First National Bank, Mora, MN (Charter 7292)
First National Bank, Mora, MN (Chartered 1904 - Receivership 1931)
Town History
Mora is the county seat of Kanabec County in east-central Minnesota. Mora was platted in 1882 by Myron Kent. The city was named after Mora, Sweden. The post office opened February, 27th, 1883 with Kent being the first postmaster.
During the National Bank Note Era (1863-1935), the population of Mora was 785 in 1900, growing to 1,014 in 1930. Its highest (and current) population is 3,665 (2020).
Mora had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.
Bank History
- Organized May 18, 1904
- Chartered June 7, 1904
- Succeeded Kanabec County Bank, Mora, Minnesota
- Receivership September 14, 1931
In August 1897, the proprietors of the Kanabec County Bank, Keith & Newbert, needed larger quarters for their banking business and decided to erect a building of their own. The site selected was on the west side of Union Street near J.C. Pope's law office. Plans and specifications were drawn up by J. Walter Stevens, architect of St. Paul. The building was to be 42 fee in length, two stories high and made of solid brick. Large plate glass windows would be put in, being the first in the village. The estimated cost of the block was between $3,000 and $3,500. The interior of the first room would be finished in ash with new office fixtures. The second floor would be fitted up for a lodge hall. Mr. Chas. Keith of Princeton was president, and George H. Newbert of Mora, cashier of the bank.
George H. Newbert was born at Bethel, Anoka County, Minnesota on July 27 1872. At the age of 18, he was employed as bookkeeper in the First National Bank of Princeton and at the age of 21, was elected assistant cashier. He was treasurer of the village of Princeton. In July 1894, he organized the Kanabec County Bank of Mora, Minnesota, and was its cashier since its organization. He was a leading Mason and member of the Knights of Pythias and Ancient Order of United Workmen (AOUW).
In May 1904, the comptroller of the currency approved the application of George H. Newbert, David R. Eaton, Raleigh M. Pope, Charles Keith and others to organize the First National Bank of Mora, Minnesota with a capital of $25,000.
In January 1905, at a meeting of the stockholders, the following officers were elected: Charles Keith, president; J.C. Pope, vice president; George H. Newbert, cashier; S.C. Southwick, assistant cashier.
In January 1911, at the annual meeting of the First National Bank of Mora, the following officers were elected: George H. Newbert, president; J.C. Pope, vice president; V.W. Peterson, cashier. the directors were Geo. H. Newbert, J.C. Pope, F.A. Cutler, D.R. Eaton, and R.M. Pope.
The First National bank of Mora was placed into Receivership on September 14, 1931. The OCC reports list the reason for failure as incompetent management and local depression. In January 1932, a first dividend of 25% was paid to depositors of the bank.
An announcement was made on February 20th, 1932, of a new bank for Mora. The First National Bank was closed September 12, 1931 and since then, only the State Bank was in operation. The Quamba State Bank of Quamba purchased the First National Bank building and would move in February 22nd, operating under the name Kanabec State Bank. The officers were Frank P. Powers, president; Art C. Rentz, vice president; and Mary Powers, cashier.
Official Bank Title(s)
1: The First National Bank of Mora, MN
Bank Note Types Issued
A total of $310,880 in National Bank Notes was issued by this bank between 1904 and 1931. This consisted of a total of 24,946 notes (22,648 large size and 2,298 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 - 1076 1902 Date Back 3x10-20 1 - 1800 1902 Plain Back 3x10-20 1801 - 4586 1929 Type 1 6x10 1 - 303 1929 Type 1 6x20 1 - 80
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1904 - 1931):
Presidents:
Cashiers:
Other Known Bank Note Signers
Bank Note History Links
Sources
- Mora, MN, 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 Princeton Union, Princeton, MN, Thu., Aug. 26, 1897.
- The Princeton Union, Princeton, MN, Thu., Oct. 28, 1897.
- The Princeton Union, Princeton, MN, Thu., Apr. 20, 1899.
- Minneapolis Daily Times, Minneapolis, MN, Fri., May 6, 1904.
- The Minneapolis Journal, Minneapolis, MN, Mon., Jan. 16, 1905.
- The Princeton Union, Princeton, MN, Thu., Jan. 19, 1911.
- St. Cloud Times, St. Cloud, MN, Fri., Jan. 29, 1932.
- The Minneapolis Journal, Minneapolis, MN, Sat., Feb. 20, 1932.