First National Bank, Lost Nation, IA (Charter 5402)

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Postcard of the First National Bank ca.1900s. The bank is in the center to the right of the drug store.
Postcard of the First National Bank ca.1900s. The bank is in the center to the right of the drug store.

First National Bank, Lost Nation, IA (Chartered 1900 - Receivership 1932)

Town History

Photo of the old First National Bank building ca2022.
Photo of the old First National Bank building ca2022. Courtesy of Google Maps

Lost Nation is located in Clinton County in east central Iowa.

Lost Nation was platted in 1872. Lost Nation was named for the fact it was the second town started at this site; the first "lost" town had been decimated by disease.

During the National Bank Note Era, the population of Lost Nation was 523 in 1910, staying fairly constant with 493 in 1930. It's highest population was 567 in 1960, and the current population is estimated at 420 (2016).

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

Bank History

  • Organized May 2, 1900
  • Chartered June 6, 1900
  • Receivership January 11, 1932

In April 1900, the comptroller of the currency approved the application of A.L. Cook, A.H. Gish, I.D. Bush, E.J. Cook, and H. McKenzie for authority to organized the First National Bank of Lost Nation, Iowa, with a capital of $25,000. 

In July 1913, another bank, the Lost Nation Savings Bank, was organized. The bank had capital of $15,000 with Simon Gish, president; Silas Scott, vice president and William Bell of Harrison, Illinois, cashier.  The directors were Simon Gish, Henry Mohr, M.L. McNeil, James Wolfe, William Nodle, and Ed. Scanlon.  The bank purchased the Garner store building for $4,250.  It was in business until it closed its doors on June 28, 1924.

In January 1914, the stockholders elected the following directors for the ensuing year: M.W. Burnett, A.L. Cook, Fred Dickman, J.D. Busch, V. Williams, James Gilroy, R.E. Cressy. Dr. W.F Skelley of Davenport and William Hill of Elwood resigned as directors.

In January 1917, seventy stockholders and guests enjoyed a banquet at the Hotel Gerhardt following the annual meeting. The stockholders elected the following directors: M.W. Burnett, A.L. Cook, J.E. Gilroy, P.B. Skelley, R.E. Cressy, L. Dickman and V. Willimack.

In January 1926, the following officers were elected for the coming year: M.H. Dake, president; V. Willimack, vice president; W.J. Schultz, cashier; and H.F. Burrichter, assistant cashier. The directors were R.E. Cressey, J.E. Gilroy, W.S. Burnett, V. Willimack, M.H. Dake, H.F. Burrichter, and W.J. Schultz.

On January 4, 1932, the First National Bank of Lost Nation closed its doors. The institution had capital of $40,000 and according to the last bank statement, had deposits of approximately $100,000. The officers were M.H. Dake, president; G.C. Gilroy and M.C. Sweeney, vice presidents; and H.F. Burrichter, assistant cashier. Lewis S. Lein was named receiver on January 11th. Mr. Lein would also serve as receiver of the First National Bank of Maquoketa.

In June 1936, Mr. Lein announced that a final dividend to creditors would be ready for distribution on June 12 at the office of Jenkins and Ales. The dividend of 15.08% would make a total of 75.08% of the bank's indebtedness paid.

Official Bank Title(s)

1: The First National Bank of Lost Nation, IA

Bank Note Types Issued

1902 Plain Back $10 banknote with pen signatures of Morgan Harley Dake, Cashier and Vince Willimack, Vice President
1929 Type 1 $20 banknote with engraved signatures of William Charles Rutenbeck, Cashier and Morgan Harley Dake, President

A total of $156,730 in National Bank Notes was issued by this bank between 1900 and 1932. This consisted of a total of 16,184 notes (14,780 large size and 1,404 small size notes).


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

Series/Type Sheet/Denoms Serial#s
1882 Brown Back 4x5 1 - 400
1882 Brown Back 3x10-20 1 - 320
1882 Date Back 4x5 1 - 950
1882 Date Back 3x10-20 1 - 760
1882 Value Back 4x5 951 - 1070
1882 Value Back 3x10-20 761 - 830
1902 Plain Back 3x10-20 1 - 1075
1929 Type 1 6x10 1 - 200
1929 Type 1 6x20 1 - 34

Bank Presidents and Cashiers

First National Bank Presidents and Cashiers during the National Bank Note Era (1900 - 1932):

Presidents:

  • Abraham Henry Gish, 1900-1904
  • Michael Walter Burnett, 1905-1924
  • Vince Willimack, 1925-1925
  • Morgan Harley Dake, 1926-1931

Cashiers:

  • Albert L. Cook, 1900-1903
  • Henry Albert Mohl, 1904-1904
  • Albert L. Cook, 1905-1912
  • Frederick William Dickman, 1913-1918
  • Morgan Harley Dake, 1919-1925
  • William John Schultz, 1926-1927
  • William Charles Rutenbeck, 1928-1929
  • Henry Frederick Burrichter, 1930-1930

Other Bank Note Signers

  • Vince Willimack, Vice President 1920-1928

References

  • Lost Nation, IA, 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://bbdata.banknotehistory.com
  • Evening Times-Republican, Marshalltown, IA, Fri., Apr. 20, 1900.
  • The Daily Times, Davenport, IA, Thu., July 10, 1913.
  • The Daily Times, Davenport, IA, Thu., July 31, 1913.
  • The Daily Times, Davenport, IA, Sat., Jan. 17, 1914.
  • The Daily Times, Davenport, IA, Thu., Jan. 11, 1917.
  • The Daily Times, Davenport, IA, Sat., June 28, 1924.
  • The Daily Times, Davenport, IA, Sat., Jan. 23, 1926.
  • The Daily Times, Davenport, IA, Tue., Jan. 5, 1932.
  • Quad-City Times, Davenport, IA, Thu., Dec. 29, 1932.
  • The Daily Times, Davenport, IA, Mon., Dec. 18, 1933.
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