Portland National Bank, Portland, PA (Charter 6665)
Portland National Bank, Portland, PA (Chartered 1903 - Liquidated 1932)
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 State 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 February 7, 1903
- Chartered March 11, 1903
- Receivership January 18, 1932
- Restored to solvency April 7, 1932
- Liquidated June 23, 1932
- Succeeded by 13606 (The Portland National Bank, Portland, PA)
- Circulation assumed by 13606 (The Portland National Bank, Portland, PA)
In February 1903, directors elected William Oyer of Pen Argyl as cashier.
In 1906, the bank had capital of $50,000, surplus and undivided profits 13,810.34; loans and discounts $151,635; individual deposits 170,779.
| Bank | Capital | Surplus | loans and discounts | individual deposits |
|---|---|---|---|---|
| Easton National | $500,000 | $100,000 | $1,173,749.49 | $1,088,290.52 |
| Easton, First National | $400,000 | $125,000 | $1,286,108.08 | $1,607,125.66 |
| Northampton National | $100,000 | $175,000 | $523,957.43 | $477,155.54 |
| Bethlehem, First National | $300,000 | $125,000 | $629,764.28 | $767,497.47 |
| Bethlehem, Lehigh Valley National | $300,000 | $375,000 | $1,293,887.06 | $934,916.23 |
| Nazareth National | $100,000 | $150,000 | $533,000 | $890,000 |
| Nazareth, Second National | $50,000 | $20,000 | $319,384.59 | $301,729.86 |
| Pen Argyl National | $50,000 | $5,000 | $110,000 | $125,000 |
| South Bethlehem National | $50,000 | $17,000 | $252,371.32 | $684,935.48 |
| Bath National | $25,000 | $19,361 | $175,547.47 | $195,202.95 |
| Allentown National | $1,000,000 | $600,000 | $2,953,614.04 | $1,950,087.49 |
| Allentown, Second National | $300,000 | $350,000 | $1,554,015.31 | $944,380.52 |
| Catasauqua, Lehigh National | $118,000 | $5,739.51 | $290,914.99 | $136,335.60 |
| Allentown, Merchants National | $200,000 | $75,000 | $1,119,279.14 | $1,144,836.73 |
| Bangor, First National | $170,000 | $105,000 | $770,480.03 | $759,846.11 |
| Bangor, Merchants National | $100,000 | $58,000 | $581,946 | $454,753 |
| Portland National | $50,000 | $13,810.34 | $151,635 | $170,779 |
In January 1907, the directors decided to purchase the corner brick property of James Weidman's bank. James Weidman, along with John I. Miller, was a founder of the Portland National Bank.
In January 1909, the director elected were: John I. Miller, R.J. Gruver, J.I. Johnson, James Weidman, P.R. Johnson, Joshua Bray, Charles J. Quig, George H. Mutton, H.E. Weidman, William O. Williams, and M.W. Weller
In January 1911, the directors elected were: R.J. Gruver, M.W. Weller, B.R. Johnson, Chas. J. Quigg, George H. Mutton, H.E. Weidman, W.O. Williams, J.I. Johnson, Jas. Weidman, and Matthew Bray.
In January 1916, the following directors were elected: Joshua Bray, James Weidman, W.O. Williams, H.E. Weidman, Wm. H. Ott, George H. Mutton, George W. Dennis, C. Meyers, and Philip W. Hess.
In July 1924, it was announced that architects from Bethlehem were making plans for alterations of the building. The new building would have frontage on both Delaware Avenue and Slate Street and the whole first floor would be given over to the bank.
In January 1928, the directors elected were Jas. Weidman, Sr., William O. Williams, Joshua bray, H.E. Weidman, George W. Dennis, George A. Manley, William H. Ott, Michael W. Weller, and W.C. Hartzell. The Pen Argyl Lumber Company received the contract to furnish all the lumber and mill work for the improvements. The surplus of the bank was increased from $50,000 to $75,000.
In January 1931, the directors elected were: James Weidman, Sr., William O. Williams, Joshua Bray, H.E. Weidman, George W. Dennis, George A. Manley, William H. Ott, and W.C. Hartzell.
On August 29, 1931, The Portland National Bank located five miles south of the Delaware Water Gap closed its doors at noon. The notice posted stated "the suspension of business has been due to a gradual withdrawal of deposits and a shrinkage in the value of bond holdings of the bank. This action is for the best interest and protection of the depositors. At the close of business, total assets were approximately $1,052,000 and deposits of $817,000. Howard E. Weidman was president and R.A. Smith, cashier. A number of men were attempting to reorganize the bank.
A committee of stockholders went to Washington, DC to discuss with national banking officials plans for reorganization of the formation of a new bank in Portland. The committee consisted of Christian L. Hester, Harold O. Coss, and William H. Cowell. They were accompanied by T. Fred. Woodley of East Bangor, attorney for the stockholders' committee and William P. bray of East Bangor, attorney for the bank. Having secured the necessary blanks, an application for a charter was expected to be sent to Washington within the next days. The committee and the attorneys were confident that with the co-operation and aid of the people of the community, a new and stronger institution would be formed in a short time.
John H. Ketner, formerly of Shamokin and lately of Reading was in charge of the affairs of the closed Portland National Bank. Mr. Ketner had been a member of the government's force of bank examiners for some years and enjoyed an unusually high rating in that work.
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 in August 1931.
Official Bank Title(s)
1: Portland National Bank, Portland, PA
Bank Note Types Issued
A total of $765,110 in National Bank Notes was issued by this bank between 1903 and 1932. This consisted of a total of 61,378 notes (54,604 large size and 6,774 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1902 Red Seal 3x10-20 1 - 1800 1902 Date Back 3x10-20 1 - 2520 1902 Plain Back 3x10-20 2521 - 11851 1929 Type 1 6x10 1 - 882 1929 Type 1 6x20 1 - 247
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1903 - 1932):
Presidents:
- John I. Miller, 1903-1910
- R. J. Gruver, 1911-1914
- Joshua Bray, 1915-1931
- Howard Emery Weidman, 1931-1931
Cashiers:
- William H. Oyer, 1903-1904
- Lewis H. Nicholas, 1905-1926
- James L. Weidman, Jr., 1927-1931
- Roy A. Smith, 1931-1931
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
- Portland, PA, on facebook
- 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 Morning Call, Allentown, PA, Fri., Feb. 13, 1903.
- The Morning Call, Allentown, PA, Fri., Thu., Nov. 22, 1906.
- The Morning Call, Allentown, PA, Tue., Jan. 15, 1907.
- The Morning Call, Allentown, PA, Sat., Jan. 16, 1909.
- The Morning Call, Allentown, PA, Wed., Jan. 11, 1911.
- The Morning Call, Allentown, PA, Thu., Jan. 13, 1916.
- The Morning Call, Allentown, PA, Thu., July 17, 1924.
- The Morning Call, Allentown, PA, Tue., Sep. 30, 1924.
- The Morning Call, Allentown, PA, Wed., Jan. 11, 1928.
- The Morning Call, Allentown, PA, Wed., Jan. 14, 1931.
- Sunday News, Lancaster, PA, Sun., Aug. 30, 1931.
- The Morning Call, Allentown, PA, Sun., Aug. 30, 1931.
- The Morning Call, Allentown, PA, Fri., Sep. 4, 1931.
- Shamokin News-Dispatch, Shamokin, PA, Mon., Jan. 18, 1932.
- The Times-Tribune, Scranton, PA, Tue., Mar. 22, 1932.
- The Morning Call, Allentown, PA, Fri., Apr. 8, 1932.