First National Bank at Portland, ME (Charter 13716)
First National Bank at Portland, ME (Chartered 1933 - Open past 1935)
Town History
Portland is the most populous city in the U.S. state of Maine and the seat of Cumberland County. 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". Portland's population was 68,408 in April 2020. In 1930 the population was 70,810 peaking in 1950 at 77,634.
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.
By act of the Maine Legislature in 1899, Portland annexed the city of Deering, despite a vote by Deering residents rejecting the motion, thereby greatly increasing the size of the city and opening areas for development beyond the peninsula. Portland's neighborhoods include the Arts District, Bayside, Bradley's Corner, Cliff Island, Cushing's Island, Deering Center, Deering Highlands, Downtown, East Deering, East Bayside, East End, Eastern Cemetery, Great Diamond Island, Highlands, Kennedy Park, Libbytown, Little Diamond Island, Lunt's Corner, Morrill's Corner, Munjoy Hill, Nason's Corner, North Deering, Oakdale, the Old Port, Parkside, Peaks Island, Riverton Park, Rosemont, Stroudwater, West End, and Woodfords Corner.
Portland had 11 National Banks chartered during the Bank Note Era, and all 11 of those banks issued National Bank Notes.
Bank History
- Organized June 16, 1933
- Chartered June 28, 1933
- Bank was Open past 1935
- Notation on Organization Report:
- Will succeed 221 The First National Bank of Portland, Maine
- Merged with Portland National Bank, Portland, ME (Charter 4128), December 30, 1939, becoming First Portland National Bank
Frederick H. Turnbull of Cambridge, Massachusetts, was selected as president of the new First National Bank at Portland (Charter 13716), successor to the First National Bank of Portland (Charter 221). The new bank opened on Saturday, July 1st, making an initial dividend of 50% available to old depositors. Turnbull was formerly connected with the National City Bank of New York, the Harvard Trust Company of Cambridge, and the Webster and Atlas National Bank of Boston. Clinton W. Davis of Portland was chairman of the board and John B. Payson of Portland, active vice president.[2]
On Tuesday, January 10, 1939, all directors and officers of the First National Bank were re-elected as follows: Laurence C. Andrew, Herbert W. Barnard, Jr., Edward W. Cram, Philip Dana, Clinton W. Davis, Walter G. Davis, Everett M. Holden, Clement F. Robinson, Francis W. Sullivan, Frederick H. Turnbull. The officers elected were Mr. Davis, chairman of the board; Mr. Turnbull, president; Mr. Holden, vice president and cashier; Frank S. Allen, assistant cashier; and Charles M. Brooks, Jr., auditor.
Stockholders re-elected all officers and directors of the Portland National Bank. The directors were Edward W. Cox, Wadleigh B. Drummond, Linwood E. Ashton, Fred D. Gordon, Ralph A. Bramhall, Samuel L. Allen, Frank H. Bradford, Dana C. Douglass, and Chester G. Abbott. Officers were Mr. Cox, chairman of the board; Mr. Allen, president; Mr. Ashton, vice president and cashier; Mr. Bramhall, vice president; Edward L. Piper, Fred A. Tibbetts, and Carl H. Tupper, assistant cashiers; Tenneys B. Wadsworth, auditor; Francis W. Dana, trust officer; and Dura S. Bradford, assistant trust officer.[3]
On December 23, 1939, stockholders voted to consolidate the First National Bank and Portland National Bank into the largest banking institution east of Boston. The new bank would be known as the First Portland National Bank with assets approximating $20 million. The merger would become effective on Saturday, December 30th. Directors of both banks ratified the plan in November. The new directorate would comprise both Boards of Directors.[4]
On Thursday, June 5, 1969, Frederick H. Turnbull, 72, former board chairman of the First National Bank of Portland, died unexpectedly at his home. He was born in Cambridge, Massachusetts on April 24, 1897, son of Frederick Moncrief Turnbull and Alice Evalyn Turnbull. Mr. Turnbull graduated from Harvard College in 1919 and served as an Army lieutenant in World War I and with the U.S. Coast Guard auxiliary during World War II. He was a member of the Cumberland Club of Portland and a life member of the Harvard Club of Boston. He began his banking career with the National City Bank of New York and in 1933 joined the First National Bank at Portland as president. When that bank consolidated with the Portland National Bank in 1939, he became first vice president and a director of the new First Portland. Mr. Turnbull was elected chairman of the board in 1961 and served in this post until his retirement in 1962. He then served as a director of the bank and remained active as a financial consultant to business. He was a member of Roger Morris Associates, an organization of bank credit and loan officers, for 35 years.[5]
On Tuesday, January 10, 1950, at the annual meeting Linwood E. Ashton, president for many years, was named chairman of the board, succeeding Edward W. Cox who retired. Cox would remain as a director. Ralph A. Bramhall, vice president i charge of the First Portland's trust department became responsible for the Main Bonding and Casualty Co. as president. He would remain as a director of the bank and serve as a consultant in the trust department. Frederick J. Olson, former assistant vice president, was elected a vice president. He first was employed by the bank in 1920. Ashton joined the former Portland National Bank in 1907. He served as vice president and cashier until elected president in 1938. Abbot was named a director of the bank in 1938 and a vice president in 1942. The following directors were re-elected: Abbott, Laurence C. Andrew, Ashton, Frank H. Bradford, Bramhall, Cox, Edward W. Cram, Philip Dana, Clinton W. Davis, Walter G. Davis, Dana C. Douglass, Wadleigh B. Drummond, Fred D. Gordon, Clement F. Robinson, Francis W. Sullivan, and Frederick H. Turnbull. Officers: Ashton, chairman of the board; Abbott, president; Clinton Davis, vice chairman of the board; Commercial Department officers: Turnbull, first vice president; Olson, vice president; Tennys B. Wadsworth, cashier; Carl H. Tupper, assistant cashier; Charles M. Brooks, Jr., comptroller. Trust Department Officers: Dura S. Bradford, trust officer; Preston L. Legge, assistant trust officer; Donald E. Wallace, assistant cashier, uptown branch.[6]
Official Bank Title
1: First National Bank at Portland, ME
Bank Note Types Issued
A total of $515,860 in National Bank Notes was issued by this bank between 1933 and 1935. This consisted of a total of 62,499 notes (No large size and 62,499 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1929 Type 2 5 1 - 35390 1929 Type 2 10 1 - 20327 1929 Type 2 20 1 - 6782
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1933 - 1935):
Presidents:
Cashiers:
Other Known Bank Note Signers
- No other known bank note signers for this bank
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
- ↑ Sun-Journal, Lewiston, ME, Wed., Jan. 3, 1940.
- ↑ Springfield Evening Union, Springfield, MA, Thu., June 29, 1933.
- ↑ Evening Express, Portland, ME, Tue., Jan. 10, 1939.
- ↑ The Times Record, Brunswick, ME, Sat., Dec. 23, 1939.
- ↑ Portland Press Herald, Portland, ME, Fri., June 6, 1969.
- ↑ Portland Press Herald, Portland, ME, Wed., Jan. 11, 1950.