Federal American National Bank & Trust Company (Washington, DC)

View Charter #10316 on SPMC View balance sheet

Episode Information

Episode UID
1031601574
Episode Type
Run Only
Bank Type
national
Bank ID
103160 national
Charter Number
10316
Start Date
February 1, 1931*
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
23ddc8697447b319

Response Measures

Public signal of financial health

Receivership Details

Depositor recovery rate
75.0%
Date receivership started
1933-10-31
Date receivership terminated
1938-05-20
Share of assets assessed as good
43.7%
Share of assets assessed as doubtful
37.4%
Share of assets assessed as worthless
19.0%

Events (3)
1. January 18, 1913 Chartered
Source
historical_nic
2. February 1, 1931* Run
Cause
Rumor Or Misinformation
Cause Details
A man with a 'gruff voice' told government employees the bank was unsound, sparking wild rumors and heavy withdrawals.
Random Run
Yes
Random Run Snippet
man with gruff voice told employees bank was unsound; false rumor
Measures
Public reassurance by President John W. Poole and display of $2,000,000 in cash to calm depositors.
Newspaper Excerpt
wild rumor started run on the bank. Calm talk and the display of $2,000,000 in cash averted what might have turned into panic.
Source
newspapers
3. October 31, 1933 Receivership
Source
historical_nic

Newspaper Articles (5)
1. February 4, 1931 Turlock Journal Turlock, CA
Article from Turlock Journal, February 4, 1931

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Article Text

CITY, Mo., Caesar. Cleaveland, has been elected president of the Lines, announced here today. He succeeds Charles Wren. Los Angeles. H.H. KanCity, vice president and general manager. WASHINGTON, Feb. Nationally known pleaded with crowds the offices of Perpetual Building Associa tion here late today an effort to stop what threatened to be major upon the banking tivities association. John Poole, president the Federal National Bank, climbed ledge and told crowd of perhaps 2,000 people in the street that the bank was solvent. WASHINGTON, Feb. One great national banking system composed of commercial deposit banks mobilized under federal reserve system was advocated today by Owen Young, internationally known financial authority and sponsor the Young plan for reparations settlement. Young. appearing before the Glass of the senconducting inquiry into said this would minimize bank failures. eliminate unhealthy competition between state and bank systems, and bring the nation's credit system under one and authority. Young said he regarded his proposal so urgent that he favthe federal if necessary to bring about.

2. February 9, 1931 Two Rivers Reporter Two Rivers, WI
Article from Two Rivers Reporter, February 9, 1931

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Article Text

Bank-Scare-Monger Sought John W. Poole, president of the Federal American Bank, addressing a huge crowd of depositors at the Perpetual Build ing Association, Washington, ed a run on the bank. Calm talk and the display of $2,000,000 in cash averted what might have turned into panic. A reward of $1,000 is offered by a Washington newspaper for information leading to the arrest of the "man with a gruff voice" who government departments telling employes that bank was unsound.

3. March 13, 1931 Hawaii Tribune-Herald Hilo, HI
Article from Hawaii Tribune-Herald, March 13, 1931

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Article Text

John W. Poole, president of the Federal American Bank, addressing a huge crowd of depositors at the Perpetual Building Association, Washington, D.C., where wild rumor started run on the bank. Calm talk and the display of $2,000,000 in cash averted what might have turned into panic. A reward of $1,000 is offered by a Washington newspaper for information leading to the arrest of the "man with gruff voice" who government departments telling employes that bank was unsound.

4. August 4, 1931 Evening Star Washington, DC
Article from Evening Star, August 4, 1931

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Article Text

ATTACHMENT SOUGHT ON $83,000 JUDGMENT C. I. T. Corporation Sues to Recover $7,000 Due From Joseph McReynolds. The C. I. T. Corporation, 1200 Fifteenth street, holder of a $7,000 judgment against Joseph McReynolds, former Studebaker distributor, 5611 Connecticut avenue, today asked the District Supreme Court to appoint a receiver for the $83,000 which Justice O. R. Luhring last week held to be due McReynolds and his wife, Ellen T. McReynolds, from the Federal-American National Bank. The money was due because of the merger with the Merchants' Bank & Trust Co., which was decreed to have withheld important information from McReynolds about the validity of notes worth $125,000 figuring in an exchange of real estate. The court is informed that McReynolds immediately after the filing of the memorandum opinion of the court placed on record an assignment of his share of the judgment, when rendered, to his wife. The corporation charges that the attempted assignment was without consideration and was "in fraud of the creditors of McReynolds." The plaintiff asks that the bank be enjoined from paying over the money to McReynolds or his wife until its claim of $7,000 has been satisfied. Attorneys Albert E. Steinem and Lawrence J. Heller appear for the plaintiff. The record does not disclose that any final order has been signed on the memorandum opinion in the case against the bank, and dt is regarded highly possible that the bank will appeal to the Court of Appeals. Until a decision by the Appellate Court there would be thing for a receiver to take over, it ointed out.

5. October 14, 1935 The Washington Times Washington, DC
Article from The Washington Times, October 14, 1935

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Article Text

HARPER LOSES BANK SUIT Sopreme Coort decisions in four Washington bank cases to day placed depositors one step nearer to receiving additional money from the coffers of District financial institutions tied hp since the 1932 bank holiday. The court denied a petition of Robert N. Harper for a review of a decision of the District Court of Appeals which held that stockholders of the North Capitol Savings Bank were liable for a 100per cent stock assessment made by the Comptroller General. The bank was organized under the laws of Arizona. Mr. Harper was sued by John F. Moran, receiver of the bank for a $1,500 stock assessment. Directors Lose Fight The court likewise denied the petition of Joseph W. Thompson and John F. Moran, receiver of the Park Savings Bank, for a review of the District Court of Appeals decision holding that stockholders and the receivers could not sue directors of the bank because it continued business after the bank's Alabama charter expired August, 1929. Another angle of the bank situation was finally decided when the court denied the petition of Cary A. Hardee, receiver of the Federal American National Bank and Trust Company, for review of the decision holding him obligated to pay $2,273 unpaid taxes to the American Security and Trust Company. The case grew out of a foreclosure of a mortgage on an apartment house in the 2900 block of Fourteenth Street N. W.