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First National Bank – Lenox, Iowa c. 1930-1950
$99.99
1 in stock
Description
Estimated Era: 1930-1950
SKU: VB-FNB-IA-LENOX-LTH-60K-1930S
Leather Deposit Pouch
Estimated Date: Circa 1930-1950
Material: Full-grain brown leather, hand-stitched, with corded drawstring closure
Dimensions: Approx. 10-12 inches tall × 6-7 inches wide (estimated)
Markings:
“First National Bank – Lenox, Iowa
Capital and Surplus $60,000.00”
Description
This leather bank deposit pouch originates from the First National Bank of Lenox, Iowa, a federally chartered financial institution established around 1900. The stamped “Capital and Surplus $60,000.00” suggests an era when small-town national banks prominently displayed their capitalization to convey financial strength to depositors—a practice most common between the 1920s and early 1950s.
The bag’s craftsmanship—hand-stitched leather with brass-reinforced drawstring holes—reflects pre-synthetic manufacturing methods before canvas and plastic replaced leather for banking transport use. The darkened patina and creasing indicate service use, likely in teller operations, deposits, or internal currency handling.
Historical Context
| Year | Key Event | Notes |
|---|---|---|
| 1900 | First National Bank organized in Lenox, Iowa | Early chartered institution serving Taylor County agriculture. |
| 1905 | L.B. Wilson elected president | Reported in The Northwestern Banker. |
| 1934 | Rechartered as First National Bank in Lenox (successor charter #5517) | OCC reorganization during Depression-era bank recapitalizations. |
| 1974 | Original bank building converted to Lenox Public Library | Bank moved operations; structure still stands as a historic site. |
| 1980s | Listed as FDIC-insured; continued as local community bank | Records confirm operations through at least 1988. |
(Sources: FDIC Data Book 1988; The Northwestern Banker, 1905; OCC Comptroller Reports, 1934; Iowa Supreme Court cases 1970–1987.)
Provenance
This artifact surfaced through a private collector listing on an online auction marketplace (eBay, November 2024). The listing title matched the imprint seen on the pouch: “First National Bank Lenox Iowa Leather Bank Deposit Bag Pouch $60,000 Surplus.” Condition described as Used, consistent with typical surplus decommissioning from mid-century banking institutions.
Significance
This deposit pouch represents the practical side of early 20th-century American banking where trust, reputation, and visible displays of capital mattered to rural customers. Such bags were not only utilitarian but also served as small promotional tokens of institutional pride.
Lenox, Iowa’s First National Bank was emblematic of thousands of independent national banks that powered agricultural credit and small-business growth across the Midwest from the turn of the century through post-Depression recovery.
| Year/Date | Event | Notes | Sources |
|---|---|---|---|
| 1900 | First National Bank opens in Lenox, IA | Local county history notes organization and early officers. | (iagenweb.org) |
| Dec 1905 | L.B. Wilson elected president | Reported in The Northwestern Banker (period banking journal). | (FRASER) |
| Mar 1, 1934 | Rechartered as “First National Bank in Lenox”, succeeding the earlier “First National Bank of Lenox” (Charter #5517) and assuming its circulation | OCC/Comptroller contemporaneous report lists the succession; specialized national-bank registry confirms charter and succession details. | (FRASER) |
| 1971 → 1983 | Leo M. Kinnick tenure; retires as VP of Operations (joined the bank in 1971) | Confirms ongoing operation in this period. | (FRASER) |
| 1974 | The old First National Bank building (Temple & Main) becomes the Lenox Public Library | Indicates the bank had moved from its historic quarters; the “old bank” building was donated for library use. | (lenox.lib.ia.us) |
| Nov 1978 | Bank described as a “$20 million community bank in Lenox” | Appears in Mid-Continent Banker trade publication. | (FRASER) |
| Nov 10, 1970 | First National Bank in Lenox v. Brown (Iowa Supreme Court) | Court case references the bank as plaintiff—evidence of operations and lending activity. | (vLex) |
| 1986–1987 | First National Bank in Lenox v. Heimke (Iowa Supreme Court) | Additional litigation confirming active agricultural lending in the 1980s. | (Justia Law) |
| Jun 30, 1988 | Listed in FDIC Data Book with deposits reported for Lenox | Confirms FDIC-insured status and deposits in late 1980s. | (FRASER) |
