Banks

Farmers State Bank

The Articles of Association of the Farmers State Bank of Ypsilanti, North Dakota were written and witnessed on March 5, 1909, and signed by the original stockholders. They were Amos Jacobson, M.O. Rudd, E.A. Hoff, all of Ypsilanti, Dr. E. Sherping, of Wyndmere, North Dakota, Dr. Olaf Sherping and A.G. Anderson of Fergus falls, Minnesota.

farmersbank

According to Jacobson, he was at the depot in Ypsilanti, with his horses and buggy, when the Sherpings and Mr. Anderson got off the train. They asked him if he thought the community might be interested in a bank, as they were interested in starting one. Mr. Jacobson took them to several farmers to find out what their reactions might be to the idea of having a bank in the community. After their visit, they returned to their homes, and decided to invest their funds in a bank, the capital being $10,000.

The articles were presented and approved by the State Department. A charter was issued to open the bank on April 5, 1909.

The original stockholders were:

  • President: A.G. Anderson
  • Vice President: Amos Jacobson
  • Cashier: E.A. Hoff

Mr. Hoff's salary was $75 per month.

In 1911, Olaf Sherping became president, and remained in that capacity until 1918. In 1915, A.M. Jorve was employed by the bank and, in 1916, Paul H. Manski was hired as the assistant cashier.

In 1918, R.R. Wolfer purchased the A.G. Anderson and Olaf Sherping stock, and he became the bank's president at that time. That same year, John and Ellen Luchsinger bought Mr. Hoff's shares, and Mr. Luchsinger became cashier, a position he kept until he retired in 1932. At that time, Owen (Bud) Madden became cashier,  holding that position until his death in 1953.

In 1934, the president was R.R. Wolfer, Amos Jacobson was vice president, and Owen E. Madden Jr. was cashier.

In 1946, R.R. Wolfer resigned due to poor health, and Amos Jacobson became president. He held that position until 1954, when he resigned because of poor health.

Arline Erickson became president in 1954, I.M. Riedman was vice president, and Inez Madden was cashier.

In 1966, Arline resigned and I.M. Riedman became president, at which time Edward R. Riedman became vice president.

Since 1909, the only time that the bank doors have been closed for business was March 4, 1933 through March 15, 1933, because the Federal Reserve Bank declared a temporary Bonding Holiday to avoid any possible crisis that might arise. At that time, the government set up the F.D.I.C. that protects individual's accounts. The amount of insurance, at that time, was $10,000.

In 1982, the president was I. Riedman, the vice president was Edward R. Riedman, and Inez Madden was the cashier, assisted by Betty Cumber and Betty Kopecky.

Other former employees included Madeline Hamm, Wuanita Mellum, Signora Thompson, Blanche Nicholls, Betty Wieck, Carol Jett, and Twila Schultz.