1902. Bank of Brightwood (Washington, DC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
July 13, 1932
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini
Short Digest
ab103cec

Response Measures

None

Description

The Bank of Brightwood was closed by order of the Comptroller of the Currency on July 13, 1932 and placed in receivership. No contemporaneous run is reported in the articles; subsequent items describe receivership actions (asset sales) and dividend payments through 1940. Thus this is a suspension (government-ordered) leading to permanent closure with a receiver.

Events (12)
1. July 13, 1932 Receivership
Newspaper Excerpt
Frederick J. Young, receiver of the Bank of Brightwood ... Receiver Frederick J. Young today notified approximately 5,000 depositors ... This payment brings the payments to depositors of this insolvent bank ... The Bank of Brightwood was closed by order of the controller of the currency July 13, 1932, and the bank building ... was sold recently by the receiver to a real estate operator.
Source
newspapers
2. July 13, 1932 Suspension
Cause
Government Action
Cause Details
Closed by order of the Comptroller of the Currency on July 13, 1932
Newspaper Excerpt
The Bank of Brightwood was closed by order of the controller of the currency July 13, 1932
Source
newspapers
3. November 13, 1938 Other
Newspaper Excerpt
Bank Property Sale For $34,500 Approved Frederick - J. Young, receiver of the Bank of Brightwood, yesterday was authorized ... to sell for $34,500 the old bank property at 5913 Georgia avenue N.W.
Source
newspapers
4. November 30, 1938 Other
Newspaper Excerpt
purchase occupied ... by the building Bank of Brightwood ... the receiver ... negotiated for the purchase ... the building had been occupied by the Bank of Brightwood
Source
newspapers
5. December 1, 1938 Other
Newspaper Excerpt
Attorneys ... for Frederick J. Young, receiver of the Bank of Brightwood, were instructed in the order to draw up the necessary papers to complete the transaction.
Source
newspapers
6. March 30, 1939 Other
Newspaper Excerpt
Frederick J. Young receiver of the Bank of Brightwood today notified approximately 5,000 depositors ... another dividend of 81/2 per cent now is awaiting distribution ... The Bank of Brightwood was closed by order of the controller of the currency July 13, 1932 ...
Source
newspapers
7. July 29, 1939 Other
Newspaper Excerpt
The Bank of Brightwood, which has paid 62 1/2 per cent, has unproven claims of $41,500, and undelivered checks amounting to $6,986.
Source
newspapers
8. June 18, 1940 Other
Newspaper Excerpt
Receiver to Sell Remaining Assets Of Two Closed Banks ... sales of all remaining assets of ... the Bank of Brightwood on July 24. ... The Bank of Brightwood, which closed July 13, 1932, has paid to depositors 63 1/2 per cent in four dividends ... book value of its remaining assets stands at $275,114.70.
Source
newspapers
9. July 24, 1940 Other
Newspaper Excerpt
RECEIVER'S NOTICE OF SALE ... as Receiver of the Bank of Brightwood ... will offer at public sale ... on July 24, 1940 ... the remaining assets of the said Bank of Brightwood
Source
newspapers
10. September 12, 1940 Other
Newspaper Excerpt
ORDER NISI FOR SALE OF REMAINING ASSETS ... Frederick J. Young, Receiver of the Bank of Brightwood, be and he is hereby authorized to transfer and assign the remaining assets ... to Meyer Steinberg ...
Source
newspapers
11. September 21, 1940 Other
Newspaper Excerpt
Chief Justice Wheat in District Court Thursday signed a final order approving sale of all remaining assets of the Bank of Brightwood to Meyer Steinberg of Baltimore for $3,250.
Source
newspapers
12. November 28, 1940 Other
Newspaper Excerpt
Bank of Brightwood Depositors to Get Final Dividend ... Payment of the fifth and final dividend, amounting to about $17,500, to about 5,000 depositors of the closed Bank of Brightwood will begin tomorrow ... This brings to 65.71 per cent the total dividends.
Source
newspapers

Newspaper Articles (10)
1. November 13, 1938 Evening Star Washington, DC
Article from Evening Star, November 13, 1938

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Article Text

Bank Property Sale For $34,500 Approved Frederick - J. Young, receiver of the Bank of Brightwood, yesterday was authorized by Justice Jesse C. Adkins in District Court to sell for $34,500 the old bank property at 5913 Georgia avenue N.W. unless a better offer is received, or unless there is contrary cause, before November 25. The jurist acted on the petition of George F. Shea, Martin F. O'Donoghue and Thomas X. Dunn, attorneys for Mr. Young, to sell the property. The offer includes $500 additional for the furniture and fixtures. The Bank of Commerce & Savings is reported to be the prospective purchaser, although this was not stated in the order signed today by Justice Adkins.

2. November 30, 1938 Evening Star Washington, DC
Article from Evening Star, November 30, 1938

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Article Text

July August September 89,203,505 88,017,063 102.799.707 90.915.380 October 101.236.048 99,665,488 101.263.187 November Officials Bank Interested of the today Bank In confirmed of Branch. Commerce interested the and Savings they had been for merly fact in the that purchase occupied of by the the building Bank Bank of Brightwood - nounced was Savings that the had neIt and receiver. Fred- an with had of gotiated Commerce J. Young. the and of made the real erick for the purchase vault equipoffer estate. furniture together and with fixtures. made HOW- an ment. an opposing bidder the property was in amount ever. offer in court which for the bank unwilling an to meet stated tha+ a Con- perthe Officials further issued by the bank troller mit had of been the Currency branch to in this re- vicinity. to establish No future statement a plans concerning branch was made the there garding establishment Bank of of Brightwood this 1932 and disconThe business in since. albeen no have been the though institution has tinued efforts bank there through made to start sale of a stock new known The as institution the Northwest tions would for have been Subscripti of National the stock. Bank. however. fell shore Building the required of amount the Brightwood statement Bank replans Purchaser has made no The next will garding future to former because depositors of the increased dividend be slightly payment larger for the property. Receiver C. & Young P. Phone says. the Net Chesapeake Higher. & income of Co. in October a was Potomac Net slightly Telephone better than with a $155,176 year to ago, the of just $157.643, compared according with Commission gain financial statement $2,467. filed net the Public Utilities showed total statement months of this income The in the first in 10 comparison year. with year as $1.424.433. like period last of $149,913. $1,574,346 a decrease in the revenues for October amounted Operating $976.449. an increase $950.265 to in October were held 1937. under Oper- last over with $691.$681.271. $1.800 year, ating 119. Taxes expenses were comparing and about non-operating more sum than a year ago to the small against income amounted $8.016. Interest were year vs. $39,782. of deductions $4,696. in $27,515 October in the this same 1937 period. the first 10 months of amount- the year In & P operating revenues comparison gain, with C. $9.398.351. in This a year than offset by was expenses however, $9,232,758 ed to operating more ago. and in- inin operating creases a net $1,747,533 taxes. of $1.722.5 933. of 1937 Income first leaving 10 months against $339,825. in the deductions required ago against terest $210,227 236.643 a year telephones was an in service There were which increase on of October 2.038 telephones Telephone 31. over users calls the in month. 27.435.000 during Washington previous the month. made October. or an increase 1937. Im- the of 1,697,000 business over conditions a total in of Capital proved were indicated calls by in the 10- a month year 259,036,000 period. telephone against 247.304.000 ago. Given Special Honors. just Baltz who has retired Edward as president C. Baltz. and of Loan the League. United by States Building yesterday signally and loan was Washington building honored national leadconstructive his ers the during G. program term for of office. he carried Chairman the out city in Arthur general Bishop said that organizations in parloan honors acand the were proud of the the past 12 ticular him during marine radio, corded months. A handsome inscribed. was presentBaltz ed Mr. appropriately at the close of the for the plans meeting. stated that being preIt was annual banquet Cook. are secretary pared 1939 with Martin Building. A. acting as Enterprise present the chariman. be the of the affair will From league largest indications in deleof the the official Willson history The to report the recent of Chicago by. F. conven- of gates was submitted of the District Columbia tion Camp. secretary Building Camp. and C Loan E. Kefauver League. repBesides Mr. official resentatives. and R. W. Santelman-aningtonians 17 in went to Chicago Trading stock on Exchange. figured a on Capital 25-share Today's Transit sale and the another Washington of two eighth shares Exchange at today. A single off an share of from Stock yesterday. Power 5 1/2 per cent Potomac Electric moved at 115. James preferred M. stock Johnston. Stock president Exchange, of the Washington his guest at today's connected session. with had as Lally, who is of Hayden, & Co., New Home Loan Bank report Edward Stone the The trading Federal department York its latest of Winston-Salem that as of October in loan 31. associations 18 Washington members of the saws building and fourth district

3. December 1, 1938 Evening Star Washington, DC
Article from Evening Star, December 1, 1938

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Article Text

agent for F. Weber, the purchaser. Attorneys George F. Shea, Martin F. O'Donoghue and Thomas X. Dunn, counsel for Frederick J. Young, receiver of the Bank of Brightwood, were instructed in the order to draw up the necessary papers to complete the transaction. The deal will be closed upon paying

4. March 30, 1939 Evening Star Washington, DC
Article from Evening Star, March 30, 1939

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Article Text

Brightwood Bank Receiver to Pay Another Dividend Depositors Notified 81/2 Per Cent Share Is Now Ready Frederick J. Young receiver of the Bank of Brightwood today notified approximately 5,000 depositors by postal card that another dividend of 81/2 per cent now is awaiting distribution at the receiver's office, 2000 Fourteenth street N.W. This payment brings the payments to depositors of this insolvent bank up to a total of 63 1/2 per cent of their deposits. The Bank of Brightwood was closed by order of the controller of the currency July 13, 1932, and the bank building. located at Georgia avenue and Concord avenue N.W., was sold recently by the receiver to a real estate operator. In order to make as wide a distribution of the new dividend as possible before Easter, Receiver Young has arranged to have his office, in the old United States Savings Bank, open Saturday afternoon until 5 p.m. Next week the office will remain open until 5 p.m. daily except Saturday. Depositors must bring their "certificates" with them in order to receive this dividend, Mr. Young emphasized. Previous disbursements to the depositors of the Brightwood Bank, in the &mount of 55 per cent, amounted to $437,178, according to the latest quarterly report of the receiver. At that time the total remaining assets were estimated by the receiver to be $76,237.98, including uncollected stock assessment of $3,232.70.

5. July 29, 1939 Evening Star Washington, DC
Article from Evening Star, July 29, 1939

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Article Text

$60,000. These have been made out to persons who had proven their claims. The Commercial National Bank, for which the receivership office is also at 1336 New York avenue, has unproven claims amounting to $206,000, and 2,111 undelivered checks amounting to about $26,000. It has paid 70 per cent. The four other bank receiverships under supervision of Mr. Young are located at the site of the closed United States Savings Bank at Fourteenth and U streets. Paid 100 Per Cent. The United States Savings Bank, which has paid 100 per cent has $50,846 of unproven claims, and undelivered dividend checks amounting to $7,996. The Bank of Brightwood, which has paid 62 1/2 per cent, has unproven claims of $41,500, and undelivered checks amounting to $6,986. The International Exchange Bank, which has paid 45 per cent, has unproven claims amounting to $17,000 and undelivered dividend checks worth $7,500. The Industrial Savings Bank has no undelivered checks, Mr. Young reports, but has unproven claims totalling $114,500.

6. June 18, 1940 Evening Star Washington, DC
Article from Evening Star, June 18, 1940

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Article Text

Receiver to Sell Remaining Assets Of Two Closed Banks International Exchange, Brightwood Depositors To Receive Dividends Taking action toward final liquidation of two more closed banks here, Receiver Frederick J. Young today announced plans for sales of all remaining assets of the International Exchange Bank on July 23 and of the Bank of Brightwood on July 24. The sales will take place at the receiver's office, 1336 New York avenue N.W. Arrangements then will be made to wind up affairs of the two institutions and pay out all remaining cash to the depositors. It is not known when the final dividends will be available to depositors, but it is believed it will be many months. No estimate has been made on the amount of money to be distributed. The Bank of Brightwood, which closed July 13, 1932, has paid to depositors 63 1/2 per cent in four dividends, amounting to $504.941. The book value of its remaining aassets stands at $275,114.70, including two dwellings. The International Exchange Bank, which closed July 14 . 1932, has paid 45 per cent to depositors in four dividends, amounting to $197,969.95 and has remaining assets with a book value of $234,127.25, including a house in Takoma Park and lots in the business section of Hopewell, Va.

7. July 1, 1940 Evening Star Washington, DC
Article from Evening Star, July 1, 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 Mr. Frederick J. Young. as Receiver of the Bank of Brightwood of Washington. D. C., will offer at public sale to the highest bidder or bidders for cash at 1336 New York Ave. N.W. on July 24. 1940, at 10 o'clock A.M., the remaining assets of the said Bank of Brightwood of Washington. D. C.. consisting of real estate. 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 remaining assets so offered for sale may be inspected by prospective purchasers at the office of the Receiver of the Bank of Brightwood of Washington. D. C.. on all business days except Saturday un to and including the date of said sale between the hours of 9 A.M. and 4:30 P.M., Saturday. 9 A.M. to 12 noon. According to law. said remaining 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. FREDERICK J. YOUNG, Receiver. Bank of Brightwood. Tasbinoten

8. September 13, 1940 Evening Star Washington, DC
Article from Evening Star, September 13, 1940

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THOMAS X. DUNN. Attorney for Petitioner, Tower Bldg., DI. 2400. IN THE DISTRICT COURT OF THE United States for the District of Columbia.-In re: Receivership of BANK OF BRIGHTWOOD. Special No. 34.-ORDER NISI FOR SALE OF REMAINING ASSETS. -Upon consideration of the petition of Frederick J. Young, Receiver of the Bank of Brightwood. filed herein on the 10th day of September, 1940, it is by the Court this 12th day of September. 1940, ORDERED: 1. That Frederick J. Young. Receiver of the Bank of Brightwood be and he is hereby authorized to transfer and assign the remaining assets of said bank, copy of which is attached. to said petition and made part thereof, to Meyer Steinberg and that he be authorized to accept the sum of THREE THOUSAND TWO HUNDRED FIFTY ($3.250) DOLLARS from said purchaser, said sale to be made without recourse or warranty of any kind or character. payment to be made in cash, and that said sale be ratified and confirmed. unless cause be shown to the contrary or objections made on or before the 20th day of September. 1940. or unless higher offers in writing and properly Ruaranteed are received by the Receiver at his office located at 1336 New York Avenue N.W.. prior to twelve o'clock noon on the day preceding the last above-mentioned date. 2. A copy of this Order shall be published at least (2) two times prior to the last above-mentioned date in the Washinston Evening Star. JENNINGS se13.17 BAILEY. Justice.

9. September 21, 1940 Evening Star Washington, DC
Article from Evening Star, September 21, 1940

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Two Banks May Pay Final Dividends Before Christmas Plans Rushed to End Receiverships of D. C. Institutions Final dividends before Christmas from two closed banks in Washington appeared likely today as Receiver Frederick J. Young pushed plans to wind up the receiverships of the Bank of Brightwood and the International Exchange Bank. Chief Justice Wheat in District Court Thursday signed a final order approving sale of all remaining assets of the Bank of Brightwood to Meyer Steinberg of Baltimore for $3,250. He was high bidder in an auction sale conducted recently by Receiver Young. In the case of the International Exchange Bank an order on the proposed sale of remaining assets to M. J. Kramer of New York, who offered $3,500 for the assets at a recent auction, is returnable in court September 25. Any further bids must be in the hands of the receiver by noon, September 24. When final disposition is made of these remaining assets of both banks, Mr. Young will prepare final dividends to depositors. Both institutions closed in July, 1932. Hoping to have the checks ready before Christmas, he will notify depositors by post card. He requested depositors not to inquire in advance because such inquiries would merely delay the disbursement. Amounts of the two dividends have not yet been determined. Meantime, another step in liquidation of the United States Savings Bank was taken yesterday when Mr. Young changed the date for sale of most of the remaining assets of this bank from October 1 to October 8, at 10:30 a.m. at the bank. 2000 Fourteenth street at U street N.W. Lists of these assets were being mailed out today to prospective bidders.

10. November 28, 1940 Evening Star Washington, DC
Article from Evening Star, November 28, 1940

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Bank of Brightwood Depositors to Get Final Dividend Receiver Says Checks For $17,500 Are Ready For Distribution Payment of the fifth and final dividend, amounting to about $17,500, to about 5,000 depositors of the closed Bank of Brightwood will begin tomorrow morning, it was learned today from Receiver Frederick J. Young. Postal cards were mailed today to depositors notifying them to call for checks at Fourteenth and U streets N.W., site of the closed United States Savings Bank. The checks will be available at this location up to and including Monday, December 16. After that, they will be turned over to the Treasury, and then it will be necessary for depositors to call at the Treasury Department to get them. The fifth and final dividend is 2.21 per cent of the amount depositors had in the bank when it closed, July 13, 1932. This brings to 65.71 per cent the total dividends, amounting to $522,364. The final dividend in another closed bank in the hands of Receiver Young, the International Exchange Bank, is being paid also at 2000 Fourteenth street N.W., but less than half of the 1,500 depositors have called for their checks. This dividend is 5.6 per cent, or $19,776, bringing the total dividends in this institution, also closed in 1932, to 50.6 per cent, or $183,168. Dividend checks in the International Bank can be obtained at 2000 Fourteenth street only until December 5, after which they will be sent to the Treasury Department. In the cases of both Brightwood and International Exchange Banks, depositors were informed by Receiver Young that it will be necessary for them to bring both their notification card and their receiver's certificate to get their dividend check.