Washington Savings Bank - Washington, DC

Bank Information

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

Metadata

Model: gpt-5-mini
Short Digest: 29cfda14

Response Measures

None

Description

Article (Evening Star, 1942-09-20) describes final dividend and winding up of the defunct Potomac Savings Bank of Georgetown, noting the bank closed in 1933 and remained in receivership/liquidation. No run is described; this is a suspension/closure with receivership and final distribution in 1942.

Events (3)

1. January 1, 1933* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank was insolvent and closed in 1933; liquidation handled by a receiver thereafter.
Newspaper Excerpt: the bank, which closed in 1933.
Source: newspapers

2. September 20, 1942 Other

Newspaper Excerpt: The fourth and final dividend to depositors in the defunct District National Bank of Washington will be paid beginning tomorrow. ... The final dividends of the other anks were: ... Potomac Savngs Bank of Georgetown, 81.77 per cent.
Source: newspapers

3. November 15, 1942 Receivership

Newspaper Excerpt: The trust is to be terminated on November 15, at which time Mr. Wardell will completely wind up the affairs of the bank, which closed in 1933.
Source: newspapers

Newspaper Articles (1)

1. September 20, 1942 Evening Star Washington, DC

Article from Evening Star, September 20, 1942

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Article Text

District National Bank Depositors to Get Final Dividend $703,525.42 Awaits 8,852 Persons, Who Will Be Notified by Mail The fourth and final dividend to depositors in the defunct District National Bank of Washington will be paid beginning tomorrow. This announcement by the receiver was authorized yesterday by the controller of the currency and close the affairs of the bank. The amount to be distributed to depositors is $703,525.42, or 15 per cent. This will raise to a total of $4,047,921.47 the amount by the receiver since the bank was closed. All of the 8,852 depositors will be notified by mail of the day upon which they are to call for their checks. The checks are being distributed at the office of the receiver, Justus S. Wardell, at 1429 I street N.W. Must Await Notification. Mr. Wardell warned depositors that they must wait for notification before calling for their checks. Then they must call on the exact day set forth. If they call in advance checks will not be available. If they fail to call on the day named for them, or before November 14, they will have to collect the checks through the office of the controller of currency. That office, Mr. Wardell pointed out, is at present overburdened with work and it is probable that depositors will run into long delays if they wait to collect their checks through this agency. Mr. Wardell further warned depositors that they must bring with them their receiver's certificate when they call for their checks. Will Pay Interest. The last dividend to be distributed will give back to every depositor the full amount of his deposit, in addition to 2.88 per cent interest upon the amount due when the bank was closed. The trust is to be terminated on November 15, at which time Mr. Wardell will completely wind up the affairs of the bank, which closed in 1933. The task has embraced the liquidation of four other local banks. The receiver has paid in excess of 100 per cent in all but one of the insolvent banks. The first insolvent bank brought to a close was the Washington Savings Bank, which paid 110.24 per cent. The final dividends of the other anks were: Northeast Savings Bank, 105.16 per cent; Potomac Savngs Bank of Georgetown, 81.77 1 r cent, and the Seventh Street s vings Bank, 106.8 per cent.