Upon receiving its official charter in December 1904, The First State Bank of Munich (Munich, ND) opened its doors in January 1905, as the First National Bank with Usher L. Burdick as the cashier and lender. A.U. Peterson was the assistant cashier and David H. Beecher was the president. The back of the original bank served as Usher’s residence while the front was used for banking transactions. This building was moved to make room for a brick facility in the summer of 1905 where the bank remains today.
When the First National Bank of Hampden closed its doors on January 27, 1934, the First National Bank of Munich acquired the assets and liabilities of that bank at its present location in Munich.
The bank received a Certificate of Incorporation, also called a Certificate of Authority, dated March 10, 1938, allowing the bank to change from a National bank to a State bank.
On January 10, 1939, The First State Bank of Munich received a certificate from the State of North Dakota Department of Banking giving permission to establish the Starkweather paying and receiving station. On August 15, 1941, the same was received for Osnabrock.
The bank opened a new location in Devils Lake on September 2, 1997, and on March 31, 2000, closed the Starkweather branch.
The First State Bank of Munich has seen many renovations through the years in an effort to keep up with the times and house the technology necessary to serve its customers. When banking first started everything was done by hand; each check and deposit was handled individually. As technology emerged more machines entered the picture, but were still hand-driven. Now, in contrast, checks first deposited at neighboring banks are received only in electronic image while the original checks are stored at the Federal Reserve Bank in Minneapolis.
Community involvement has always been a priority for FSBM. Contributing funds to help support youth activities, employee-funded scholarships, educational programs and various other community events through the years have proven to be a benefit for the communities served.
Through the generations, as buildings and faces have changed, the communities’ support has remained constant.