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National Bank Notes > North Dakota

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Fessenden, First NB, W5408
Fr. 555 $20 1882DB
Grade: PMG VF 30    

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This bank was chartered on June 7, 1900 in Wells County and it operated as this town's only national bank throughout the note issuing period. They printed 5,976 sheets of large size notes and records indicate seven survivors, with this note being likely the highest grade and certainly the only $20 reported. Signed by Harold Thorson, President and Harold Ingvaldson, Cashier. This note was acquired at the June 1970 Huber Coin & Stamp Show at Foshay Tower, Minneapolis. Harold Ingvaldson, was born at Hamar, Norway, October 25. 1886. He came to the United States in 1907 and rst located at Elbow Lake, MN. He then moved to North Dakota and was actively identi ed with the banking business. He was rst connected with the Citizens State Bank of Enderlin as bookkeeper and later as assistant cashier. He then accepted the position of cashier of the Merchants State Bank of Drake, and in January 1911 became cashier of the First National Bank of Fessenden. He was also a stockholder and director of that bank. Mr. Ingvaldson also served as president of the Farmers State Bank of Cathay, North Dakota, and vice president of the State Bank of Heimdal, and was involved in other nancial institutions in the same section of the state. Harold Thorson was born in Norway, November 16, 1841. Mr. Thorson came to America and in 1865 opened a store at North eld, MN. In 1906, he removed to Drake, North Dakota, where he purchased the Merchants State Bank. He at one time controlled twenty- ve different banks in North Dakota and Minnesota, of most of which he was the president, and was regarded as one of the foremost representatives of banking interests in the two states. Mr. Thorson had eight children, two of whom were involved in banking: Thor D., bank examiner for his father and Henry Lewis, employed at the Merchants State Bank of Drake. Mr. Thorson was one of the incorporators of St. Olaf College at North eld, Minnesota. Fessenden is the county seat of Wells County; the population was 479 at the 2010 census. The community was founded in 1893 at the site of the rural post office called Wells, situated on the Soo Line Railroad. On November 23, 1893 the old post office was replaced by the Fessenden post office, with John Austin Regan as Postmaster. It was named for Cortez Fessenden, Surveyor-General for Dakota Territory. The village incorporated in 1904, becoming a city in 1905 with E. F. Volkman mayor. The peak population of 920 was recorded in 1960. Fessenden is home to Wells County Fair Because of its central location, Fessenden became the county seat in 1894, taking that honor away from the pioneer settlement of Sykeston, resulting in the forcible removal of the Wells County seat by 29 horse-drawn wagons. After the vote naming Fessenden the county seat, Sykeston land agents were unwilling to admit defeat, so Fessenden organizers rounded up several men with teams and wagons and drove to Sykeston for the safes, records and courthouse furniture. The Sykeston Sheriff favored Fessenden and conveniently took a long delayed vacation from his duties.

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