The First National Bank in Mahnomen received their charter from the Comptroller of the Currency, Washington, D.C. on June 8, 1926.
The Citizens State Bank of Mahnomen was in the original building now occupied by the First National Bank. The original brick building was built in 1917. Officers appointed by the board were: O.S. Hanson, President; Leonard Hanson, Vice-President; Merwyn H. Hanson, Cashier; and John Gregierm Asst. Cashier. In 1928, the bank had capital and surplus of $27,500.00. Deposits were $113,300.00, and loans and discounts of $29,700.00.
The First National Bank has gone through many changes. The first bank was a two story white structure built in 1905. This building was moved across the street and west and became P & L Farm Supply. While on Main Street, it housed several other businesses as well as the Citizen’s Bank. In 1911, H.C. Dierling opened a cigar factory in rooms over the bank. The brick building was built in 1917 and was the first completely brick building in town.
Citizen Bank opened across the street in the early land rush days. Later Security State Bank was in the brick building on the sight. Built in 1920, it was also the post office building. The bank offered a small metal bank to new customers, so Cy Flicek opened an account with one dollar and took his small bank home to start saving, he was 4 or 5 years old. It closed sometime during the depression or late 1920’s. According to Cy Flicek, many lost their money, including him but he still has the bank.
In the 1960’s the bank purchased the building north of the bank, which was the Johnson Sister’s building and later the Coast to Coast Hardware Store. Another addition to the bank was done in the early 1990’s when the Bank purchased Strandemo and Tonneson Clothing Store building which was north of the Hardware Store. These buildings are what make up the present The First National Bank in Mahnomen building today.
