Northeast Savings Bank (Washington, DC)

Episode Information

Episode UID
15008971667
Episode Type
Suspension → Closure
Bank Type
savings
Bank ID
1500897 routing
Routing Number
15-0089
Start Date
November 19, 1938
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
d80aae170d9696a5

Response Measures

None

Description

Bank was in federal receivership and being wound up; exact original suspension date not stated in the articles.

Events (4)
1. November 19, 1938 Receivership
Newspaper Excerpt
Payment of a 5 per cent dividend to ... depositors of the closed Northeast Savings Bank, ... it was announced today by Receiver Justus S. Wardell.
Source
newspapers
2. November 17, 1939 Other
Newspaper Excerpt
offer at public sale to the highest bidder ... the remaining assets of the said the Northeast Savings Bank of Washington. D. C., ... on Friday, November 17, 1939.
Source
newspapers
3. June 5, 1940 Other
Newspaper Excerpt
begin disbursement of the final dividend to 7,400 depositors tomorrow morning ... The $54,712.98 dividend ... represents 5.16 per cent interest to depositors, who previously had received 100 per cent distribution.
Source
newspapers
4. * Suspension
Cause
Government Action
Cause Details
Placed in federal receivership under the Comptroller of the Currency; receiver Justus S. Wardell administering payoffs.
Newspaper Excerpt
closed Northeast Savings Bank, amounting to $53,083... announced today by Receiver Justus S. Wardell.
Source
newspapers

Newspaper Articles (10)
1. November 19, 1938 Evening Star Washington, DC
Article from Evening Star, November 19, 1938

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Article Text

Northeast Savings Bank To Pay Out $53,083 Payment of a 5 per cent dividend to 7.387 depositors of the closed Northeast Savings Bank, amounting to $53,083. will begin next Tuesday morning, it was anounced today by Receiver Justus S. Wardell. Distribution will be made at the office of the Northeast Branch of the Hamilton National Bank, at Eighth and H street N.E., to depositors who have been notified by post card when to call. This additional 5 per cent dividend brings total payments to depositors of the bank up to 100 per cent of the principal, previous dividends having amounted to 95 per cent. There are prospects. according to Receiver Wardell. that later on depositors may look forward to another dividend providing interest. This would be some time in the future, however, it was explained. Payment will be made at the Hamilton Bank branch by checks, in the hands of four representatives of Receiver Wardell, headed by Lloyd Johnson. Mr. Wardell's assistant in charge of the Northeast Savings Bank trust.

2. November 22, 1938 Evening Star Washington, DC
Article from Evening Star, November 22, 1938

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Article Text

Northeast Savings Paying 5 Pct. Dividend First checks of a 5 per cent divitiend were distributed to depositors of the Northeast Savings Bank this morning at the Northeast Branch of the Hamilton National Bank, Eighth and H streets N.E. Depositors are being notified by postcard when to call for their checks, and were asked by Receiver Justus S. Wardell to wait until officially notified before calling at the bank. Notices are going out in daily groups, for about a week or 10 days yet. The 5 per cent dividend brings total payments up to 100 per cent to depositors, with prospects that later on they also may receive some payments on interest. The dividend now payable amounts to more than $53,000

3. December 4, 1938 Evening Star Washington, DC
Article from Evening Star, December 4, 1938

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Article Text

in the bank when it closed, will be ready at the office of the receiver, 1406 G street N.W. But they will be paid out only to depositors who have received post cards of notification. These cards are being mailed in bunches daily, so as to avoid congestion of depositors in the receiver's office. Mr. Wardell also announced yesterday that remaining checks for a dividend of 5 per cent, to depositors of the Northeast Savings Bank, which previously had been available at the Northeast Branch of the

4. December 6, 1938 The Washington Times Washington, DC
Article from The Washington Times, December 6, 1938

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Article Text

MONEY EASIER Speaking before the Washington Building Congress at the Lafayette Hotel last night, Underwood reminded his hearers that there is now a definite opening in the money market. Member banks of the Fifth Reserve District increased their loans and discounts between the middle of October and the middle of November. and deposits in these institutions showed an increase during the same period. The United States Building and Loan League reported an increase in the volume of assets on the part of Washington building and loan associations. The Perpetual Building Association here leads the country in resources with $48,370,540. BANK PAYOFFS HELP Nearly $400,000 to be paid to depositors of closed Washington banks this week will give a further impetus to trade here. To day, the receiver O' the Potomac Savings Bank began payment of $162,000 to 8,300 depositors. Franklin National Bank began paying a dividend of $200,000, and there was a recent payoff of the Northeast Savings Bank.

5. October 26, 1939 Evening Star Washington, DC
Article from Evening Star, October 26, 1939

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Article Text

Northeast Bank Assets to Be Sold To End Receiverships Depositors, Paid 100 Cents on Dollar, May Get a Dividend Taking steps to close up the receivership of the Northeast Savings Bank, Receiver Justus S. Wardell announced today that all remaining assets of the bank would be sold at "public sale" to the highest bidder or bidders, at 2 p.m. Friday, November 17. Already depositors of this institution have been paid 100 cents on the dollar. Prospects are these depositors will receive later on an additional dividend from proceeds of the auction sale of assets and from cash now on hand. The size of the additional dividend will depend on the amount realized from the sale, and expenses of winding up the receivership. The amount already paid to 7,500 depositors, who have proved their claims is $1,093,500. The "book value" of remaining assets of the bank is listed at $63,454. and the "estimated value" is given in the last quarterly report of the receiver at $9,449.60. Between now and the time of the sale, November 17. however, Receiver Wardell indicated, some of these assets may be disposed of, and so will not be available for the auction. The assets to be sold include no real estate, but mostly demand and collateral notes, uncollected accounts resulting from judgment in court, which are transferable, and overdrafts. In addition to these assets the receivership has cash on hand amounting to $49,893. The sale will take place at the office of the receiver. 1614 K street N.W. A descriptive list of the remaining assets to be sold may be inspected by prospective purchasers at the receiver's office, Mr. Wardell announced, on all business days up to and including the date of the sale, between the hours of 9 a.m. and 4:30 p.m. and on Saturdays from 9 a.m. to noon.

6. November 4, 1939 Evening Star Washington, DC
Article from Evening Star, November 4, 1939

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Article Text

LEGAL NOTICES. RECEIVER'S NOTICE OF SALE. To Whom it May Concern: Pursuant to authority of the Comptroller of the Currency of the United States, the undersigned, Justus 8. Wardell* as Receiver of the Northeast Savings Bank of Washington. D. c. will offer at public sale to the highest bidder or bidders for cash. at the office of the Receiver, 1614 K Bt. Northwest, on Friday, November 17. 1989, at two o'clock p.m., the remaining assets of the said the Northeast Savings Bank of Washington. D. C., consisting of bills receivable, judgments, overdrafts and other choses in action and chattels, less such items or articles as may be paid or otherwise disposed of prior to the said date of sale herein mentioned. A descriptive list of the remaining assets so offered for sale may be inspected by prospective purchasers at the office of the Receiver of the Northeast Savings Bank of Washington. D. C., on all business days up to and including the date of the said sale between the hours of 9 a.m. and 4:30 p.m., and on Saturdays from 9 a.m. to 12 noon. According to law. said remaining assets cannot be sold otherwise than without recourse and without warranty of any kind or character. and subject to the approval of the Comptroller of the Currency of the United States. and subject to confirmation by a court of record of competent jurisdiction. (Signed) JUSTUS 8. WARDELL. Receiver, The Northeast Savings Bank, 0c26:no4.11.16. Washington, D. c.

7. November 11, 1939 Evening Star Washington, DC
Article from Evening Star, November 11, 1939

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Article Text

RECEIVER'S NOTICE OF SALE. To Whom it May Concern: Pursuant to authority of the Comptroller of the Currency of the United States. the undersigned. Justus S. Wardell. as Receiver of the Northeast Savings Bank of Washington. D. C.. will offer at public sale to the highest bidder or bidders for cash. at the office of the Receiver. 1614 K St. Northwest. on Friday, November 17. 1939, at two o'clock p.m., the remaining assets of the said the Northeast Savings Bank of Washington. D. C., consisting of bills receivable. judgments. overdrafts and other choses in action and chattels. less such items or articles as may be paid or otherwise disposed of prior to the said date of sale herein mentioned. A descriptive list of the remaining assets so offered for sale may be inspected by prospective purchasers at the office of the Receiver of the Northeast Savings Bank of Washington. D. C., on all business days up to and including the date of the said sale between the hours of 9 a.m. and 4:30 p.m., and on Saturdays from 9 a.m. to 12 noon. According to law. said remaining assets cannot be sold otherwise than without recourse and without warranty of any kind or character. and subject to the approval of the Comptroller of the Currency of the United States. and subject to confirmation by a court of record of competent jurisdiction. (Signed) JUSTUS S. WARDELL. Receiver, The Northeast Savings Bank, Washington. D. C. oc26:no4.11.16.

8. November 16, 1939 Evening Star Washington, DC
Article from Evening Star, November 16, 1939

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Article Text

Remaining Assets Of Northeast Savings Will Go on Block Depositors, Already 100% Paid, Will Get Further Dividend Taking one of the last few steps toward closing up the receivership of the Northeast Savings Bank, Justus S Wardell, receiver, tomorrow will offer for sale to the highest bidder all remaining assets of the institution. The sale will take place at 2 p.m. tomorrow at Mr. Wardell's office, 1614 K street N.W. The assets consist of "bills receivable, judgments, overdrafts and other chattels, less such items or articles as may be paid or otherwise disposed of" before the sale. Mr. Wardell explained, however, that "according to law, said remaining assets cannot be sold otherwise than without recourse and without warranty of any kind or character and subject to the approval of the controller of the currency of the

9. June 5, 1940 Evening Star Washington, DC
Article from Evening Star, June 5, 1940

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Article Text

Northeast Depositors To Get Dividend of 5.16Per Cent Final Payment Interest On Claims Already Paid in Full Closing up receivership of another bank here, Justus S. Wardell, receiver of the Northeast Savings Bank, today announced that he will begin disbursement of the final dividend to 7,400 depositors tomorrow morning. The $54,712.98 dividend. authorized by the Controller of the Currency, represents 5.16 per cent interest to depositors, who previously had received 100 per cent distribution on claims totaling $1,062,089.73. The last prior dividend of 5 per cent on principal was paid in November, 1938. Post cards were being mailed out today notifying depositors when to call for their checks at the office of the receiver, 1614 K street N.W. Depositors were "urgently requested" by Mr. Wardell not to seek payment prior to the receipt of the post cards and to be sure to bring their receiver's certificates for surrender. Still in the hands of the receiver is $8,400 not yet collected by depositors from previous dividends. The amounts are comparatively small, Mr. Wardell said as 5,238 checks have been issued to cover this figure. The Northeast Savings Bank is the second bank under the supervision of Receiver Wardell to have disbursed to depositors full payment of the amount due them. and. in addition, a further payment of interest. The depositors of the Washington Savings Bank were paid 100 per cent of their claims and an interest dividend.

10. August 10, 1940 Evening Star Washington, DC
Article from Evening Star, August 10, 1940

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Department Store Sales Increase In Washington Business Advances 8.2% Beyond Previous Seven-Day Period By HAROLD B. ROGERS. Department store sales in Washshowed an cent in the ington per week increase ended August of 8.2 3 with a August as compared 5. 1939, according the week to report ended today by the Federal Reserve Bank of Richmond. Sales here also were 18.3 per cent above in the this year. sales Cumulative preceding sales in week the 11.8 cent averaged four weeks ended per August above. 3. sales 1940, in the four weeks ended August 5, 1939. In all respects Washington stood above the average for the Fifth Federal Reserve District stores. Sales in the fifth district in the week ended August 3 this year were 8 per cent more than sales in the week 5 were 16 cent ended per August above last sales year in and the preweek this year. four weeks ceding sales in the ended Cumulative August 3 averaged 9 per cent above sales in the four weeks ended August 5, 1939. The averages were based on reports from 15 leading department stores. Baltimore Shows Gain. Baltimore showed a gain of 2.9 cent in the week ended August 3 as a week year; a comparable per this year, compared last with 12.9 cent over a per per week this gain year and the 7.3 preceding cent increase in the four weeks of this year over the comparable period in 1939. Plans are being made by the auditors' section of the District of Coa to attend lumbia delegation Bankers Association the 16th annual for Assoconvention of the National ciation of Bank Auditors and Controllers to be held at St. Louis, Mo. October 16 to 19. Several Prominent Speakers. out D. tors the 20 Whitcraft, Letters section have secretary to gone of local from the banks D. audition, which announcing are members the of the convention, associaand asking for information as to representatives going from Washington. The convention will be held in the Hotel Statler and will be ada President speakers. dressed by group of of distinguished the associa- auditor tion is J. W. Massie, who is of the Republic National Bank of Dallas, Tex. secretary of the local Mr. auditors' Whitcraft, section, is assistant of the Other auditor officers of Riggs National auditors' section Bank. here are William B. Mehler, jr., chairman; Lewis E. Thomas, vice chairman; James C. Elgin and H. Norman Glasco. Sanitary Commission Bonds. A new offering of Washington Suburban Sanitary Commission water main and sewer construction went on market a serial today UU bonds through syndicate the headed John Chicago, by including Nuveen Y. E. Booker & Co. of & Co. at a yield from to per of 0.50 this up city, 2.90 price cent. to The issue of 234 per cent bonds to was syndicate awarded yesterday the highest afternoon bidding at a of 100.781 was to price 857.50. The offer amounting presented to $755,the syndicate by Y. E. Booker & Co. There were five bidders of which the second high was 99.666 presented by a syndicate headed by R. S. Dickson & Co., Inc., of New York. The Treasury Department has made official report of the final of the liquidation an of city, Northest which closed Savings Bank this up its reS. cently accounts through with Receiver depositors 105.16 Justus Wardell by payment of per cent dividends. The total disbursement was $1,653,527.