Federal National Bank - Washington, DC

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 10316
Charter Number: 10316
Start Date: February 4, 1931
Location: Washington, District of Columbia (38.895, -77.036)

Metadata

Model: gpt-5-mini
Short Digest: 45addc4d

Response Measures

Public signal of financial health, Full suspension

Other: Receivers were later appointed by the Comptroller to liquidate the bank.

Description

Article (Feb 4, 1931) describes a crowd ~2,000 and the bank president publicly reassuring depositors that the bank was solvent (a run caused by rumors/nervousness). By Nov 1933 the Comptroller had appointed receivers to liquidate the Federal National Bank and it is described as closed; a dividend to depositors was paid later that month. Sequence: run (1931) → suspension/receivership and closure (1933).

Events (4)

1. February 4, 1931 Run

Cause: Rumor Or Misinformation
Cause Details: Large crowd and public alarm about the bank's solvency; president publicly reassured depositors that the bank was solvent, indicating withdrawals/panic driven by rumors/nervousness.
Measures: President John Poole publicly addressed the crowd from the building ledge, reassuring them the bank was solvent.
Newspaper Excerpt: John Poole, president the Federal National Bank, climbed ledge and told crowd of perhaps 2,000 people in the street that the bank was solvent.
Source: newspapers

2. November 2, 1933 Receivership

Newspaper Excerpt: Virginian Named With Hardee as Bank Receiver ... appointed receiver to liquidate eight District of Columbia banks ... The eight local institutions are the Federal National bank ...
Source: newspapers

3. November 2, 1933 Suspension

Cause: Government Action
Cause Details: Comptroller of the Currency appointed receivers/placed the bank under conservatorship and arranged liquidation.
Newspaper Excerpt: Connor, comptroller of the currency, announced ... had been appointed receivers to liquidate eight District of Columbia banks now operated by conservators. The eight local institutions are the Federal National bank ...
Source: newspapers

4. November 22, 1933 Other

Newspaper Excerpt: THIRD FEDERAL NATIONAL DIVIDEND WILL BE PAID ... treasury officials had reported a third dividend soon would be paid to depositors of closed Federal National bank ... checks per dividend would be sent to 35,000 depositors.
Source: newspapers

Newspaper Articles (3)

1. February 4, 1931 Turlock Journal Turlock, CA

Article from Turlock Journal, February 4, 1931

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Article Text

CITY, Mo., Caesar. Cleaveland, has been elected president of the Lines, announced here today. He succeeds Charles Wren. Los Angeles. H.H. KanCity, vice president and general manager. WASHINGTON, Feb. Nationally known pleaded with crowds the offices of Perpetual Building Associa tion here late today an effort to stop what threatened to be major upon the banking tivities association. John Poole, president the Federal National Bank, climbed ledge and told crowd of perhaps 2,000 people in the street that the bank was solvent. WASHINGTON, Feb. One great national banking system composed of commercial deposit banks mobilized under federal reserve system was advocated today by Owen Young, internationally known financial authority and sponsor the Young plan for reparations settlement. Young. appearing before the Glass of the senconducting inquiry into said this would minimize bank failures. eliminate unhealthy competition between state and bank systems, and bring the nation's credit system under one and authority. Young said he regarded his proposal so urgent that he favthe federal if necessary to bring about.

2. November 2, 1933 The Tampa Tribune Tampa, FL

Article from The Tampa Tribune, November 2, 1933

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Article Text

Virginian Named With Hardee as Bank Receiver WASHINGTON, Nov. Connor, comptroller of the currency, announced today that Cary Hardee, former governor of Florida, and Norman Hamilton, Virginia publisher, had been appointed receivto liquidate eight District of Columbia banks now operated by servators. The comptroller explained the move was constructive, designed to hasten payment of dividends to depositors from assets remaining after other District banks took over of the busiof the banks to be liquidated. The eight local institutions are the Federal National bank, the Chevy Chase Savings bank. the District National bank, the Northeast Savings bank, the Seventh Street ings the Washington Savings bank, the Savings and bank and the tomac Savings bank.

3. November 23, 1933 The Springfield Daily Republican Springfield, MA

Article from The Springfield Daily Republican, November 23, 1933

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Article Text

THIRD FEDERAL NATIONAL DIVIDEND WILL BE PAID Washington, Nov. 22 The office of Representative McCormack (D, Mass.) announced today that treasury officials had reported a third dividend soon would be paid to depositors of closed Federal National bank, of McCormack's office was informed by aids of that the Finance tion had approved application of the bank receivers for loan to make payment of the dividend before ChristWithin short time, they said, checks per dividend would be sent to 35,000 depositors.