Lakeside State Bank

Lakeside State Bank was chartered in 1952 to serve the newly organized City of New Town by the Lerberg family of Parshall. There was not a bank at the time in the communities of Van Hook, Sanish or Elbowoods that were flooded by the creation of the Garrison Reservoir. Banking needs were served by banks and bank exchanges in neighboring towns. The b... ank opened with total capital of $35,000 and the first year-end financial statement indicated total assets of $386,000 and capital accounts of $47,699. Banking quarters were located in a three-bedroom house with an attached vault. In 1956, controlling interest of the bank was acquired by a group of local investors and a new bank building was constructed in 1959, at its present location, with a major portion of the building rented to a retail shop and government offices. In 1968, when assets had reached $3 million, controlling interest was sold to the Petersen family from New Town, the sole shareholders today. The Petersen family also owns the McKenzie County Bank in Watford City, North Dakota. In 2008, Lakeside State Bank merged with Peoples Bank and Trust of Parshall, North Dakota. Peoples Bank and Trust, with locations in Parshall, Makoti and Plaza, was controlled by the Lerberg family of Parshall since 1937. As we progress into the 21st century, we rely on our rich local history to provide true hometown banking, but we also recognize the importance of providing our customers with the new and advanced services they expect. Thank you for letting us be your bank.Read More