First National Bank, Milaca, MN (Charter 9050)

View of the First National Bank of Milaca, circa 1908.

First National Bank, Milaca, MN (Chartered 1908 - Open past 1935)

Town History

Milaca is the county seat of Mille Lacs County in east central Minnesota. A post office has been in operation at Milaca since 1883. The name Milaca is derived from 'Mille Lacs Lake'.

During the National Bank Note Era, the population of Milaca was 404 in 1890, growing to 1,318 in 1930. It's highest population was 2,946 in 2010, and the current population is estimated at 2,914 (2018).

Milaca had one National Bank during the National Bank Note Era, and it issued national bank notes.

Bank History

• Organized Jan 6, 1908
• Chartered Mar 3, 1908
• Conversion of The Farmers State Bank of Milaca
• Opened for business Mar 4, 1908
• Bank was Open past 1935
• For Bank History after 1935 see FDIC Bank History website
• Still in business as First NB of Milaca, MN (July 2023)

Official Bank Title(s)

1: The First National Bank of Milaca, MN

Bank Note Types Issued

$10 1902PB issued by the First National Bank of Milaca with pen signatures of J. A. Allen, Cashier and M. K. Rudd, Vice President

$10 1929T1 issued by the First National Bank of Milaca with printed signatures of B. P. Allen, Cashier and J. A. Allen, President

A total of $306,240 in National Bank Notes was issued by this bank between 1908 and 1935. This consisted of a total of 24,654 notes (20,088 large size and 4,566 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 - 700
1902 Date Back	3x10-20	1 - 1560
1902 Plain Back	3x10-20	1561 - 4322
1929 Type 1	6x10	1 - 598
1929 Type 1	6x20	1 - 158
1929 Type 2	10	1 - 30

Bank Presidents and Cashiers

First National Bank Presidents and Cashiers during the National Bank Note Era (1908 - 1936):

Presidents:

• Charles Keith, 1908-1917
• John A. Allen, 1918-1935

Cashiers:

• John A. Allen, 1908-1917
• Harry Walfdan Eberhardt, 1918-1918
• Thomas Marcus Olsen, 1919-1922
• Burton Prentice Allen, 1923-1931
• George Wilhelm Kirkeby, 1932-1935

Other Known Bank Note Signers

• Rudolph Carl Becklin (Asst Cashier 1924)
• Thomas H. Caley (VP 1914)
• Martin K. Rudd (VP 1909...1924)

Bank Note History Links

• First National Bank, Milaca, MN History (NB Lookup)
• Mille Lacs County Bank Note History (BNH Wiki)
• Minnesota Bank Note History (BNH Wiki)

Sources

• Milaca, MN, Wikipedia, https://en.wikipedia.org/wiki/Milaca,_Minnesota
• 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