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The First National Bank of Milnor was incorporated at Milnor May 12, 1906 and opened for business Sept. 14, 1906. Incorporators of the bank were F.F. Harlow, C.G.Seltveit, James Brown, James McGann, H.C.Johnson, H.H. Berg and O.S. Sem.

At the first meeting of the board of directors the following officers were elected: H.H.Berg, president; O.B. Jorgenson, vice president; and A.W. Eastman, cashier. The original bank building was constructed and occupied on October 1, 1906. A fire gutted the original bank building in the latter part of 1932. The building was then reconstructed to original form in the summer of 1933. This building still stands and is occupied by The Teller (official newspaper of Sargent County). During the summer and fall of 1959, a new building was constructed for the bank and bank personnel moved to what is their present location and workspace. In 1988 another addition was added to handle additional loan staff and an insurance agency.

The bank has been in operation continually since its opening, surviving several depressions during which time nearly all other banks in the county closed. The bank also survived the bank holiday of 1933. Over the years, First National Bank has updated operating equipment and expanded financial opportunities to offer customers a full range of banking services.

The original cashier and chief-executive-officer of the bank was A.W. Eastman, who served in that capacity from the opening in 1906 until his death in 1950. Anton Nelson was then elected to serve in that capacity and continued until his death in February 1961. Harold L. Johnson was then elected to succeed Mr. Nelson and continued to serve until his retirement on January 31, 1983. Jon B. Mund was then elected and served as president and chief executive officer until his retirement January 31, 2007. Claire Seefeldt currently serves as president.

First National Bank, unlike many system banks, is locally owned and operated. The current board of directors are: Jon B. Mund, Keith L. Johnson, Thomas W. Mund, Patrick Freeberg, Kit Mund and Randy Pearson.

In 1996 the bank changed its name to First National Bank and opened an office in Lisbon, ND. It was built where the Old Saxerud Motors building used to stand. This new 3432 square foot facility offers full service banking including all types of loans and deposit products. Safe Deposit Boxes are also available. Two drive-up windows and a night depository service are available for customer convenience.