2042. International Exchange Bank (Washington, DC)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: July 14, 1932
Location: Washington, District of Columbia (38.895, -77.036)

Metadata

Model: gpt-5-mini
Short Digest: 08fb26dd

Response Measures

None

Description

The articles show the International Exchange Bank closed in July 1932 and remained in receivership (receiver Frederick J. Young) through the late 1930s–1940s with asset sales and dividend distributions. There is no mention of a depositor run causing the closure in these clippings, only receivership, asset sales and dividends. Bank type not explicitly stated in the texts.

Events (7)

1. July 14, 1932 Receivership

Newspaper Excerpt: Receiver Frederick J. Young, receiver for six Washington banks, ... The International Exchange Bank, which closed July 14, 1932, has paid 45 per cent to depositors ... and has remaining assets ... . (1940-06-18 article refers to earlier closure date.)
Source: newspapers

2. July 14, 1932 Suspension

Cause Details: Articles state the bank closed July 14, 1932 but do not attribute the suspension to rumors, correspondent failures, or specific adverse information in the provided excerpts.
Newspaper Excerpt: Both institutions closed in July, 1932.
Source: newspapers

3. June 6, 1938 Other

Newspaper Excerpt: ORDER NISI FOR SALE OF REAL PROPERTY... petition of Frederick J. Young, Receiver of the International Exchange Bank... this 6th day of June, 1938. ORDERED ... that said offer be accepted ... unless cause be shown on or before the 17th day of June, 1938.
Source: newspapers

4. September 3, 1938 Other

Newspaper Excerpt: Beginning about October 1, depositors of the International Exchange Bank will receive a dividend of 13 1/3 per cent ... Receiver Frederick J. Young said his force ... would go forward with plans to make payment.
Source: newspapers

5. July 23, 1940 Other

Newspaper Excerpt: Receiver ... announced plans for sales of all remaining assets of the International Exchange Bank on July 23 ... Arrangements then will be made to wind up affairs of the institution and pay out all remaining cash to the depositors.
Source: newspapers

6. September 14, 1940 Other

Newspaper Excerpt: ORDER NISI FOR SALE OF REMAINING ASSETS ... petition of Frederick J. Young, Receiver of the International Exchange Bank, filed herein on the 14th day of September, 1940 ... ordered that Frederick J. Young ... be authorized to transfer and assign the remaining assets ... to M. J. Kramer ... for $3,500.
Source: newspapers

7. November 28, 1940 Other

Newspaper Excerpt: The final dividend in another closed bank in the hands of Receiver Young, the International Exchange Bank, is being paid also ... This dividend is 5.6 per cent, or $19,776, bringing the total dividends in this institution, also closed in 1932, to 50.6 per cent, or $183,168.
Source: newspapers

Newspaper Articles (10)

1. June 7, 1938 Evening Star Washington, DC

Click image to open full size in new tab

Article Text

SALE OF PROPERTY BY BANK APPROVED Unless contrary clause be shown before June 17 the offer of the Gospel Mission to purchase the premises at 477-479 H street N.W. for $34,500 from the International Exchange Bank will be accepted under an order signed yesterday by Justice Peyton Gordon. Frederick J. Young, receiver of the International Exchange Bank, petitioned the District Court for an order authorizing the sale of these assets of the bank. Unless some obstruction intervenes prior to June 17 the acceptance and sale will be ratified and confirmed, according to Justice Gordon's order.

2. June 7, 1938 Evening Star Washington, DC

Click image to open full size in new tab

Article Text

MULLEN & SHEA, MARTIN F. O'DONOGHUE, THOMAS X. DUNN. Attorneys for Rec. Int. Ex. Bk., Tower Bldg. IN THE DISTRICT COURT OF THE United States for the District of Columbia.-In re RECEIVERSHIP OF INTERNATIONAL EXCHANGE BANK. WASHINGTON. D. C. -Special No. 33.-ORDER NISI FOR SALE OF REAL PROPERTY.Upon consideration of the petition of Frederick J. Young. Receiver of the International Exchange Bank. for an order authorizing the sale of a bank asset known as Lot 20 in Square 517. improved by premises 477 and 479 H Street. Northwest, and the Court being advised that the Receiver has received an offer from The Gospel Mission to purchase said property at and for the sum of thirty-four thousand five hundred dollars ($34.500) to be paid in cash upon the closing of the sale and the conveyance of good title of record to the purchaser. it is by the Court. this 6th day of June, 1938. ORDERED, ADJUDGED and DECREED: 1. That said off IF accepted and said sale be ratified and confirmed unless cause be shown to the contrary on or before the 17th day of June, 1938. or unless higher offers in writing and properly guaranteed are received by the Receiver prior to twelve 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. PEYTON GORDON. Justice. (Seal.) A true copy. Test: CHARLES E. STEWART Clerk. By W. F. LEMON, Asst. Clerk. Je7.11.14.

3. June 11, 1938 Evening Star Washington, DC

Article from Evening Star, June 11, 1938

Click image to open full size in new tab

Article Text

MULLEN & SHEA. MARTIN F. O'DONOGHUE. THOMAS X. DUNN. Attorneys for Rec. Int. Ex: Bk., Tower Bldg. IN THE DISTRICT COURT OF THE United States for the District of Columbia.-- re RECEIVERSHIP OF INTERNATIONAL EXCHANGE BANK. WASHINGTON. D. C. Special No. 33.-ORDER NISI FOR SALE OF REAL PROPERTY.Upon consideration of the petition of Frederick J. Young, Receiver of the International Exchange Bank. for an order authorizing the sale of a bank asset known as Lot 20 in Square 517, improved by premises 477 and 479 H Street. Northwest. and the Court being advised that the Receiver has received an offer from The Gospel Mission to purchase said property at and for the sum of thirty-four thousand five hundred dollars ($34,500) to be paid in cash upon the closing of the sale and the conveyance of good title of record to the purchaser. it is by the Court. this 6th day of June, 1938. 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 17th day of June, 1938. or unless higher offers in writing and properly guaranteed are received by the Receiver prior to twelve 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 ceneral circulation in Washington. D. C. PEYTON GORDON. Justice. (Seal.) A true copy. Test: CHARLES E. STEWART. Clerk. By W. F. LEMON, Asst. Clerk. je7.11.14.

4. September 3, 1938 Evening Star Washington, DC

Article from Evening Star, September 3, 1938

Click image to open full size in new tab

Article Text

DIVIDEND PLANNED BY EXCHANGE BANK 131/3 Per Cent Payment to Total $48,000 to Start October 1. 2,500 Will Benefit. Beginning about October 1. depositors 1 of the International Exchange Bank will receive a dividend of 131/3 per cent, amounting to about $48,000. it was announced by the controller of the currency. The odd percentage was fixed in order to bring the total dividend received from this bank up to an even 45 per cent. Receiver Frederick J. Young said his force, located in the old United States Savings Bank, at Fourteenth and U streets N.W., would go forward with plans to make payment. He urged depositors to wait until they have received official notice before calling at the bank. Each depositor will receive a postcard telling him when to call. Each depositor will be asked to show his receiver's certificate in order to receive the new dividend. About 2,500 depositors will benefit from the payment.

5. July 29, 1939 Evening Star Washington, DC

Article from Evening Star, July 29, 1939

Click image to open full size in new tab

Article Text

$60,000. These have been made out to persons who had proven their claims. The Commercial National Bank, for which the receivership office is also at 1336 New York avenue, has unproven claims amounting to $206,000, and 2,111 undelivered checks amounting to about $26,000. It has paid 70 per cent. The four other bank receiverships under supervision of Mr. Young are located at the site of the closed United States Savings Bank at Fourteenth and U streets. Paid 100 Per Cent. The United States Savings Bank, which has paid 100 per cent has $50,846 of unproven claims, and undelivered dividend checks amounting to $7,996. The Bank of Brightwood, which has paid 62 1/2 per cent, has unproven claims of $41,500, and undelivered checks amounting to $6,986. The International Exchange Bank, which has paid 45 per cent, has unproven claims amounting to $17,000 and undelivered dividend checks worth $7,500. The Industrial Savings Bank has no undelivered checks, Mr. Young reports, but has unproven claims totalling $114,500.

6. July 29, 1939 Evening Star Washington, DC

Click image to open full size in new tab

Article Text

$600,000Unclaimed,Receiver Opens Drive to Find Owners Half Million in Deposits, More in Dividends Await Depositors of Six Closed Banks Frederick J. Young, receiver for $60,000. These have been made out six Washington banks, has started a to persons who had proven their claims. campaign to find the depositors who own more than half a million The Commercial National Bank, dollars worth of "unproven claims," for which the receivership office is and about $100,000 in unclaimed dialso at 1336 New York avenue, has vidend checks, ready to be cashed. unproven claims amounting to Letters are being sent out to de$206,000, and 2,111 undelivered positors listed as owners of the checks amounting to about $26,000. money, at their last address, and It has paid 70 per cent. a representative of the receiver is The four other bank receiverships working out of the receiver's office under supervision of Mr. Young are in an endeavor personally to find located at the site of the closed missing depositors who cannot be United States Savings Bank at located by mail. Fourteenth and U streets. Receivers of closed banks, accordPaid 100 Per Cent. ing to the official records of the Government, consistently have diffiThe United States Savings Bank, culty in getting creditors to call which has paid 100 per cent has for the last funds left in a receiver$50,846 of unproven claims, and unship. delivered dividend checks amount$160,000 in One Bank. ing to $7,996. Mr. Young said the Federal The Bank of Brightwood, which American National Bank and Trust has paid 62 1/2 per cent, has unproven Co., for which the receivership office claims of $41,500, and undelivered is located at 1336 New York avenue checks amounting to $6,986. N.W., has paid 75 per cent dividends The International Exchange Bank, to depositors and has $160,000 unwhich has paid 45 per cent, has proven claims for which no one has unproven claims amounting to called to prove ownership. Persons $17,000 and undelivered dividend who can prove claim to their part checks worth $7,500. of this fund will receive dividends totalling 75 per cent of the claim. The Industrial Savings Bank has In addition there are about 5,000 no undelivered checks, Mr. Young dividend checks in this bank, unreports, but has unproven claims totalling $114,500. called for, amounting to about

7. June 18, 1940 Evening Star Washington, DC

Article from Evening Star, June 18, 1940

Click image to open full size in new tab

Article Text

Receiver to Sell Remaining Assets Of Two Closed Banks International Exchange, Brightwood Depositors To Receive Dividends Taking action toward final liquidation of two more closed banks here, Receiver Frederick J. Young today announced plans for sales of all remaining assets of the International Exchange Bank on July 23 and of the Bank of Brightwood on July 24. The sales will take place at the receiver's office, 1336 New York avenue N.W. Arrangements then will be made to wind up affairs of the two institutions and pay out all remaining cash to the depositors. It is not known when the final dividends will be available to depositors, but it is believed it will be many months. No estimate has been made on the amount of money to be distributed. The Bank of Brightwood, which closed July 13, 1932, has paid to depositors 63 1/2 per cent in four dividends, amounting to $504.941. The book value of its remaining aassets stands at $275,114.70, including two dwellings. The International Exchange Bank, which closed July 14 . 1932, has paid 45 per cent to depositors in four dividends, amounting to $197,969.95 and has remaining assets with a book value of $234,127.25, including a house in Takoma Park and lots in the business section of Hopewell, Va.

8. September 17, 1940 Evening Star Washington, DC

Article from Evening Star, September 17, 1940

Click image to open full size in new tab

Article Text

LEGAL NOTICES. THOMAS X. DUNN. Attorney for Petitioner, Tower Bldg., DI. 2400. IN THE DISTRICT COURT OF THE United States for the District of Columbia.-In re: Receivership of BANK OF BRIGHTWOOD.-Special No. 34 -ORDER NISI FOR SALE OF REMAINING ASSETS. -Upon consideration of the petition of Frederick J. Young. Receiver of the Bank of Brightwood. filed herein on the 10th day of September. 1940. it is by the Court this 12th day of September. 1940. ORDERED: 1. That Frederick J. Young, Receiver of the Bank of Brishtwood be and he is hereby authorized to transfer and assign the remaining assets of said bank. copy of which 18 attached, to said petition and made part thereof. to Meyer Steinberg and that he be authorized to accept the sum of THREE THOUSAND TWO HUNDRED FIFTY ($3,250) DOLLARS from said purchaser. said sale to be made without recourse or warranty of any kind or character. payment to be made in cash. and that said sale be ratified and confirmed. unless cause be shown to the contrary or objections made on or before the 20th day of September. 1940. or unless higher offers in writing and properly Ruaranteed are received by the Receiver at his office located at 1336 New York Avenue N.W., prior to twelve o'clock noon on the day preceding the last above-mentioned date. 2. A copy of this Order shall be published at least (2) two times prior to the last above-mentioned date in the Washington Evening Star. JENNINGS se13.17 BAILEY. Justice. DISTRICT COURT OF UNITED STATES for the District of Columbia.- In re. Receivership of INTERNAT IONAL EXCHANGE BANK.-Special No. 33.-ORDER NISI FOR SALE OF REMAINING ASSETS. INCLUDING REAL PROPERTY.-Upon consideration of the petition of Frederick J. Young, Receiver of the International Exchange Bank. filed herein on the 14th day of September. 1940, it is by the Court this 14th day of September. 1940. ORDERED that Frederick J. Young, Receiver of the International Exchange Bank. be and he is hereby authorized to transfer and assign the remaining assets of said bank. including a piece of real estate located in Hopewell, Virginia. known as Lots 40 and 41. Block 6. West City Subdivision. a list of said assets being attached hereto and made part hereof. to M. J. Kramer. and that he be authorized to accept the sum of Three Thousand. Five Hundred ($3,500) Dollars cash from said purchaser. said sale to be made without recourse or warranty of any kind or character. and that said sale be ratified and confirmed. unless cause be shown to the contrary or objections made on or before the 25th day of September. 1940. or unless higher offers in writing and properly guaranteed are received by the Receiver at his office, located at 1336 New York Avenue N.W., Washington. D. C., prior to twelve o'clock noon on the day preceding the last abovementioned date. And it is further ORDERED that a CODY of this Order shall be published at least two times prior to the last above-mentioned date. in the Washington Evening Star. JENNINGS BAILEY, se17.23. Justice.

9. September 21, 1940 Evening Star Washington, DC

Article from Evening Star, September 21, 1940

Click image to open full size in new tab

Article Text

Two Banks May Pay Final Dividends Before Christmas Plans Rushed to End Receiverships of D. C. Institutions Final dividends before Christmas from two closed banks in Washington appeared likely today as Receiver Frederick J. Young pushed plans to wind up the receiverships of the Bank of Brightwood and the International Exchange Bank. Chief Justice Wheat in District Court Thursday signed a final order approving sale of all remaining assets of the Bank of Brightwood to Meyer Steinberg of Baltimore for $3,250. He was high bidder in an auction sale conducted recently by Receiver Young. In the case of the International Exchange Bank an order on the proposed sale of remaining assets to M. J. Kramer of New York, who offered $3,500 for the assets at a recent auction, is returnable in court September 25. Any further bids must be in the hands of the receiver by noon, September 24. When final disposition is made of these remaining assets of both banks, Mr. Young will prepare final dividends to depositors. Both institutions closed in July, 1932. Hoping to have the checks ready before Christmas, he will notify depositors by post card. He requested depositors not to inquire in advance because such inquiries would merely delay the disbursement. Amounts of the two dividends have not yet been determined. Meantime, another step in liquidation of the United States Savings Bank was taken yesterday when Mr. Young changed the date for sale of most of the remaining assets of this bank from October 1 to October 8, at 10:30 a.m. at the bank. 2000 Fourteenth street at U street N.W. Lists of these assets were being mailed out today to prospective bidders.

10. November 28, 1940 Evening Star Washington, DC

Article from Evening Star, November 28, 1940

Click image to open full size in new tab

Article Text

Bank of Brightwood Depositors to Get Final Dividend Receiver Says Checks For $17,500 Are Ready For Distribution Payment of the fifth and final dividend, amounting to about $17,500, to about 5,000 depositors of the closed Bank of Brightwood will begin tomorrow morning, it was learned today from Receiver Frederick J. Young. Postal cards were mailed today to depositors notifying them to call for checks at Fourteenth and U streets N.W., site of the closed United States Savings Bank. The checks will be available at this location up to and including Monday, December 16. After that, they will be turned over to the Treasury, and then it will be necessary for depositors to call at the Treasury Department to get them. The fifth and final dividend is 2.21 per cent of the amount depositors had in the bank when it closed, July 13, 1932. This brings to 65.71 per cent the total dividends, amounting to $522,364. The final dividend in another closed bank in the hands of Receiver Young, the International Exchange Bank, is being paid also at 2000 Fourteenth street N.W., but less than half of the 1,500 depositors have called for their checks. This dividend is 5.6 per cent, or $19,776, bringing the total dividends in this institution, also closed in 1932, to 50.6 per cent, or $183,168. Dividend checks in the International Bank can be obtained at 2000 Fourteenth street only until December 5, after which they will be sent to the Treasury Department. In the cases of both Brightwood and International Exchange Banks, depositors were informed by Receiver Young that it will be necessary for them to bring both their notification card and their receiver's certificate to get their dividend check.