First National Bank, Royalton, MN (Charter 6731)

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Postcard of the First National Bank building (far right) ca.1915

First National Bank, Royalton, MN (Chartered 1903 - Receivership 1926)

Town History

Photo of the old First National Bank building taken in 2006.

Royalton is located in Morrison County in central Minnesota, with a small section of the southern part of town in Benton County. Royalton was platted in 1878 and incorporated in 1887. It was named after Royalton, Vermont, the native home of several of the early settlers.

During the National Bank Note Era, the population of Royalton was 582 in 1890, climbing to 690 in 1920, and dropping to 518 in 1930. It's highest population was 1,242 in 2010, and the current population is estimated at 1,208 (2017).

Royalton's first bank was the (private) Bank of Royalton, established in 1888 by Oliver H. Havill. Havill served as Cashier, and C.M. Hertig was President, until the late 1890s, when Charles R. Rhoda became Cashier, with Havill serving as President.

Royalton only had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.

Bank History

The First National Bank's early history can be traced back to the Merchants State Bank of Royalton, which was organized on October 30, 1901 by Charles R. Rhoda, A.H. Turrittin and associates. Mr. Rhoda served as the first Cashier. Mr. Turrittin had been Principal of the Royalton High School, and began his distinguished 20 year banking career as President of the new bank. He later served as Superintendent of Banks for the state of Minnesota from 1914-1917.

On May 3, 1903, Rhoda and Turrittin converted the Merchants State Bank to the First National Bank of Royalton, which was organized on April 9, 1903 and received Charter 6731 on April 21, 1903. The bank opened for business on May 11, 1903 with a starting capital stock of $25,000, and a minimal $6,250 circulation of National Bank notes. Rhoda remained as Cashier, and Turrittin as President. Within two months of opening, Mr. Turrittin had resigned his position as President to organize the (private) Bank of Rice, MN, and A.C. Wilson succeeded him as President. The First National Bank of Royalton was placed in Receivership on July 22, 1926 due to local depression.

Official Bank Title(s)

1: The First National Bank of Royalton, MN

Bank Note Types Issued

1902 Red Seal $10 bank note with pen signatures of Chas. R. Rhoda, Cashier and A.H. Turrittin, President

A total of $115,550 in National Bank Notes was issued by this bank between 1903 and 1926. This consisted of a total of 9,244 notes (9,244 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 - 700
1902 Date Back 3x10-20 1 - 770
1902 Plain Back 3x10-20 771 - 1611

Bank Presidents and Cashiers

First National Bank Presidents and Cashiers during the National Bank Note Era (1903 - 1926):

Presidents:

Cashiers:

Other Known Bank Note Signers

Bank Note History Links

Sources

  • Frank B. Logan, Historical Sketches of Royalton and Vicinity (Royalton Banner, 1930).
  • Royalton, MN, Wikipedia, https://en.wikipedia.org/wiki/Royalton,_Minnesota
  • "Albert H. Turrittin Obituary", Minneapolis Star Tribune, October 2, 1921, p1.
  • Second Annual Report of the Department of Banking of the State of Minnesota, July 31, 1911, p9.
  • 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