First National Bank of Port Jefferson

Introduction

Text-to-speech Audio

The red brick and stone building on the north side of the intersection of Main and East Main Streets in Port Jefferson is the First National Bank building. The two-and-a-half-story structure dates to 1900 and features a two-story turret that projects from the second story above the corner entrance. The tower's steeply-pitched roof is cone shaped. The building's last year housing a bank was 1948, when it was purchased by the Town of Brookhaven and used for office space. The interior of the former bank was renovated in 2016 to create a commercial space on the first floor - currently a clothing shop, Kate & Hale - and two luxury apartments on the upper story. The First National Bank of Jefferson building was added to the New York and National Registers of Historic Places in 2005.

Images

2003 photo of First National Bank of Port Jefferson building, NY State building inventory form (Acampora)

First National Bank (red arrow) in downtown Port Jefferson on 1947 topo map (USGS Port Jefferson 7.5-min. quad)

First National Bank (white arrow) in downtown Port Jefferson on 1904 topo map (USGS Setauket 15-min. quad)

First National Bank (red arrow) in downtown Port Jefferson on 1947 topo map (USGS Port Jefferson 7.5-min. quad)

Backstory and Context

Text-to-speech Audio

The First National Bank of Port Jefferson was incorporated in 1897. The builder for the First National Bank of Port Jefferson building was Loper Brothers. The stone foundation lines a basement, below the two and a half stories of brick. In 1908, the prsident of the bank was O. T. Fanning; vice president was Henry C. Tinker, and Francis ("Frank") A. Kline was the cashier. The bank's charter was extended for another twenty years in 1917, up to the close of business on April 23rd 1937. The bank's 100,000 shares of capital stock were valued at $100 per share at the end of 1943. The stock paid dividends of $4 per share in 1942 and 1943.

In 1863, Congress passed the National Currency Act. From 1863 to 1935, government-chartered U.S. banks were allowed to issue their own currency, known as National Bank Notes, as long as the local bank deposited securities (U.S. bonds) with the U.S. Treasury to back the currency. To be part of the system, chartered banks had to include "National" in their name. The first bank in a city to become chartered could call itself a "First National Bank."

The First National Bank of Port Jefferson merged in 1948 with another local bank with a similar name, the Bank of Port Jefferson. First National Bank voluntarilly liquidated its 125,000 shares of common stock on April 30th 1948. The new bank changed its name to The Bank of Northern Brookhaven. After the Town of Brookhaven purchased the First National Bank building in 1948 for $70,000, they constructed an addition on the east end of the structure the following year. The building housed the Town of Brookhaven Police Department and a tax office. The Town later leased the building to the Long Island Music Hall of Fame.

The current commercial tenants are Kate & Hale, a shop started by sisters Kate and Haley carrying women's clothing, accessories, and jewelry. The store opened in Port Jefferson in 2017 and also has a branch in Huntington on Long Island; other branches have been closed. The two upstairs apartments, new in 2017, include a one bedroom, one bath unit at 700 square feet and a two bedroom, one bath 800 square foot space. The apartments feature exposed brick walls and high ceilings.

Sources

Acampora, Nick. NY State Historic Resource Inventory Form. Albany, NY. New York State Office of Parks, Recreation, & Historic Preservation, 2003.

Anonymous. "National Banks, Extension of Charter." The Commercial and Financial Chronicle (New York, NY) May 12th 1917. 1874-1875.

Cohen, Lon. Bank Notes Offer Lesson in History, Patch, Port Jefferson, NY. March 16th 2013. Accessed April 12th 2021. https://patch.com/new-york/portjefferson/bank-notes-offer-lesson-in-village-history.

Comptroller of the Currency. U.S. Treasury Department. Eighty-Sixth Annual Report of the Comptroller of the Currency. Edition 1948. Document No. 3161. Washington, DC. Government Printing Office, 1949.

Greater Long Island. Six great new shops that have opened this year in Port Jefferson, Greater Long Island. September 18th 2017. Accessed April 13th 2021. https://portjefferson.greaterlongisland.com/2017/09/18/365-six-great-shops-that-have-opened-this-year-in-port-jefferson/5/.

Kate & Hale. Kate and Hale Shop, Kate & Hale. January 1st 2021. Accessed April 15th 2021. https://kateandhaleshop.com/.

New York State Bankers Association. Proceedings of the Fifteenth Annual Convention of the New York State Bankers Association. New York, NY. Jaques & Company, 1908.

Palmar, Maria. 227 Main St. #2, Apartments in Port Jefferson, Zumper. March 1st 2021. Accessed April 13th 2021. https://www.zumper.com/apartments-for-rent/4934390p/1-bedroom-port-jefferson-ny.

Porter, John Sherman, ed. Moody's Manual of Investments, American and Foreign. New York, NY. Moody's Investors Service, 1944.

Realtor com. 227 Main St. #A, Port Jefferson, NY, Realtor.com. January 1st 2021. Accessed April 13th 2021. https://www.realtor.com/realestateandhomes-detail/227-Main-St-A_Port-Jefferson_NY_11777_M33719-07292.

Realtor com. 227 Main St., Port Jefferson, NY, Realtor.com. January 1st 2021. Accessed April 13th 2021. https://www.realtor.com/realestateandhomes-detail/227-Main-St_Port-Jefferson_NY_11777_M98673-15975

Image Sources(Click to expand)

NY State Cultural Resource Information System [CRIS]: https://cris.parks.ny.gov

U.S. Geological Survey topoView, https://ngmdb.usgs.gov/

Additional Information

Article with historical photo of bank building and 1917 National Bank Note printed by First National Bank of Port Jefferson (Cohen 2013)