For nearly a century, the First State Bank of Harvey has been growing and changing with the community. Originally chartered in 1913 at Silva, North Dakota as the First State Bank of Silva with $10,000 in capital, the bank has grown to a $60 million institution with a branch in Anamoose, ND.
Founded by H. Thorsen, A.O. Refling and H.L. Thorsen, the bank was purchased by four local families (Barstad, Gunnerud, Lindseth, and Lysne) in 1929 and the following officers were named: T.A. Lindseth, President and Chairman of the Board; P.P. Lysne, Vice President; A.O. Barstad, Cashier; and Anton Lindseth as the fifth board member.
The bank operated in Silva until 1936, when the charter was transferred to Harvey. The assets of the First National Bank of Harvey were purchased and the First State Bank of Harvey began operations in the building at the corner of 8th Street and Lincoln Avenue. With A.O. Barstad as president, the bank was one of the few smaller North Dakota banks to survive the depression. It remained solvent and open for business, an indication of A.O. Barstad’s dedication and ability in his field.
The bank remained in the building on the 8th Street and Lincoln Avenue until a fire destroyed the building in 1952. For one year the bank operated in the Ottertail Power Company building at 1011 Lincoln Avenue, until they moved into a new building at the corner of 9th Street and Lincoln Avenue. The growth of the bank made it necessary to build an addition to the structure in 1972. The additional space was necessary for an expanded bookkeeping department, a drive-up teller station, night depository, and garage.
The growth and prosperity of the First State Bank of Harvey can be attributed to its many dedicated employees. The bank has been fortunate enough to have many long-term workers, creating a family-like atmosphere that customers enjoy and appreciate.
Every president since T.A. Lindseth in 1929, has been a member of one of the founding families, providing well qualified leadership, while keeping the best interest of the bank and the community as their first priority. Following Lindseth as president were A.O. Barstad, Edwin Lysne, Robert Barstad, Roland (Pete) Barstad, and the current president, Howard F. Schaan.
A Harvey native, Schaan joined the bank in 1985 and was promoted to the presidency in 1998, succeeding his father-in-law, Pete Barstad. Schaan has overseen the latest round of expansion and growth of the bank. In January of 1999, the bank added a branch in nearby Anamoose. That same month, builders began renovating a building that would become the bank’s new main office. In early August, the bank more than doubled in size when it moved into a building that once housed a grocery store at 700 Lincoln Avenue. The renovated building means larger offices, an expanded bookkeeping department, an in-house brokerage service and insurance office.