First National Bank, Starbuck, MN (Charter 9596)

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Closeup of the postcard below showing the First National Bank on the far left c1925.

The First National Bank of Starbuck, MN (1909 - 2014) was organized on November 6, 1909, and received Charter 9596 on December 1, 1909, with an initial capital of $25,000. The bank survived past the end of the National Bank Note issuing period in 1935, and was eventually merged into AmericanWest Bank in Spokane, WA, in 2014.

Town History

circa 1925 street view postcard showing the First National Bank (on the far left).

Starbuck is located in Pope County in west central Minnesota. Starbuck was platted in the spring of 1882, as a village on the Northern Pacific railway, on the western shore of Lake Minnewaska.

Reportedly the town was named after Stabekk in Baerum in Akershus county, Norway. Another source says the town was named after William H. Starbuck of New York, who financed the Little Falls and Dakota Railroad. Some also believe the town's name comes from the oxen used to build the railroad through the town, whose names were Star and Buck.

During the National Bank Note Era, the population of Starbuck was 469 in 1900, growing to 781 in 1930. It's highest population was 1,314 in 2000, and the current population is estimated at 1,253 (2017).

Starbuck had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.

Bank History

  • Organized Nov 6, 1909
  • Chartered Dec 1, 1909
  • Conversion of The Farmers State Bank of Starbuck
  • Bank was Open past 1935
  • For Bank History after 1935 see FDIC Bank History website
  • Merged into AmericanWest Bank in Spokane, WA on Apr 5, 2014.

The First National Bank's history can be traced back to a private bank established by S.J. Rasmusen in 1898. This private bank was succeeded by the Farmers State Bank, which was organized on June 1, 1904 by South Dakota bankers George W. Hughes and Andrew Kopperud, with a capital stock of $12,500. Hughes served as President, O.M. Cornell as VP, and Kopperud as Cashier. In late 1905 or early 1906, Kopperud sold his interest in the Farmers State Bank to Harold Thorson, who also bought up enough other stock to become the majority owner of the bank. At that time, Thorson became President and Hughes became Cashier.

In late 1909, the Farmers State Bank was converted to the First National Bank of Starbuck, Charter 9596, with a capital stock of $25,000. Thorson remained as President, and Hughes as Cashier. The initial National Bank Note circulation was $25,000, and stayed at that level throughout the note issuing period.

On May 17, 1915, Harold Thorson sold his interest in the bank to George W. Hughes, Gustav I. Engebretson and Bennie C. Bergerson. At that time, Hughes was elected President, Engebretson Vice President, and Bergerson Cashier. Then in January 1918, George W. Hughes sold his interested in the bank to Engebretson, Bergerson and others, and purchased a majority stock position in the First National Bank of nearby Glenwood, MN (Charter 7742). G.I. Engebretson became President of FNB Starbuck, and B.C. Bergerson remained as Cashier until 1924, when E.S. Olsen took over the Cashier duties.

The First National Bank of Starbuck survived past the end of the National Bank Note issuing period in 1935, and was eventually merged into AmericanWest Bank in Spokane, WA, on April 5, 2014.

Official Bank Title(s)

1. The First National Bank of Starbuck, MN

Bank Notes Issued

$5 Series 1902 Date Back Serial Number 1A note issued by the First National Bank of Starbuck, MN with pen signatures of George W. Hughes, Cashier, and Harold Thorson, President.
$10 Series 1929 Type 1 issued by the First National Bank of Starbuck, MN with signatures of Edward S. Olson, Cashier, and Gustav I. Engebretson, President.

A total of $282,740 in National Bank Notes was issued by this bank between 1909 and 1935. This consisted of a total of 35,686 notes (28,624 large size and 7,062 small size notes).

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

Series/Type Sheet/Denoms Serial#s
1902 Date Back 4x5 1 - 1600
1902 Date Back 3x10-20 1 - 1220
1902 Plain Back 4x5 1601 - 4345
1902 Plain Back 3x10-20 1221 - 2811
1929 Type 1 6x5 1 - 716
1929 Type 1 6x10 1 - 348
1929 Type 1 6x20 1 - 106
1929 Type 2 5 1 - 42

Bank Presidents and Cashiers

First National Bank Presidents and Cashiers during the National Bank Note Era (1909 - 1935):

Presidents:

Cashiers:

Other Bank Note Signers

  • President Gustav I. Engebretson also signed notes as Vice-President. He was VP from 1910-1918.
  • There are currently no other known Vice President or Assistant Cashier bank note signers for this bank.

The Ella Overby Hoard

No History of the First National Bank of Starbuck, MN would be complete without mentioning the Ella Overby Hoard.

  • Included in the hoard were over 700 large size National Bank Notes from throughout the United States, with 158 notes from the First National Bank of Starbuck (including several uncirculated cut sheets).
  • Thanks to Ella Overby, we have many National Bank Notes (in very nice condition) from this popularly named bank and elsewhere for collectors to enjoy.
$10 Series 1902 Plain Back from the Ella Overby hoard, issued by the First National Bank of Starbuck, MN with signatures of Edward S. Olson, Cashier, and Gustav I. Engebretson, President.

Wiki Links

References

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