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Great Northern Life Insurance Company Records, 1922-1924
The Great Northern Life Insurance Company was organized in Grand Forks, North Dakota, in 1910. Don McDonald served as president till around 1916 and E.J. Lander served in the same capacity until 1924. On January 31, 1924, the Occidental Life Insurance Company of Los Angeles offered to purchase all of the capital stock of the Great Northern Life Insurance Co. at $200 per share, which was $50-60 more than the actual book value. Local stockholders representing a majority of the stock of the company decided to accept the offer. A contract was signed, with Occidental also agreeing to continue an office in Grand Forks.
For a number of years previous to this agreement, business in the Great Northern Life Insurance Co. had not been satisfactory. E.J. Lander felt that the outlook for the near future was not good. Along with others, he greatly disliked the idea of having to sell the company to outside interests but felt it was advisable to do so.
The two companies officially consolidated in May 1924 and the Great Northern Life Insurance Co. was dissolved the next month. The Occidental Life Insurance Company maintained an office in Grand Forks until the early 1940s.
Donation; Acc.#91-1759 and 91-1773