First Co-operative Building Association of Georgetown

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: April 11, 1913
Location: Georgetown, District of Columbia (38.905, -77.062)

Metadata

Model: gpt-5-mini
Short Digest: e945f7db

Response Measures

None

Description

Articles describe a defunct (closed) building association in receivership; no run or temporary suspension is mentioned. A receiver has been administering the estate for years and a court decision (Apr 11–12, 1913) upheld a $27,000 note that will exhaust available funds. Classified as suspension_closure because the institution is closed permanently and in receivership.

Events (1)

1. April 11, 1913 Receivership

Newspaper Excerpt: defunct First Co-operative Building Association of Georgetown; William E. Ambrose, receiver of the association, opposed the claim... About $32,000 has been realized from accounts due the building association. The receivership has been pending five years.
Source: newspapers

Newspaper Articles (3)

1. April 11, 1913 Evening Star Washington, DC

Article from Evening Star, April 11, 1913

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Article Text

ABSORPTION OF FUNDS BY PAYMENT OF NOTE Stockholders of Defunct Building Association Likely to Be Minus Dividends. There will be no funds to distribute among the stockholders of the defunct First Co-operative Building Association of Georgetown, if an opinion rendered today by Justice Barnard in Equity Court No. 1 is sustained in the Court of Appeals. Justice Barnard upholds the validity of a note for $27,000, given by the association to the Farmers and Mechanics' Bank of Georgetown, and later purchased from the bank by S. Thomas Brown, its president. who was also an official of the building association. William E. Ambrose, receiver of the association, opposed the claim of Mr. Brown, and is expected to note an appeal from the decision. Sum of $32,000 in Accounts. According to the report of the receiver, about $32,000 has been realized from accounts due the building association. The court costs, expenses and fees will probably eat up the balance of this fund after Mr. Brown's claim of $27,000 has been satisfied. The receivership has been pending five years. View of the Court. Justice Barnard holds that the note was authorized by the board of directors of the association under its amended constitution and that the money was borrowed for the benefit of stockholders. He declares the note must be paid before any distribution is made to stockholders. The receiver is authorized to pay all proper charges and expenses of receivership ahead of the note. Attorneys C. H. Cragin and J. J. Darlington appeared for the estate of Mr. Brown, who died during the litigation. Attorney J. S. Easby-Smith represented the receiver.

2. April 11, 1913 The Washington Times Washington, DC

Article from The Washington Times, April 11, 1913

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Article Text

Must Pay Note Before Funds Are Distributed Before there can be any distribution of the accumulated funds of the defunct First Co-operative Building Assoclation of Georgetown among the stockholders, a note for $27,000 given to the Farmers' and Mechanics' Bank of Georgetown must be paid. Justice Barnard handed down an opinion to this effect today in Equity Court No. 1, in the suit of the estate of S. Thomas Brown, owner of the note. It was held by the court that the note was authorized by the board of directors of the association, and therefore must be paid before there is any distribution. W. E. Ambrose, receiver, will probably carry the case to the Court of Appeals. He has collected about $32,000 from accounts due the association, but it is expected that the payment of the note and cost of the litigation will deplee the fund. J. J. Darlington and C. H. Cragin were attorneys for Mr. Brown's estate.

3. April 12, 1913 The Washington Herald Washington, DC

Article from The Washington Herald, April 12, 1913

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Article Text

NOTE HELD AS VALID. Receiver of Defunct Association Will First Deduct Expenses. In a decision handed down yesterday, Justice Barnard upheld the validity of a note for $27,000 given by the defunct First Co-operative Building Association of Georgetown to the Farmers and Mechanics' Bank of Georgetown, and later purchased from the bank by S. Thomas Brown, its president, who also was an official of the building association. William E. Ambrose, receiver of the association, opposed the claim of Mr. Brown, and will note an appeal from the decision. The court holds that the note was authorized by the board of directors of the association under its amended con. stitution and that the money was borrowed for the benefit of stockholders. He declares the note must be paid before any distribution is made to stockholders. The receiver is authorized to pay all proper charges and expenses of receivership ahead of the note. About $32,000 has been realized from the accounts due the building association, according to the report of the receiver. The court costs, expenses, and fees will probably eat up the balance of this fund after Mr. Brown's claim of $27,000 has been satisfied.