First National Bank - Bagley, Fosston
Clearwater County was in its infancy in 1903 when Albert Kaiser Sr., an already established businessman and banker, came to Bagley and helped organize First National Bank on Main Street.
On June 2, 1903, with their application for Charter approved, First National Bank opened its doors for business; those doors have remained opened since that day, making it the oldest established bank in Clearwater County. More noteworthy, one family has owned First National Bank continuously and they now have a further distinction as being the owners of the oldest privately owned national bank in the State of Minnesota.
Albert Kaiser, Sr. served as President until he died in 1940. At that time his son and namesake, Albert Kaiser, Jr., succeeded his father as President and continued in that position until his death in 1988. Upon his death, his wife Eleanor assumed the presidency and served until her death on May 30, 1997. While serving as President, the Board of Directors approved the purchase and acquisition of the Farmers State Agency, the bank where her own father-in-law had once worked. Following Eleanor's death, the Kaiser daughters, Pamela Rosacker and Penelope Kaiser Lee assumed the ownership. The Board of Directors now has the fourth generation of the Kaiser family serving and taking us through the new millennium. Serving on the current Board of Directors are: Penelope Kaiser Lee, William Rosacker Sr. (husband of the late Pamela Rosacker); fourth generation leaders are Stephanie (Rosacker) Forbes, William Rosacker II, Tammy (Lee) Morell, Kyle Lee and Whitney Lee. Lester Liljedahl serves as President and Chairman of the Board of Directors.
The banking tradition has deep roots in the Kaiser family and the desire to be a leader in the banking industry appears to be continuing on all branches of the family tree.