First National Bank, Red Wing, MN (Charter 1487)
First National Bank, Red Wing, MN (Chartered 1865 - Closed (Merger) 2000)
Town History
Red Wing is a city in Goodhue County, Minnesota, along the upper Mississippi River. It is the county seat of Goodhue County. The population was 16,459 at the 2010 census. In 1860, the population was 1,250, growing to 9,629 by 1930.
This city is named for early 19th-century Dakota Sioux chief, Red Wing. The federal government established a Mdewakanton Sioux Indian reservation—now Prairie Island Indian Community—in 1889 along the Mississippi River to free up land for new settlers. The city of Red Wing developed around it.
The first settlers in town built small mills, factories, and workshops, similar to ones they were familiar with in New England and the upper Midwest, from where many had come. Numerous immigrants from Germany, Ireland, Norway and Sweden settled in this area and were also skilled craftsmen. Some early industries were tanning and shoe-making, while other businessmen manufactured farm equipment, bricks, barrels, boats, furniture, pottery, and clothing buttons. Consumables included beer and lumber. Service industries including stone-cutting, hospitality, and retailing. The St. James Hotel remains a working token of the earlier time.
Red Wing had three National Banks chartered during the Bank Note Era, and all three of those banks issued National Bank Notes. Red Wing also had two Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).
Bank History
- Organized June 20, 1865
- Chartered July 26, 1865
- Succeeded Smith & Dickinson
- Bank was Open past 1935
- For Bank History after 1935 see FDIC Bank History website
- Merged with The Red Wing National Bank and Trust Company (Charter 13396) in August 1936
- Changed name to First Northwestern NB of Red Wing April 1,1974
- Merged into Wells Fargo Bank, NA, San Francisco, CA, July 8, 2000
The Banking House of Smith, Meigs & Co., Red Wing, Minnesota Territory (M.T.) was advertising its services in 1858. The operators were P. Smith, Red Wing, M.T.; E.L. Meigs, N. Knapp, and A.W. Ferguson, Malone, NY; and W.S. Dickinson, Bangor, NY.
In July 1862, The Goodhue Volunteer noted that the rubbish was cleared off from the lot adjoining Mr. Thomas' store, preparatory to the erection by Messrs. Smith & Dickinson of a fine building for a bank on Main Street. Jesse McIntire and J.C. Pierce, Esqs. were each preparing to build residences in the upper part of the city. The bank opened in its new quarters in August. In December 1862 it was reported that a little of the Postage currency began to show itself and merchants were willing to take it more readily than the shin plasters. The Postage currency was put in circulation by Messrs. Smith & Dickinson, they having received a small installment of it.
In October 1863, the Bank of Red Wing with Wells S. Dickinson, president, and Pascal Smith, cashier was doing business. These bankers were well known, having been doing business in Red Wing since 1857. They were authorized to issue $25,000 secured by deposited United States interest bearing bonds in the amount of $27,500, making their notes of greater intrinsic value than "Green Backs." It was noted that this new bank was not connected with the old Bank of Red Wing that was a branch of the great railroad swindle of 1857 which issued notes secured (if security it could be called) by a pledge of Railroad bonds that were not worth thirteen cents on the dollar.
A small number of Bank of Red Wing issued notes survived and may be seen along with the a story about how these Red Wing Notes Come Home.
On December 2, 1904, a deal was made by which the controlling interest in the First National Bank was sold to the Union Investment and Trust Company of Minneapolis, and H.H. Buck and C.W. Crandall, both of Spirit Lake, Iowa, and associates. F.H. Welcome of the trust company was elected president, H.H. Buck, vice president, H.P. McIntire, cashier, and C.W. Crandall, assistant cashier. Mr. Welcome, Mr. Buck and the former members constituted the board of directors. Jesse McIntire who had been at the head of the bank since 1865, sold his interests and retired. The interests which the Goodhue County National Bank owned in the First National were included in the deal. It had been the purpose of the men who bought the controlling interest in the First National to start a new bank in Red Wing, but a satisfactory proposition from the First National Bank owners was accepted, and the city continued as before to have but three banks.
In July 1936, the merger of the First National Bank with the Red Wing National Bank was announced by officials of the First Bank Stock Corporation and Northwest Bancorporation. The First National Bank of Red Wing was established in 1865 and became affiliated with Northwest Bancorporation in October 1929. On August 6, the boards approved the merger plans. The First National planned to move into the quarters occupied by the Red Wing National Bank and Trust Company. Upon completion of the merger, the First National would have deposits in excess of $2 million.
Official Bank Title(s)
1: The First National Bank of Red Wing, MN
Bank Note Types Issued
A total of $1,721,580 in National Bank Notes was issued by this bank between 1865 and 2000. This consisted of a total of 220,365 notes (189,472 large size and 30,893 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments Original Series 4x5 1 - 505 Original Series 3x10-20 1 - 1750 Series 1875 4x5 1 - 2850 Series 1875 3x10-20 1 - 950 1882 Brown Back 4x5 1 - 5038 1882 Brown Back 3x10-20 1 - 823 1902 Red Seal 4x5 1 - 3750 1902 Red Seal 3x10-20 1 - 2340 1902 Date Back 4x5 1 - 5100 1902 Date Back 3x10-20 1 - 3900 1902 Plain Back 4x5 5101 - 17283 1902 Plain Back 3x10-20 3901 - 12079 1929 Type 1 6x5 1 - 3176 1929 Type 1 6x10 1 - 1430 1929 Type 1 6x20 1 - 404 1929 Type 2 5 1 - 536 1929 Type 2 10 1 - 222 1929 Type 2 20 1 - 75
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1865 - 2000):
Presidents:
- Theodore Barnard Sheldon, 1865-1899
- Jesse M. McIntire, 1900-1904
- Dr. Florado Houser Wellcome, 1905-1907
- John Henry Cross, 1908-1920
- Samuel Howard Lockin, 1921-1935
Cashiers:
- Jesse M. McIntire, 1865-1899
- Henry P. McIntire, 1900-1905
- Samuel Howard Lockin, 1906-1920
- August Hipolitus Lidberg, 1921-1935
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Red Wing, MN, Wikipedia, https://en.wikipedia.org/wiki/Red_Wing,_Minnesota
- 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 Goodhue Volunteer, Red Wing, MN, Wed., July 9, 1862.
- The Goodhue Volunteer, Red Wing, MN, Wed., Aug. 20, 1862.
- The Goodhue Volunteer, Red Wing, MN, Wed., Dec. 3, 1862.
- The Goodhue Volunteer, Red Wing, MN, Wed., Oct. 7, 1863.
- The Minneapolis Journal, Minneapolis, MN, Sat., Dec. 3, 1904.
- The Minneapolis Journal, Minneapolis, MN, Thu., Aug. 6, 1936.