Pipestone National Bank, Pipestone, MN (Charter 10936)

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circa 1925 postcard of the Pipestone National Bank

Pipestone National Bank, Pipestone, MN (Chartered 1917 - Liquidated 1929)

Town History

circa 1916 Interior postcard of the Pipestone State (National in 1917) Bank

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, 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 3 National Banks chartered during the Bank Note Era, and 2 of those banks issued National Bank Notes.

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

Bank Note History Wiki links:

Bank History

  • Organized Dec 19, 1916
  • Chartered Jan 12, 1917
  • Conversion of Pipestone State Bank, Pipestone, Minnesota
  • Liquidated Dec 20, 1929
  • Succeeded by 13399 (Pipestone NB (No Issue), Pipestone, MN)

The first bank in Pipestone County was the private bank of 'Goodnow & Craig', established in November of 1879, with C.C Goodnow as President and James E. Craig as Cashier. This bank was located in a frame building on Olive Street that was replaced in 1884 with the Bank Block. The firm of Goodnow & Craig was dissolved in 1880 when Craig retired, and Riley French succeeded him as Cashier, in a private firm now called the Pipestone County Bank. On May 14, 1883, the private bank was granted a state charter, and incorporated as the Pipestone County Bank with a capital stock of $25,000. On April 29, 1908, with their 25 year state charter due to expire, they re-incorporated as the Pipestone State Bank with a capital stock of $50,000. In late 1916, the bank decided to convert to a National bank, and the Pipestone National Bank was granted charter 10936 on January 12, 1917 with a capital stock of $50,000. Edward W. Davies continued as President, and T.E. Nash continued as Cashier of the new bank.

On the morning of Saturday, Sept 30, 1933, six men robbed the Pipestone National Bank of $1,793. They were not able to get into the vault due to the time lock. For their getaway, the robbers took as hostages Marie Britt, Ruth Conrad and Ruth Walker (Bank President Arthur C. Walker's daughter), and had them stand on the running boards, and sit on the hood as human shields. The women were released unharmed outside of town, as the gang made their escape. The culprits were involved in several other bank robberies in Minnesota and South Dakota, and were all reported caught or killed within a few years of the robbery.

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. 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.

1902 Plain Back $10 note with stamped signatures of Herman Soenke, Cashier and E.W. Davies, President
1929 Type 1 $10 bank note with printed signatures of Andrew Enger, Cashier and A.C. Walker, President. (1 of only 2 small size notes known on this bank).

Official Bank Title(s)

1: Pipestone National Bank

Bank Note Types Issued

A total of $283,610 in National Bank Notes was issued by this bank between 1917 and 1929. This consisted of a total of 22,726 notes (22,300 large size and 426 small size notes).

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

Series/Type Sheet/Denoms Serial#s
1902 Plain Back 3x10-20 1 - 5575
1929 Type 1 6x10 1 - 61
1929 Type 1 6x20 1 - 10
1923 Bank Calendar

Bank Presidents and Cashiers

First National Bank Presidents and Cashiers during the National Bank Note Era (1917 - 1929):

Presidents:

Cashiers:

  • Thaddeus Ellsworth Nash, 1917-1917
  • Herman Soenke, 1918-1919
  • Thaddeus Ellsworth Nash, 1920-1920
  • L. G. Jones, 1920-1921
  • E. E. Wakefield, 1922-1922
  • Andrew Enger, 1924-1929

Other Bank Note Signers

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

References

  • Pipestone, MN, Wikipedia, https://en.wikipedia.org/wiki/Pipestone,_Minnesota
  • Arthur P. Rose, An Illustrated History of the Counties of Rock and Pipestone Minnesota (Luverne, MN: Northern History Publishing Co.,1911), 344-346.
  • Pipestone County Historical Society, A History of Pipestone County (Dallas, TX: Taylor Publishing Company, 1984), p108.
  • "Bank Robberies of the Past", Pipestone County Star, November 17, 2013, (Insert).
  • "Pipestone National Joins Bank Group", Pipestone County Star, November 15, 1929, p1.
  • 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