Pipestone National Bank, Pipestone, MN (Charter 13399)

circa 1925 postcard of the Pipestone National Bank

Pipestone National Bank, Pipestone, MN (Chartered 1929 - Merger 1984)

Town History

Pipestone is the county seat of Pipestone County in the southwestern corner of Minnesota. Pipestone was platted in 1876 and incorporated in 1901. The town (and county) took its name from the nearby Pipestone Quarry where catlinite or 'pipestone' has been quarried for centuries and used to make ceremonial pipes, sacred to traditional Plains Indian tribes. The quarry is now part of the Pipestone National Monument, established in 1937.

During the National Bank Note Era (1863-1935), the population of Pipestone was 1,232 in 1890, climbing to 3,489 in 1930. Its highest population was 5,328 in 1970. The current estimated population is 4,021 (2018).

The first bank in Pipestone was a private bank established by C.C. Goodnow and J.E. Craig in November of 1879.

Pipestone had three National Banks chartered during the Bank Note Era, and two of those banks issued National Bank Notes.

Bank History

• Organized Dec 2, 1929
• Chartered Dec 7, 1929
• Succeeded 10936 (Pipestone National Bank, Pipestone, MN)
• This bank did not issue National Bank Notes.
• Bank was Open past 1935
• Changed name to First Bank (N.A.), Pipestone, MN on Apr 10, 1979
• Merged and became part of First National Bank of Luverne, MN (Charter 13544) on Oct 1, 1984

In late 1929, the Pipestone National Bank (Charter 10936) was liquidated and reorganized under a new charter as the Pipestone National Bank (Charter 13399) to become affiliated with the First Bank Stock Corporation, a Minneapolis based holding company comprised of over 70 banks in the Ninth Federal Reserve District. As part of the reorganization, the bank increased its capitalization to $75,000, with a $25,000 surplus. The bank continued to be managed by the same officers, with an expanded board of directors. The reorganization was done to strengthen the bank financially, providing greater security to depositors, as well as offering additional banking services to the community. On Oct 1, 1984, the bank merged and became part of First National Bank of Luverne, MN (Charter 13544), which is currently (December 2022) still in business as the First Farmers and Merchants National Bank of Luverne, MN.

Official Bank Title(s)

1: Pipestone National Bank, Pipestone, MN

Bank Note Types Issued

No National Bank Notes were issued by this bank.

Bank Presidents and Cashiers

First National Bank Presidents and Cashiers during the National Bank Note Era (1929 - 1936):

Presidents:

• Arthur Clarence Walker, 1929-1935

Cashiers:

• Andrew Enger, 1929-1932
• W. R. Lange, 1933-1935

Wiki Links

• Pipestone County Bank Note History
• Minnesota Bank Note History
• General information on Pipestone (Wikipedia)
• General information on Pipestone County (Wikipedia)
• General information on Minnesota (Wikipedia)

References

• "Pipestone National Joins Bank Group", Pipestone County Star, November 15, 1929, p1.
• Pipestone, MN, Wikipedia, https://en.wikipedia.org/wiki/Pipestone,_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://bbdata.banknotehistory.com