|History | Vision & Mission |
Articles of Association for Harwood State Bank were created
on June 28th, 1919 and were forwarded to the Secretary of
State of North Dakota. The principal place of business was
to be Harwood, a town of 70 people. There were nine investors
who purchased stock in the new corporation for a total of
$18,000.00 of capital stock. Harwood State Bank was granted
a charter by the Secretary of State on July 14th, 1919 that
was published in the Fargo Daily Courier News on September
5th, 1919. On August 18, 1919 J.C. Stennes, cashier, received
a bond in the amount of $10,000 and the bank was opened on
August 29, 1919.
During the 1920’s and 1930’s many things were
happening in the Banking industry in North Dakota.
Almost every small town in North Dakota had a bank but by
the end of the thirties many had closed. In 1928 Harwood State
Bank had deposits of $125,000 and loans of $100,000. In 1933
Harwood State Bank applied for membership in the Temporary
Federal Deposit Insurance Fund. They also borrowed $18,000
from the Reconstruction Finance Corporation, a corporation
set up for use by North Dakota State banks, for paying expenses
and for the anticipated withdrawals in the next 30 days. They
were granted deposit insurance for an amount of $5,000 for
each depositor from the newly formed Federal Deposit Insurance
Harwood State Bank was one of the banks to survive that
era with a strong capital ratio. The bank sold $7,000 more
in stock in 1951 to raise the capital stock to $25,000. There
have been two stock splits since that time. The first in 1959
and the second in 1980, and our capital stock is now $100,000.
In 1959 the bank completed a new building project in Harwood.
In 1993, the stockholders of the bank transferred its assets to a new holding company. The holding company is called
HSB Financial Corporation and continues to operate Harwood
HSB has a proven history of stability with a personal touch
that you can count on. Please give us the opportunity to continue
this tradition in the future. We hope you have enjoyed reading
about the experiences, which have made HSB what it is today.