First National Bank, Lead, SD (Charter 4631)
The First National Bank of Lead, SD (1891 - 1936+) was organized on September 9, 1891, and received Charter 4631 on September 17, 1891. The bank was closely associated with the Homestake (Gold) Mining Company, located in, under and around the town of Lead. As a result of Homestake's success, for a period starting in the late 1890s, Lead became the largest city, and First National the largest bank in South Dakota. The bank survived past the end of the National Bank Note era in 1935.
Town History
Lead (pronounced LEED) is located in Lawrence County in western South Dakota, near Deadwood in the Black Hills.
Lead was officially founded on July 10, 1876, after the discovery of gold in the area, and was named for the 'leads' or lodes of the deposits of valuable ores. It was founded as a company town by the Homestake Mining Company, which ran the nearby Homestake Mine, the largest, deepest (8,240 feet) and most productive gold mine in the Western Hemisphere before closing in January 2002.
In 1974, most of Lead was added to the National Register of Historic Places under the name of the "Lead Historic District". Over four hundred buildings and 580 acres were included in the historic district, which has boundaries roughly equivalent to the city limits.
During the National Bank Note Era, the population of Lead was 2,581 in 1890, growing to 8,392 in 1910, and then falling to 5,733 in 1930. It's highest population was 8,392 in 1910, and the population was 2,982 at the 2020 census.
Bank History
- Organized September 9, 1891
- Chartered September 17, 1891
- Succeeded Lead City Bank
- Bank was Open past 1935
- For Bank History after 1935 see FDIC Bank History website
- Affiliated/Acquired by Northwest Banco on February 19, 1929
- Absorbed FNB Deadwood December 21, 1935, and FNB Rapid City 1938
- New title of FNB of the Black Hills, Rapid City, September 30, 1938
On Monday, June 2, 1879, S.N. Wood's new Lead City Bank opened its doors. Later the bank became that of Thum, Lake & Co. and in 1883 it became a state bank under the name of the Lead City Bank. In November 1880, the gentlemanly Hy. John Ainley was cashier of the Thum, Lake & Company's Lead City Bank. In August 1881, Hy. John Ainley resigned the cashiership and A.J. Parshall was promoted to the position. In January 1887, John E. Corcoran entered the bank as bookkeeper and in September 1895 was elected assistant cashier.
In January 1924, the directors were T.D. Murrin, E.F. Irwin, B.C. Yates, Chambers Kellar, Ernest May, R.E. Driscoll, J.W. Freeman, and P.A. Gushurst. R.H. Driscoll was cashier and P.A. Gushurst, president.
On Wednesday, January 15, 1925, at the annual meeting of stockholders, the following were elected directors for the ensuing year: J.W. Freeman, P.A. Gushurst, B.C. Yates, Chambers Kellar, T.D. Murrin, R.H. Driscoll, E.F. Irwin, Ernest May, and R.E. Driscoll. The directors met following the adjournment of the stockholders' meeting and elected the following officers: R.H. Driscoll, president; J.W. Freeman and P.A. Gushurst, vice presidents; R.E. Driscoll, cashier; J.E. Corcoran and Mason Tylor, assistant cashiers. The long years of service as cashier by R.H. Driscoll and his election to the presidency as well as the election of his son, R.E. Driscoll, as cashier, marked an epoch in the bank's history.
In January 1929, stockholders elected the following directors: P.A. Gushurst, Chambers Kellar, T.D. Murrin, R.H. Driscoll, R.G. Wayland, B.C. Yates, and R.E. Driscoll. The directors elected the following officers: R.H. Driscoll, president; P.A. Gushurst, vice president; Chambers Kellar, vice president; R.E. Driscoll, cashier; and J.E. Corcoran, Mason Tyler, and Wm. Andrews, assistant cashiers.
On January 10, 1934, at the annual meeting stockholders elected the following directors: P.A. Gushurst, Chambers Kellar, T.D. Murrin, B.C. Yates, R.E. Driscoll, Mason Tyler, and W.E. Adams. The following officers were elected at a subsequent meeting of the board: Chambers Kellar, president; P.A. Gushurst, vice president; R.E. Driscoll, vice president; Mason Tyler, cashier; and Wm. Andrews and John M. Ryan, assistant cashiers.
John M. Ryan, assistant cashier of The First National Bank of Lead, was appointed manager of the Hot Springs branch of that bank which opened Monday, April 2, 1934. Mr. Ryan was connected with the Lead bank for the last 13 years. The branch was established under the provisions of the Glass banking act of 1933 and enabling legislation passed by the South Dakota state legislature in special session last summer. The Lead bank was the first to qualify under the new legislation in this state. The First National bank of Lead was affiliated with the Northwest Bancorporation. The branch would be known as the Hot Springs branch, First National Bank of Lead. Hot Springs had been without banking facilities since the failure of the Fall River County bank in 1931.
On Wednesday, January 12, 1938, George V. Ayres, pioneer Deadwood merchant, was elected chairman of the board of the First National Bank of Lead. The officers of the bank were as follows: Lead office--R.E. Driscoll, president; John M. Ryan, executive vice president; Mason Tyler, vice president; William Andrews, cashier; W.J. Schoen, and Maude C. Nelson, assistant cashiers. Deadwood office--C.O. Gorder, vice president and manager; A.H. Shostrom, assistant cashier and assistant manager; H.P. Person, assistant cashier. Belle Fourche office--W.B. Penfold, vice president and manager; DeWitt Malvin, assistant cashier and assistant manager; R.R. Bernard, assistant cashier; R.S. Baird, assistant cashier. Hot Springs office--John C. Nelson, vice president and manager; Ralph Mattson, assistant cashier and assistant manager. Newell office--D.J. Hull, vice president and manager; George W. Malcolm, assistant cashier and assistant manager; H.A. Bartlett, assistant cashier. Spearfish office--W.E. Dickey, vice president and manager; J.M. Ramsay and George D. Blake, assistant cashiers. The board of directors consisted of Mr. Ayres; C.C. Anderson, executive vice president of the First National Bank of Rapid City; Guy N. Bjorge, general manager, Homestake Mining Co., Lead; H.S. Black, president of the Dakota Creamery Co., Deadwood; A.A. Coburn, insurance, Deadwood; R.E. Driscoll, Lead; C.O. Gorder, Deadwood; P.A. Gushurst, retired, Denver, Colorado; D.J. Hull, Newell; Chambers Kellar, chief counsel, Homestake Mining Co., Lead; T.D. Murrin, president, Hearst Mercantile Co., Lead; J.C. Nelson, Hot Springs; W.B. Penfold, Belle Fourche; W.G. Rice, Deadwood; John M. Ryan, Lead; and Mason Tylor, Lead.
On September 30, 1938, announcement was made of the consolidation of the First National Bank of Rapid City and the First National Bank of Lead which would operate as the First National Bank of the Black Hills. Offices were in Rapid City, Deadwood, Lead, Belle Fourche, Hot Springs, Newell, and Spearfish. Resources as of the consolidation date of October 1st were estimated at about $10 million with capital of $900,000. The merger would include combining the directorates of both the Lead and Rapid City banks, the combined board made up of George V. Ayres, chairman; C.C. Anderson, William Andrews, John A. Boland, Guy N. Bjorge, H.S. Black, Noel W. Klar, A.A. Coburn, R.E. Driscoll, C.O. Gorder, P.A. Gushurst, D.J. Hull, W.H. Johnson, Chambers Kellar, T.D. Murrin, W.B. Penfold, George Philip, W.G. Rice, John M. Ryan and Mason Tyler. Driscoll would be president of the consolidated bank and divide his time between Rapid City and Lead. Officers in the Rapid City office would include Anderson, executive vice president; Klar, cashier; and Warner M. Brown, Harold Browning, James T. Noble, Miss Maude C. Nelson, and H.R. Horlocker, assistant cashiers. At the Lead office, Ryan would be vice president in charge. Tyler and Andrews would be vice presidents, and W.J. Schoen, assistant cashier.
The original First National Bank of Lead was organized in 1879 and the First National Bank of Deadwood in 1877. Both of these banks opened on the tide of the gold rush into the Black Hills. The Bank of Spearfish was added in 1935. The Butte County Bank of Belle Fourche and the Reclamation Bank of Newell, or the so-called John Clay banks, were added in 1936. The First National Bank of Rapid City was organized in 1881. Through ownership it was connected with the First National Bank of Lead and the First National Bank of Deadwood in its early career, being part of the so-called Lake-Salisbury group. Both banks were affiliated with the Northwest Bancorporation of Minneapolis.
Official Bank Title(s)
1. The First National Bank of Lead, SD
Bank Notes Issued
A total of $755,090 in National Bank Notes was issued by this bank between 1891 and 1935. This consisted of a total of 72,524 notes issued (62,124 large size and 10,400 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s 1882 Brown Back 4x5 1 - 4000 1882 Brown Back 3x10-20 1 - 1690 1882 Date Back 4x5 1 - 947 1882 Date Back 3x10-20 1 - 744 1902 Date Back 3x10-20 1 - 2140 1902 Plain Back 3x10-20 2141 - 8150 1929 Type 1 6x10 1 - 1140 1929 Type 1 6x20 1 - 334 1929 Type 2 10 1 - 1265 1929 Type 2 20 1 - 291
Bank Presidents and Cashiers
First National Bank Presidents and Cashiers during the National Bank Note Era (1891 - 1935):
Presidents:
- Thomas Johnston Grier, (Sr.), 1891-1914
- Ernest May, 1915-1917
- Peter Albert Gushurst, 1918-1924
- Robert Henry Driscoll, 1925-1931
- Chambers Kellar, 1932-1934
- Robert Edward Driscoll, 1935-1935
Cashiers:
- Alexander Ross Sr., 1891-1893
- Robert Henry Driscoll, 1894-1924
- Robert Edward Driscoll, 1925-1930
- John Mason Tyler III, 1931-1934
- William Andrews, 1935-1935
Other Known Bank Note Signers
Bank Note History Links
Sources
- Lead, 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
- The Daily Deadwood Pioneer-Times, Sun., Nov. 21, 1880.
- The Weekly Pioneer-Times, Deadwood, SD, Thu., Nov. 9, 1905.
- Lead Daily Call, Lead, SD, Fri., Jan. 4, 1924.
- The Black Hills Weekly, Deadwood, SD, Thu., Jan. 15, 1925.
- Lead Daily Call, Lead, SD, Wed., Jan. 9, 1929.
- The Weekly Pioneer-Times, Deadwood, SD, Thu., Sep. 3, 1931.
- Lead Daily Call, Lead, SD, Wed., Jan. 10, 1934.
- The Weekly Pioneer-Times, Deadwood, SD, Thu., Mar. 29, 1934.
- Deadwood Pioneer-Times, Deadwood, SD, Sat., Jan. 15, 1938.
- Rapid City Journal, Rapid City, SD, Fri., Sep. 30, 1938.