USA > Minnesota > Fillmore County > History of Fillmore County, Minnesota (Volume 1) > Part 48
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It owns the building which it occupies, has enjoyed a nice and increasing business since its organization and has the good
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will and confidence of its customers and the people in general. It conducts a general banking business in all its forms, besides collecting rents and taxes, making general collections, writing insurance and doing conveyancing. The bank and its officers are always ready ad willing to assist in any enterprise which is for the public benefit. The statement which follows, rendered Feb- ruary 20, 1912, shows the healthy and growing condition of this institution.
Resources. Loans and discounts, $107,640.66; overdrafts, $141.18; other bonds, stocks and securities, $3,000.00; banking house, furniture and fixtures, $3,700.00; other real estate, $855.00; cash assets, $27,927.41; checks and cash items, $8.55; total, $143,- 272.80.
Liabilities. Capital stock, $10,000.00; surplus fund, $3,000.00; undivided profits, net, $2,677.95; total deposits, $127,594.85; total, $143,372.80.
The State Line Bank of Prosper was incorporated September 20, 1911. The first officers were: President, John T. Ask; vice- president, William Donald; cashier, G. O. Lermo. Directors, L. B. Whitney, R. H. Baker, William Donald, Oscar Dahl, M. D. Whit- ney, John T. Ask and G. W. Willford. The beautiful bank build- ing, completed October 20, 1911, cost about $2,000. The doors were opened for business October 27, 1911. After the death of William Donald his place was taken by his wife, Mrs. Alice T. Donald. R. H. Baker resigned as director, and his place was taken by R. M. Miller.
The First State Bank of Mabel was incorporated September 9, 1907, and opened for business October 8, 1907, a fine bank build- ing having been erected in the summer of that year. The incor- porators were: W. C. Bacon, J. K. Strand, Lewis J. Larson, Knute Olson, Elias G. Stensland, P. C. Johnson and Nels H. Wiker. The directors were: W. C. Bacon, L. J. Larson, Knute Olson, E. G. Stensland, N. H. Wiker, E. C. Erickson and N. H. Nelson. The officers were: President, W. C. Bacon; vice-presi- dent, L. J. Larson ; cashier, N. H. Nelson. There has been no change in the officers since organization. The assistant cashiers have been: George W. Nelson, Mabel J. Nelson, O. M. Weium and Anton L. Peterson, the latter of whom is serving at the present time.
The bank was organized by about twenty of the leading busi- ness men and farmers of Mabel and vicinity, all substantial and well-to-do men, and is one of the strongest in the county. The fine building, located in the center of the business part of the city, has a front of red pressed brick, with plate glass windows, and was erected in the summer of 1907, costing with vaults and fixtures $6,800.
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Following is the latest financial statement :
Resources. Loans and discounts, $140,883.15; overdrafts, $96.44; banking house and fixtures, $6,836.26; total cash assets, $50,601.96; total resources, $198,417.81.
Liabilities. Capital stock, $15,000; surplus fund, $3,000; undi- vided profits, $2,153.18; total deposits, $178,264.63; total liabil- ities, $198,416.81.
The Ostrander State Bank was organized in 1903. The first officers were: President, H. O. Larson; vice-president, O. P. Hadland ; cashier, A. J. Haugen; directors, C. M. Anderson, H. O. Larson, H. A. Skaarberg, O. P. Hadland and Theodore Wold. The first president, H. O. Larson, served two years, followed by C. M. Anderson, who served six years. He was succeeded by O. P. Hadland, who at present occupies the office. A. J. Haugen, the first cashier, served two years, followed by H. O. Larson, who is still serving. The vice-president is J. J. Hillestad. Lela M. Larson is assistant cashier. The assets of the bank amount to $85,000 and a general banking business is conducted along safe and conservative lines. The institution opened for business May 15, 1903, in the Salveson building. In 1910 a fine brick building was erected, its cost, including furniture and fixtures, being $4,000.
The State Bank of Lanesboro was started as a private bank in 1900 and in 1905 was chartered as a state bank, No. 555. It has had the same president and cashier since the beginning, with the exception of the years 1905 to 1908, when J. O. Blekre was cashier. He died in 1909. The capital is $15,000; the surplus is $2,000. There are deposits of $100,000, and a like amount is loaned. The policy of the bank has been conservative combined with enterprise, and the patrons are afforded every favor that is consistent with a sound banking policy. The officers are: President, S. A. Nelson ; vice-president, C. O. Krogstad; cashier, P. A. Nelson; assistant cashier, A. M. Hanson; directors, S. A. Nelson, P. A. Nelson, C. O. Krogstad, A. P. Lommen, H. O. Ben- son, E. J. Bothun, M. W. Williams, A. M. Hanson and Martin Carlson.
The Peterson State Bank was started May 1, 1908, and was incorporated fifteen days later. September 15 of the same year the company erected a fine one-story brick building on its lot, at a cost of $2,450. The incorporators and first officers of the bank were: President, C. M. Anderson; vice president, N. J. Amble ; cashier, C. E. Retrum ; directors, Elmer Halvorson and G. P. Has- lerud. These gentlemen with P. A. Retrum were the incor- porators. The president and vice-president have served since the beginning. O. S. Retrum succeeded C. E. Retrum as cashier May 1, 1909. Hilda Thompson became assistant cashier in January,
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1912. The policy of the bank is to do business on strict busi- ness principles. The capital is $10,000 and the bank has a surplus of $2,000 and deposits of $78,000. It has loans of $80,000; its banking house, furniture and fixtures are valued at $4,000, and its cash resources are $8,000.
The First State Bank of Spring Valley was organized 1872 as a private bank by Farmer & Easton who operated for seven years, when Easton's interest was taken over by Strong & Edwards. The new firm transacted business as a private bank under the firm name of Strong, Farmer & Edwards until the year 1899, when it was incorporated as a state bank with an authorized capital of $30,000. The officers and directors elected at that time were W. II. Strong, president ; John Leuthold and G. M. Warren, vice-presidents ; B. F. Farmer, cashier ; E. M. Edwards, assistant cashier ; directors, W. H. Strong, John Leuthold, G. M. Warren, S. H. Hale and Burdett Thayer.
W. H. Strong was the bank's active president from the time of his first election until his death in September, 1909, when he was succeeded by C. H. Smith, who has been president to the date of this issue.
B. F. Farmer held the office of cashier up to the time of his death, in 1901, when he was succeeded by F. V. Edwards, who served in that capacity until in 1904, when he tendered his resig- nation, and was succeeded in 1905 by his brother, E. M. Edwards, who had served the institution since its incorporation as assistant cashier. E. M. Edwards held the office of cashier up to January, 1912, when he tendered his resignation to the board of directors, and the vacancy was then filled by the election of R. E. Shephard, who is the present cashier.
The bank is doing business in its own building which was erected in 1889 at a cost of $18,500. The policy of the bank has ever been, and is today, to render the best possible banking service to its patrons, catering to no class or clique, but endeavor- ing to use every one alike in a fair and square, "above board" business manner, and to extend to its patrons every courtesy consistent with safe and sound business methods.
C. H. Smith, the president, is a capable leader with wide busi- ness experience, who devotes a great deal of time in overseeing the workings of the institution and whose financial strength is the hub to the wheel of the bank. John Leuthold, a former resident of Spring Valley, but at present in St. Paul, is well known for his business integrity and ability ; his financial strength and timely suggestions are also a great benefit to the institution.
G. M. Warren, one of the oldest residents of Spring Valley, is a man well known to local people for his conservatism; is a man who has been successful in his own business and whose
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timely suggestions along business lines are looked to as one of the large assets to the workings of the bank.
R. J. Parker, one of the directors, and a leading attorney in the county, is always ready with legal advice and authority and passes on all abstracts for the loans made by the bank, thus avoid- ing any chance for loss through a deficient title.
S. H. Hale, one of the directors, and the leading farm imple- ment dealer in Spring Valley, is a man of wide acquaintance, and his advice is looked to in extending credit on short time accom- modation loans.
R. E. Shephard entered into active service with the bank on April 11, 1905, as a clerk. In January, 1907, he was elected assistant cashier, which position he held until January 12, 1912, when he was elected cashier to succeed E. M. Edwards.
H. H. Steffens came to the bank February 1, 1910, in the capacity of assistant cashier, which position he holds at the present time. He entered the employ of the Citizens' Bank of Spring Valley, a private bank, in 1900, and held the position of assistant cashier of the First National Bank of Spring Valley from 1902, when the Citizens' Bank was merged with the new institution, until January, 1908. From 1908 to 1910 he had expe- rience in Hurdsfield and Carrington, N. D., banks, removing to Spring Valley in 1910 to assume his present position.
The history of the bank would not be complete without mak- ing mention of the able stenographer and bookkeeper, Grace C. Stephenson, who has been with the bank only a short time but who has already proven her worth as to her willingness and ability.
And as a fitting climax there is here submitted the last pub- lished statement. Condition at close of business April 18, 1912:
Resources: Loans and discounts, $325,005.23; banking house furniture and fixtures, $10,500.00; cash on hand and in banks, $100,112.28; total, $435,617.51.
Liabilities : Capital, $30,000.00; surplus, $30,000.00; undivided profits, $2,070.27; deposits, $373,547.24; total, $435,617.51.
A motto of the bank is: "We are large enough and strong enough to meet your every need."
The Scanlan-Habberstad State Bank, of Lanesboro. In August, 1868, the village of Lanesboro was organized by a stock concern, known as the Lanesboro Company, the principal mover being Clark W. Thompson, who was very active in pushing through here the construction of the Southern Minnesota, now a branch of the Chicago, Milwaukee & St. Paul. In 1869 J. C. Easton, of Chatfield, established a private bank which he called the Bank of Lanesboro, the officers being: President, Jason C. Easton; cashier, Charles Josceylin; assistant cashier, C. F.
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Easton. In 1878 O. G. Wall and M. Scanlan purchased J. C. Easton's interests and good will, and continued the institution as a private bank, with Mr. Scanlan as president and Mr. Wall as cashier. In 1895 O. G. Wall, now deceased, withdrew from the bank, and disposed of his interests therein to M. Scanlan, his former partner. At this time the Bank of Lanesboro was some- what impaired financially on account of the failure of the in- famous N. W. Guaranty Loan Company of Minneapolis, which collapsed in 1893. From this source the Bank of Lanesboro suf- fered to the extent of $20,000, forty per cent of which amount was issued by this company as fictitious paper. In fact the man- agers of this N. W. Guaranty Loan Company gathered its vie- tims from all parts of the country and from all walks of life. However, the proprietor of the Bank of Lanesboro, after O. G. Wall withdrew, assumed all the liabilities of the bank and all depositors were paid in full. The Bank of Lanesboro continued under the management of M. Scanlan until 1897, when a partner- ship was formed with O. M. Habberstad, of Lanesboro, M. Scan- lan being the president and O. M. Habberstad the cashier. The result of the latter co-partnership was that the bank prospered greatly, and grew to an extent far beyond the expectations of the owners. This partnership existed until September, 1907, when the Bank of Lanesboro was incorporated and merged into a state bank as the Scanlan-Habberstad State Bank. The incor- porators were M. Scanlan, O. M. Habberstad, O. S. Knudsen, M. V. Bean, A. J. Lund, John Solberg and C. H. Schansberg. The first officers elected under the new management were M. Scanlan, president ; John Solberg, vice-president; O. M. Habberstad, cashier, and O. S. Knudsen, assistant cashier. The directors are the most reliable business men of Lanesboro, namely : M. V. Bean, A. J. Lund, C. H. Schansberg, John Solberg, O. S. Knudsen, and these gentlemen have been elected in succession for each year up to the present time. Following is the latest statement of the condition of the Scanlan-Habberstad State Bank, and a compari- son of deposits, since the time of the organization as a state bank : Resources. Loans and discounts, $503,537; overdrafts, $352.97; bonds, $7,000; banking house furniture and fixtures, $9,755; cash on hand and due from banks, $173,550.28; checks in transit, $37.81; total, $694,233.06.
Liabilities. Capital stock, $25,000; surplus and profits, $10,- 908.42; deposits, $658,324.64; total, $694,233.06.
Deposits. February 20, 1908, $312,711.78; February 20, 1909, $367,142.25; February 20, 1910, $506,074.39; February 20, 1911, $567,232.40; February 20, 1912, $658,324.64.
The Scanlan-Habberstad State Bank building was erected in 1885 by Scanlan & Wall, at a cost of $5,000. Originally, the Bank
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of Lanesboro was located on the first floor of the north side of the Lanesboro Hotel, commonly called the Stone Hotel, until its destruction by fire in 1885, at which time the present bank struc- ture was erected in block sixteen, Lanesboro. The prosperity of the Scanlan-Habberstad State Bank for the future depends largely in its close relationship with and for the success of the farmers. Their success is well assured, as they are putting into practice all the modern methods in husbandry.
The Farmers' & Merchants' Bank, of Preston, was organized by forty-six stockholders, March 27, 1911, with a capital of $25,- 000. The first officers were: President, Tollef Sanderson; first vice-president, S. A. Langum ; second vice-president, E. K. Blex- rud; cashier, T. I. Garratt; assistant cashier, L. J. Luhmann; directors, Tollef Sanderson, E. K. Blexrud, S. A. Langum, H. A. Larson, Max R. Cluss, W. T. Burmeister and A. G. Olson. The officers and directors are now the same, with the exception that R. E. Thompson is a director in place of W. T. Burmeister. March 27, 1911, the loans and discounts of the bank amounted to $123,119.55, and the deposits, $178,493.55. June 10, 1912, the loans and discounts amounted to $207,188.65 and the deposits amounted to $264,079.11. This growth speaks for itself as to the success of the institution. The Farmers' & Merchants' Bank succeeded the National Bank of Preston, March 20, 1911, when the following resolution was passed: "Resolved, That in consid- eration of the National Bank of Preston transferring, assigning and turning over all its property and assets of whatever kind or nature to the Farmers & Merchants State Bank of Preston, the said Farmers and Merchants State Bank hereby assumes and takes over all the liabilities of said National Bank of Preston.
The Harmony State Bank is one of the solid financial institu- tions of the county, some of the leading citizens of the county being interested in its management. It was started by Tollef Sanderson as a private bank in April, 1893, and was conducted as such until June 1, 1904, when it was organized as the Har- mony State Bank. The first officers were: President, Tollef San- derson; vice-president, Tallak Brokken; cashier, James S. Jacob- son; directors, John Jacobson, O. N. Thundale and D. A. Mosher. James S. Jacobson died April 7, 1911. The present officers are : President, Tollef Sanderson; vice-president, D. A. Mosher; cashier, R. W. Daniels; assistant cashier, T. S. Brokken. The directors are the Messrs. Sanderson and Mosher, with Henry Nupson, O. M. Thundale and T. T. Brokken.
The statement of the condition of the bank at the close of business February 20, 1912, was as follows:
Resources. Loans and discounts, $301,328.44; overdraft, $1,754.02; real estate and bonds, $8,220; banking house, furniture
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and fixtures, $9,169.65; cash on hand and in banks, $111,686.10; total, $432,158.21.
Liabilities. Capital stock, $20,000; surplus, $11,000; undi- vided profits, $4,992.75; deposits, $396,165.46; total, $432,158.21.
NATIONAL BANKS.
The First National Bank of Preston was the first national bank organized in Fillmore county, having been chartered May 8, 1902. The bank was first organized by C. M. Anderson, of Lime Springs, Iowa, and A. W. Thompson, of Preston, Minn. The original stock- holders were C. M. Anderson, A. W. Thompson, George A. Love, R. E. Thompson and A. D. Gray. Later Henry Nupson, Thomas J. Meighen, II. S. Bassett and Jerome Utley became interested, also E. S. Holton and William J. Meighen. The board of direc- tors designated in the articles of incorporation consisted of A. W. Thompson, Thomas J. Meighen, Henry Nupson, E. S. Holton, W. J. Meighen, C. M. Anderson and George A. Love. A. W. Thomp- son became the first president; Thomas J. Meighen the first vice- president, and C. M. Anderson the cashier. The latter has "stood by the wheel" to the present time, and has been an important factor in its success. Six months after organization, Thomas J. Meighen became president and Henry Upson, vice-president, an arrangement that has proven so satisfactory that they have been continued in office to the present time. The assistant cashier, by no means less important in the make-up of the official staff, is the painstaking and genial E. T. Schoenbaum. He learned the combination to the safes and the vault doors on the morning of August 4, 1902, when the bank opened for business, and with a few exceptions has opened the doors every working day since that time.
The bank opened its doors for business, as stated, on August 4, 1902, in the Odd Fellows block, Preston. The lease on this location expires July 1, 1912. The bank having purchased the Weiser block February 1, 1912, immediately commenced to remodel the room on the corner of St. Paul and Main streets, and by the time this work is issued will be in their new quarters. The new location is fitted with one of the finest vaults in this part of the state, and the banking rooms present every facility for doing a large business.
The aim of the bank is carefulness in its usefulness-to be useful to the people in its community-to encourage useful enter- prizes which will help develop resources that will go to foster more energy and enrich the people of its vicinity. The bank has been successful from the start. The original capital is $25,000. The profits of the bank aside from the annual dividends have
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built up a surplus and undivided profit of $20,000. The share- holders in the bank are substantial men who have accumulated wealth by conservative management of their personal affairs, and the same character is reflected in the management of the bank. It is only fair to conjecture the future of this institution by com- paring its past record in saying that the people of Preston may well feel proud that they have one of the solid banks of the county in their town.
The First National Bank of Rushford started business in Jan- uary, 1903. It was incorporated in 1902 by Niles Carpenter, who had been in the banking business in Rushford about forty years. The first officers were: President, N. P. Colburn; cashier, Niles Carpenter; assistant cashier, E. H. Highum; directors, Lewis Knudson, Thomas Kierland, J. Webster, H. W. Eldred and L. Tagland. After Mr. Colburn's resignation Mr. Carpenter was elected president. Mr. Carpenter resigned in January, 1910, and was succeeded as president by H. W. Eldred. L. Tagland was appointed cashier during the fall of 1906. J. M. Webster was at the same time made assistant cashier, having previously been employed in the bank for about a year. J. Webster is the vice- president. The bank owns its building, which was purchased from Hiberg & Hazard, the structure having formerly been occupied as a drug store.
The condition of the bank at the close of business April 18, 1912, was as follows:
Resources. Loans and discounts, $129,411.56 ; bonds, $8,000.00; banking house, furniture and fixtures, $9,296.93; due from banks, $29,192.08; cash in bank, $8,341.96; total, $184,242.53.
Liabilities. Capital stock, $25,000.00; surplus fund, $2,500.00; undivided profits, $2,511.04; circulation, $7,000.00; deposits, $147,231.49; total, $184,242.53.
The First National Bank, of Harmony, was started in 1907, and that year erected a building at a cost of $6,500. The incor- porators were: E. L. Tollefson, O. II. Tollefson, E. C. Hellick- son, J. A. Lund, H. E. Hanson, W. T. Burmeister, H. C. Hellickson, P. M. Oistad, R. W. Daniels and C. J. Scofield. The officers are : President, H. C. Hellickson; vice-president, W. T. Burmeister; cashier, P. M. Oistad; assistant cashier, A. G. Johnson. The directors are: W. T. Burmeister, Peter Mckay, H. C. Hellickson, O. H. Tollefson, Theodor Michel, H. E. Hanson and E. C. Hellickson. Capital, $25,000; surplus and profits, $6,000; de- posits, $270,000; loans and discounts, $225,000; cash and due from banks, $60,000.
The First National Bank of Mabel. The first bank in Mabel was started in 1880 or 1881, in a building, later occupied by the First National Bank, erected for banking purposes by Frank
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Adams, and capital from Dubuque. The establishment was opened by a Mr. Aubrey, who, though a very capable man, was forced to discontinue the bank, owing to lack of patronage and limited capital. In 1893 E. L. Tollefson started a private institution, called the Bank of Mabel. It was conducted in the E. L. Tollef- son store, with E. L. Tollefson as sole owner and A. L. Tollefson as cashier. In 1894 O. H. Tollefson became assistant cashier. The business grew rapidly and in 1897 had assumed goodly propor- tions. Consequently Mr. Tollefson purchased the bank building erected in the eighties, which for a number of years had been used for various purposes, and remodeled it, building an addition and making the place in every way suitable for a successful banking business. In addition to housing the banking business, the build- ing has two offices in the rear, on the ground floor; and the second floor, which has formerly been used for lodge purposes, is now used for club rooms. In 1901 JC White moved to Mabel and became attorney and assistant cashier of the institution.
In 1908 the bank was incorporated as the First National Bank of Mabel and was chartered as National Bank No. 9031. The incorporators were: E. L. Tollefson, Betsey Tollefson, JC White, Amy T. White, A. L. Tollfeson and Grace J. Tollefson. The officers were: President, E. L. Tollefson; vice-president, JC White; cashier, A. L. Tollefson. On the death of E. L. Tollefson, Mrs. Betsey Tollefson was elected president. In 1909 Ed. J. Johnson came from Adams, Minn., and his services having proven satisfactory, has been made assistant cashier. G. W. Brace, Lennie Larson and Olaf M. Weium have been bookkeepers in the institution. The policy of the bank has been to accord its customers the most generous treatment consistent with a safe conservative course. Like its founder E. L. Tollefson, the bank is doing its utmost to upbuild the community, and the institution is largely conducted with that end in view.
The statement rendered April 18, 1912, showed the bank to be in a flourishing condition.
Resources : Loans and discounts, $197,043.58; overdrafts, $2,429.95; United States bonds, $25,000.00; other bonds, $21,- 013.32; banking house and fixtures, $6,953.15; cash and due from banks, $129,510.63; redemption fund, $1,250.00; total, $383,200.63.
Liabilities: Capital stock, $25,000.00; surplus, $1,850.00; undivided profits, $4,491.90; circulation, $16,200.00; deposits, $334,658,73; reserved for interest, $1,000.00; total, $383,200.63.
The First National Bank, of Chatfield, was started as a private bank about January 1, 1880, by I. H. O'Ferrall and Charles Trego. At that time it was known simply as the Chatfield Bank. About 1883 the bank was operated by S. M. Onstine and C. W. Doud; later by Lombard, Ober & Jones; still later by Lombard,
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