1901. Bank of Brightwood (Washington, DC)

Bank Information

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

Metadata

Model: gpt-5-mini
Short Digest: be2e0f19

Response Measures

None

Description

The Bank of Brightwood closed in March 1933 along with other DC institutions and remained in receivership/liquidation through the mid-1930s; articles describe liquidation, dividends paid, and consolidation of its receivership in 1936. No contemporaneous run is described.

Events (4)

1. March 1, 1933* Receivership

Newspaper Excerpt: Claude H. Woodward, receiver of the Bank of Brightwood, reports $496,652.02 collected from assets and stock assessments by December 31.
Source: newspapers

2. March 1, 1933* Suspension

Cause: Macro News
Cause Details: Closed in March 1933 along with many other local banks during the broader banking closures/crisis; closure appears part of systemic events rather than an isolated run.
Newspaper Excerpt: the bank, which closed along with 12 other institutions in March, 1933
Source: newspapers

3. March 22, 1936 Other

Newspaper Excerpt: every effort is being made to expedite the liquidation of the Bank of Brightwood, which closed its doors four years ago.
Source: newspapers

4. December 18, 1936 Other

Newspaper Excerpt: The Comptroller of the Currency has appointed Frederick J. Young ... receiver for the United States Savings Bank and the Bank of Brightwood. The two banks will be consolidated for liquidating purposes with the International Exchange Bank, of which Young has been acting receiver.
Source: newspapers

Newspaper Articles (7)

1. January 13, 1936 The Washington Times Washington, DC

Article from The Washington Times, January 13, 1936

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Article Text

BANK COLLECTS $4,400,102.20 Norman R. Hamilton, receiver of the District National Bank, reports total cash collected from assets and stock assessment on December 31 at $4,400,102.20 and total remaining uncollected assets at $4,795,558.78. The bank has paid dividends of 50 per cent. The Potomac Savings Bank, which suspended operations on March 5, 1933, reports assets to be accounted for at $3,543,903.06 and total cash collected from assets and stock assessment at $1,616,721.08, on December 1. Dividends of 62.5 per cent has been paid to unsecured creditors. The Seventh Street Savings Bank had collected $1,026,439.44 at the end of the year, while total remaining uncollected assets amounted to $679,867.76. Dividends of 80 per cent have been paid. On December 31, the Northeast Savings Bank had collected $1,344,856.07 from assets and stock assessment leaving $368,881.71 in remaining uncollected assets. The bank has paid 85 per cent to unsecured creditors. Total cash collected from assets and stock assessment by the Washington Savings Bank amounted to $417,195.61 at the end of the year leaving uncollected assets of $223,706.73. Dividends of 80 per cent have been paid creditors. Claude H. Woodward, receiver of the Bank of Brightwood, reports $496,652.02 collected from assets and stock assessments by December 31. Total remaining uncollected assets amounted to $434,829.98. Dividends paid to unsecured creditors equal 55 per cent or $436,902.35.

2. March 22, 1936 Evening Star Washington, DC

Article from Evening Star, March 22, 1936

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Article Text

BANK OF BRIGHTWOOD LIQUIDATION PROCEEDS Association Receives Reply After Sending Query-Need of Institution Is Cited. Officers of the Brightwood Citizens' Association have been advised by the Treasury Department that every effort is being made to expedite the liquidation of the Bank of Brightwood, which closed its doors four years ago. This information was requested several weeks ago. The association felt there was need of a bank in the Brightwood vicinity and if the affairs of the present insticution were closed out a new one might be organized or the old one figure in some manner of reorganization. The Treasury Department in advising association officials said: "We have not been informed of any efforts to reopen the Bank of Brightwood: The receiver is proceeding with the liquidation of the assets of the bank in the usual manner and you may be assured that he as well as this office will make every effort to expedite the liquidation in order that further dividends may be paid to the creditors at the earliest possible time."

3. May 9, 1936 Evening Star Washington, DC

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FIGHT FOR SENATE LUMP SUM ASKED Brightwood Group Also Seek Speed in Closing Up Bank Affairs. Senate conferees on the District appropriation bill will be petitioned by the Brightwood Citizens' Association to insist on the retention of the item of $5,750,000 as the Federal contribution toward the maintenance of the National Capital during the 1937 fiscal year. This action was decided last night at a meeting held in the Paul Junior High School, when a resolution presented by Wililam McK. Clayton was unanimously adopted. A resolution was adopted directing the appointment of a committee to again take up the matter of delay in winding up receivership of the Bank of Brightwood with the Treasury Department and urge that all property owned by the bank be disposed of. The need of a new bank to serve the area was stressed. The following committee was appointed and will join with the Georgia Avenue Association in a protest to the Government: Elmer Johnson, Dr. Robert Myers and Charles W. Ray, the latter president of the association. President Ray appointed G. R. Wilhelm and Elmer Johnson to represent the association at meetings of the President's Cup Regatta Association races, to be held September 24-27 next. The association was advised by the District Engineer Department that no funds are available for the condemnation and opening of Oneida street from Seventh to Eighth streets, but will be given consideration if funds are available next year. John Clagett Proctor, vice chairman of the Memorial Day Committee, holding exercises at Battle Ground Cemetery May 30 at 3:30 p.m., announced details for that event. The members of the association will be the guests of Mr. and Mrs. Ray on June 12 at their Summer home at Sandy Spring, Md.

4. December 18, 1936 The Washington Times Washington, DC

Article from The Washington Times, December 18, 1936

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Article Text

YOUNG NAMED RECEIVER The Comptroller of the Currency has appointed Frederick J. Young of Milford, N. H., receiver for the United States Savings Bank and the Bank of Brightwood. The two banks will be consolidated for liquidating purposes with the International Exchange Bank, of which Young has been acting receiver. As explained at the office of the comptroller, such consolidation is its policy when assets of banks in receivership reach so low a point, the motive being to reduce administrative costs by the combination.

5. December 20, 1936 Evening Star Washington, DC

Article from Evening Star, December 20, 1936

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Article Text

3 BANK RECEIVERSHIPS WILL BE CONSOLIDATED F. J. Young to Take Over Accounts of Brightwood and U. S. Savings Institutions. Receiverships of three closed banks here have been ordered consolidated, effective December 31, it was learned yesterday from the office of the controller of the currency. Frederick J. Young of Milford, N. H., who has been acting as receiver for the International Exchange Bank, will take over also the accounts of the Bank of Brightwood and the United States Savings Bank, to liquidate total assets of about $1,750,000 from the three institutions. Young succeeds Claude T. Woodward at the Brightwood Bank and Carter B. Keane at the United States Savings Bank. Action was taken following the regular policy of the controller's office, to consolidate receiverships when the assets reach a low point.

6. December 31, 1936 Evening Star Washington, DC

Article from Evening Star, December 31, 1936

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CLOSED BANKS PAY $2,399,900 IN Next Important Dividend Expected From FederalAmerican National. (By Cambridge Associates.) Six of the 21 closed banks of this city paid to depositors during 1936 a total of about $2,399,900, with prospects that the next important dividend will come some time early next year from the big Federal-American National Bank & Trust Co. No date has been definitely fixed for payment of the Federal-American dividend, nor has it been announced what the size of the dividend will be. The bank, which closed along with 12 other institutions in March, 1933, has paid so far one dividend of 50 per cent to depositors, amounting to $4.177.900. Cary A. Hardee is receiver. What will be forthcoming from any of the other closed banks in the form of dividends in 1937 cannot be estimated. Some others may pay; others no doubt will not pay any more during this new year. The total amount paid so far to depositors of all 21 closed banks of this city, according to a survey by The Star, is about $23,640,000. Fidelity Closed During Year. In addition to the 21 closed banks. which were being liquidated during the last year, the Fidelity Building & Loan Association was closed July 18 by the controller of the currency, whose receiver, James H. Nolan, now is in charge. About 3,000 members of the association have not yet filed their claims with the receiver. Preliminary survey of the institution by the Federal Home Loan Board has been made, but the way has not been cleared as yet for formal examination by the examining division of this board, looking for possible assistance from this quarter. The Fidelity had five branches. Details of the condition of the institution have not been disclosed by the Treasury Department. A decision is yet to be made as to whether it can be reorganized or will have to be liquidated. Among the six closed banks which made payments to depositors here last year the largest amount of money was disbursed by the District National Bank, of which Justus S. Wardell is receiver. This bank paid an additional dividend of 25 per cent, amounting to about $1,000,000. This brings total District National Bank dividends up to 75 per cent, with total payments of about $2,937,100. Bank Pays 100 Per Cent. The Chevy Chase Savings Bank paid during the year its final dividend of 20 per cent to depositors, amounting to about $133,000, bringing the total to 100 per cent, or about $678,388. Paul Sleeman has been elected stockholders' agent, and, as soon as his appointment can be officially approved by the Treasury Department, will take over from Receiver Hardee remaining assets for liquidation for stockholders, who advanced sufficient funds to pay off depositors in full. The Commercial National Bank, Robert C. Baldwin receiver, paid a dividend of 10 per cent this year, amounting to about $500,000, bringing total payments from this institution to 60 per cent, or about $3,364,110. The Franklin National Bank paid two dividends during the past year through the Franklin Liquidating Trust, of which Samuel M. Thrift is secretary The two dividends amounted to 50 per cent of the amount due depositors, which was 17 1/2 per cent of their original deposits, or about $500.000. This brings the total payments to Franklin depositors up to 821/2 per cent, amounting to about $2,500,000. The Northeast Savings Bank paid a dividend of 10 per cent in 1936, through Receiver Wardell, amounting to about $106,000, bringing the total dividends up to 95 per cent, amounting to about $1,010,000. The United States Savings Bank. under Receiver Carter B. Keene, paid last year a dividend of 10 per cent, amounting to $160,900, bringing dividends up to 90 per cent in this institution, with total payments of about $1,448,260. Three Receiverships Combined. The United States Savings Bank receivership has been consolidated with two other banks, the Bank of Brightwood, of which Claude H. Woodward was recever, and the International Exchange Bank, of which Frederick J. Young has been in charge. Young takes over the consolidated receivership and plans to move all the effects of the other banks to the United States Savings location at Fourteenth and U streets, The Bank of Brightwood has paid a total of 55 per cent, amounting to $437,042, and the International Exchange Bank has paid dividends of 31.23 per cent, amounting to $115,187. The Mount Vernon Savings Bank's remaining assets are in the hands of the Mount Vernon Liquidating Trust.

7. January 30, 1937 Evening Star Washington, DC

Article from Evening Star, January 30, 1937

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PHON $2,026,338 IN Gain of $113,509 Revealed Over Previous Year in Annual Report. BY EDWARD C. STONE. Total net income Os the Chesapeake & Potomac Telephone Co. in 1936 amounted to $2,026,338. in comparison with $1,912,829 in 1935, or an increase of $113,509 according to the annual report just filed with the Public Utilities Commission. Operating revenues in 1936 totaled $10,597,013, against $10,066,522 a year ago: operating expenses required $7,537,180, compared with $7.153.484: operating taxes called for $867.323. against $735,234, leaving net income from operations of $2,192,510 in 1936 in comparison with $2,177,804 in the previous year Non-operating income was about $14,000 more than year ago, while interest deductions took only $182,790 against $267.041 There was a net gain of 12,314 in the number of telephones installed during 1936, not quite as high a figure as the 13,772 installed during 1935. Telephone calls were much more numerous. 279.178.000 against 257,691,000 in 1935, the report reveals The Chesapeake & Potomac Telephone Co. also filed the December statement, which showed an excellent month's business Operating revenues totaled $915.383. compared with $873.053 in December 1935. Operating expenses were kept well in hand, standing at $646,332. while this item a year ago was $641,825. Taxes were slightly higher, leaving a net income from operations of $205.921, well above the $173.025 year ago Non-operating income was much better and total gross wa higher than December. 1935 Interest deductions totaled $16,458, leaving balance before dividends of $195,253. compared with $159.076 in December, 1935, a gain of $36,177 There was a gain of 1,652 installed telephones in December and a marked increase in calls over the same month in 1935, the statement reveals D. C. Exchange Sales Lower. While total business on the Washington Stock Exchange in 1936 was well ahead of 1935. trading in December was not as active as in November, the Securities and Exchange Commission reports. The dollar value of stocks sold in December was $85,320 on a turnover of 2.043 shares. compared with the dollar value in November of $207.191 and a turnover of 3.167 The sales value of bonds was $38,319 against $57.85: in November Stock and bond sales together totaled $123.633 in December and $265.042 in November The dollar value of sales on all registered securities exchanges in December, 1936. amounted to $2.676.525,432. decrease of 5.2 per cent from the value of sales in November and an increase of 16.7 per cent over the value of sales in December, 1935 Stock sales including rights, had a value of $2.358.956.424, a decrease of 6.8 per cent from November Bond sales were valued at $317,483.796. an increase of 8.1 per cent over November Total stock sales in December, including rights. were 99.755.967 shares. or 5.8 per cent above November's total Total principal amount of bonds was $446,393,325 an increase of 26.3 per cent over November Business on the Baltimore and Richmond exchanges was much better in December than in November, the same report shows. Roper Urges More Advertising In periods of economic depression advertising can and should assume a leading role in starting recovery processes, and once the recovery movement has begun. efforts must be made o sustain it on an ever-increasing level looking to sound future development. Secretary of Commerce Roper said in a speech before the Advertising Club of Baltimore Mr. Roper said that the index of advertising activity increased from the low of 65 in 1933 to 89 in 1936. Frederick J. Young. receiver for the Bank of Brightwood, United States Savings Bank and the International Exchange Bank, has combined the three receivership offices in the United States Savings Bank Building at Fourteenth and U streets northwest This move will reduce expenses and make possible sale or rental of the Bank of Brightwood Building and the International Exchange Bank Building To date the United States Savings Bank has paid back 90 per cent of the money due depositors. The others have not paid as much. Business Gains 25 Per Cent. Charles W O'Donnell, general agent of the Minnesota Mutual Life Insurance Co., reported today that the company's business in the Capital increased 25 per cent during 1936, and that the agency stood in twentieth place among more than 100 agencies in the country in new policies written This gain in the Capital compares with national average increase in new business of 3 per cent over 1935. During the year there was a substantial increase in assets, surplus and contingency funds. The Washington branch office of the New York Life Insurance Co. is planning a luncheon at the Shoreham Hotel next Monday in honor of Earl D. Krewson. the local manager, who is celebrating his 35th anniversary with the company. A committee made up of Arthur M Ninner. W. S. Stone Alma McCrum, Carl Reisinger and David Samakow is making the arrangements Gas Office Gets Attention. The former office of the Georgetown Gas Light Co has been redecorated since it was merged with the Washington Gas Light Co on December 7 last. The Georgetown Gas Co. no longer exists as a separate concern all assets and liabilities having been transferred to the Washington Gas Light Co. The operations of the two companies had been gradually unified before the merger finally took place, so that the most noticeable effect to the public of the consolidation has been the discontinuation of the name