Portland National Bank, Portland, ME (Charter 4128)

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The old Maine National Bank building on Exchange Street
The old Maine National Bank building on Exchange Street ca2024. A branch of Norway Savings Bank is located there. Portland's City Hall is in the background. Courtesy of Google Maps

Portland National Bank, Portland, ME (Chartered 1889 - Liquidated 1991)

Town History

Stock certificate for four shares of the Portland National Bank
Stock certificate for four shares of the Portland National Bank issued to William W. Mason, vice president of the bank. The stock was issued on March 30, 1893, and signed by C.G. Allen, Cashier and Fred E. Richards, President. Courtesy of Adam Stroup

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

Photo of the interior of the Portland National Bank
Photo of the interior of the Portland National Bank ca1916.[1]
  • Organized August 20, 1889
  • Chartered September 25, 1889
  • Assumed deposit liability of the Cumberland National Bank of Portland, ME (Charter 1511), September 3, 1912
  • Bank was Open past 1935
  • For Bank History after 1935 see FDIC Bank History website
  • Merged with First National Bank at Portland, ME (Charter 13716) on December 30, 1939, becoming First Portland National Bank
  • Failed. Received Government Assistance. Insured until closed January 6, 1991

In September 1889, Mr. C.G. Allen, formerly of the Canal National Bank, was elected cashier of the new Portland National Bank which planned to open for business on October 1st.[2] 

Fred Edgcomb Richards was born in Lincolnville, Maine, on August 28, 1841. When about 17, his health failed him and he was advised to go to California. He complied with the request of his physician and went to that state via the way of Panama. After three years in California, he returned to Main and engaged in the manufacture of lime at Rockport. In 1872 he was sent to the Legislature as a representative of the town of Camden and re-elected the following year. He was chosen by Governor Dingly as a member of the executive council representing Waldo, Knox and Lincoln counties and was again selected during the administration of Governor Selden Connor. In 1877 he was appointed State land agent. Governor Davis appointed him State bank examiner in 1880 and was again appointed to that position by Governor Robie, returning to private life in 1888. That year he moved to Portland and established the banking house of Fred E. Richards at 89 Exchange Street. He was fiscal agent for the Maine Central Railroad and in that capacity negotiated several large financial deals for the State of Maine railroads. In 1889 he was chosen president of the Portland National Bank and in 1893 he was elected president of the Union Mutual Insurance Co., succeeding John E. DeWitt after the tragic, fatal accident in Chester, Mass. on the Boston and Albany Railroad. In 1894, Mr. Richards was elected president of the newly organized Union Safe Deposit & Trust Co. He resigned his offices in 1907.[3]

In January 1893, the officers were Fred E. Richards, president; W.W. Mason, vice president; and C.G. Allen, cashier.[4]

In January 1908, Edward W. Cox was elected vice president of the Portland National Bank in place of William W. Mason who had been advanced to the presidency.[5]

In September 1912, the directors of the Cumberland National Bank unanimously voted to recommend that the bank go into liquidation and a meeting of stockholders was called for September 30th. As the directors held a majority of the stock it was certain the recommendation would be adopted. The reason given was the impossibility of the bank to earn a suitable dividend with the current financial situation in Portland. The resources of the bank were $708,259. The Cumberland bank was 100 years old and the oldest banking institution in Portland.[6] On September 30th, stockholders of the Cumberland National Bank confirmed the action of the directors and voted to place the bank in voluntary liquidation effective at the close of business. The bank was organized 100 years ago last June.[7] The Portland National Bank was willing to assist in the liquidation of the Cumberland National and in due time transfer accounts. Changes in the financial institutions of Portland began when the Merchants National Bank was absorbed by the Portland Trust Co. A little later, on August 8, 1908, the National Traders Bank was absorbed by the Fidelity Trust Co., and then on April 15, 1910, the Portland Trust Co. was absorbed by the Fidelity Trust Co.[8] The later institution had resources of over $11,000,000, thus becoming the largest financial institution in Maine. The officers of the Cumberland National were William H. Moulton, president; Bion Wilson, cashier; E.C. Hersey, G.C. Owen, Bion Wilson, W.H. Moulton, and Henry G. Beyer, Jr., directors.[9]

In January 1917, the Portland National Bank was located in the Union Mutual Building, Exchange and Congress Streets. It was organized on August 20, 1889, with capital of $800,000. The bank was originally located in the Portland Savings Bank building on Exchange Street. The officers were William W. Mason, president; Edward W. Cox, vice president; Charles G. Allen, vice president and cashier; Edward L. Piper, assistant cashier; Linwood E. Ashton, auditor. As of November 17, 1916, the bank reported total assets of $9,817,297.27 with capital $300,000, surplus and undivided profits $549,869.55, circulation $287,697, and deposits $8,475,476.75.[10]

In January 1931, all officers and directors were re-elected at the annual meeting of the Portland national Bank. The directors were William M. Mason, Charles G. Allen, George F. West, Roswell C. Bradford, Edward W. Cox, George M. Morrill, Sydney B. Larrabee, Arthur L. Bates, Wadleigh B. Drummond, William C. Allen, Walter S. Hammons, Linwood E. Ashton, Hugh J. Chisholm, Clarence Hale, Fred D. Gordon, and Ralph A. Bramhall. The officers elected were Edward W. Cox, chairman of the board; Charles G. Allen, president; Walter S. Hammons, vice president; Linwood E. Ashton, vice president and cashier; Ralph A. Bramhall, vice president; Edward L. Piper and Fred A. Tibbetts, assistant cashiers; Francis W. Dana, trust officer; and Henry P.C. Hersey, assistant trust officer.[11]

On January 8, 1935, Charles G. Allen retired as president of the Portland National Bank and was succeeded by Edward W. Cox, former chairman of the board of directors. Allen's retirement came after 46 years' service with the institution.[12]

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.[13]

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 in 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. Chester Abbott 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.[14]

On Tuesday, March 22, 1960, stockholders of the First Portland National Bank and the First National of Rockland approved the merger of the two institutions. The merged institution eventually to be known as the First National Bank of Portland. Chester G. Abbott of Portland would become president of the First National Bank of Portland and Joseph W. Robinson, head of the Rockland bank, as senior vice president. First Portland also announced plans to purchase the Bath Trust Co. and merge with the First National Bank of Bath.[15]

At the start of business, Saturday, June 25, 1960, the merger of the First National Bank of Bath with the First National Bank of Portland, formerly the Portland National Bank (Charter 4128) became effective after final approval from the office of the Comptroller of the Currency. The merger was part of a three-way banking transaction which also saw the Thomaston National Bank merge with the Bath and Portland banks. Donald N. Small, president of the Bath bank would become a member of the advisory board of the First National Bank of Portland. Frederick M. Haggett, cashier of the Bath bank was elected a vice president of the new institution. Other officers of the First National Bank of Portland in Bath included William Skelton, senior vice president; John Coombs, vice president; and George Nugent, assistant vice president, all of the former Bath Trust Co. The merger gave the First National Bank of Portland two branches in the Shipbuilding City. Earlier the Portland institution, now the largest national bank in Maine, took over the former Bath Trust Co., giving it the largest trust department in Northern New England.[16]

A 1967 advertisement for First National Bank of Portland
A 1967 advertisement for First National Bank of Portland featuring Expo67 in Montreal, Canada.

On Tuesday, April 2, 1963, a special meeting of the shareholders of First National Bank of Portland was held at the principal office, No. 400 Congress Street for the purpose of voting whether to merge with the Community Trust Company in the Town of York. Donald E. Wallace was cashier.[17]

On Tuesday, January 16, 1968, Arthur H. Benoit, president of A.H. Benoit & Co., was elected a director of the First National Bank of Portland at the annual meeting. Benoit was a trustee of the University of Maine and of Maine Savings Bank and a director of the Federal Loan and Building Association. Benoit graduated from Bowdoin College in 1942 and was a US Navy World War II veteran. He was married to the former Judith Snow and lived in Falmouth. The Benoit's had seven children. Shareholders also re-elected these directors: Chester G. Abbott, John L. Baxter, Donald H. Bennett. Sherman W. Blake, Edward S. Boulos, Robert E. Brackett, Ralph A. Bramhall, E. Sylvester Cushman, Josiah H. Drummond, Hubert Hauck, Charles L. Hildreth, Foster D. Jameson, Walter M. Jeffords Jr. Turner Jones, E. Spencer Miller Frederick J. Olson, William S. Richardson, John M. Robinson, Alden H. Sawyer, Frederick C. Schultz, Gorham H. Scott, David Strater. At a directors meeting following the annual meeting these officers were re-elected: H. Hauck, president; Frederick J. Olson, executive vice president; Alden H. Sawyer, executive vice president; Donald E. Wallace, vice president, cashier, and secretary; Barent S. Vroman, Jr., vice president, comptroller, and assistant secretary; Richard C. Blanchard, branch office administration; Bernard B. Moir, Richard H. Bowen, Ralph C. Harper, vice presidents; Gerald N. McCarty, vice president, public relations and advertising; and H. Cameron McCulloch, auditor. Frank N. Strout was elected vice president and senior trust officer, leading the large trust department for First National.[18] On Monday, July 1, 1968, the comptroller of the currency approved the merger of the Rumford Bank and Trust Co., Rumford, Maine, into the First National Bank of Portland. Title of the merged bank would be changed to Maine National Bank. First National was founded in 1889 and had deposits of $95.1 million compared with 17.7 million for the Rumford bank. Comptroller William B. Camp said the merger should have no adverse effect on competition and would not change the Portland bank's position as second largest in the state.Kennebec Journal, Augusta, ME, Tue., July 2, 1968.

In March 1970, a merger of the First National Bank of Pittsfield and the Maine National Bank of Portland was recommended to stockholders. The resulting bank would operate under Maine National's name and charter with total resources of well over $180 million. Henry R. Coolidge was president of the Pittsfield National and Maine National's chairman was Hubert A. Hauck. The Pittsfield bank organized in 1933 and had offices in Pittsfield and Hartland.[19] On Monday, July 6, 1970, shareholders of the First National Bank met at the banking house at 27 Main Street to vote on the merger, subject to approval by the comptroller of the currency. Richard F. Austin was cashier.[20] Chairman Hubert H. Hauck announced that Maine National received approval from the comptroller of the currency for the merger after the expiration of the required 30-day waiting period. The merger would be accomplished at the close of business on August 14th. With the addition of the Pittsfield bank and its branch, Main National had 27 offices across Maine.[21]

Sketch of a man with step ladder carrying away sign for the Merchants National Bank of Bangor
A 1982 advertisement for the merger of the Merchants National Bank of Bangor with the Maine National Bank. The bank's slogan was "We Can Help."
  • 08/14/1970 Acquired The First National Bank of Pittsfield (Charter 13777) (FDIC #4271) in Pittsfield, ME.
  • 09/29/1972 Acquired The Kezar Falls National Bank (FDIC #4265) in Kezar Falls, ME.
  • 12/31/1975 Main Office moved to 400 Congress Street, Portland, ME 04111.
  • 09/19/1981 Acquired The First National Bank of Biddeford (FDIC #4252) in Biddeford, ME.
  • 02/12/1982 Acquired Merchants National Bank of Bangor (Charter 1437) (FDIC #4246) in Bangor, ME.
  • 12/05/1986 Acquired Aroostook Trust Company (FDIC #11369) in Caribou, ME.
  • 12/05/1986 Acquired The Dirigo Bank and Trust Company (FDIC #20691) in Augusta, ME.

The Bank of New England, Connecticut Bank and Trust Co. and Maine National Bank were subsidiaries of Boston-based Bank of New England Corp. In 1991, the Federal Deposit Insurance Corporation (FDIC) seized Bank of New England Corp. as a result of heavy losses in its loan portfolio. It was placed into Chapter 7 liquidation. At the time, it was the 33rd largest bank in the United States, and its federal seizure bailout was the second-largest on record. At its peak, it had been the 18th largest bank and had over 470 branch offices. The liquidation company was named Recoll Management Corporation.

The costliest bank failures as of January 1991.

  1. First RepublicBank Corp., Dallas. July 29, 1988. $2.9 billion
  2. MCorp, Dallas. March 29, 1989. $2.7 billion
  3. Bank of New England, Boston. January 6, 1991. $2.3 billion
  4. Continental Illinois, Chicago. May 17, 1984. $1 billion
  5. First City Bancorporation, Houston. April 20, 1988. $979 million.

The cost estimates were based on the latest data from FDIC, subject to change depending on the ultimate recovery realized by selling the failed banks' delinquent loans and repossessed real estate.[22]

In July 1991, Federal Reserve officials approved Fleet-Norstar Financial Group, Inc.'s acquisition of the failed Bank of New England Corp., including its Maine subsidiary. The Maine Bureau of Banking approved Fleet Bank of Maine's application to acquire certain assets and assume deposits of Portland-based New Maine National Bank. Even with conditions imposed by the state regulator, Fleet Bank of Maine would be the state's largest bank with assets of about $3.5 billion and more than 25% of the state's banking deposits. Earlier in the year, Fleet acquired Maine Savings Bank in a federally assisted takeover. Fleet-Norstar managed Bank of New England's three bridge banks in Connecticut, Massachusetts and Maine on behalf of the FDIC since April 29th.[23]

Official Bank Title

1: The Portland National Bank, Portland, ME

Bank Note Types Issued

1882 Brown Back $5 bank note
1882 Brown Back $5 bank note with pen signatures of Charles G. Allen, Cashier and Frederick E. Richards, President. Courtesy of Heritage Auctions, www.ha.com
1882 Brown Back $10 bank note
1882 Brown Back $10 bank note with pen signatures of C.G. Allen, Cashier and William W. Mason, President. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $5 bank note
1902 Plain Back $5 bank note with engraved signatures of L.E. Ashton, Cashier and Charles G. Allen, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $5 bank note
1929 Type 1 $5 bank note with printed signatures of Linwood E. Ashton, Cashier and Charles G. Allen, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $20 bank note
1929 Type 1 $20 bank note with printed signatures of Linwood E. Ashton, Cashier and Charles G. Allen, President. This is an example of a Repaired/Replaced right SN. Courtesy of Heritage Auctions, www.ha.com

A total of $6,995,900 in National Bank Notes was issued by this bank between 1889 and 1935. This consisted of a total of 838,003 notes (699,260 large size and 138,743 small size notes).

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

Series/Type Sheet/Denoms Serial#s Sheet Comments
1882 Brown Back 4x5 1 - 12000
1882 Brown Back 3x10-20 1 - 27700
1882 Date Back 4x5 1 - 2295
1882 Date Back 3x10-20 1 - 1732
1902 Date Back 4x5 1 - 20000
1902 Date Back 3x10-20 1 - 16000
1902 Plain Back 4x5 20001 - 78985
1902 Plain Back 3x10-20 16001 - 52103
1929 Type 1 6x5 1 - 12232
1929 Type 1 6x10 1 - 5442
1929 Type 1 6x20 1 - 1410
1929 Type 2 5 1 - 13974
1929 Type 2 10 1 - 8430
1929 Type 2 20 1 - 1835

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1889 - 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
  1. ↑ Evening Express, Portland, ME, Mon., Jan. 1, 1917.
  2. ↑ The Portland Daily Press, Portland, ME, Fri., Sep., 6, 1889.
  3. ↑ Portland Sunday Telegram, Portland, ME, Sun., Jan. 8, 1911.
  4. ↑ Evening Express, Portland, ME, Mon., Jan. 2, 1893.
  5. ↑ Biddeford-Saco Journal, Biddeford, ME, Tue., Jan. 14, 1908.
  6. ↑ The Bangor Daily News, Bangor, ME, Mon, Sep. 2, 1912.
  7. ↑ Morning Sentinel, Waterville, ME, Tue., Oct. 1, 1912.
  8. ↑ Portland Sunday Telegram, Portland, ME, Sun., Nov. 15, 1914.
  9. ↑ Journal Tribune, Biddeford, ME, Fri., Sep. 6, 1912.
  10. ↑ Evening Express, Portland, ME, Mon., Jan. 1, 1917.
  11. ↑ Evening Express, Portland, ME, Tue., Jan. 13, 1931.
  12. ↑ Biddeford-Saco Journal, Biddeford, ME, Tue., Jan. 8, 1935.
  13. ↑ The Times Record, Brunswick, ME, Sat., Dec. 23, 1939.
  14. ↑ Portland Press Herald, Portland, ME, Wed., Jan. 11, 1950.
  15. ↑ The Bangor Daily News, Bangor, ME, Wed., Mar. 21, 1960.
  16. ↑ The Times Record, Brunswick, ME, Sat., June 25, 1960.
  17. ↑ Portland Press Herald, Portland, ME, Sat., Mar. 16, 1963.
  18. ↑ Evening Express, Portland, ME, Tue., Jan. 16, 1968.
  19. ↑ Kennebec Journal, Augusta, ME, Fri., Mar. 20, 1970.
  20. ↑ Morning Sentinel, Waterville, ME, Tue., June 9, 1970.
  21. ↑ The Bangor Daily News, Bangor, ME, Mon., July 20, 1970.
  22. ↑ Evening Express, Portland, ME, Mon., Jan. 7, 1991.
  23. ↑ Journal Tribune, Biddeford, ME, Tue., July 2, 1991.
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