1689. Commercial National Bank (Washington, DC)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
national
Bank ID
7446
Charter Number
7446
Start Date
July 10, 1908
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini
Short Digest
b121d3f149e175d8

Response Measures

None

Receivership Details

Depositor recovery rate
70.0%
Date receivership started
1933-02-28
Share of assets assessed as good
42.6%
Share of assets assessed as doubtful
50.5%
Share of assets assessed as worthless
6.8%

Description

No articles describe a depositor run. 1914 notices refer to sales postponed BY ORDER OF THE RECEIVERS, indicating the bank (or its assets) were in receivership by May 1914. A 1908 court action mentions a request that the Commercial National Bank be enjoined from paying funds and that a receiver be appointed to hold disputed property/money (a litigation-related receiver for property/accounts, not a bank-wide suspension). Given the presence of a receiver and asset sales, the episode is classified as a suspension leading to closure (receivership).

Events (4)

1. October 19, 1904 Chartered
Source
historical_nic
2. July 10, 1908 Other
Newspaper Excerpt
asks that the Commercial National Bank be enjoined from paying any of the funds deposited to the credit of James J. Crowley, and asks that a receiver be appointed to hold the property and money until the final decision in the case.
Source
newspapers
3. May 12, 1914 Receivership
Newspaper Excerpt
THE ABOVE SALES ARE FURTHER POSTponed ... until TUESDAY, MAY TWELFTH, 1914 ... BY ORDER OF THE RECEIVERS.
Source
newspapers
4. February 28, 1933 Receivership
Source
historical_nic

Newspaper Articles (2)

Article from The Washington Herald, July 10, 1908

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Article Text

WHO OWNS THIS SALOON? Crowley Says It's His, and Cousin Is Hired Man. So Goes to Law When the Latter . Offered to Sell Him His Own Property. Asking that James J. Crowley, his cousin, be restrained from continuing as manager of his business interests in a saloon in Fourteenth street northwest, and that he be regarded as a trustee and compelled to surrender the business in litigation, John T. Crowley, a prominent business man of this city and Baltimore, yesterday filed sult in the District Supreme Court. The complainant declares that he hired his cousin as manager of a saloon, which he purchased on August 25, 1905. and in this capacity the defendant deposited moneys, made purchases, signed checks, and attended to other matters of business for him. Because of their relationship John T. Crowley asserts he considered a written agreement unnecessary. According to the bill James J. Crowley, on February 5. 1906, approached the proprietor and offered to sell him a half interest in the business for $25,000, claiming an interest in the saloon without having purchased it. The complainant also requests that the Commercial National Bank be enjoined from paying any of the funds deposited to the credit of James J. Crowley, and asks that a receiver be appointed to hold the property and money until the final decision in the case. Accompanying the petition are thirteen affidavits signed by prominent business men of this city, showing that the complainant paid in full for the property, and that the defendant at no time was considered as part owner of the business.


Article from Evening Star, May 11, 1914

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Article Text

Commercial National Bank building. (7THE ABOVE SALES ARE POSTPONED, ON account of the rain. until FRIDAY. THE EIGHTH DAY OF MAY. 1914. at the same hours and BY ORDER OF THE RECEIVERS. places. my5-d&ds LATHE ABOVE SALES ARE FURTHER POSTponed. on account of the inclement weather. until TUESDAY. MAY TWELFTH, 1914, at the same hours and places. BY ORDER OF THE RECEIVERS.