1793. Prudential Bank (Washington, DC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 1, 1932*
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini
Short Digest
d54c80476fccf746

Response Measures

None

Description

Prudential Bank (a 'colored' savings institution) consolidated with Industrial Savings Bank in Sept. 1932 and was formally placed in receivership in March 1936. The articles discuss liquidation/receivership activity and the receiver's offices through 1938–1939. No run is described; the bank was closed and placed in receivership (permanent closure). OCR errors corrected (receizership -> receivership).

Events (5)
1. September 1, 1932* Other
Newspaper Excerpt
The Prudential Bank, colored, which consolidated with the Industrial Savings Bank in September, 1932, was formally placed in receizership in March, 1936, ...
Source
newspapers
2. March 1, 1936* Receivership
Newspaper Excerpt
The Prudential Bank, colored, ... was formally placed in receivership in March, 1936, and attempts now are being made to collect a stock assessment from shareholders.
Source
newspapers
3. March 1, 1936* Suspension
Cause
Government Action
Cause Details
Formally placed in receivership in March 1936 (receiver appointed and bank closed).
Newspaper Excerpt
The Prudential Bank, colored, ... was formally placed in receivership in March, 1936, and attempts now are being made to collect a stock assessment from shareholders.
Source
newspapers
4. March 6, 1938 Other
Newspaper Excerpt
John F. Moran, receiver for four banks, has moved his offices ... The four banks in charge of Receiver Moran are Park Savings, Departmental Bank, North Capitol Savings Bank and Prudential Bank.
Source
newspapers
5. June 30, 1939 Other
Newspaper Excerpt
He also is receiver in the same office for the North Capitol Savings Bank, Departmental Bank and Prudential Bank.
Source
newspapers

Newspaper Articles (5)
1. December 31, 1936 Evening Star Washington, DC
Article from Evening Star, December 31, 1936

Click image to open full size in new tab

Article Text

This bank paid out a total of 40 per 7 cent, amounting to $800,000, when some of its assets were taken over $ by the City Bank of Washington. The trustees of the liquidating trust report that liquidation of the remaining assets are "reasonably satisfactory" and that the proceeds from these assets have been used to pay off the Reconstruction Finance Corp. loan of $850,000, which was obtained by the Mount Vernon Savings Bank in order to pay the 40 per cent distribution to depositors. The trustees reported further that by the terms of the "trust indenture" by which they operate no funds can be borrowed to pay a dividend to the depositors. Consequently, proceeds of liquidation of assets will have to be accumulated in an amount that will be reasonably proportioned to the cost of distribution. Many depositors have failed to call for their dividend checks in almost every one of the closed banks. They still come in from time to time for checks. Consequently, the amounts paid out by the receiverships actually increase, although the dividends declared remain in percentage the same. Payments by Other Banks. The latest figures on disbursements on the other closed banks of the city are shown as follows: Departmental Bank, 80 per cent, amounting to $617,144. North Capitol Savings, 25 per cent, amounting to $235,122. Potomac Savings, 62 1/2 per cent, amounting to $1,282,257. Park Savings, 25 per cent, amounting to $760,030. This bank is in litigation, which may be settled during the year 1937. Seventh Street Savings, 80 per cent, amounting to $845,188. Woodridge-Langdon Savings & Commercial, 100 per cent, $400,000. Washington Savings, 80 per cent, $279,015. Potomac Savings, 62 1/2 . per cent, $1,282,257. The Continental Trust Co., which merged with the Commercial National Bank long before the latter. went into receivership, also is in the hands of a receiver and in complicated litigation in its relations both with stockholders and the Commercial Bank. It has paid no receivership dividends. The Industrial Slivings Bank, colored institution, paid 35 per cent, amounting to $192,000, to depositors when it reorganized into the Industrial Bank of Washington, a new institution, now operating at Eleventh and U streets. The Prudential Bank, colored, which consolidated with the Industrial Savings Bank in September, 1932, was formally placed in receizership in March, 1936, and attempts now are being made to collect a stock assessment from shareholders.

2. July 2, 1937 Evening Star Washington, DC
Article from Evening Star, July 2, 1937

Click image to open full size in new tab

Article Text

GAS FIRM BIDS FOR BANK BUIL LDING Park Savings Structure May Be Razed for Filling Station. The Gulf Oil Co. has made a cash offer of $92,500 for the building of the closed Park Savings Bank, at the corner of Fourteenth and Kenyon streets, with a view to razing the structure and erecting a gasoline filling station there, it was learned today. The offer, however, is conditioned on the issuance of a permit by the District Commissioners to erect the filling station under zoning law. The Gulf Oil Co. acted through its vice president, H. M. Rogers of Boston, Mass., whose offer has been submitted to the court, and published through arvertising, to determine whether the bank's receiver. John F. Moran, can get a higher offer for the property. If the receiver gets no higher offers by noon. July 10, the contract can be executed. provided the oil company receives the construction permit for a filling station, request for which has been filed at the District Building If the permit is refused. there will be "no sale" under the oil company offer. The Park Savings Bank. which was closed in 1933, has paid its depositors 25 per cent and has cleared all its debts on secured claims. according to Moran. But the receiver explained that. even if the building is sold for $92.500 cash, further liquidation would be necessary before a further dividend could be declared to depositors. If the building is taken over by the oil company Moran would move his office to another vacant bank building, belonging to one of the other banks which he is liquidating These include, besides the Park Savings Bank, the Continental Trust Co., the North Capitol Savings Bank, the Industrial Savings Bank, which was reorganized and is now operating as the Industrial Bank of Washington, at Eleventh and U streets, and the Prudential Bank. which had been taken over by the Industrial Savings Bank.

3. March 6, 1938 Evening Star Washington, DC
Article from Evening Star, March 6, 1938

Click image to open full size in new tab

Article Text

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.

4. March 7, 1938 Evening Star Washington, DC
Article from Evening Star, March 7, 1938

Click image to open full size in new tab

Article Text

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.

5. June 30, 1939 Evening Star Washington, DC
Article from Evening Star, June 30, 1939

Click image to open full size in new tab

Article Text

his office of the Park Savings Bank, from 5913 Georgia avenue N.W. to the Riggs National Bank Building at Fourteenth street and Park road N.W., where he will be ready for business tomorrow. He also is receiver in the same office for the North Capitol Savings Bank, Departmental Bank and Prudential Bank.