The Portland National Bank, Portland, PA (Charter 13606)
The Portland National Bank, Portland, PA (Chartered 1932 - Closed (Merger) 1985)
Town History
Portland is a borough in Northampton County, Pennsylvania. Portland is located in the Lehigh Valley metropolitan area on the Pennsylvania border with New Jersey in Pennsylvania's slate belt. The population of Portland was 519 at the 2010 census. In 1890, the population was 676 and in 1930 it was 551.
Portland was settled because of the logging trade and what buildings were here in the early 19th century came as a result of this industry. It served to increase at least one business – that of the taverns and hotels. Records show that the Hibblertown Hotel (present Ackerson house on Slate Street), the Dill's Tavern (oldest tavern, was located on the south side of Emery's, now torn down) and the What Cheer Inn (present Duckloe Showroom at the corner of Delaware Avenue and Main Street) all prospered because of loggers.
The railroad was a vital force in the development of Portland. It changed the mode of transporting goods, and attracted many new residents. As a result of increased population, the business community expanded to serve the needs of the village. By the time of the incorporation there were three general stores, a hardware store, a drug store, four confectionery shops, two millinery shops, and jewelry store.
Portland had a newspaper, The Portland Enterprise. This weekly paper, started in 1847 by L.G. Raymond, gave the people on both sides of the river all the news. Coe Finch took over the paper in the 1880s and continued until John Wildrick became editor in 1900.
Portland had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes.
Bank History
- Organized March 18, 1932
- Chartered March 21, 1932
- Succeeded 6665 (Portland National Bank, Portland, PA)
- Assumed circulation of 6665
- Bank was Open past 1935
- For Bank History after 1935 see FDIC Bank History website
- Merged into First Eastern Bank, NA in Wilkes-Barre, PA, October 21, 1985
On March 22, 1932, J.W. Poole, comptroller of the currency in a telegram to O.H. Smith, president of The Portland National Bank, authorized the bank to commence business. The date for opening depended on the promptness with which waivers were signed by interest account depositors. The waivers asked depositors to waive their interest on deposits from March 1, 1931 until Aug. 29, 1931, the date the bank closed. On Thursday morning April 7, 1932, The Portland National Bank started business. A substantial number of deposits were made with no withdrawals of funds. The equipment of the former Portland National Bank was being used in the same banking house. This was the first time that residents of Portland had banking facilities since the old bank closed on August 29, 1931.
In January 1935, there was a reduction of one member on the board of The Portland National bank. At the last meeting of the directors, Joshua Bray resigned after serving the bank as a director for 31 years. He asked to be relieved because of advancing years. He was therefore not a candidate for re-election and no one was chosen for his place. His resignation was accepted with regret. Directors elected were Clayton R. Horton, Harold Coss, William H. Cowell, George W. Dennis, Dr. C.E. Beck, William Seguine, Willard Hartzell, Oliver H. Smith, and Howard Weidman.
On Wednesday, March 27, 1985, directors of The Portland National Bank approved a proposal to merge the bank into First Eastern Bank, National Association, headquartered in Wilkes-Barre. The announcement was made jointly by Olin A. Cramer, president and chairman of Portland National and Richard M. Ross, Jr., chairman and chief executive officer of First Eastern Bank. First Eastern traced its history back to the First National Bank of Wilkes-Barre (Charter 30). Under the terms, Portland stockholders would receive eight shares of First Eastern Corp. common stock, or $250, for each of the 19,000 shares of Portland National outstanding. First Eastern shares were selling for $31 5/8. The merger would mark Eastern's entry into Northampton County. Portland National reported assets of $31,285,444 at the end of 1984 while First Eastern reached an all-time record high of $1.2 billion in assets. The merger became effective at the close of business on Friday, October 18. In August the stockholders of The Portland National Bank overwhelmingly agreed to the merger by a vote of more than 94 percent in favor.
Official Bank Title
1: The Portland National Bank, Portland, PA
Bank Note Types Issued
A total of $185,700 in National Bank Notes was issued by this bank between 1932 and 1985. This consisted of a total of 21,120 notes (No large size and 21,120 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1929 Type 1 6x5 1 - 774 1929 Type 1 6x10 1 - 894 1929 Type 1 6x20 1 - 288 1929 Type 2 5 1 - 5688 1929 Type 2 10 1 - 2808 1929 Type 2 20 1 - 888
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1932 - 1985):
Presidents:
Cashiers:
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- Pennsylvania Bank Note History
- General information on Portland (Wikipedia)
- General information on Northampton County (Wikipedia)
- General information on Pennsylvania (Wikipedia)
Sources
- Portland, PA, 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
- The Times-Tribune, Scranton, PA, Tue., Mar. 22, 1932.
- The Morning Call, Allentown, PA, Fri., Apr. 8, 1932.
- The Morning Call, Allentown, PA, Wed., Jan. 9, 1935.
- Citizens' Voice, Wilkes-Barre, PA, Thu., Mar. 28, 1985.
- The Tribune, Scranton, PA, Tue., October 22, 1985.