Potomac Savings Bank of Georgetown

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: March 22, 1940
Location: Georgetown, District of Columbia (38.905, -77.062)

Metadata

Model: gpt-5-mini
Short Digest: d73320a1

Response Measures

None

Description

Newspaper notices show the Potomac Savings Bank of Georgetown was in receivership (receiver Justus S. Wardell) with assets offered for sale in April 1940 and court approval of sale in May/June 1940. Articles describe it as a 'closed bank' and the Comptroller of the Currency authorized the receiver — indicating closure by federal action (receivership). No run is reported in the articles.

Events (5)

1. March 22, 1940 Receivership

Newspaper Excerpt: Justus S. Wardell as Receiver of the Potomac Savings Bank of Georgetown. District of Columbia. will offer at public sale ... on Monday, April 15, 1940 ... (Signed) JUSTUS S. WARDELL Receiver, Potomac Savings Bank of Georgetown, D. C. (Evening Star, 1940-03-22 / 1940-03-29 / 1940-04-05 notices).
Source: newspapers

2. March 22, 1940 Suspension

Cause: Government Action
Cause Details: Bank placed in receivership by authority of the Comptroller of the Currency; bank closed and receiver appointed
Newspaper Excerpt: Pursuant to authority of the Comptroller of the Currency of the United States, the undersigned Justus S. Wardell as Receiver of the Potomac Savings Bank of Georgetown...
Source: newspapers

3. April 15, 1940 Other

Newspaper Excerpt: will offer at public sale to the highest bidder or bidders for cash ... on Monday, April 15, 1940, at 10 o'clock a.m. various assets of the said Potomac Savings Bank of Georgetown ... A descriptive list of the assets so offered for sale may be inspected by prospective purchasers at the office of the Receiver ... (Signed) JUSTUS S. WARDELL Receiver.
Source: newspapers

4. May 17, 1940 Other

Newspaper Excerpt: A vivid illustration of the depreciation of values of one of Washington's closed banks came today when District Court was asked to authorize the sale of assets ... total book value of $249,920.88 for only $767.50 cash...
Source: newspapers

5. June 21, 1940 Other

Newspaper Excerpt: An order was entered today in District Court selling assets of the Potomac Savings Bank of Georgetown, with a book value of $249,920.88, for $1,075. ... Justus S. Wardell, receiver of the Potomac Savings Bank of Georgetown, was empowered by Justice O'Donoghue to make the sale.
Source: newspapers

Newspaper Articles (6)

1. March 22, 1940 Evening Star Washington, DC

Article from Evening Star, March 22, 1940

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Article Text

RECEIVER'S NOTICE OF SALE To whom it may concern: Pursuant to authority of the Comptroller of the Currency of the United States, the undersigned Justus S. Wardell as Receiver of the Potomac Savings Bank of Georgetown. District of Columbia. will offer at public sale to the highest bidder or bidders for cash. at the office of the Receiver. 1614 K Street Northwest. on Monday. April 15. 1940. at 10 o'clock a.m., various assets of the said Potomac Savings Bank of Georgetown. District of Columbia. consisting of bills receivable. judgments, overdrafts and other choses in action and chattels. less such items or articles as may be paid or otherwise disposed of prior to the said date of sale herein mentioned. A descriptive list of the assets so offered for sale may be inspected by prospective purchasers at the office of the Receiver of the Potomac Savings Bank of Georgetown. on all business days up to and including the date of the said sale between the hours of 9 a.m. and 4:30 p.m., and on Saturdays from 9 a.m. to 12 noon. According to law said assets cannot be sold otherwise than without recourse and without warranty of any kind or character, and subject to the approval of the Comptroller of the Currency of the United States, and subject to confirmation by a court of record of competent jurisdiction. (Signed) JUSTUS S. WARDELL Receiver. Potomac Savings Bank of Georgetown. D. C. mh22.29ap5.12

2. March 29, 1940 Evening Star Washington, DC

Article from Evening Star, March 29, 1940

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Article Text

LEGAL NOTICES. FRED C. GEIGER, Bond Bldg., Attorney. CERTIFICATE IN RE CHANGE OF NAME of the Luray Mining Company to the McCrary Engineering Company.-This is to certify that pursuant to the requirements of the code of law for the District of Columbia. a meeting of the stockholders and a meeting of the directors of the above titled corporation were held in Washington. D. C.. on February 26th 1940. and a resolution was unanimously passed at each of the above meetings to change the corporate name from the Luray Mining Company to the McCrary Engineering Company. Signed and sealed February 26th. 1940 GILBERT W CAVE. President: JAMES H CATON. Secretary City of Washington. District of Columbia. I FRED C. GEIGER. a Notary Public in and for the above District. do hereby certify that on this day personally appeared before me Gilbert W. Cave and James H. Caton. whose names are signed as President and Secretary respectively. to the foregoing Certificate for changing the name of the Luray Mining Company to the McCrary Engineering Company, dated February 26th. 1940, and who are to me personally well known and acknowledged the signing of the said instrument and that the same is their free act and deed. Given under my hand and seal the 26th day of February. A.D. 1940 FRED C GEIGER. Notary Public. D. C mh8 15.20.09 RECEIVER'S NOTICE OF SALE To whom it may concern: Pursuant to authority of the Comptroller of the Currency of the United States. the undersigned Justus S. Wardell as Receiver of the Potomac Savings Bank of Georgetown. District of Columbia will offer at public sale to the highest bidder or bidders for cash. at the office of the Receiver. 1614 K Street Northwest. on Monday. April 15. 1940, at 10 o'clock a.m various assets of the said Potomac Savings Bank of Georgetown. District of Columbia. consisting of bills receivable. judgments, overdrafts and other choses in action and chattels. less such items or articles as may be paid or otherwise disposed of prior to the said date of sale herein mentioned. A descriptive list of the assets so offered for sale may be inspected by prospective purchasers at the office of the Receiver of the Potomac Savings Bank of Georgetown. on all business days up to and including the date of the said sale between the hours of 9 a.m and 4:30 p.m. and on Saturdays from 9 a.m. to 12 noon According to law said assets cannot be sold otherwise than without recourse and without warranty of any kind or character. and subject to the approval of the Comptroller of the Currency of the United States. and subject to confirmation by a court of record of competent jurisdiction (Signed) JUSTUS S. WARDEL Receiver. Potomac Savings Bank of Georgetown. D. C. mh?2.29ap5.12 GEORGE H

3. April 5, 1940 Evening Star Washington, DC

Article from Evening Star, April 5, 1940

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Article Text

LEGAL NOTICES. RECEIVER'S NOTICE OF SALE. To whom it may concern: Pursuant to authority of the Comptroller of the Currency of the United States, the undersigned Justus S. Wardell as Receiver of the Potomac Savings Bank of Georgetown. District of Columbia. will offer at public sale to the highest bidder or bidders for cash. at the office of the Receiver. 1614 K Street Northwest. on Monday. April 15. 1940, at 10 o'clock a.m., various assets of the said Potomac Savings Bank of Georgetown. District of Columbia, consisting of bills receivable. judgments, overdrafts and other choses in action and chattels, less such items or articles as may be paid or otherwise disposed of prior to the said date of sale herein mentioned. A descriptive list of the assets so offered for sale may be inspected by prospective purchasers at the office of the Receiver of the Potomac Savings Bank of Georgetown. on all business days up to and including the date of the said sale between the hours of 9 a.m. and 4:30 p.m., and on Saturdays from 9 a.m. to 12 noon. According to law said assets cannot be sold otherwise than without recourse and without warranty of any kind or character. and subject to the approval of the Comptroller of the Currency of the United States, and subject to confirmation by a court of record of competent jurisdiction. (Signed) JUSTUS S. WARDELL. Receiver, Potomac Savings Bank of mh22,29ap5,12 Georgetown, D. C.

4. April 12, 1940 Evening Star Washington, DC

Article from Evening Star, April 12, 1940

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Article Text

SALE. OF RECEIVER'S NOTICE To whom it may concern: Pursuant to authority of the Comptroller of the Currency of the United States. the undersigned Justus S. Wardell as Receiver of the Potomac Savings Bank of Georgetown, District of Columbia. will offer at public sale to the highest bidder or bidders for cash. at the office of the Receiver. 1614 K Street Northwest. on Monday. April 15. 1940. at 10 o'clock a.m. various assets of the said Potomac Savings Bank of Georgetown. District of Columbia. consisting of bills receivable. judgments. overdrafts and other choses in action and chattels. less such items or articles as may be paid or otherwise disposed of prior to the said date of sale herein mentioned. A descriptive list of the assets so offered for sale may be inspected by prospective purchasers at the office of the Receiver of the Potomac Savings Bank of Georgetown. on all business days up to and including the date of the said sale between the hours of 9 a.m. and 4:30 p.m., and on Saturdays from 9 a.m. to 12 noon. According to law said assets cannot be sold otherwise than without recourse and without warranty of any kind or character, and subject to the approval of the Comptroller of the Currency of the United States, and subject to confirmation by a court of record of competent jurisdiction. (Signed) JUSTUS S. WARDELL. Receiver, Potomac Savings Bank of mh22,29ap5,12 Georgetown, D. C.

5. May 17, 1940 Evening Star Washington, DC

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Article Text

Quarter Million in Assets Here Shrink to $767 A vivid illustration of the deCharles E. Wainwright, on behalf of Justus S. Wardell, receiver of the preciation of values of one of Washbank. told the court the assets conington's closed banks came today sist of bills receivable, judgments. when District Court was asked to overdrafts and other assets and authorize the sale of assets with a goods having a total book value total book value of $249,920.88 for of $249,920.88. The list is open to inspection by interested parties at only $767.50 cash. the office of the receiver, 1614 K Justice Daniel W. O'Donoghue street N.W. signed an order making final, unless better offer is received by June The counsel reported, that Mr. Wardell had been authorized to 15, the bid of R. K. Millstein. for certain assets of the Potemae Savaccept the Millstein offer by the deputy controller of the currency, ings Bank of Georgetown. subject to court approval. Attorneys Brice Olagett and

6. June 21, 1940 Evening Star Washington, DC

Article from Evening Star, June 21, 1940

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Article Text

Potomac Savings Assets Bring $1,075 on Bid An order was entered today in District Court selling assets of the Potomac Savings Bank of Georgetown, with a book value of $249,920.88, for $1,075. Justice Daniel W. O'Donoghue, who presides in Motions Court, signed the order, after R. K. Millstein had raised his previous offer and the courtroom had taken on the aspects of an auction. Previously $767.50 was bid, but the jurist was able to interest others in the courtroom in the sale and the figure was hiked. Justus S. Wardell, receiver of the Potomac Savings Bank of George$ town, was empowered by Justice ; O'Donoghue to make the sale. The receiver's attorneys, Brice Clagett and Charles E. Wainwright, advised the court that these assets are for the most part commercial paper which had been acquired by the bank some years ago. The Controller of the Currency said that the sale of these assets was satisfactory to him.