Did You Know? Pocatello National Banks

Did You Know? Pocatello National Banks

Arlen Walker on Dec 1, 2020 9:45:00 AM

Did You Know? General Interest

Picture 8 Bannock Natl Bank w. center 1

Pocatello was home to three national banks in the early days of the city, and each bank was able to issue their own currency. The founders and directors of these early banks were men prominent in local society and business and were well-known among the early citizens of Pocatello. Many of them are recognizable today, and some of them went on to found banks that are still currently in business.

From 1863 to 1935, National Bank Notes were issued by local banks holding a federal charter throughout the United States and its territories. The First National Bank of Pocatello (1889-1928), Idaho National Bank of Pocatello (1892-1895), and the Bannock National Bank of Pocatello (1902-1921) deposited bonds in the U.S. Treasury and then issued banknotes worth up to 90 percent of the value of the bonds. These banks issued banknotes in various denominations-- with the exception of the Idaho National Bank of Pocatello, which issued only $5.00 notes.

Nowadays, paper currency from local banks is rare and valued highly by collectors. These collectable bank notes were of a larger size, and were discontinued in the 1920s.

National Bank Notes were retired as a currency entirely by the U.S. during the Great Depression in the 1930s. Currency in the U.S. was consolidated into Federal Reserve Notes, United States Notes, and silver certificates; privately issued banknotes were eliminated.

Picture 1 Idaho Natl bank of Poc $5, 1893

The Idaho National Bank of Pocatello issued only five and ten-dollar notes during its short time in business. Chartered in 1892, the bank closed its doors in 1895. Some of the founders were D.W. Standrod, J.N. Ireland, and D.L. Evans.

Picture 2 Pioneer block

The Pioneer Block, on the right in this image, originally housed the First National Bank of Pocatello. The building was built in 1892. The directors were D.W. Standrod, J.N. Ireland, D.L. Evans, W. G. Jenkins, and L.L. Evans. The Evans and Ireland families are still in the banking business.

Today the building is the downtown post office.

Picture 3 Valentine building

The First National Bank moved to the Valentine Building on the southeast corner of West Center and South Arthur in 1916 after merging with the Farmers and Traders Bank, of which Carl Valentine was President.

Picture 4 First Natl Bank of Poc $100, 1890

Fifty- and hundred-dollar notes issued by the First National Bank of Pocatello in the 1890s.

Picture 5 First Natl bank of Poc $50s, 1909

Later fifty- and hundred-dollar notes issued by the First National Bank of Pocatello circa 1909.

Picture 6 First natl Bank of Poc, $5,1890

Five dollar notes issued by the First National Bank of Pocatello circa 1908.

Picture 7 Bannock natl bank of Poc, 1902 full front

The Salt Lake Herald reported on June 19, 1902, that a new bank, The Bannock National Bank, was under contruction in Pocatello and should be ready for opening on July 1. Subscribers and members of the board included Lyman Fargo, W.F. Kasiska, F.S. Dietrich, E.C. Manson, and D. W. Church.

The building, on West Center Street, also housed the Monarch Café on the left side.

It is now home to the First National Bar.

Picture 8 Bannock Natl Bank w. center 1

Later the café on the left became The New York Café, Meals 25 Cents & Up.

Picture 9 West Center postcard ca.1900

Souvenir postcard circa 1900.

Picture 10 Bannock National Bank stockholders

Stockholders in front of The Bannock National Bank, which moved from W. Center to the Franklin Building on the 100 block of N. Main Street in 1916.

Picture 11 Franklin Bldg.

The Bannock National Bank remained in the Franklin building until it ceased operations in 1921.

The building is now occupied by Molinelli’s Jewelry.

Picture 12 Currency size difference

Large-sized banknotes were last issued in 1927. In 1928, they were replaced by the size still in use. Previous banknotes were considerably larger in length and width than the new bills and had to be folded to fit in a wallet or purse. People called paper currency “folding money”. They also called wallets “billfolds”.