Merchants National Bank, Saint Paul, MN (Charter 2020)

From Bank Note History
Jump to navigation Jump to search
2019 photo of 1892 location of Merchants National Bank.
2019 photo of 1892 location of Merchants National Bank. Courtesy of Google Maps
Postcard of Merchants National Bank, ca. 1916.
Postcard of Merchants National Bank, ca. 1916.
2019 photo of final location of Merchants National Bank.
2019 photo of final location of Merchants National Bank. Courtesy of Google Maps

Merchants National Bank, Saint Paul, MN (Chartered 1872 - Closed 1929)

Town History

Saint Paul (abbreviated St. Paul) is the capital and second-most populous city of the U.S. state of Minnesota. It is located in the east central part of the state.

Saint Paul is the county seat of Ramsey County, the smallest and most densely populated county in Minnesota. The city lies mostly on the east bank of the Mississippi River in the area surrounding its point of confluence with the Minnesota River, and adjoins Minneapolis, the state's largest city. Known as the "Twin Cities", the two form the core of Minneapolis–Saint Paul, the 16th-largest metropolitan area in the United States, with about 3.6 million residents.

Founded near historic Native American settlements as a trading and transportation center, the city rose to prominence when it was named the capital of the Minnesota Territory in 1849. The Dakota name for Saint Paul is "Imnizaska". Regionally, the city is known for the Xcel Energy Center, home of the Minnesota Wild, and for the Science Museum of Minnesota.

The settlement originally began at present-day Lambert's Landing, but was known as Pig's Eye after Pierre "Pig's Eye" Parrant established a popular tavern there. When Lucien Galtier, the first Catholic pastor of the region, established the Log Chapel of Saint Paul (shortly thereafter to become the first location of the Cathedral of Saint Paul), he made it known that the settlement was now to be called by that name, as "Saint Paul as applied to a town or city was well appropriated, this monosyllable is short, sounds good, it is understood by all Christian denominations".

The city had a population of 1,112 in 1850, climbing to 271,606 in 1930, with a high of 313,411 reached in 1960. The 2020 census found a population of 311,527.

Saint Paul has been home to 15 note issuing national banks; an additional two national banks did not issue notes.

Bank History

On July 24, 1872, the Comptroller of the Currency authorized the Merchants National Bank of St. Paul, Minnesota, to commence business with a capital of $250,000 and also the Springfield National Bank of Springfield, Tennessee, with a capital of $60,000.[1]

On Tuesday, January 9, 1900, at the annual meeting of the Merchants National Bank, Kenneth Clark was re-elected president; C.H. Bigelow, vice president; G.H. Prince, cashier, and H.W. Parker, assistant cashier. Directors were elected as follows: D.R. Noyes, E.N. Saunders, C.H. Begelow, Maurice Auerbach, J.W. Bishop, F.B. Kellog, V.M. Watkins, J.H. Skinner, L.W. Hill, Crawford Livingston, and Kenneth Clark.[2]

On Tuesday, November 12, 1912, the Merchants National and the National German-American Bank of St. Paul were consolidated under the name of the Merchants National Bank. The merger resulted in a bank with a capital of $2,000,000, a surplus of $1,900,000, and deposits of more than $20,000,000. James W. Lusk, president of the National German-American, and Kenneth Clark, president of the Merchants National resigned an would become members of the board of directors of the new bank. George H. Prince, vice president of the Merchants National, became chairman of the board of the combined institution while Donald S. Culver, vice president of the National German-American Bank, became president. Frederick Weyerhaeuser became vice president. Before the deal was made, Mr. Lusk was told by his board that the decision was up to him. Mr. Clark was told by the board that he could sanction or veto the deal. Although both were loath to give up the institutions of which they had so long been parts, they were prime movers in the consolidation. Each stockholder in the National German American would receive one share in the new bank for each share held. The German American bank would move to the Merchants and a skyscraper would be erected at Fourth and Robert Streets where the German American bank stood. A separate company would be formed to build the new office building.[3] 

On May 3, 1924, The Capital Trust and Savings Bank of St. Paul with deposits of $5,000,000 was closed by order of A.J. Veigel, state superintendent of banks. Word of the closing caused a run on the Capital National Bank. The banking room of Capital National was crowded at the time of closing. President J.L. Mitchell of the Capital National Bank stated that the closing of the Capital Trust was in no way a reflection on or related to the Capital National and that the national bank would continue to do business as usual. Frozen assets of the trust company consisted mainly of Montana and North Dakota Mortgages according to Mr. Veigel. The Capital Trust and Savings Bank had capital of $500,000 and was organized in December 1890.[4]

On Sunday night, May 4, 1924, announcement was made of the consolidation of the Capital National Bank and the Merchants National Bank, both of St. Paul. Directors of both institutions approved transfer of all deposits and other business of the Capital National to the Merchants National. The merger of the two banks in no way effected the assets of the Capital Trust and Savings Bank which would be liquidated according to Mr. Veigel. George H. Prince, chairman of the board of the Merchants National and R.C. Lilly, president, would continue as chief executives of the merged banks. As a result of the consolidation, the deposits of the Merchants National would be about $40,000,000. "While the Capital National Bank was in an exceptionally strong position", according to James L. Mitchell, president of the Capital National Bank, "at the same time it was the opinion of the board of directors that it was in the best interests of our depositors and shareholders to affect this consolidation with such a strong financial institution as the Merchants National, where we are confident that our customers will receive the same courteous attention and consideration which we have attempted to render in the past."[5]

On Tuesday, January 29, 1929, official announcement of a merger with the First National Bank was made by George H. Prince, chairman of the board of the Merchants National Bank. Consolidation of the First National and Merchants National Bank of St. Paul in a new banking institution retaining the name of the First National Bank of St. Paul, was approved by the board of directors and would be submitted to the stockholders of the two banks at special meetings. The plans included construction of a 16-story building at Fourth and Minnesota Streets, adjoining and connecting with the present Merchants National Bank building to house the consolidated institution. The bank would occupy the second and third floors of the present and the new building, giving it quarters a block long, while the rest of the building would be used for general office purposes. The consolidation would give St. Paul one of the largest banking institutions between Chicago and the Pacific Coast. The result would be a banking institution able to compete with large financial institutions in other centers and to aid materially in maintaining St. Paul's position in with the financial world particularly with respect to St. Paul's relation to the northwestern territory. Included in the consolidation as affiliated companies were the Merchants Trust Co. and the Merchants National Co. The consolidated institution would have capital of $5,000,000, surplus of $4,000,000, and undivided profits of $1,000,000. Combined deposits of the two banks as of December 31, 1928, totaled approximately $113,000.000 and their resources as reported at the same time totaled approximately $129,000,000. L.W. Hill, chairman of the board of the First National Bank and for many years in control of that institution would retain his holding in the consolidated bank as would the Weyerhaeuser interests, which had large holdings in the Merchants National. The board of directors would be composed of the members of the boards of the two banks.[6]

Official Bank Title

1: The Merchants National Bank of Saint Paul, MN

Bank Note Types Issued

Original $5 bank note with pen signatures of Charles Nichols, Cashier and Maurice Auerbach, President, Courtesy of Heritage Auctions,
Original $5 bank note with pen signatures of Charles Nichols, Cashier and Maurice Auerbach, President, Courtesy of Heritage Auctions, http://www.ha.com
1882 Brown Back $100 bank note with pen signatures of Harry W. Parker, Assistant Cashier and Kenneth Clark, President, Courtesy of Heritage Auctions,
1882 Brown Back $100 bank note with pen signatures of Harry W. Parker, Assistant Cashier and Kenneth Clark, President, Courtesy of Heritage Auctions, http://www.ha.com

A total of $9,641,200 in National Bank Notes was issued by this bank between 1872 and 1929. This consisted of a total of 1,079,472 notes (1,079,472 large size and 0 small size notes).

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

Series/Type Sheet/Denoms Serial#s
Original Series 3x1-2 1 - 2000
Original Series 4x5 1 - 2000
Original Series 3x10-20 1 - 7100
Series 1875 4x5 1 - 250
Series 1875 3x10-20 1 - 10553
1882 Brown Back 4x5 1 - 14250
1882 Brown Back 3x10-20 1 - 23800
1882 Brown Back 50-100 1 - 2350
1882 Date Back 4x5 1 - 35020
1882 Date Back 3x10-20 1 - 23223
1882 Date Back 50-100 1 - 262
1902 Date Back 4x5 1 - 51650
1902 Date Back 3x10-20 1 - 41340
1902 Plain Back 4x5 51651 - 84770
1902 Plain Back 3x10-20 41341 - 65596

Bank Presidents and Cashiers

1902 Date Back $20 bank note with stamped signatures of Harry W. Parker, Cashier and Donald S. Culver, President
1902 Date Back $20 bank note with stamped signatures of Harry W. Parker, Cashier and Donald S. Culver, President.
1902 Plain Back $20 bank note with pen signatures of Robert W. Lindeke, Cashier and Richard C. Lilly, President
1902 Plain Back $20 bank note with pen signatures of Robert W. Lindeke, Cashier and Richard C. Lilly, President.

First National Bank Presidents and Cashiers during the National Bank Note Era (1872 - 1929):

Presidents:

Cashiers:

Other Known Bank Note Signers

Bank Note History Links

Sources

  1. ↑ Republican Banner, Nashville, TN, Thu., July 25, 1872.
  2. ↑ The Saint Paul Globe, Saint Paul, MN, Wed., Jan. 10, 1900.
  3. ↑ Star Tribune, Minneapolis, MN, Wed., Nov. 13, 1912.
  4. ↑ The Albert Lea Tribune, Albert Lea, MN, Sat., May 3, 1924.
  5. ↑ The Albert Lea Tribune, Albert Lea, MN, Mon., May 5, 1924.
  6. ↑ Star Tribune, Minneapolis, MN, Wed., Jan. 30, 1929.
Retrieved from "https://banknotehistory.mywikis.wiki/w/index.php?title=Merchants_National_Bank,_Saint_Paul,_MN_(Charter_2020)&oldid=69946"