William Harwood of Joliet, Illinois filed to organize the Bank of Rochester on November 24, 1858 with a capital of $50,000. John H. Randall was vice president and John C. A. Pickett was cashier. The bank stood entirely on Minnesota Railroad Bonds for its circulation, which Harwood had purchased from R. M. S. Pease to establish the bank. In May, Harwood sold out to Charles and Aylmer Keith. The sole purpose of the bank was to intermediate railroad bonds.
On June 17, it refused to redeem its notes in coin. The Auditor’s Office subsequently liquidated the bank’s bonds and redeemed notes at 16.25 cents on the dollar.
In January 1859 the auditor authorized Wellstood, Hay & Whiting to prepare a 5-10 plate and print 7,000 impressions amounting to $105,000 in notes. On May 16, 1859 the auditor authorized a 1-2 plate and the printing of 5,000 sheets. A total of $49,400 in notes was issued, and $1,925 was left unredeemed. The plates were destroyed by the Auditor’s Office on May 10, 1860. The auditor destroyed $55,600 in remainder notes.