Difference between revisions of "First National Bank, Royalton, MN (Charter 6731)"

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During the National Bank Note Era, the population of Royalton was 582 in 1890, climbing to 690 in 1920, and dropping to 518 in 1930. It's highest population was 1,242 in 2010, and the current population is estimated at 1,208 (2017).
 
During the National Bank Note Era, the population of Royalton was 582 in 1890, climbing to 690 in 1920, and dropping to 518 in 1930. It's highest population was 1,242 in 2010, and the current population is estimated at 1,208 (2017).
  
Royalton's first bank was the (private) Bank of Royalton, established in 1888 by Oliver H. Havill. Havill served as Cashier, and C.M. Hertig was President, until the late 1890s, when Charles R. Rhoda became Cashier, with Havill serving as President.
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Royalton's first bank was the (private) Bank of Royalton, established in 1888 by Oliver H. Havill. Havill served as Cashier, and C.M. Hertig was President, until the late 1890s, when Charles R. Rhoda became Cashier, with Havill serving as President. Royalton only had 1 National Bank chartered during the Bank Note Era, and it issued National Bank Notes.
  
 
For more information on the town of Royalton, see [https://en.wikipedia.org/wiki/Royalton,_Minnesota their Wikipedia page.]
 
For more information on the town of Royalton, see [https://en.wikipedia.org/wiki/Royalton,_Minnesota their Wikipedia page.]
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Bank Note History Wiki links:
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* [[Morrison County, MN Bank Note History|Morrison County, MN Bank Note History]]
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* [[Minnesota Bank Note History|Minnesota Bank Note History]]
  
 
== Bank History ==
 
== Bank History ==
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<!-- (Show a nice banknote with good sigs from this bank at the end of this section). -->
 
[[Image:MN-Royalton-Ch6731-FNB-1902RS-10-SN1C.jpg|x260px|thumb|1902 Red Seal $10 bank note with pen signatures of Chas. R. Rhoda, Cashier and A.H. Turrittin, President]]
 
  
 
== Official Bank Title(s) ==
 
== Official Bank Title(s) ==
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== Bank Note Types Issued ==
 
== Bank Note Types Issued ==
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[[Image:MN-Royalton-Ch6731-FNB-1902RS-10-SN1C.jpg|x260px|thumb|1902 Red Seal $10 bank note with pen signatures of Chas. R. Rhoda, Cashier and A.H. Turrittin, President]]
 
A total of $115,550 in National Bank Notes was issued by this bank between 1903 and 1926. This consisted of a total of 9,244 notes (9,244 large size and 0 small size notes).
 
A total of $115,550 in National Bank Notes was issued by this bank between 1903 and 1926. This consisted of a total of 9,244 notes (9,244 large size and 0 small size notes).
  

Latest revision as of 14:12, 27 June 2020

Postcard of the First National Bank building (far right) ca.1915

First National Bank, Royalton, MN (Chartered 1903 - Receivership 1926)

Town History

Royalton is located in Morrison County in central Minnesota, with a small section of the southern part of town in Benton County. Royalton was platted in 1878 and incorporated in 1887. It was named after Royalton, Vermont, the native home of several of the early settlers. Royalton is located along the Platte River, and in the early days was an important point in the production of lumber. This continued until the pine timber on the Platte River and its tributaries was exhausted around 1900 when the last log drive was seen on the Platte River.

During the National Bank Note Era, the population of Royalton was 582 in 1890, climbing to 690 in 1920, and dropping to 518 in 1930. It's highest population was 1,242 in 2010, and the current population is estimated at 1,208 (2017).

Royalton's first bank was the (private) Bank of Royalton, established in 1888 by Oliver H. Havill. Havill served as Cashier, and C.M. Hertig was President, until the late 1890s, when Charles R. Rhoda became Cashier, with Havill serving as President. Royalton only had 1 National Bank chartered during the Bank Note Era, and it issued National Bank Notes.

For more information on the town of Royalton, see their Wikipedia page.

Bank Note History Wiki links:

Bank History

Photo of the old First National Bank building taken in 2006.

The First National Bank's early history can be traced back to the Merchants State Bank of Royalton, which was organized on October 30, 1901 by Charles R. Rhoda, A.H. Turrittin and associates. Mr. Rhoda served as the first Cashier. Mr. Turrittin had been Principal of the Royalton High School, and began his distinguished 20 year banking career as President of the new bank. He later served as Superintendent of Banks for the state of Minnesota from 1914-1917.

On May 3, 1903, Rhoda and Turrittin converted the Merchants State Bank to the First National Bank of Royalton, which was organized on April 9, 1903 and received Charter 6731 on April 21, 1903. The bank opened for business on May 11, 1903 with a starting capital stock of $25,000, and a minimal $6,250 circulation of National Bank notes. Rhoda remained as Cashier, and Turrittin as President. Within two months of opening, Mr. Turrittin had resigned his position as President to organize the (private) Bank of Rice, MN, and A.C. Wilson succeeded him as President. The First National Bank of Royalton was placed in Receivership on July 22, 1926 due to local depression.


Official Bank Title(s)

1: The First National Bank of Royalton, MN

Bank Note Types Issued

1902 Red Seal $10 bank note with pen signatures of Chas. R. Rhoda, Cashier and A.H. Turrittin, President

A total of $115,550 in National Bank Notes was issued by this bank between 1903 and 1926. This consisted of a total of 9,244 notes (9,244 large size and 0 small size notes).

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

Series/Type Sheet/Denoms Serial#s
1902 Red Seal 3x10-20 1 - 700
1902 Date Back 3x10-20 1 - 770
1902 Plain Back 3x10-20 771 - 1611

Bank Presidents and Cashiers

First National Bank Presidents and Cashiers during the National Bank Note Era (1903 - 1926):

Presidents:

  • Albert Hugh Turrittin, 1903-1903
  • A. C. Wilson, 1903-1914
  • S. Hemulatter, 1915-1917
  • W. H. Galley, 1918-1923
  • A. Plachta, 1924-1926

Cashiers:

  • Charles R. Rhoda, 1903-1922
  • M. J. Kamla, 1922-1923
  • A. A. Fitch, 1924-1926

Other Bank Note Signers

  • There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

References

  • Frank B. Logan, Historical Sketches of Royalton and Vicinity (Royalton Banner, 1930).
  • Royalton, MN, Wikipedia, https://en.wikipedia.org/wiki/Royalton,_Minnesota
  • "Albert H. Turrittin Obituary", Minneapolis Star Tribune, October 2, 1921, p1.
  • Second Annual Report of the Department of Banking of the State of Minnesota, July 31, 1911, p9.
  • 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