Banks of Luverne — First National BankThe following was printed in the Rose History in 1911:The First National Bank is the successor to the first banking concern established in Rock County. This was the private bank opened by P.J. Kniss and O.D. Brown, under the name of Bank of Luverne, in the fall of 1876. The partnership between the original proprietors existed until January 1881, when Mr. Brown withdrew his interests and a reorganization was effected. The officers under the new regime were P.J. Kniss, president; G.Q. Kniss vice president and E.D. Hadley, cashier, W.P. Hurlbut succeeded Mr. Hadley as cashier in November 1882 and the banking firm took the name P.J. Kniss & Co.The Bank of Luverne commenced business as a state bank Nov. 15, 1884, and was capitalized at $30,000, paid in by 17 stockholders. A year later a further reorganization was carried out, which resulted in the conversion of the institution into a national bank. The capital stock was increased to $50,000, and under its new charter the First National Bank opened its doors Jan. 7, 1886. The first officers and members of the board of directors were: P.J. Kniss, president; E.D. Hadley, vice president; W.P. Hurlbut, cashier; H.J. Miller, N. Nelson, W.H. Halbert and E.A. Brown. A number of important changes in the management of the institution occurred in 1887. On Jan. 27, W.H. Halbert succeeded W.P. Hurlbut as cashier, and in August the majority stock was purchased by S.W. Thompson of East Randolph, N.Y., who thereupon succeeded to the vice presidency, vice E.D. Hadley. Charles C. Thompson was installed as cashier on Nov. 8, 1888. In December 1890, P.J. Kniss withdrew from the bank, and as a result S.W. Thompson was elevated to the presidency and N. Nelson became vice president. The First National’s fourth cashier was C.E. Huntington, who succeeded Charles C. Thompson in January 1891. Later in the same year a most important change in the bank’s management was negotiated. President Thompson and Cashier Huntington both retired and the stock they controlled was transferred to William Jacobsen and A.D. LaDue, both formerly connected with the Rock County Bank. Mr. Jacobsen became president and Mr. LaDue cashier, and those officers served 13 years. E.A. Brown, the present vice president, succeeded N. Nelson in 1894. The final change in the personnel of the First National’s management was made by reason of the death of Pres. Jacobsen in 1905. Since then the officers have been: A.D. LaDue, president; E.A. Brown, first vice president; O.P. Huntington, second vice president; William Jacobsen, Jr., cashier; D.M. Main, assistant cashier. On the same occasion the board of directors, then consisting of A.D. LaDue, E.A. Brown, O.P. Huntington, G.C. Huntington and P.E. Brown, was increased to seven members, and William Jacobsen Jr., and J.A. Kennicott were chosen as the new directors. On Jan. 1, 1906, the capital stock was increased to $100,000, to which were accumulated a surplus and reserved profits of nearly $50,000. The brick block occupied by the First National Bank was erected in 1878.(This building stood where the City Hall is now.) Donations to the Rock County Historical Endowment Fund can be sent to the Rock County Historical Society, P.O. Box 741, Luverne, MN 56156.Mann welcomes correspondence sent to mannmade@lw.net.
