1979. Federal American National Bank & Trust Company (Washington, DC)

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 10316
Charter Number: 10316
Start Date: March 1, 1933*
Location: Washington, District of Columbia (38.895, -77.036)

Metadata

Model: gpt-5-mini
Short Digest: 8a164ae2

Response Measures

None

Description

The Federal-American closed at the March 1933 banking holiday (government action), was placed under a conservator, and some of its liquid assets were merged into the new Hamilton National (whose branches included former Federal-American offices). However the Federal-American itself did not resume independent operations and was placed in receivership and liquidated. Thus this is a suspension (closure) with receivership/ liquidation, not a standalone depositor run. Conservatorship and later receivership and asset sales/assessments are documented throughout 1933-1935.

Events (4)

1. March 1, 1933* Other

Newspaper Excerpt: John Poole, conservator of the Federal-American National Bank and Trust Company, one of 13 local banks operating on a restricted basis, ... Poole ... to remain as conservator ... or become an officer in the new Hamilton National Bank.
Source: newspapers

2. March 6, 1933 Suspension

Cause: Government Action
Cause Details: Closed as part of the nationwide bank holiday ordered by proclamation (March 6, 1933).
Newspaper Excerpt: The money has been tied up since March 6, when all banks were ordered closed by presidential proclamation.
Source: newspapers

3. September 25, 1933 Other

Newspaper Excerpt: the Hamilton National Bank threw open its doors for 100 per cent banking business this morning, the new institution being a merger of seven banks which have been operating on a restricted basis ... The branch of the Federal-American at Fifteenth and H streets northwest was not reopened. The Hamilton's main office is located at Fourteenth and G streets, in the former Federal-American National Bank & Trust Co Building.
Source: newspapers

4. November 1, 1933 Receivership

Newspaper Excerpt: The bank was then put into the hands of its present receiver, Cary A. Hardee. Since taking over the defunct bank, Mr. Hardee has spent ... for current liquidation expenses.
Source: newspapers

Newspaper Articles (23)

1. May 18, 1933 The Washington Times Washington, DC

Article from The Washington Times, May 18, 1933

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The name, the First National Bank of Washington, the unanimous choice of directors of five closed banks participating in the merger, has been definitely discarded, it was learned today. The name by which the bank will be known is to be announced by President Edwin C. Graham today. Stock Campaign Opens Each of the five banks began an intensive campaign today to obtain $1,250,000 in subscriptions to the capital stock of the new institution. Use of the name First National, it was said, would ze contradictory to a policy observed by the Treasury Department in disapproving adoption of a name which has once been used by a bank which has failed. A First National in the District. it was said, went into receivership about 50 years ago. The names Central, United, and Hamilton, it was stated at yesterday's meeting of directors, had been approved by the Treasury officials. The names of Colonial and Consolidated also were suggested. At a meeting of directors of the institutions which are merging their "prime" assets in the new bank it was stated by Mr. Graham that he hoped the stock would be subscribed in seven days and that the new bank would be functioning early in June. 100,000 Depositors The new bank, it was stated. will start business with entirely liquid assets totalling $11,131,211 and that it will have 100,000 depositors. Member of Reserve It will be a member of the Federal Reserve system and will conduct a general banking business unencumbered with real estate or real estate mortgages, it was stated. Slow or doubtful assets are to be liquidated through conservators of the "old" banks. This, it was pointed out, would be and to than other Shuman, stockholders more ing W. returns rapid Irving orderly depositors of in methods. the bring- office and reorganization division of the of the Comptroller of the Currency, in reviewing the "Washington plan" of releasing frozen assets of closed banks, reminded the directors that stockholders' liability with respect to the "old banks" remains until the liquidation of their affairs is completed. 50 Per Cent Available All banks becoming a part of the new institution will make available 50 per cent of their deposits. 1 The capitalization of the new institution probably will be e changed as other banks enter the S merger. The five participating banks at S present are the Federal-American < National Bank and Trust Comf pany, the District National, the e Potomac Savings, Washington f Savings and the Northeast Savings. t The Woodridge-Langdon Savings and Commercial Bank also is exI pected to join and the United States Savings, Seventh Street ) I Savings and Chevy Chase Savings : Banks, are considering joining.

2. May 25, 1933 The Washington Times Washington, DC

Article from The Washington Times, May 25, 1933

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POOLE, EVANS PONDER NEW BANK POSTS 2 Must Quit as Conservators If They Become Officers Of Hamilton National John Poole, president of the Federal-American National Bank and Trust Company, one of 13 local banks operating on a restricted basis, is expected today decide whether he will remain to as conservator of that bank or become an officer in the new Hamilton National Bank. Poole's decision is to be made at because J. this time Wilmer the FedWaller, vice president of has vice named ert1-American, president and also cashier been of the new bank. Poole, Treasury officials stated, could not serve both as conservator of the old and officer of the new bank. Evans to Choose, Also jr., president and of the conservator Joshua Evans, District National, will also be required to make a choice, it is said. Evans' decision, however, is not expected in the near future. Few, if any, employes of banks participating in the formation of the Hamilton will lose their jobs because of the merger, Edwin C. Graham, president. stated today. Instead of cutting down personnel of the banks. Graham indicated more help might be needed. Closing out the business of the merging institutions will be a "tremendous task," he said. Opening of the new bank will also mean there will be openings for experienced help. Progress Noted Expressing satisfaction made in with securing the progress being subscriptions to the $1,000,000 capital stock and $250,000 surplus for new the Hamilton National, for Graham emphasized the need intensive work and "fullest cooperation" on the part of stockholders and depositors of the members banks. Total subscriptions for stock to date were not disclosed following a meeting of the general subscription committee yesterday. It was pointed out that some of the subscription committees had not been able to begin active work until yesterday. Bank Bill Helps Sale of stock in the new bank, it is said, has been stimulated by the passage by the House of the Class-Steagall banking bill with an amendment which provides for elimination of the double liability of stockholders in national institutions chartered after the bill has gone into effect. The bill still has to receive the sanction of the Senate and signature resigned R. L. of Hargreaves President Roosevelt. has as conservator of the Park Savings Bank and has been replaced by J. L. Bailey. Both men are bank examiners of the Treasury Department. Hargreaves resigned on his own and has request been assigned another task as bank examiner.

3. June 29, 1933 The Washington Times Washington, DC

Article from The Washington Times, June 29, 1933

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LINN APPOINTED COMPTROLLER Arthur J. Linn, comptroller of the Federal-American National Bank and Trust Company. has been named comptroller of the new Hamilton National Bank. Major Erskine Gordon, trust officer of the same bank, is to become trust officer of the new institution being formed through the merging of the quick assets of eight local restricted banks, of which the Federal-American is one. Application for the charter of the Hamilton is being drafted today and Edwin C. Graham, president, expects to make application to the Comptroller of the Currency for the charter soon. Representatives of directors, stockholders and a depositors' committee of the Park Savings Bank planned to petition the Comptroller of the Currency today to appoint a receiver for that institution. deposits of which were looted of about $1,700,000. Another depositors' committee, headed by J. W. Thompson, is said to be opposed to such a move. Members of this committee are reported to favor appointment of a receiver by the courts. They are also said to be convinced that the bank's Alabama charter expired in 1929. Treasury officials state that the charter was actually issued in 1914 and expires in 1934. The bank. they state, operated on a temporary charter for the first few years while the question of taxation was being fought out.

4. August 30, 1933 Evening Star Washington, DC

Article from Evening Star, August 30, 1933

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SEEK BANK FILINGS OF GROSS EARNINGS Commissioners Enter Suits Against Federal and Brightwood Institutions. Seeking to compel the Federal-American National Bank & Trust Co., and the Bank of Brightwood to file reports of gross earnings for the past fiscal year for local tax purposes, two suits were filed in the District Supreme Court yesterday by the District Commissioners. Defendants named were John Poole, conservator of the Federal-American Bank, and Claude H. Woodward, receiver of the other institution. The suits pointed out that all local banks are legally obligated to make a return of gross earnings at the close of each fiscal year. Tax Assessor William P. Richards certified he had asked the two banks for such returns, but that they have not been filed. Justice Daniel W. O'Donoghue signed an order requiring the bank officials to answer the suits by October 2. The Commissioners also filed mandamus suits, seeking to compel 14 private citizens to file personal tax returns. These defendants are: John Carey, Woodward Building; Clifford Allen. 4500 Broad Branch road; Frederick M. Bradley, Colorado Building: Dr. J. L. Elliott, Medical Science Building: L. Edward Flaherty, International Building: J. H. Gillis, Mather Building: J. B. Grice, Munsey Building; Charles W. Jones, Munsey Building: H. L. McCormick, Munsey Building: Junior Owens. 3010 Cleveland avenue: Dr. J. W. Palmer. International Building; Dr. G. N. Payette, Kresge Building: Dr. N. K. Rogers, 2737 Devonshire place, and Jerome Saks. 3403 Woodley road. The suits were filed by Corporation Counsel William W. Bride and his assistant, Francis H. Stephens.

5. September 16, 1933 Evening Star Washington, DC

Article from Evening Star, September 16, 1933

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CONSIDER OPENING DATE OF HAMILTON Bank Directors Meeting Today in Effort to Reach Final Decision. BULLETIN. The last legal step in the local courts looking toward the opening of the Hamilton National Bank was taken in District Supreme Court t day when Justice Jennings Bailey approved leases of seven bank properties to the new institution at a total annual basic rental of $45.500. The leases were executed by conservators of five of seven banks involved. three of the properties belonging to the old Federal-American National Bank & Trust Co. The Board of Directors of the new Hamilton National Bank was meeting today to make a final decision on the date on which the bank is to open for business. Immediately after the decision is made, conservators of the seven banks which will sell assets to the new institution, will begin the task of calculating the value of the assets to be turned over. with adjustments for interest due, on the opening date. This task, which involves a separate calculation for each note. bond. mortgage or other assets to be turned over, will occupy not less than a week. so that the earliest date that could be selected is Monday, September 25. On the day selected. depositors in the seven banks going into the merger will be able to obtain one-half of the amounts to their credit in the closed banks by application to the Hamilton Bank. The money has been tied up since March 6, when all banks were ordered closed by presidential proclamation. Since that time none of the banks placed under consrevators here has opened except the Chevy Chase Bank, which was bought by the Riggs National Bank. The seven banks going into the merger are the District and FederalAmerican National Banks and the Woodridge-Langdon, Northeast, Potomac, Seventh Street and Washington Savings Banks. There are nine other closed banks here. Of these, the Commercial National, Park Savings, North Capitol, International Exchange, Departmental Banks and the Bank of Brightwood are in the hands of receivers and will not reopen. The Franklin National, United are in States ings Savings the and hands Mount of conservators, Vernon Savwho are negotiating for the opening of their respective banks.

6. September 25, 1933 Evening Star Washington, DC

Article from Evening Star, September 25, 1933

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BANKING EXPANDED HERE BY OPENING New Hamilton National Adds Substantially to City's Facilities. BY EDWARD C. STONE. Washington's banking map, which has been very much contracted since last March, was expanded materially today by the opening of eight banking offices in various parts of the city As noted in detail elsewhere in today's Star. the Hamilton National Bank threw open its doors for 100 per cent banking business this morning, the new institution being a merger of seven banks which have been operating on a restricted basis ever since the bank holiday last Spring The consolidation gives citizens access to 50 per cent of the funds that were tied up in 11 different banking offices The new bank has a main office and seven branches. While the District National's building and that of the Washington Savings Bank are not being used by the new institution, yet these banks are in the merger and half the funds in these two banks were made available today to their old depositors who opened accounts in the Hamilton The branch of the FederalAmerican at Fifteenth and H streets northwest not was reopened The Hamilton's main office is located at Fourteenth and G streets. in the former Federal- American National Bank & Trust Co Building. The seven branches are the Potomac at Wisconsin avenue and M street in Georgetown Woodridge-Langdon, at 2027 Rhode Island avenue northeast Northeast formerly Northeast Savings Bank. 800 H street northeast Seventh Street Seventh and N streets northwest Brookland. at Twelfth and Newton streets northeast Dupont Circle. Connecticut avenue at Dupont Circle, and Pennsylvania Avenue at Twentieth street northwest All eight offices did a rushing busi ness today Some depositors put in money others took some out. New ac. counts were opened After banks have been closed several months. there is banking business of every kind to be transacted Tellers had to hustle Officers were rushed attending to important matters for customers All day bank officials were showered with congratulations and best wishes by other bankers. business men old and new depositors and personal friends. Each banking office was literally buried with flowers the gifts of business friends and admirers 'A blessed event said one visiting banker By far the most important local financial development in the past six months, said another Daylight Savings Time Ends. Tickers in the brokerage offices here started off at 10 o'clock this morning an hour later than usual because of the conclusion of daylight savings time in New York Local offices were well filled with customers as the new sebedule went into effect Clocks in many of the offices which have been running on davlight time all Summer, were set back on standard The market opening was irregular and somewhat lower in the majority of stocks. It is generally believed among traders that there is to be no inflation of currency The President is understood to favor inflation of credit This means that speculators will have a hard time forcing stocks up with wild inflation talk Some brokers here think that the price of wheat cotton and other commodities and the price of the dollar abroad may be the leading market factors for time Now Comes Kidnaping Insurance. So far as known, Washington residents are about to be offered kidnaping insurance for the first time Old-time life insurance. accident insurance and every other kind, including insurance against hurricanes, has been offered here for years M Leroy Goff. in the Woodward Building, says that insurance against kidnaping was first started in London Risks have been taken on both adults and children The insurance companies in England have been unwilling to take any risks on people who have been threatened by kidnapers. Up to this time there has been quite variation in rates. It was understood today that definite rates have not been established in Washington Rates in England have been based partially on the prominence of the people insured and the amount of wealth which they are supposed to have Security Storage Dividend The board of directors of the Security Storage Co. have declared the regular quarterly dividend of $1.25 per share on the stock of this company payable on October 10. to the stock holders of record at the close of business October 6. the books to be closed between said dates respectively The first sale on the Washington Stock Exchange today was $1,000 transfer in Washington Railway & Electric 4s at 85. Washington Gas 5s. 1960, came out at 103 3/4 on $1.000 sale Washington Gas 6s series B, moved in $1.000 sale at 1031 a Capital Traction 5s appeared on the board twice, both $1,000 sales. one at 54 and the other at 531% The closing bond sale was a $500 transaction in Washington Gas 5s 1958 at 85 Trading in the stock division was confined to Railway & Electric preferred small lot moving at 861/2 and another small lot advancing to 87 Heard in Financial District Tomorrow is the date announced for the payment by the Commercial National Bank of more than $1,030,000 to depositors in this institution which is now in receivership This will be the first payment since the bank was closed last February and is about 20 per cent. according to Receiver Baldwin National Power & Light Co. has declared the regular quarterly dividend of $1.50 on the per cent preferred stock. payable November 1 to stock of record October One hopeful sign for the utility companies comes from Philip Lieber, president of the United States League of Building and Loan Associations Mr Lieber declares, according to the Wall Street Journal that re-employment will enable 1,000,000 families to leave the homes of relatives and set up their own homes within a year If Mr Lieber's prognostication proves correct the change would mean substantial pick-up in domestic business for utility companies The 'doubling up' process was one of the important factors in cutting down utility companies' domestic load

7. December 14, 1933 Evening Star Washington, DC

Article from Evening Star, December 14, 1933

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M'LEAN APPOINTED TOD. C. BANK POST Former Governor of North Carolina to Aid Liquidation in Capital. Angus W. McLean. former Governor of North Carolina, who has been practicing law here for about six months, today was appointed by Controller of the Currency J. F. T. O'Connor to be attorney for the six Washington banks now being liquidated by Receiver Norman R. Hamilton. Mr. McLean is the third prominent public figure to be brought into the Washington closed bank situation. Mr. Hamilton, who has already taken over three of the six local banks which he is to liquidate, was appointed from Portsmouth, Va., where he is the publisher of the Portsmouth Star. Former Gov. Cary Hardee of Florida has taken charge of liquidation of the remaining assets of two banks. the old FederalAmerican National Bank & Trust Co. and the Chevy Chase Savings Bank. The six institutions which will be served by former Gov. McLean as attorney are the District National Bank, the Northeast Savings Bank and the Washington Savings Bank, which have been taken over officially by Receiver Hamilton, and these three others: Seventh Street Savings, Woodridge-Langdon Savings & Commercial and the Potomac Savings Bank. In announcing McLean's appointment, a statement from the office of the controller said: "Mr. McLean brings to his new duties a wealth of experience as a lawyer and as a public servant. A practicing lawyer in his native State for the past 30 years, he was chosen president of the North Carolina Bar Association in 1920. During the World War and for two years thereafter he was director and then managing director of the War Finance Corporation in Washington. "Mr. McLean also served during 1920 and 1921 as Assistant Secretary of the Treasury, in charge of customs, internal revenue, prohibition enforcement f and secret service. Throughout the I same period he also served as chairman 1 of the Railway Loan Advisory Committee, for Secretary of the Treasury D. F. Houston. "From 1925 to 1929, Mr. McLean was Governor of North Carolino. "He has maintained, with his associates, law offices in Lumberton and Raleigh, N. C., for many years. while he established a law office in the : Southern Building here about six months ago. He has been in active practice here since then." Mr. McLean took over his new duties as attorney for Hamilton today. Headquarters for liquidation of the six banks is in the District National Bank Building on G street near Fourteenth.

8. July 8, 1934 Evening Star Washington, DC

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MANY TO BENEFIT BYLEVY ON BANKS Depositors Will Gain by 100 Pct. Assessment on Stockholders. Thousands of depositors are expecting to benefit from the 100 per cent assessment which Controller of the Currency O'Connor yesterday levied on 1,343 stockholders in five local banks. The exact number of these depositors was not available last night, but it is known to run into the thousands. None of these depositors has received more than 50 per cent dividend so far on the deposits which were tied up when the five banks failed to re-open at the close of the bank holiday. News that the controller had levied the assessment fell as a shock upon the stockholders. but it was greeted by depositors with hope that when the receivers collect all that is possible, there will be further dividends available for creditors. Amounts Involved Uncertain. There is no way of computing at this time how much the receivers will be able to collect from the stockholders, nor how much will be available for the depositors, nor when it will be available. Some of the banks are known to be in better condition than others, although up to the present time they have all paid the same dividend-50 per cent. The banks whose receivers now will proceed to collect the assessment where possible are: The Federal-American National Bank and Trust Co., in the hands of Receiver Cary A. Hardee, who already has advertised official notice to collect $2,000,000 from 642 stockholders. Four other banks in the hands of Norman R. Hamilton, who will attempt to collect as follows: District National Bank, $1,000,000 from 325 stockholders; Potomac Savings Bank, $140,000 from 68 stockholders: Northeast Savings Bank, $100,000 from 185 stockholders, and Seventh Street Savings Bank, $100,000 from 123 stockholders. The assessments aggregate $3.340.000 divided among a total of 1,343 stockholders. Threats of Bankruptcy. Announcement of the assessment was greeted yesterday in some quarters with threats of some stockholders to go into bankruptcy. Should they carry out this threat, it is understood the Government's receivers would have to take place alongside all other (Continued on Page 2, Column 8.)

9. July 11, 1934 The Washington Times Washington, DC

Article from The Washington Times, July 11, 1934

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EARLY PAYMENT OF DIVIDEND PROBABLE Remaining Assets Unlikely to Provide Full Settlement For Depositors That a severe blow in the form of assessments will soon be dealt stockholders of the defunct Chevy Chase Savings Bank appeared almost a certainty today. When the bank closed its doors it had deposits aggregating $732,203 and has since paid out in dividends $468,668. Its prime assets were taken over by the Riggs National Bank, and attempts are being made to quickly liquidate remaining assets, and notes. Officials Are Silent It appeared unlikely today that liquidation of these notes would bring in enough to pay off depositors in full, which leads observers to believe that the Comptroller of the Currency will levy assessments against stockholders to make up the difference. The possibility of assessments would not be discussed by either officials of the Treasury Department or the bank's receiver, Cary A. Hardee. It was learned, however, that an early substantial payment to depositors is probable. The bank has succeeded in paying off its debt to the Reconstruction Finance Corporation. The outlook for the FederalAmerican National Bank and Trust Company is not so good, and any nearby payment of diviS dends is unlikely. It was learned 1 on high authority that depositors . in the bank, which also comes i under the jurisdiction of Mr. Hardee, will ultimately suffer a substantial loss. : : Owes RFC $2,000,000 . , The bank owes about $2,000,000 < to the RFC, and although it is possible to borrow more money : from that institution on assets already put up as collateral, the : future borrowings, if any, would be scant. When the bank collapsed it : had deposits totaling $9,583,793 , and has since paid off $5,271,086, according to figures given out today at the office of the Comptroller of the Currency. Letters to stockholders of the bank were being sent out today s pursuant to the recent order of the Comptroller of the Currency . that assessments aggregating $2,, 900,000 must be paid by the 642 : stockholders. It was considered unlikely that anything like this amount would be forthcoming from the stockholders, many of whom are in financial straits. Observers believe the receiver will be fortunate if he gets one-third of the amount.

10. July 19, 1934 The Washington Times Washington, DC

Article from The Washington Times, July 19, 1934

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# PAY-OFF COST # 6.6 PER CENT # FOR BANK Federal-American Depositors Pay $352,017 Expense for $5,271,086 Dividend By EUGENE A. KELLY How the conservator for the Federal-American National Bank and Trust Company spent $295,830.42 of the depositors' money for liquidation expenses will be revealed today by the Treasury Department. This institution failed to open after the President's banking holiday and was under the jurisdiction of the conservator, John Poole, until and including October 31 of last year. The bank was then put into the hands of its present receiver, Cary A. Hardee. Since taking over the defunct bank, Mr. Hardee has spent $56,186.99 for current liquidation expenses. This means that depositors in the bank have to date paid a total of $352,017.41 in defraying the expenses of liquidating their frozen assets. Expenses Itemized At the request of The Washington Times the Treasury Department was making an itemized statement today of the expenditures made during the conservatorship of the bank. In the statement of the condition of the bank the figure of $295,830.42 given but there is no breakdown of the amount. When the bank failed it had deposits, aggregating $9,583,793. It has since paid off $5,271,086, (Continued on Page 11, Col. 1, Second Section)

11. July 20, 1934 The Washington Times Washington, DC

Article from The Washington Times, July 20, 1934

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CONSERVATOR COST HIGH TO BANKS Figures for Three Additional Institutions Here Made Public by Treasury By EUGENE A. KELLY Salaries paid officers, employes and clerks of the Federal-American National Bank and Trust Com. pany and its four branches during the eight-month period it was under a conservator amounted to $105,916.43, it was revealed today at the Treasury Department. The postage bill during this period was $3,196.86, while sums spent for stationery and printing aggregated $2,401.76. More Banks Report Three other closed banks today gave out the cost of their conservatorships and receiverships up to and including March 31. The District National Bank had expenses of $127,397.76 while under a conservator and $31,445.08 while in the hands of the receiver. The Northeast Savings Bank had expenses totaling $14,712.75 while under the jurisdiction of a receiver and $26,290.60 while in conservatorship. Receivership expenses of the W Washington Savings Bank amounted to $4,085.14 and its expenditures while under a conservator aggregated $13,424.80. The total cost of the conservatorships and receiverships of the three banks was $217,356.13. This sum, added to the $707,564.29 spent by the conservators and receivers in 11 other closed banks (Continue

12. July 20, 1934 The Washington Times Washington, DC

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Conservators Cost Banks More Than Receivers plies and taxes. Contrasted with (Continued from Page 1) the expenses is the amount taken here, brings the grand total of the in by the receiver for the deposcosts to date of liquidation exitors. This figure is about $82,000, penses in 14 of the closed Washwhich means that depositors made ington banks to $924,920.42. a net profit of about $12,000. This does not mean, however, The Federal-American National that the banks while in conservaBank and Trust Company closed torships and receiverships spent its doors with deposits aggregating this $924,920.42 over and above $9,583,793. It has since paid off what they took in while liquidat$5,271,086 of this amount. The toing the assets of the closed instital expenses incurred in liquidattutions. ing the assets of the bank thus Net Cost Figured far amount to $352,017.41. Of this In the case, for instance, of the amount $295,830.42 was spent by Federal-American National Bank the conservator who was put in charge of the bank in March and and Trust Company, $239,847.14 terminated his services October 31, was collected by the conservator 1933. for the benefit of the depositors. Since that time the bank has The net expense, therefore, of this been in the hands of Cary A. Harbank was $55,983.28. dee, the receiver, who, to date, has A good portion of the expenses spent $56,186.99 in winding up the paid out by the District National affairs of the bank. Bank went for the upkeep of the Itemized Costs Listed Frontenac Apartments, which is one of the assets of the bank. It Here is an itemized account of cost the bank $70,711.76 last year, the expenditures and collections made by the conservator of the and will probably cost the same Federal-American National Bank amount this year. The expenses included fuel, electricity, insurand Trust Company and its four branches: ance on the building, repairs, sup-

13. October 9, 1934 The Washington Times Washington, DC

Article from The Washington Times, October 9, 1934

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STOCKHOLDERS SUED BY BANK Nine suits for collection of $8,100 in stock assessments from stockholders in the Federal-American National Bank and Trust Company were filed yesterday in District Supreme Court by Receiver Cary A. Hardee. Filed through Attorneys Huston Thompson and Herbert S. Ward, the suits and their defendants were in the following amounts: Charles E. Brown, 5400 block Caroline Pl. N. W., $200; Thomas J. Gibbons, 4200 block Seventh St. N. W., $1,000; Kenneth M. Livingstone, 1300 block F St. N. W., $300; G. F. Snyder, 800 block Eighteenth St. N. W., $1,400; Mrs. Elizabeth Kohn, 5700 block Sixteenth St. N. W., $400; Charles B. Stewart, Third and D Streets Southeast, $2,500; Charles Facchina, 1200 block Quincy St. N. E., $200, and Albert T. Haas, 700 block Fifteenth St. N. W., $1,700.

14. October 13, 1934 The Washington Times Washington, DC

Article from The Washington Times, October 13, 1934

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CLOSED BANK'S RENT COST HIT By EUGENE A. KELLY Disclosure today that the conservator for the Federal-American National Bank and Trust Company paid $1,250 a month rent for office space while the defunct institution had its own office properties on hand and available, brought forth gasps of wonderment from depositors. The bank was in conservatorship from March until November of last year. With the advent of the receiver, Cary A. Hardee, the rent was reduced to $500 a month. Mr. Hardee announced today the office force of the closed bank will move next week from its present headquarters at Fifteenth and H Streets Northwest into a building in the 1300 block New York Avenue Northwest, which is owned by the bank. Why the consequent saving to depositors was not effected when the bank first collapsed was not discussed by officials. The New York Avenue building has been only partly occupied for the last year.

15. December 7, 1934 Evening Star Washington, DC

Article from Evening Star, December 7, 1934

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no13.16.20.23.27.30-de4.7.10.11 ADAM A. WESCHLER & SON. Auctioneers. COLLATERAL AT AUCTION. By virtue of the powers of sale contained in three certain collateral agreements dated February 13. 1930; February 19. 1930. and March 12. 1930. default having occurred under the terms of all of said agreements, I will sell at public auction within the office of Adam A Weschler & Son. Inc., 915 E street northwest. Washington, D C on WEDNESDAY, THE TWELFTH DAY OF DECEMBER A.D 1934 AT 12 O'CLOCK NOON. the following-described collateral named in said agreements. to wit: Seventy certain first trust notes aggregating $27,500.00 dated February 10. 1930 signed by Walter F. Weide. payable to the order of Pauline F Donohoe three years after date. with interest at the rate of six per cent per annum until paid. payable semi-annually. duly indorsed, without recourse by the payee: notes numbered 1 to 12 being for $1,000.00 each: notes numbered 13 to 28 being for $500.00 each; notes numbered 29 to 50 being for $250.00 each: notes numbered 51 to 70 being for $100.00 each. By agreements dated February 1. 1933. the time for payment of all of said notes was extended to the 10th day of February. 1936. with interest at 6% per annum. payabile semiannually Interest on said notes has been paid to February 10. 1933 All of the above notes are secured by a first deed of trust dated February 10, 1930 on Lot numbered One Hundred and Twentv-six (126) in Leo Simons subdivision of part of Lot numbered five (5) in Block numbered 23. "Columbia Heights." as per plat recorded in the Office of the Surveyor for the District of Columbia in Liber County 20 at folio 29 except the year eight feet of said lot condemned and taken for alley purposes by proceedings in District Court Cause No. 684 of the Supreme Court of the District of Columbia, said block numbered twenty-three (23) being now known for purposes of assessment and taxation as square numbered twenty-eight hundred and fifty-three (2853), improved by premises 1106 Columbia road northwest. said deed of trust being duly recorded on the 10th day of February. 1930. in Liber No. 6418 at folio 365, one of the land records for the District of Columbia Terms: All cash. All parties in interest please take notice. CARY A. HARDEE. Receiver of Federal-American National Bank and Trust Company of Washington. de6.7.8.10.11 (Continued on Next Page.)

16. December 11, 1934 Evening Star Washington, DC

Article from Evening Star, December 11, 1934

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ADAM A. WESCHLER & SON. Auctioneers. COLLATERAL AT AUCTION. By virtue of the powers of sale contained in three certain collateral agreements dated February 13. 1930; February 19, 1930. and March 12. 1930. default having occurred under the terms of all of said agreements. I will sell at public auction within the office of Adam A. Weschler & Son. Inc., 915 E street northwest. Washington, D. C. on WEDNESDAY. THE TWELFTH DAY OF DECEMBER. A.D. 1934. AT 12 O'CLOCK NOON. the following-described collateral named in said agreements. to wit: Seventy certain first trust notes aggregating $27,500.00. dated February 10, 1930 signed by Walter F. Weide. payable to the order of Pauline F. Donohoe three years after date. with interest at the rate of six per cent per annum until paid. payable semi-annually. duly indorsed, without recourse by the payee; notes numbered 1 to 12 being for $1,000.00 each: notes numbered 13 to 28 being for $500.00 each; notes numbered 29 to 50 being for $250.00 each: notes numbered 51 to 70 being for $100.00 each. By agreements dated February 1. 1933. the time for payment of all of said notes was extended to the 10th day of February. 1936, with interest at 6% per annum. payable semiannually Interest on said notes has been paid to February 10. 1933. All of the above notes are secured by a first deed of trust dated February 10, 1930. on Lot numbered One Hundred and Twenty-six (126) in Leo Simmons' subdivision of part of Lot numbered five (5) in Block numbered 23. "Columbia Heights," as per plat recorded in the Office of the Surveyor for the District of Columbia in Liber County 22 at folio 29. except the rear eight feet of said lot condemned and taken for alley purposes by proceedings in District Court Cause No. 684 of the Supreme Court of the District of Columbia, said block numbered twenty-three (23) being now known for purposes of assessment and taxation as square numbered twenty-eight hundred and fifty-three (2853) improved by premises 1106 Columbia road northwest. said deed of trust being duly recorded on the 10th day of February. 1930. in Liber No. 6418 at folio 365. one of the land records for the District of Columbia. Terms: All cash. All parties in interest please take notice. CARY A. HARDEE. Receiver of Federal-American National Bank and Trust Company of Washington. de6.7.8.10.11

17. January 14, 1935 Evening Star Washington, DC

Article from Evening Star, January 14, 1935

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SEEN IN PROSPECT FOR CLOSED BANK Federal-American May Give Depositors Added 10 Per Cent. DEFINITE PREDICTION AS TO TIME NOT MADE Receiver Hardee Reports on Condition of Institution to Controller of Currency. Prospects for another dividend of 10 per cent for depositors of the insolvent Federal-American National Bank & Trust Co. are seen in the quarterly report of the receiver, Cary A. Hardee, available today No definite official prediction can be made now as to the possible date of payment, as this may depend somewhat on a court case now pending, which questions the stock assessment: Receiver Hardee declined to announce a dividend, as this statement must come from the controller of the currency. But figures in this report to the controller showing condition of the receivership at the end of 1934 give ample hope of a dividend soon. The Federal-American is the largest insolvent bank in Washington, and declaration of another dividend would have wide-spread effect throughout the city. It would mean payment of more than $859,000 to more than 25,000 depositors. The new dividend would be the second paid out of this institution, and would bring the total dividends up to 60 per cent. The first dividend of 50 per cent was made possible and was paid in September, 1933. when the Federal-American reorganized and reopened as part of the new Hamilton National Bank merger. Since the receiver has taken charge the total paid on the original 50 per cent dividend has mounted to the sum of $4,134,487.73, out of the total deposit liability of $9,692,017.91 Total offsets allowed by both the conservator and the receiver amounted at the end of 1934 to $1,051,517.68, and total losses were charged off. cluding those on assets and stock assessment amounting to $561,025.80 Payment Above Average. The stock assessment, out of which most of the cash which will be ready for a 10 per cent dividend comes, is being paid by shareholders owning the $2,000,000 capital stock of the bank. The assessment was for 100 per cent and is being paid at rate said to be in excess of the average assessment collections over a period of years in the liquidation of national banks by the controller of the currency. Cash collected from the stock assessment by the end of 1934 amounted to $727,575.41, which is about per cent of the entire $2,000,000. This constitutes the largest part of the item marked "cash in hands of receiver and controller, which amounts to $870,567.78 From this sum of more than $800, 000 cash now ready there must be subtracted a total of $36,289.61 held trust for owners of various kinds, leaving about $834,000 actually available for payment of a 10 per cent dividend, about $25,000 short of that actually needed At the rate of collections, however, this is expected to be coming in soon. There are still more than $348,000 in unsecured liabilities whose owners have not proved their claim, nor asked for payment. Sufficient funds must be on hand for a dividend to meet demands from these people should they suddenly file their claim and ask for payment. The total deposit liabilities, including both those for which receivers' certificates have been issued and those which have not been claimed, amount to $8,590,000. Liquidation Proceeding. The Federal-American liquidation still is proceeding and there are several important pieces of real estate belonging to the institution which some day are expected to bring substantial funds into the receivership, if sold. Among the principal pieces of real estate are the old American Building 1315 F street, where the American National Bank once was located: the old Federal-American National Bank Building at Fourteenth and G. now rented to the Hamilton National Bank as its headquarters; a branch bank house at Twentieth street and Pennsylvania avenue, another at Twelfth and Newton streets northeast, both of which are rented as Hamilton Bank branches, and several apartment houses. Receiver Hardee also has filed with the controller of the currency his quarterly report on condition of the Chevy Chase Savings Bank, which was bought and reopened by the Riggs National Bank as a branch Total assets of the Chevy Chase Bank are listed at $1,008,810.12, and there has been no stock assessment against shareholders. Total cash collected from assets was $580,363.74 at the end of the year and from that had been paid one 60 per cent dividend of $405,390.50. Depositors of this bank got an additional 5 per cent because the bank went 5 per cent restricted basis before the President's bank holiday. This bank borrowed nothing from the R. F C. Cash in hand was listed at $41,550.51. WOMEN FLEE AS FIRE

18. April 20, 1935 The Washington Times Washington, DC

Article from The Washington Times, April 20, 1935

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# AMERICAN BANK # SALE SOUGHT Authorization for the sale of the old American Bank building, 1300 block F St. N. W., at a price of $450,000 is being sought by Carry A. Hardee, receiver of the Federal-American National Bank and Trust Company, owner of the property. The offer was made through the real estate firm of Shannon & Luchs on behalf of Martin W. Meyer. At the receiver's office it was said no one had seen or talked with Mr. Meyer, consequently his plans for the future of the building were unknown. The negotiations for purchase of the property have been carried on through the real estate firm. A hearing on the request of the receiver to sell the property has been scheduled at the District Supreme Court for April 29. Unless a better offer for the property is received before that time, it is expected that the receiver's recommendations will be accepted and the sale ratified. The American Bank Building is a nine-story structure and some years back housed the old Federal-American National Bank. It is now operated as an office building.

19. May 10, 1935 Evening Star Washington, DC

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AUCTION SALES-FUTURE DAYS. (Continued.) ADAM A. WESCHLER & SON. Auctioneers. COLLATERAL AT AUCTION. By virtue of the power of sale contained in a collateral agreement dated August 12. 1932. and in compliance with an order of the Supreme Court of the District of Columbia. in the matter of William G. Galliher. Bankrupt. Bankruptcy No. 2796, passed on the seventh day of March. A.D. 1935. I will sell at public auction within the office of Adam A. Weschler & Son. Inc., 915 E street northwest. Washington, D. C., on the TWENTY-SECOND DAY OF MAY. 1935. AT 12 O'CLOCK NOON. the following-described collateral named in said agreement. to wit: One second deed of trust promissory note in the sum of $10.000, dated April 28. 1931. signed by Leota L. Laughlin. payable to the order of Maudie S. Eaton on or before three years after date. with interest at the rate of six per cent per annum, payable semiannually. duly indorsed without recourse by the payee. Interest on said note has been paid to April 28. 1932. This note is secured by a second deed of trust dated April 28. 1931. and recorded on April 28. 1931. on lot 177 in Threlkeld's Addition to Georgetown, being in square 104 in said Georgetown. now known as square twelve hundred and seventy-four (1274), improved by premises 1549 Thirty-fifth street northwest. Washington, D. C. The said second deed of trust is junior to a first deed of trust dated June 14. 1926, recorded July 12. 1926. in Liber 5817. at folio 62 of the land records of the District of Columbia. originally in the sum of $30.000 reduced by subsequent payments to its present balance of $24,281.52. with interest from April 11. 1935. Said loan shall mature on June 14. 1935. Terms: All cash. All parties in interest please take notice. CARY A. HARDEE. Receiver of Federal-American National Bank and Trust Company of Washington. D. C. my10-d&dbs.exSu

20. July 13, 1935 Evening Star Washington, DC

Article from Evening Star, July 13, 1935

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BANK GETS $50,387 DEFAULT JUDGMENTS Federal-American Receiver Wins on Stock Assessment and Note Suits. Cary A. Hardee, receiver for the closed Federal-American National Bank & Trust Co., was awarded default judgments totaling $50,387 in District Supreme Court yesterday. The judgments were awarded because of faulty answers or a failure to answer by persons who had been sued on stock assessments or promissory notes. In the largest case, Edward H. Jones was held to be in default on a $26,000 note. Judgments on notes were returned against Albert W. Jacobson for $1,720 and against John W. Glennon for $6,247.20. Small judgments were obtained against Charles B. Stewart, Thomas J. Gibbons, R. P. Whitty, Mrs. Lucy M. Clarke, Joseph H. Milans, Robert R. Hottel, Kenneth M. Livingstone, Mrs. Elizabeth Kahn, John B. Flynn, Mrs. Eleanor Tracy Gardiner, Charles, Facchina, Joseph Perna and Frank Perna.

21. October 12, 1935 The Washington Times Washington, DC

Article from The Washington Times, October 12, 1935

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REALTY RISE LIFTS VALUE OF ASSETS Institution Still Owes $4,000,000; Has $1,000,000 Now With the upswing in local real estate values the assets held by the defunct Federal American Na. tional Bank and Trust Company have increased appreciably in value, with the result that the closed institution ultimately will pay depositors about 85 per cent of their accounts, it was disclosed today in the quarterly statement of condition of the bank. The Federal American National Bank and Trust Company today owes its depositors about four million dollars. It already has paid a 50 per cent dividend. This time last year little hope was held for a payment exceeding 60 per cent all told. Bank officials are faced with the annoying situation of having more than $1,000,000 on hand for the immediate distribution to depositors, yet being hamstrung by a court order. A good portion of the $1,000,000 was raised through assessments levied against stockholders of the bank. Stockholders are attacking the legality of these collections and, until this dispute is settled in the courts, payment of the money to the depositors will be withheld. Cary A. Hardee, reeciver for the bank, estimates the assets today held by the bank are worth more than $3,000,000 on the open market. Book value of these assets is about $8,700,000. Besides these estimated assets, of course, the depositors have the $1,000,000 in cash awaiting them.

22. October 14, 1935 Evening Star Washington, DC

Article from Evening Star, October 14, 1935

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ADAM A. WESCHLER & SON. Auctioneers COLLATERAL AT AUCTION. By virtue of the power of sale contained in a certain collateral agreement dated April 7. 1933, default having occurred under the terms of said agreement. I will sell at public auction within the office of Adam A. Weschler & Son. Inc. 915 F street northwest. Washington. D. C., on MONDAY. THE TWENTY-EIGHTH DAY OF OCTOBER. A.D. 1935. AT TWELVP O'CLOCK NOON. the following-describes collateral named in said agreement. to wit: Third deed of trust promissory note dated February 18. 1930. signed by D. C. Realty Company. Inc., in the sum of $200,000.00 payable on or before one year after date to the order of Thomas T. Kellar. and duly indorsed without recourse by said payee bearing interest at the rate of 6 per cent per annum until paid, payable semi-a nually. The above note is secured by a third deed of trust dated February 18. 1930 from D C. Realty Company. Inc. a Dela. ware corporation. to Munsey Trust Com. pany, recorded on February 20. 1930. is Liber 6421. at folio 345 on the following. described property to wit: "All of original lot 8 and parts of original lots 9 and 14 in square 168. described in one parcel at follows: Beginning for the same at point on the north line of G street. 5 feet east of the southwest corner of sai a square; thence east on said line of street. 79 feet to the southeast corner of said original lot 8: thence north along the east line of said lot. 112 feet 8 inches to the rear line thereof: thence west on said rear line and the south line of lot 11. 78 feet; thence south 112 feet 8 inches to the line of said G street. and beginning. Also lots 30 and 31 in Niles' subdivision of loti in said square recorded in Liber H. D. C. folio 85 of the records of the office of the surveyor of the District of Columbia. Alse lot 10 in Davidson's subdivision of lots in the said square recorded in Liber N. E. folios 11 and 12 in the aforementione surveyor's office records. And also part of the said square 168, described as fol. lows: Beginning for the same at northwest corner of said lot 30: thence north 4 feet thence east 50 feet: thence south 4 feet to the northeast corner of said lot 31; thence west 50 feet to beginning." now known for purposes of assessment and taxation al lot 818. square 168. Terms: All cash. All parties in interest please take notice. CARY A. HARDEE. Receiver of the FederalAmerican National Bank and Trust Company of Washington. 16.18.21.23.25

23. October 23, 1935 Evening Star Washington, DC

Article from Evening Star, October 23, 1935

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A. H. SHILLINGTON Assistant Secretary. r15-d&ds exSu ADAM A. WESCHLER & SON. Auctioneers. COLLATERAL AT AUCTION By virtue of the power of sale contained in a certain collateral agreement dated April 7. 1933. default having occurred under the terms of said agreement. I will sell at public auction within the office of Adam A. Weschler & Son. Inc., 915 E street northwest Washington. D. C., on MONDAY. THE TWENTY-EIGHTH DAY OF OCTOBER AD 1935. AT TWELVE O'CLOCK NOON the following-described collairal named in said agreement. to wit: Third deed of trust promissory note dated February 18. 1930. signed by D. C. Realty Company Inc. in the sum of $200,000 00. pavable on or before one year after date to the order of Thomas T. Kellar. and duly indersed without recourse by said payee. bearing interest at the rate of 6 per cent per anium until paid, payable semi-asnually. The above note is secured by a third deed of trust dated February 18. 1930. from D C. Realty Company. Inc. a Delaware corporation. to Munsey Trust Company. recorded on February 20 1930 in Liber 6421 at folio 345 on the followingdescribed property to wit: 'All of original lot 8 and parts of original lots 9 and 10 in square 168 described in one parcel as follows: Beginning for the same at a point on the north line of G street 50 feet east of the southwest corner of said square: hence east on said line of G street. 79 feet to the southeast corner of said original lot 8 thence north along the east line of said lot, 112 feet 8 inches to the rear line thereof: thence west on said rear liue and the south line of lot 11 79 feet: thence south 112 feet 8 inches to the line of said G street. and beginning, Also lots 30 and 31 in Niles' subdivision of lots in said square recorded in Liber H D. C folio 85 of the records of the office of the survevor of the District of Columbia Also lot 10 in Davidson's subdivision of lots in the said square recorded in Liber N. E. folios 11 and 12 in the aforementioned surveyor's office records. And also part of the said square 168. described as for lows. Beginning for the same at northwest corner of aid lot 30: thence north 4 feet: thence east 50 feet: thence south 4 feet to the northeast corner of said lot 31: thence west 50 feet to beginning now known for purposes of assessment and taxation as lot 818. square 168 Terms: All cash. All parties in interest please take notice CARY A HARDEE. Receiver of the FederalAmerican National Bank and Trust Company of Washington. c14.16.18.21.23.25