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Quality Service With A Personal Touch

Staff of First Southeast Bank

Staff of First Southeast Bank

History Timeline


Bank of Harmony is formed by Tollef Sanderson in the building now occupied by Big Woods Graphics.

April 12, 1904

The Bank is incorporated and stock is sold.

April 26, 1904

The Bank is licensed under the laws of the State of Minnesota. Original Board is comprised of Tollef Sanderson, O. Thundale, Tallak Brokken, John Jacobson, and W.T. Burmeister.

June 1904

The Bank commences business under the new charter and name, Harmony State Bank. The Cashier is given the authority to purchase and install a telephone should he find it “necessary and convenient to do so”.

October 1904

First loan is discussed in the amount of $800. Approval was tabled but in November 1904 the loan was approved.

June 1905

Dividend is declared for $5.00 per share.

July 1931

1st National Bank of Harmony sends a memo to Harmony State Bank urging a consolidation of the two banks. Harmony State Bank sends a similar memo back but no action by either bank is taken at that time.

June 1932

The Board discusses establishing waivers on deposits due to the events of the Great Depression to prevent unwarranted withdrawals. The Board agrees to a 3 day Bank Holiday. Shortly thereafter, the Bank was granted membership into the Federal Deposit Insurance Corporation (FDIC).

June 1955

Mr. Sanderson receives an offer of intention by David Toussaint of Jesup, Iowa who was interested in purchasing both the Harmony State Bank and 1st National Bank with the intention of liquidating 1st National Bank into Harmony State Bank.

July 1955

Mr. Toussaint purchases the lot for construction of a new bank building. The lot is the current location of First Southeast Bank in Harmony. Vic Wubbels of Preston is hired to do the construction with Paul Broadwater doing the HVAC and Harmony Electric (later known as Morem Electric) doing the electrical work.

February 18, 1956

Consolidation of the two Banks is completed and operations move into the new location.

April 1958

Harmony State Bank is purchased by Norris and Ella Hanson. Norris Hanson is elected President and Director with Carl Lind serving as Vice President. In December of the same year, Everett Anderson is hired as Cashier.

December 1964

The lot to the immediate north of the Bank is purchased for future expansion.

December 1965

The Bank is sold once again, to Leonard and Rachel Skaalen of Spring Grove and Gus and Evelyn Carlson of Kiester. Leonard Skaalen takes over as President.

June 1971

Leonard and Rachel Skaalen purchased Mr. and Mrs. Carlson shares.


Bank undergoes a major renovation of the interior and exterior of the Bank. A new addition to the north was constructed for a new bookkeeping area as well as the Bank’s first drive up window. The first customer through the new drive up window was Mr. Alan Hill. A gala grand opening was held in the summer.

January 1984

Bank installs its first NCR in house computer system. The new system automates many of the manual bank work while allowing for new operations to be performed.

January 1986

Bank is purchased by Mr. and Mrs. Jerome Bushman and Mr. and Mrs. Ronald Darga. Robert Jackson is elected President of the Bank and remains in the position until 1990.


The Bank undergoes another major remodel of the interior of the Bank as well as adding additional operations areas.

April 1988

Jerome and Barbara Bushman and family purchase the stock of Mr. and Mrs. Darga.

May 1989

First Southeastern Banc Group Inc. purchases the Canton State Bank from J. Kevin Costley, Keith Bedford and John Waters.

January 1991

Christopher Skaalen is elected President of the Bank.

Summer 1992

Canton State Bank undergoes a major renovation to its interior as well as the exterior of the building, upgrading its drive up facility with a drive up ATM.

Summer 1993

The Bank celebrates 100 years of service to the community with an all town luncheon and celebration. Christopher Skaalen becomes a stockholder in the corporation.

January 1995

First Southeastern Banc Group Inc. purchases the Granger State Bank from Ronald Jaeb and Family as well as numerous local shareholders and the facility is given a facelift to the interior of the Bank.

September 1998

Granger State Bank and Harmony State Bank merge.

January 1999

Harmony State Bank changes its name to First Southeast Bank.

January 2003

Granger location is officially closed and all operations are moved to the Harmony location. Granger remains as a limited service facility offering night deposit services.

August 2011

Canton State Bank merges into First Southeast Bank.

Fall 2012 through Spring 2013

First Southeast Bank, Harmony location, undergoes a major renovation to the interior and of the building with a large addition added.