Mr. T. Romeyn B. Eldridge of Milwaukee filed to organize the Bank of Saint Paul on August 18, 1858 with a capitalization of $25,000. After Eldridge moved to Saint Paul, he increased the capital and sold shares to his banking associates. By June 1860, there were 36 stockholders in the bank. Eldridge signed the notes as president, and C. J. Burnell signed as cashier. Burnell was also president of the Exchange Bank of Glencoe, and signed the earliest notes issued by that bank.
On August 23, 1858 the auditor authorized Toppan, Carpenter & Co. to engrave a 1-2-5-5 plate. The Bank of Saint Paul requested a 1-2-5-10 plate arrangement instead.
A protest was filed with the auditor on June 22, 1861 on the grounds that the Bank of Saint Paul would not redeem its notes. This prompted the auditor to sell the collateral securities, and subsequently pay noteholders 98 cents on the dollar for notes presented for redemption. A total of $114,000 in notes was printed, and $29,262 in notes was issued. The auditor destroyed $84,666 in remainder notes. A total of $450 was outstanding in 1872.