1964. Departmental Bank (Washington, DC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 16, 1937
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini
Short Digest
a9677554

Response Measures

None

Description

Articles from Dec 1937–Mar 1938 describe the Departmental Bank as a closed institution under receiver John F. Moran, with dividend payments being distributed. No run or reopening is reported; the bank remains in receivership and is disposing assets. Classified as suspension_closure (closed and in receivership).

Events (2)
1. December 16, 1937 Suspension
Cause
Government Action
Cause Details
Bank had been closed and placed in receivership by the Comptroller of the Currency; dividends distributed by receiver John F. Moran.
Newspaper Excerpt
Payment, probably before Christmas, of about $96,000 in additional dividends to depositors of two closed banks-North Capitol Savings Bank and the Departmental Bank-was authorized today by Controller of the Currency J. F. T. O'Connor.
Source
newspapers
2. December 31, 1937 Receivership
Newspaper Excerpt
Upon consideration of the petition of John F. Moran Receiver of The Departmental Bank filed herein the 31st day of December, 1937...ORDER NISI FOR SALE OF ASSET. ... be authorized to sell the property ... by the Court. F. DICKINSON LETTS. Justice.
Source
newspapers

Newspaper Articles (10)
1. December 16, 1937 Evening Star Washington, DC
Article from Evening Star, December 16, 1937

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Article Text

2 CLOSED BANKS WILL PAY $96,000 North Capitol Savings and Departmental to Give Dividends Soon. Payment, probably before Christmas, of about $96,000 in additional dividends to depositors of two closed banks-North Capitol Savings Bank and the Departmental Bank-was authorized today by Controller of the Currency J. F. T. O'Connor. In making formal announcement the controller said "actual distribution to creditors of dividend funds involved will be made as soon as possible, although due to the time required for preparation of dividend checks the exact date of distribution cannot be stated at this time." The receiver of both banks, John F. Moran, whose offices are in the old closed Park Savings Bank on Fourteenth street N.W., was authorized by the controller to proceed with payment. In the North Capitol Savings Bank there will be a third dividend amounting to 6.25 per cent to creditors. This dividend will effect a distribution of $57,700 to 5,857 claimants. As this receivership already has paid dividends of 25 per cent, the total payments will now aggregate 31.25 per cent. Depositors of this bank have filed claim against the institution for a total of $940,000. Receiver Moran will pay to depositors of the Departmental Bank a sixth dividend of 5 per cent. This will amount to $38,600 to 4,029 claimants who have proved claims aggregating $772,000. As this receivership has paid dividends of 30 per cent already, the Christmas dividend will bring the total up to 35 per cent. Controller O'Connor explained that Receiver Moran will announce later by publication or by postal card the exact date when dividend checks will be made available. "In the meantime," said Mr. O'Connor in his statement, "it is requested that depositors of the banks involved do not communicate with Receiver Moran by phone or otherwise concern(See BANKS, Page A-3.)

2. December 16, 1937 The Washington Times Washington, DC
Article from The Washington Times, December 16, 1937

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Article Text

CLOSED BANKS TO CHEER 10,000 Happy news for almost 10,000 depositors in two closed Washington banks another dividend was authorized today by Comptroller of the Currency J. F. T. O'Connor. Some 5,857 depositors in the North Capitol Savings Bank will receive checks for 61/4 per cent of the claim. This is the third dividend to be paid, the total amount of which will be $57,700. For the 4,029 depositors in the Departmental Bank, a 5 per cent dividend, totalling $38,600, was authorized. This is the sixth dividend paid. John F. Moran, receiver for both banks, announced that word will be sent to the depositors shortly, telling them when the checks will be available.

3. December 18, 1937 Evening Star Washington, DC
Article from Evening Star, December 18, 1937

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Article Text

CLOSED D. C. BANK TO DIVIDE $38,600 4,000 Departmental Depositors to Share in Dividend-North Capitol Checks Soon. Distribution of a 5 per cent dividend to more than 4,000 depositors of the closed Departmental Bank will begin at 9 a.m. Monday at the old Park Savings Bank, Fourteenth and Kenyon streets. Receiver John F. Moran said the office will be open from 9 a.m. to 5 p.m. Monday and Tuesday and will remain open until 8 p.m. Wednesday and Thursday for the convenience of depositors. The distribution amounts to $38,600 and brings the total dividends of this bank up to 85 per cent. Checks for the additional dividend of 6.25 per cent, recently authorized by Controller of the Currency J. F. T. O'Connor to be paid to 5,857 depositors of the closed North Capitol Savings Bank, are not ready as yet, Mr. Moran explained. However, they will be available some time next week so depositors can have their money for Christmas shopping.

4. December 19, 1937 Evening Star Washington, DC
Article from Evening Star, December 19, 1937

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Article Text

DEPARTMENTAL BANK DISTRIBUTES DIVIDEND Five Per Cent to Be Given More Than 4,000 Depositors in Closed Institution. The closed Departmental Bank will begin distribution of a 5 per cent dividend to more than 4,000 depositors tomorrow at 9 a.m. at the old Park Savings Bank, Fourteenth and Kenyon streets N.W. The distributing office will be open from 9 a.m. to 5 p.m. tomorrow and Tuesday, and will remain open until 8 p.m. Wednesday and Thursday, according to Receiver John F. Moran. The $38,000 to be distributed will bring the total refund dividends up to 85 per cent.

5. December 21, 1937 Evening Star Washington, DC
Article from Evening Star, December 21, 1937

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Article Text

CAPITOL SAVINGS BANK WILL DISBURSE $60,000 Distribution of 6 1/4 Per Cent Dividend to Depositors Will Start Tomorrow. Distribution of a 61/4 per cent dividend, the third since the institution closed, will start tomorrow for depositors of the North Capitol Savings Bank, Receiver John F. Moran announced today. Some $60,000 will be disbursed to more than 5,800 depositors. The payments will be made between 9 a.m. and 8 p.m. tomorrow and Thursday at the Park Savings Bank Building, Fourteenth and Kenyon streets N.W. The closed Departmental Bank started paying a 5 per cent dividend to more than 4,000 depositors yesterday.

6. December 22, 1937 Evening Star Washington, DC
Article from Evening Star, December 22, 1937

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Article Text

Bank Starts Paying $60,000. Receiver John F. Moran of the North Capitol Savings Bank started payment today of a 6 1/4 per cent dividend to more than 5.800 depositors. The present disbursement amounts to about $60,000. The payment is being made at the old Park Savings Bank Building, Fourteenth and Kenyon streets N.W. The old Departmental Bank, which is in charge of the same receiver, began the payment Monday of a 5 per cent dividend to 4,000 former depositors. In the distribution $38,000 is involved, and it brings total payments to date to 85 per cent.

7. December 23, 1937 Evening Star Washington, DC
Article from Evening Star, December 23, 1937

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Article Text

8,000 CHECKS AWAIT BANK DEPOSITORS STILL Office in Old Park Savings to Be Open Tonight Until 8 O'Clock. With nearly 8,000 more checks for depositors in the closed Departmental Bank and North Capitol Savings Bank still available, Receiver John F. Moran announced today that his office in the old Park Savings Bank, on Fourteenth street, will be open tonight until 8 o'clock for the convenience of depositors who are unable to call during the day. This will be the last of the night hours, however, before Christmas. The office will close tomorrow evening at the regular hour, 5 o'clock, and will be closed all day Christmas. The payments from the two banks this month totaled about $96,000 for about 10,000 persons. The Departmental Bank is paying an additional dividend of 5 per cent, bringing the total up to 85 per cent, while the North Capitol Savings is paying a dividend of 6 1/4 per cent, bringing the total up to 311/4 per cent.

8. January 7, 1938 Evening Star Washington, DC
Article from Evening Star, January 7, 1938

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Article Text

COLLADAY. McGARRAGHY. COLLADAY & WALLACE. Attorneys. IN THE DISTRICT COURT OF THE United States for the District of Columbia.-IN THE MATTER OF THE DEPARTMENTAL BANK—Miscellaneous No. 35.-ORDER NISI FOR SALE OF ASSET. -Upon consideration of the petition of John F. Moran Receiver of The Departmental Bank filed herein the 31st day of December, 1937. it is. by the Court. this 31st day of December. 1937. ORDERED That said John F. Moran. Receiver as aforesaid. be. and he hereby is. authorized to sell the property described as Lot 16 in Square 168 with improvements thereon known as No. 1726 Pennsylvania Avenue Northwest. in the District of Columbia for the sum of Twenty-seven Thousand Five Hundred Dollars ($27,500.00) cash. subject to the terms of agreement entered into between said John F. Moran, Receiver. and The Hungarian Reformed Federation of America. the prospective purchaser. said agreement being hereby approved. to said The Hungarian Reformed Federation of America. unless cause to the contrary be shown prior to 12:00 'clock noon on Friday. January 14. 1938: provided a copy of this order be inserted in the Washington Evening Star. a daily newspaper published in the District of Columbia on at least three days before the said 14th day of January. 1938. By the Court. F. DICKINSON LETTS. Justice. (Seal.) Attest: A true copy. Test: CHARLES E. STEWART. Clerk. By ANDREW A. HORNER. Asst. Clerk. jal.7.8 Leslie C. Garnett. United States Attorney: Carl McFarland Assistant Attorney

9. March 6, 1938 Evening Star Washington, DC
Article from Evening Star, March 6, 1938

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Article Text

JOHN F. MORAN, BANKS' RECEIVER, MOVES OFFICE John F. Moran, receiver for four banks, has moved his offices from the old Park Savings Bank Building, at Fourteenth and Kenyon streets, to the Brightwood Bank Building, at 5913 Georgia avenue, where he will be ready for business tomorrow morning. The four banks in charge of Receiver Moran are Park Savings, Departmental Bank, North Capitol Savings Bank and Prudential Bank. The old Park Savings Bank was vacated because it was sold to the Gulf Oil Corp., which will demolish it for a new service station, as announced months ago.

10. March 7, 1938 Evening Star Washington, DC
Article from Evening Star, March 7, 1938

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Article Text

Park Savings (Continued From First Page.) George A. Prevost, Maurice Schlosberg, J. Robert Sommerville, Warren W. Spencer, W. M. Wailes, George E. Walker, George W. White, C. C. Wineberger and William B. Todd. Oddly coinciding with the court decision was abandonment today of the old Park Savings Bank Building at Fourteenth and Kenyon streets N.W., which is to be torn down to make way for a gasoline filling station. Receiver John F. Moran of the Park Savings Bank, who had maintained offices in the old building also for three other closed institutions, moved out over the week end, and opened for business this morning in the Brightwood Bank Building at 5913 Georgia avenue N.W. The Park Bank Building has been sold to the Gulf Oil Corp. Mr. Moran is receiver also for the Departmental Bank. North Capitol Savings Bank and Prudential Bank. Another suit involving the Park Savings Bank is pending in the Court of Appeals against the Reconstruction Finance Corp. In this suit the depositors charge the R. F. C. made loans against assets of the Park bank which in reality were part of the trust estate belonging to depositors in the institution prior to the expiration of its charter in 1929. The R. F. C. is asked for an accounting. The Court of Appeals had postponed consideration of the claim against the R. F. C. until after the suit in which decision was announced today.