First National Bank, Swanville, MN (Charter 10824)

Postcard of the First National Bank of Swanville, MN, ca.1919. The bank took occupancy of its new two-story brick home in November 1916.

First National Bank, Swanville, MN (Chartered 1916 - Receivership 1933)

Town History

2008 photo of the old First National Bank building. Google Street View

Swanville is located in Morrison County. A very small portion of the city extends into Todd County. Swanville was platted in 1882 and named for the nearby Swan River. A post office has been in operation at Swanville since 1883, and the town was incorporated in 1893.

During the National Bank Note Era (1863-1935), the population of Swanville was 397 in 1910, growing to its highest population of 435 in 1930. The current population is estimated at 326 (2020).

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

Bank History

• Organized January 29, 1916
• Chartered February 10, 1916
• Conversion of The Peoples State Bank of Swanville, MN
• Conservatorship March 30, 1933
• Receivership December 7, 1933

Official Bank Title(s)

1: The First National Bank of Swanville, MN

Bank Note Types Issued

1902 Plain Back $10 bank note with pen signatures of O.H. Hitzemann, Cashier and J.J. McRae, (Sr.), Vice-President.

1929 Type 1 $20 bank note with printed signatures of O.H. Hitzemann, Cashier and John J. Reichert, President. The Government Printing Office (GPO) prepared the overprinting plate used to produce this note.

1929 Type 1 $20 bank note with printed signatures of O.H. Hitzemann, Cashier and John J. Reichert, President. This is a replacement note. Courtesy of Lyn Knight Auctions, www.lynknight.com

1929 Type 1 $10 bank note with printed signatures of John J. McRae, (Jr.), Cashier and Edwin J. Simons, President. Barnhart Brothers & Spindler (BBS) prepared the overprinting plate used to produce this note. Courtesy of Heritage Auctions, www.ha.com

A total of $167,620 in National Bank Notes was issued by this bank between 1916 and 1933. This consisted of a total of 13,442 notes (10,424 large size and 3,018 small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type	Sheet/Denoms	Serial#s	Sheet Comments
1902 Plain Back	3x10-20	1 - 2606
1929 Type 1	6x10	1 - 384
1929 Type 1	6x20	1 - 119

For more information about overprinting plates, see:

• Huntoon, Peter and Simek, James A. "Series of 1929 National Bank Note Overprints," Chapter G3, Encyclopedia of U.S. National Bank Notes

For more information about replacement notes, see:

• Huntoon, Peter and Simek, James A. "Series of 1929 National Bank Note Replacement Notes," Chapter G5, Encyclopedia of U.S. National Bank Notes

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1916 - 1933):

Presidents:

• John Joseph Reichert, 1916-1930
• Dr. Edwin Jaggard Simons, 1931-1932

Cashiers:

• Otto Henry Hitzemann, 1916-1929
• John James McRae, (Jr.), 1930-1932

Other Bank Note Signers

• John James McRae, (Sr.), Vice-President 1916...1928

Wiki Links

• Minnesota Bank Note History
• General information on Swanville (Wikipedia)
• General information on Morrison County (Wikipedia)
• General information on Minnesota (Wikipedia)

Sources

• Swanville, 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 Sauk Centre Herald, Sauk Centre, MN, Thu., Nov. 30, 1916.