First National Bank/First and Security NB, Minneapolis, MN (Charter 710)

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ca. 1910 postcard of earlier location of First National Bank

First National Bank/First and Security NB, Minneapolis, MN (Chartered 1865 - Closed (Merger) 1997)

Town History

View of Washington Avenue 1869
View of Washington Avenue and the First National Bank at the corner of Hennepin Avenue in 1869.[1]
2019 photo of old First National Bank building, Courtesy of Google Maps

Minneapolis is located in Hennepin County in east central Minnesota. French explorers arrived in the area around 1680. Fort Snelling, just south of present-day Minneapolis, was built in 1819 by the United States Army. It attracted traders, settlers and merchants, spurring growth in the area. The Minnesota Territorial Legislature authorized Minneapolis as a town in 1856, and it was incorporated as a city in 1867. The name Minneapolis is attributed to Charles Hoag, the city's first schoolmaster, who suggested Minnehapolis, derived from Minnehaha, and combined mni, a Dakota Sioux word for water, and polis, the Greek word for city.

During the National Bank Note Era, the population of Minneapolis was 13,066 in 1870, growing to 464,356 in 1930. Its highest population was 521,718 in 1950, and the current population is estimated at 425,403 (2018).

Minneapolis had 29 National Banks during the Bank Note Era, and 25 of those banks issued National Bank Notes.

Bank History

ca. 1915 postcard of First National Bank
View of offices and lobby ca1915
Office of Mr. Prince, chairman of the board (top left), office of Mr. F.A. Chamberlain, president (top right), main lobby looking north (bottom left), and main lobby with officers' quarters in background (bottom right) ca1915.[2]
Interior view including bronze cages with marble panes and writing desks
View of bronze cages with marble panes (left) and the corner, piers, light fixtures and marble top bracket desks for customers (right) ca1915.[3]
  • Organized December 12, 1864
  • Chartered January 12, 1865
  • 1: Assumed 3145 by consolidation January 14, 1901 (Nicollet National Bank, Minneapolis, MN)
  • 1: Assumed 8720 by consolidation May 4, 1915 and assumed its circulation (Security National Bank, Minneapolis, MN)
  • 1929, Acquired by First Bank Stock Corporation (holding company) along with 203 (First National Bank, St. Paul, MN) while allowing both banks to exist with original names
  • 4: Assumed 1st Minneapolis Trust Co. by consolidation January 31, 1933 with title change
  • Bank was Open past 1935
  • For Bank History after 1935 see FDIC Bank History website
  • 1969, First Bank Stock Corporation renamed First Bank System (holding company)
  • 1997, First Bank System acquired U.S. Bancorp (holding company) and assumed its name
  • continues today as U.S. Bank

In 1857, there was carried by stage to the little village of Minneapolis, situated on the Mississippi River, opposite the town of St. Anthony, ten thousand dollars. This sum of money was brought by J.K. Sidle, a young man from the town of York, Pennsylvania. It was the intention of Mr. Sidle to organize and conduct a bank. He associated himself with a gentleman named Peter Wolford and together they established a bank under the name of Sidle & Wolford which did business for a short time before incorporating as a state bank under the name of The Minneapolis Bank. Early in 1864 the Minneapolis Bank made application for a charter as the First National Bank of Minneapolis, but it took until December 12, 1864, to perfect the application and receive the capital subscribed. The first stockholders and directors included: J.K. Sidle, H.G. Sidle, Henry Sidle, G. Scheittin, L. Fletcher, D.C. Bell, E.A. Veazie, A. Kelly, E.B. Ames, W.A. Penniman, with J.K. Sidle as president and H.G. Sidle, cashier.

The First National Bank began business with a capital of $50,000 which in 1872 was increased to $100,000, in 1874 to $200,000, in 1878 to $600,000, in 1886 to $1,000,000 and in 1903 to $2,000,000. In 1894, F.M. Prince was elected cashier and in January 1895, C.T. Jaffray joined the bank as cashier, Mr. Prince being elected vice president and John Martin President. On the death of John Martin in 1905, the Hon. J.B. Gilfillan was elected president and in 1905, Mr. Gilfillan was chosen Chairman of the Board while F.M Prince was elected president.[4]

On March 29, 1914, the consolidation of the First National Bank and the Security National Bank of Minneapolis, Minnesota, resulted in a banking institution that in point of total resources outranked any bank west of Chicago. Its capital and surplus were $10 million, deposits $50 million and total assets exceeded $60 million (Figures not including the affiliated Minneapolis Trust Company with $1,250,000 capital and surplus). It happened that the merger of these two old and highly successful banks was consummated just at a time when the new First National Bank building was on the point of completion, and into that splendid structure the two banks moved as the First and Security National Bank of Minneapolis. In 1915, the Scandinavian-American National Bank leased the quarters recently vacated by the Security National Bank following the merger of this institution with the First National Bank.[5] 

In the latter part of 1877, T.A. Harrison and H.G. Harrison who had been residents of Minneapolis since 1859, decided there was an opening for a new bank and associating themselves with J.M. Shaw, W.W. McNair, Franklin Beebe, C.E. Vanderburgh and Joseph Dean, formed the Security Bank of Minnesota, commencing business on January 2, 1878 with a capital of $300,000. The men named constituted the first board of directors with T.A. Harrison elected the first president. On his death in 1887, H.G. Harrison was elected president and upon his death in 1891, F.A Chamberlain became president. The bank began business in its own building on the corner of Hennepin Avenue and Third Street. Outgrowing those quarters, the building was enlarged and in 1890 the question of larger rooms again came up and it was decided to move to the building on the corner of Second Avenue south and Third Street into the building later known as the Metropolitan Life Building. Here the bank remained for 16 years, growing in prestige through the dark panic days of 1893 to the brighter times following. On November 17, 1906, the business was moved to the new Security Bank Building on the corner of Fourth Street and Second Avenue south. At the time of its merger it had total resources of over $28,000,000.

F.A. Chamberlain, president of the Security National Bank since 1891, became president of the First and Security National Bank. From the First National, vice presidents Jaffray, Crane and MacKerchar retained the same offices and Cashier Willoughby was promoted from this office in the First National to a vice-presidency in the consolidated bank, while assistant cashier Lyon moved to the cashiership in the First and Security National. Assistant Cashiers Byam and Leeman retained the places they held with the First National as did Assistant Cashiers Lawther, MacLean, Bezoier and Meacham from the Security National. Vice Presidents Harrison and Pomeroy from the Security National retained their positions, but Cashier Spafford advanced to a vice presidency in the First and Security.[6]

Official Bank Titles

1st title, 1882 Brown Back $20 bank note with printed signatures of Clive Talbot Jaffray, Cashier and F. M. Prince, VP

1: The First National Bank of Minneapolis, MN

2: The First and Security National Bank of Minneapolis, MN (5/17/1915)

3: First National Bank in Minneapolis, MN (2/21/1920)

4: First National Bank and Trust Company of Minneapolis, MN (1/31/1933)

Bank Note Types Issued

1st title, 1902 Red Seal $10 bank note with printed signatures of George F. Orde, Cashier, F. M. Prince, President, Courtesy of Lyn Knight Auctions, http://www.lynknight.com
1st title, 1902 Date Back $20 bank note with stamped signatures of H. A. Willoughby, Cashier and F. M. Prince, President
2nd title, 1902 Plain Back $5 bank note with stamped signatures of Stanley H. Bezoier, Cashier and Clive Talbot Jaffray, President
3rd title, 1902 Plain Back $10 bank note with stamped signatures of Stanley H. Bezoier, Cashier and F. A. Chamberlain, President
3rd title, 1902 Plain Back $10 bank note with stamped signatures of Stanley H. Bezoier Cashier and L. E. Wakefield, President, Courtesy of Heritage Auctions, http://www.ha.com
4th title, 1929 Type 2 $10 bank note with printed signatures of Stanley H. Bezoier, Cashier and L. E. Wakefield, President, Courtesy of Lyn Knight Auctions, http://www.lynknight.com

A total of $30,509,740 in National Bank Notes was issued by this bank between 1865 and 1935. This consisted of a total of 3,613,589 notes (2,459,740 large size and 1,153,849 small size notes).

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

Series/Type Sheet/Denoms Serial#s
1: Original Series 4x5 1 - 7950
1: Original Series 3x10-20 1 - 800
1: Series 1875 3x10-20 1 - 4000
1: 1882 Brown Back 3x10-20 1 - 36098
1: 1902 Red Seal 4x5 1 - 32500
1: 1902 Red Seal 3x10-20 1 - 30600
1: 1902 Date Back 4x5 1 - 67665
1: 1902 Date Back 4x5 68666 - 76303
1: 1902 Date Back 3x10-20 1 - 58276
2: 1902 Date Back 4x5 1 - 10000
2: 1902 Date Back 3x10-20 1 - 8000
2: 1902 Plain Back 4x5 10001 - 57500
2: 1902 Plain Back 3x10-20 8001 - 35000
3: 1902 Plain Back 4x5 1 - 166920
3: 1902 Plain Back 3x10-20 1 - 109988
3: 1929 Type 1 6x5 1 - 54350
3: 1929 Type 1 6x10 1 - 51272
3: 1929 Type 1 6x20 1 - 18442
4: 1929 Type 1 6x5 1 - 24404
4: 1929 Type 1 6x10 1 - 8124
4: 1929 Type 1 6x20 1 - 2540
4: 1929 Type 2 5 1 - 123874
4: 1929 Type 2 10 1 - 59907
4: 1929 Type 2 20 1 - 15276

Bank Presidents and Cashiers

First National Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1936):

Presidents:

Cashiers:

Other Known Bank Note Signers

Bank Note History Links

Sources

  1. ↑ The Bankers' Magazine, Vol. 86, Jan. 1913-June 1913, pp 205-209.
  2. ↑ The Bankers' Magazine, Vol. 90 (Jan - June 1915), pp 653, 655, 658, and 662.
  3. ↑ The Bankers' Magazine, Vol. 90 (Jan - June 1915), pp 658, 660.
  4. ↑ The Bankers' Magazine, Vol. 86, Jan. 1913-June 1913, pp 205-209.
  5. ↑ The Bankers' Magazine, Vol. 90 (Jan - June 1915), p. 707.
  6. ↑ The Bankers' Magazine, Vol. 90 (Jan - June 1915), p. 651-663.
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