gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ef29f8e66802e671
Response Measures
None
Description
Directors voluntarily suspended operations and turned affairs to the Comptroller; bank remained in receivership and paid dividends over years.
Events (4)
1.July 14, 1932Receivership
Newspaper Excerpt
The Departmental Bank ... was in the hands of the controller of the currency, the directors having decided ... to suspend operations. W. N. Taylor, national bank examiner is in charge.
Source
newspapers
2.July 14, 1932Suspension
Cause Details
Directors voluntarily suspended operations as a precaution in view of recent local bank closings; turned affairs to controller
Newspaper Excerpt
The Departmental Bank, 1726 Pennsylvania Ave., has suspended operations ... This action was wholly voluntary on the part of the bank, and was taken purely a precautionary measure
Source
newspapers
3.September 21, 1932Other
Newspaper Excerpt
DEPARTMENTAL BANK TO OPEN FOR CLAIMS ... which closed July 14, will be opened at 8:30 a.m. Friday to enable depositors to file bills of claim, W. B. Allman, receiver for the bank, announced yesterday.
Source
newspapers
4.February 9, 1933Other
Newspaper Excerpt
Nearly 7,500 depositors in two suspended Washington banks soon will receive $375,000 ... The Departmental Bank ... will distribute checks totaling $220,000 to 3,444 depositors.
Source
newspapers
Newspaper Articles (23)
1.July 15, 1932Times HeraldWashington, DC
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The Departmental 1726 Pennsylvania Ave., has suspended operations, bringing the total to four local institutions which have closed their doors in two days. Notice of the Departmental Bank's given by the board of directors in a statement, which said: "This action was wholly voluntary on the part bank, and was taken purely precautionary measure, in view of the recent closing of several local banking W. M. Taylor, bank examiner, is in charge the institution. The North Capitol Savings Bank, the International Exchange Bank closed yesterday, and the Bank of Brightwood. Wednesday.
2.July 15, 1932Evening StarWashington, DC
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DEPARTMENTAL BANK CLOSED BY DIRECTORS Suspension Is Ordered as Precautionary Measure-Controller Takes Charge of Institution. The Departmental Bank, 1726 Pennsylvania avenue, today was in the hands of the controller of the currency, the directors having decided late yesterday to suspend operations as a precautionary measure. W. N. Taylor, national bank examiner is in charge. In announcing the action, the following statement was issued by the bank: "At a special meeting of the board of directors of the Departmental Bank held late this afternoon, it was unanimously decided to suspend operations and turn the affairs of the bank over to the controller of the currency. "This action was wholly voluntary on the part of the bank and was taken purely as a precautionary measure, in view of the recent closing of several local banking concerns." J. T. Exnicios is president of the bank. The controller's call on June 30, showed deposits of $1,181,886.32. John R. Hawkins, president of the Prudential Bank, 717 Florida avenue, told The Star today that groundless fears had been expressed by some of the patrons of his institution, and requested that publicity be given to the statement that the bank is in excellent condition.
3.July 15, 1932The Washington TimesWashington, DC
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DEPARTMENTAL BANK CLOSED The Departmental Bank, 1726 Pennsylvania Ave., has suspended operations, bringing the total to four local institutions which have closed their doors in two days. Notice of the Departmental Bank's suspension was given by the board of directors in a statement, which said: "This action was wholly voluntary on the part of the bank, and was taken purely as a precautionary measure, in view of the recent closing of several local banking concerns." W. M. Taylor, bank examiner, is in charge of the institution. The North Capitol Savings Bank, the International Exchange Bank closed yesterday, and the Bank of Brightwood, Wednesday.
4.September 21, 1932Evening StarWashington, DC
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DEPARTMENTAL BANK TO OPEN FOR CLAIMS For Three Months, Beginning Friday, Depositors May File Bills. The Departmental Bank, 1726 Pennsylvania avenue, which closed July 14, will be opened at 8:30 a.m. Friday to enable depositors to file bills of claim, W. B. Allman, receiver for the bank, announced yesterday. The institution will close at 9 p.m. The same hours will be observed on Saturday. For three months, beginning Friday. depositors may file claims. On week days the hours will be 8:30 a.m. to 5 p.m., and on Saturdays, 9 to 1. The bank went into the hands of the controller of the currency July 14 when its directors decided to suspend operations as a precautionary measure.
5.September 23, 1932Evening StarWashington, DC
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DEPOSITORS FILE CLAIMS AT DEPARTMENTAL BANK Institute, Closed Since July 14, Opens Today With 100 Persons in Line. Opening for depositors to file bills of claim, the Departmental Bank, which closed July 14, today was handling hundreds of depositors. The bank opened at 8:30 a.m. with a line of more than 100 persons waiting to file their claims, and throughout the day clerks were busy taking care of depositors. It will remain open until 9 p.m. and have the same hours tomorrow. Depositors have three months in which to file claims and after this week end the bank hours will be from 8:30 until 5 on every day but Saturday, when the hours will be from 8:30 until 1. it was announced by W. B. Allman, receiver of the bank.
6.February 9, 1933Evening StarWashington, DC
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7,500 DEPOSITORS WILL GET $375,000 Departmental and Brightwood Banks to Make First Payment. Nearly 7,500 depositors in two suspended Washington banks soon will receive $375,000 as the first payment on approved claims against the institutions, it was announced this afternoon at the office of the Controller of the Currency, Treasury Department. The Departmental Bank, 1726 Pennsylvania avenue, will distribute checks totaling $220,000 to 3,444 depositors, while the Bank of Brightwood, at Georgia and Colorado avenues, will pay $155,000 to approximately 4,000 depositors, according to the receivers of the two banks, W. B. Allman of the Departmental and Claude H. Woodward of the Brightwood institution. 30 and 20 Per Cent. The announcement, released by acting Controller F. G. Awalt, said the payments represented 30 per cent of total claims thus far approved against the Departmental Bank, and 20 per cent of total approved claims against the Bank of Brighwood. Other depositors' claims may be approved in the future, it was pointed out, in which case they will be entitled to the first payment announced today. "The checks will be available for delivery at the offices of the respective receivers within a short time," Awalt's announcement said. "The holders of claims against these suspended banks must present their receiver certificates at the time of delivery of the dividend checks." To assist Government employes in collecting their checks from the Departmental Bank, Receiver Allman announced the institution would remain open all day tomorrow and Saturday until 9 p.m. on both days. Beginning Monday, however, he said, the regular banking hours of 8:30 to 5 will be observed. No "Open" Announcement. No announcement as to keeping the Bank of Brightwood open after its regular closing time was made by Receiver Woodward. The Bank of Brightwood, at Georgia and Colorado avenues, closed last July 13, and up until December 31 last, (Continued on Page 2, Column 5.)
7.February 9, 1933Evening starWashington, DC
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7,500 DEPOSITORS WILL GET $375,000
Departmental and Brightwood Banks to Make First Payment.
Nearly 7,500 depositors in two suspended banks will re$375,000 as the first payment on claims the was at the office the Controller of the Currency, Treasury Department. The Departmental Bank, 1726 Pennsylvania avenue, will distribute checks totaling $220,000 to 3,444 depositors, while the Bank of Georgia pay $155,000 to approximately 4,000 depositors, according the receivers of the two banks, of the Departmental and Claude H. Woodward of the Brightwood
30 and 20 Per Cent. The released by acting Controller F. G. Awalt, said the pay30 cent of total ments per claims thus far approved against the Bank, 20 per cent of Departmental total approved claims against the Bank of Brighwood. Other depositors' claims be approved the future, it was may pointed out, in case they will be entitled to the first payment today. "The checks will be available for delivery the offices the respective receivers Awalt's claims against these banks time of delivery of the dividend To assist employes in checks the DeBank, nounced the institution would remain day tomorrow Saturday Beginning Monday, said, the regular banking hours of will be served No "Open" No to keeping the Brightwood open after regular closing time was made by ReBrightwood, Georgia closed last 13, and up until December (Continued on Page Column 5.)
8.February 10, 1933The Washington HeraldWashington, DC
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HERE
Brightwood Will Distribute 20 Per Cent to Depositors; Departmental 30 Per Cent
By RICHARD HATTON
Depositors in two of the four Washington banks closed July order the Comptroller of the Currency able to their "dividend" checks today, according information given out by the Comptroller's of fice. The which have been in charge of receivers are the Bank of and the Departmental Bank About 7,500 depositors in the two banks will benefit the disbursement which will about PAYMENT AT BANKS According to office of the Comptroller the "dividend" be paid by the Departmental Bank will amount to 30 cent. while the disbursement by the Bank of Brightwood will be 20 per cent. Holders of claims against these banks must present their ceivers at the time payment made. that depositors will have to call the banks for their checks. Claude Woodward, the Bank of Brightwood. stated that institution would open at 8:30 today, tomorrow and Monday and remain open until days for convenience of those will receive their the Departmental Bank. Receiver B Allman stated that the bank would open at to day, and Saturday and remain open until and that next week the bank would be open for payments from 8:30 until Neither of the institutions had received loans from the Reconstruction Finance Corporation as had the other closed Washington banks. the International Exchange and the North Capitol of condition of the Bank of issued few days Receiver Woodward gave total assets accounted for as with total liabilities accounted for of Total collections from assets were reported as this figure added from stock assessment This stock assessment was made necesary, reported. because the deficiency was determined to be excess of the capital the bank. The receiver has collected cash Cash in the hands of the receiver and Comp troller amounts Secured and preferred liabilities paid amount Advances for protection assets. amount to and penses of receivership ported as Receiver Allman of the Departmental. and Claude H. Woodward. of the Brightwood in stitution. additional payments will be made soon assets are liquidated and claims proven.
9.February 10, 1933Evening StarWashington, DC
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TWO MORE BANKS TO PAY DEPOSITORS Departmental and Brightwood Institutions Paying Out $375,000. While depositors crowded into two suspended Washington banks today to collect the first payment on their claims. Acting Controller of the Currency F. G. Awalt announced two other defunct local banks would issue payments as soon as money in hand permits. The Departmental Bank, 1726 Pennsylvania avenue, and the Bank of Brightwood, Georgia and Colorado avenues, are paying approximately 7,500 depositors a total of $375,000. Two Other Institutions. The International Exchange Bank, Fifth and H streets, and the North Capitol Savings Bank, at H and North Capitol streets, are the two institutions which Awalt said would make an initial payment on approved claims as soon as enough money is collected. All four banks closed last July. The doors of both the Departmental and Brightwood banks were opened this morning at 8:30 o'clock to distribute checks to depositors. Approximately $220,000 is being paid to 3,444 depositors in the Departmental Bank, while the Brightwood institution is distributing checks totaling $155,000 to about 4,000. To Be Open at Night. To expedite distribution of the money, the Departmental Bank will remain open tonight and tomorrow night until 9 o'clock, resuming the regular hours of from 8:30 to 5 beginning Monday. The Bank of Brightwood will be open until 5 o'clock tonight and all day tomorrow until 5. A steady line of men and women filed into both banks throughout this morning, able to draw money for the first time since the institutions closed last July. At the Departmental depositors were being paid 30 per cent of their claims, while at Brightwood 20 per cent was being paid. Additional payments will be made by both banks as liquidation progresses and cash in hand permits, it was said by officials.
10.February 10, 1933The Washington TimesWashington, DC
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RECEIVERS PAY BANK TOLLS Claude H. Woodward and W. B. Allman, receivers, respectively, for the Bank of Brightwood and the Departmental Bank, closed last July by the Comptroller of the Currency, today began paying the first dividend of about $375,000 to the 7,500 depositors. Bank of Brightwood depositors will receive 20 per cent and Departmental Bank depositors will receive 30 per cent of their approved claims in this installment. Depositors must have their receiver certificates in person at the time of payment. The Bank of Brightwood will be open today until 5 p. m. and tomorrow and Monday from 8:30 a. m. until 5 p. m. The Departmental Bank will be open until 9 p. m. today and tomorrow and from 8:30 to 5 p. m. next week. Further payments will be made from time to time, as the receivers realize on assets.
11.April 29, 1933The Washington TimesWashington, DC
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FREES PLAN $285,000 TO LOCAL PATRONS Departmental and North Capitol Ready to Release "Frozen" Accounts Dividends amounting to $285,000 will be paid out Monday by the Departmental Bank and the North Capitol Savings Bank, both closed institutions. The Departmental Bank will pay its second dividend. This time the amount will be $160,000 or about 20 per cent, W. B. Allman, receiver stated. The North Capitol Savings Bank will pay its first dividend of $125,000. To Stay Open Late The Departmental Bank. Allman said,will be open for the convenience of Government workers from 8:30 a. m. to 9 p. m., Monday, Tuesday and Wednesday. Persons unable to call at the bank these days will be able to collect their checks during the regular business hours. About 4.000 checks will be paid out, Allman said. The second dividend payment brings the total paid back to depositors to about $400,000. When the bank suspended the book value of assets was $1,100,000. Payment of the first dividends to of the depositors closed North Capitol Savings Bank, amounting to $125,000, or 12 1/2 per cent, are to be made beginning Monday at 9 a. m.. John S. Ryan, receiver, announced today. 6,000 Checks Ready Six thousand checks are ready for distribution to depostiors of the bank, which closed its dcors last July 14. Regular banking hours are to be observed and only those persons living out of the city will be able to get their dividend checks by mail. All others will be required to call at the bank and sign receipts for the money, Ryan said. As added funds are accumulated from liquidation of the bank's assets further dividends will be declared when the sums have reached sufficient size, he said.
12.June 15, 1933Evening StarWashington, DC
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DEPARTMENTAL BANK TO PAY THIRD TIME 15 Per Cent Dividend Will Make 65 Per Cent Total Paid Depositors Since Closing. The Departmental Savings Bank, 1726 Pennsylvania avenue, which closed 11 months ago yesterday, will pay a third dividend of 15 per cent on Saturday, W. B. Allman, receiver for the institution, announced yesterday. Previously the bank paid two other dividends totaling 50 per cent of deposits. The bank will be open from 8:30 a.m. to 9 p.m. on Saturday. For the benefit of Government workers these hours will be repeated on Monday and Tuesday. After that the regular banking hours will be observed. Depositors must bring their receiver's certificates to obtain the dividend.
13.July 14, 1933Evening StarWashington, DC
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ADDED DIVIDEND LIKELY AT BANK Departmental Gets Collections of $52,138.15 Since Last Pay-off. Although the Departmental Bank already has paid 65 cents on the dollar, additional collections by the receiver, W. B. Allman, amounted to $52,138.15 on June 30, it was disclosed today in a statement of the condition of the bank, which closed a year ago today. Dividends already paid to unsecured creditors, on the basis of 65 per cent, amounted to $497,335.37. Out of a total book value assets of $1,285,616.69 the receiver has collected $721,841.04, including $704,049.65 from assets and stock assessment; $17,781.39 from interest, premium and rents. Out of the stock assessment of $106,060 the receiver has collected $45,353.71, leaving an uncollected stock assessment of $60,706.29. All of the secured and preferred liabilities have been paid in cash, totaling $151,700.57. There was no loan from the Reconstruction Finance Corporation. The cost of receivership from the date of suspension a year ago up to June 30 amounted to $20,034.36. In order to realize on all possible as-
14.January 19, 1934Evening StarWashington, DC
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DEPARTMENTAL BANK WILL PAY DIVIDEND Depositors Next Wednesday Will Get 5 Per Cent of Funds Tied Up. The Departmental Savings Bank, Seventeenth street and Pennsylvania avenue, will pay a fourth dividend to depositors next Wednesday, W. B. Allman, receiver, announced today. The dividend will amount to approximately $40,000, or 5 per cent of the funds tied up when the bank closed about 18 months ago. Depositors must present their receivers' certificates to obtain the dividend. The bank will be open from 9 a.m. to 9 p.m. Wednesday, Thursday, Friday and Saturday. In the first three dividends, depositors received about $540,000, or 70 per cent of the bank's deposits.
15.March 1, 1934The Washington TimesWashington, DC
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BILL WOULD AID DEPOSITORS (Continued from Page 1) witnesses from Detroit to testify in its behalf. Potomac Bank Moves Another development in the closed bank field today was the physical transfer of the Potomac Savings Bank to the District National Bank Building. Quarters of the Potomac Institution were taken over as a branch of the Hamilton National Bank. Since then it has been occupying offices formerly used by the closed Departmental Bank. The move brings into the District National Bank Building three of the five closed banks of which Norman Hamilton is receiver. Mr. Hamilton stated that the others would move in as soon as possible. Almost 30 million dollars belonging to the people of the District of Columbia still is tied up in closed banks, it was learned today from the office of the Comptroller of the Currency. Nineteen banks are closed, so far as the official record goes, although seven listed are included in the group which made up the Hamilton National Bank merger. Many Depositors Involved How many depositors are involved the comptroller's office is unable to estimate. Opinion in local financia circles was that provisions of the bill of Representative Clarence J. McLeod (R.) of Michigan will affect District the
16.March 6, 1934The Washington Daily NewsWashington, DC
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Shareholders' Levy Upheld by Decision
The District Court of Appeals yesterday upheld the right of a Federal bank receiver to assess shareholders in banking institutions incorporated under state laws and doing business in the District. This decision was handed down in a suit by the Washington Loan & Trust Co., trustee of the estate of Benjamin P. Mann, against W. B. Allman, receiver of the Departmental Bank, which was incorporated under the laws of Arizona. The trustee contested the 100 per cent assessment on the ground that the Federal receiver could not enforce such assessment against a bank authorized by state law. The decision affirmed a District Supreme Court decision.
17.August 3, 1934The Washington TimesWashington, DC
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DEPARTMENTAL BANK TO PAY 10 PCT. MORE Depositors in the long-defunct Departmental Bank will receive a fifth dividend, amounting to 10 per cent of their original deposits, next Monday. In making this announcement today, John F. Moran, receiver of the bank, pointed out that the dividend will bring the total payoff so far to 80 per cent of the deposits. About $720,000 has been made available so far, he said, and the present dividend will increase the amount to $800,000. About 4,000 depositors will receive $80,000 in next Monday's pay-off. Checks will not be mailed to those residing in the District, but will be distributed in Mr. Moran's office in the Park Savings Bank, of which he is also the receiver. The bank is at Fourteenth and Kenyon Streets Northwest. The Departmental Bank closed its doors on July 14, 1932, with a deposit liability of $952,000. It has since made the largest repayment of deposits of any closed bank in the District, Mr. Moran stated.
18.July 16, 1935The Washington TimesWashington, DC
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# PARK SAVINGS ASSETS PUT AT $2,953,402.29
With the book value of assets at the date of suspension, March 6, 1933, placed at $2,556,383.68, additional assets acquired since then by Park Savings have raised the total to $2,953,402.29, according to a report by John F. Moran, receiver. Total cash collections on assets of the bank amount to $1,299,787.94.
The Continental Trust Company, which on February 28, with assets valued at $2,298,530.88, has since acquired $52,772.88 in additional assets. Cash collected on the total amounts to $183,046.48.
Since its suspension date, July 14, 1932, North Capitol Savings has added $112,697.47 to its assets, which were valued at $1,231,227.58 in the receiver's first report. Cash collections from assets and stock assessment total $366,231.61.
The Departmental Bank had assets of $1,118,867.65 on the date of suspension, July 14, 1932, to which it has since added $57,964.14. Stock assessment of 100 per cent amounts to $106,060.00. Cash collections total $822,784.55.
19.December 22, 1937Evening StarWashington, DC
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Bank Starts Paying $60,000. Receiver John F. Moran of the North Capitol Savings Bank started payment today of a 6 1/4 per cent dividend to more than 5.800 depositors. The present disbursement amounts to about $60,000. The payment is being made at the old Park Savings Bank Building, Fourteenth and Kenyon streets N.W. The old Departmental Bank, which is in charge of the same receiver, began the payment Monday of a 5 per cent dividend to 4,000 former depositors. In the distribution $38,000 is involved, and it brings total payments to date to 85 per cent.
20.December 23, 1937Evening StarWashington, DC
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8,000 CHECKS AWAIT BANK DEPOSITORS STILL Office in Old Park Savings to Be Open Tonight Until 8 O'Clock. With nearly 8,000 more checks for depositors in the closed Departmental Bank and North Capitol Savings Bank still available, Receiver John F. Moran announced today that his office in the old Park Savings Bank, on Fourteenth street, will be open tonight until 8 o'clock for the convenience of depositors who are unable to call during the day. This will be the last of the night hours, however, before Christmas. The office will close tomorrow evening at the regular hour, 5 o'clock, and will be closed all day Christmas. The payments from the two banks this month totaled about $96,000 for about 10,000 persons. The Departmental Bank is paying an additional dividend of 5 per cent, bringing the total up to 85 per cent, while the North Capitol Savings is paying a dividend of 6 1/4 per cent, bringing the total up to 311/4 per cent.
21.March 6, 1938Evening StarWashington, DC
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JOHN F. MORAN, BANKS' RECEIVER, MOVES OFFICE John F. Moran, receiver for four banks, has moved his offices from the old Park Savings Bank Building, at Fourteenth and Kenyon streets, to the Brightwood Bank Building, at 5913 Georgia avenue, where he will be ready for business tomorrow morning. The four banks in charge of Receiver Moran are Park Savings, Departmental Bank, North Capitol Savings Bank and Prudential Bank. The old Park Savings Bank was vacated because it was sold to the Gulf Oil Corp., which will demolish it for a new service station, as announced months ago.
22.March 7, 1938Evening StarWashington, DC
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Park Savings (Continued From First Page.) George A. Prevost, Maurice Schlosberg, J. Robert Sommerville, Warren W. Spencer, W. M. Wailes, George E. Walker, George W. White, C. C. Wineberger and William B. Todd. Oddly coinciding with the court decision was abandonment today of the old Park Savings Bank Building at Fourteenth and Kenyon streets N.W., which is to be torn down to make way for a gasoline filling station. Receiver John F. Moran of the Park Savings Bank, who had maintained offices in the old building also for three other closed institutions, moved out over the week end, and opened for business this morning in the Brightwood Bank Building at 5913 Georgia avenue N.W. The Park Bank Building has been sold to the Gulf Oil Corp. Mr. Moran is receiver also for the Departmental Bank. North Capitol Savings Bank and Prudential Bank. Another suit involving the Park Savings Bank is pending in the Court of Appeals against the Reconstruction Finance Corp. In this suit the depositors charge the R. F. C. made loans against assets of the Park bank which in reality were part of the trust estate belonging to depositors in the institution prior to the expiration of its charter in 1929. The R. F. C. is asked for an accounting. The Court of Appeals had postponed consideration of the claim against the R. F. C. until after the suit in which decision was announced today.
23.May 14, 1940Evening StarWashington, DC
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Commercial National $595,178 Assets Sold for $437 John W. Hardell Is Successful Bidder in Preliminary Auction John W. Hardell of Washington was the successful bidder in a preliminary auction sale of certain assets of the closed Commercial National Bank today at the office of the receiver, Frederick J. Young, 1336 New York avenue N.W. Mr. Hardell purchased assets of a face value of $595,178.32 for $437. The assets brought spirited bidding from about 50 persons from several cities. The preliminary sale originally had been intended to put on the market certain remaining assets in the value of about $800,000, but the amount was reduced by settlement prior to the sale today. The Commercial Bank receivership still has other assets, including the bank building at Fourteenth and G streets N.W. The receivership has already paid to depositors a total of 70 per cent of deposits in the bank when it closed in 1933. Still remaining in the receivership, Mr. Young explained, are assets amounting to a face value of about $3,500,000, including the building. Three other auction sales of certain assets of closed banks are scheduled this week. Justus S. Wardell will dispose of certain assets of the District National Bank in a preliminary auction sale tomorrow; Receiver Young will put on the block assets with a face value of more than $1,000,000 of the old Federal American National Bank & Trust Co. Thursday and John F. Moran will sell certain assets of the old Departmental Bank Friday.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
