2041. International Exchange Bank (Washington, DC)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: September 4, 1936
Location: Washington, District of Columbia (38.895, -77.036)

Metadata

Model: gpt-5-mini
Short Digest: 722b4558

Response Measures

None

Description

Newspaper articles show the International Exchange Bank was in receivership with Frederick J. Young acting as receiver (court orders dated Sept 4, 1936) and later consolidated with other closed banks for liquidation (Dec 1936). No run or reopening is reported; the bank is being liquidated, so classify as suspension_closure (closed and in receivership). 'Bank type' not stated in articles.

Events (3)

1. September 4, 1936 Receivership

Newspaper Excerpt: Upon consideration of the verified petition of Frederick J. Young, Receiver of the International Exchange Bank ... it is by the Court this 4th day of September, 1936 ORDERED, ADJUDGED AND DECREED ... (ORDER NISI FOR SALE OF REAL PROPERTY).
Source: newspapers

2. December 18, 1936 Receivership

Newspaper Excerpt: YOUNG NAMED RECEIVER The Comptroller of the Currency has appointed Frederick J. Young ... The two banks will be consolidated for liquidating purposes with the International Exchange Bank, of which Young has been acting receiver.
Source: newspapers

3. April 26, 1937 Other

Newspaper Excerpt: ORDER NISI FOR SALE OF REAL ESTATE NOTES. Upon consideration of the verified petition of FREDERICK J. YOUNG, receiver of the INTERNATIONAL EXCHANGE BANK ... the receiver has received an offer to purchase all of the said promissory notes ... it is, by the court, this 26th day of April, A.D. 1937, ADJUDGED, ORDERED AND DECREED that said offer be accepted ...
Source: newspapers

Newspaper Articles (10)

1. September 5, 1936 Evening Star Washington, DC

Article from Evening Star, September 5, 1936

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LEGAL NOTICES. IN THE DISTRICT COURT OF THE United States for the District of Columbia.-IN THE MATTER OF THE PETITION OF FREDERICK J. YOUNG, RECEIVER OF THE INTERNATIONAL EXCHANGE BANK. CITY OF WASHINGTON. DISTRICT OF COLUMBIA.-MIS CELLANEOUS No. 33. ORDER NISI FOR SALE OF REAL PROPERTY.-Upon consideration of the verified petition of Frederick J. Young. Receiver of the International Exchange Bank for an order authorizing the sale of a bank asset known as Lot 46 In Square 517 improved by the premises No. 475 H Street N.W., and the Court being advised that the Receiver has received an offer to purchase said property, at and for the sum of $9,100, cash in thirty days. it is by the Court this 4th day of September. 1936 ORDERED. ADJUDGED AND DECREED: 1. That said offer be accepted and said sale be ratified and confirmed unless cause be shown to the contrary on or before the 18th day of September. 1936, or unless higher offers in writing and properly guaranteed are received by the Receiver prior to 12 o'clock noon on the day preceding the last above-mentioned date. 2. A copy of this order shall be published at least three times prior to the last above-mentioned date in a newspaper of general circulation in Washington. D. C. JOSEPH W. COX Justice (Seal.) A True Copy. Test: CHARLES E. STEWART. Clerk, By CHAS. R. COFLIN, Assistant Clerk. se5.12.15.

2. September 12, 1936 Evening Star Washington, DC

Article from Evening Star, September 12, 1936

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Article Text

LEGAL NOTICES. IN THE DISTRICT COURT OF THE United States for the District of Columbia.- IN THE MATTER OF THE PETITION OF FREDERICK J. YOUNG, RECEIVER OF THE INTERNATIONAL EXCHANGE BANK. CITY OF WASHINGTON. DISTRICT OF COLUMBIA.-MISCELLANEOUS No. -ORDER NISI FOR SALE OF REAL PROPERTY.-Upon consideration of the verified petition of Frederick J. Young. Receiver of the International Exchange Bank for an order authorizing the sale of a bank asset known as Lot 46 in Square 517 improved by the premises No. 475 H Street N.W., and the Court being advised that the Receiver has received an offer to purchase said property, at and for the sum of $9,100, cash in thirty days, it is by the Court this 4th day of September, 1936. ORDERED. ADJUDGED AND DECREED: 1. That said offer be accepted and said sale be ratified and confirmed unless cause be shown to the contrary on or before the 18th day of September, 1936, or unless higher offers in writing and properly guaranteed are received by the Receiver prior to 12 o'clock noon on the day preceding the last above-mentioned date. 2. A copy of this order shall be published at least three times prior to the last above-mentioned date in a newspaper of general circulation in Washington. D. C. JOSEPH W. COX Justice. (Seal.) A True Copy. Test: CHARLES E. STEWART. Clerk, By CHAS. B. COFLIN, Assistant Clerk.

3. September 15, 1936 Evening Star Washington, DC

Article from Evening Star, September 15, 1936

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Comptroller of the Currency. au21-no21 IN THE DISTRICT COURT OF THE United States for the District of Columbia.-IN THE MATTER OF THE PETITION OF FREDERICK J. YOUNG, RECEIVER OF THE INTERNATIONAL EXCHANGE BANK. CITY OF WASHINGTON DISTRICT OF COLUMBIA.-MI CELLANEOUS No. 33.-ORDER NISI FOR SALE OF REAL PROPERTY.-Upon consideration of the verified petition of Frederick J. Young. Receiver of the International Exchange Bank for an order authorizing the sale of a bank asset known as Lot 46 in Square 517 improved by the premises No. 475 H Street N.W. and the Court being advised that the Receiver has received an offer to purchase said property, at and for the sum of $9.100, cash in thirty days. it is by the Court this 4th day of September. 1936 ORDERED. ADJUDGED AND DECREED: 1. That said offer be accepted and said sale be ratified and confirmed unless cause be shown to the contrary on or before the 18th day of September. 1936, or unless higher offers in writing and properly guaranteed are received by the Receiver prior to 12 o'clock noon on the day preceding the last above-mentioned date. 2. A copy of this order shall be published at least three times prior to the last above-mentioned date in a newspaper of general circulation in Washington, D. C. JOSEPH W. COX Justice (Seal.) A True Copy. Test: CHARLES E. STEWART Clerk, By CHAS. B. COFLIN, Assistant Clerk. se5.12.15

4. December 18, 1936 The Washington Times Washington, DC

Article from The Washington Times, December 18, 1936

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YOUNG NAMED RECEIVER The Comptroller of the Currency has appointed Frederick J. Young of Milford, N. H., receiver for the United States Savings Bank and the Bank of Brightwood. The two banks will be consolidated for liquidating purposes with the International Exchange Bank, of which Young has been acting receiver. As explained at the office of the comptroller, such consolidation is its policy when assets of banks in receivership reach so low a point, the motive being to reduce administrative costs by the combination.

5. December 20, 1936 Evening Star Washington, DC

Article from Evening Star, December 20, 1936

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3 BANK RECEIVERSHIPS WILL BE CONSOLIDATED F. J. Young to Take Over Accounts of Brightwood and U. S. Savings Institutions. Receiverships of three closed banks here have been ordered consolidated, effective December 31, it was learned yesterday from the office of the controller of the currency. Frederick J. Young of Milford, N. H., who has been acting as receiver for the International Exchange Bank, will take over also the accounts of the Bank of Brightwood and the United States Savings Bank, to liquidate total assets of about $1,750,000 from the three institutions. Young succeeds Claude T. Woodward at the Brightwood Bank and Carter B. Keane at the United States Savings Bank. Action was taken following the regular policy of the controller's office, to consolidate receiverships when the assets reach a low point.

6. December 31, 1936 Evening Star Washington, DC

Article from Evening Star, December 31, 1936

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CLOSED BANKS PAY $2,399,900 IN Next Important Dividend Expected From FederalAmerican National. (By Cambridge Associates.) Six of the 21 closed banks of this city paid to depositors during 1936 a total of about $2,399,900, with prospects that the next important dividend will come some time early next year from the big Federal-American National Bank & Trust Co. No date has been definitely fixed for payment of the Federal-American dividend, nor has it been announced what the size of the dividend will be. The bank, which closed along with 12 other institutions in March, 1933, has paid so far one dividend of 50 per cent to depositors, amounting to $4.177.900. Cary A. Hardee is receiver. What will be forthcoming from any of the other closed banks in the form of dividends in 1937 cannot be estimated. Some others may pay; others no doubt will not pay any more during this new year. The total amount paid so far to depositors of all 21 closed banks of this city, according to a survey by The Star, is about $23,640,000. Fidelity Closed During Year. In addition to the 21 closed banks. which were being liquidated during the last year, the Fidelity Building & Loan Association was closed July 18 by the controller of the currency, whose receiver, James H. Nolan, now is in charge. About 3,000 members of the association have not yet filed their claims with the receiver. Preliminary survey of the institution by the Federal Home Loan Board has been made, but the way has not been cleared as yet for formal examination by the examining division of this board, looking for possible assistance from this quarter. The Fidelity had five branches. Details of the condition of the institution have not been disclosed by the Treasury Department. A decision is yet to be made as to whether it can be reorganized or will have to be liquidated. Among the six closed banks which made payments to depositors here last year the largest amount of money was disbursed by the District National Bank, of which Justus S. Wardell is receiver. This bank paid an additional dividend of 25 per cent, amounting to about $1,000,000. This brings total District National Bank dividends up to 75 per cent, with total payments of about $2,937,100. Bank Pays 100 Per Cent. The Chevy Chase Savings Bank paid during the year its final dividend of 20 per cent to depositors, amounting to about $133,000, bringing the total to 100 per cent, or about $678,388. Paul Sleeman has been elected stockholders' agent, and, as soon as his appointment can be officially approved by the Treasury Department, will take over from Receiver Hardee remaining assets for liquidation for stockholders, who advanced sufficient funds to pay off depositors in full. The Commercial National Bank, Robert C. Baldwin receiver, paid a dividend of 10 per cent this year, amounting to about $500,000, bringing total payments from this institution to 60 per cent, or about $3,364,110. The Franklin National Bank paid two dividends during the past year through the Franklin Liquidating Trust, of which Samuel M. Thrift is secretary The two dividends amounted to 50 per cent of the amount due depositors, which was 17 1/2 per cent of their original deposits, or about $500.000. This brings the total payments to Franklin depositors up to 821/2 per cent, amounting to about $2,500,000. The Northeast Savings Bank paid a dividend of 10 per cent in 1936, through Receiver Wardell, amounting to about $106,000, bringing the total dividends up to 95 per cent, amounting to about $1,010,000. The United States Savings Bank. under Receiver Carter B. Keene, paid last year a dividend of 10 per cent, amounting to $160,900, bringing dividends up to 90 per cent in this institution, with total payments of about $1,448,260. Three Receiverships Combined. The United States Savings Bank receivership has been consolidated with two other banks, the Bank of Brightwood, of which Claude H. Woodward was recever, and the International Exchange Bank, of which Frederick J. Young has been in charge. Young takes over the consolidated receivership and plans to move all the effects of the other banks to the United States Savings location at Fourteenth and U streets, The Bank of Brightwood has paid a total of 55 per cent, amounting to $437,042, and the International Exchange Bank has paid dividends of 31.23 per cent, amounting to $115,187. The Mount Vernon Savings Bank's remaining assets are in the hands of the Mount Vernon Liquidating Trust.

7. January 30, 1937 Evening Star Washington, DC

Article from Evening Star, January 30, 1937

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PHON $2,026,338 IN Gain of $113,509 Revealed Over Previous Year in Annual Report. BY EDWARD C. STONE. Total net income Os the Chesapeake & Potomac Telephone Co. in 1936 amounted to $2,026,338. in comparison with $1,912,829 in 1935, or an increase of $113,509 according to the annual report just filed with the Public Utilities Commission. Operating revenues in 1936 totaled $10,597,013, against $10,066,522 a year ago: operating expenses required $7,537,180, compared with $7.153.484: operating taxes called for $867.323. against $735,234, leaving net income from operations of $2,192,510 in 1936 in comparison with $2,177,804 in the previous year Non-operating income was about $14,000 more than year ago, while interest deductions took only $182,790 against $267.041 There was a net gain of 12,314 in the number of telephones installed during 1936, not quite as high a figure as the 13,772 installed during 1935. Telephone calls were much more numerous. 279.178.000 against 257,691,000 in 1935, the report reveals The Chesapeake & Potomac Telephone Co. also filed the December statement, which showed an excellent month's business Operating revenues totaled $915.383. compared with $873.053 in December 1935. Operating expenses were kept well in hand, standing at $646,332. while this item a year ago was $641,825. Taxes were slightly higher, leaving a net income from operations of $205.921, well above the $173.025 year ago Non-operating income was much better and total gross wa higher than December. 1935 Interest deductions totaled $16,458, leaving balance before dividends of $195,253. compared with $159.076 in December, 1935, a gain of $36,177 There was a gain of 1,652 installed telephones in December and a marked increase in calls over the same month in 1935, the statement reveals D. C. Exchange Sales Lower. While total business on the Washington Stock Exchange in 1936 was well ahead of 1935. trading in December was not as active as in November, the Securities and Exchange Commission reports. The dollar value of stocks sold in December was $85,320 on a turnover of 2.043 shares. compared with the dollar value in November of $207.191 and a turnover of 3.167 The sales value of bonds was $38,319 against $57.85: in November Stock and bond sales together totaled $123.633 in December and $265.042 in November The dollar value of sales on all registered securities exchanges in December, 1936. amounted to $2.676.525,432. decrease of 5.2 per cent from the value of sales in November and an increase of 16.7 per cent over the value of sales in December, 1935 Stock sales including rights, had a value of $2.358.956.424, a decrease of 6.8 per cent from November Bond sales were valued at $317,483.796. an increase of 8.1 per cent over November Total stock sales in December, including rights. were 99.755.967 shares. or 5.8 per cent above November's total Total principal amount of bonds was $446,393,325 an increase of 26.3 per cent over November Business on the Baltimore and Richmond exchanges was much better in December than in November, the same report shows. Roper Urges More Advertising In periods of economic depression advertising can and should assume a leading role in starting recovery processes, and once the recovery movement has begun. efforts must be made o sustain it on an ever-increasing level looking to sound future development. Secretary of Commerce Roper said in a speech before the Advertising Club of Baltimore Mr. Roper said that the index of advertising activity increased from the low of 65 in 1933 to 89 in 1936. Frederick J. Young. receiver for the Bank of Brightwood, United States Savings Bank and the International Exchange Bank, has combined the three receivership offices in the United States Savings Bank Building at Fourteenth and U streets northwest This move will reduce expenses and make possible sale or rental of the Bank of Brightwood Building and the International Exchange Bank Building To date the United States Savings Bank has paid back 90 per cent of the money due depositors. The others have not paid as much. Business Gains 25 Per Cent. Charles W O'Donnell, general agent of the Minnesota Mutual Life Insurance Co., reported today that the company's business in the Capital increased 25 per cent during 1936, and that the agency stood in twentieth place among more than 100 agencies in the country in new policies written This gain in the Capital compares with national average increase in new business of 3 per cent over 1935. During the year there was a substantial increase in assets, surplus and contingency funds. The Washington branch office of the New York Life Insurance Co. is planning a luncheon at the Shoreham Hotel next Monday in honor of Earl D. Krewson. the local manager, who is celebrating his 35th anniversary with the company. A committee made up of Arthur M Ninner. W. S. Stone Alma McCrum, Carl Reisinger and David Samakow is making the arrangements Gas Office Gets Attention. The former office of the Georgetown Gas Light Co has been redecorated since it was merged with the Washington Gas Light Co on December 7 last. The Georgetown Gas Co. no longer exists as a separate concern all assets and liabilities having been transferred to the Washington Gas Light Co. The operations of the two companies had been gradually unified before the merger finally took place, so that the most noticeable effect to the public of the consolidation has been the discontinuation of the name

8. April 28, 1937 Evening Star Washington, DC

Article from Evening Star, April 28, 1937

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ARTHUR F. MULLEN. GEORGE F. SHEA. MARTIN J. O'DONOGHUE, Attorneys for Petitioner. Tower Bldg. IN THE DISTRICT COURT OF THE United States for the District of Columbia.-In the Matter of THE PETITION OF FREDERICK J. YOUNG. RECEIVER OF THE INTERNATIONAL EXCHANGE BANK. CITY OF WASHINGTON. DISTRICT OF COLUMBIA-MISCELLANEOUS NO. 33.ORDER NISI FOR SALE OF REAL ESTATE NOTES.-Upon consideration of the verified petition of FREDERICK J. YOUNG. receiver of the INTERNATIONAL EXCHANGE BANK. for an order authorizing the sale of Bank Asset No. 768. in the way of First Deed of Trust promissory notes in the sum of $11,500. secured on Lot 810 in Square 3354. improved by property known as 318-320-322-324 Cedar Street. Takoma Park, District of Columbia. together with a tax deed on said property held by the said Frederick J. Young. receiver. through the Atlantic Municipal Corporation, with taxes paid on said property through 1937, and a Second Deed of Trust note secured on the aforesaid property with a balance due of $1,270.74, and the court being advised that the receiver has received an offer to purchase all of the said promissory notes and the tax deed above described. together with the Second Deed of Trust note, at and for the sum of $9.500. cash. net. said assignment of said notes and tax deed to be made without recourse on or warranty of any kind by said receiver. it is, by the court. this 26th day of April, A.D. 1937, ADJUDGED. ORDERED AND DECREED that said offer be accepted and said sale be ratified and confirmed unless cause be shown to the contrary on or before the sixth day of May. 1937, or unless higher offers in writing and properly guaranteed are received by the receiver in his office at 2000 Fourteenth Street Northwest, prior to 12 o'clock noon on the day preceding the last above-mentioned date. Copy of this order shall be published at least three times prior to the last-mentioned date in a newspaper of general circulation in Washington, District of Columbia. JAMES M. PROCTER Justice ap28.30;my3

9. April 30, 1937 Evening Star Washington, DC

Article from Evening Star, April 30, 1937

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ARTHUR F. MULLEN. GEORGE F. SHEA, MARTIN J. O'DONOGHUE, Attorneys for Petitioner, Tower Bldg. IN THE DISTRICT COURT OF THE United States for the District of Columbia.-In the Matter of THE PETITION OF FREDERICK J. YOUNG. RECEIVER OF THE INTERNATIONAL EXCHANGE BANK. CITY OF WASHINGTON. DISTRICT OF COLUMBIA.-MISCELLANEOUS NO. 33.ORDER NISI FOR SALE OF REAL ESTATE NOTES.-Upon consideration of the verified petition of FREDERICK J. YOUNG, receiver of the INTERNATIONAL EXCHANGE BANK. for an order authorizing the sale of Bank Asset No. 768, in the way of First Deed of Trust promissory notes in the sum of $11,500. secured on Lot 810 in Square 3354. improved by property known as 318-320-322-324 Cedar Street. Takoma Park. District of Columbia, together with a tax deed on said property held by the said Frederick J. Young. receiver. through the Atlantic Municipal Corporation, with taxes paid on said property through 1937, and a Second Deed of Trust note secured on the aforesaid property with a balance due of $1,270.74. and the court being advised that the receiver has received an offer to purchase all of the said promissory notes and the tax deed above described. together with the Second Deed of Trust note, at and for the sum of $9,500. cash, net. said assignment of said notes and tax deed to be made without recourse on or warranty of any kind by said receiver. it is, by the court. this 26th day of April, A.D. 1937, ADJUDGED. ORDERED AND DECREED that said offer be accepted and said sale be ratified and confirmed unless cause be shown to the contrary on or before the sixth day of May. 1937, or unless higher offers in writing and properly guaranteed are received by the receiver in his office at 2000 Fourteenth Street Northwest. prior to 12 o'clock noon on the day preceding the last above-mentioned date. Copy of this order shall be published at least three times prior to the last-mentioned date in a newspaper of general circulation in Washington, District of Columbia. JAMES M. PROCTER. Justice. ap28.80:mr8

10. May 3, 1937 Evening Star Washington, DC

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LEGAL NOTICES. ARTHUR F. MULLEN. GEORGE F. SHEA, MARTIN J. O'DONOGHUE. Attorneys for Petitioner. Tower Bldg. IN THE DISTRICT COURT OF THE United States for the District of Columbia.-In the Matter of THE PETITION OF FREDERICK J. YOUNG RECEIVER OF THE INTERNATIONAL EXCHANGE BANK, CITY OF WASHINGTON DISTRICT OF COLUMBIA-MISCELLANEOUS NO. 33.ORDER NISI FOR SALE OF REAL ESTATE NOTES.-Upon consideration of the verified petition of FREDERICK J. YOUNG. receiver of the INTERNATIONAL EXCHANGE BANK. for an order authorizing the sale of Bank Asset No. 768 in the way of First Deed of Trust promissory notes in the sum of $11,500. secured on Lot 810 in Square 3354 improved by property known as 318-320-322-324 Cedar Street Takoma Park. District of Columbia. together with a tax deed on said property held by the said Frederick J. Young. receiver through the Atlantic Municipal Corporation with taxes paid on said property through 1937 and a Second Deed of Trust note secured on the aforesaid property with a balance due of $1,270.74. and the court being advised that the receiver has received an offer to purchase all of the said promissory notes and the tax deed above described. together with the Second Deed of Trust note, at and for the sum of $9,500. cash. net. said assignment of said notes and tax deed to be made without recourse on or warranty of any kind by said receiver it is, by the court. this 26th day of April. A.D. 1937. ADJUDGED. ORDERED AND DECREED that said offer be accepted and said sale be ratified and confirmed unless cause be shown to the contrary on or before the sixth day of May. 1937, or unless higher offers in writing and properly guaranteed are received by the receiver in his office at 2000 Fourteenth Street Northwest. prior to 12 o'clock noon on the day preceding the last above-mentioned date. Copy of this order shall be published at least three times prior to the last-mentioned date in a newspaper of general circulation in Washington. District of Columbia. JAMES M. PROCTER Justice. ap28.30:my3