First National Bank Building of Vermillion
| Company type | Private |
|---|---|
| Industry | Banking |
| Founded | 1891 |
| Founder | Darwin H. Inman |
| Headquarters | Vermillion , United States |
Area served | Vermillion, South Dakota and surrounding region |
Key people | Myron Thompson (President as of 1925) |
The First National Bank Building of Vermillion, frequently referred to as the Old Bank Building, is a notable historic edifice situated at 1 East Main Street in Vermillion, South Dakota. It gained recognition through its inclusion on the National Register of Historic Places in 1986.
Erected in 1893 using granite, this structure exemplifies the Romanesque Revival style and was constructed to replace a previous bank that succumbed to fire. Darwin H. Inman, an early investor in Vermillion and founder of D.H. Inman and Company (established in 1875), chartered the First National Bank of Vermillion in 1891, marking it as the city’s inaugural chartered banking institution. The bank endured the catastrophic flood of 1881 that severely affected much of Vermillion, subsequently relocating to a bluff at the intersection of Main and Court Streets. By 1890, it had established itself as one of Dakota’s most successful private banks, playing a vital role in providing loans to farmers and supporting regional economic development. Inman passed away in 1913; his home is also listed on the NRHP.
Under the leadership of President Myron Thompson by 1925, the bank had grown to become the largest financial entity in Clay County. After Thompson’s death in 1929, ownership transferred to a holding company, which merged it with Vermillion National Bank. The new proprietors undertook an extensive renovation completed in February 1930, expanding the facade to incorporate an adjacent structure and redesigning it in the Classical Revival architectural style. The building’s exterior is distinguished by "First National Bank & Trust Co." inscribed on the cornice, four stone pilasters separating five expansive window bays, along with ornamental modillion blocks, stone quoins, and geometric designs characteristic of that period.
During the 1980s, the building functioned as office space before becoming unoccupied. Between 2010 and 2020, it was occupied by RED Steakhouse until its closure.