First National Bank, Slayton, MN (Charter 5256)

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1910 postcard of Slayton. The First National Bank building is on the far right side
ca. 1920 photo of the interior of the First National Bank. Pictured are: Ray L. Reed (Ass't Cashier), Frank Weck (Cashier), Dick Lamb (postmaster), B.I. Weld (Vice President), and unknown. Courtesy of Murray County Historical Society.
2011 view of the First National Bank building in Slayton

First National Bank, Slayton, MN (Chartered 1900 - Liquidated 1927)

Town History

Slayton is a city in and the county seat of Murray County in southwest Minnesota.

The city was platted in 1882 by Charles W. Slayton, and named for him.

During the National Bank Note Era Slayton had a population of 380 in 1890, climbing to 1,102 in 1930, as of 2010 the population was 2,153.

First National Bank was the only National Bank in Slayton.

Bank History

  • Organized Jan 18, 1900
  • Chartered Feb 19, 1900
  • Liquidated Mar 2, 1927
  • Absorbed by State Bank of Slayton Jan 1927

The First National Bank of Slayton was organized on January 18, 1900, under national charter #5256. It had no private or state bank as predecessor. The president and chief owner was Burt Ivan Weld; the vice president was Clarence Murdock, a local farmer, and the cashier was Ira. J. Hoover, who was almost immediately succeeded by Alois Neuru, Jr. The bank occupied a new brick building on the main street of town that still stands today, largely unchanged, at 2538 Broadway Avenue. The bank was the third to organize in Slayton, following the State Bank of Slayton (1884) and the Citizens State Bank of Slayton (1894). Eventually the First National Bank and the State Bank would share common officers, and in 1927 the First National Bank was absorbed by the older institution.

Around 1909, Burt Weld sold at least part of his interest in the bank to James Frederick Toy, a prominent banker from Sioux City, IA, who briefly became president. Weld did not leave the bank entirely, however, but rather continued to serve as its vice president until it closed in 1927. About a year later, James Toy sold his stake in the bank to Christopher Ezra Dinehart and Frank Douglas Weck, who became president and cashier, respectively. The two men were also president and vice president of the State Bank of Slayton, but rather than merging the two institutions, they continued to operate both for the next 17 years. They must have perceived some advantage to this arrangement. For example, state banks had greater flexibility in their investment activities than did national banks, and, more generally, probably enjoyed less stringent regulation, but they could not issue currency. The two banks did, however, eventually merge, on January 17, 1927, with the State Bank as the surviving institution. Christopher Dinehart died less than a month later, and his son-in-law Harvey S. Holt succeeded him as president, holding that position until early 1930, when the State Bank of Slayton merged with the First National Bank of Iona and the State Bank of Hadley (both banks that Dinehart had once headed) to create the Murray County State Bank.

After the 1927 merger, the First National Bank building was left vacant. It eventually housed telephone offices, a series of clothing shops, a shoe shop, a plumbing store, and some apartments. It is currently a law office.

Official Bank Title(s)

1: The First National Bank of Slayton, MN

Bank Note Types Issued

1882 Date Back $10 bank note with pen signatures of F.D. Weck, Cashier and C.E. Dinehart, President
1902 Plain Back $5 bank note with pen signatures of F.D. Weck, Cashier and C.E. Dinehart, President

A total of $307,680 in National Bank Notes was issued by this bank between 1900 and 1927. This consisted of a total of 36,652 notes (36,652 large size and 0 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 - 1375
1882 Brown Back 3x10-20 1 - 1540
1882 Date Back 4x5 1 - 1350
1882 Date Back 3x10-20 1 - 1060
1882 Value Back 4x5 1351 - 1970
1882 Value Back 3x10-20 1061 - 1464
1902 Plain Back 4x5 1 - 1419
1902 Plain Back 4x10 1 - 755
1902 Plain Back 3x10-20 1 - 640

Bank Presidents and Cashiers

First National Bank Presidents and Cashiers during the National Bank Note Era (1900 - 1927):

Presidents:

Cashiers:

  • Ira J. Hoover, 1900-1900
  • Alois Neuru, Jr. , 1900-1902
  • Russel V. Reed, 1907-1908
  • William D. White, 1909-1909
  • Frank D. Weck, 1910-1927

Other Bank Note Signers

  • There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

Wiki Links

References

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