First National Bank, Elgin, MN (Charter 7184)

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This should be a contemporary postcard or photo of the bank

First National Bank, Elgin, MN (Chartered 1904 - Liquidated 1909)

Town History

This could be recent photo of the bank or another postcard

Elgin is a city in Wabasha County, in southeastern Minnesota. Elgin was laid out in 1878 when the railroad was extended to that point. The city was named after Elgin, in Scotland.

During the National Bank Note Era Elgin had a population of 144 in 1880, climbing to 466 in 1930, as of 2010 the population stood at 1,089.

First National Bank was the only National Bank in Elgin.

For more information on the town of Elgin, see their Wikipedia page.

Bank History

  • Organized Mar 14, 1904
  • Chartered Mar 25, 1904
  • Opened Apr 4, 1904
  • Liquidated Jul 31,1909
  • Aug 2, 1909, Succeeded by First State Bank of Elgin

First National Bank was organized by a group of Winona men, connected with the Merchants National Bank, in that city. The incorporators were W. P. Tearse, Sr. (president), J. H. Davis (vice-president), Hannibal Choate, V. Simpson and Theodore Wold (would become 1st governor of FRB of Minneapolis in 1914). The new institution opened its doors April 4, 1904, with a capital of $25,000. John Walsh was cashier, and Edith Sawyer, who has been with Mr. Bryant, was assistant. In 1905 George Toogood and John Dubbles were added to the list of directors. In 1906 Mr. Tearse resigned as president and was followed by Hannibal Choate. The national charter was surrendered Aug. 1, 1909, and on Aug. 2, 1919, the bank was chartered as the First State Bank of Elgin with a capital of $30,000 and a surplus of $10,000.

Bank Note History Wiki links:

Official Bank Title(s)

1: The First National Bank of Elgin, MN

Bank Note Types Issued

1902 Date Back $10 bank note with pen signature of John Walch, Cashier and faded President signature. Courtesy of Higgins Museum

A total of $59,850 in National Bank Notes was issued by this bank between 1904 and 1909. This consisted of a total of 4,788 notes (4,788 large size and 0 small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type Sheet/Denoms Serial#s
1902 Red Seal 3x10-20 1 - 1080
1902 Date Back 3x10-20 1 - 117

Bank Presidents and Cashiers

First National Bank Presidents and Cashiers during the National Bank Note Era (1904 - 1909):

Presidents:

  • Hannibal Choate, 1904-1904
  • W. P. Tearse, 1904-1905
  • Hannibal Choate, 1906-1908

Cashiers:

  • John Walch, 1904-1908


Other Bank Note Signers

  • There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

References

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