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Show - -- ? ; -- - . . - ' f : I? , H -- Loo I c Good in ,f; 1 4M 1 - - 1 f I ' I Loan Prospects avin . f- ii r - s ft i .I ia . - -- . i 3 - - i . f rrzir; r;:. ...... rJ-v- . t- i . A, I ' Dr. Richard T. Pratt, associate professor of finance at the University of Utah predicted continued growth for savings and loan associations during 1972 in a talk this week in Provo. Dr. Pratt, who is also a public interest director of the Federal Home Loan Bank of Seattle, reviewed the past history of savings and loan associations in Utah and particularly in Utah County as he spoke to local members of the oming Year chairman of the league's and guest professor frcm Community Relations Committee was in charge of the Brigham Young Un'versity. dinner meeting which is part of S&L the Acting as host for of the League function was Redford M. an educational program Be van, Jr., of Prudential Feder league. Dr. Pratt said the first two al Savings, Provo. He introduced the members of the leaeue and months of 1972 indicate con- showed a slide presentation" tinued strength for savings and which reviewed a few of the loan associations nationally. for Utah projects which have been Continued prosperity financed by savings and loan insured savings and loan Utah Savings and Loan League institutions in Provo. Richard M. Mercer, Ogden, associations i I- i 1W 1 if States, spurred by a record in housing starts and rapid growth In savings," Dr. Pratt told the professors. "Net savings gains for associations is also expected. ''Growth in savings and loan ? i i right EmQ Hanwn. The bank remained open to service accounts during the remodeling work, but held an open house recently to commemorate the completion of the enlargement of the facility. Manager for Orem ZCAAI Store Named VS. v W. KEITH MITCHELL Mr. Mitchell graduated from Davis High School in 1946, after which he entered the University of Utah. He subsequently studied at Brigham Young University. He began his career with J.C. Penney Company in Ogden in 1948 and in 1955 was transferred to the Provo Penney store as assistant manager. He served in that capacity until 1959, at which time he became associated with ZCMI. In March 1867 he opened and Construction to Start On First Mapleton Bank - In bitter ccld MAPLETON weather which earlier in the week caused the destruction of this town's fruit crop, officers of Central Bank and Trust broke ground for a new branch office. Mapleton Mapleton 's mayor Carlos Hjorth said that the event would go down in history as one of the most significant occasions in tht growth of the community. master of Acting as ceremonies, Philip Pearlman, in charge of public relations for Central Bank and Trust, explained that the bank was the first building of several which would eventually become a mini-mal- l. The bank is located at 200 N. Center.. F.C. Packard, president of Central Bank, Mt. Fuel managed the ZCMI store in Ogden and retained that position for three years. He was then transferred back to Salt Lake Qty to open and manage the ZCMI Valley Fair operation. Mr. Mitchell is immediate past president of the Valley Fair Mall Merchants Association and presently Chairman of the Board of the West Valley Chamber of CeEBserec. Ks also ssrved as of Chairman the Ogden Chamber of Commerce Retail a Merchants Committee position he also held in the Provo Chamber of Commerce. He was on the Ogden Retail Merchants Board of Directors and is presently a board member of the Valley Fair Mall Merchants Association. Heber J. Lloyd will assume duties as Mr. Mitchell's manager of ZCMI Valley Fair. Mr. Lloyd came to ZCMI in June of 1966 as an executive trainee while finishing his MBA at the University of Utah. Both Mr. Mitchell and Mr. Lloyd will begin acquainting themselves with their new duties immediately. However, the actual transition will take place gradually over the next several will be comparable to the Central Bank branch at the Riverside Plaza, Provo. It is hoped that enough of the building will be complete by June to open a temporary ser- vice window. Architect for the building is Lee Knell and Associates. weeks. WTTI 1 T Tl 1 lillvAL iri 1 5: predicted -n t ' Earnings Increase By JERRY M. YOUNG Herald Business Editor him. However, if it is not, we just tell him how he can arrange a better loan somewhere else," Mr. Anderson stated. He pointed out that it is interesting to note how many people in Utah are touched by the operation of one credit union or another. There are currently Blaine L Anderson, Provo, was elected president and Melvin J. Erickson, Orem, was elected of the Utah Credit Union League at the annual convention recently. er credit unions that are 309 members of the Utah CU League. The total membership of those organizations comes to 285,000, That represents about of the total pcptlation of the state. Hawaii is the only state with a larger membership than Utah. Mr. Erickson feels the same way Mr. Anderson does about his work. He likes the idea of working basically as a volunteer, ucdiCateu to helping people get the most out of life. "The only question we are concerned about is if the loan is in the bsst interests of the person rsking for it," Mr. Erickson one-four- th stated. included ployee working under him. issuance of 90,000 shares of Together they service s memof roughly 7,000. preferred stock and the sale of bership He is a graduate of BYU with a deben$18 million of tures, and applied for and major in b iness Following his to he went subsequently obtained rate graduation, increases in both Utah and California and worked as a systems analyst. However, Wyoming, Mr. Fidlar said. The rate increases granted shortly after that he returned to will not add to earnings of the Provo and took a position with the BYU Bookstore. Company, he said, "since they While working there he were designed primarily to offset higher gas purchase costs became a member of the Credit and intensified exploration and Union's Board of Directors, and with the death of Mrs. Betty development activities," wife of Blaine R. Porter, "However, the rate increases Porter, will keep earnings from eroding dean of the College of Family because of these added ex Living Mr. Anderson was named to fill her position. penses," he pointed out. He arid his wife Nadine, are the parents of four children, Todd, Shawn, Tonya and Nicole. 1T1T He claims that the reason he likes his work so much is because his whole orientation is helping people. "We don't get a commission. 'We're on a salary. And if the loan is beneficial to the customer, then we give it to which program One of the innovations that Mr. Erickson has put into practice has been the opening of loan services to students as well as employees of the Alpine School District. The way was cleared for this by the state legislature, but he and the Alpine CU board ar " 'it TO I DR. RICHARD T. PRATT the first two months of 1972 showed a continuation of the of directors now provide small strong Inflow ofsavings. loans to young people. "The gain in savings at "Our goal in this is to help associations in nationally secondary school students gain a January was $3 billion, up firm understanding and learn almost 17 per cent from the how to practice sound principles same month in 1971, he added. of money management," he February data shewed an insaid. crease in savings of $2.9 billion, The Alpine CU's youth up 18.7 per cent February, 1971. program was recently featured "Utah savings and loan by a national magazine. associations reflected the The Alpine group has a national trend," Dr. Pratt said. membership of 3,030 and has "Net savings gains for 1971 were assets of $2.5 million. Mr. over $97 million, over a 450 per Erickson has been the manager cent increase from the net for the past savings gain for 1970." years. He actually became the For the first two months of first full time manager, taking 1972 savings gains were the position after the operation $21,231,1S5 compared with became too big for Mrs. Snell, $18,673,564 gain for the same who was working on a part-tun- e period in 1971. basis. He told the professors that Mr. Erickson and his wife, insured associations Utah's Bonnie, are the parents of six provided over $211 million in children, Christine, Darlene, mortgage funds in 1971, an inDavid, Lynne, Lisa, and crease of over 150 per cent over Bradley, who is just a month old. the dollar amount of mortgages Nearly 500 members attended made in 1970. The year 1971 saw the banquet at the Hotel Utah the highest level of housing where the election results were starts in Utah's history and Utah announced. The group savings and loan associations represented the 309 member played a major role in making Credit Unions of the League. The these homes available to Utah total amount of savings held by residents. the league members is nearly $212 million with leans totalling nearly $198 million. ROY FAX PHOTO COPIER "' - Ml , n Tvi n,rv rwmvsr,. As Low As $ ' NtwtST OO 96 West Center, Provo EDITIOS IN 595 Utah Office Supply JjAfiKel m xl? wivkc irticRtST significant growth in Mapleton and pointed out that land which once changed hands for $2 an acre is now valued many times that amount. J. W. Randall also spoke were ove 27 billion and ft it Credit Union League Elects Local Men Mr. Anderson is the manager-treasurof the Brigham Young University Employees Federal Credit Union and Mr. Erickson is the manager of the Alpine LAKE SALT CITY -- Credit Union. Both men have served exMountain Fuel Supply Company comon volunteer tensively an and "eventful experienced profitable year" in 1971, ac- mittees and boards in the state cording to M. M. Fidlar, Com- and national credit union pany president, who made the organizations. Mr. Anderson has been in his statement in the Company's Annual Report to Shareholders position with BYU for the past which was released this week. eight years. During that time he The Company increased its has seen the BYU Credit Union an organization with earnings from $2.93 a common grow from in assets to its about million $1 1970 share in (a restated figure) to $3.16 a common share in 1971, current status of $5.5 million. There are 1Q full time emorganized a new subsidiary, undertook a new financing ployees and one part time em- bank W.55;iS?VICE hve i 1971 usiness News . t Officials of ZCMI have announced that W. Keith Mitchell, who is currently manager of the Valley Fair branch in Granger, will be the manager of the ZCMI store in Orem. . was sub- UK -' A PLEASANT ATMOSPHERE bai been built Mo the newly remodeled offices of Orem State Bank, as can be seen In this picture. Chatting Informally about the decor are M. H. of the bank, and on the Eurgoa, necutlve in 1971 stantial across the United Sunday, April 2, 1972 I h i A 374-243- r! -- 1 BLAINE L. ANDERSON 1 0 19 S. Main, Springville 489-746- 9 MELVIN J. ERICKSON YOU OFFICE SPACE briefly before he and Mr. Packard took shovels and broke CALL the ground officially. Ted Leifson, Spanish Fork, who was awarded the contract, will now begin construction of the 44 ft. by 37 ft. structure. This 374-997- 1 J X " ' V ... iSSS2ST3Sfe Y ' ' , Tf.rX 1 -- 7 'J Cycle Shop u Opens in place at this site this week. Ground was broken for Mapleton's first bank. It is the beginning of what will become a "mini-mall,- " according to' back officials. At the left is Carlos Hjorth, mayor of Mapleton. He is chatting briefly AN HISTORIC OCCASION took Sp. Fork - SPANISH FORK The Royal Cyclery has opened for business at 44 N. Main St., Spanish Fork, under the direction of Earl Hair, before the official ceremonies began in freezing weather. The bank will open sometime this summer. It will be the fifth branch of the Utah County financial If manager. The new cycle shop is a branch operation of the Orem Cycle Center. Our Clients Come With Confidence And Leave With Extensive remodeling has been done to the premises which were recently vacated by the AUeman Floral company, J REN ATE t t JOHNSON li A ? 7s; hundred of director Franco ZeffireLi's new film "Brother Sun, Sister in a Rome jail Moon," (UPI)-O- ne prisoners saw a preview lease-basi- TAX SERVICE LjTElijsENl U 232 W. CENTER, PROVO 373-028- tJbetae kroJeruL 9 WILL TAILOR CONSTRUCTION TO SUIT NEEDS OF ORIGINAL TENANTS Deluxe construction Multi-zon- for e year-roun- d heating and uir conditioning comfort and individual control Fully landscaped fountain in front (Designed by Provo Landscape Corp) Ample parking-aspha- Conference Noise-pro- pan-waff- le Fully paving lt rm available ts tenants partitions and floors (Concrete system on suspended floors.) carpefed-draperie- s. atetanJ J4owe(( SCHEDULE FOR $6)00 1 I wanted the film to say," Zeffirelli said afar the showing, "is that all rr.er ha"0 fifht to find their own way to freedom.. & Ss USINESS & Right to Freedom Thursday night. "One of the things n SmileU SUCCESS With a showroom filled with the latest models in bicycles, Mr. Hair has extended an invitation for people to drop in and inspect the new shop. ROME A ft We are proud to announce the construction of the Broderick & Howell Office Complex to be built at 930 So. State, Orem near the University Shopping Mall. This will be a deluxe office facility to serve as our own home office as well as the offices for other firms The building was designed on a Eric Lewis Sandstrom, Jr., A.I.A. Archiby will his offices within the buildwho have tect, with firms. other several Since ing, along there is still considerable lease space available in the Complex, we invite anyone who has need of office space to contact us for further details. BRODERICK AND OCCUPANCY Dec. 31,1972 and up JUNNIEMELDRUM HOWELL COMPLETION CONSTRUCTION CO. HOME OFFICE it PAULINE DAVIS t nmw f IV ilk! SaWU yap |