1794. Prudential Bank (Washington, DC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 30, 1941
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini
Short Digest
9bd5b1d4be8e3e48

Response Measures

None

Description

Articles (Evening Star, Oct 2 and Oct 6, 1941) are court notices showing Prudential Bank of Washington was in receivership and that its remaining assets were to be conveyed to Industrial Savings Bank. No mention of a depositor run in these notices. The court order is dated September 30, 1941, and directs receivers to settle and transfer assets, indicating permanent closure under receivership (government action).

Events (2)
1. September 30, 1941 Receivership
Newspaper Excerpt
John F. Moran, receiver of the Prudential Bank, be and he is hereby authorized to convey title to the Industrial receivership...of all the remaining assets of the Prudential, and to deliver to the receiver of the Industrial any cash remaining in the Prudential receivership after providing for expenses and for the return of $2.725 to stockholders in full settlement (court order dated Sept. 30, 1941).
Source
newspapers
2. September 30, 1941 Suspension
Cause
Government Action
Cause Details
Court-ordered receivership and settlement of claims; petition filed and receivers authorized to convey assets to Industrial Savings Bank.
Newspaper Excerpt
petition...filed jointly on the the 30th day of September, 1941, by Frederick J. Young, receiver of the Industrial Savings Bank of Washington, D. C., and John F. Moran, receiver of the Prudential Bank of Washington, D. C.
Source
newspapers

Newspaper Articles (2)
1. October 2, 1941 Evening Star Washington, DC
Article from Evening Star, October 2, 1941

Click image to open full size in new tab

Article Text

H. DONALD KISTLER, Attorney for Prudential. THOMAS X. DUNN. Attorney for Industrial. Tower Building. IN THE DISTRICT COURT OF THE United States for the District of Columbia.-In re: INDUSTRIAL SAVINGS BANK, PRUDENTIAL BANK.-Special No. 39. Miscellaneous No. 12.-ORDER NISI FOR AUTHORITY TO COMPROMISE CLAIMS. DISMISS LITIGATION AND CONVEY ASSETS.-Petition herein having been filed jointly on the the 30th day of September. 1941. by Frederick J. Young. receiver of the Industrial Savings Bank of Washington. D. C., and John F. Moran, receiver of the Prudential Bank of Washington, D. C., for authority to compromise claims. dismiss litigation and convey assets, an offer of not less than $15,350.00 cash having been made to said receivers on behalf of certain stockholders and certain former directors of said Prudential Bank in full compromise settlement of all claims by the receiver of the Prudential Bank against said stockholders and by the receiver of the Industrial Savings Bank against said directors and of all claims between said Banks and their respective receiverships. it is by the court this 30th day of September. 1941. ORDERED: 1. That Frederick J. Young be and he is hereby authorized to dismiss with prejudice the actions as shown in Paragraph 7 against those former directors of the Prudential Bank who signed a $50,000 indemnity bond and to release them and all persons who signed said bond from any and all liability upon such bond That Frederick J. Young, receiver of the Industrial. be and he is hereby authorized to accept from the receiver of the Prudential an unconditional assignment of all of the remaining assets of the Prudential Bank and such balance of cash as many remain in the hands of the receiver of the Prudential in full settlement of the Industrial's claims against Prudential and the receivership thereof. and: 3. That John F. Moran. receiver of the Prudential, be and he is hereby authorized to dismiss with prejudice the suits now pending upon the stock assessment and to release all claims that he may have against the Prudential stockholders as such, and: 4. That John F. Moran. receiver of the Prudential Bank. be and he is hereby authorized to convey title to the Industrial receivership without recourse or warranty of any kind or character of all the remaining assets of the Prudential. and to deliver to the receiver of the Industrial any cash remaining in the Prudential receivership after providing for expenses and for the return of $2.725 to stockholders in full settlement of the claims of the Industrial Bank and the receiver thereof against the Prudential Bank and its receivership. IT IS FURTHER ORDERED that said compromise settlement be ratified and confirmed. unless cause be shown to the contrary or objections made by any interested party on or before the 8th day of October. 1941. provided. however. that a copy of this order shall be published once in the Washington Law Reporter and at least two times prior to the above-mentioned date in The Washington Evening Star O. R. LUHRING. Justice (Seal.) A true copy. Test: CHARLFS E STEWART Clerk, by ANDREW A. HORNER. Asst. Clerk. oc2.6.

2. October 6, 1941 Evening Star Washington, DC
Article from Evening Star, October 6, 1941

Click image to open full size in new tab

Article Text

H. DONALD KISTLER. Attorney for Prudential. THOMAS X. DUNN. Attorney for Industrial. Tower Building. IN THE DISTRICT COURT OF THE United States for the District of Columbia In re: INDUSTRIAL SAVINGS BANK PRUDENTIAL BANK.-Special No. 39. Miscellaneous No. 112.-ORDER - NISI FOR AUTHORITY TO COMPROMISE CLAIMS. DISMISS LITIGATION AND CONVEY ASSETS.-Petition herein having been filed jointly on the the 30th day of September 1941. by Frederick J. Young. receiver of the Industrial Savings Bank of Washington, D. C.. and John F. Moran, receiver of the Prudential Bank of Washington. D. C., for authority to compromise claims dismiss litigation and convey assets, an offer of not less than $15,350.00 cash having been made to said receivers on behalf of certain stockholders and certain former directors of said Prudential Bank in full compromise settlement of all claims by the receiver of the Prudential Bank against said stockholders and by the receiver of the Industrial Savings Bank against said directors and of all claims between said Banks and their respective receiverships. it is by the court this 30th day of September. 1941. ORDERED: 1. That Frederick J. Young be and he is hereby authorized to dismiss with prejudice the actions as shown in Paragraph 7 against those former directors of the Prudential Bank who signed a $50.000 indemnity bond and to release them and all persons who signed said bond from any and all liability upon such bond. 2. That Frederick J. Young. receiver of the Industrial. be and he is hereby authorized to accept from the receiver of the Prudential an unconditional assignment of all of the remaining assets of the Prudential Bank and such balance of cash as many remain in the hands of the receiver of the Prudential in full settlement of the Industrial's claims against Prudential and the receivership thereof. and: 3. That John F. Moran. receiver of the Prudential. be and he is hereby authorized to dismiss with prejudice the suits now pending upon the stock assessment and to release all claims that he may have against the Prudential stockholders as such. and: 4. That John F. Moran. receiver of the Prudential Bank. be and he is hereby authorized to convey title to the Industrial receivership without recourse or warranty of any kind or character of all the remaining assets of the Prudential. and to deliver to the receiver of the Industrial any cash remaining in the Prudential receivership after providing for expenses and for the return of $2.725 to stockholders in full settlement of the claims of the Industrial Bank and the receiver thereof against the Prudential Bank and its receivership. IT IS FURTHER ORDERED that said compromise settlement be ratified and confirmed. unless cause be shown to the contrary or objections made by any interested party on or before the 8th day of October, 1941. provided. however. that a copy of this order shall be published once in the Washington Law Reporter and at least two times prior to the above-mentioned date in The Washington Evening Star O. R. LUHRING, Justice (Seal.) A true copy. Test: CHARLES E STEWART Clerk. by ANDREW A. MORNER. Asst. Clerk. oc2,6.