7770e984d8c49d43Accommodated withdrawals, Borrowed from banks or large institutions, Fed/other loan, Capital injected, Full suspension
Click image to open full size in new tab
BANK'S DOORS CLOSED Portland, Pa., National Is Suspended, With $817,000 Deposits. PORTLAND, Pa., August 29 (P).The Portland National Bank here closed its doors at noon today. The suspension of business was declared due to "a gradual withdrawal of deposits and a shrinkage in the value of bond holdings of the bank." The bank, according to its last financial statement, had assets of $1,052,000 and deposits of $817,000.
Click image to open full size in new tab
Portland Bank To Be Reopened Expect National Bank to Be Ready for Business Soon Plans for opening The Portland NaBank, Portland developrapidly following receipt from the currency for the concern do business. Officers to serve until the regular time for bank elections January all minor tails that the arranged opening can place possible. the bank can early in April, at least before the 15th of that month. Acting under instructions of the National Banking Department, suance with procedure that partment, five signers of the ap. plication the for the bank of These are Harold Coss, Mt. Bethel; William Cowell, Portland: Beck, William Ott, Portland: Oliver Smith Portland; Willard Hartzell, Mt. Bethel; George Dennis, Blairstown; Bray, East Bangor; and William Seguine, Dover, charter signers who named these directors Dr. Beck, Clayton Horton Harold Coss, William Cowell and William Ott. The directors organized by electing these officers: President, Oliver Smith, of Portland, who operates the Portland Picture Frame factory; vice president, Dr. David Keller, of Bangor, an experienced banker, director the First National Bank of Bangor and of the First National of Roseto C. E. Beck, physician: cashier, Roy experienced banking served banks at for years. These directors and officers control the bank until second Tuesday of next January, the time fixed by the departfor of stockholders in all national banks in the The employes of the bank, who will work directly Smith, be elected shortly by the directors. The stock subscription books have closed and all capital surplus in hands of the organizers in cash. An interesting situation rose in the people who paid their stock cash Oliver Smith and William H. Cowell time were named as trustees funds received and when they received this money from outside sources, which totalled about $72,000 they made arrangements deposit in the Federal Reserve Philadelphia, which extended its in spirit of This was posited in the the trustees and this was the first these men are that eral Reserve Bank has ever handled an account the names individuals. was done to facilitate the plans for organization and played very material part successful of these The of the bank spoke highly of the spirit of shown by banks, those the nearest towns, Bangor and Stroudsburg. the banks in these two towns offered their assistance by agreeing to take notes with checks on the funds in the old Portland National Bank as order to provide cash were at the time of the opening the bank The officials now in charge of the bank which suspended on August 29, have ready to over to the new bank soon the minor details are disposed of. Already interest on funds from March 1931 until the bank closed on August are being and the receipt these going to aid in the with which the new bank opens its doors for business. The members of the committee which formulated and worked through the plans for the organization are Harold Coss, Mt. Bethel, chairman; Ralph Portland, William Hester, Smith, William H Ott. Smith, W. Williams H. Weidman, all of Portland; Clayton Horton, Johnsonville; Dr. Keller, Bangor; Willard Hartzell, Walter Emery, George Hilliard, Mt. Bethel: E. Jones, W. Simpson, Columbia; George Manly, Joshua Bray, East Bangor; George W. Dennis, William Sequine, of Dover, N.