Former MBA exec dies

Northwestern Financial Review, Jul 15-Jul 31, 2005

Kenneth A. Wales, executive vice president of the Minnesota Bankers Association from 1958 to 1970, and a long-time senior vice president of First Bank Minneapolis, died June 26. He was 80 years old. An announcement made at the Minnesota Bankers Association convention said he died at 2:15 p.m. in his home in Edina, Minn., where he was receiving hospice care.

Wales began his MBA career as director of marketing, but in 1958 when then-executive vice president Floyd Larson suddenly died, the MBA board quickly named Wales its top executive. Wales was involved with all of MBA's legislative efforts during the 1960s, including raising the 4 percent interest rate ceiling on deposits, abolishing non-par banking, restructuring the state's Commerce Department and controlling powers for thrift institutions.

Wales was responsible for many developments at the MBA during his 12-year stint as its leader. He started the Minnesota School of Banking, and the MBA management conference, which was a popular event for nearly 30 years. In 1961, Wales hired Truman Jeffers, who became the association's leader in 1970 when Wales stepped down to join First Bank Minneapolis. Wales served as the bank's head of correspondent banking for more than two decades.

He is survived by Patti, his wife of 53 years. He is also survived by three children, five grandchildren and several other relatives and friends.