Mitchell National Bank, Mitchell, SD (Charter 3578)
Mitchell National Bank, Mitchell, SD (Chartered 1886 - Closed (Merger) 1983)
Town History
Mitchell is a city in and the county seat of Davison County, South Dakota. It is located 72 miles west of Sioux Falls, South Dakota. The Corn Palace, commonly advertised as The World's Only Corn Palace and the Mitchell Corn Palace, is a multi-purpose arena/facility located in Mitchell. The Moorish Revival building is decorated with crop art; the murals and designs covering the building are made from corn and other grains, and a new design is constructed each year. The Corn Palace is a popular tourist destination, visited by up to 500,000 people each year. Mitchell's population was 15,660 at the 2020 census making it the sixth most populous city in South Dakota. The population in 1880 was 320, growing to 2,217 by 1890 and 10,942 by 1930.
The first settlement at Mitchell was made in 1879. Mitchell was incorporated in 1883. It was named for Milwaukee banker Alexander Mitchell, President of the Chicago, Milwaukee, and St. Paul Railroad (Milwaukee Road).
Mitchell had three National Banks chartered during the Bank Note Era, and all three of those banks issued National Bank Notes.
Bank History
- Organized October 12, 1886
- Chartered October 22, 1886
- Bank was Open past 1935
- For Bank History after 1935 see FDIC Bank History website
- Changed name to First Mitchell National Bank, July 1, 1976
- Merged into Norwest Bank Sioux Falls, N.A. in Sioux Falls, SD, August 1, 1983
In the spring of 1885, N.L. and George W. Davison started their private bank in a building erected by I.J. Gray in the spring of 1882. The Davison Brothers conducted their private institution until October 12, 1886 when it was organized as the Mitchell National Bank with a paid up capital of $50,000. The officers were Geo. Davison, president; L.N. Seaman, vice president; and N.L. Davison, cashier. In 1891, Mr. Seaman moved from the city and E.J. Quigley was elected vice president. In February 1904, N.L. Davison died. Wm. M. Smith who was elected assistant cashier of the bank in 1895 was advanced to the position of cashier and Miss Lettie Russ was made assistant cashier. In January 1905, Mr. Smith was elected president; M.F. Patton, cashier and Mrs. C.A. Davison, assistant cashier.[1]
In May 1905, William M. Smith, president of the Mitchell National Bank; Mrs. C.A. Davison, H.D. Butterfield, and E.J. Quigley filed incorporation papers for a state bank for the new town of Loomis. Work would commence at once on the construction of a building for the bank, ready for opening in 30 days. The Milwaukee Railroad Company also commenced to make improvements at Loomis with lumber on the ground for a new depot.[2]
In June 1905, the announcement of the marriage of Miss Lettie Russ came to her many friends in Mitchell as something in the nature of a surprise, particularly when it occurred over two months ago and which was announced Tuesday to a few of her intimate friends. A few weeks before Easter Sunday, Miss Russ went to Bellevue, Ohio, on a vacation trip and while there consented to become the bride of Mr. J.R. Megginson. The wedding ceremony was performed in Bowling Green, Ohio, Easter Sunday, April 23rd, Mrs. W.C. Russ, the stepmother of the bride, being in attendance at the wedding. Miss Russ returned to Mitchell immediately and resumed her places as assistant cashier of the Mitchell National Bank and for business reasons the announcement of her marriage was not made public. Mrs. Megginson had made her home in Mitchell from her girlhood days, and after spending some years in the city schools graduated as the valedictorian of her class. She also attended Dakota Wesleyan a year. For a year or two she was employed in the county offices and in the fall of 1892, she accepted a position as bookkeeper in the Mitchell National Bank and a little over a year ago, she was promoted to the position of assistant cashier. She had been devoted to her work with unfaltering zeal and in the business circles of the city and won the highest confidence and respect. In the bank work she was absolutely sure and reliable and what passed through her hands always bore the mark of O.K. Her associates in the bank held her in the highest esteem for her fidelity to her work and for her promptness and reliability. Mr. Megginson was a retired farmer living at Bellevue, Ohio, and was a man of some wealth, possessing a fine country seat, devoting his time to looking after his varied interests. He was a brother of Mrs. W.C. Russ. Mrs. Megginson expected to leave Mitchell July 15 for her future home at Bellevue.[3]
On Monday, June 24, 1907, when the Mitchell National Bank opened for business, it was located in its new home a few doors to the north of its old location. The officers were William M. Smith, president; E.J. Quigley, vice president; M.F. Patton, cashier; J.J. Lahey and Mrs. C.A. Davison, assistant cashiers. The stockholders were comprised of some of Mitchell's most prominent citizens; they were William M. Smith, E.J. Quigley, Mrs. C.A. Davison, James Lyons, J.H. Ferris, Thos. Fullerton, D.B. Miller, A.B. Seaton, W.G. Davison, D.A. Mizener, M.F. Patton, and J.J. Layey. For over 20 years, the Mitchell National transacted its business in narrow quarters where the Davison Bros. began their private bank. At the close of business, Saturday afternoon, the entire force worked heroically until all the books and papers were removed to the new building. Although a few fixtures were yet to arrive, the new building was one of a beautiful architectural design. The entire front of the building was constructed of Carthage, Missouri, white stone. Four massive stone columns reached from the sidewalk to the top of the building upon which rested an arch of diamond shape, giving a Colonial effect. The walls outside and the interior partitions were made of concrete strengthened with iron girders. Surmounting the front half of the building was a glass roof, providing splendid light for the bank's interior. Entering the bank was a small lobby from which one could go to the right or left to reach either the banking department or that of the Mitchell Loan, Trust and Savings Company. The inside area approaching the cages was 22X36 feet and beautiful mahogany fixtures were used while the ceiling was decorated with plaster material of pretty design tinted to give an ebony hue. The floor outside the cages was done in tiling of quarter moon design. To the left entering the bank was President Smith's private office. Cashier Patton had his desk in the same open apartment. In the cage adjoining, Bookkeeper Simpson had his workspace and in the next cage Assistant Cashier Lahey paid out and received money. The next cage was Frank Welch's who handled remittances and collections wile in the last one, a larger compartment, Mrs. C.A. Davison, assistant cashier, presided over the loan and savings department and also wrote practically all of the drafts for the bank. On the right of the lobby was the Mitchell Loan, Trust and Saving Co., which was presided over by Secretary D.A. Mizener.[4]
In January 1917, no change was made in the officers of either the Mitchell National or Western National Banks. The officers of the Mitchell National were Wm. M. Smith, president; M.F. Patton, vice president; J.J. Lahey, cashier; and L. Simpson, assistant cashier. The officers of the Mitchell Trust Company were Mr. Smith, president; Mr. Patton, secretary; and A.S. Reid, treasurer. It's directors were Mr. Smith, Mr. Patton, D.B. miller, C.A. Davidson, A.B. Seaton, Mr. Lahey and Miss Reid.[5]
In January 1948, J.M. Patton was elected president of the Mitchell National Bank to succeed his father, the late M.F. Patton. Herbert Hitchcock was named chairman of the board.[6]
On Tuesday evening, January 12, 1958, stockholders elected the following directors for the ensuing year: J.A. Craig, Richard Ellwein, George Fredericks, O.J. Mabee, C.L. Morgan, J.N. Shelby, J.J. Verschoor, Bradley Young, and Frank Winner. Winner was elected to the board to take the place of J.M. Patton, deceased. Officers were elected as follows: J.N. Shelby, president; George Fredericks, vice president; Robert G. Briere, vice president and cashier; John R. Troth, assistant vice president; Bernard H. Horstman, assistant cashier and auditor; Robert Rew, assistant cashier; and Harold Eberhard, farm representative.[7]
In July 1976, the Mitchell National Bank became First Mitchell National Bank. The name change was approved by the stockholders in January to become effective on July 1st. Herman Lerdal was the bank's president.[8]
On Monday, August 2, 1983, the First Mitchell National Bank became a branch office of Norwest Bank Sioux Falls. An agreement to sell all stock in the Mitchell bank to Norwest was reached more than 8 months earlier. The sale awaited approval by the Federal Reserve Board and Comptroller of the Currency. First Mitchell, with assets of about $97 million, was the second largest bank in Mitchell. Norwest Corp., holding company for Norwest Bank Sioux Falls, had 86 commercial banks and several specialized financial services subsidiaries with operations in more than 40 states and several foreign countries.[9]
Official Bank Title(s)
1: The Mitchell National Bank, Mitchell, SD
Bank Note Types Issued
A total of $1,230,410 in National Bank Notes was issued by this bank between 1886 and 1935. This consisted of a total of 99,376 notes (81,364 large size and 18,012 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1882 Brown Back 3x10-20 1 - 370 Territory 1882 Brown Back 3x10-20 371 - 2501 1902 Red Seal 3x10-20 1 - 1600 1902 Date Back 3x10-20 1 - 6100 1902 Plain Back 3x10-20 6101 - 16240 1929 Type 1 6x10 1 - 2010 1929 Type 1 6x20 1 - 490 1929 Type 2 10 1 - 2628 1929 Type 2 20 1 - 384
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1886 - 1935):
Presidents:
Cashiers:
- N. L. Davison, 1887-1903
- William M. Smith, 1904-1904
- Matthew Francis Patton, 1905-1909
- James Joseph Lahey, 1910-1917
- Louis Irving Simpson, 1918-1918
- Harold Dwight Lewis, 1919-1933
- John Norman "Norm" Shelby, 1934-1935
Other Known Bank Note Signers
Bank Note History Links
Sources
- Mitchell, SD, 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 Mitchell Capital, Mitchell, SD, Fri., June 28, 1907.
- ↑ The Miller Sun, Miller, SD, Wed., May 10, 1905.
- ↑ The Mitchell Capital, Mitchell, SD, Fri., June 30, 1905.
- ↑ The Mitchell Capital, Mitchell, SD, Fri., June 28, 1907.
- ↑ The Mitchell Capital, Mitchell, SD, Thu., Jan. 18, 1917.
- ↑ Argus-Leader, Sioux Falls, SD, Fri., Jan. 16, 1948.
- ↑ The Daily Republic, Mitchell, SD, Wed., Jan. 22, 1958.
- ↑ The Daily Republic, Mitchell, SD, Thu., July 1, 1976.
- ↑ Argus-Leader, Sioux Falls, SD, Sat., July 30, 1983.