First National Bank, Elk Point, SD (Charter 5901)

ca.1925 postcard of the First National Bank of Elk Point, SD.

First National Bank, Elk Point, SD (Chartered 1901 - Receivership 1930)

Town History

2009 photo of the old First National Bank building.

Elk Point is the county seat of Union County in southeastern South Dakota. The British established a Hudson's Bay Company trading post in 1755 near present-day Elk Point. Elk Point was so named on account of the abundant elk in the area at that time. The town was incorporated in 1873.

During the National Bank Note Era (1863-1935), the population of Elk Point was 1,081 in 1900, growing to 1,294 in 1930. Its highest and current population is 2,149 (2020).

Elk Point had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.

Bank History

• Organized Jun 22, 1901
• Chartered Jul 12, 1901
• Opened for business Jul 15, 1901
• Succeeded Citizens Bank
• Receivership Dec 16, 1930

Official Bank Title(s)

1: The First National Bank of Elk Point, SD

Bank Note Types Issued

Series 1902 Plain Back $20 bank note with pen signatures of M.E. Johnson, Cashier and E.W. Freeman, Vice-President.

Series 1929 Type 1 $10 bank note with printed signatures of M.E. Johnson, Cashier and E.W. Freeman, President. Ebay photo.

A total of $282,090 in National Bank Notes was issued by this bank between 1901 and 1930. This consisted of a total of 22,728 notes (20,772 large size and 1,956 small size notes).

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

Series/Type	Sheet/Denoms	Serial#s	Sheet Comments
1882 Brown Back	3x10-20	1 - 870
1882 Date Back	3x10-20	1 - 1370
1882 Value Back	3x10-20	1371 - 2385
1902 Plain Back	3x10-20	1 - 1938
1929 Type 1	6x10	1 - 278
1929 Type 1	6x20	1 - 48

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1901 - 1930):

Presidents:

• George R. Freeman, 1901-1913
• Oluf Johnson, 1914-1925
• Barzilla A. Rozell, 1926-1927
• Wesley W. Guillaume, 1928-1928
• Edgar William Freeman, 1929-1930

Cashiers:

• H. B. Beckwith, 1901-1904
• Oluf Johnson, 1905-1913
• George William Freeman, 1914-1925
• Milton Ernest Johnson, 1925-1930

Other Known Bank Note Signers

• Donald Grant (VP 1913...1914)

Bank Note History Links

• First National Bank, Elk Point, SD History (NB Lookup)
• South Dakota Bank Note History (BNH Wiki)

Sources

• Elk Point, SD, on Wikipedia
• Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
• Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
• Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project