John W. North of Northfield and Franklin Steele of Fort Snelling filed to organize the Peoples Bank on March 23, 1859 with a capital of $50,000. The bank first issued notes on May 27, 1859. While the bank used Minnesota Railroad Bonds to back its circulation, it survived attempted runs and redeemed its notes in specie. On October 3, 1859, Erastus S. Edgerton of Saint Paul purchased the bank. Delos A. Monfort was cashier. On March 24, 1859 the auditor authorized Bald, Cousland & Co. to engrave a 1-2-3-5 plate. A total of 7,000 sheets amounting to $77,000 was printed, while $41,049 in notes was issued and $1,620 was left unredeemed. In late 1866, $5,000 of railroad bonds worth about $900 remained with the auditor to secure the remaining $2,700 outstanding at the time, although all notes that were presented for redemption were paid at par. Edgerton closed the Saint Peter office and organized the Second National Bank of Saint Paul.