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| Additional information |
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| First State Bank |
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Overview:
Chartered as the Bank of Buxton in 1885, records for First State Bank date all the way back to 1879. Officially known as First State Bank since 1938, our three locations are all nestled in North Dakota's legendary Red River Valley: Buxton, Thompson and Grand Forks.
First State Bank made its mark as an agricultural bank, and we still support farmers today. The Red River Valley is one of the most productive agricultural areas in the world, and we're proud to be a part of this heritage. However, we also strive to offer all of the convenient and innovative banking services that today's customers demand.
From Click-N-Bank Internet banking to our wide array of deposit products, from our respected business lenders to our knowledgeable mortgage lenders, we've got all the bank you need right here. We've managed to keep the friendly, small-town service and back it up with the very best banking products available. That's Real Banking. That's First State Bank. |
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History:
Some of the records for First State Bank are dated in 1879 when North Dakota was still a part of Dakota Territory. Opened by L. G. Phelps, the bank was sold to A. L. Hanson, A.L. Plummer and O. S. Hanson in 1884. They chartered it as the Bank of Buxton in 1885. It obtained a national charter in 1916 when it became First National Bank. In 1938 the name was changed to First State Bank of Buxton. This name was used until 1985 when it became First State Bank.
Several area banks became a part of this bank. Farmers State Bank in Buxton was added in 1927 and First State Bank of Thompson in 1936. The deposits and liabilities of the State Bank of Reynolds were assumed in 1939.
O. S. Hanson became its first president when he was only 22 years old. He remained in that office for 56 years. The Hanson family also had banking interests in many North Dakota and Minnesota towns.
A member of the early board of directors was Buxton's first physician, Dr. James Grassick. He later moved to Grand Forks, but continued to serve as a bank director. Dr. Grassick was known for his work in the fight against tuberculosis. Camp Grassick, located near Dawson, ND which serves handicapped children, is named in his honor.
Two armed robberies are part of the bank's history. The first occurred in 1928 when three men made off with $8,500 after locking a salesman, a customer and three bank employees in the vault. In the second robbery, three robbers entered the bank, took a woman and her daughter hostage and fired shots over the heads of some men who were across the street. Leonard Hanson, bank cashier and son of O.S. Hanson, apparently tried to activate the tear gas system that had been installed following the earlier robbery. He was shot and killed. The robbers made off with $1,000 spreading tacks and nails on the road as they fled. These armed robberies and a 1959 burglary at the Thompson branch remain unsolved. Fingerprints of a man found at the bottom of a well in Oklahoma matched those found at the Thompson bank. Apparently this man had been thrown into the well by his partners. He had been on the "Ten Most Wanted List".
The stone building in Buxton used from 1882 to 1976 was turned over to the Buxton Historical Society following construction of its new bank building. The bullet holes from the robbery are still evident.
Through its long history, there have been many changes, but the bank has had only three presidents. O. S. Hanson was president for 56 years. S. N Lommen followed him in 1940. He served until 1972 when the bank was sold to a group of area investors including current Chairman of the Board, Paul H. Marchell.
The past thirty years have been a time of growth for the bank. With assets of only 1.1 million at that time, it now has assets of over 100 million. They operated out of buildings in Buxton and Thompson that lacked plumbing and air conditioning. New buildings were constructed in Buxton in 1977, in Thompson in 1978, and the bank expanded into Grand Forks with a new facility in 1997.
First State Bank has served the area for more than one hundred twenty years. New technology has changed the manner in which business is conducted. Entering a new century, we continue to maintain a hometown feeling in our expanded trade area. Greeting customers on a first name basis is important to us. We strive to offer what we call Real Banking. |
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| Formerly known as:
First State Bank Of Buxton |
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