Potomac Savings Bank of Georgetown

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: September 4, 1934
Location: Georgetown, District of Columbia (38.905, -77.062)

Metadata

Model: gpt-5-mini
Short Digest: b27d4484

Response Measures

None

Description

Article (The Washington Times, 1934-09-04) states the Potomac Savings Bank of Georgetown is a closed bank under receivership (Norman R. Hamilton). No run or reopening is mentioned — bank is among 16 closed banks in receivership.

Events (1)

1. September 4, 1934 Receivership

Newspaper Excerpt: The sixteenth closed bank here, the Potomac Savings Bank of Georgetown, under the jurisdiction of Norman R. Hamilton, receiver, its receivership known ... the latter week.
Source: newspapers

Newspaper Articles (1)

1. September 4, 1934 The Washington Times Washington, DC

Article from The Washington Times, September 4, 1934

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Article Text

15 BANKS PAY MILLION TO RECEIVERS At Same Time They Collect $25,407,057; Exact Details Unknown By EUGENE A. KELLY Liquidation expenses of 15 of the closed banks in receivership in Washington have cost the depositors to date the sum of $1,011, 353, it was officially announced at the Treasury Department today. At the same time it was revealed that the close banks here while under conservators and receivers have collected for the depositors a total of $25,407,057. The liquidation cost figure does not mean that the expenditures were made soley for operating expenses. The figure includes such items as taxes on property held by the banks, rents and other monetary advances made for the protection of assets. Details Not Known While it is believed the major portion of the liquidation expenses include salaries paid to personnel and the cost of legal services, an exact distribution of the expenses is not known since the grand total was not broken down in the Treasury Department's report today. The aggregate figure of costs of conservatorships is a combination and the receiver- cost of ships. The depositors paid out $553,143 while their institutions were in the hands of the conservators and $458,210 while operating under receivers. The sixteenth closed bank here, the Potomac Savings Bank of Georgetown, under the jurisdiction of Norman R. Hamilton, rewill make of ceiver, its receivership known and conserva- the cost the latter week. torship The figures assembled part of the tothe Treasury were day by obtained from Department the statements of the condition of the banks as of June 30 of this year. Paid Out 20 Millions The 16 banks in receivership here have paid out in dividends to depositors about $20,From the 000,000. their figures that made the known today it is seen banks have collected $25,407,057 for the depositors. This does not mean, however, that depositors have approximately $5,400,000 on hand to be paid soon in dividends. The hitch in the payments is the Reconstruction Finance Corporation to which the local closed banks are heavily indebted. The original borrowings by the Washington closed banks from the RFC amount to about $10,000,000. This amount, or at least a substantial part of it, must be paid back before the receivers can declare any more dividends. That is why the $5,500,000, which seems to be a surplus and which apparently could be paid out immediately to the depositors, probably will be held intact until some sat isfaction is made to the RFC on the present indebtedness.