The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1929-01-08
EIGHT NORTHWEST BANKS JOIN
WITH RESOURCES OF $l5O, 10000
Fargo Financial institution
Merges With Company Con-
trolled in Northwest
Minnesota, North Dakota and
Iowa Banks Nucleus for
Greater Organization

OF eight northwest banking institu-
tions. to be owned and controlled by
northwest capital. was announced to-
day following meeting Of represent
attves Of the various banks In Min
neapolis.
The original group. to be affiliated
through holding company capital
lied at from $25. 900 900 to 10000, 900
Will be the nucleus for much larger
than will control banks In
key cities throughout the northwest.
It will include: Northwestern Ma
tional Bank Of Minneapolis, Mime
sofa Loan and Trust Company. Min
neapolis: Four Minneapolis banks af-
filiated with the Northwestern Ma
tional bank; First National Bank and
Trust company Of Fargo. N. D., and
the First National Bank of Mason
City. Ia.
Have $50 Millions
The banks already In the corpora
ton have approximately $l50O0O,-
600 In combined resources.
Each institution will retain its
present identity, its officers and
board Of directors. although the stock
Will be owned by the holding COM
pany. The joint ownership and as
socation, however. will provide great
~ increased strength and additional
service facilities for the benefit OF
northwest agriculture. business and
industry. according to statement is
sued by the group today.
The holding company will be man
aged by . board Of directors consist
ing OF members from each bank in
the group. E. w. Decker. president Of
the Northwestern National bank, will
be president Of the holding company.
Other officers will include w. A.
burst and H. d. Thrall Of the Min
ileeota Loan and Trust company, E.
J. Wetser and r. A. Irish Of the First
National Bank and Trust company Of
Fargo. and Hanford MacNider and w.
9. 9. Bagley Of the First National
bank Of Mason City. Ia.
me ilnal organization meeting Ia
scheduled to be conducted later this
month. The territory to be served
BY the new group will be enlarged
later and other banks added, Mr..
Decker said.
Par value Of the holding company
shares has been placed at $50. The
association of banks will be COM
pleted by an exchange of stock in in
banks for an equitable
amount OF stock in the new holding
company. The organization Of the
group Is not branch bank plan 'in
any sense" representatives OF the
group declared.
Stock to BE Offered
In addition to the stock issued in
exchange for the stock of these banks.
2 substantial amount of stock Of the
holding company will be offered
northwest investors to be used as
working capital. The issue will be
sold entirely in the northwest to in
vestors In the district served by he
banks Of the group.
The Northwestern National Bank
and its affiliated institutions at the
close Of business Dec. 81. had q total
of $l07 7,746,9l0 In deposits. executives
said.
Mr. Weiser, president OF the Fargo
bank, declared today that "ever since
This matter was first discussed sew
eral months ago. have tried to view
y from the standpoint Of q country
banker whose life has been spent in
the northwest and who has the best
Interest OF North Dakota ct heart"
Twin City business men and rail-
road executives generally declared
their approval Of the formation OF q
nucleus for large banking organiza-
ton In the northwest.
The First National bank of st. Paul.
which took part in preliminary dis
cusston Of the plan, has since with
drawn, as also has the First Nation
n bank Of Aberdeen, 8. D. No an
nouncement explaining their action
Vas made today.