1715. Federal National Bank (Washington, DC)

View Charter #10316 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
10316
Charter Number
10316
Start Date
February 4, 1931
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini
Short Digest
9f4008f0f7ffeb55

Response Measures

Accommodated withdrawals, Fed/other loan, Public signal of financial health, Full suspension

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%

Description

Articles describe a 1931 public effort by the bank's president to calm a large crowd (a run/withdrawal episode) and later (Nov 1933) the comptroller appointing receivers to liquidate the Federal National Bank; dividends to depositors were later paid. Thus a run occurred earlier and the bank was later suspended/put into receivership and closed.

Events (5)
1. January 18, 1913 Chartered
Source
historical_nic
2. February 4, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
Large crowd (about 2,000) gathered and president publicly reassured depositors that the bank was solvent, indicating withdrawals driven by rumors/nervousness.
Measures
Public reassurance by the bank president (addressing crowd, stating bank was solvent).
Newspaper Excerpt
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.
Source
newspapers
3. October 31, 1933 Receivership
Source
historical_nic
4. November 2, 1933 Receivership
Newspaper Excerpt
Cary Hardee ... and Norman Hamilton ... had been appointed receivers to liquidate eight District of Columbia banks now operated by receivers ... The eight local institutions are the Federal National bank ... the Washington Savings bank ... and the Potomac Savings bank . . . . the move was constructive, designed to hasten payment of dividends to depositors from assets remaining after other District banks took over of the business of the banks to be liquidated . . . . the comptroller of the currency, announced today that ... had been appointed receiver to liquidate eight District of Columbia banks now operated by receivers . . . . The eight local institutions are the Federal National bank ... . (Nov 2, 1933 article summary.)
Source
newspapers
5. November 22, 1933 Other
Newspaper Excerpt
THIRD FEDERAL NATIONAL DIVIDEND WILL BE PAID ... treasury officials had reported a third dividend soon would be paid to depositors of closed Federal National bank ... checks per dividend would be sent to 35,000 depositors.
Source
newspapers

Newspaper Articles (4)
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. November 2, 1933 The News and Advance Lynchburg, VA
Article from The News and Advance, November 2, 1933

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Article Text

and Harry Flood Byrd, the state's The receivership appointment was made by J. O'Connor, comptroller of the currency. Served Under Wilson Hamilton was customs collector during the administration of President Woodrow Wilson and campaign to have him named again was started before Mr. Roosevelt was Under the distribution of patronage between Glass and Byrd. selection the collector left to the junior senator. Glass, backed up Byrd in his selection of Truxtun. Cary A. Hardee, former governor of Florida, was the other receiver named with Hamilton. They will have charge of the Federal-A National Bank. the Chevy Chase Bank, the Seventh Street Savings Bank. the Washington Savings Bank, the Woodridge-Langdon Savings and Bank and the Potomac Savings Bank. Under the tentative plan, Hardee will have charge of the first two and Hamilton the remainder. Hamilton, publisher of the Portsmouth Star, was director of bank at Norfolk for several years and now is on the board of the Mutual Building Association there. During his eight year term as collector he had charge of enforcing neutrality laws in Virginia waters. He enterned the German raiders "Prinz Eitel Frederick' and "Kron Prinz Wilhelm," and the German prize ship "Appam" at Newport News. He also boarded the Russian steamer "Omsk," loaded with $3,000,000 worth of allied foodstuffs and placed under arrest the heavily armed crew of 47 mutinous

3. November 2, 1933 The Tampa Tribune Tampa, FL
Article from The Tampa Tribune, November 2, 1933

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Article Text

Virginian Named With Hardee as Bank Receiver WASHINGTON, Nov. Connor, comptroller of the currency, announced today that Cary Hardee, former governor of Florida, and Norman Hamilton, Virginia publisher, had been appointed receivto liquidate eight District of Columbia banks now operated by servators. The comptroller explained the move was constructive, designed to hasten payment of dividends to depositors from assets remaining after other District banks took over of the busiof the banks to be liquidated. The eight local institutions are the Federal National bank, the Chevy Chase Savings bank. the District National bank, the Northeast Savings bank, the Seventh Street ings the Washington Savings bank, the Savings and bank and the tomac Savings bank.

4. November 23, 1933 The Springfield Daily Republican Springfield, MA
Article from The Springfield Daily Republican, November 23, 1933

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Article Text

THIRD FEDERAL NATIONAL DIVIDEND WILL BE PAID Washington, Nov. 22 The office of Representative McCormack (D, Mass.) announced today that treasury officials had reported a third dividend soon would be paid to depositors of closed Federal National bank, of McCormack's office was informed by aids of that the Finance tion had approved application of the bank receivers for loan to make payment of the dividend before ChristWithin short time, they said, checks per dividend would be sent to 35,000 depositors.