American National Bank, Spearfish, SD (Charter 8248)

Postcard of the American National Bank of Spearfish, South Dakota, ca1910s. The bank opened in 1906 on the corner of Sixth and I Streets, later renamed Main and Illinois Streets.

American National Bank, Spearfish, SD (Chartered 1906 - Liquidated 1927)

Town History

Photo of the old American National Bank of Spearfish, South Dakota, ca2015.

Spearfish is a city in Lawrence County, South Dakota. The population was 12,193 at the time of the 2020 census, making it the 10th most populous city in South Dakota. Spearfish is the largest city in Lawrence County and the home of Black Hills State University. In 1900 the population was 1,166 growing to 1,577 by 1930.

Before the Black Hills Gold Rush of 1876, the area was used by Native Americans (primarily bands of Sioux but others also ranged through the area). Once the gold rush started, the city was founded in 1876 at the mouth of Spearfish Canyon, and was originally called Queen City. Spearfish grew as a supplier of foodstuffs to the mining camps in the hills. Even today, a significant amount of truck farming and market gardening still occurs in the vicinity.

Spearfish Creek is a fast-moving creek that emerges from Spearfish Canyon at Spearfish. It runs roughly south to north through the center of town (parallel to Canyon Street), year round. The creek freezes from the bottom up instead of icing over. This unusual phenomenon occurs due to the very fast rate at which the creek flows. This speed prevents ice from forming except along the bottom of the creek bed where friction and turbulence allow the water to slow down long enough to freeze. Since the creek continues to flow atop this ice, the water level of the creek gradually rises as more ice accumulates on the bottom, in some cases causing flooding on the north side of town where the channel is not as deep.

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

Bank History

An advertisement from 1888 for the Bank of Spearfish.

• Organized May 2, 1906
• Chartered June 5, 1906
• Opened for business August 1, 1906
• Liquidated December 27, 1927
• Absorbed by Bank of Spearfish

In June 1887, the Bank of Spearfish recently organized as a state institution became an established fact and on July 1, the Bank of Sundance, organized on the same basis, would begin business. In July, J.F. Summers, the popular cashier of the Bank of Spearfish, left for an extended trip east, going as far as New York City. He was taking a six week vacation, the first real vacation in 20 years.

In February 1888, the officers of the Bank of Spearfish were L.W. Valentine, president; W.R. Stebbins, vice president; and J.F. Summers, cashier. The Bank of Spearfish was successor to Stebbins, Fox & Co. of Spearfish.

On March 1, 1906, the comptroller of the currency approved the application to organize the American National Bank of Spearfish with capital of $25,000. Henry Lipple, George A. Pemberton, George C. Hull, Charles Pierson and Milton Brenn signed the application. In April, the promoters of the new bank closed a deal for the balance of the Scott corner. Their first purchase covered 50X25 feet on the corner and now they had purchased the other half of the corner giving them 50X50 feet. Work on the new building was pushed as rapidly as possible. On June 6, the comptroller of the currency authorized the American National Bank to begin business with a capital of $25,000. George A. Pemberton was president. Announcements were issued in which the officers said, "The incorporators of the American National Bank of Spearfish wish to announce that on the first day of August they will open their doors to the public for the purpose of conducting a banking business. The officers and directors of this institution are all men of too high standing and long residence in this community to need any introduction here. They have just finished their new baking house which is very complete and up-to-date, being equipped with modern fire and burglar-proof vaults, also steel safety deposit boxes for the free use of their patrons. General banking in all its branches will be transacted. They are prepared to buy or sell exchange on all parts of the United States and Europe and will pay interest on time deposits and are in the market to purchase good commercial paper, also to loan money at reasonable rates of interest on satisfactory security and the customers of the bank can rest assured that their interest will be carefully protected at all times." The officers were G.A. Pemberton, president; G.C. Hull, vice president; Henry Leppla, cashier; and J.S. Denman, assistant cashier. The directors were G.A. Pemberton, Henry Leppla, G.C. Hull, M.L. Brenn, and Charles Pierson. The bank building was located on the corner of Sixth and I Streets [now Main and Illinois Streets] with a ground plan 50X50 feet, two-stories in height with a full basement underneath the building. Half of the ground floor was devoted excluseively to banking. William Bartlett of Lead was the designer and builder. The basement walls were of lime rock and concrete while the superstructure was of Omaha red pressed brick with trimmings of concrete blocks. The concrete blocks were made under Mr. Bartlett's supervision and contracted nicely with the bright red bricks. The main entrance was at the southeast corner and was embellished on either side by concrete pillars with bases and caps of the same material. The cornice was of sheet copper, the first of that kind used in Spearfish. The interior was decorated with a metal ceiling, painted in pleasing colors of white and gold encircled with a band of dark green about 18-inches in width. The side walls were covered with dark green burlap and the wood work was finished in golden oak. The floor was covered with colored tiles. The business department was well-lighted by large plate glass windows on two sides. A metal grating separated the cashier's desk from a small reception room in the front part of the building. In the northeast corner of the building was the directors' room with entrance from the vestibule and from the cashier's department. The building had two vaults, one in the basement for storage purposes and the other on the first floor and opening into the business office. The vaults were 7 1/2 X 12 feet and 8 feet in height. In the upper vault was the monstrous "Cannon-Ball" safe made by the Mosler Safe Company. It weighed 16,200 pounds and was a ball within a ball. The inner ball revolved on pivots at the will of the officers or those with the combination. It was fitted with two time locks with a double combination lock on the exterior. When the inside "ball" was revolved so as to present the money chests, there were three small doors each with a combination lock of its own. This was one of the finest safes in the Black Hills. The vault was fitted with 100 steel safety deposit boxes for the use of customers. The building was heated by a Princeton hot water heater manufactured at Canton, Ohio. The building was lighted by electricity and was equipped with modern electrical apparatus. The west half of the building was fitted up for a store room occupied by Mrs. Madill. Over the bank there were four office rooms. It was understood that Dr. Robinson and Dr. Benson leased three of the rooms, the fourth would be occupied by the assistant cashier, Mr. Denman. The rooms over the west half of the building would be occupied by Mrs. Madill.

In 1923, the officers were H.G. Weare, president; L.W. Valentine and T.W. Matthews, vice presidents; C.W. Ott, cashier; J.M. Ramsay and W.E. Dickey, assistant cashiers. On January 29, 1923, John Wolzmuth of Spearfish received a message telling of the death of a former business partner, Lowell W. Valentine, in Minneapolis, Minnesota. Mr. Lowell was born in the state of Maine on August 19, 1841, and in 1876 came to the Black Hills. He was associated with Mr. Wolzmust in the hardware firm of Valentine & Wolzmuth from 1883 to 1899 when he disposed of his interest in that store. At the time of his death, he was a vice president of the American national Bank in Spearfish and a director of that institution.

In November 1924, Clarence W. Ott, Republican, was elected to the Legislature, representing the 46th District, Lawrence County. He was born on November 30th, 1885 at Bridgewater, Dakota Territory, and was a graduate of the Sioux Falls Business College before becoming cashier of the American National Bank.

At the end of December 1927, the American National bank and the Bank of Spearfish combined under the name of the latter. No change of stock was necessary since the banks were both controlled by the same stockholders. The new bank had capital and surplus amounting to $75,000 and total deposits of $1,400,000. W.E. Dickey, the cashier of the Bank of Spearfish, would remain in that position and H. G. Weare would remain as president. The new banking firm would be housed in the Bank of Spearfish building. It was not immediately known what would become of the old American National Bank building.

The consolidation of the First National Bank of Deadwood, the First National Bank of Lead, and the Bank of Spearfish under one charter became effective at the close of business, December 21, 1935. Banking offices would be operated in Lead, Deadwood Spearfish and Hot Springs. The consolidated bank had capital of over $650,000, with resources in excess of $7 million.

On September 30, 1938, announcement was made of the consolidation of the First National Bank of Rapid City and the First National Bank of Lead which in the future would operate under the title of the First National Bank of the Black Hills.  Offices would be maintained in Rapid City, Deadwood, Lead, Belle Fourche, Hot Springs, Newell and Spearfish. W.E. Dickey was vice president in charge of the Spearfish office and C.R. McCain was the assistant cashier. The original First National Bank of Lead was organized in 1879 and the First National Bank of Deadwood in 1877.  Both of these banks opened on the tide of the gold rush into the Black Hills.  The Bank of Spearfish was added in 1935.  The Butte County Bank of Belle Fourche and the Reclamation Bank of Newell, or the so-called John Clay banks, were added in 1936.  The First National Bank of Rapid City was organized in 1881.  Through ownership it was connected with the First National Bank of Lead and the First National Bank of Deadwood in its early career, being part of the so-called Lake-Salisbury group.  Both banks were affiliated with the Northwest Bancorporation of Minneapolis.

On April 29, 1982, Walter E. Dickey died at his home. He was born May 30, 1896 in Deadwood, the son of Lee and Nettie (Weaver) Dickey. He grew up and attended schools in Spearfish and later attended Black Hills Teachers College. He became a director of the Bank of Spearfish in 1921. He resigned that position to become the cashier at the American National Bank and, in 1927, was instrumental in merging the two banks which eventually became the Spearfish branch of the First National Bank of the Black Hills. He also operated and directed banks in Newcastle, Moorcroft, and Hulett, Wyoming.

Official Bank Title(s)

1: The American National Bank of Spearfish, SD

Bank Note Types Issued

1902 Red Seal $10 bank note with a radar treasury SN and pen signatures of Henry Leppla, Cashier and G.C. Hull, Vice President. Courtesy of www.stacksbowers.com

Letter from the American National Bank of Spearfish dated October 4, 1923, signed by Assistant Cashier J.M. Ramsay.

A total of $66,700 in National Bank Notes was issued by this bank between 1906 and 1927. This consisted of a total of 5,336 notes (5,336 large size and No small size notes).

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

Series/Type	Sheet/Denoms	Serial#s	Sheet Comments
1902 Red Seal	3x10-20	1 - 187
1902 Date Back	3x10-20	1 - 740
1902 Plain Back	3x10-20	741 - 1147

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1906 - 1927):

Presidents:

• George A. Pemberton, 1906-1909
• Henry Keets, 1910-1918
• Henry Gabriel Weare, 1919-1927

Cashiers:

• James Matthews Ramsay, 1925-1927
• Henry Leppla I, 1906-1909
• Arthur L. Kinney, 1909-1915
• Clarence William Ott, 1916-1924

Other Known Bank Note Signers

• George Clayton Hull (VP 1906...1909)

Bank Note History Links

• American National Bank, Spearfish, SD History (NB Lookup)
• South Dakota Bank Note History (BNH Wiki)

Sources

• Spearfish, SD, on Wikipedia
• 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