Did You Know? Pocatello National Banks

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

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.

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