Pascal Whitney of Saint Paul filed to organize the Bank of the State of Minnesota on September 22, 1858. It was the first of the Minnesota state banks to open, and notes were delivered from the Auditor’s Office on November 11. In the following year, Whitney sold two-thirds of the capital stock to Robert Sewell and G. S. Winston of New York, and W. R. Marshall of Saint Paul. Mr. N. P. Langford was cashier.
On September 22, 1858 the auditor authorized Wellstood, Hay & Whiting to design a 1-2-3-5 plate. A total of 5,300 sheets amounting to $58,300 were printed. During its life the bank issued $35,004 in notes.
The bank failed after its parent company, Sewell, Ferris & Co. in New York, failed on October 11, 1859. The auditor sold the collateral security and noteholders were paid 70 cents on the dollar. A total of $1,349 in notes was never redeemed.
The auditor destroyed the banks plates on May 10, 1860. Remainder notes amounting to $23,296 were destroyed on June 1, 1860.