First National Bank of Newport
First National Bank of Newport was established in 1876 and by 1881 had prospered enough to need a new building. A site was selected at the northwest corner of York and Madison streets. Madison later became Fifth. A three story building was constructed with bank tellers on the first floor and offices and meeting halls on the second and third.
The bank was jolted in 1897 when it was forced to close during an investigation of missing money. A bank official had been dipping into funds to speculate on land development. A plan was worked out to sell off bank assets to raise money to pay depositors. The bank building was sold to Newport National Bank and an employee was later convicted of 25 counts of embezzlement. The bank building was razed in 1966.