Canal National Bank, Portland, ME (Charter 941)

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The old Canal National Bank building
The old Canal National Bank building at 188 Middle Street, Portland, Maine. Courtesy of Google Maps, ca2024

Canal National Bank, Portland, ME (Chartered 1865 - Closed (Merger) 1983)

Town History

The Canal Bank $1 Obsolete bank note
The Canal Bank $1 Obsolete bank note, Haxby ME-430, with signatures of J.B. Scott, Cashier and W.W. Thomas, President and dated April 1, 1862. Elaborate vignettes including Washington and a train vignette on back, by Toppan, Carpenter & Co., New York & Philadelphia. Courtesy of Heritage Auctions, www.ha.com

Portland is the most populous city in the U.S. state of Maine and the seat of Cumberland County. Portland's population was 68,408 in April 2020. The Greater Portland metropolitan area has a population of approximately 550,000 people. Historically tied to commercial shipping, the marine economy, and light industry, Portland's economy in the 21st century relies mostly on the service sector. The Port of Portland is the second-largest tonnage seaport in the New England area as of 2019. The city seal depicts a phoenix rising from ashes, a reference to Portland's recovery from four devastating fires. Portland was named after the English Isle of Portland. In turn, the city of Portland, Oregon, was named after Portland, Maine. The word Portland is derived from the Old English word Portlanda, which means "land surrounding a harbor".

In 1820, Maine was established as a state with Portland as its capital. In 1832, the capital was moved north and east to Augusta. In 1851, Maine led the nation by passing the first state law prohibiting the sale of alcohol except for "medicinal, mechanical or manufacturing purposes." The law subsequently became known as the Maine Law, as eighteen other states quickly followed. The Portland Rum Riot occurred on June 2, 1855.

In 1853, upon completion of the Grand Trunk Railway to Montreal, Portland became the primary ice-free winter seaport for Canadian exports. The Portland Company, located on Fore Street, manufactured more than six hundred 19th-century steam locomotives, as well as engines for trains and boats, fire engines and other railroad transportation equipment. The Portland Company was, for a time, the city's largest employer and many of its employees were immigrants from Canada, Ireland and Italy. Portland became a 20th-century rail hub as five additional rail lines merged into Portland Terminal Company in 1911. These rail lines also facilitated movement of returning Canadian troops from the First World War in 1919. Following nationalization of the Grand Trunk system in 1923, Canadian export traffic was diverted from Portland to Halifax, resulting in marked local economic decline. Icebreakers later enabled ships to reach Montreal in winter, drastically reducing Portland's role as a winter port for Canada.

On June 26, 1863, a Confederate raiding party led by Captain Charles Read entered the harbor at Portland leading to the Battle of Portland Harbor, one of the northernmost battles of the Civil War. The 1866 Great Fire of Portland, Maine, on July 4, 1866, ignited during the Independence Day celebration, destroyed most of the commercial buildings in the city, half the churches and hundreds of homes. More than 10,000 people were left homeless. In 1860, the population was 26,341, growing to 70,810 by 1930 and peaking at 77,634 in 1950.

Portland had 11 National Banks chartered during the Bank Note Era, and all 11 of those banks issued National Bank Notes.

Bank History

The Canal Bank $100 Obsolete proof
The Canal Bank $100 Obsolete proof, Haxby ME-430 by Toppan, Carpenter & Co., New York & Philadelphia. Courtesy of Heritage Auctions, www.ha.com
A January 1930 advertisement for the Canal National Bank
A January 1930 advertisement for the Canal National Bank with a sketch of its new building then under construction.[1]
A pair of advertisements from 1947 and 1953
A pair of advertisements from 1947[2] and 1953.[3] The branch at 14 Congress Square appears in the 1947 ad with its location mapped in the 1953
  • Organized March 15, 1865
  • Chartered March 27, 1865
  • Succeeded Canal Bank
  • Bank was Open past 1935
  • For Bank History after 1935 see FDIC Bank History website
  • Merged into Depositors Trust Company of Southern Maine in Portland, ME, September 1, 1983

The Canal Bank was originally organized on April 8, 1826. The primary object of the bank was the construction of the Cumberland and Oxford Canal between Sebago Lake and Portland. The canal was completed in 1830 at a cost of $206,000.[4]

In October 1831, directors of the Canal Bank were Barrett Potter, John Bartels, Nehemiah Cram, John Fox, Joseph M. Gerrish, John D. Gardner, James Lunt, Alpheus Shaw, and Nathaniel Warren. J.B. Scott was cashier.[5]

On Monday, October 1, 1832, the directors elected were John Fox, Nehemiah Cram, Alpheus Shaw, John D. Gardner, Nath'l Warren, John Bartels, Thomas Hammond, and Moses Hall. Barrett Potter was president and Josiah B. Scott, cashier.[6]

On Monday, October 6, 1834, directors of the canal bank were John Fox, Nathaniel Warren, Alpheus Shaw, S.E. Crocker, J.D. Gardner, St. John Smith, and Thomas Hammond. The Hon. Barrett Potter declined being chosen a director. At the organization of the Board, John Fox was chosen president. It was voted unanimously that the thanks of the board be presented to the Hon. Barrett Potter for his long and faithful services as presiding officer of the institution since its commencement.[7]

On Tuesday, October 6, 1863, the directors organized by re-electing Hon. Wm. W. Thomas, president. Mr. B.C. Somerby who had been for many years teller in the Canal Bank, was elected cashier in place of Josiah B. Scott.[8] Mr. Scott died in Portland on September 7th.[9]

Barrett Potter died on Thursday, November 16, 1865, in his 89th year. He was born on May 8, 1777, at Lebanon, New Hampshire where his father, Rev. Isaiah Potter settled into his ministry. His mother was Elizabeth, daughter of John Barrett, a native of Boston and afterwards a distinguished lawyer in Vermont. Barrett Potter was educated at Dartmouth College grading in 1796, having Mr. Chase, afterward Bishop of Illinois and uncle of Chief Justice Chase, as one of his classmates. He commenced his study of law with Benjamin Gilbert a prominent lawyer in New Hampshire, and completed them with his uncle John Barrett, and was admitted to practice in 1801. He came to North Yarmouth in Maine and opened an office and remained there until 1805 when he moved to Gorham, but continued there only a year, accepting an invitation from Salmon Chase to become his partner in the extensive and lucrative business that eminent practitioner was then enjoying in Portland. Mr. Chase died in August 1806 and left the burden of a large business and the guardianship of his two children to a young Barrett Potter. In 1819 he was chosen a member of the Executive Council of Massachusetts and in 1820, on the separation of Maine from the Old Bay State, he was elected Senator from Cumberland County to the State Senate. In January 1822, he retired from political life and on the election of Judge Albion Parris to the office of Governor in that year, he was appointed Judge of Probate for Cumberland County. He retired in 1847 at the age of 70 years. It was not only in the department of law that Judge Potter was successful; he was also a financier of no mean skill. He managed for many years the estate of Mr. Chase. In 1825 when the Canal Bank of Portland was incorporated, he was elected its first president, having served before as a director in the old Bank of Portland. He held the office of president for 10 years.

In January 1882, the directors elected were W.W. Thomas, Chas. E. Barrett, A.L. Gilkey, F.W. Bailey, J.N. Lord, Elias Thomas, and Francis Fessenden. Wm. W. Thomas was president; A.L. Gilkey, vice president; and B.C. Somerby, cashier.[10]

In November 1893, Alfred H. Berry of the A.H. Berry Shoe Company was appointed a director of the Canal National Bank to fill the vacancy caused by the death of Jno. N. Lord, Esq.[11] Mr. Lord established the firm of Lord, Haskell & Co. to carry on a wholesale boot and shoe business. He continued as head of this firm until 1891 when it consolidated with the A.H. Berry Shoe Co., retiring from active business. At the time of his death he was president of the A.H. Berry Shoe Co. and the Deering Land Co., vice president of the Cumberland Loan & Building Association, and a director of the Canal National Bank.[12]

On Tuesday, January 9, 1894, stockholders elected the following directors: William W. Thomas, Frederick W. Bailey, Francis Fessenden, Elias Thomas, Franklin R. Barrett, Benj. C. Somerby, and Alfred H. Berry.[13]

In December 1896, the comptroller of the currency reported the election of Elias Thomas as president of the Canal National Bank in place of W.W. Thomas, deceased, also the election of Alfred H. Berry as vice president in place of Elias Thomas.[14]

On Tuesday, January 11, 1898, stockholders elected the following directors: Elias Thomas, A.H. Berry, F.W. Berry, F.W. Bailey, F.R. Barrett, Francis Fessenden, Benjamin C. Somerby, and Theodore A. Josselyn. The officers elected were Elias Thomas, president; Alfred H. Berry, vice president; and George C. Peters, cashier.[15]

On October 13, 1913, Elias Thomas, a leading merchant, banker and real estate owner, died suddenly in a livery stable on Tate Street. For many years Mr. Thomas was engaged in the wholesale grocery business in Portland, retiring several years ago to look after his other extensive interests. His brother was William W. Thomas, former United States Minister to Sweden.[16]

In January 1917, the officers of the Canal National Bank were William W. Thomas, president; Alfred H. Berry, vice president; Edward D. Noyes, cashier; and Charles T. Peters, assistant cashier. As of September 12, 1916, the bank reported total assets of $4,664,490.19 with capital stock $600,000, surplus and undivided profits $427,517.94, circulation $292,500, and individual deposits subject to check $1,998,539.61. The bank was located at 188 Middle Street.[17]

On February 20, 1923, Alfred H. Berry of Portland, one of the most prominent wholesale shoe dealers in Maine, died in Ormond, Florida, where he had been since February 1st on a pleasure trip. He was the founder and president of the A.H. Berry Shoe Co. of Portland, president of the Portland Savings Bank, vice president of the Canal National Bank, and president of the Falmouth Building and Loan Association. Mr. Berry was born in Georgetown, son of Alfred Lee and Mary E. White Berry, 78 years ago. His wife died in 1916. He left one son, Harold Lee Berry of Portland, and two sisters, Mrs. Lena T. Bancroft of Portland and Mrs. Edwin A. Potter of Chicago. [18]

In January 1924, the officers of the Canal National Bank were William W. Thomas, president; Frank D. True, vice president; Edward D. Noyes, cashier; Charles T. Peters, assistant cashier. The board of directors had the following personnel: Frank D. True, Edward Woodman, William W. Thomas, Clinton L. Baxter, Charles Bailey Clarke, William M. Bradley, Samuel S. Boyd, Harold B. Fobes, Widgery Thomas, and Harold Lee Berry.[19]

In January 1930, the directors were Edward Woodman, William W. Thomas, Clinton L. Baxter, Harold Lee Berry, Charles Bailey Clarke, William L. Bradley, Samuel S. Boyd, Harold B. Fobes, Widgery Thomas, and Edward D. Noyes. The officers were William W. Thomas, president; Edward D. Noyes, Clinton L. Baxter, vice presidents; Charles T. Peters, cashier; Philip I. Milliken, assistant cashier; Nellie P. Milliken, trust officer.[20] The front of the new building at 190 Middle Street was practically finished and the inside work was expected to begin shortly. The cornerstone for the new Canal National Bank was laid with a tube-dropping ceremony on December 28th and since that time regardless of weather conditions the work progressed rapidly.[21]

On Tuesday, January 13, 1931, directors of the Canal National Bank announced that Edward D. Noyes, vice president, and Charles T. Peters, cashier, had retired after long service with the bank. Widgery Thomas was elected vice president in place of Mr. Noyes and Philip I. Milliken was named cashier, the position held by Mr. Peters. Mr. Noyes had been associated with the Canal National for 36 years and Mr. Peters, 44 years. The directors re-elected were: Edward Woodman, William W. Thomas, Clinton L. Baxter, Charles Bailey Clarke, William M. Bradley, Samuel S. Boyd, Harold B. Fobes, Widgery Thomas, Harold Lee Berry, Henry Hill Pierce, Deane B. Small, John W. Gault and George Bradley. Directors then named the following officers: Williams W. Thomas, president; Clinton L. Baxter and Widgery Thomas, vice presidents; Philip I. Milliken, cashier; Sewall C. Strout, vice president; and Nellie P. Milliken, trust officer. Mr. Thomas, the new vice president, was the son of William Thomas, president of the bank, and had been in the banking business since his graduation from Bowdoin College. Mr. Milliken, newly elected cashier, entered the employment of the bank 22 years ago as a messenger.[22]

On Tuesday, January 14, 1941, directors: William W. Thomas, Charles Bailey Clarke, Samuel S. Boyd, Widgery Thomas, Harold Lee berry, Deane B. Small, John W. Gault, George Bradley, John D. Decker and John E. Palmer. The officers elected were William W. Thomas, president; Widgery Thomas, Harold Lee Berry, vice presidents; Philip I. Milliken, vice president and cashier; Sewall C. Stroup, vice president and trust officer; Nathan I. Greene and Shepard M. Emery, assistant cashiers; George K. Bradford and William D. Rounds, assistant trust officers.[23]

In January 1946, the Canal National Bank obtained a permit from the Building Inspector's office to start work on a $30,000 branch alteration operation in the old YMCA building at 14 Congress Square. Philip I. Milliken said the work would include the installation of safety deposit vaults and a general rounding out of facilities to operate the bank's financial sales department. The F.W. Cunningham and Sons contracting company had the contract and work would begin around April 1st.[24]

In December 1947, Widgery Thomas, president of the Canal National Bank, announced plans to open a branch office at Yarmouth. Thomas said the decision to open the branch was taken after a group of Yarmouth residents requested bank officials to do so. It would be located at 93 Main Street next to the United States Post Office and was expected to be in operation December 20th. Approval of the branch was granted by the Comptroller of the Currency. The bank's main office was at 188 Middle Street and it operated a branch at 14 Congress Square.[25]

In 1963, Canal National Bank was unsuccessful in its efforts to purchase First National of Portland, however it did establish a branch in Brunswick, purchasing two valuable Maine Street parcels and erecting a new building with banking facilities on the ground floor and offices above. Meanwhile, First National of Portland acquired First National of Brunswick in 1962, establishing two drive-in branches, one near the Brunswick Plaza and the other in Topsham.[26]

On Friday, April 30, 1965, stockholders of the Canal National Bank and the Bath National Bank approved consolidating the two institutions. T. Tarpy Schulten, president of the Bath National Bank since February 1965, would become a vice president and director of the Canal bank.[27] On May 12, 1965, announcement was made of the approval of the consolidation under the Canal name by the Comptroller of the Currency. The consolidation gave Canal 20 branches with the 21st planned to open in August at Brunswick.[28]

In March 1976, Widgery Thomas Jr., president of United Bancorp of Maine announced the change of the company's name to Canal Corporation effective April 1st. Shareholders recently voted overwhelmingly for the new name. The change recognized the long history and tradition of the Canal name which most people still used when referring to the corporation even though the name United Bancorp of Maine was selected in 1968.[29] In May 1976, Widgery Thomas, Jr., president of Canal Corporation and chairman of the board of Canal National Bank and Paul R. LaVerdiere, chairman of the board of Central National Bank, announced passage of resolutions by their respective boards approving plans to merge Central National Bank and Canal National Bank, subject to regulatory approval. Thomas and LaVerdiere noted that the rapid growth and development of the Waterville and Augusta areas could be better served by the merging of the two banks providing significantly increased lending limits in the Central Maine area. As of March 31st, Canal National had assets of about $168 million while Central National with its main office in Waterville and a branch in Augusta had assets in excess of $12 million.[30]

  • 10/01/1976 Acquired Central National Bank (FDIC #20647) in Waterville, ME.
  • 10/01/1981 Acquired Norway National Bank (FDIC #4269) in Norway, ME.
  • 09/01/1983 Merged and became part of Depositors Trust Company of Southern Maine (FDIC #20831) in Portland, ME.
  • 05/01/1984 Changed Institution Name to Key Bank of Southern Maine.
  • 12/01/1988 Merged and became part of Key Bank of Maine (FDIC #11970) in Augusta, ME.
  • 06/30/1997 Merged and became part of KeyBank National Association (FDIC #1254) in Salt Lake City, UT.

Official Bank Title

1: The Canal National Bank of Portland, ME

Bank Note Types Issued

Original Series $2 bank note
Original Series $2 bank note with pen signatures of B.C. Somerby, Cashier and W.W. Thomas, President. Courtesy of Heritage Auctions, www.ha.com
1902 Red Seal $10 bank note
1902 Red Seal $10 bank note with pen signatures of E.D. Noyes, Cashier and A.H. Berry, Vice President. Courtesy of Lyn Knight Auctions, www.lynknight.com
1902 Date Back $5 bank note
1902 Date Back $5 bank note from an uncut sheet with printed signatures of E.D. Noyes, Cashier and W.W. Thomas, President. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $5 bank note with engraved signatures
1902 Plain Back $5 bank note with engraved signatures of C.T. Peters, Cashier and W.W. Thomas, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 2 $5 bank note
1929 Type 2 $5 bank note with printed signatures of P.I. Milliken, Cashier and W.W. Thomas, President. Courtesy of Heritage Auctions, www.ha.com

A total of $8,154,880 in National Bank Notes was issued by this bank between 1865 and 1935. This consisted of a total of 1,076,666 notes (738,518 large size and 338,148 small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type Sheet/Denoms Serial#s Sheet Comments
Original Series 3x1-2 1 - 4310
Original Series 4x5 1 - 6100
Original Series 4x10 1 - 2100
Original Series 2x20-50-100 1 - 3570
Original Series 500 1 - 100
Series 1875 4x5 1 - 6700
Series 1875 4x10 1 - 4900
Series 1875 2x20-50-100 1 - 2150
1882 Brown Back 4x5 1 - 3860
1882 Brown Back 3x10-20 1 - 4624
1882 Brown Back 50-100 1 - 1697
1902 Red Seal 4x5 1 - 8650
1902 Red Seal 3x10-20 1 - 5940
1902 Red Seal 50-100 1 - 200
1902 Date Back 4x5 1 - 23250
1902 Date Back 3x10-20 1 - 15800
1902 Date Back 50-100 1 - 400
1902 Date Back 3x50-100 1 - 760
1902 Plain Back 4x5 23251 - 101092
1902 Plain Back 3x10-20 15801 - 28700
1929 Type 1 6x5 1 - 34268
1929 Type 2 5 1 - 132540

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1935):

Presidents:

Cashiers:

Other Known Bank Note Signers

  • Alfred Henry Berry, Vice President 1896...1923

Bank Note History Links

Sources

  • Portland, ME, on Wikipedia
  • Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
  • Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
  • Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
  1. ↑ Evening Express, Portland, ME, Thu., Jan. 2, 1930.
  2. ↑ Evening Express, Portland, ME, Tue., Feb. 11, 1947.
  3. ↑ Portland Press Herald, Portland, ME, Sun., Feb. 8, 1953.
  4. ↑ Evening Express, Portland, ME, Mon., Jan. 1, 1917.
  5. ↑ Eastern Argus, Portland, ME, Fri., Oct. 7, 1831.
  6. ↑ Eastern Argus, Portland, ME, Wed., Oct. 3, 1832.
  7. ↑ Eastern Argus, Portland, ME, Wed., Oct. 8, 1834.
  8. ↑ The Portland Daily Press, Portland, ME, Wed., Oct. 7, 1863.
  9. ↑ The Portland Daily Press, Portland, ME, Wed., Sep. 9, 1863.
  10. ↑ Portland Daily Press, Portland, ME, Wed., Jan. 11, 1882.
  11. ↑ Evening Express, Portland, ME, Mon., Nov. 20, 1893.
  12. ↑ Evening Express, Portland, ME, Sat., Jan. 21, 1893.
  13. ↑ Evening Express, Portland, ME, Tue., Jan. 9, 1894.
  14. ↑ Evening Express, Portland, ME, Thu., Dec. 17, 1896.
  15. ↑ Evening Express, Portland, ME, Tue. Jan. 11, 1898.
  16. ↑ Morning Sentinel, Waterville, ME, Tue., Oct. 14, 1913.
  17. ↑ Evening Express, Portland, ME, Mon., Jan. 1, 1917.
  18. ↑ Morning Sentinel, Waterville, ME, Fri., Feb. 23, 1923.
  19. ↑ Evening Express, Portland, ME, Tue., Jan. 1, 1924.
  20. ↑ Evening Express, Portland, ME, Thu., Jan. 2, 1930.
  21. ↑ Evening Express, Portland, ME, Mon., Jan. 20, 1930.
  22. ↑ Evening Express, Portland, ME, Tue., Jan. 13, 1931.
  23. ↑ Evening Express, Portland, ME, Tue., Jan. 14, 1941.
  24. ↑ Evening Express, Portland, ME, Fri., Jan. 11, 1946.
  25. ↑ Portland Press Herald, Portland, ME, Fri., Dec. 12, 1947.
  26. ↑ Portland Press Herald, Portland, ME, Wed., Jan. 1, 1964.
  27. ↑ Evening Express, Portland, ME, Fri., Apr. 30, 1965.
  28. ↑ The Times Record, Brunswick, ME, Wed., May 12, 1965.
  29. ↑ The Times Record, Brunswick, ME, Thu., Mar. 18, 1976.
  30. ↑ Morning Sentinel, Waterville, ME, Sat., May 29, 1976.
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