2134. Potomac Savings Bank (Washington, DC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
March 1, 1933*
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini
Short Digest
8db31538

Response Measures

None

Description

The articles indicate Potomac Savings Bank closed in March 1933 and has been in receivership under Justus S. Wardell. No run or reopening is described. Multiple later items (asset sale, dividends paid in 1938) are actions by the receiver. Thus this is a suspension resulting in permanent closure/receivership.

Events (3)
1. March 1, 1933* Receivership
Newspaper Excerpt
when it closed in 1933. ... Potomac Savings Bank, 62 1/2 per cent (from Article 3).
Source
newspapers
2. March 26, 1938 Other
Newspaper Excerpt
ORDER NISI. Justus S. Wardell, as Receiver of the Potomac Savings Bank... authorized by the Deputy Comptroller of the Currency ... to make said sale (Evening Star 1938-03-30 and 1938-04-13).
Source
newspapers
3. December 3, 1938 Other
Newspaper Excerpt
New 8 Pct. Dividend For Potomac Savings Depositors Announced ... an additional dividend of 8 per cent will be paid beginning Tuesday morning to 8,300 depositors ... will bring the total payments ... up to 70 1/2 per cent of their total accounts in the bank when it closed in March, 1933.
Source
newspapers

Newspaper Articles (8)
1. March 30, 1938 Evening Star Washington, DC
Article from Evening Star, March 30, 1938

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Article Text

IN THE DISTRICT COURT OF THE United States for the District of Columbia.-IN THE MATTER OF JUSTUS S. WARDELL, RECEIVER. THE POTOMAC SAVINGS BANK. WASHINGTON D. C.MISCELLANEOUS NO. 44.-ORDER NISI. Justus S. Wardell. as Receiver of the Potomac Savings Bank. having reported to the Court that he has received an offer from James E. and Sarah Elizabeth Ash to purchase real estate in the District of Columbia. described as Lots 59. 807 and 808 in Square 1232. improved by a brick dwelling containing eleven rooms. one bath. hot-water heat. electric lights and city sewerage. located at 3139 N Street Northwest. at and for the sum of Six Thousand Five Hundred Dollars ($6,500) cash. subject to adjustment of taxes, insurance, rentals. etc to date of sale and further subject to a real estate agent's commission of Two Hundred and NinetyFive Dollars ($295) and having further reported to said Court that he has been authorized by the Deputy Comptroller of the Currency of the United States to petition this Court for authority tQ make said sale upon the terms herein set forth. it is by the Court this 26th day of March. 1938, 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 18th day of April. 1938, provided. however. a copy of this order shall be published in The Washington Evening Star at least three times prior to said April 18. 1938 JOSEPH W. COX. Justice. (Seal.) A true copy. Test: CHARLES E. STEWART. Clerk By J. WESLEY GARDNER. Jr., Asst. Clerk. mh30.ap6.13.

2. April 13, 1938 Evening Star Washington, DC
Article from Evening Star, April 13, 1938

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Article Text

IN THE DISTRICT COURT OF THE United States for the District of Columbia - THE MATTER OF JUSTUS S. WARDELL RECEIVER THE POTOMAC SAVINGS BANK WASHINGTON D. C.MISCELLANEOUS NO. ORDER NISI. Justus S. Wardell. as Receiver of the Potomac Savings Bank. having reported to the Court that he has received an offer from James E. and Sarah Elizabeth Ash to purchase real estate in the District of Columbia. described as Lots 59. 807 and 808 in Square 1 improved by a brick dwelling containing eleven rooms. one bath. hot-water heat electric lights and city sewerage. located at 3139 N Street Northwest. at and for the sum of Six Thousand Five Hundred Dollars ($6,500) cash. subject to adjustment of taxes. insurance, rentals. etc. to date of sale and further subject to a real estate agent's commission of Two Hundred and NinetyFive Dollars ($295) and having further reported to said Court that he has been authorized by the Deputy Comptroller of the Currency of the United States to petition this Court for authority to make said sale upon the terms herein set forth. it is by the Court this 26th day of March. 1938 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 18th day of April, 1938 provided however. a copy of this order shall be published in The Washington Evening Star at least three times prior to said April 18. 1938 JOSEPH W. COX Justice. (Seal.) A true copy. Test: CHARLES E. STEWART. Clerk By J. WESLEY GARDNER. Jr., Asst. Clerk mh30.ap6.13.

3. November 20, 1938 Evening Star Washington, DC
Article from Evening Star, November 20, 1938

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Article Text

Northeast Savings To Pay Final 5 Pct. Depositors of the closed Northeast Savings Bank have been notified that beginning Tuesday, Receiver Justus S. Wardell will begin paying out an additional 5 per cent dividend. to bring total payments up to 100 per cent of the principal of deposits in the bank when it closed in 1933. Notification was mailed by post cards telling each depositor when to call at the Northeast branch of the Hamilton National Bank for his check. Four representatives of the receiver, headed by Lloyd Johnson, will be located at the Hamilton branch beginning Tuesday to pay out the checks to 7,387 depositors, amounting to a total of $53,083. There were indications that further dividends may be available later on to pay the depositors some interest on their principal. This will be the second bank in charge of Receiver Wardell to pay 100 cents on the dollar to depositors. The other is the Washington Savings Bank, whose depositors, it was learned, also may look forward some day to payment of some interest on their accounts. Other closed banks now in the hands of Receiver Wardell have paid the following dividends: District National, 85 per cent; Seventh Street Savings, 90 per cent; Potomac Savings Bank, 621/2 per cent.

4. December 3, 1938 Evening Star Washington, DC
Article from Evening Star, December 3, 1938

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Article Text

New 8 Pct. Dividend For Potomac Savings Depositors Announced 8,300 Will Get $162,000 Payment Beginning On Tuesday Justus S. Wardell, receiver for the Potomac Savings Bank, today announced an additional dividend of 8 per cent will be paid beginning Tuesday morning to 8,300 depositors. The payment, which comes just in time for Christmas shopping, will amount to about $162,000. It will bring the total payments to depositors of this bank up to 70 1/2 per cent of their total accounts in the bank when it closed in March, 1933. Post card notices are being mailed to depositors, who are asked by Receiver Wardell to wait until the day mentioned in the cards to call at the office. Checks are available at the receiver's office, 1406 G street N.W., but will be paid out only to depositors bringing in their post card notices. These cards are being mailed out in groups daily, so as to bring in the depositors by groups and prevent congestion in the office. Mr. Wardell also announced that many uncalled-for checks for a 5 per cent dividend to depositors in the Northeast Savings Bank are still available at the Northeast Branch of the Hamilton National Bank, at Eighth and H streets N.E. This dividend brings up to 100 per cent the total payments to depositors. The dividend amounts to about $52.000. Checks will remain at the Northeast location, however, only today, but beginning Monday those remaining will be available at the receiver's office, 1406 G street N.W. This dividend was declared some time ago and most of the checks have been distributed.

5. December 5, 1938 Evening Star Washington, DC
Article from Evening Star, December 5, 1938

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Article Text

Franklin Bank Depositors to Get $200,000 Payment of New Dividend Starts Tomorrow Depositors in the closed Franklin National Bank will receive an additional dividend amounting to about $200,000 beginning tomorrow, it was announced today by Samuel M. Thrift, executive secretary of the Franklin Liquidating Trust The dividend will be paid in check form, at the office of the trust, Room 22, at 945 Pennsylvania avenue, in the building formerly occupied by the bank. Checks have been made out in the amount of 20 per cent of the face value of certificates of participation held by depositors. It will be necessary for depositors to present their certificates of participation, in order to get their new checks, Mr. Thrift emphasized. These certificates were issued in April, 1934, when Franklin depositors were paid in cash 65 per cent of their claims through the City Bank of Washington, which now operates a branch in the old Franklin Building at Pennsylvania avenue and Tenth street. For the remainder of their claims, depositors received at that time, certificates of participation representing 35 per cent of their deposits. Two dividends have been paid since, each one representing 25 per cent of the face value of the certificates. The dividend of 20 per cent now payable amounts to 7 per cent of the original deposit. Thus, when depositors get their checks for the latest dividend they will have received a total of 89 1/2 per cent of their deposits. The office will be open daily from 9 a.m. to 5 p.m., Mr. Thrift explained, with the exception of Saturday when it will close at noon. Trustees of the liquidating trust are William F. Kelly, Lindsey P. Rawley and Henry J. Sterzer. As announced Saturday, another closed bank will begin paying an additional dividend tomorrow, when the Potomac Savings Bank begins distribution of an 8 per cent dividend. amounting to $162,000, to 8,300 depositors. Checks will be paid to depositors bringing notification cards to the office of Receiver Justus S. Wardell, at 1406 G street N.W.

6. December 6, 1938 The Washington Times Washington, DC
Article from The Washington Times, December 6, 1938

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Article Text

MONEY EASIER Speaking before the Washington Building Congress at the Lafayette Hotel last night, Underwood reminded his hearers that there is now a definite opening in the money market. Member banks of the Fifth Reserve District increased their loans and discounts between the middle of October and the middle of November. and deposits in these institutions showed an increase during the same period. The United States Building and Loan League reported an increase in the volume of assets on the part of Washington building and loan associations. The Perpetual Building Association here leads the country in resources with $48,370,540. BANK PAYOFFS HELP Nearly $400,000 to be paid to depositors of closed Washington banks this week will give a further impetus to trade here. To day, the receiver O' the Potomac Savings Bank began payment of $162,000 to 8,300 depositors. Franklin National Bank began paying a dividend of $200,000, and there was a recent payoff of the Northeast Savings Bank.

7. February 1, 1939 Evening Star Washington, DC
Article from Evening Star, February 1, 1939

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Article Text

District National Bank Building Is Sold For $325,000 Funds Will Be Used Eventually for More Dividends Sale of the District National Bank Building at 1406 G street N.W. to Elsyldor Properties, Inc., at a price of $325,000. was announced today by Justus S. Wardell, receiver for the bank. To make way for immediate transfer of the property, Receiver Wardell began to move today the records of five receiverships from the sold building to modest rented quarters at 1614 K street N.W. The receiverships for these five closed banks in charge of Mr. Wardell will be operated. beginning tomorrow morning, at the new K street address. Terms of the sale, which was negotiated by H. C. Smithy and Mark Winkler, included the paycash ment of $75,000 and cent. $250,000 The in trust notes at 41/2 per agreement provides that the purchaser shall pay off $15,000 of the for the notes each year first next trust five years. This would leave a on the building of $175,000 at the end of the five years, in 1944. Improvement Stipulated. A further stipulation in the sale is that the buyer shall spend within $30,000 on improvethe building. less than $30,000 be ment the next to year Should expended anyfor the thing this purpose, difference between what is actually spent for improvement and $30,000 shall be used to curtail further the outstanding notes. Receiver Wardell explained that the funds from sale of the building will be used eventually for more to the 8,600 in dividends depositors the closed District National Bank. The receivership, however, at the time does not have sufficient the of funds present to justify disbursement another dividend now. No prediction could be made as to when the next dividend could be paid to the depositors. These depositors already have received dividends amounting to 85 per cent of their accounts in the bank when it closed in March, 1933. Five Banks Listed. The five closed banks, whose records Mr. Wardell will move from G to K streets immediately, are: District National Bank, Potomac Savings Bank, Seventh Street Savings Bank, Northeast Savings Bank and Washington Savings Bank. One of the first acts of Mr. Wardell after moving to his new location will be supervision of arrangements to pay depositors of the Washington Bank another dividend, interest on acconstituting Savings their that bank. These 3,000 depositors counts in already have received 100 the dollar from the receivand the new ership cents on additional will amount dividend to be paid shortly to cent 10.24 per interest. This will bring the payments to these depositors up to a total of 110.24 per cent their deposits when the bank 1933. A closed of in date for distribution of this dividend had not been fixed. The disbursement is expected to amount to about $37,000.

8. February 19, 1939 Evening Star Washington, DC
Article from Evening Star, February 19, 1939

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Article Text

Closed Bank Depositors Slow to Claim Checks Depositors of the closed Washington Savings Bank are slow to claim the new dividend checks now available, it was announced yesterday by Receiver Justic S. Wardell. The checks, which are for 10.24 per cent of the deposits in the bank when it closed in 1933 are not available at the former office of the receiver, it was emphasized, but at his new office, 1614 K street N.W. Post cards notifying approximately 2,000 certificate holders have all been mailed out, and disbursement of funds. amounting to approximately $35,879 has been in progress since last Monday. Payment of the present dividend is for interest on the deposits in the bank when it closed, and brings up to a total of 110.24 per cent the amount made available. Receiverships of these other banks in charge of Receiver Wardell also are at the new K street location: Northeast Savings Bank, District National Bank. Potomac Savings Bank and the Seventh Street Savings Bank.