BANKS AND FINANCE

The earliest indication so far as to where the Village kept its money is in 1908, when it named the Hennepin County Savings Bank as its repository. From 1911 to 1915, Village funds were in the First Security National Bank.

In 1914, Mr. Lumau C. Simons of the Twin City State Bank approached the St. Louis Park Commercial Club about starting a local bank. He canvassed potential depositors and sold stock to raise the money.

The St. Louis Park State Bank was built in June, 1915, on a lot west of Lincoln School. An interesting note is that on August 9, 1914, a Professor Hinzerman, “leader of the St. Louis Park Bank,” addressed the Commercial Club on the subject of “what can be done for the amusement of the young people of St. Louis Park.”

The Historical Society has received a generous donation of a stock certificate issued to Roy A. Johnson in 1915:



Although designated as the official depository for the Village in November 1915, it closed in late 1918/early 1919 and officially went bankrupt in 1922, with the Village losing $20.07. In April 1919, records show the Village repository to be First and Security National Bank of Minneapolis.

Citizens State Bank was first located at 5001 Excelsior Blvd. It opened for business on January 16, 1950.

First Bank Produce was located in the Park Place Office Center, 5775 Wayzata Blvd. The bank was chartered in 1923 to serve the produce and meat merchants located round 1st Avenue in Minneapolis. The St. Louis Park branch opened in the fall of 1980.

The First Federal Savings and Loan building was built at 5501 Excelsior Blvd. in 1955. The bank, first organized in 1926, had been temporarily located in Miracle Mile until the building could be cleared by the Federal government. The Open House was held on June 4 – 8, 1956.

An early (possibly the earliest) credit card was the Minneapolis Charga-Plate Service.  It consisted of an embossed metal frame (like a tiny car license plate) with a paper card that said Charga-Plate Stores of Minneapolis  "Carry This Charga-Plate Always"  The holder would then sign the card, women usually using their husbands' names. 

First Western State Bank was located at 8800 Highway 7 in 1981.

Home Federal Savings at 3915 Highway 7

Midland Bank held its Grand Opening from July 15-18, 1981 at 3601 Park Center Blvd.

Midwest Federal opened its 19th branch at Knollwood (3670 Aquila) on June 26, 1981. By the late ‘80’s, the bank was a victim of the Savings and Loan debacle.

Minnesota Federal opened June 24, 1966 at Knollwood Plaza. Office manager was Roger Johanson.

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This information comes from a variety of sources: newspapers, books, yearbooks, phone directories, interviews, etc. Given the varied sources, we cannot guarantee that all of this information is correct, and welcome any additions and corrections. Please contact us with your contributions and comments.