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FDIC - Federal Reserve Bank

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HISTORY OF MONTANA STATE BANK

The Montana State Bank began life a short distance from Plentywood as the First National Bank of Reserve. The year was 1917; beginning capital was $25,000; W.H. Westergaard of Williston was President, Halvor Everson of Reserve was Vice President, George N. Lund was Manager; and N.B. Eidness and J.P. Olson were active Directors.

The immediate business area for the bank was Dagmar, Coalridge, Antelope, and the areas west of Reserve and south of Medicine Lake. As now, it was almost entirely an agricultural area and the Bank's beginning was very modest. The 1930's were the most difficult, what with severe drought and grain prices as low as 25 cents per bushel, but the Bank survived and was one of only two banks in the county which were able to stay open after the national "bank holiday' in 1933.

As the country came out of its slump and the bank's banking territory expanded -as far as Froid to the south, North Dakota to the east, the Canadian border to the north, Scobey to the northwest, and an area approximately 25 miles to the west - deposits grew, loan activity increased, profits began to show, capital built up, dividends began to be paid, more employees were hired, and a new building was erected.

During these years, George and Hertha Lund began acquiring stock in the bank. George was President and Operating Manager for many years, but in 1966 he sold the Bank to Edward Towe.

Two years later it was decided to move the charter to Plentywood and we officially opened our doors as the Montana National Bank of Plentywood on December 2, 1968 with Pete Holm as Executive Vice President. In January 1978, Richard French, Robert French, Walter Norbo, Andrew Larsen, Robert Scott and Edward Angvick, purchased  an interest in the Bank.

In August of 1986, Robert French, Walter Norbo, Andrew Larsen, Robert Scott, Edward Angvick, Frank French and Dale Tlustosch purchased 100% ownership of the bank. The bank continues to be locally owned.

On January 1, 1995, we converted to a State Charter and we are now Montana State Bank. Our current Board of Directors are Walter Norbo, Edward Angvick, Dale Tlustosch, Cory Benson, and Gordon Aus. Our Board of Directors has only one focus, This Community.