Merchants National Bank & Trust, Fargo, ND (Charter 13323)

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Photo of the old Merchants National Bank and Trust Company of Fargo, North Dakota, ca2022
Photo of the old Merchants National Bank and Trust Company of Fargo, North Dakota, ca2022. Courtesy of Google Maps

Merchants National Bank & Trust Co., Fargo, ND (Chartered 1929 - Closed (Merger) 1995)

Town History

Fargo is a city in and the county seat of Cass County, North Dakota. According to the 2020 census, its population was 125,990, making it the most populous city in the state and the 219th-most populous city in the United States. Fargo, along with its twin city of Moorhead, Minnesota, and the adjacent cities of West Fargo, North Dakota and Dilworth, Minnesota, form the core of the Fargo, ND - Moorhead, MN Metropolitan Statistical Area (MSA). The MSA had a population of 248,591 in 2020. In 1900, Fargo had a population of 9,589, reaching 28,619 by 1930.

Fargo was founded in 1871 on the Red River of the North floodplain. It is a cultural, retail, health care, educational, and industrial center for southeastern North Dakota and northwestern Minnesota. North Dakota State University is located in the city.

A major fire struck the city on June 7, 1893, destroying 31 blocks of downtown Fargo, but the city was immediately rebuilt with new buildings made of brick, new streets, and a water system. More than 246 new buildings were built within one year. There were several rumors concerning the cause of the fire.

The North Dakota Agricultural College (NDAC) was founded in 1890 as North Dakota's land-grant university, becoming first accredited by the North Central Association in 1915. In 1960, NDAC became known as North Dakota State University.

Early in the 20th century, the automobile industry flourished, and in 1905, Fargo became home to the Pence Automobile Company.

Fargo had 10 National Banks chartered during the Bank Note Era, and nine of those banks issued National Bank Notes.

Bank History

In April 1929, The Merchants National Bank of Fargo was acquired by the First Bank Stock Investment Company, the huge financial organization recently formed by the First National Bank of St. Paul and the First National Bank of Minneapolis. The Fargo institution had deposits of more than $2,600,000. First Bank Stock Investment Co. was capitalized at $25 million and it had indicated at the time of its formation that many northwest banks would be included in its acquisitions. On April 10, 1929, H.W. Gearey, president of the Fargo bank announced that officers and management would be unchanged, but that the capital stock would be increased and the name changed to the Merchants National Bank and Trust Company.

The second big change in financial institutions of Fargo was the announcement that the First National Bank of Fargo would merge with the recently organized Northwest Bancorporation.

On Monday, May 19, 1930, the consolidation of the Argusville State Bank and the Mapleton State Bank with the Merchants National Bank and Trust Company of Fargo, became effective. H.W. Gearey, president, and Frank R. Scott, vice president, of the Fargo bank were the principal stockholders in the Argusville and Mapleton banks.

On May 5, 1977, the institution changed its name to First Bank of North Dakota (N.A.) of Fargo. From the 1970s, the name changes and acquisitions were as follows:

  • 05/05/1977 Changed Institution Name to First Bank of North Dakota (N.A.) - Fargo.
  • 04/01/1988 Changed Institution Name to First Bank of North Dakota, National Association.
  • 04/01/1988 Acquired First Bank of North Dakota (N.A.) - Minot (3950) in Minot, ND.
  • 04/01/1988 Acquired First Bank of North Dakota (N.A.) - Jamestown (3940) in Jamestown, ND.
  • 04/01/1988 Acquired First Bank of North Dakota (N.A.) - Grand Forks (3932) in Grand Forks, ND.
  • 04/01/1988 Acquired The First National Bank and Trust Company of Bismarck (FDIC Cert. #3900) in Bismarck, ND.
  • 12/05/1992 Acquired Dakota Bank and Trust Co. of Fargo (FDIC Cert. #3923) in Fargo, ND.
  • 09/09/1994 Acquired United Bank of Bismarck (FDIC Cert. #8948) in Bismarck, ND.
  • 02/21/1995 Merged and became part of First Bank, Federal Savings Bank (FDIC Cert. #28256) in Fargo, ND.
  • 02/21/1995 Changed Institution Name to First Bank, Federal Savings Bank.
  • 05/31/1997 Merged and became part of First Bank National Association (FDIC Cert. #5199) in Minneapolis, MN.
  • 07/11/1997 Merged and became part of First National Bank of East Grand Forks (5134) in East Grand Forks, MN.
  • 07/11/1997 Changed Institution Name to First Bank National Association.
  • 08/01/1997 Changed Institution Name to U.S. Bank National Association.
  • 08/09/2001 Merged and became part of U.S. Bank National Association (FDIC Cert. #6548) in Cincinnati, OH.
  • 08/09/2001 Changed Institution Name to U.S. Bank National Association.

Official Bank Title(s)

1: The Merchants National Bank and Trust Company of Fargo, ND

Bank Note Types Issued

1929 Type 1 $20 bank note with printed signatures of E.E. Simonson, Cashier and H.W. Gearey, President. The Government Printing Office made the overprinting plate used to produce this note.
1929 Type 1 $20 bank note with printed signatures of E.E. Simonson, Cashier and H.W. Gearey, President. The Government Printing Office made the overprinting plate used to produce this note. Courtesy of Lyn Knight Auctions, www.lynknight.com
1929 Type 1 $10 bank note with printed signatures of E.E. Simonson, Cashier and H.W. Gearey, President. This is a Replacement note.
1929 Type 1 $10 bank note with printed signatures of E.E. Simonson, Cashier and H.W. Gearey, President. This is a Replacement note. Courtesy of Lyn Knight Auctions, www.lynknight.com

A total of $283,880 in National Bank Notes was issued by this bank between 1929 and 1995. This consisted of a total of 37,831 notes (No large size and 37,831 small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type Sheet/Denoms Serial#s Sheet Comments
1929 Type 1 6x5 1 - 3486
1929 Type 1 6x10 1 - 1428
1929 Type 1 6x20 1 - 396
1929 Type 2 5 1 - 3566
1929 Type 2 10 1 - 1983
1929 Type 2 20 1 - 422

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1929 - 1995):

Presidents:

Cashiers:

Other Known Bank Note Signers

  • No other known bank note signers for this bank

Bank Note History Links

Sources

  • Fargo, ND, Wikipedia, https://en.wikipedia.org/wiki/Fargo,_North Dakota
  • Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
  • Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
  • Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
  • The Bismarck Tribune, Bismarck, ND, Tue., Apr. 9, 1929.
  • The Brainerd Daily Dispatch, Barinerd, MN, Wed., Apr. 10, 1929.
  • The Minneapolis Journal, Minneapolis, MN, Wed., Apr. 10, 1929.
  • The Bismarck Tribune, Bismarck, ND, Sat., May 17, 1930.
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