George H. Williams of Boston and Messrs. A. H. Linton and William B. Shute of Saint Paul filed to organize the Bank of Chatfield on May 14, 1859 with a capital of $50,000. Williams served as the president and Linton as the cashier. Notes were first issued on July 5, 1859. On September 28, Williams sold nearly all of his interest to Selah Chamberlain of Cleveland. The bankers were able to persuade the auditor to issue notes to the full nominal value of the $50,000 in Minnesota Railroad Bonds that were left on deposit. The bank publicly announced that it maintained no office in the state, and that its circulation was confined entirely to the State of Wisconsin. In 1862, the stockholders sold the bank to Daniel Wells, Jr. and Mr. C. D. Nash, both of Milwaukee. They retired the railroad bonds, deposited U.S. securities and increased the circulation. The bank closed in 1865, after which time notes were redeemed at par by the auditor. On May 14, 1859 the auditor authorized American Bank Note Company to engrave a 1-2-3-5 plate and print 2,000 full plate impressions, 3,000 1-2-3 impressions, and 3,000 1-2 impressions, totaling $49,000. More orders were to follow. A total of $154,355 in notes was issued. There remained $929 outstanding in 1868.