A special Act of the Legislature in 1862 authorized what remained of the first State Bank of Minnesota in Austin to move to Minneapolis, about 100 miles to the north. The move was effective August 20, 1862. Albert L. Pritchard, owner of the Austin bank, sold the assets to Messrs. R. J. Baldwin and R. J. Mendenhall, each putting up half of the $25,000 capital. Mendenhall served as president, and Baldwin served as cashier in this reincarnation of the bank. As with all banks to organize in 1862 and later, its notes were redeemed at par. American Bank Note Company removed the Austin location on the 1-2-5-5 plate and replaced it with Minneapolis. A total of $34,229 in Minneapolis notes was issued. In 1872, $784 was outstanding including the notes of the Austin bank. The bank converted into the State National Bank of Minneapolis, Charter 1623, in 1865.