Red Wing National Bank & TC, Red Wing, MN (Charter 13396)
Red Wing National Bank & TC, Red Wing, MN (Chartered 1929 - Open past 1935)
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 November 18, 1929
- Chartered November 26, 1929
- Succeeded The Security Bank & Trust Company of Red Wing
- Bank was Open past 1935
- 2: Acquired by the First National Bank, Red Wing, MN (Charter 1487) in August 1936
P.J. Leeman, vice president and general manager of the bank building company, First Bank Stock Corporation, announced its affiliation with the Security Bank and Trust Company of Red Wing, Minnesota. In November 1929, the Red Wing bank was nationalized under the name, the Security National Bank & Trust Company. The new trust company had capital of $100,000 with surplus of $50,000 and undivided profits of $15,000. Deposits totaled $1,400,000 and resources $1,700,000. The Security was known for many years as the Putnam bank. W.H. Putnam, one of the pioneer bankers of the state, former mayor of Red Wing and for several terms, a member of the lower house of the legislature was president. His son, R.W. Putnam, president of the State Bankers' Association, was vice president and cashier and C.E. Betcher, formerly president of the Red Wing State bank was vice president. The Security bank was one of the pioneer institutions of the state. Organized as a private bank in 1868 under the name of the Pierce-Simmons & Co., it served as the depository of the grain interests which made Red Wing the great primary wheat market of America when river transportation was at its peak. A state charter was received in 1891. W.H. Putnam started at the bank in 1873.
On August 7, 1930, Harry M. Griffith was elected chairman of the board of the Potter County National Bank of Gettysburg, South Dakota and as executive vice president of the Red Wing National Bank and Trust Company. Both banks were affiliates of the First Bank Stock Corporation. R.W. Putnam, president of the Red Wing bank, was transferred to Minneapolis where he was added to the executive office of the bank holding company. Mr. Griffith was a former assistant county attorney of Hennepin County and a resident of Minneapolis.
In July 1936, the merger of the First National Bank with the Red Wing National Bank was announced by officials of the First Bank Stock Corporation and Northwest Bancorporation. The First National Bank of Red Wing was established in 1865 and became affiliated with Northwest Bancorporation in October 1929. On August 6, the boards approved the merger plans. The First National planned to move into the quarters occupied by the Red Wing National Bank and Trust Company. Upon completion of the merger, the First National would have deposits in excess of $2 million.
Official Bank Title(s)
1: 1st title not used on notes: The Security National Bank and Trust Company of Red Wing, MN
2: The Red Wing National Bank and Trust Company (7/9/1930), Red Wing, MN
Bank Note Types Issued
A total of $197,020 in National Bank Notes was issued by this bank between 1929 and 1935. This consisted of a total of 21,042 notes (No large size and 21,042 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 2: 1929 Type 1 6x5 1 - 828 2: 1929 Type 1 6x10 1 - 1124 2: 1929 Type 1 6x20 1 - 456 2: 1929 Type 2 5 1 - 3944 2: 1929 Type 2 10 1 - 2270 2: 1929 Type 2 20 1 - 380
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1929 - 1936):
Presidents:
- William Herrick Putnam, 1929-1929
- Harry Morton Griffith, 1930-1935
Cashiers:
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- Minnesota Bank Note History
- General information on Red Wing (Wikipedia)
- General information on Goodhue County (Wikipedia)
- General information on Minnesota (Wikipedia)
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., Mar. 25, 1874.
- Star Tribune, Minneapolis, MN, Sun., Oct. 20, 1929.
- The Minneapolis Star, Minneapolis, MN, Thu., Aug. 7, 1930.
- The Minneapolis Journal, Minneapolis, MN, Thu., Aug. 6, 1936.