First National Bank, Leola, SD (Charter 13459)

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First National Bank (No Issue), Leola, SD (Chartered 1930 - Liquidated 1935)

Town History

Leola is the county seat of McPherson County in North Central South Dakota. It was founded on May 1, 1884, and named for Leola Haynes, daughter of one of the town's founders.

During the National Bank Note Era (1863-1935), the population of Leola was 484 in 1910, growing to 724 in 1930. It's highest population was 833 in 1960, and the population was 434 as of the 2020 census.

Leola had one National Bank, and it did not issue National Bank Notes.

Bank History

  • Organized April 10, 1930
  • Succeeded The Bank of Leola
  • Chartered April 22, 1930
  • Affiliated/Acquired by First Bank Stock Corporation April 26, 1930.
  • Operated as First National Bank of Leola
  • Liquidated May 13, 1935
  • Absorbed by 2980 May 13, 1935 (First National Bank/First NB & TC, Aberdeen, SD)

In April 1930, P.J. Leeman, vice president, announced the State Bank of Lake Elmo, Minnesota, and the Bank of Leola, South Dakota, had been included in the First Bank Stock Corporation group. It was planned to organize the First National Bank of Leola as the successor to the Bank of Leola with capital of $25,000 and surplus of $10,000. The officers of the present bank would continue under the national charter and they were: Fred Kusler, president; E.D. Berridge, vice president; W.C. Turner, cashier; and Adam E. Heupel, assistant cashier.

On March 15, 1935, the bank served notice to the public that it would close on or before April 1st and pay the depositors in full for all money on deposit. The reason given was that the bank could not make overhead expenses owing to the great liquidation of livestock through the want of feed the previous fall. The furniture, fixtures, safe deposit boxes and other equipment of the First National was moved by truck to Aberdeen and located in the building occupied by the Aberdeen National Bank and Trust Company.

Official Bank Title(s)

1: The First National Bank of Leola, SD

Bank Note Types Issued

No National Bank Notes were issued by this bank.

Bank Presidents and Cashiers

First National Bank Presidents and Cashiers during the National Bank Note Era (1930 - 1935):

Presidents:

Cashiers:

Bank Note History Links

Sources

  • Leola, 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://bbdata.banknotehistory.com
  • Star Tribune, Minneapolis, MN, Thu., Apr. 3, 1930.
  • Argus-Leader, Sioux Falls, SD, Fri., Mar. 15, 1935.
  • Sioux City Journal, Sioux City, IA, Fri., Apr. 26, 1935.
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