1816. United States Savings Bank (Washington, DC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
March 1, 1933*
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini
Short Digest
ebc07d59365f6fdb

Response Measures

None

Description

The bank was closed in March 1933 and never reopened; a receiver (R. C. Parsons) was appointed and liquidated assets, including sale of the bank building (court order dated 1943-12-07). Final dividend distributions to depositors were being processed in 1945. Closure appears to be a permanent suspension with receivership and liquidation. Bank type not explicit in articles.

Events (3)
1. March 1, 1933* Suspension
Cause
Government Action
Cause Details
Closed in March 1933 (bank holiday/closures era); bank remained closed and placed in receivership/liquidation.
Newspaper Excerpt
the institution, which was closed in March, 1933, will be wound up.
Source
newspapers
2. December 7, 1943 Receivership
Newspaper Excerpt
petition of R. C Parsons, receiver of the United States Savings Bank, filed herein December 7, 1943 ... ordered that said petitioner, R. C. Parsons, receiver, be and he hereby authorized to accept said offer for the sale ... United States Savings Bank Building. (court order dated Dec. 7, 1943).
Source
newspapers
3. October 9, 1945 Other
Newspaper Excerpt
More than 7,200 depositors of the closed United States Savings Bank ... are slated to receive a 10 per cent interest dividend totaling about $163,138 ... the institution, which was closed in March, 1933, will be wound up. (article published Oct. 9, 1945).
Source
newspapers

Newspaper Articles (2)
1. December 9, 1943 Evening Star Washington, DC
Article from Evening Star, December 9, 1943

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Article Text

KREMER & BINGHAM by H. DONALD KISTLER. 921 Tower Building. Attorneys for R. C. Parsons. Receiver. DISTRICT COURT OF THE UNITED States for the District of Columbia In re UNITED STATES SAVINGS BANK Miscellaneous No. Filed December 1943 CHARLES 4 STEWART. Clerk ORDER NISI FOR SALE OF UNITED STATES SAVINGS BANK BUILDING.Upon consideration of the petition of R. C Parsons. receiver of the United States Savings Bank. filed herein December 7. 1943 wherein he has reported an offer of $45.000.00 cash from the Chesapeake & Potomac Telephone Company of Washington, D. C. for the sale and coonveyance by petitioner to said company of the United States Savings Bank Building. located on the northwest corner of 14th and U streets N.W. in the District of Columbia it is by the court this 7th day of December, 1943. ordered. that said petitioner. R. C. Parsons, receiver. be and he hereby :authorized to accept said offer for the sale and conveyance to the Chesapcake & Potomac Telephone Company of Washington. D. C., for not less than $45,000.00 net cash, said improved real property described as Lot numbered 50 in E. E. Maynew's subdivision of lots in Square numbered 204 as per plat recorded in the Office of the Surveyor for the District of Columbia in Liber HDC. at folio 52 more commonly referred to as Lot 50. Square 204. being premises at the northwest corner of 14th and U streets N.W. Washington. D. C. and known as the United States Savings Bank Building. together with the two bank vaults and doors attached thereto and certain counter and grille work now stored on the premises. the conveyance of said real estate to be by receiver's or quit claim deed and of said personal property to be by appropriate bill of sale without warranty. taxes and other charges and rental income to be adjusted as of the date of conveyance and that said sale and conveyance be ratified and confirmed by the court unless cause to the contrary be shown or a higher net cash offer for said property acceptable to the court be made on or before the 3rd day of December. 1943, at 10:00 o'clock a m at which time higher offers will be considered and objections to said sale will be heard. provided a copy of this order be published once in the Washington Law Reporter and once in The Evening Star Newspaper at least ten (10) days before said 23rd day of December 1943 S ) F DICKINSON LETTS. Justice (Seal ) A true copy Test: CHARLES E STEWART. Clerk By EMMA C. SIMPSON Deputy Clerk

2. October 9, 1945 Evening Star Washington, DC
Article from Evening Star, October 9, 1945

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Article Text

Savings Bank Closed in '33 To Pay Interest 7,200 Depositors Benefit by Rejection Of Court Appeal More than 7,200 depositors of the closed United States Savings Bank, formerly at Fourteenth and U streets N.W., are slated to receive a 10 per cent interest dividend totaling about $163,138 as a result of the Supreme Court's refusal yesterday to review a Court of Appeals decision awarding such funds to the depositors. This was announced today by R. C. Parsons, receiver, who explained, however, that there was no indication as to when the dividend will be paid. Depositors will be notified by letter when the dividend is available, he said. They already have received dividends totaling 100 per cent of their deposits when the bank was closed in 1933. All Assets Liquidated. Action of the court yesterday placed the receiver in a position to formally recommend the dividend, he said. All assets of the bank have been liquidated. The bank building was sold sometime ago for $80,000. When the dividend is paid the affairs of the institution, which was closed in March, 1933, will be wound up. The bank has been the center of prolonged and complicated legal controversy which has involved the Treasury Department and the receivers in several suits brought by the bank president, Wade H. Cooper. The court yesterday denied Mr. Cooper's request for a writ of certiorari to review a Court of Appeals decision which awarded remaining funds to depositors. Depositors already have received dividends in four installments amounting to about $1,631,000. The last installment of 10 per cent was paid in March, 1938. Phone Company Using Building. The bank building now is leased from its owners by the Chesapeake & Potomac Telephone Co. as a business office. Mr. Parsons said the proposed 10 per cent dividend, which will amount to 10 per cent interest on the deposits in the bank when it closed, will be paid by mail. Letters of notification to depositors will include a receipt to be mailed back to the receiver at his office, 1350 R st. n.w. Dividend checks then would be mailed to depositors.