Portland National Bank

Portland had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes.

Portland National Bank, Portland, PA – Charter 6665 (Chartered 1903 – Liquidated 1932)

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.

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
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

Other Bank Note Signers

• There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

The Portland National Bank, Portland, PA – Charter 13606 (1932 – 1985)

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.
Official Bank Title(s)
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
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.

Sources for Portland National Bank, Portland, PA – Charter 6665 (Chartered 1903 – Liquidated 1932)

• 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.

Source(s): The Portland National Bank, Portland, PA (Charter 6665) – Bank Note History (spmc.org)

Sources for The Portland National Bank, Portland, PA (Charter 13606)

• 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.
  
  Source(s): The Portland National Bank, Portland, PA (Charter 13606) – Bank Note History (spmc.org)