERCIAL

Now in charge of $30 million commercial loans at large midwest bank.
Duties include servicing sizeable personal portfolio as well. Supervises 2
commercial loan officers. Seven yrs. prior experience with major holding
company bank, responsible for $10 million commercial, consumer, R.E.,
and ag loans, plus daily operations. B.S. degree, graduate of commercial
lending school and IA School of Banking. $37,000 up. J-3
LOAN OFFICER

Four years consumer and ag experience. Initially trained at finance com­
pany, worked for FDIC 2 years, handling large number of ag loans. Now
employed at large bank as consumer loan officer in charge of $6 million
portfolio. Receives high ratings from references; “Does a very good
job. . . eager, very hard worker and shows good results, sharp appear­
ance . . . a team player who will make his employer money.” Majored in
Ag Business at ISU. Prefers rural location. $25,000. J-4

AG LOAN OFFICER

Total of 7 yrs. lending experience. Spent 2 yrs. with FmHA and last 5
yrs. with FCS. Presents very professional image; confident and outgoing
personality. Former supervisors say, “Very productive, dedicated,
strong decision-making skills that show good judgment. . . Excellent or­
ganizer, gives 110% effort.” BBA Finance (U of I). Prefers IA, M0, IL
location. $26,000. J-6
AG LOAN OFFICER

A seasoned individual with sound experience. Farmed for 10 yrs., then
completed 2 yr. ag banking education and went to work as ag lender at
local bank. Now ready to advance his career and make a move. Open to
relocation in upper midwest rural areas. Three years banking experi­
ence. $23,000. J-7

B A N K IN G

CAREERS
quality service by experienced professionals

525 Merle Hay Tower
Des Moines, Iowa 50310
515-276-1151

Digitized for 66
FRASER
NORTHWESTERN FINANCIAL REVIEW
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Federal Reserve Bank of St. Louis

ASST. V.P.

Four years bank experience; performs all functions of ag and commercial
loan duties. Sharp young man, professional in appearance. Extensive
knowledge in analyzing, preparing and decision-making for lending pur­
poses. Prior to employment with bank, was asst, county supervisor with
FmHA. Has R.E. license. Advanced education in accounting, B.S. de­
gree. Prefers Nebraska location. $26,000. J-9
A. V.P.

Monitors bank’s $4 + million ag loan portfolio. Increased ag loan volume
by $1 million. Experience also includes consumer and commercial
credits, compliance, training employees on computer and PC program­
ming. Received ABA Presidential Citation. Four yrs. experience. Ag Ec­
onomics degree. $25,000. J-10
LOAN OFFICER

"Excellent in documentation, credit analysis, and decision-making. Neat
and professional, and you can count on him to get the job done. #1 in our
computer area. Exhibits strong interpersonal skills with customers and
peers,” shared a reference. Handles bank’s $5 million ag loans, business
development, financial statement analysis, etc. Four yrs. experience.
B.A. degree with 3.5 gpa. Prefers ND location. $22,000. J-ll
LOAN OFFICER

Three yrs. bank experience. “ Has introduced promotional ideas to in­
crease profitability of the bank. Magnetic personality; customers really
like him. Solid farm background, extensive overall lending experience.
Very level-headed. Willing to work long hours to complete the job.” Ex­
panded the farm real estate portfolio substantially. Ag Bus. degree.
$24,000.J-12

BRANCH MANAGER

Five years with major holding company bank as ag rep and retail banker,
past 3 yrs. in charge of $10 million branch. Excellent overall experience
in lending (ag, R.E., commercial, consumer, FmHA & SBA) and opera­
tions, plus investments. Reference relates: “Very good performance,
well-rounded experience, good at handling personnel problems. Very
bright, well-liked by all. Aggressively seeks new business.” B.S. Bus.
Admin., numerous AIB courses. $32,000. J-5

CONSUMER LOAN OFFICER

“A rising star,” states reference. Four yrs. experience in S&L and fi­
nance co. includes responsibility for $2-$6 million consumer, R.E. and
student loans, business development and supervising staff of 5. B.A.
Financial Management (3.2 gpa) plus numerous professional schools. IA
Life & A/H insurance licenses. Excellent references: “Very poised and
mature for his age. . . self-motivated, loves his work, successful in call­
ing on dealers and bringing in new accounts. . . A skilled lender with good
credit sense.” $25,000. ]-8

AG LOAN OFFICER

Jean Eden
515-276-1151

Sandi Garner
515-832-1258

Confidential. Fees Paid by Employer.

Extensive lending and marketing experience. . . ag and consumer. “ Ea­
ger to do what is asked of him. Cooperative attitude, good common sense
and credit sense. Bright young man. . . polished and professional.” B.S.
Bus. and Finance. $27,000. J-13

CLASSIFIED ADS

HELP WANTED

POSITIONS WANTED

SENIOR LOAN OFFICER

E x p e rie n c e d B a n k e r (21 y e a rs ) in financial field d e ­
s ir e s p o sitio n w ith p r o g r e s s iv e financial o rg a n iz a tio n .
Q ualified in all ty p e s o f le n d in g . S e n d r e p lie s to F ile
# 9 5 5 5 c /o N o r th w e s te r n F in a n c ia l R e v ie w .

Serving bankers quietly and efficiently.

CAPITAL PERSONNEL SERVICE
S o u th c e n tr a l N e b r a s k a b a n k o f $ 1 2 M M s e e k s a n e x ­
p e r ie n c e d io a n o ffic e r to ta k e c h a rg e o f lo an p o rtfo lio .
M o s tly a g . S e n d r e s u m e a n d s a la ry r e q u i r e m e n t s to
K u r t T a rk in g to n , R e p u b lic a n V alley B a n k , B o x 4 7 4 ,
O rle a n s , N E 6 8 9 6 6 . R e p lie s will b e k e p t co n fid e n tia l.
COMMERCIAL LOAN OFFICER
$ 5 7 M M w e s t c e n tr a l W isc o n sin b a n k h a s a n o p e n in g
fo r a n e x p e rie n c e d p e r s o n fam iliar w ith all a r e a s o f
c o m m e rc ia l le n d in g , in c lu d in g g o v e r n m e n t g u a r a n ­
t e e s . C o m p e n s a tio n b a s e d o n ability a n d e x p e rie n c e .
P le a s e s e n d r e s u m e & s a la ry h is to r y to F ile # 9 5 5 1 c /o
N o r th w e s te r n F in a n c ia l R e v ie w .
CEO/SENIOR LOAN OFFICER
$ 9 M M N E Io w a b a n k . O fficer m u s t h a v e s tr o n g m a n ­
a g e m e n t sk ills, a d e q u a te e x p e rie n c e in c o m m e rc ia l
and a g ric u ltu ra l le n d in g , a n d b e k n o w le d g e a b le r e g a r d ­
ing c o m p lia n c e is s u e s . S a la ry is o p e n a n d c o m m e n s u ­
r a t e w ith e x p e rie n c e . S e n d r e s u m e a n d s a la ry r e q u i r e ­
m e n t s to F ile # 9 5 5 7 c / o N o r t h w e s t e r n F in a n c ia l
R e v ie w .
S E N IO R LO A N O F F IC E R : 2 0 m illion d o llar c o m m u ­
n ity b a n k lo c a te d in w e s t c e n tr a l M o n ta n a . E x p e r i­
e n c e d le n d e r fam iliar w ith all ty p e s o f le n d in g . R e s p o n ­
sib le fo r s u p e rv is io n o f le n d in g fu n c tio n , c o lle c tio n ,
d o c u m e n ta tio n , c o m p lia n c e . A g ric u ltu ra l b a c k g ro u n d
n e c e s s a r y . E x c e lle n t b e n e fits a n d c o m p e n s a tio n . Call
o r w r ite M ic h a e l G r o v e , P r e s i d e n t , F i r s t N a tio n a l
B a n k o f W h ite S u lp h u r S p rin g s , P .O . B o x 7 0 9 , W h ite
S u lp h u r S p rin g s , M T 5 9 6 4 5 . (4 0 6 ) 5 4 7 -3 3 3 1 .

815 Office Park Rd., Suite 6
West Des Moines, Iowa 50265
515-226-0510

3 0 y e a r s b a n k in g /S & L e x p e rie n c e . E x p e r tis e in o p e r ­
a tio n s , E D P an d a u d it. C o m m u n ity m in d e d individual.
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BUY/SELL/LEASE
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s o r t a r e a . P le a s e re p ly to F ile # 9 5 5 4 c /o N o r th w e s t­
e r n F in an c ial R e v ie w .
IN-HOUSE COMPUTER SYSTEM
1. IB M S Y S /3 6 5 3 6 0 B 2 3 . F e a t u r e s : 2 5 0 0 , 3 7 0 1 ,
4900, 5301, 9014, 9111, 9221, 9697, 9711.
2 . 1 2 5 5 6 p o c k e t R e a d e r S o r te r M O D 0 0 1 . F e a t u r e s :

CALL FOR COMPETITIVE PRICES

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6303, 9219, 9792.
3. (2) N C R 7 7 5 -1 1 0 0 P ro o f M a c h in e s .
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Y ankton, SD 5 7 0 7 8 (60 5 ) 6 6 5 -7 4 3 2

Midwest States
Dan or Brad (612) 881-4050

N e w an d U s e d : v a u lt d o o r s , d riv e -u p s , n ig h t d e p o s ito ­
r ie s an d m o n e y s a f e s . E x p e r t in s ta lla tio n a n d s e r v ic e .
S e c u rity P r o d u c ts (6 1 2 ) 7 8 4 -6 5 0 4 .

Customer Rated #1

Be More Than A Banker. . .
Become A Partner
Develop a long-term working relationship with
those special customers. Come to understand
their problems, their plans and their needs; and
become a quiet, behind-the-scenes associate.
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Located 400 miles north of Winnipeg with a
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You take care of your customer. We'll take care of you.
For further information, please call or write us.

Manitoba's Fly-In Newest ★ ★ ★ ★ ★ 5 STAR FACILITY

1149 Sanford Street • Winnipeg, Manitoba R3E 3A1______ Allan Reid • 204-786-4005

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Federal Reserve Bank of St. Louis

APRIL 8, 1989

67

B u s in e s s M a r k e t p l a c e

ACCOUNTANTS

I

ACQUISITION CONSULTING

I

BANK CONSULTANTS
.L A R S O N .
__ A L L E N .
J W E I S H A I R ___

N o rth la n d Bank Investments, Inc.
Investments - Sales - Appraisals

-& CO-

MICHAEL L. ANDERSON, C.EA.
TAX. A U D IT A N D C O N S U LTIN G SER VIC ES

DAVID L. GRANDE, CMC
THOMAS D. JACOBSON
THOMAS B. WILLIAMS, CPA

Adina M. Overbee
President

A LE X A N D R IA . M N 5 6 3 0 8 • (612) 7 6 3 - 3 1 5 7
E M M E T S B U R G . IA 5 0 5 3 6 • (712) 8 5 2 - 4 4 6 4

P.O. Box 19445
Minneapolis, Minnesota 55419

(612) 824-0226

( 612)

BANK ARCHITECTS

LARSON
ALLEN
W E IS H A IR
& CO.

BANKING EQUIPMENT

650 INTERNATIONAL CENTRE II
920 SECOND AVENUE SOUTH
MINNEAPOLIS, MN 55402
500 ZAPP BANK PLAZA
1015 ST. GERMAIN
ST. CLOUD, MN 56301

D E N N IS J. Z A U N , C PA
R IC H A R D W . N IL S O N , C PA
(612) 253-8616

u

SALES
SERVICE
SUPPLIES
RENTALS
LEASE

GBCPAPER SHREDDERS
Calculators - Typewriters
ALL BRANDS - New & Rebuilt

CERTIFIED PUBLIC ACCOUNTANTS
& BUSINESS CONSULTANTS
T E R R Y A. E N G E R , C PA
(612) 337-7 00 0

650 INTERNATIONA!. CENTRE II
920 SECOND AVENUE SOUTH
MINNEAPOLIS. MN 55402

337-7000

v

CLARY BUSINESS MACHINES CO.

BWBR ARCHITECTS

YOUR SATISFACTION IS OUR BUSINESS

Bergquist Rohkohl Johnson Sleiter
St. Paul, MN (612) 222-3701

331 7964
3353 UNIVERSITY AVE S E
MINNEAPOLIS MINNESOTA 554V

D AV ID F U N K E

D avid R. P eltz & C om pa n y , p .c ., ltd .
Certified Public Accountants

BANK NOTE COMPANIES
DAVID R. P E L T Z
President

First Interstate Center
401 N. 31st Street, Surte 590
P O. Box 7156
Billings, MT 59103
(406) 259-2477

3140 Harbor Lane, Surte 130
P.O. Box 41830
Minneapolis. MN 55441
(612)553-1925

bo

12221 Wood Lake Drive
Burnsville, M innesota 55337
Phone: (612) 894-5751

Brent Anderson Assoc., Inc.
Architects/Engineers

Contact
CHARLES A. DYKINS
or PHILIP BLASKO

(6 1 2 ) 5 4 5 -5 3 3 3

CHARLES H. PRESTON CO., P.A.
ACCOUNTANTS AND AUDITORS

BANK PORTFOLIO MGMT.
2 0 6 NORTH FIRST ST
MINNEAPOLIS. MINN

10800 COUNTY ROAD 15

D A L E L. KURTZ
DIRECTOR OF MARKETING

55401 (612) 309 3752

MINNEAPOLIS. MN
55441

J ACK

ACCOUNTS RECEIVABLE FINANCING

DOUGHRRmCKWKINS

COAItMAN

BOARMAN&
ASSOCIATES

INSIDE MN: 800 652 0204
OUTSIDE MN: 800 328 4085

OF MINNESOTA
Purchasers of Accounts Receivable Throughout the U.S.

BILL STAPEL
Business Development Manager

©

100 SOUTH FIFTH STREET SUITE 2300
MINNEAPOLIS. MINNESOTA 55402
612 341 6000

H IC K E Y . T H O R S T E N S O N , G R O V E R , LTD
A R C H I T E C T S
6950 France Avenue South

Edina. MN

55435

9801 Dupont Avenue South, Suite 185
Bloomington. Minnesota 55431
(612) 881-6434

WINDSOR

or

FINANCIAL

GROUP

8400 NORMANDALE LAKE BOULEVARD. SUITE 1450
MINNEAPOLIS. MINNESOTA 55417
JON P THORSTENSON
ARCHITECT

BUSINESS MARKETPLACE
Kevin M . Murphy
Bank Consultant

DENNIS J. ZAUN, CPA

(6 1 2 ) 2 5 3 -8 6 1 6

65o internatio nal c entre ii
920 SECOND AVENUE SOUTH
MINNEAPOLIS. MN 55402
500 ZAPP BANK PLAZA
1015 ST. GERMAIN
ST. CLOUD. MN 56301


68 NORTHWESTERN FINANCIAL REVIEW
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

612-835-2220 -

Viu President

___L A R S O N .
_____A L L E N .
W F .IS H A I R .
______ & C O ._
DAVID L. GRANDE CMC

|

Robert J. DeBenedet, CFA

ACQUISITION CONSULTING

(6 1 2 ) 3 3 7 -7 0 0 0

(612)920 1881

R e a c h 1 9 ,0 0 0 r e a d e r s
b y lis tin g y o u r b u s in e s s a n d p r o f e s s io n a l s e r v ic e s .
E c o n o m ic a lly .
E fficien tly .

3600 West 80th Street
Suite 125
Bloom ington, MN 55431

C all (6 1 2 ) 8 3 5 - 5 2 2 5 to r e s e r v e y o u r s p a c e .

b u s in e s s m a r k e t p l a c e

BANK VALUATIONS

LEGAL COUNSEL

COMPUTER SERVICES
t r a v e l a g e n t f o r c o m p u ters'

___L A R S O N _
_____A L L E N .
.W E I S H A I R .
______ & C O ._

DAVID L. GRANDE, CMC
(61 2) 337-7 00 0
MEMBER. INSTITUTE OF
BUSINESS APPRAISERS

650 INTERNATIONAL CENTRE II
920 SECOND AVENUE SOUTH
MINNEAPOLIS. MN 55402

500 ZAPP BANK PLAZA
1015 ST. GERMAIN
ST. CLOUD. MN 56301

DENNIS J. ZAUN, CPA
(612) 253-8616

D.G. PARTRIDGE

C
7t2-673-2354 000-831-0030
107 Main
P.0 Box 23
Breda. Iowa 51436

COMPUTER TRANSPORTATION SERVICES, LTD.
S p e c ia liz in g in th e tr a n s p o rta tio n o f A T M s and
d a ta p ro c e s s in g e q u ip m e n t

u r t in

an d

B arnes

ATTORNEYS AT LAW

M A R Y E. C U R T IN
S U S A N E. B A R N E S
2112 p l a z a v ii
C H R IS T IN E L . M E U E R S
45 s o u t h 7th s t r e e t
(6 1 2 ) 3 3 7 -5 4 4 5
MINNEAPOLIS, MN 55402

EXECUTIVE BENEFIT

©

LAW OFFICES OF

M. G EN E BLACKBURN

Paul W Olander

ATTORNEY AT LAW
A PROFESSIONAL CORPORATION
FELLOW AMERICAN COLLEGE OF TRIAL LAWYERS

Company

142 NORTH 9th STREET
FORT DODGE. IA 50501

AMERICAN BUILDING
PHONE (515) 576-2171

5 0 7 -2 8 5 -9 2 7 1
1073 PLUMMER LANE S W • ROCHESTER. MINNESOTA 55902

Providing Services fo r Banks, Bank Owners and Directors.

PERSONNEL

COMPUTERS

00

TEXAS IN S T R U M E N TS C O M P U T E R S

ff lC S ) Modefn ComPutef System», Inc.
R iver R id ge S e rvice C e n te r
1 2 3 7 6 R iver R id ge B o ulev a rd
B u rn s v ille . M in n e s o ta 5 5 3 3 7

HÜLF

R o n a ld L. In g e rs o ll
P res ide nt

Managment Challenges

Continued from page 21
meeting the challenge.
Don’t impulsively try to buy another
bank. There may be b etter profit oppor­
tunities in discount brokerage, insur­
ance and consumer financial planning.
Leveraged Buyouts
M any banks have p ro blem s with
shareholder tran sition. A leveraged
buyout is a method of ensuring that cur­
rent shareholders receive a fair value
upon leaving and that the bank is locally
owned. To complete a leveraged buy­
out, the bank must have the capacity to
borrow the money, and there must be a
strong equity base in the bank. Financial
feasibility through cash flows must be
outstanding. There will be no dividends,
which the shareholders have to know.
Finally, the must have a safe and stable
organization.

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

Bank Specialists
Paul Bees,
Bill B enson,
Paul G en tzkow
2800 Norwest Center
Minneapolis, MN 55402
(612) 339-9001
FAX (612) 349-6769

World's largest banking, accounting, financial and DP personnel specialisi

Conclusion
Consider the future of banking for the
community banker in the United States.
There are essentially three characteris­
tics that permit survival. First, the bank
must strategically plan. Second, it must
be managerially competent. If it doesn’t
it will fail. It is tougher to make a buck
now than it was in 1980. Third, manage­
ment must understand and use the tools
available. The bank cannot just sit there
and take in deposits and make loans. It
must understand how to make more
money with the money it has. B e more
prudent, innovative and imaginative
than ever been before.
Several years ago, a banker said, “ I
used to spent 100 percent of my time
running the bank. Today I spend 50 per­
cent of my time planning how to run the
bank.” Regardless of the size of the or­
ganization, it is doomed if it does noth­
ing other than put out fires and make
consumer installment loans. Senior offi­

cers are responsible for the survival of
the organization - they are the plan­
ners, the administrators. They need to
be surrounded with quality people who
can make consumer installment, com­
mercial or mortgage loans and those
who understand asset and liability man­
agement. They must have a vision of
where the organization is to grow. This
vision is not from 9 :0 0 a.m . to 3 :0 0
p.m ., and the bank is not a piggy bank
with a hole in the front rather than in the
top.
The people of the community look up
to bank officers. Therefore, they have
an awesome challenge to provide ser­
vices and products in the community
that permit the town to survive and
prosper. The opportunities are signifi­
cant; with the proper training, controls
and planning, and, more importantly,
the proper attitude and m otivation,
community banks can survive in an in­
creasingly complex society. ■
APRIL 8, 1989

69

Sn a p s h o t

he tranquility surrounding
early banking days, often made loans on
Michigan’s Manistee National a handshake rather than documentation.
Forest continues a mile or so
Smith-Olson says, “ My father still
away at Lake-Osceola State
has some of the same custom ers he
B a n k in B a ld w in , a tow n
started with. They ask for him specifi­
where the deer population outnumbers
cally. T h e y ’ll tell me how he helped
the people.
them when they had nothing at all.’ ’
In Baldwin, the tenets of banking are
The steady growth of the bank, now
juxtaposed with the sounds of wild game
with total assets nearing $31 million,
zipping through the woods.
has paralleled the area’s tourist and tim­
At Lake-Osceola State Bank presi­ ber industry booms. Baldwin is located
dent Deborah Smith-Olson, who comes
30 miles inland of Lake Michigan on the
from a long line of nature lovers, con­ sta te ’s lower peninsula. Many of its re s­
tinues a legacy pioneered by her grand­ idents - particularly the 20 percent who
father. Her father, Robert S. Smith, is
are senior citizens - are “ snowbirds’ ’
the bank’s chairman and is marking his
who like to get away during the winter.
50th year in banking.
“ You see it all the time,” says Smith,
“ H e’s been my role model in all areas
who started his banning career when
of my life,’ ’ Smith-Olson says of her fa­ Franklin Roosevelt was president. “ R e­
ther. “ H e’s concerned about the wel­ tirees from the city get a cabin along the
fare of the people in our area. That
lakes, where they can get peace and
comes first, and we can attribute our quiet. M ost of them make their retire­
success to that.’ ’
ment home here and many open new ac­
B o th Sm ith-O lson and her fath er
counts with us.”
agree that the bank’s focus on individual
During the sum m er months, Lake
needs has provided a strong, faithful cli­ County’s population doubles to 2 0 ,000
entele. The area’s senior citizens and due to such attractions as the national
low- to medium-income families have
forest; the Pere-M arquette River, one
been attracted to the bank’s services,
of only two designated national wildlife
such as its direct-deposit program, its rivers in the state; and the area’s nearly
low -cost checking accou nts, and its
200 lakes and stream s. Baldwin itself is
small, short-term loans.
home to less than 700 people.
“ We have to know our custom ers,
The summer tourist influx provides a
take care of their needs and adapt to the
strong econom ic base for the a re a ’s
situation,’ ’ says Smith, who, during his mostly small, family-owned businesses

T

NORTHWESTERN FINANCIAL REVIEW
Digitized for 70
FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

such as gift shops, restaurants and mo­
tels - m ost of which have borrowed
money from the bank at one point or an­
other, Smith-Olson says.
The bank’s success and distinction as
the sole financial institution in the area
has led to the opening of two branches:
one in nearby Luther and the other in
the Osceola County town of Tustin.
Like her three siste rs before her,
Smith-Olson, a self-proclaimed tomboy,
also sp en t h er fo rm ativ e su m m ers
working at the bank. In 1987, she was
elevated to bank president. Currently,
Smith-Olson also serves as president of
a regional group from the Michigan
Bankers Association.
Her father’s pride and confidence in
h er exu d es with such re m a rk s a s,
“ S h e ’s recog n ized as an e x ce lle n t
banker. She could take care of the presi­
dent of the United States if she met
him.’ ’ Since both Smith-Olson and her
father grew up in a bank’s atmosphere,
it seem s natural that her daughter, Julia,
also would have banking aspirations.
The 6-year-old often tells her mother
she wants to grow up and work at a
bank.
“ The other day she said she didn’t
need to go away to college and ju st
wanted to work in a bank,” Smith-Olson
says. “ I had to straighten her out.” ■

M u n ic ipa l f in a n c e

1251
3834
1284

MUNICIPAL BOND CALENDAR

3835
12 9 9
3855
1312

CUB'D
TIME
A p r il 1 0 - 1 5
T u esd ay

1 1 :0 0 a .m .
1 1 :0 0 a .m .

W e d n e sd a y

5 :0 0 p .m .
5 :0 0 p .m .

ISSUER

AMOUNT

9 9 0 ,0 0 0
1 ,8 0 5 ,0 0 0
4 0 0 ,0 0 0
6 2 0 ,0 0 0

N FR

V irg in ia, M N ( G .O . T ax I n c r e m e n t
R e fu n d in g B o n d s , S e r ie s 1 9 8 9 B )
V irg in ia, M N ( G .O . T ax I n c r e m e n t
R e fu n d in g B o n d s , S e r ie s 1 9 8 9 A)
A le x a n d ria , M N (G .O . S e w e r
I n te r c e p to r B o n d s , S e r ie s 1 9 8 9 A)
A le x a n d ria , M N ( G .O . Im p r o v e m e n t
B o n d s , S e r ie s 1 9 8 9 B )

3856
1322
3863
1326
3881
1353
38 9 2
1393
3918
1394
3931
14 1 5
39 5 1
1429
398 2
1440
3987
14 5 4

M ar. 2 5
M ar. 2 5
A pr. 1
A pr. 1

A p ril 1 7 - 2 2
M onday

1 1 :3 0 a .m .
3 :0 0 p .m .

T h u rsd a y

A p r il 2 4 - 2 9
M onday

1 0 :3 0 a .m .

1 ,1 3 5 ,0 0 0
5 ,0 0 0 ,0 0 0
8 0 5 ,0 0 0

1 0 :3 0 a .m .

2 ,6 3 5 ,0 0 0

1 0 :3 0 a .m .

1 ,0 0 0 ,0 0 0

7 :0 0 p .m .

2 ,7 3 5 ,0 0 0

7 :0 0 p .m .

1 ,2 0 0 ,0 0 0

B ig L a k e , M N (G .O . A d v a n c e R e fu n d in g
a n d I m p r o v e m e n t B o n d s o f 198 9 )
C o k a to , M N ( G .O . S c h o o l B uilding
B o n d s o f 1 9 8 9 , IS D # 4 6 6 )
O s h k o s h , W I ( P r o m is s o r y N o te s , S e r ie s
198 9 )
O s h k o s h , W I ( C o r p o r a te P u r p o s e
B o n d s , S e r ie s 1 9 8 9 )
O s h k o s h , W I (T ax ab le T ax I n c r e m e n t
S u p p o r te d C o r p o r a te P u r p o s e B o n d s ,
S e r ie s 1 9 8 9 -A )

O ro n o , M N (G .O . S c h o o l B uilding
B o n d s , S e r ie s 1 9 8 9 A IS D # 2 7 8 )
S t. P e te r , M N (G .O . H o sp ita l-N u rs in g
H o m e R e fu n d in g B o n d s , S e r ie s 1 989A )

LEGAL NOTICE
NOTICE OF EXTRAORDINARY MANDATORY REDEMPTION
TO THE HOLDERS OF
CITY OF EAGAN
COUNTY OF DAKOTA
STATE OF MINNESOTA
SINGLE FAMILY MORTGAGE REVENUE BONDS,
SERIES 1980
N O T IC E IS H E R E B Y G IV E N , p u r s u a n t to th e p ro v i­
s io n s of th e I n d e n tu r e o f T r u s t d a te d a s o f M a y 1,
1 980, b e t w e e n th e C ity o f E a g a n , D a k o ta C o u n ty ,
M in n e s o ta , an d F ir s t T r u s t C o m p a n y o f S a in t P a u l, a s
T r u s te e , th a t $ 9 9 0 ,0 0 0 prin c ip al a m o u n t o f th e S in g le
F am ily M o r tg a g e R e v e n u e B o n d s S e r ie s 1 9 8 0 is s u e d
p u r s u a n t to th e I n d e n tu r e h a s b e e n s e le c te d fo r R e ­
d e m p tio n fo r th e E x tr a o r d in a r y M a n d a to ry R e d e m p ­
tio n o n M ay 1, 1989 (th e R e d e m p tio n D a te ) a t a R e ­
d e m p tio n P ric e o f 1 0 0 % o f p rin c ip a l a m o u n t to g e th e r
w ith in t e r e s t a c c ru e d to th e R e d e m p tio n D a te .
REGISTERED BONDS
Principal
Bond
Amount
Interest
Maturity
CUSIP*
Number
Redeemed
Rate
Date
Number
R -138
$ 1 0 ,0 0 0
1 0 .2 5 % 5 /1 /2 0 1 2 2 6 9 4 1 6
AQ6
BEARER BONDS
B o n d s b e a rin g th e in t e r e s t r a t e o f 9 .2 5 % m a tu rin g 5/
1 /9 0 , C usip* 2 6 9 4 1 6 A H 6 in in c r e m e n ts o f $ 5 ,0 0 0 a r e
n u m b e r e d a s follow s:
297, 309, 322
B o n d s b e a rin g th e in t e r e s t r a t e o f 9 .4 0 % m a tu rin g 5/
1 /9 1 , C usip* 2 6 9 4 1 6 AJ2 in in c r e m e n ts o f $ 5 ,0 0 0 a re
n u m b e r e d a s follow s:
355, 356, 361, 366
B o n d s b e a rin g th e i n t e r e s t r a t e o f 9 .4 5 % m a tu rin g 5 /


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

A pr. 1
A pr. 1
A pr. 8
A pr. 8

A pr. 8

2563

3044

3480

1752

2190

2568

3081

3483

1776

2197

2599

3085

3485

17 9 7

22 2 1

262 1

3111

3551

18 0 5

22 9 2

26 5 2

3128

3567

1811

2338

2684

3136

3611

1821

23 5 2

2694

3165

363 4

18 2 5

2367

2707

3209

3658

1832

2381

2724

3220

368 4

18 3 5

D -2 3 9 1

2738

3223

3700

1874

D -2 3 9 3

2743

3255

3702

1901

2406

2757

3309

3707

190 6

24 1 1

2784

3336

3708

If b y m ail:
F ir s t T r u s t
F ir s t T r u s t C e n t e r
C o u p o n C o lle c tio n D e p t.
P .O .B o x 6 4 1 1 1
S t. P au l, M N 5 5 1 6 4

A pr. 8
A pr. 8

n u m b e re d a s follow s:
7 1 4 , 7 3 9 , 7 6 2 , 7 6 6 , 780
B o n d s b e a rin g th e in t e r e s t r a t e o f 1 0 % m a tu rin g 5 /1 /
9 9 , C usip* 2 6 9 4 1 6 A R 4 in in c r e m e n ts of $ 5 ,0 0 0 a re
n u m b e re d a s follow s:
806 , 808, 823, 834 , 841, 860, 863 , 894 , 924 , 926,
9 2 7 , 9 3 0 , 9 3 1 , 9 3 6 , 9 4 1 , 9 4 6 , 1 0 3 7 ,1 0 3 9 , 1 0 8 2 , 10 8 3
B o n d s b e a rin g th e i n t e r e s t r a t e o f 1 0 .2 5 % m a tu rin g 5 /
1 /2 0 1 2 , C u sip * 2 6 9 4 1 6 A Q 6 in in c r e m e n ts o f $ 5 ,0 0 0

3823
1206
3825
1237
3830

2145

4008
3337
3730
2806
19 3 0
2433
14 9 3
4013
374 2
3341
2822
2446
1942
1534
4091
P a y m e n t o f th e R e d e m p tio n P ric e o n th e B o n d s will
b e c o m e d u e a n d p a y a b le o n th e R e d e m p tio n D a te
u p o n p r e s e n ta tio n in th e follow ing m a n n e r:

1 /9 2 , C u sip * 2 6 9 4 1 6 A K 9 in in c r e m e n ts o f $ 5 ,0 0 0 a r e
n u m b e re d a s fo llo w s:
4 2 2 ,4 2 8 ,4 4 9 ,4 6 2
B o n d s b e a rin g th e in t e r e s t r a t e o f 9 .5 0 % m a tu rin g 5 /
1 /9 3 , C u sip * 2 6 9 4 1 6 A L 7 in in c r e m e n ts o f $ 5 ,0 0 0 a re
n u m b e re d a s follow s:
4 8 0 , 4 8 2 , 4 9 3 , 532
B o n d s b e a rin g th e i n t e r e s t r a t e o f 9 .5 5 % m a tu rin g 5/
1 /9 4 , C u sip * 2 6 9 4 1 6 A M 5 in in c r e m e n ts o f $ 5 ,0 0 0 a re
n u m b e r e d a s follow s:
554, 556, 559, 609
B o n d s b e a rin g th e i n t e r e s t r a t e o f 9 .6 5 % m a tu rin g 5 /
1 /9 5 , C u sip * 2 6 9 4 1 6 A N 3 in in c r e m e n ts o f $ 5 ,0 0 0 a re
n u m b e re d a s follow s:
621, 635, 641, 643, 676
B o n d s b e a rin g th e in t e r e s t r a t e o f 9 .7 5 % m a tu rin g 5/
1 /9 6 , C u sip * 2 6 9 4 1 6 A P 8 in in c r e m e n ts o f $ 5 ,0 0 0 a re

a re n u m b e re d a s follow s:
196 8
11 2 0
15 7 9
3778
2027
1590
1151
3815
2038
1591
1169
38 2 2
205 4
1192
1642

1743

2465

2825

3344

25 0 2

2886

33 6 2

2527

2935

3377

2530

2989

3424

O r b y h an d :
F ir s t B a n k M in n e a p o lis
C o n v e n ie n c e S e rv ic e T e lle rs
1 2 0 S o u th S ix th S t r e e t
M in n e a p o lis, M N 5 5 402
or
F ir s t B an k S t. P a u l
C o n v e n ie n c e B an k in g
3 3 2 M in n e s o ta S t r e e t
S t. P a u l, M N 5 5 101
I n t e r e s t o n th e p rin c ip al a m o u n t r e d e e m e d sh all c e a s e
to a c c ru e a n d b e p a y a b le fro m a n d a f te r th e R e d e m p ­
tio n D a te . If a n y q u e s tio n s a r is e , p le a s e call F ir s t
T r u s t B o n d h o ld e r R e la tio n s (61 2 ) 2 2 3 -7 9 0 0 .
Important Notice
In co m p lia n c e w ith th e I n t e r e s t a n d D iv id e n d C o m p li­
a n c e A c t o f 1 9 8 3 a n d B r o k e r R e p o r tin g R e q u i r e ­
m e n ts , th e r e d e e m in g in s titu tio n is r e q u ir e d to w ith ­
hold 2 0 % o f th e p rin c ip al a m o u n t o f y o u r h o ld in g s
r e d e e m e d u n le s s th e y a r e p ro v id e d w ith y o u r social
s e c u r i ty n u m b e r o r f e d e r a l e m p lo y e r id e n tific a tio n
n u m b e r, p r o p e rly s u b m itte d . T h is C o m p lia n c e sh o u ld
b e fulfilled th r o u g h th e s u b m ittin g o f a W -9 F o r m
w h ich m a y b e o b ta in e d a t a B a n k o r o th e r F inanc ial
In s titu tio n .
T h e T r u s te e sh all n o t b e r e s p o n s ib le fo r th e s e le c tio n
o r u s e o f th e C U S IP n u m b e r, n o r is an y r e p r e s e n t a ti o n
m a d e a s to its c o r r e c tn e s s in d ic a te d in th e R e d e m p ­
tio n N o tic e . It is in c lu d e d so le ly fo r th e c o n v e n ie n c e of
th e H o ld e rs .
D a te d : M a rc h 2 8 , 19 8 9
C IT Y O F E A G A N
D A K O T A C O U N T Y , M IN N E S O T A
B y: F ir s t T r u s t N a tio n a l A sso c ia tio n
(fo rm e rly F ir s t T r u s t C o m p a n y of
S t. P a u l), T r u s te e

1653

2098

2543

3005

3443

1671

2141

2545

3043

3468

P u b lis h e d in N o r th w e s te r n F in an c ial R e v ie w
A p ril 8 ,1 9 8 9

APRIL 8, 1989

71

M u n ic ipa l f in a n c e

LEGAL NOTICE
OFFICIAL NOTICE OF SALE
CITY OF OSHKOSH, WINNEBAGO COUNTY, WISCONSIN
$805,000
PROMISSORY NOTES, SERIES 1989
$2,635,000
CORPORATE PURPOSE BONDS. SERIES 1989
$1 ,000,000
TAXABLE (TAX INCREMENT SUPPORTED)
CORPORATE PURPOSE BONDS, SERIES 1989-A
N O T I C E IS H E R E B Y G I V E N t h a t t h e C ity o f
O s h k o s h , W in n e b a g o C o u n ty , W is c o n s in ( th e
“ C ity ” ), will r e c e iv e separate s e a le d b id s o n ly fo r th e
a b o v e c a p tio n e d P r o m is s o r y N o te s , C o r p o r a te P u r ­
p o s e B o n d s a n d T a x ab le (Tax I n c r e m e n t S u p p o rte d )
C o r p o r a t e P u r p o s e B o n d s ( th e “ T a x a b le B o n d s ” )
B o n d s c o n s is tin g o f th r e e (3) s e p a r a t e is s u e s , u n til
1 0 :3 0 A .M .,C .D .T ., o n
A pril 2 0 ,1 9 8 9 ,
in th e C ity H all in th e C ity o f O s h k o s h . B id s w ill b e
a n n o u n c e d a t 1 1 :0 0 A .M . o n said d a te . A w ard w ill b e
m a d e a t a m e e tin g o f th e C ity C o u n cil o f th e C ity a t
7 :0 0 P .M . o n said d a te .
All N o te s , B o n d s an d T a x ab le B o n d s a s o rig in ally d e ­
liv e re d to th e p u r c h a s e r w ill b e d a te d M a y 1, 1 9 8 9 ,
will b e in fully r e g i s t e r e d fo rm , a n d will m a tu r e o n th e
d a te s a n d in th e a m o u n ts a s fo llo w s:
$805,000 Promissory Notes,
Series 1989
M ayl
of the Year
Amount
1990
1 0 ,0 0 0
1991
1 0 ,0 0 0
1992
1 0 ,0 0 0
1993
1 0 ,0 0 0
1994
1 5 ,0 0 0
19 9 5
5 0 ,0 0 0
1996
1 5 0 ,0 0 0
199 7
1 7 5 ,0 0 0
1998
1 7 5 ,0 0 0
1999
2 0 0 ,0 0 0
$2,635,000 Corporate Purpose Bonds,
Series 1989
May 1
of the Year
Amount
1990
5 0 ,0 0 0
1991
7 5 ,0 0 0
1992
1 2 5 ,0 0 0
1993
1 0 0 ,0 0 0

There’s only one way
to come out ahead
of the pack.


72 NORTHWESTERN FINANCIAL REVIEW
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

May 1
of the Year
19 9 4
1995
19 9 6
19 9 7
19 9 8
19 9 9
2000
20 0 1
20 0 2
2003
2004

Amount
1 0 0 ,0 0 0
1 0 0 ,0 0 0
1 0 0 ,0 0 0
1 0 0 ,0 0 0
1 0 0 ,0 0 0
2 7 5 ,0 0 0
3 0 0 ,0 0 0
3 0 0 ,0 0 0

2 8 5 ,0 0 0
3 0 0 ,0 0 0
3 2 5 ,0 0 0
$1,000,000 Taxable Bonds,
Series 1989-A
November 1
of the Year
Amount
1995
2 5 ,0 0 0
1996
5 0 ,0 0 0
1997
7 5 ,0 0 0
1998
7 5 ,0 0 0
1999
7 5 ,0 0 0
2000
7 5 ,0 0 0
20 0 1
7 5 ,0 0 0
20 0 2
7 5 ,0 0 0
2003
7 5 ,0 0 0
2004
7 5 ,0 0 0
2005
7 5 ,0 0 0
2006
7 5 ,0 0 0
2007
7 5 ,0 0 0
2008
1 0 0 ,0 0 0
N o te s m a tu rin g o n M a y 1, 1 9 9 7 , a n d th e r e a f t e r a r e
callable fo r p r e p a y m e n t in w h o le , o r in p a r t b y lo t in
in v e r s e o r d e r o f m a tu rity , o n M a y 1, 1 9 9 6 , a n d o n a n y
in t e r e s t d a te p a y m e n t th e r e a f te r , a t a p r e p a y m e n t
p ric e o f p a r p lu s a c c r u e d in t e r e s t . B o n d s m a tu rin g o n
M a y 1, 1 9 9 9 , a n d th e r e a f t e r a r e ca llab le fo r r e d e m p ­
tio n in w h o le , o r in p a r t b y lo t in in v e r s e o r d e r o f m a tu ­
rity , o n M a y 1, 1 9 9 8 , a n d o n a n y in t e r e s t p a y m e n t
d a te th e r e a f te r , a t a r e d e m p tio n p ric e o f p a r p lu s a c ­
c r u e d in t e r e s t. T ax ab le B o n d s m a tu rin g o n N o v e m b e r
1, 2 0 0 0 , an d t h e r e a f te r a r e ca llab le fo r re d e m p tio n in
w h o le , o r in p a r t b y lo t in in v e r s e o r d e r o f m a tu rity , o n
N o v e m b e r 1, 199 9 , an d on in te r e s t p a y m e n t d a te
th e r e a f te r a t a re d e m p tio n p ric e o f p a r p lu s a c c r u e d
in t e r e s t.
T h e N o te s , B o n d s a n d T a x a b le B o n d s a s o rig in ally d e ­
liv e re d will b e in d e n o m in a tio n s o f $ 5 ,0 0 0 e a c h o r s u c h
in te g ra l m u ltip le s th e r e o f a s m a y b e d e s ig n a te d b y th e
p u r c h a s e r w ith in o n e (1) w e e k fro m th e d a te o f s a le . If
th e p u r c h a s e r fails to d e s ig n a te th e d e n o m in a tio n s ,
th e d e n o m in a tio n s fo r o rig in al d e liv e ry will b e d e t e r ­
m in e d b y th e D ir e c to r o f F in a n c e o f th e C ity. F ir s t
W isc o n sin T r u s t C o m p a n y , in M ilw a u k e e , W isc o n sin ,
will a c t a s th e R e g is tr a r a n d P a y in g A g e n t. P rin c ip a l
will b e p a y a b le u p o n p r e s e n t a tio n o f e a c h N o te , B o n d
o r T ax ab le B o n d a t th e p rin c ip al c o r p o r a te office o f th e
P a y in g A g e n t/R e g is tr a r a n d in t e r e s t will b e p a y a b le b y
c h e c k o r d ra ft o f th e P a y in g A g e n t/R e g is tr a r m a ile d to
th e r e g i s t e r e d o w n e r o f e a c h N o te , B o n d o r T a x ab le
B o n d . T h e C ity will p a y re a s o n a b le a n d c u s to m a r y
c h a rg e s fo r th e s e r v ic e s o f t h e P a y in g A g e n t a n d R e g ­
is tr a r . I n t e r e s t o n th e N o te s , B o n d s a n d T a x a b le
B o n d s will b e p a y a b le o n M a y 1, 1 9 9 0 , a n d s e m ia n n u ­
ally th e r e a f te r o n e a c h M a y 1 a n d N o v e m b e r 1 o f e a c h
y e a r u n til m a tu rity o r p r io r re d e m p tio n .
B id d e rs a r e r e q u e s t e d to n a m e th e in t e r e s t r a t e o r
r a t e s th e N o te s , B o n d s a n d T a x ab le B o n d s a r e to b e a r
in m u ltip le s o f l / 2 0 t h o r l / 8 t h o f o n e p e r c e n t. O n e
r a t e o f in t e r e s t sh all a p p ly to all N o te s , B o n d s o r T a x ­
ab le B o n d s o f th e s a m e m a tu rity o f a n I s s u e . I n t e r e s t
p a y a b le o n an y N o te s , B o n d s o r T a x ab le B o n d s o n an y
in t e r e s t p a y m e n t d a te sh all b e r e p r e s e n t e d b y o n e (1)
r a t e o f i n t e r e s t only. N o b id will b e c o n s id e r e d fo r le s s
th a n p a r fo r th e N o te s , B o n d s an d th e T a x ab le B o n d s ,
a n d a c c ru e d in t e r e s t fo r e a c h is s u e .
U n le s s all b id s fo r an is s u e a r e r e j e c te d , th e N o te s ,
B o n d s a n d T a x ab le B o n d s will b e a w a rd e d b y th e C ity
C o u n cil o n th e s a le d a te to th e b id d e r w h o s e bid c o m -

p lie s w ith th is n o tic e a n d r e s u lt s in th e lo w e s t n e t in ­
t e r e s t c o s t to th e City, to b e d e te r m in e d b y c o m p u tin g
to ta l in t e r e s t in all N o te s , B o n d s o r T a x ab le B o n d s of
a n is s u e fro m M a y 1 ,1 9 8 9 , to th e ir r e s p e c t iv e m a tu ri­
tie s , an d d e d u c tin g th e r e f r o m th e p r e m iu m b id, if any.
B id s m u s t b e a c c o m p a n ie d b y a c e rtifie d c h e c k o r b a n k
c a s h i e r ’s o r t r e a s u r e r ’s c h e c k in t h e a m o u n t o f
$ 1 5 ,0 0 0 fo r th e N o te s , $ 5 0 ,0 0 0 fo r th e B o n d s , and
$ 2 0 ,0 0 0 fo r th e T a x ab le B o n d s , p a y a b le in e a c h c a s e
to th e C ity T r e a s u r e r o f th e C ity a s a g u a r a n t e e of
g o o d faith , to b e fo rfe ite d to th e C ity b y th e s u c c e s s fu l
b id d e r a s liq u id a te d d a m a g e s sh o u ld h e fail to ta k e u p
an d p a y fo r th e N o te s , B o n d s o r T a x ab le B o n d s w h e n
re a d y . T h e g o o d faith c h e c k o f th e b id d e r w h o s e p r o ­
p o s a l fo r a n is s u e is a c c e p te d w ill b e h e ld u n c a s h e d
u n til d e liv e ry o f th a t is s u e o r f o rfe itu re , an d th e g o o d
faith c h e c k s o f th e u n s u c c e s s f u l b id d e rs will b e r e ­
tu r n e d u p o n th e d e te r m in a tio n o f th e b e s t b id . In th e
e v e n t o f th e failu re o f th e C ity to d e liv e r th e N o te s ,
B o n d s o r T ax ab le B o n d s to th e p u r c h a s e r in a c c o r d ­
a n c e w ith th e te r m s o f th is n o tic e w ith in s ix ty (60)
d a y s a f t e r th e d a te o f s a le , a t th e o p tio n o f th e p u r­
c h a se r, said g o o d faith c h e c k will b e r e t u r n e d to th e
p u r c h a s e r p ro m p tly .
T h e is s u e s a b o v e d e s c r ib e d will e a c h b e th e d ir e c t
g e n e ra l o b lig atio n o f th e C ity o f O s h k o s h p a y a b le fro m
u n lim ite d ta x e s to b e le v ie d o n all ta x a b le p r o p e r t y in
th e C ity. T h e N o te s a n d th e B o n d s a r e b e in g is s u e d
fo r th e p u r p o s e o f p ro v id in g fu n d s fo r p r o je c ts u n d e r ­
ta k e n fo r v a rio u s pu b lic p u r p o s e s , a n d th e T a x ab le
B o n d s a r e b e in g is s u e d fo r th e p u r p o s e o f m a k in g p u b ­
lic im p r o v e m e n ts in o r n e a r a ta x in c re m e n ta l d is tr ic t,
th e ta x in c r e m e n ts fo rm w h ich will b e u s e d to p a y all
o r a p o rtio n o f d e b t s e r v ic e o n th e T ax ab le B o n d s .
T h e p rin te d N o te s , B o n d s o r T a x ab le B o n d s o f e a c h
is s u e an d th e o p in io n o f C h a p m a n a n d C u tle r w ith r e ­
s p e c t to e a c h is s u e , t o g e th e r w ith th e tr a n s c rip t, in ­
clu d in g a n o -litig a tio n c e rtif ic a te d a te d a s o f t h e d a te o f
d e liv e ry o f th e is s u e s , will b e f u rn is h e d to th e p u r ­
c h a s e r a t th e e x p e n s e o f t h e C ity. T h e s u c c e s s fu l p u r ­
c h a s e r will b e e x p e c te d to p a y fo r th e a s s ig n m e n t of
C U S IP n u m b e r s fo r th e is s u e p u r c h a s e d .
T h e N o te s , B o n d s a n d T ax ab le B o n d s a r e e x p e c te d to
b e re a d y fo r d e liv e ry w ith in f o r ty (4 0 ) d a y s a f t e r th e
sa le . D e liv e ry w ith in th e c o n tin e n ta l U n ite d S ta t e s , a t
th e o p tio n o f th e p u rc h a s e r, will b e m a d e a t th e e x ­
p e n s e o f th e C ity a g a in s t p a y m e n t in im m e d ia te ly
av ailab le fu n d s.
S e p a r a te b id s fo r e a c h is s u e s h o u ld b e a d d r e s s e d to
th e u n d e rs ig n e d D ir e c to r o f F in a n c e o f th e C ity an d
sh o u ld b e s u b m itte d in a s e a le d e n v e lo p e m a rk e d “ B id
fo r P r o m is s o r y N o te s , S e r ie s 1 9 8 9 ,” “ B id fo r C o rp o ­
r a t e P u r p o s e B o n d s , S e r ie s 1 9 8 9 ” o r “ Bid fo r T a x ­
a b le (Tax I n c r e m e n t S u p p o rte d ) C o r p o r a te P u r p o s e
B o n d s , S e r ie s 1 9 8 9 -A ,’ ’ a s th e c a s e m a y b e . C o p ie s o f
th e Official S ta t e m e n t m a y b e o b ta in e d fro m th e u n ­
d e rs ig n e d a t C ity H all, 2 1 5 C h u rc h A v e n u e , O s h k o s h ,
W isc o n sin 5 4 9 0 2 , te le p h o n e (4 1 4 ) 2 3 6 -5 0 0 6 , o r fro m
M iller & S c h r o e d e r F in an c ial, I n c ., N o r th w e s te r n F i­
nan cial C e n te r, 7 9 0 0 X e r x e s A v e n u e S o u th , M in n e a p ­
olis, M in n e s o ta 5 5 4 3 1 . T e le p h o n e (6 1 2 ) 8 3 1 -1 5 0 0 .
T h e rig h t is r e s e r v e d to r e j e c t a n y a n d all b id s a n d to
w aiv e in fo rm a litie s in a n y bid a c c e p te d .
E d w a rd A . N o k e s
D ir e c to r o f F in a n c e

t ^ j M iller & Schroeder
Financial, In c
Northwestern Financial Center
7900 Xerxes Avenue South
P.O. Box 789
Minneapolis, Minnesota 55411
P u b lis h e d in N o r th w e s te r n F in an c ial R e v ie w
A pril 8 , 19 8 9

M u n ic ip a l F in a n c e

For fast, convenient service
on your legal notices,

FAXthem to us at 612-835-7914

LEGAL NOTICE
NOTICE OF SALE
CITY OF ST. PETER, MINNESOTA
$1,200,000 GENERAL OBLIGATION
HOSPITAL-NURSING HOME REFUNDING BONDS,

M in im u m bid is $ 1 ,1 8 8 ,4 5 0 . A le g al o p in io n will b e fu r­
n is h e d b y D o r s e y & W h itn ey , o f M in n e a p o lis, M in n e ­
s o ta . T h e B o n d s a r e b e in g is s u e d to re fu n d th e C ity ’s
o u ts ta n d in g G e n e r a l O b lig a tio n H o s p i ta l - N u r s in g
H o m e B o n d s o f 1 9 7 4 , d a te d Ju ly 1 ,1 9 7 4 .
B id d e rs sh o u ld b e a w a re th a t th e Official T e rm s o f O f­
fe rin g to b e p u b lish e d in th e O fficial S ta t e m e n t fo r th e
o fferin g m a y c o n ta in ad d itio n a l b id d in g te r m s an d in ­
fo rm a tio n r e la tiv e to th e is s u e . In th e e v e n t o f a v a ri­
a n c e b e t w e e n s ta t e m e n ts in th is N o tic e o f S ale a n d
said Official T e rm s o f O fferin g , th e p ro v is io n s o f th e
la tte r shall c o n tro l.
BY O R D E R O F T H E C IT Y C O U N C IL
C in d y U n d e rd a h l,
C ity C le rk
F u r th e r in fo rm a tio n m a y b e o b ta in e d fro m th e I s s u ­
e r ’s F in a n c ia l A d v is o r, S P R IN G S T E D I N C O R P O ­
R A T E D , 85 E a s t S e v e n th P la c e , S t. P a u l, M in n e s o ta
5 5 1 0 1 ,6 1 2 /2 2 3 - 3 0 0 0 .

p .m . o n M onday,
A pril 2 4 ,1 9 8 9 .
T h e C ity C ouncil will m e e t a t 7 :0 0 p .m . o n th e s a m e
d a te to c o n s id e r th e b id s a n d to a w a rd th e s a le o f th e
B o n d s . T h e B o n d s w ill b e is s u a b le in th e d e n o m in a tio n
o f $ 5 ,0 0 0 o r a n y in te g r a l m u ltip le t h e r e o f , w ill b e
d a te d , a s originally is s u e d , a s o f J u n e 1 ,1 9 8 9 , will b e a r
in t e r e s t p a y a b le s e m ia n n u a lly o n e a c h J a n u a r y 1 an d
Ju ly 1, c o m m e n c in g J a n u a r y 1, 1 9 9 0 , an d will m a tu r e
on J a n u a ry 1 in t h e follow ing y e a r s a n d a m o u n ts :
Amount
Year
1 9 9 0 -1991
1992
1 9 9 3 -1 9 9 4
199 5
1996
199 7
1998
1999
2000
2001
2002
2003
200 4

$ 5 0 ,0 0 0
5 5 ,0 0 0
6 0 ,0 0 0
6 5 ,0 0 0
7 0 ,0 0 0
7 5 ,0 0 0
8 0 ,0 0 0
9 0 ,0 0 0
9 5 ,0 0 0
1 0 0 ,0 0 0
1 1 0 ,0 0 0
1 1 5 ,0 0 0
1 2 5 ,0 0 0

1 3 5 ,0 0 0
2001
All B o n d s m a tu rin g o n o r a f t e r F e b r u a r y 1, 2 0 0 0 , a r e
s u b je c t to p r io r p a y m e n t o n F e b r u a r y 1 ,1 9 9 9 , a n d a n y
in t e r e s t p a y m e n t d a te t h e r e a f t e r a t a p ric e o f p a r p lu s
a c c r u e d i n t e r e s t . S e a l e d b id s f o r n o t l e s s t h a n
$ 2 ,6 9 5 ,0 0 0 a n d a c c ru e d in t e r e s t o n th e p rin c ip a l s u m
o f $ 2 ,7 3 5 ,0 0 0 will b e a c c e p te d . A n a p p ro v in g le g al
o p in io n will b e fu rn is h e d b y B rig g s a n d M o rg a n , P r o ­
fe s s io n a l A ss o c ia tio n , o f S t. P a u l a n d M in n e a p o lis,
M in n e s o ta . T h e p r o c e e d s will b e u s e d to fin a n c e th e
ac q u isitio n an d b e t te r m e n t o f s c h o o l facilities.
B id d e rs sh o u ld b e a w a re th a t th e O fficial T e rm s o f Offe rin g to b e p u b lish e d in th e Official S ta t e m e n t fo r th e
b o n d s m a y c o n ta in ad d itio n a l b id d in g te r m s a n d inform a tio n r e la tiv e to th e b o n d s . In th e e v e n t o f a v a ria n c e
b e t w e e n s ta t e m e n ts in th is N o tic e o f B o n d S a le an d
said Official T e rm s o f O ffe rin g , th e p ro v is io n s o f th e
la tte r sh all b e th o s e to b e co m p lie d w ith .
D a te d : M a rc h 2 1 , 19 8 9
BY O R D E R O F T H E S C H O O L B O A R D
K a th e rin e C ro s b y
C le rk
A d d iti o n a l i n f o r m a t i o n m a y b e o b t a i n e d f r o m :
S P R IN G S T E D IN C O R P O R A T E D , 8 5 E a s t S e v e n th

SERIES 1989A
B id s fo r th e p u r c h a s e o f $ 1 ,2 0 0 ,0 0 0 G e n e ra l O b lig a­
tio n H o sp ita l-N u rs in g H o m e R e fu n d in g B o n d s , S e r ie s
1989A of th e C ity o f S t. P e te r , M in n e s o ta , will b e r e ­
c e iv e d a t th e office o f th e C ity A d m in istra to r, 2 2 7
S o u th F r o n t S t r e e t , S t. P e te r , M in n e s o ta , u n til 5 :0 0

r u a r y 1 , 1 9 9 0 , a n d s e m ia n n u a lly t h e r e a f t e r . T h e
B o n d s will b e g e n e ra l o b lig a tio n s o f th e I s s u e r fo r
w h ich its u n lim ite d ta x in g p o w e r s will b e p le d g e d . T h e
B o n d s will m a tu r e o n F e b r u a r y 1 in th e y e a r s and
a m o u n ts a s follow s:
Amount
Year
Amount
Year
$ 1 4 5 ,0 0 0
2002
1992
$ 7 5 ,0 0 0
1 5 5 ,0 0 0
2003
8 0 ,0 0 0
19 9 3
1 6 5 ,0 0 0
2004
19 9 4
8 5 ,0 0 0
1 7 5 ,0 0 0
2005
9 0 ,0 0 0
1995
1 9 0 ,0 0 0
9 5 ,0 0 0
2006
19 9 6
2 0 0 ,0 0 0
2007
1 0 0 ,0 0 0
1997
2 1 5 ,0 0 0
2008
1 1 0 ,0 0 0
19 9 8
2 3 0 ,0 0 0
2009
1 2 5 ,0 0 0
19 9 9
2 5 0 ,0 0 0
2010
1 2 5 ,0 0 0
2000

S P R IN G S T E D
IN C O R P O R A T E D
P U B L IC F IN A N C E
A D V IS O R S

P u b lis h e d in N o r th w e s te r n F in a n c ia l R e v ie w
A p ril 8 ,1 9 8 9

LEGAL NOTICE
NOTICE OF BOND SALE
$2,735,000
INDEPENDENT SCHOOL DISTRICT NUMBER 278
(0R0N0), MINNESOTA
GENERAL OBLIGATION SCHOOL BUILDING
BONDS, SERIES 1989A

P la c e , S u ite 1 0 0 , S a in t P a u l, M in n e s o ta 5 5 1 0 1 -2 1 4 3 ;
T e le p h o n e N o .: (6 1 2 ) 2 2 3 -3 0 0 0 .

S e a le d b id s fo r th e s e B o n d s will b e o p e n e d o n
A p ril 2 4 ,1 9 8 9 ,
a t 7 :0 0 o ’clo ck P .M ., C e n tr a l T im e , a t th e D is tr ic t o f­
fice a t 6 8 5 O ld C ry s ta l B a y R o a d , in L o n g L a k e , M in ­
n e s o ta . C o n s id e ra tio n o f t h e b id s fo r a w a rd o f th e sa le
o f th e B o n d s will im m e d ia te ly follow th e o p e n in g o f th e
b id s . T h e B o n d s will b e d a te d M a y 1, 1 9 8 9 , a s th e
d a te o f o rig in al is s u e . I n t e r e s t will b e p a y a b le o n F e b -

S P R IN G S T E D
IN C O R P O R A T E D
P U B L IC F IN A N C E
A D V IS O R S

P u b lis h e d in N o r th w e s te r n F in an c ial R e v ie w
A p ril 8 ,1 9 8 9

U nited Way’s

FIRST CALL
FCMVgHELP
. . . puts you in touch

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Federal Reserve Bank of St. Louis

3 3 5 -5 0 0 0
APRIL 8,1989

73

NEW 10th Edition
FARM ESTATE & BUSINESS
PLANNING

Farmers, Ag Lenders, Farm
Managers, Accountants, Lawyers,
Insurance Agents
If y o u o w n fa rm la n d o r if y o u a d v is e fa rm e r s , th is is an
in d is p e n s a b le r e fe re n c e m a n u a l.
N e il F ia rl, a u th o r a n d e m in e n t Io w a S ta te U n iv e r s ity
p ro fe s s o r sa y s, " th e c o n s e r v a tio n o f e s ta te s d e m a n d s e sta te
p la n n in g a n d th e b u s in e s s o f fa rm in g d e m a n d s b u sin e s s
p la n n in g ."
T h is n ew , te n th e d itio n o f H a rF s p e r e n n ia l c la ss ic is
c o m p le te ly u p -to -d a te w ith a ll th e la te s t fe d e ra l a n d sta te
Dr. N eil E. H arl is Charles F.
Curtiss D istinguished
Professor in A griculture and
professor o f econom ics at
Iow a State University.

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Soft cover, 8 1 / 4 X 5 1 / 2 inches , 400 pages. Published October, 1988.

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