Portland National Bank

A Pillar of Community Finance & Ambition

Created and Designed by Mayor Heather Fischer (2021–2025)
Part of the Face in Hole Memory Lane art exhibit for Portland Founder’s Day, funded through Northampton County DCED’s Hotel Tax Grant Program. This exhibit honors the founders, bankers, depositors, and community who entrusted their fortunes to this institution.

Introduction

At the corner of Slate Street and Delaware Avenue in Portland stands the old Portland National Bank building—a silent sentinel to the borough’s hopes, trials, and economic growth. Chartered during the era of National Bank Notes, this institution played a central role in Portland’s financial life until its eventual merger in 1985.

Origins & Early Years (1903–1909)

• Organized: February 7, 1903
• Chartered: March 11, 1903 (Charter No. 6665)
• First Cashier: William Oyer (from Pen Argyl)
• Founders & Early Directors:
   • James Weidman (co-founder)
   • John I. Miller (co-founder)
   • R.J. Gruver, J.I. Johnson, Joshua Bray, Charles J. Quigg, George H. Mutton, H.E. Weidman, W.O. Williams, M.W. Weller
• 1906 Financial Snapshot:
   • Capital: $50,000
   • Surplus & undivided profits: $13,810.34
   • Loans & discounts: $151,635
   • Individual deposits: $170,779
• 1907 Expansion: The bank purchased the corner property of James Weidman’s bank to expand its footprint.

Over time, new directors joined or rotated through the board (e.g. Wm. H. Ott, Philip W. Hess). By 1924, architectural plans were underway to remodel and enlarge the building to present a grander facade along both Delaware Avenue and Slate Street.

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Turbulence & Resilience (1931–1932)

• August 29, 1931: The bank closed its doors at noon, citing a “gradual withdrawal of deposits and a shrinkage in value of bond holdings.” At that time, it held total assets of about $1,052,000 versus deposits around $817,000.
• Reorganization efforts: A committee of stockholders (Christian L. Hester, Harold O. Coss, William H. Cowell) traveled to Washington DC to arrange for a new charter and revival. With the support of the Comptroller of the Currency, the bank was permitted to resume operations on April 7, 1932, under certain waivers from depositors.
• Receivership / Liquidation:
   • Entered receivership: January 18, 1932
   • Restored to solvency: April 7, 1932
   • Liquidated: June 23, 1932
• Successor Charter: The bank’s assets and circulation were assumed by Charter 13606, continuing under the name The Portland National Bank, Portland, PA.

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The Second Era (1932–1985)

• Organized: March 18, 1932
• Chartered: March 21, 1932
• Merger: On October 18, 1985, Portland National Bank merged into First Eastern Bank, N.A. of Wilkes-Barre, marking the end of its independent operations.
• At time of merger:
   • Portland reported assets of ~$31,285,444
   • First Eastern boasted ~$1.2 billion in assets
   • Portland shareholders received eight shares of First Eastern common stock per share they held
• Bank Note Issues (1932–1985):
   • Total circulation: $185,700 in 21,120 small-size notes
   • Types: 1929 Type 1 ($5, $10, $20) and 1929 Type 2 ($5, $10, $20) notes

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Architecture, Identity & Legacy

• Building Location: Slate Street & Delaware Avenue, Portland, PA
• Today, though PNC Bank has closed its local branch, the building remains an artifact of local heritage, with the community awaiting plans from new ownership.
• During its prime, the bank’s presence symbolized stability, modernity, and civic confidence. Its remodeling in 1924 signaled ambition—to make the first floor wholly dedicated to banking and present an imposing frontage.
• As part of the Bank Note Era, from 1903 to 1932 the bank issued 61,378 National Bank Notes totaling $765,110 (54,604 large size, 6,774 small size) across multiple series (1902 Red Seal, 1902 Date Back, 1902 Plain Back, and 1929 Type 1)
• Presidents over time included: John I. Miller, R.J. Gruver, Joshua Bray, Howard E. Weidman
• Cashiers included: William H. Oyer, Lewis H. Nicholas, James L. Weidman, Jr., Roy A. Smith

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

Series/Type	Sheet/Denoms	Serial#s
1902 Red Seal	3×10-20	1 – 1800
1902 Date Back	3×10-20	1 – 2520
1902 Plain Back	3×10-20	2521 – 11851
1929 Type 1	6×10	1 – 882
1929 Type 1	6×20	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

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

Series/Type	Sheet/Denoms	Serial#s
1929 Type 1	6×5	1 – 774
1929 Type 1	6×10	1 – 894
1929 Type 1	6×20	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:
Oliver Homer Smith, 1932-1935

Cashiers:
Roy A. Smith, 1932-1935

Other Bank Note Signers
There are currently no known Vice President or Assistant Cashier bank note signers for this bank.