Pope County Museum A-Z is a continuing feature of our blog. Periodically, I will highlight an item or items from our Museum collection.
An article in the October 21, 1904 edition of the Glenwood Herald announced that a charter had been granted to for a National Bank in Glenwood. The principal shareholders of the new First National Bank of Glenwood were P. Peterson, Alba Webster and W.F. Dougherty (Formerly of the Bank of Glenwood). The were aided by two gentlemen from Sauk Centre.
“Capital stock of the new institution is $25,000, secured by bonds deposited in the U.S.Treasury, who in return will issue National Bank Currency for the greater part of the amount.
It will be quite a novelty to citizens of this village and vicinity to have the pleasure of receiving bank notes bearing the name of Glenwood upon them.”
We have a $10 banknote in our collection from the First National Bank of Glenwood.
The bank closed and was re-organized in 1924, then a run on the bank forced it to close its doors in June of 1926, by August it was in liquidation proceedings. It was one of many banks that failed in the 1920s. On average 600 banks closed each year from 1921-1929.
The bank was located on the Northwest corner of Minnesota Avenue and Franklin Street. The building still stands and today is home to the Dough-Nuts Bakery.