Charles W. G. Joernz, a resident of Dubuque, Iowa, filed an application on May 6, 1859 to organize the Bank of Red Wing with a capitalization of $25,000. A notice of closing was filed with the auditor on October 31, 1859. Its notes were redeemed at par by the state auditor after it closed for business. The assets of the bank were sold to Smith & Dickinson on July 23, 1863.
On May 9, 1859 the auditor authorized Danforth, Perkins & Co. to engrave a 1-2-3-5 plate for the bank and print 2,500 impressions totaling $27,500 in notes. A total of $25,000 was issued. In 1863, $811 of its notes was outstanding. The second Bank of Red Wing likely honored notes issued by the first.
Issued notes of the first Bank of Red Wing are identified by having a red overprint and without a printed back.