Beede & Mendenhall’s bank began on August 1, 1856. Cyrus Beede and Richard Mendenhall met attending Friends School in Providence, Rhode Island in 1851. They separately came to Minneapolis and joined to form a banking business and land agency. For a time, they endorsed notes of the fictitious American Bank and Citizens Bank to circulate their own currency. Beede withdrew from the business in 1859, moving out of state. Mendenhall continued in the banking business, procuring the State Bank of Minnesota in 1862, and served as Treasurer of Minneapolis.