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National Bank Notes > North Dakota

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Hillsboro, First NB, 3400
Fr. 625 $10 1902PB
Grade: PMG EF 40 EPQ    

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This is the first of the town's two national banks and both were chartered in 1885. The earliest known note is a 1902 Date Back. This note is a gorgeous example to represent the bank. There were 10,744 sheets printed, including 410 sheets of Territorials, but none are known. Brilliant color and bold blue stamped signatures of Earle R. Sarles, President and O.E. Rudrud, Cashier. Earle R. Sarles was born in Oct. 1, 1886 to Elmore Y. Sarles, later North Dakota Governor. In 1905 he joined the North Dakota National Guard, serving as the adjutant general from 1933-35; he retired from the Guard as a Colonel in 1942. Earle's father Elmore founded the Traill County Bank and the First National Bank of Hillsboro. From 1881 to 1933 First National Bank of Hillsboro was operated by the Sarles family including E.Y. Sarles, and Earle R. Sarles. In 1904 Elmore Y. Sarles was elected Governor of North Dakota. In 1922 Earle R. Sarles was elected president and E. Y. Sarles became chairman of the board of directors. Hillsboro is the county seat of Traill County; the population was 1,603 at the 2010 census. The area that is now Hillsboro was first settled by German and Norwegian settlers around 1870. In 1880, the present day site of Hillsboro was founded under the name "Comstock". When it was platted in September 1880, it was renamed Hill City to honor Great Northern Railroad President James J. Hill. It was discovered that a Hill City already existed in South Dakota, so when the post office was established August 12, 1881 with Asa W. Morgan as Postmaster, it was named Hillsboro. The community was incorporated as a city in 1882 with John DeGroat mayor. In the election of 1890, Hillsboro was awarded the county seat, but legal challenges prevented the removal of the courthouse from Caledonia until 1896. Hillsboro is known for having the oldest weekly newspaper in the state, the Hillsboro Banner. Elmore Y. Sarles, 9th Governor of North Dakota was from Hillsboro. Located halfway between the two metropolitan centers of Greater Grand Forks and Fargo-Moorhead, Hillsboro has seen steady population growth in recent years and has become somewhat of a bedroom community.

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