Washington Savings Bank (Washington, DC)

Episode Information

Episode UID
15009171599
Episode Type
Run → Suspension → Closure
Bank Type
savings
Bank ID
1500917 routing
Routing Number
15-0091
Start Date
March 1, 1933
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
1f0eb6ac02538edd

Response Measures

None

Description

Bank closed by presidential banking holiday (March 1933) and later placed in receivership; did not resume independent operations.

Events (5)
1. March 1, 1933 Run
Cause
Macro News
Cause Details
Heavy withdrawals amid the nationwide banking crisis leading up to the March 1933 banking holiday.
Measures
Invoked 60-day (time) clause on savings; limited withdrawals (5% or 10%/60-day notice depending on bank).
Newspaper Excerpt
Owing to heavy withdrawals of deposits during the last few days, and in order to safeguard all of our depositors, the board of directors has passed a resolution allowing depositors to withdraw 5 per cent of their balances...
Source
newspapers
2. March 6, 1933 Suspension
Cause
Government Action
Cause Details
Closed under the presidential banking holiday/proclamation of March 1933 and did not reopen independently.
Newspaper Excerpt
The money has been tied up since March 6, when all banks were ordered closed by presidential proclamation.
Source
newspapers
3. September 25, 1933 Other
Newspaper Excerpt
The seven banks going into the merger are the District and Federal-American National Banks and the Woodridge-Langdon, Northeast, Potomac, Seventh Street and Washington Savings Banks. On the day selected, depositors ... able to obtain one-half of the amounts to their credit in the closed banks by application to the Hamilton Bank.
Source
newspapers
4. November 1, 1933 Receivership
Newspaper Excerpt
The five local banks were found insolvent at the time receivers were appointed November 1, 1933, said the official statement of Controller O'Connor. (and later references to receivers and receiver Norman R. Hamilton/payments).
Source
newspapers
5. July 26, 1934 Other
Newspaper Excerpt
Payment of a second dividend of 20 per cent ... to the 1,735 depositors of the closed Washington Savings Bank. ... The bank was one of 13 which failed to reopen following the President's banking holiday.
Source
newspapers

Newspaper Articles (15)
1. March 1, 1933 Evening Star Washington, DC
Article from Evening Star, March 1, 1933

Click image to open full size in new tab

Article Text

LOCAL BANKS ACT TO PROTECT FUNDS District National Limits Withdrawals-Others Invoke 60Day Clause on Savings. The District National Bank opened today on a 5 per cent withdrawal basis, following action taken by the directors early this morning, for the protection of depositors. President Joshua Evans, jr., announced. (The following notice was addressed today to the depositors in the bank: "Owing to heavy withdrawals of deposits during the last few days, and in order to safeguard all of our depositors, the board of directors has passed a resolution allowing depositors to withdraw 5 per cent of their balances in this bank at the close of business February 28, 1933, until further notice. All new deposits and new accounts opened March 1, 1933, and thereafter are subject to 100 per cent withdrawal at any time after actual realization cf funds by the bank." 60-Day Clause Invoked. The officials stressed the fact that all deposits made today and after this date can be withdrawn in full at any time. It was announced in the financial district that most of the local building and loan associations have invoked their time clauses on withdrawals, limiting the amount to $100. For larger amounts notice must be given in advance. Officials said the rule would be in force for the present. Several savings banks here invoked the 60-day clause on withdrawal of savings accounts. Some of these banks permit the withdrawal of 10 per cent up to $100. Above that amount, the 60day or two-month notice, is being required. Protective Measure. Among the local banks which have adopted this rule-the same plan which has been adopted extensively in other cities-are: United States Savings Bank, Chevy Chase Savings Bank, Security Savings & Commercial Bank, Park Savings Bank, Seventh Street Savings Bank, Washington Savings Bank, Anacostia Bank, Mount Vernon Savings Bank and the Northeast Savings Bank. (In an earlier edition of The Star the name of the Washington Mechanics' Savings Bank was included with those involking the 60-day clause. This was incorrect.) Officials said the action was taken merely as a protective measure, both for the banks and for the depósitors. The Commercial National Bank. which closed yesterday, has been placed in the hands of Robert C. Baldwin, a receiver of the office of the controller of the currency. Mr. Baldwin has taken over the receivership from J. L. Bailey, who took charge when the bank was closed. It was explained that Mr. Bailey will remain for a while in his capacity as a national Bank examiner to assist Mr. Baldwin. Has Considerable Experience. In the meantime, it was said at the Treasury Department, the new receiver probably will use a large part of the staff of the bank for his work. The new receiver. before Joining the office of the Controller of th è Currency, had considerable liquidating experience. Under the auspices of the Government he has been receiver for e bank at Lynn, Mass., since the latter part of 1931, and has been directing its liquidation. An official of the Treasury said in regard to Mr. Baldwin: "By reason of his ability in liquidating that bank, the Treasury Department saw fit to transfer him to the Commercial National Bank. We have every confidence that he will administer the affairs of the institution in a manner satisfactory to all concerned."

2. March 14, 1933 Evening Star Washington, DC
Article from Evening Star, March 14, 1933

Click image to open full size in new tab

Article Text

during which we will decide what must be done." At the Chevy Chase Savings Bank, John C. Walker, president, explained that his bank is operating on the restricted basis it adopted for March 1, 2, and 3, before the banking holiday. The bank makes change, allows 5 per cent withdrawals on all accounts opened prior to 3 p.m., February 28, only for purposes of alleviating distress. The new Bailee accounts, which have been opened with the bank since that time on the basis of a trust fund, are now open to deposit and withdrawal. For further operation of the bank officials are awaiting additional advices from the Treasury Department. One of the chief problems of Washington bankers today and for the next several days is the handling of checks on out-of-town banks whose status is not definitely known here, George O. Vass, vice president and cashier of Riggs National Bank, said shortly before noon. Hundreds of these checks before the individual States holidays declared were drawn banking and to when deWashington payees undertook posit them they found the checks were caught in those State holidays and so the checks were returned to Washington. The national holiday added to the jam by prolonging the period in which the checks could not be cashed. Now these checks fairly swamp the banks here and since the local institutions are moving cautiously with each check, the time required by the mere mechanics of handling them is creating the problem. "We simply must ask the public to be patient with us," Mr. Vass said today, "until we can handle this tremendous volume of work. Today everybody's been splendid in the spirit they've shown us and it is through that cooperation that this problem will be solved. Our staff here at Riggs has been working night and day on the job and we're trying to do our part in handling this problem." Harry G. Meem. president of the Washington Loan & Trust Co., added to the general statement that condithe of are coming tions deposits were encouraging gold report in to that his bank. The gold. he said. will be turned over immediately to the Treasury "in support of President Roosevelt and the Government." One of the most graphic illustrations of the banking trend in the first hours of business today was shown at the Security Savings & Commercial Bank. Francis G. Addison, jr., said that at 9:30 o'clock this morning a total of $52,000 came in in the checking department, while only $600 went out. In the savings department request for withdrawal of only $211 was made. B. Agee Bowles, vice president of the Potomac Savings Bank of Georgetown, said that his institution expected its license "any day." He pointed out that the Potomac Savings Bank of Georgetown did not place any restrictions on its business prior to the national holiday and that, in fact, it didn't want the holiday at all. Until the license is granted, he said. however, his bank will continue to do business on the holiday basis. Other banks which have not yet received licenses and which will continue to operate under the restrictions of the national banking holiday proclamation include the Woodridge-Langdon Savings & Commercial Bank, the Washington Savings Bank, the United States Savings Bank, the Seventh Street Savings Bank and the Park Savings Bank. Many former depositors in the Commercial National Bank have inquired if it were possible for this bank to obtain a license from the Government and reopen on a normal basis. The bank was in receivership before the Nation-wide holiday went into effect and under those conditions no license can be issued.

3. September 16, 1933 Evening Star Washington, DC
Article from Evening Star, September 16, 1933

Click image to open full size in new tab

Article Text

CONSIDER OPENING DATE OF HAMILTON Bank Directors Meeting Today in Effort to Reach Final Decision. BULLETIN. The last legal step in the local courts looking toward the opening of the Hamilton National Bank was taken in District Supreme Court t day when Justice Jennings Bailey approved leases of seven bank properties to the new institution at a total annual basic rental of $45.500. The leases were executed by conservators of five of seven banks involved. three of the properties belonging to the old Federal-American National Bank & Trust Co. The Board of Directors of the new Hamilton National Bank was meeting today to make a final decision on the date on which the bank is to open for business. Immediately after the decision is made, conservators of the seven banks which will sell assets to the new institution, will begin the task of calculating the value of the assets to be turned over. with adjustments for interest due, on the opening date. This task, which involves a separate calculation for each note. bond. mortgage or other assets to be turned over, will occupy not less than a week. so that the earliest date that could be selected is Monday, September 25. On the day selected. depositors in the seven banks going into the merger will be able to obtain one-half of the amounts to their credit in the closed banks by application to the Hamilton Bank. The money has been tied up since March 6, when all banks were ordered closed by presidential proclamation. Since that time none of the banks placed under consrevators here has opened except the Chevy Chase Bank, which was bought by the Riggs National Bank. The seven banks going into the merger are the District and FederalAmerican National Banks and the Woodridge-Langdon, Northeast, Potomac, Seventh Street and Washington Savings Banks. There are nine other closed banks here. Of these, the Commercial National, Park Savings, North Capitol, International Exchange, Departmental Banks and the Bank of Brightwood are in the hands of receivers and will not reopen. The Franklin National, United are in States ings Savings the and hands Mount of conservators, Vernon Savwho are negotiating for the opening of their respective banks.

4. March 19, 1934 The Washington Times Washington, DC
Article from The Washington Times, March 19, 1934

Click image to open full size in new tab

Article Text

THREE DISTRICT BANKS TO PAY OFF SOON Comptroller of the Currency Indicates Intention to Push Clean-Up Here By DUNBAR HARE Comptroller of the Currency J. F. T. O'Connor in published notices has indicated that he desires to finish up the closed bank situation here as soon as possible. Notices appearing in local papers are said to indicate that the stymied condition of depositors will be released within the next four months Seven banks went into the Hamilton merger and each of them paid off 50 per cent. The Comptroller's action is taken as indicative that an additional payment to depositors is to be made by the three barks in question. They are the Northeast Savings Bank of Washington, Washington Savings Bank of Washington, D. C.. and the District National Bank of Washington, D. C. The notices specify that depositors of the Northeast Savings must present claims to Norman R. Hamilton, receiver, three months after February 28; three months after February 20 in the Washington Savings, and three months after March 15 in the District National.

5. July 8, 1934 Evening Star Washington, DC
Article from Evening Star, July 8, 1934

Click image to open full size in new tab

Article Text

(Continued From First Page.) creditors of the bankrupt and receive only a pro rata share of the proceeds from bankruptcy. Whether this extremity will be restorted to. however. by stockholders in an endeavor to avoid payment of the assessment remains to be determined. Under the law, it was said the controller had no alternative but to levy the assessment. The five banks involved in the action of the controller yesterday were among the seven which merged their best assets into the new Hamilton National Bank. They sold their prime securities to the Hamilton, and the remainder were left in the hands of conservators for a while. Later on these remainders were thrown into the hands of receivers. Others May Be Included. The fact that stockholders of two of the Hamilton Bank members, the Washington Savings Bank and the Woodridge-Langdon Savings & Commercial Bank, were not assessed at this time, does not mean that they have escaped assessment, according to reliable information. Their omission from the first list is no final action. Their stockhelders may or may not be assessed later on, it was explained. From former officials of the Washington Savings Bank it was learned that directors of that bank had paid a voluntary assessment of 100 per cent on their stock on June 30. 1932, many months before the bank was closed in March, 1933, by presidential order. The directors paid in about $70,000 out of their own pockets, it was said. The capital stock of the bank was $100,000. What effect this may have on an assessment now is entirely problematical. No Government official would comment on the matter. Payable August 13. The assessments levied yesterday are payable August 13, but stockholders may pay in four equal installments of 25 per cent each, the controller explained, on August 13, September 13, October 13 and November 13. The assessments bear interest at the legal rate for the District of Columbia from maturity. August 13. "The five local banks were found insolvent at the time receivers were appointed November 1, 1933," said the official statement of Controller O'Connor. "Now the controller finds that the assets of each are insufficient to pay creditors in full. The controller's decision as to the necessity for and the amount of an assessment is the equivalent of a judicial determination of the facts, which cannot be controverted by any stockholder." The receivers this week will proceed with the collection of assessments. The controller has given them authority to "take all necessary proceedings by suit or otherwise to enforce" the liability.

6. July 26, 1934 The Washington Times Washington, DC
Article from The Washington Times, July 26, 1934

Click image to open full size in new tab

Article Text

BANK IS PAYING NEW DIVIDEND Payment of a second dividend of 20 per cent amounting to about $69,000 was started today to the 1,735 depositors of the closed Washington Savings Bank. Depositors must call in person at the District National Bank Building, in the 1400 block G St. N. W., Norman R. Hamilton, receiver, announced. This payment brings the total by this bank to $276,685. The bank was one of 13 which failed to reopen following the President's banking holiday. Its deposits at time of failure amounted to $359,426. It was announced today that Leo A. Rover, former United States attorney for the District, has been retained by the stockholders' committee of the District National Bank to fight assessments levied by the Comptroller of the Currency. The assessments amount to $1,000,000.

7. April 19, 1935 Evening Star Washington, DC
Article from Evening Star, April 19, 1935

Click image to open full size in new tab

Article Text

ning Monday, it will be necessary for depositors to call there for their checks. About 650 dividend checks on the Washington Savings Bank have not yet been called for at 1406 G street, Receiver Hamilton said. The checks in each case represent 10 per cent dividends.

8. December 1, 1937 Evening Star Washington, DC
Article from Evening Star, December 1, 1937

Click image to open full size in new tab

Article Text

DIVIDEND IS PAID BY SAVINGS BANK Final 20% Being Disbursed. Interest Claims to Be Met Later. A woman who said she required the money for food, medicine and a longneeded pair of glasses, was the first depositór of the closed Washington Savings Bank to appear at 1306 G street today to receive the 20 per cent dividend being paid out by Justus S. Wardell, receiver of the bank. The woman, whose name was not disclosed, said she had been waiting for months for the payment. The Washington Savings Bank, which closed in March, 1983, previously had paid dividends of 80 per cent to its depositors. With distribution of the 20 per cent today, amounting to $70,000, the dividends reached 100 per cent of the principal for 1,890 claimants who had proved claims aggregating $350,000. Controller of the Currency J.F. T. O'Connor, in announcing authorization of the dividend recently, said interest will be paid later. Receiver Wardell plans also to distribute a 10 per cent dividend to 2,616 claimants of the Seventh Street Savings bank beginning Monday, at the old bank property on Seventh street N.W., now operating as a branch of the Hamilton National Bank. This dividend will amount to about $105,300. Checks have been written for distribution of a 10 per cent dividend to creditors of the big District National Bank, and they were being sent by the receiver today at the Treasury Department for official signatures. This dividend, which is promised before Christmas, will distribute $386,850 to 8,704 claimants of this bank. It will be paid at the District National Bank Building, 1306 G street N.W., at a date to be announced soon by Receiver-Wardell

9. September 6, 1938 Evening Star Washington, DC
Article from Evening Star, September 6, 1938

Click image to open full size in new tab

Article Text

se3.d&ds.ex Su&hols. ADAM A. WESCHLER & SON. Auctioneers. UNITED STATES MARSHAL'S SALE OF REAL ESTATE. By virtue of a writ of neri facias issued out of the Clerk's Office of the District Court of the United States for the District of Columbia and to me directed. I will sell by public auction. for cash. in front of the West Entrance of the Court House on D st. between Fourth and Fifth sts. n.w. Washington. D. C., on MONDAY. THE TWENTY-SIXTH DAY OF SEPTEMBER. 1938, AT TWO O'CLOCK P.M., all the right. title and interest of the defendants in the following-described real estate in the District of Columbia. to-wit: Lot 835 in square 238, having a frontage of 21.25 feet on a 30-foot alley, containing 913 square feet. more or less, located in rear of No. 1306 T st. n.w. improved by one-story brick building. seized and levied upon as the property of the defendants. Aeneas Collins and Margaret Collins. and sold to satisfy a judgment at law. No. 84805. in favor of Justus S. Wardell. Receiver, Washington Savings Bank. JOHN B. COLPOYS. United States Marshal in and for the District of Columbia. se1.d&dbsexSu&hol THOS. J. OWEN & SON. AUCTIONEERS,

10. September 7, 1938 Evening Star Washington, DC
Article from Evening Star, September 7, 1938

Click image to open full size in new tab

Article Text

AUCTION SALES. FUTURE. ADAM A. WESCHLER & SON. Auctioneers. UNITED STATES MARSHAL'S SALE OF REAL ESTATE By virtue of a writ of fieri facias issued out of the Clerk's Office of the District Court of the United States for the District of Columbia and to me directed. I will sell by public auction. for cash. in front of the West Entrance of the Court House on D st. between Fourth and Fifth sts. n.w Washington. D. C., on MONDAY, THE TWENTY-SIXTH DAY OF SEPTEMBER. 1938. AT TWO O'CLOCK P.M., all the right. title and interest of the defendants in the following-described real estate in the District of Columbia. to-wit: Lot 835 in square 238, having a frontage of 21.25 feet on a 30-foot alley, containing 913 square feet more or less. located in rear of No. 1306 T st. n.w. improved by one-story brick building. seized and levied upon as the property of the defendants. Aeneas Collins and Margaret Collins and sold to satisfy a judgment at law. No. 84805. in favor of Justus S. Wardell. Receiver. Washington Savings Bank. JOHN B. COLPOYS. United States Marshal in and for the District of Columbia. sel.d&dbsexSu&hol.

11. September 9, 1938 Evening Star Washington, DC
Article from Evening Star, September 9, 1938

Click image to open full size in new tab

Article Text

ADAM A. WESCHLER & SON. Auctioneers. UNITED STATES MARSHAL'S SALE OF REAL ESTATE By virtue of a writ of fieri facias issued out of the Clerk's Office of the District Court of the United States for the District of Columbia and to me directed. I will sell by public auction, for cash. in front of the West Entrance of the Court House on D st. between Fourth and Fifth sts. n.w., Washington, D. C., on MONDAY, THE TWENTY-SIXTH DAY OF SEPTEMBER, 1938, AT TWO O'CLOCK P.M., all the right. title and interest of the defendants in the following-described real estate in the District of Columbia. to-wit: Lot 835 in square 238, having a frontage of 21.25 feet on a 30-foot alley, containing 913 square feet. more or less. located in rear of No. 1306 T st. n.w. improved by one-story brick building. seized and levied upon as the property of the defendants. Aeneas Collins and Margaret Collins, and sold to satisfy a judgement at law. No. 84805. in favor of Justus S. Wardell, Receiver. Washington Savings Bank. JOHN B. COLPOYS. United States Marshal in and for the District of Columbia. sel.d&dbsexSu&hol.

12. September 10, 1938 Evening Star Washington, DC
Article from Evening Star, September 10, 1938

Click image to open full size in new tab

Article Text

AUCTION SALES. FUTURE. ADAM A. WESCHLER & SON, Auctioneers. UNITED STATES MARSHAL'S SALE OF REAL ESTATE. By virtue of a writ of fieri facias issued out of the Clerk's Office of the District Court of the United States for the District of Columbia and to me directed. I will sell by public auction, for cash, in front of the West Entrance of the Court House on D st. between Fourth and Fifth sts. n.w., Washington. D. C., on MONDAY, THE TWENTY-SIXTH DAY OF SEPTEMBER, 1938, AT TWO O'CLOCK P.M., all the right, title and interest of the defendants in the following-described real estate in the District of Columbia, to-wit: Lot 835 in square 238, having a frontage of 21.25 feet on a 30-foot alley, containing 913 square feet. more or less. located in rear of No. 1306 T st. n.w., improved by one-story brick building. seized and levied upon as the property of the defendants, Aeneas Collins and Margaret Collins. and sold to satisfy a judgment at law, No. 84805. in favor of Justus S. Wardell. Receiver, Washington Savings Bank. JOHN B. COLPOYS. United States Marshal in and for the District of Columbia. se1.d&dbsexSu&hol

13. September 13, 1938 Evening Star Washington, DC
Article from Evening Star, September 13, 1938

Click image to open full size in new tab

Article Text

ADAM A. WESCHLER & SON. Auctioneers. UNITED STATES MARSHAL'S SALE OF REAL ESTATE. By virtue of a writ of fieri facias issued out of the Clerk's Office of the District Court of the United States for the District of Columbia and to me directed. I will sell by public auction. for cash. in front of the West Entrance of the Court House on D st. between Fourth and Fifth sts. n.w. Washington. D. C., on MONDAY. THE TWENTY-SIXTH DAY OF SEPTEMBER, 1938. AT TWO O'CLOCK P.M., all the right, title and interest of the defendants in the following-described real estate in the District of Columbia. to-wit: Lot 835 in square 238. having a frontage of 21.25 feet on a 30-foot alley, containing 913 square feet. more or less. located in rear of No. 1306 T st. n.w., improved by one-story brick building. seized and levied upon as the property of the defendants. Aeneas Collins and Margaret Collins. and sold to satisfy a judgment at law. No. 84805. in favor of Justus S. Wardell. Receiver, Washington Savings Bank. JOHN B. COLPOYS. United States Marshal in and for the District of Columbia. se1.d&dbsexSu&hol.

14. September 20, 1938 Evening Star Washington, DC
Article from Evening Star, September 20, 1938

Click image to open full size in new tab

Article Text

FUTURE. CHARLES R. BLUNT. AUCTIONEER # Auction Sale of Unredeemed Pledges. ON THURSDAY MORNING, SEPTEMBER 22, 1938, AT 10 O'CLOCK I will commence to sell at the establishment of E. Heidenheimer, Inc., 505 King st., Alexandria, Va., all pledges upon which the interest is overdue up to this date. Ticket holders kindly take notice. E. HEIDENHEIMER, INC., BROKERS. se19.20.21 ADAM A. WESCHLER & SON, Auctioneers. # UNITED STATES MARSHAL'S SALE OF REAL ESTATE. By virtue of a writ of fieri facias issued out of the Clerk's Office of the District Court of the United States for the District of Columbia and to me directed, I will sell by public auction, for cash, in front of the West Entrance of the Court House on D st. between Fourth and Fifth sts. n.w., Washington, D. C., on MONDAY, THE TWENTY-SIXTH DAY OF SEPTEMBER, 1938, AT TWO O'CLOCK P.M., all the right, title and interest of the defendants in the following-described real estate in the District of Columbia, to-wit: Lot 835 in square 238, having a frontage of 21.25 feet on a 30-foot alley, containing 913 square feet, more or less, located in rear of No. 1306 T st. n.w., improved by one-story brick building, seized and levied upon as the property of the defendants, Aeneas Collins and Margaret Collins, and sold to satisfy a judgment at law, No. 84805, in favor of Justus S. Wardell, Receiver, Washington Savings Bank. JOHN B. COLPOYS, United States Marshal in and for the District of Columbia. se1.d&dbsexSu&hol. ADAM A WESCHLER & SON, Auctioneers.

15. September 21, 1938 Evening Star Washington, DC
Article from Evening Star, September 21, 1938

Click image to open full size in new tab

Article Text

se19.20.21.22.23.24.26.27.28.29 ADAM A. WESCHLER & SON. Auctioneers. UNITED STATES MARSHAL'S SALE OF REAL ESTATE By virtue of a writ of fieri facias issued out of the Clerk's Office of the District Court of the United States for the District of Columbia and to me directed. I will sell by public auction. for cash. in front of the West Entrance of the Court House on D st. between Fourth and Fifth sts. n.w Washington. D. C., on MONDAY. THE TWENTY-SIXTH DAY OF SEPTEMBER. 1938. AT TWO O CLOCK P.M., all the right. title and interest of the defendants in the following-described real estate in the District of Columbia. to-wit: Lot 835 in square 238, having a frontage of 21.25 feet on a 30-foot alley, containing 913 square feet. more or less, located in rear of No. 1306 T st. n.w., improved by one-story brick building. seized and levied upon as the property of the defendants. Aeneas Collins and Margaret Collins, and sold to satisfy a judgment at law, No. 84805. in favor of Justus S. Wardell. Receiver, Washington Savings Bank. JOHN B. COLPOYS. United States Marshal in and for the District of Columbia. se1.d&dbsexSu&hol.