First National Bank, Balaton, MN (Charter 6840)

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ca. 1908 postcard of the early Balaton First National Bank building.

First National Bank, Balaton, MN (Chartered 1903 - Liquidated 1924 - Receivership 1928)

Town History

ca. 1910 postcard of the later Balaton First National Bank building (on the left).

Balaton is located in Lyon County in southwestern Minnesota. It was platted in 1879 by the railroad, and incorporated in 1882. The town was named after Lake Balaton, in Hungary. A post office has been in operation there since 1879.

During the National Bank Note Era, the population of Balaton was 209 in 1900, growing to 605 in 1930. It's highest population was 752 in 1980, and the current population is estimated at 624 (2019). Balaton had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.

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


Bank Note History Wiki links:

Bank History

  • Organized Apr 30, 1903
  • Chartered Jun 17, 1903
  • Succeeded Citizens State Bank
  • Liquidated Jun 28, 1924
  • Absorbed by First State Bank of Balaton
  • Receivership Feb 29, 1928
  • Reason for failure: Deficiency in assets sold

Official Bank Title(s)

1: The First National Bank of Balaton, MN

Bank Note Types Issued

1902 Plain Back $10 note with pen signatures of F.W. Ruliffson, Cashier and H.G. Heneman, President.

A total of $188,400 in National Bank Notes was issued by this bank between 1903 and 1924. This consisted of a total of 15,072 notes (15,072 large size and No 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 - 626
1902 Date Back 3x10-20 1 - 1610
1902 Plain Back 3x10-20 1611 - 3142

Bank Presidents and Cashiers

First National Bank Presidents and Cashiers during the National Bank Note Era (1903 - 1924):

Presidents:

  • Geo. A. Tate, 1903-1911
  • James Hall, 1912-1914
  • Herbert Gerhard Heneman, 1915-1916
  • M. J. Aurandt, 1917-1920
  • Herbert Gerhard Heneman, 1921-1924

Cashiers:

  • A. J. Rush, 1903-1906
  • N. H. Olson, 1907-1911
  • S. O. Raliffson, 1912-1912
  • Frank Willard Ruliffson, 1913-1917
  • H. M. Heneman, 1918-1918
  • Frank Willard Ruliffson, 1919-1922
  • C. W. Arnason, 1923-1924

Other Bank Note Signers

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

References

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