Hendricks Minnesota Bank Buildings and National Currency

Two early 20th century bank buildings stand majestically on Main Street, paying homage to our financial past.

Since being founded in 1900, Hendricks has been the financial hub of the surrounding towns and areas. As the town blossomed from the prairie, capital was needed for financing new businesses, land transactions, and the many Hendricks land developments. Hendricks had a total of 4 banks in its early years, and the town's rise as a financial hub culminated in the U.S. government issuing national currency with a Hendricks Minnesota bank listed on the face of the bill (view a Hendricks Minnesota $10 bill -- view a Hendricks Minnesota $20 bill). Two early 20th century bank buildings still rise above the center of Main Street, paying homage to the hustle and bustle of our financial past.

The May Edition of the Hendricks Pioneer states "John Swenson and Samuel Lewison of nearby Canby will be starting a bank in town." Intially named the "Lincoln County Bank", its location was described as "the most choice lot in town". By September 1900, the bank had deposits of $24,741.81. The bank was later renamed to "Farmers National Bank of Hendricks". A new bank building was constructed on the same lot in 1903, which still stands today. The building was described "of brick, entirely furnished, interior fixtures and furnishings of oak, hard maple floors, green effect plaster, ornamental sheet metal ceiling, hot water heating plant, with a gas lamp".

A second bank, The State Bank of Hendricks, was incorporated in in July of 1900 by Hans Moe, O.W. Hagen, and John White. O.W. Hagen of the State Bank of Sleepy Eye was named president and E.A Christianson was the cashier. Their location was directly the southwest quadrant of Lincoln and Main Street, directly opposite the Lincoln County Bank. The original State Bank of Hendricks building also stands today.

Two additional banks were later founded during our early days. In 1908, the Farmer's State Bank was organized by L.A. Larson. $10,000 of capitol stock was issued, with most being purchased by area farmers. In 1909, the Farmer's National Bank was established by C.O. Peterson and his son Gilbert of nearby Elkton S.D. This bank replaced the State Bank of Hendricks. In 1931, the First National and the Farmer's National Banks merged. The Great Depression years were financially turbulent, and the last of our early banks closed following the National Bank Holiday in 1933. The town was without a bank for 7 years.

Area resident J.W. Siverson founded the State Bank of Hendricks (the same name as a previous bank) on August 30th, 1940. The newly formed bank occupied the original Lincoln County Bank until 1954, when it moved across the street to its current location. The bank was donated to Augustana College in 1983, and was sold to the Amundson family who still operate it today. The bank has been known as the First Security Bank since 1989.

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