Goodhue County NB, Red Wing, MN (Charter 7307)
Goodhue County NB, Red Wing, MN (Chartered 1904 - Closed (Merger) 2002)
Town History
Red Wing is a city in Goodhue County, Minnesota, along the upper Mississippi River. It is the county seat of Goodhue County. The population was 16,459 at the 2010 census. In 1860, the population was 1,250, growing to 9,629 by 1930.
This city is named for early 19th-century Dakota Sioux chief, Red Wing. The federal government established a Mdewakanton Sioux Indian reservation—now Prairie Island Indian Community—in 1889 along the Mississippi River to free up land for new settlers. The city of Red Wing developed around it.
The first settlers in town built small mills, factories, and workshops, similar to ones they were familiar with in New England and the upper Midwest, from where many had come. Numerous immigrants from Germany, Ireland, Norway and Sweden settled in this area and were also skilled craftsmen. Some early industries were tanning and shoe-making, while other businessmen manufactured farm equipment, bricks, barrels, boats, furniture, pottery, and clothing buttons. Consumables included beer and lumber. Service industries including stone-cutting, hospitality, and retailing. The St. James Hotel remains a working token of the earlier time.
Red Wing had three National Banks chartered during the Bank Note Era, and all three of those banks issued National Bank Notes. Red Wing also had two Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).
Bank History
- Organized June 8, 1904
- Chartered June 20, 1904
- Conversion of the Goodhue County Bank of Red Wing
- Bank was Open past 1935
- For Bank History after 1935 see FDIC Bank History website
- Acquired The First National Bank of Rushford, MN (Charter 6436) on May 4, 1984.
- Acquired Lanesboro State Bank (FDIC #12190) in Lanesboro, MN, June 26, 1987.
- Merged into Associated Bank Minnesota, NA in Minneapolis, MN, June 14, 2002
In October 1876, The Centennial Block, situated on the north side of Plum Street, three streets west of Bush, was built by Messrs. Hoard & Hoyt and Jamison & Williams, each of which owns half of the building. The main floor was divided into two apartments, on for the Goodhue County Savings Bank and the other for Dow, Eames & Company's meat market. The bank room was 22 by 31 feet with a vault 10 by 12 feet, office 15 by 9 feet, and parlor 15 by 17 1/2 feet. The second floor was occupied by a lodge of the Odd Fellows Order. In November, the cashier, Mr. A.J. Meacham, formerly of Minneapolis, was assaulted and badly choked by two men. It was thought that his position was known and the purpose was to secure the keys of the bank.
A new banking institution, the Goodhue County Bank, was started at Red Wing in January 1878. It had paid-up capital stock of $40,000 and the officers were T.B. Sheldon, president; C. Clauson, vice president; J.S. Hoard, cashier; and the board of directors was comprised of the officers above with Wm. Featherstone, E.W. Brooks, F.W. Hoyt, and H.E. Perkins.
On September 15, 1880, Red Wing experienced a novelty. A.J. Meacham, assistant cashier of the Goodhue County bank on Third street, reported he was sitting in the bank when he heard the shock. As the building was on piling, he thought perhaps the building was settling, but the shake continued. The bank vault door was open but the inner door was shut and it sounded as though someone was trying to pull open the inner door. When he went home his folks said they heard the shock. His residence was about half a mile from the bank. The shock, as his wife described it, was not very heavy but sufficiently so to make it certain that it was an earthquake. Mr. Hoard and Mr. Webster on Third street also heard the shock. People stated the shock rang door bells and shook up the crockery in different parts of the town in a very lively manner. There was quite a good deal of talk about it and the people at Red Wing did not regard themselves as particularly wicked "on the contrary quite the reverse." They consequently did not know why they should be joggled in the way they were.
In April 1881, Messrs. Fred Busch, Wm. Busch, A. Suback, and H.L. Olson purchased interests in the Goodhue County Bank. Mr. F. Bush of the First National Bank of Mankato became cashier with A.J. Meacham assistant and Emil S. Lee, bookkeeper.
J.S. Hoard, a prominent citizen of Red Wing, died at Thomasville, Georgia, on April 7, 1882, having gone there for his health. Mr. Hoard was born in Madison county, N.Y., in 1818. He founded the normal school of the said county. He made colonel of the 101st Pennsylvania Volunteer Infantry at the battle of Fair Oaks, and was distinguished for gallantry in several hard fought engagements. In January, 1871, he moved to Winona, afterwards came to Red Wing and started the Minnesota loan agency, and with others started the Goodhue County Savings bank and the Goodhue County bank. He was responsible for having built several blocks in Red Wing.
In April 1904, at a special meeting of the stockholders of the Goodhue County bank, the directors were authorized to erect a building at a cost not to exceed $50,000. Elliott Brothers of Minneapolis were the lowest bidders and received the contract at $30,950. W.J. Lougeor of Red Wing was selected as the superintendent of the work. The architect was Clarence H. Johnston of St. Paul. The capital stock of the bank was increased to $150,000, the cost of the building to be paid out of the additional stock subscribed without drawing upon any of the funds of the bank, leaving the working capital at $100,000, as before. The Goodhue County bank made application for a charter to become a national bank, with $100,000 capital.
On February 1, 1905, the new quarters of the Red Wing Commercial Club, comprising the entire fourth floor of the new Goodhue County National Bank building, were formally opened. The fourth story was added for the use of the Commercial Club, which now has a home equal to any organization of its kind in the northwest. The rooms were beautifully furnished and equipped with all comforts and conveniences.
Frederick Busch was born October 6, 1839 in Ruthden, Germany and came to Minnesota in 1859. He was the cashier of the First National Bank of Mankato until he resigned April 1881 to go into business at Red Wing. He was president of the Goodhue County Savings Bank, the La Grange mills, the Red Wing Sewer Pipe Company, the Red Wing Union Stoneware Company and a number of other institutions. Mr. Busch passed away on January 27, 1908 after an illness of several months. He remained a director of the Goodhue County National Bank up until his death.
On June 5, 1906, Jno. H. Rich was elected president of the Goodhue County National Bank at a meeting of the board of directors. C.F. Hjermstad, the cashier was elected vice president and active manager, and Chas. J. Sargeant of Austin was elected cashier to succeed Mr. Hjermstad. Mr. Sargeant had been associated with the First National Bank of Austin for 17 years.
Official Bank Title(s)
1: The Goodhue County National Bank of Red Wing, MN
Bank Note Types Issued
A total of $1,039,770 in National Bank Notes was issued by this bank between 1904 and 2002. This consisted of a total of 129,447 notes (113,780 large size and 15,667 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1902 Red Seal 4x5 1 - 5750 1902 Red Seal 3x10-20 1 - 4400 1902 Date Back 4x5 1 - 7000 1902 Date Back 3x10-20 1 - 3900 1902 Plain Back 4x5 7001 - 11281 1902 Plain Back 3x10-20 3901 - 7014 1929 Type 1 6x5 1 - 1250 1929 Type 1 6x10 1 - 816 1929 Type 1 6x20 1 - 232 1929 Type 2 5 1 - 1228 1929 Type 2 10 1 - 501 1929 Type 2 20 1 - 150
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1904 - 2002):
Presidents:
- Frederick Busch, 1904-1905
- John Harrison Rich, 1906-1913
- Bernard Gerlach, 1914-1917
- Charles James Sargent, 1918-1931
- Bernard Melvin Boxrud, 1932-1935
Cashiers:
- Carl Fritjof Larsen Hjermstad, 1904-1905
- Charles James Sargent, 1906-1917
- Frederick Sebastian O'Neill, 1918-1925
- Bernard Melvin Boxrud, 1926-1931
- Nils C. Lien, 1932-1935
Other Bank Note Signers
- John H. Rich and C.F. Hjermstad signed notes as Vice President.
- There are currently no known Assistant Cashier bank note signers for this bank.
Bank Note History Links
Sources
- Red Wing, MN, Wikipedia, https://en.wikipedia.org/wiki/Red_Wing,_Minnesota
- 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 Grange Advance, Red Wing, MN, Wed., Nov. 24, 1875.
- The Grange Advance, Red Wing, MN, Wed., Oct. 11, 1876.
- Star Tribune, Minneapolis, MN, Thu., Nov. 9, 1876.
- The Saint Paul Globe, Saint Paul, MN, Tue., Jan. 22, 1878.
- The Minneapolis Journal, Minneapolis, MN, Fri., Sep. 17, 1880.
- The Minneapolis Journal, Minneapolis, MN, Sat., Apr. 9, 1881.
- Warren Sheaf, Warren, MN, Wed., Apr. 6, 1881.
- Freeborn County Standard; Albert Lea, MN, Thu., April 13, 1882.
- The Minneapolis Journal, Minneapolis, MN, Thu., Apr. 28, 1904.
- The Minneapolis Journal, Minneapolis, MN, Thu., Feb. 2, 1905.
- Mower County Transcript, Lansing, MN, Wed., June 13, 1906.
- The Minneapolis Journal, Minneapolis, MN, Mon., Jan. 27, 1908.