First National Bank, Jasper, MN (Charter 6523)

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ca.1911 Postcard of the First National Bank

First National Bank, Jasper, MN (Chartered 1902 - Receivership 1925)

Town History

2011 Photo of the old First National Bank building

Jasper is located in Pipestone County in southwestern Minnesota, with a small southern portion of the town located in Rock County. Jasper was platted in 1888, and incorporated in 1889. A post office has been in operation there since 1888. The town was named after the nearby Jasper quartzite quarries.

During the National Bank Note Era, the population of Jasper was 372 in 1890, growing to 968 in 1920, and dropping to 769 in 1930. It's highest population was 968 in 1930, and the current population is estimated at 601 (2017).

Jasper's first bank was a private bank founded in the spring of 1889 by Israel Turner of Cedar Rapids, IA.

Jasper had 1 National Bank during the Bank Note Era, and it issued National Bank Notes.

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

Bank Note History Wiki links:

Bank History

  • Organized Oct 7, 1902
  • Chartered Dec 8, 1902
  • Conversion of the State Bank of Jasper
  • Opened for business Jan 13, 1903
  • Receivership May 1, 1925 due to local depression

The banking history of Jasper dates back to 1889. Israel Turner of Cedar Rapids, Iowa moved to Jasper, and in the spring of 1889 founded a private bank, which he operated until July 1982. At that time, his private bank was absorbed by the State Bank of Jasper, which had been recently organized with a capital stock of $25,000. Officers for the State Bank were Edward W. Davies as President; O.P. Miller, VP, and F.H. Taylor as Cashier. Other shareholders included T.A. Black, P.F. Sherman, H.E. Corbett, F.L. Janes and J.K.P. Thompson. In late 1902, the First National Bank was organized, receiving Charter number 6523 on December 8, 1902. The bank retained its capital of $25,000, and the same officers. First National opened for business on January 13, 1903, absorbing the State Bank of Jasper. In May of 1925, the First National Bank was struggling, due to the local agricultural depression, and was placed in Receivership by the bank examiner.

Official Bank Title(s)

1: The First National Bank of Jasper, MN

Bank Note Types Issued

1902 Red Seal $20 bank note with pen/stamped signatures of J.H. Taylor, Cashier and Edward W. Davies, President
1902 Plain Back $20 bank note with stamped signatures of A.C. Finke, Cashier and L.A. Peterson, signing as Vice-President

A total of $265,300 in National Bank Notes was issued by this bank between 1902 and 1925. This consisted of a total of 21,224 notes (21,224 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 - 1050
1902 Date Back 3x10-20 1 - 1790
1902 Plain Back 3x10-20 1791 - 4256

Bank Presidents and Cashiers

1906 First National Bank letter signed by Cashier J.H. Taylor

First National Bank Presidents and Cashiers during the National Bank Note Era (1902 - 1925):

Presidents:

Cashiers:

  • James H. Taylor, 1902-1918
  • William Martin Lowe, 1919-1921
  • Leonard A. Peterson, 1922-1922
  • August C. Finke, 1923-1925

Other Bank Note Signers

  • George Stewart Smiley, Assistant Cashier 1903-1919
  • Leonard A. Peterson, Vice-President 1924

References

  • Jasper, MN, Wikipedia, https://en.wikipedia.org/wiki/Jasper,_Minnesota
  • Arthur P. Rose, An Illustrated History of the Counties of Rock and Pipestone Minnesota (Luverne, MN: Northern History Publishing Co.,1911), p354.
  • 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