First National Bank, Iona, MN (Charter 7128)

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ca. 1915 Postcard of the First National Bank

First National Bank, Iona, MN (Chartered 1904 - Liquidated 1930)

Town History

1902 Red Seal $10 bank note with pen signatures of A. Gullord, Cashier and F.D. Weck, Vice-President

Iona is a city in Murray County in the southwest part of Minnesota. It was platted in 1878, and named after the Scottish island of Iona. A post office has been in operation at Iona since 1880.

During the National Bank Note Era, Iona had a population of 358 in 1900, dropping to 321 in 1930 and as of 2010 it has dropped to 137.

First National was the only National Bank in Iona.

Bank History

  • Organized Dec 28, 1903
  • Chartered Feb 8, 1904
  • Conversion of the State Bank of Iona
  • Liquidated Feb 27, 1930
  • Absorbed by Murray County State Bank of Slayton

The history of the First National Bank of Iona can be traced back to 1899 when its predecessor, the Bank of Iona, was established as a private bank. On June 3, 1900, the bank was reorganized as the State Bank of Iona under Minnesota state charter #300. A local grain merchant, Henry Joseph Waddell, was its president, a grocer, John Krier, was vice president, and Louis Malm was cashier. On August 14, 1902, Christopher Dinehart and Frank Weck, two prominent bankers from Slayton, bought stock. Whether they also took over the management of the bank at that time is unclear, but they definitely did less than two years later, when the bank was reorganized as the First National Bank of Iona under national charter #7128 on February 8, 1904. At that time Dinehart and Weck became president and vice president, respectively, offices they would hold until Dinehart’s death in 1927. The cashier was William Delos White, who had previously been cashier at the State Bank since 1903 and would briefly also become cashier at the First National Bank of Slayton in 1905. Before its reorganization as a national bank, the State Bank had previously consolidated in late 1903 with another private bank in Iona, the Farmers Bank, that had opened in 1901.

In 1914, the bank built a new building adjacent to its previous premises and occupied it on November 30. A contemporary account provides considerable detail about the building:

“It is a one-story structure, concrete basement. The superstructure is of malt faced brick with Kettle River pink sandstone. The interior is finished in natural oak with oak furniture. The woodwork and furniture are designed to harmonize with three-eighths perpendicular bars of oxidized steel. The building is heated with hot water. The dimensions of the building are 25 by 48 feet. The banking room and lobby is 23 by 30 feet. In the rear is the directors’ room 16x18 ft, and north is the toilet and lavatory, and the vault, which is 7x10 ft. … the building is one of the finest bank buildings in southwestern Minnesota.”

Sadly, it no longer exists.

Christopher Dinehart died in early 1927, and was succeeded as president by Elias E. Bolstad, the owner of a local general store. He in turn was succeeded in 1929 by Frank Weck, the long-time vice president. On February 27, 1930, the bank was consolidated with the State Bank of Slayton and the State Bank of Hadley to form the Murray County State Bank. The office in Iona probably continued to operate as a branch, perhaps for decades, but it was eventually closed and the building subsequently demolished.

Official Bank Title(s)

1: The First National Bank of Iona, MN

Bank Note Types Issued

1902 Plain Back $10 bank note with pen signatures of P.P. Wermerskirchen, Cashier and C.E. Dinehart, President. Courtesy of Heritage Auctions, ha.com

Smith, President]] A total of $130,900 in National Bank Notes was issued by this bank between 1904 and 1930. This consisted of a total of 10,472 notes (10,472 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 - 620
1902 Date Back 3x10-20 1 - 760
1902 Plain Back 3x10-20 761 - 1998

Bank Presidents and Cashiers

First National Bank Presidents and Cashiers during the National Bank Note Era (1904 - 1930):

Presidents:

Cashiers:

  • W. D. White, 1904-1907
  • A. Gullord, 1908-1914
  • F. J. Stebor, 1915-1921
  • P. P. Wermerskirchen, 1922-1922
  • P. B. Kitchen, 1922-1922
  • P. P. Wermerskirchen, 1923-1929

Other Bank Note Signers

  • Frank Douglas Weck, VP 1905-1929

Wiki Links

References

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