First National Bank, Woodstock, MN (Charter 7625)
First National Bank, Woodstock, MN (Chartered 1905 - Receivership 1933)
Town History
Woodstock is located in Pipestone County in southwestern Minnesota. The town was platted in 1879 and was named after Woodstock, Illinois. A post office has been in operation there since 1879. Woodstock was incorporated in 1892.
During the National Bank Note Era (1863-1935), the population of Woodstock was 211 in 1900, 277 in 1920 and 235 in 1930. It's highest population was 277 in 1920 and 1950, and the current population is estimated at 117 (2017).
Woodstock's first bank was the (private) Bank of Woodstock, established in the fall of 1883 by Joseph Sampson and John C. French.
Woodstock had one National Bank during the Bank Note Era, and it issued National Bank Notes.
Bank History
- Organized Feb 21, 1905
- Chartered Feb 28, 1905
- Succeeded State Bank of Woodstock
- Opened for business Mar 20, 1905
- Conservatorship Apr 4, 1933
- Receivership Oct 26, 1933
During the National Bank Note era, Woodstock had only one bank. The Bank of Woodstock was established as a private bank early in the fall of 1883, and located at the corner of Main Street and 3rd Avenue. The bank was soon incorporated as a state bank on December 24, 1885 with a capital stock of $25,000 by John C. French, Joseph Sampson and George C. Eyland, Jr. The firm of French & Sampson failed during the financial panic of 1893-96, and was resuscitated as a private bank by R.W. Green. In January 1900, it was incorporated once again as a state bank with a capital stock of $10,000. The officers were Teunis Prins, President, E.W. Davies, V.P. and R.W. Green, Cashier. In February 1903, R.W. Green sold his interest in the bank to the other shareholders. During its tenure as a state bank, the Bank of Woodstock was robbed on November 17, 1893, and burglarized in the fall of 1903. Money was taken on both occasions.
On February 21, 1905, the bank was reorganized as the First National Bank of Woodstock (Charter 7625) by Edward W. Davies, O.P. Miller, F.D. Bennett, Fred Bloom, James Jackson and others. The bank had a capital stock of $25,000, and the first officers were E.W. Davies, President and James Jackson, Cashier. In 1913 a new brick bank building was constructed at the same location, and the old building was moved to a new site where it still serves as a private residence. In October 1919, James Jackson retired as cashier, and was replaced by Frank Klosterman. The bank continued as a solid financial institution throughout the 1920s, until the crash of 1929 precipitated the bank's decline. Frank Klosterman resigned as cashier in March 1931, and was replaced by A.F. Goblirsch. The bank closed when FDR declared the 'Bank Holiday' on March 4, 1933, and went into Receivership on October 26, 1933. By the end of 1933, a state bank charter had been granted, subject to sufficient subscriptions and funds. But the local populace, having lost confidence in banking in general, did not show sufficient support, and the bank was never reopened.
Official Bank Title(s)
1: The First National Bank of Woodstock, MN
Bank Note Types Issued
A total of $209,820 in National Bank Notes was issued by this bank between 1905 and 1933. This consisted of a total of 16,878 notes (13,296 large size and 3,582 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 - 520 1902 Date Back 3x10-20 1 - 940 1902 Plain Back 3x10-20 941 - 2804 1929 Type 1 6x10 1 - 467 1929 Type 1 6x20 1 - 130
Bank Presidents and Cashiers
First National Bank Presidents and Cashiers during the National Bank Note Era (1905 - 1933):
Presidents:
Cashiers:
- James Jackson, 1905-1919
- Frank Henry Klosterman, 1920-1931
- Albert Frank Goblirsch, 1931-1933
Other Bank Note Signers
- George J. Klosterman, Assistant Cashier 1922-1933
Wiki Links
- Pipestone County Bank Note History
- Minnesota Bank Note History
- General information on Woodstock (Wikipedia)
- General information on Pipestone County (Wikipedia)
- General information on Minnesota (Wikipedia)
Sources
- Woodstock, MN, Wikipedia, https://en.wikipedia.org/wiki/Woodstock,_Minnesota
- James D. Kellen, Woodstock, Minnesota 1879-1992 (Woodstock, MN: Centennial Committee, 1992), p23-24.
- Arthur P. Rose, An Illustrated History of the Counties of Rock and Pipestone Minnesota (Luverne, MN: Northern History Publishing Co.,1911), p383.
- 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://bbdata.banknotehistory.com