Portland Savings Bank - Portland, ME

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: May 1, 1878*
Location: Portland, Maine (43.661, -70.255)

Metadata

Model: gpt-5-mini
Short Digest: 4ec40dab

Response Measures

Accommodated withdrawals

Description

Article (1879-05-31) recounts heavy withdrawals in May 1878 (paid out $264,289.14 more than received) during a widespread distrust/panic of savings banks. The bank continued to pay withdrawals without requiring notice and remained open, with a reported cash surplus, so this is classified as a run that did not lead to suspension or closure.

Events (1)

1. May 1, 1878* Run

Cause: Macro News
Cause Details: Widespread distrust of savings banks in early 1878; a general panic/distrust led to heavy withdrawals.
Measures: None specified; bank continued to pay withdrawals without requiring notice and maintained operations.
Newspaper Excerpt: The beginning of the year found the bank in the midst of a general and wide spread distrust of savings banks, in some places amounting to a panic. In May 1878 there was paid to depositors $264,289.14 more than was received in the same timethe largest sum ever paid in one month since the organization of the bank.
Source: newspapers

Newspaper Articles (1)

1. May 31, 1879 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, May 31, 1879

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Article Text

The following statement was prepared for the corporators at their annual meeting, hut at the request of several is made public as having items of interest for the public generally: To the Corporators of the Portland Savings Bank, Gentlemen: The incidents of the past year call for a brief notice. The beginning of the year found the bank in the midst of a general and wide spread distrust of savings banks, in some places amounting to a panic. In May 1878 there was paid to depositors $264,289.14 more than was received in th e same time-the largest sum ever paid in one month since the organization of the bank. And yet no notice was required for the withdrawal of any sum however large, although with a few exceptions the savings banks of this State and New England required full legal notice of withdrawals. The total amount deposited for the year was $635,693.19; this being the smallest since 1865, when the bank had a total deposit of but $895,685.21. The amount paid depositors for the year was $1,078,084.24; a sum not as great as paid in either of the four years preceding; and the net decrease for the year was not as large by $23,000, as in the year ending May, 1878. The amount due depositors is $252,239.76 less than at the last annual meeting, amounting to $190,151.29. Two dividends of interest have been made at the rate of 5 per cent. The bank has a cash surplus of $154,755.05; a gain of $31,323.49 for the year; and $17,515 of doubtful securities have been charged against our cash surplus within the past six months. An examination and comparison of exhibits will show an increase in our bond account of $148,000; and the market value of bonds is $183,382 greater than last year. Mortgages have been reduced $92,500 Loans with collateral have been reduced 214,000 Real estate owned has been reduced 9,000 so that the quick assets of the bank are larger that last year. The bank holds of United States and Eastern city securities $249,000 more than last year; and of Western securities $101,000 less than last year. A valuation (herewith submitted) gives a total of Assets amounting to $4,187,940.87 Total liabilities. 3,907,827.89 Leaving a surplus of $280,112.98 In making this valuation the auction value of all securities has been the basis. Repectfully submitted, E. A. Noyes, Treasurer.