First National Bank - Portland, ME

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 221
Charter Number: 221
Start Date: March 1, 1933
Location: Portland, Maine (43.661, -70.255)

Metadata

Model: gpt-5-mini
Short Digest: 8da5fed2

Response Measures

None

Receivership Details

Depositor recovery rate: 99.8%
Date receivership started: 1933-11-06
Date receivership terminated: 1941-06-26
Share of assets assessed as good: 47.0%
Share of assets assessed as doubtful: 48.6%
Share of assets assessed as worthless: 4.5%

Description

The First National Bank of Portland was closed as of March 1, 1933 and later placed in receivership (comptroller-appointed) in November 1933. Articles describe liquidation and dividend payments in 1933–1934; there is no mention of an intervening depositor run causing the closure. Therefore this is classified as a suspension leading to permanent closure/receivership. Dates taken from articles (closure Mar 1, 1933; receiver appointed Nov 7, 1933).

Events (6)

1. January 29, 1864 Chartered

Source: historical_nic

2. March 1, 1933 Suspension

Cause: Government Action
Cause Details: Bank had been closed since March 1, 1933; closure led to appointment of receiver by Comptroller of the Currency.
Newspaper Excerpt: JOHN F. A. MERRILL has been appointed receiver of the First National Bank of Portland, closed since the first of March.
Source: newspapers

3. July 1, 1933* Other

Newspaper Excerpt: A first dividend of 50 per cent was paid in July, 1933. (statement by receiver John F. A. Merrill.)
Source: newspapers

4. November 6, 1933 Receivership

Source: historical_nic

5. November 7, 1933 Receivership

Newspaper Excerpt: Merrill Named First National Bank Receiver ... JOHN F. A. MERRILL has been appointed receiver of the First National Bank of Portland, closed since the first of March. Appointment ... was made by T. O'Connor, comptroller of the currency in Washington, and contemplates the liquidation of the closed bank, under the comptroller's direction and supervision, in deliber and orderly manner whereby the depositors will ...
Source: newspapers

6. September 10, 1934 Other

Newspaper Excerpt: Depositors To Get 31 Per Cent As Second Payment $2,000,000 Will Be Paid Out About Sept. 10 On Impounded Savings And Checking Accounts, Says Receiver, John F. A. Merrill
Source: newspapers

Newspaper Articles (4)

1. June 29, 1933 Biddeford-Saco Journal Biddeford, ME

Article from Biddeford-Saco Journal, June 29, 1933

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Article Text

TURNBULL HEADS STUNT DIVER CAUSES SCARE Portland, Me., June AT THE QUAY Frederick H. Turnbull of Cambridge Mass., has been selected president of the new First National Bank Portland, successor to the First National Bank of Portland, which open for urday, announced today. Coincident with opening the bank initial dividend cent will be paid depositors the old First National, whose quarters the new institution will Turnbull was formerly connectwith the National City Bank York, Harvard Trust Company of Cambridge, Mass., and the Webster Atlas National Bank Boston. Clinton W. Davis of Portland will be chairman the board and John B. Payson of Portland active vice president. The gang at "The Quay," one of the favorite Biddeford summer hangouts, were given thrill Wednesday afternoon when one of the gang jumped off the Main street bridge with his clothes on. He was difficulty as soon as hit water, and it was said that man named young Perkins had not come along boat and assisted him to shore the stunt diver may have lost his life.

2. November 7, 1933 Evening Express Portland, ME

Article from Evening Express, November 7, 1933

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Article Text

Merrill Named First National Bank Receiver Appointment Relieves Clifford Of Duties As Conservator JOHN F. A. MERRILL has been appointed receiver of the First National Bank of Portland, closed since the first of March. and assumed the duties of that position today. This virtually amounts to a transfer of the dutles and responsibilities that have devolved upon Philip G. Clifford, conservator of the institution since April 1. It is provided under the National banking laws that conservator shall have the authority of receiver and so Mr. Clifford has been acting in dual capacity but this appointment automatically discontinues the position of conservator. Appointment of Mr. Merrill was made by T. O'Connor, comptroller of the currency in Washington, and contemplates the liquida tion the closed bank, under the comptroller's direction and supervision, in deliber and orderly manner whereby the depositors will (Continued on Page 2. 4th Column)

3. July 14, 1934 Evening Express Portland, ME

Article from Evening Express, July 14, 1934

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Article Text

Bank Depositors' Laxity Delays Payments Here 40% Of Claimants Of First National Have Failed To Comply With Request To Turn In Passbooks, Preventing New Dividend PPROXIMATELY 40 per cent of the depositors in the A closed First National Bank have failed to comply with the rule laid down by Washington authorities requiring them to exchange their passbooks for receivers' certificates, and a second "substantial" dividend payment, already authorized. is being held up because of their laxity. according to a statement issued this morning by John F. A. Merrill, receiver for the institution. Up To Depositors" We are using every means known to inform depositors that they must come to the bank and turn in their savings books. checking account books and any other evidence of indebtedness for receivers' certificates, but nearly half of the persons affected are making no effort to get their own money. Mr. Merrill stated "This requirement is insisted upon by the Comptroller of the Currency as prerequisite to any dividend payment We are obliged to follow the strict letter of the law in this respect and it is now up to the depositors As soon as majority of this 40 per cent carry out their end of the bargain, this bank can make another substantial payment. but not until then

4. August 20, 1934 Evening Express Portland, ME

Article from Evening Express, August 20, 1934

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Article Text

Depositors To Get 31 Per Cent As Second Payment $2,000,000 Will Be Paid Out About Sept. 10 On Impounded Savings And Checking Accounts, Says Receiver, John F. A. Merrill EPOSITORS of the closed First National Bank will receive a second dividend at the rate of 31 per cent on their impounded accounts on or about Sept. 10, according to announcement made this morning from the office of the receiver, John F. A. Merrill. $2,000,000 To Go Out The payment will mean distribution of about $2,000,000, the greater part of which will be received by residents of this City. A first dividend of 50 per cent was paid in July, 1933. In formal statement issued today, Mr. Merrill says that the exact date and place of payment cannot be made at this time. as a few important details have still to be worked out. He is confident, however, that It will be around Sept. 10 and probably through the main quarters and uptown office of the new First National Bank. The receiver has borrowed $85,000 from the Reconstruction Finance Corporation in order to expedite this second dividend, No estimate as to the amount of assets remaining for further payments, or the final amount to be realized, can be made at this time. This second dividend will be paid both types of depositors, those with (Continued on Page 2, 2nd Column)