L.A. Sayer and family arrived in Cooperstown in 1929 at which time Mr. Saver was employed by the H.P. Hammer Company. In 1933 he formed the Livestock Credit Company for the purpose of making farm loans and later expanded into car financing through his privately owned L.A. Sayer Company. Originally his office was in the northwest corner of the Fladeland Building (now Skramstad Apartments). In 1944 he bought the building originally owned by the defunct Farmers and Merchants Bank.
Clarence Sandvik began working for the L.A. Saver Company and the Livestock Credit Company in 1950 and was principally in charge of the insurance department.
In January of 1952 Roy L. Solberg moved to Cooperstown and purchased stock in the Livestock Credit Company and the insurance business.
L.A. Sayer purchased the Binford Bank from Emil Olson in 1954; and that same year his son, Leon Sayer, returned to Cooperstown to become affiliated with the Binford Bank, the Livestock Credit Company, and the insurance business in Cooperstown.
In 1964 the Security Trust Company was organized, in which the present banking business had its beginning. L.A. Sayer, Leon Sayer, Roy L. Solberg, and Clarence Sandvik were the principal stockholders, directors, and officers of the Security Trust Company.
In 1966 the North Dakota State Banking Board approved the merger of the Binford State Bank and the Security Trust Company to be called the Farmers and Merchants Bank with headquarters to be located in Cooperstown. An addition was added to the Cooperstown headquarters in 1966 to make room for the expanded operation. L.A. Sayer, Leon Sayer, Roy L. Solberg, and Clarence Sandvik were the principal stockholders, directors, and officers of the newly formed Farmers and Merchants Bank.
Since the death of L.A. Sayer in 1975, Roy L. Solberg, Leon Saver, and Clarence Sandvik have been the principal stockholders and directors with Roy L. Solberg serving as president, Leon Sayer as vice-president, and Clarence Sandvik as vice-president and cashier.
Source: Cooperstown, North Dakota 1882-1982 Centennial Page 213