Industrial Savings Bank - Washington, DC

Bank Information

Episode Type: Suspension → Reopening
Bank Type: savings bank
Start Date: *
Location: Washington, District of Columbia (38.895, -77.036)

Metadata

Model: gpt-5-mini
Short Digest: ad1f35fb

Response Measures

None

Description

Articles describe the Industrial Savings Bank (a 'colored institution') having been closed and reorganized into the Industrial Bank of Washington, with a 35% payout to depositors and the new institution 'now operating' at Eleventh and U streets. No article describes a depositor run; the sequence is closure/receivership/liquidation and reorganization into a new operating bank. Dates of original suspension are not explicitly stated in the excerpts.

Events (2)

1. * Reopening

Newspaper Excerpt: reorganized into the Industrial Bank of Washington, a new institution, now operating at Eleventh and U streets.
Source: newspapers

2. * Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank was placed in liquidation/receivership and reorganized; paid depositors 35% as part of liquidation/reorganization.
Newspaper Excerpt: The Industrial Slivings Bank, colored institution, paid 35 per cent, amounting to $192,000, to depositors when it reorganized into the Industrial Bank of Washington, a new institution, now operating at Eleventh and U streets.
Source: newspapers

Newspaper Articles (2)

1. December 31, 1936 Evening Star Washington, DC

Article from Evening Star, December 31, 1936

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Article Text

This bank paid out a total of 40 per 7 cent, amounting to $800,000, when some of its assets were taken over $ by the City Bank of Washington. The trustees of the liquidating trust report that liquidation of the remaining assets are "reasonably satisfactory" and that the proceeds from these assets have been used to pay off the Reconstruction Finance Corp. loan of $850,000, which was obtained by the Mount Vernon Savings Bank in order to pay the 40 per cent distribution to depositors. The trustees reported further that by the terms of the "trust indenture" by which they operate no funds can be borrowed to pay a dividend to the depositors. Consequently, proceeds of liquidation of assets will have to be accumulated in an amount that will be reasonably proportioned to the cost of distribution. Many depositors have failed to call for their dividend checks in almost every one of the closed banks. They still come in from time to time for checks. Consequently, the amounts paid out by the receiverships actually increase, although the dividends declared remain in percentage the same. Payments by Other Banks. The latest figures on disbursements on the other closed banks of the city are shown as follows: Departmental Bank, 80 per cent, amounting to $617,144. North Capitol Savings, 25 per cent, amounting to $235,122. Potomac Savings, 62 1/2 per cent, amounting to $1,282,257. Park Savings, 25 per cent, amounting to $760,030. This bank is in litigation, which may be settled during the year 1937. Seventh Street Savings, 80 per cent, amounting to $845,188. Woodridge-Langdon Savings & Commercial, 100 per cent, $400,000. Washington Savings, 80 per cent, $279,015. Potomac Savings, 62 1/2 . per cent, $1,282,257. The Continental Trust Co., which merged with the Commercial National Bank long before the latter. went into receivership, also is in the hands of a receiver and in complicated litigation in its relations both with stockholders and the Commercial Bank. It has paid no receivership dividends. The Industrial Slivings Bank, colored institution, paid 35 per cent, amounting to $192,000, to depositors when it reorganized into the Industrial Bank of Washington, a new institution, now operating at Eleventh and U streets. The Prudential Bank, colored, which consolidated with the Industrial Savings Bank in September, 1932, was formally placed in receizership in March, 1936, and attempts now are being made to collect a stock assessment from shareholders.

2. July 2, 1937 Evening Star Washington, DC

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Article Text

GAS FIRM BIDS FOR BANK BUIL LDING Park Savings Structure May Be Razed for Filling Station. The Gulf Oil Co. has made a cash offer of $92,500 for the building of the closed Park Savings Bank, at the corner of Fourteenth and Kenyon streets, with a view to razing the structure and erecting a gasoline filling station there, it was learned today. The offer, however, is conditioned on the issuance of a permit by the District Commissioners to erect the filling station under zoning law. The Gulf Oil Co. acted through its vice president, H. M. Rogers of Boston, Mass., whose offer has been submitted to the court, and published through arvertising, to determine whether the bank's receiver. John F. Moran, can get a higher offer for the property. If the receiver gets no higher offers by noon. July 10, the contract can be executed. provided the oil company receives the construction permit for a filling station, request for which has been filed at the District Building If the permit is refused. there will be "no sale" under the oil company offer. The Park Savings Bank. which was closed in 1933, has paid its depositors 25 per cent and has cleared all its debts on secured claims. according to Moran. But the receiver explained that. even if the building is sold for $92.500 cash, further liquidation would be necessary before a further dividend could be declared to depositors. If the building is taken over by the oil company Moran would move his office to another vacant bank building, belonging to one of the other banks which he is liquidating These include, besides the Park Savings Bank, the Continental Trust Co., the North Capitol Savings Bank, the Industrial Savings Bank, which was reorganized and is now operating as the Industrial Bank of Washington, at Eleventh and U streets, and the Prudential Bank. which had been taken over by the Industrial Savings Bank.