2165. Seventh Street 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: 969fe982

Response Measures

None

Description

The bank closed in early 1933 (articles cite February/March 1933) and was operated in receivership thereafter. The provided articles document receivers' sales of assets and final dividend payments in 1940-1942. No contemporaneous run is described in these items; this is a suspension that remained closed permanently and was wound up by a receiver.

Events (6)

1. March 1, 1933* Suspension

Cause: Government Action
Cause Details: Bank closed in March 1933 and entered receivership (closure referenced in multiple articles).
Newspaper Excerpt: closed in March, 1933
Source: newspapers

2. November 18, 1940 Receivership

Newspaper Excerpt: ORDER That the said offer of M Bevans be accepted ... this by the Court this 18th day of November 1940 ORDERED ... published in the Washington Evening Star as a legal notice at least three times . . . (Seal.) A true copy Test Justice CHARLES F. STEWART Clerk By ANDREW A. HORNER, Asst. Clerk (Article 1).
Source: newspapers

3. June 9, 1941 Receivership

Newspaper Excerpt: $400 Bid for Last Paper Assets of Seventh Street Bank ... with an offer of $400, was high bidder for all remaining paper assets of the closed Seventh Street Savings Bank at an auction sale conducted this morning by Receiver Justus S. Wardell ... (Article 6).
Source: newspapers

4. January 12, 1942 Receivership

Newspaper Excerpt: ORDERED, That the said offer of Bertram Wise be accepted and that the sale of said real estate, fixtures and equipment shall be ratified and confirmed unless cause be shown to the contrary ... by the court this 12th day of January, 1942. (Article 8).
Source: newspapers

5. April 7, 1942 Other

Newspaper Excerpt: Seventh Street Savings Dividend Payments Start Tomorrow 2,700 Depositors Will Receive $124,152 in Final Disbursement ... The dividend ... will bring payments to 100 per cent, plus 6.8 per cent interest ... (Article 9).
Source: newspapers

6. April 17, 1942 Other

Newspaper Excerpt: Hundreds Fail to Get 7th St. Savings Dividends Warning that the receivership of the Seventh Street Savings Bank would be closed in about three weeks, Justice S. Wardell, receiver, today, said hundreds of depositors have failed to call for their final dividend checks. (Article 10).
Source: newspapers

Newspaper Articles (10)

1. November 20, 1940 Evening Star Washington, DC

Article from Evening Star, November 20, 1940

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Article Text

LEGAL NOTICES. BRICE CLAGETT CHARLES F WAINWRIGHT. Southern Bldg. N THE DISTRICT COURT OF THE United States for the District of Colum- S -IN THE MATTER OF JUSTUS VARDEIL RECEIVER SEVENTH STREET AVINGS BANK WASHINGTON D NISI C MISCELLANEOUS NO. 43 -ORDER Justus S Wardell as Receiver of the eventh Street Savings Bank having reorted to the Court that be has received a offer from M Bevans to purchase arcel n of improved real estate located venth in District of Columbia at 1300 S soo in he Northwest and being Lot street 423 of the land records of the by Dis- a quare of Columbia and being improved fixwo-story rict brick building and certain and equipment as follows 1 Frigidures Drinking Fountain No K-19 Model ire 480 1 Vault door and vestibule 1 Night depository vault 1 Section containing individual steel compartments with combiation locks 1 Section containing 4 steel 1 compartment with combination locks Section containing 120 safe deposit boxes: Section containing 75 safe deposit boxes: Section containing 130 safe deposit boxes: obby equipment consisting of Teller's ounters and cages: for the total price of 35,000.00 cash subject to a real estate broker's commission of $1.150.00 taxes, be ents. insurance and similar charges to of duusted as of the date of transfer title. and said Jus us S Wardell as such this having further reported to Receiver that he has been authorized to Court accept such offer by the Deputy Comptroller the Currency of the United States subect f to approval by this Court as is shown v A true copy of a letter containing such authority dated November S 1940 signed the Deputy Comptroller of the Cury ency and annexed to the petition herein. is by the Court this 18th day of NoIt rember 1940 ORDFRED That the said of M Bevans be accepted and that the ffer said sale of said real estate fixtures nd equ pment shall be ratified and conArmed unless cause be shown to the conor a higher offer be made on 1940 or before rary the 30th day of November provided however. that 8 copy of this Order Nisi be published in the Washington Evening Star as a legal notice at least three times. the first of said publications be at least ten days prior to the 30th o of November 1940 and once in the Washington day LAW Reporter and provided further that in the event that any higher is to be made the person making offer such increased offer shall be required to submit an offer exceeding the offer set forth in the petition herein by at least ave per cent and that the person making such increased offer be required to submit he same to the office of the Receiver at 614 K Street Northwest on or before welve n'clock noon on the 30th day of November 1940 BOLITHA J LAWS Seal A true copy Test Justice CHARLES F STFWART Clerk By NDREW A HORNER. Asst. Clerk

2. May 22, 1941 Evening Star Washington, DC

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Article Text

RECEIVER'S NOTICE OF SALE. TO WHOM IT MAY CONCERN: Pursuant to authority of the Comptroller of Currency of the United States. the under signed Justus S. Wardell as Receiver the Seventh Street Savings Bank. Wash ington. D. C.. will offer at public sale the highest bidder of bidders for cash the office of the Receiver. 1429 Eye Stree Northwest on Monday June 9. 1941 10 o'clock a.m. the remaining assets of the said Seventh Street Savings Bank Washington D C., consisting of bills receivable. judgments. overdrafts. and other choses in action and chattels less such items (or articles) as may be paid or otherwise disposed of prior to the said date of sale herein mentioned A descriptive list of the remaining assets so offered for sale may be inspected by prospective purchasers at the office of the Receiver of the Seventh Street Savings Bank. Washington. D. C., on all business days up to and including the date of the said sale between the hours of 9 A.M. and 4 :30 P.M. and on Saturday from 9 A.M. to 12 noon According to law. said remaining assets cannot be sold otherwise than without recourse and without warranty of any kind or character. and subject to the approval of the Comptroller of the Currency of the United States and subject to the approval of a court of record of competent jurisdiction. (Signed) JUSTUS S. WARDELL Receiver Seventh Street Savings Bank. Washington. D. C. 29je6.

3. May 29, 1941 Evening Star Washington, DC

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Article Text

RECEIVER'S NOTICE OF SALE. TO WHOM IT MAY CONCERN: Pursuant to authority of the Comptroller of the Currency of the United States, the undersigned Justus S. Wardell. as Receiver of the Seventh Street Savings Bank, Washington. D. C., will offer at public sale to the highest bidder of bidders for cash, at the office of the Receiver, 1429 Eye Street, Northwest, on Monday. June 9. 1941. at 10 o'clock a.m., the remaining assets of the said Seventh Street Savings Bank, Washington. D. C., consisting of bills receivable. judgments. overdrafts. and other choses in action and chattels less such items (or articles) as may be paid or otherwise disposed of prior to the said date of sale herein mentioned. A descriptive list of the remaining assets so offered for sale may be inspected by prospective purchasers at the office of the Receiver of the Seventh Street Savings Bank, Washington. D. C., on all business days up to and including the date of the said sale between the hours of 9 A.M. and 4:30 P.M. and on Saturday from 9 A.M. to 12 noon. According to law, said remaining assets cannot be sold otherwise than without recourse and without warranty of any kind or character. and subject to the approval of the Comptroller of the Currency of the United States and subject to the approval of a court of record of competent jurisdiction. (Signed.) JUSTUS S. WARDELL Receiver. Seventh Street Savings Bank. my22.29je6. Washington, D. C.

4. June 6, 1941 Evening Star Washington, DC

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Article Text

RECEIVER'S NOTICE OF SALE. TO WHOM IT MAY CONCERN: Pursuant to authority of the Comptroller of the Currency of the United States. the undersigned Justus S. Wardell, as Receiver of the Seventh Street Savings Bank, Washington, D. C., will offer at public sale to the highest bidder of bidders for cash, at the office of the Receiver, 1429 Eye Street, Northwest. on Monday. June 9, 1941, at 10 o'clock a.m., the remaining assets of the said Seventh Street Savings Bank, Washington, D. C., consisting of bills receivable. judgments. overdrafts, and other choses in action and chattels less such items (or articles) as may be paid or otherwise disposed of prior to the said date of sale herein mentioned. A descriptive list of the remaining assets so offered for sale may be inspected by prospective purchasers at the office of the Receiver of the Seventh Street Savings Bank. Washington. D. C., on all business days up to and including the date of the said sale between the hours of 9 A.M. and 4:30 P.M. and on Saturday from 9 A.M. to 12 noon. According to law. said remaining assets cannot be sold otherwise than without recourse and without warranty of any kind or character. and subject to the approval of the Comptroller of the Currency of the United States and subject to the approval of a court of record of competent jurisdiction. (Signed.) JUSTUS S. WARDELL Receiver. Seventh Street Savings Bank. Washington, D. C. my22,29je6.

5. June 8, 1941 Evening Star Washington, DC

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Article Text

Remaining Property Of 2 Closed Banks On Block Tomorrow Seventh Street Savings And Commercial National Assets to Be Auctioned Proceeding with a program designed to close out the affairs of all remaining banks in receivership in Washington, two receivers will conduct auction sales tomorrow of all assets in two banks. the Seventh Street Savings Bank and the Commercial National Bank. Similar sales for other receiverships will come later. Under plans of the Controller of the Currency, it is intended that a policy of "intensive liquidation" will be pursued and all receiverships closed up here by the end of the year, with final payment to thousands of depositors of institutions closed in 1932 and 1933. The first auction sale tomorrow will be conducted by Justus S. Wardell. receiver for the Seventh Street Savings Bank. He will dispose of the assets at his office, 1429 I street N.W.. at 10 a.m. This receivership already has made available to about 2,500 depositors dividends of 95 per cent for a total of $1,004,517. With proceeds from the sale tomorrow, together with cash already in hand, Mr. Wardell said he expects the institution will be able to pay at least 100 per cent. Final Dividend Near. Final sale of the assets of the Commercial National Bank will be conducted by Receiver Frederick J. Young, at his office. 1336 New York avenue N.W., at 2:30 p.m. tomorrow. Proceeds from this will be added to the cash in hand to result in a final dividend to depositors some time before December 1. Since this bank closed in February. 1933, dividends of 70 per cent have been paid, amounting to $3,938,171. Receiver Young also announced that he plans to sell at auction the remaining assets of the FederalAmerican National Bank and Trust Co. at 2:30 p.m. July 14. This institution. the largest closed bank in Washington. has paid to its depositors dividends of 75 per cent, amounting to $6,307,040. No definite estimate is available as to how much more will be realized by depositors. Final sale of assets in the closed Park Savings Bank will be conducted July 15 by Receiver John F Moran at his office at Fourteenth street and Park road N.W. General depositors in this institution have realized 36½ per cent in dividends. Besides this. a particular group of depositors who had money in the bank when its charter expired in 1929 received about $350,000, which was 26.206 per cent of the "low balance" which these people had in the bank between 1929 and 1933 when the bank closed. Three Others Wind Up. Other banks receiverships which are to be closed out during the year include the District National Bank. the Potomac Savings Bank and the North Capitol Savings Bank. In the case of the United States Savings Bank a Stockholders' Committee is proceeding with a plan for closing out the affairs of this institution and terminating pending litigation. The committee has received signed agreements from depositors who had about $900,000 in the bank when it closed. These agreements waive claims to all interest in excess of 3 per cent. Depositors in this bank have already been paid 100 cents on the dollar on their deposits and by their agreement would get 3 cents more on each dollar. The 17,000 depositors of the closed Franklin National Bank have received 100 per cent on their deposits and it is hoped that interest also due them may be paid later. Those who have not yet received their dividends may call at room 22, 945 Pennsylvania avenue N.W., where the final dividend was first made available late last month.

6. June 9, 1941 Evening Star Washington, DC

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Article Text

$400 Bid for Last Paper Assets of Seventh Street Bank Notes, Judgments and Overdrafts Included But Not Realty Rudolph B. Behrend of this city, with an offer of $400, was high bidder for all remaining paper assets of the closed Seventh Street Savings Bank at an auction sale conducted this morning by Receiver Justus S. Wardell at his office, 1429 I street N. W. There were eight bidders. The second high offer of $375 was presented by Bernard L. Hefler of this city. Mr. Behrend's offer must be approved by District Court before it can be accepted finally by the receiver. The assets included notes, judgments, overdrafts and others, totaling about 125 items. The receivership of the Seventh Street Savings Bank is one of several to be closed up this year under orders of the Controller of the Currency. Receiver Frederick J. Young was to sell remaining assets of the Commercial National Bank this afternoon. In the auction this morning the only remaining piece of real estate was not put up for sale. It is the building formerly occupied by the bank, but now used by the Hamilton National Bank. which took over the best assets of the Seventh Street institution, that the first dividend of 50 per cent was made available to depositors. The building at Seventh and N streets, now rented by the Hamilton, is for sale by the receiver. With a view to settling the $100,000 stock assessment, which has been levied by the receiver against 123 stockholders, a compromise offer has been made by the stockholders, through counsel, it was learned today. Some stockholders have paid on their assessment, while others have not. When liquidation of the Seventh street assets has been completed, another dividend will be paid to the 2.500 depositors.

7. June 10, 1941 Evening Star Washington, DC

Article from Evening Star, June 10, 1941

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the size of a final dividend to be disbursed to depositors, who so far have received dividends totalling 70 per cent of the amount they had in the bank when it closed in February, 1933. This followed an auction sale earlier yesterday by Receiver Justus S. Wardell of the Seventh Street Savings Bank, who disposed of all remaining assets of that institution, except a bank building, for $400, contingent upon approval by the controller and the court. Depositors in the Seventh Street Bank will receive at least 100 cents on the dollar, and possibly interest.

8. January 14, 1942 Evening Star Washington, DC

Article from Evening Star, January 14, 1942

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Article Text

LEGAL NOTICES. IN THE DISTRICT COURT OF THE United States for the District of Columbia.-IN HE MATTER OF: JUSTUS S. WARDELL RECEIVER. SEVENTH STREET SAVINGS BANK. 1429, EYE STREET. NORTHWEST. WASHINGTON, D. C.-MISCELLANEGUS NO. 43.-ORDER NISI.Justus S. Wardell. as receiver of the Seventh Street Savings Bank. having reported to the court that he has received an offer from Bertram Wise to purchase a parcel of Improved real estate located in the District of Columbia at 1300 Seventh street, Northwest, and being Lot 800 in Square 42 of the Land Records of the District of Clumbia. and being improved by a two-story brick building. and certain fixtures and equipment as follows: 1 Frigidaire Drinking Fountain No. K-10 Model 3480, 1 vault. door and vestibule: 1 night depository vault, 1 section containing 2 individual steel compartments with combination locks. 1 section containing 4 steel compartments with combination locks, 1 section containing 120 safe deposit boxes. 1 section containing 75 safe deposit boxes, 1 section containing 130 safe deposit boxes. lobby equipment. consisting of teller's counters and cages. for the total price of $25,000.00 cash net, taxes. rents. in surance and similar charges to be adjusted as of the cate of transfer of title. and said Justus S. Wardell. as such receiver. having further reported to this court that he has been authorized to accept such offer by the Deputy Comptroller of the Currency of the United States, subject to approval of this court. it is by the court this 12th day of Jaruary. 1942. ORDERED, That the said offer of Bertram Vise be accepted and that the sale of aid real estate, fixtures and equipment shall be ratified and confirmed unless cause be shown to the contrary or an offer exceeding the present offer be made. acceptable to the court, on or before the 22nd day of January, 1942. at 10 o'clock. AM. at which time higher offers will be considered and objections to said sale will re heard. provided, however, that a copy 01 this Order Nisi be published in The Evening Star newspaper at least three times and once in The Washington Law Reporter prior to said 22nd day of January. 1942 JENNINGS BAILEY, Justice. BRICE CLAGETT CHARLES E. WAINWRIGHT Attorneys for Receiver, Southern Building. (Seal.) A true copy. Test: CHARLES E. STEWART Clerk, by JOHN O. BOWEN. ja.14.18.20 Deputy Clerk.

9. April 7, 1942 Evening Star Washington, DC

Article from Evening Star, April 7, 1942

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Seventh Street Savings Dividend Payments Start Tomororw 2,700 Depositors Will Receive $124,152 in Final Disbursement Payment of the final dividend in the closed Seventh Street Savings Bank will begin tomorrow morning, it was announced today by Justus E. Wardell, receiver. The dividend, amounting to 11.8 per cent of the money depositors had in the bank when it closed in March, 1933, will bring payments to 100 per cent, plus 6.8 per cent interest. The depositors are being notified by post card as to the exact date on which they are to call at the office of the receiver, 1429 I street N.W. Depositors were requested not to call until they have received post cards. Receiver's certificates will be necessary also in addition to the post cards, Mr. Wardell explained, and checks will be delivered only when the depositor surrenders his certificate. Four dividends amounting to 95 per cent already had been declared, with payments totaling $1,004,836. The final dividend includes 5 per cent of the capital and 6.8 per cent interest, amounting to $124,152. Approximately 2,700 persons will receive payments. It will bring the grand total to $1,128,989. Checks for the final dividend, Mr. Wardell announced, will be available at his office for "a limited time only." The closed District National Bank, of which Mr. Wardell also is a receiver, probably will pay out 100 per cent or better, he indicated today. Bupt there is no definite indication as to when the final dividend will be available. Depositors so far have received 85 per cent of their money, amounting to $3,341,381.

10. April 17, 1942 Evening Star Washington, DC

Article from Evening Star, April 17, 1942

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Hundreds Fail to Get 7th St. Savings Dividends Warning that the receivership of the Seventh Street Savings Bank would be closed in about three weeks, Justice S. Wardell, receiver, today. said hundreds of depositors have failed to call for their final dividend checks. Depositors can get their checks at the office of the receiver. 1429 I street N.W., within the next two or three weeks. Afater that all accounts will be turned over to the Office of the Controller of the Currency. Mr. Wardell is also working on the affairs of the District National Bank, the receivership of which is to be closed this year. No information is available as to when the final dividend will be paid, but it is hoped that total dividends will reach 100 per cent.