2212. Woodridge Langdon Savings & Commercial Bank (Washington, DC)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: March 1, 1933*
Location: Washington, District of Columbia (38.895, -77.036)

Metadata

Model: gpt-5-mini
Short Digest: 9831dc45

Response Measures

None

Description

The Woodridge-Langdon bank closed during the President's bank holiday in March 1933 (suspension by government action). Its best assets were taken into the Hamilton National Bank and the bank reopened as a Hamilton branch in September 1933 (depositors received 50%). Remaining assets were handled by conservator(s) and later receivers; ultimately receivers paid depositors 100% by November 1935. No bank run is described in the articles.

Events (8)

1. March 1, 1933* Suspension

Cause: Government Action
Cause Details: Closed at time of the President's bank holiday (March 1933 emergency closure of banks)
Newspaper Excerpt: closed during the President's bank holiday in March, 1933
Source: newspapers

2. September 25, 1933 Other

Newspaper Excerpt: When the Woodridge bank reopened as a branch of the Hamilton National Bank, it paid its depositors 50 cents on the dollar.
Source: newspapers

3. September 25, 1933 Reopening

Newspaper Excerpt: The Woodridge bank reopened as a branch of the Hamilton National Bank; paid depositors 50 per cent when it reopened in September, 1933
Source: newspapers

4. November 1, 1933 Receivership

Newspaper Excerpt: the Woodridge-Langdon Savings and Commercial Bank ... were appointed by Controller ... to take charge of the liquidation of eight banks here now in the hands of conservators. ... the Woodridge-Langdon Savings and Commercial Bank ... is one of the banks thrown into receivership today
Source: newspapers

5. April 10, 1934 Receivership

Newspaper Excerpt: Carter B. Keene ... took over also receivership of remaining assets of the Woodridge-Langdon Savings & Commercial Bank; the Woodridge bank is operating now as a branch of the Hamilton Bank, but the remaining assets ... changed hands
Source: newspapers

6. June 20, 1934 Receivership

Newspaper Excerpt: E. L. Norris ... was appointed receiver for remaining assets of the former Woodridge-Langdon Savings & Commercial Bank, succeeding Carter B. Keene
Source: newspapers

7. October 2, 1935 Other

Newspaper Excerpt: Woodridge-Langdon ... is planning to pay its depositors 100 cents on the dollar. The first dividend of 50 percent was made available ... now directors ... are making arrangements to pay the remaining half
Source: newspapers

8. November 11, 1935 Other

Newspaper Excerpt: The Woodridge-Langdon Savings and Commercial Bank will begin payment of a second dividend of 50 per cent on November 11 ... thus becoming the first closed bank in the District to pay its depositors 100 cents on the dollar.
Source: newspapers

Newspaper Articles (15)

1. September 25, 1933 Evening Star Washington, DC

Article from Evening Star, September 25, 1933

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HAMILTON BANK'S OPENING MARKED BY NEW DEPOSITS One Receipt of $100,000 and Another for $50,000 Reported. BALANCE EXPECTED TO GROW DURING DAY President Graham and Other Officers Recipients of Many Congratulations With its headquarters and seven branches decorated with flowers and comfortably filled with customers, the new Hamilton National Bank opened today, releasing about $8,000,000 in deposits. To the surprise of both officials of the bank and police who had been stationed at each of the buildings. no lines formed before the opening hour of 8:30 and early crowds were small. The number of customers increased, however, during the morning hours until just before noon most of the lobbies were fairly well filled. Some persons were withdrawing while some others were making new deposits. President E C. Graham of the Hamilton merger and other officers were flooded with congratulations arriving by mail and by wire and there was a spectacular floral exhibit of baskets of flowers at headquarters. Deputy Controller of the Currency Lioyd G. Awalt called at the Hamilton Bank shortly after noon to greet President Graham and congratulate the officers on the opening of the new institution. Awalt was acting controller of the currency when the movement for merger of the Hamilton Bank was first started He came to the bank in the company of Maj. W Irving Shuman of the Treasury Department. who had handled the Government's negotiations for opening the new merger Most of the withdrawals were said to be small while there were many substantial new accounts. officials said Among the deposits at Hamilton headquarters at Fourteenth and G streets were one for $100,000 and another for $50,000. Larger Deposits Seen. While some bank officials were too conservative to make a prediction about the net business for the day. it was freely predicted in some quarters where the flow of business was being watched closely that by the end of the day the Hamilton would have ,larger deposits than when it opened for business this morning. The first customer at Hamilton headquarters arrived at 7:15 a m. with a request to make a deposit. He was George Tait. 421 Fifteenth street southeast He was admitted and made a deposit While the formal opening hour was 8 :30. the front doors of the Hamilton headquarters were actually opened for a little group of about four women who were there at 8:15. and from then on the customers came in a small but seadily increasing stream during the morning Established with a capital stock of $1,000,000, with $250,000 surplus. the Hamilton had on hand this morning to meet the demands of its depositors $2,500,000 in cash, President Graham said Most of this had been delivered to headquarters and to four of the member branches Saturday, but some of it was distributed to the three branches of the old Federal-American National Bank & Trust Co. early this morning President Graham. in an official statement on the financial set-up of the bank today said With a capital structure of $1.250.000, the Hamilton National Bank eniovs the unique position of being practically without liabilities beyond its deposits. Unencumbered by Loans, "In respect to assets. the Hamilton is a particularly model example We are unencumbered by loans or real estate All assets taken over by the bank consist of cash Government bonds, listed bonds at Saturday's selling prices. and loans on which schedules are checked up to date by the United States Treasury and Federal Reserve Board. This statement plainly shows that the Hamilton Bank has nothing but prime assets upon which depend the security and financial integrity of an institution of this kind. The value of equipment for the several banks comprising the Hamilton institution amounts to less than $50,000 The Hamilton has not borrowed a dollar from the R. F. C. or from any other source. Meantime, the Treasury Department had no appointed new conservators to take the place of four men who were taken over by the Hamilton National Bank for its official staff What the Treasury will do in this respect remains to be seen, although the business of conservatorship was moving forward today in these four banks- the District National. the Washington Savings, the Northeast Savings and the WoodridgeLangdon Savings and Commercial Bank. Some kind of action by the Treasury is anticipated soon in this respect as the situation regarding these in old member banks is now left "up the air." This, however, does not affect in any way the operation of the new Hamilton merger and it is anticipated that the Treasury will clear up the inservatorship question shortly Reports received at Hamilton headquarters from its seven branches pointed to a situation in the outlying houses very similar to that at headquarters. Many persons were making withdrawal (Continued on Page 3. Column 5.)

2. November 1, 1933 Evening Star Washington, DC

Article from Evening Star, November 1, 1933

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RECEIVERS TO PUSH BANK LIQUIDATION Former Governor of Florida and Publisher Are Appointed. Former Gov. Cary A. Hardee of Florida and Norman R. Hamilton, publisher of the Portsmouth, Va., Star, today were appointed by Controller of the Currency O'Connor to take charge of the liquidation of eight banks here now in the hands of conservators. Mr. Hardee assumed his new duties today, taking charge of the assets remaining in the Federal-American National Bank and Trust Co. and the old Chevy Chase Savings Bank. Mr. Hamilton is not expected to arrive here until November 8. when he will begin taking over one bank receivership at a time until he is in charge of the remaining assets in the other six banks in the hands of conservators, as follows: The District National Bank, the Northeast Savings Bank, the Seventh Street Savings Bank, the Washington Savings Bank, the Woodridge-Langdon Savings and Commercial Bank and the Potomac Savings Bank. Purchased by Riggs. The Chevy Chase Savings Bank was purchased by the Riggs National Bank several months ago and is now operated as a branch of Riggs. Assets remaining in the hands of the conservator there, John C. Walker, will be liquidated by Mr. Hardee. The Riggs National Bank had paid the first dividend to depositors of the Chevy Chase Bank when it became a branch. The other seven banks thrown into receivership today were members of the Hamilton National Bank merger, which bought their prime and liquid assets to make available a dividend of 50 per cent to depositors. Controller O'Connor pointed out that the plan of appointing two receivers instead of eight was decided upon so as to lessen expense. "It will save depositors large sums which (Continued on Page 2, Column 8.)

3. November 1, 1933 The Tampa Times Tampa, FL

Article from The Tampa Times, November 1, 1933

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HARDEE NAMED BANK RECEIVER m Florida Governor Gets Federal Post at Washington Washington, Nov. 1.-(AP)comptroller of the announced today that Cary Hardee, former governor of Florida, and Norman R. Hamilton, Virginia publisher, had receivers liquidate eight District of Columbia banks now operated by conservaThe comptroller explained the move designed to hasten payment of dividends to depositors from assets remaining other District banks took over of the business of the banks be liquidated. The eight local institutions are the American National Bank, the Chevy Chase Savings Bank, the District National Bank, the Northeast Savings Bank, the Seventh Street Savings Bank, the Washington Savings Bank, the Woodridge Langdon Savings and Commercial Bank and the PotoSavings Bank. Hardee was governor of Florida from 1921 to 1925. He has interested in banking since 1902, when he served as director, vice president and president of this bank. Still an interest in this he president of the Commercial Bank of Live Oak. Hamilton, publisher of the Portsmouth Star, was born and reared in Virginia. For several years he has been director of bank Norfolk, now director of the Mutual Building there 1913 to 1922 collector of customs at News, representing both the treasury and state departments enforcing laws Virginia waters. In this position he was virtually the head of annual income of approximately Under testative plans, the FedAmerican and the Chevy Chase Savings Banks will be charge of Hardee; while Hamilton take charge of the District Northeast Savings, Street Savings, Washing ton Woodridge- Langdon and the Potomac Savings Banks. Hardee assumed his duties today. but Hamilton was not pected in until Nov. Comptroller O'Connor said the appointment of two receivers instead of eight was to minimize expense.

4. November 8, 1933 Evening Star Washington, DC

Article from Evening Star, November 8, 1933

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BANK DEPOSITORS ARE REASSURED O'Connor Promises Orderly Marketing of Assets of Eight Institutions. Controller of the Currency J. F. T. O'Connor, in a formal statement today, announced that appointment of receivers for banks in this city "does not mean that the assets of such institutions will be thrown upon the market indiscriminately." The controller's statement was made in response to many requests concerning the policy to be carried out by the two receivers recently appointed to liquidate the assets of eight banks here. "In the first place," the controller pointed out, "it is obviously impossible to throw assets on the market at once. Moreover, even if this could be done, it would be poor policy, since the controller, acting in the capacity of trustee, has the duty of realizing as much as possible for creditors." In this connection. the controller pointed out that his position on this point was made clear in his speech to the American Bankers' Association last September 7. Minimum Expense Promised. Mr. O'Conner also called attention to the fact an orderly liquidation will be accomplished at a minimum expense. The average cost of liquidating national banks, he added, has been 3.9 per cent of book value and 6.65 per cent of actual collections. These percentages, he said, are much lower than found in "ordinary receiverships." Under the law it was necessary to appoint receivers to replace conservators, the controller pointed out, "in order that proper notice to creditors could be given and the trust finally liquidated. The controller in these cases," he continued, "has no option. He must appoint receivers." This interpretation of policy was designed particularly to apply to the operation of receiverships to which the controller recently appointed Cary Hardee of Florida and Norman R. Hamilton, Portsmouth, Va. Will Distribute Checks. Mr. Hardee, who was former Governor of Florida, is liquidating two banks here. the Federal American National Bank & Trust Co., which he has already taken over, and the Chevy Chase Savings Bank, of which he soon will assume charge. Mr. Hamilton yesterday took over the District National Bank and soon also will take charge of these institutions: Potomac Savings Bank, Washington Savings Bank, Northeast Savings Bank, Woodridge-Langdon Savings & Commercial Bank and the Seventh Street Savings Bank. Meantime, Controller O'Connor announced that Robert C. Baldwin, receiver of the Commercial National Bank, will start distribution of checks in payment of the second dividend to depositors next Monday. This will be for 30 per cent, and will be available to 34,000 depositors. When distribution of this 30 per cent is completed it will make a total of 50 per cent paid to the creditors of this bank in the aggregate amount of $3,000,000.

5. January 5, 1934 Evening Star Washington, DC

Article from Evening Star, January 5, 1934

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RECEIVER ABSORBS REMAINING ASSETS Will Transfer Property of Seventh Street Savings Bank to Office. Remaining assets of the Seventh Street Bank today were taken over by Receiver Norman R. Hamilton, who will transfer them gradually from the old institution to the receiver's office in the old District National Bank. The Seventh Street Savings Bank joined the Hamilton National Bank and already 50 cents on the positors merger has paid dollar. its The deSeventh Street Bank location is now one of the branches of the Hamilton National Bank and operating on a 100 per cent basis as a branch. The conservator of the Seventh Street Savings Bank, John D. Howard. former president of this institution, is co-operating with Receiver Hamilton in the lengthy task of making the official transfer from a conservatorship to a receivership. When the assets are their new on business of street, all moved the to the location receivership G on such assets will be conducted in one particular corner of the old District National Bank. Receiver Hamilton thus had taken over what is left of four banks which joined the Hamilton merger. They are the District National. Northeast Savings, Washington Savings and Seventh Street Savings Bank. Two other banks which joined the Hamilton still have their remaining assets in the hands o conservators. but these will be taken over one bank at a time into the receivership. These two remaining banks are the Woodridge Langdon Savings and Commercial Bank and the Potomac Savings Bank. Both of these institutions are now operating in their own locations as branches of the Hamilton Bank. The transfer of remaining assets from banks which joined the Hamilton National Bank has no effect whatever upon the operation of the Hamilton National Bank merger. This new institution, which opened in September with a headquarters at Fourteenth and G streets and with seven branches, had deposits of more than nine million dollars on December 30, according to its report today. in response to a call by the controller of the currency for reports on the condition of all national banks.

6. March 13, 1934 Evening Star Washington, DC

Article from Evening Star, March 13, 1934

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Woodridge Officials Protest Plan for Values Not Taken in Hamilton Merger. ACTION IS POSTPONED PENDING INVESTIGATION Officials Object to Transfer to Office of Receiver on Grounds of Convenience. Directors of the Woodridge-Langdon Savings & Commercial Bank are resisting plans of the controller of the currency to throw into receivership the remaining assets of the institution. which were not taken into the Hamilton National Bank when the merger reopened the branch on Rhode Island avenue last September. A committee of directors, it was learned today, went to the Treasury Department in an effort to see Controller of the Currency O'Connor in person. In his absence, however, they registered their protest. and were promised, it is understood, that no further action would be taken until the controller personally could look into the matter. 50 Per Cent Paid. The Woodridge bank made available to depositors when the bank reopened as a branch of the Hamilton National Bank 50 per cent of their deposits. Assets representing the remaining values in the old bank, belonging to the depositors, were kept in the hands of the conservator. These assets were scheduled along with similar assets from certain other closed banks in the District which had reopened under new auspices. to be placed in the hands of a receiver. The remaining assets of all other banks which merged into the Hamilton Bank now are in receivership. Norman R. Hamilton of Portsmouth. Va., receiver. who has established his office at the old District National Bank headquarters on G street near Fourteenth street. was scheduled to take over the remaining assets of the Woodridge-Langdon Bank, along with similar assets from five other simflar institutions. The other five have transferred. the last remaining one making the physical move today, but the WoodridgeLangdon Bank is waiting for further developments. Move Opposed. The claim of the Woodridge directors is understood to be that most of the debtors. as well as creditros, of the bank are in the neighborhood. and a move downtown would bring great inconvenience to them. The directors also claim the bank could be liquidated more economically in the present location. They claim. in addition. that a promise was made that they would be allowed to liquidate and that the assets would not be taken into a new receivership. The bank is open and doing business successfully as a branch of the Hamilton National Bank, under management of E. L. Norris, who is also conservator of the old assets. which do not belong to the Hamilton Bank. Out of these old assets the depositors will receive something. but the amount to be received and the time when they will receive it depend, not only on the liquidation of the assets. but upon orders of the Controller of the Currency, who is in charge. through Mr. Norris in his capacity as conservator.

7. March 14, 1934 The Washington Herald Washington, DC

Article from The Washington Herald, March 14, 1934

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OFFICIALS Woodridge Directors Assert Hamilton Is Too Far Away to Do Business Quickly Assets left in the WoodridgeLangdon Savings and Commercial Bank, following the Hamilton Bank merger, should not be thrown into joint receivership pool, directors of the institution protested to Comptroller of the Currency O'Connor yesterday. Under Treasury Department plans, Receiver Norman R. Hamilton is scheduled to take over the assets of the Bank and five other institutions which participated in the Hamilton merger. ALL IN VICINITY Officials of the WoodridgeLangdon bank declared in their protest that most of the bank's debtors creditors are in its immediate vicinity. It would work a hardship on these clients and make collections more difficult business had to be transacted the office of Hamilton in the District National Bank Building, the directors contended. When Bank affiliated with the Hamilton, depositors had made available to them 50 per cent of their deposits. They will receive additional sums as rapidly remaining assets are liquidated. Treasury officials promised the officials that no action would be taken in the case until the Comptroller could study their protests. TO CHANGE NAME The Treasury Department yesterday authorized the Washington Mechanics Savings B change its name to the City Bank of Washington. The institution recently absorbed the Mount Vernon Savings Bank and soon will take over the Franklin National Bank. Approval of the new name will be sought at meeting of stockholders the Mechanics Bank on April The bank will operate six banking houses under the new name.

8. April 10, 1934 Evening Star Washington, DC

Article from Evening Star, April 10, 1934

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WOODRIDGE BANK RECEIVER NAMED Carter B. Keene Replaces Conservator-Move Opposed by Directors. Carter B. Keene, receiver of the United States Savings Bank, today took over also receivership of remaining assets of the Woodridge-Langdon Savings & Commercial Bank, which did not go into the new Hamilton National Bank merger. The Woodridge bank is operating now as a branch of the Hamilton Bank, but the remaining assets, which had been in the hands of E. L. Norris, as conservator, today changed hands, going over to Mr. Keene. Action to throw these assets into receivership was taken late yesterday by Controller of the Currency O'Connor, who signed Mr. Keene's commission as receiver. This commission reached Mr. Keene this morning by mail. Action Is Surprise. The controller's action was somewhat of a surprise, since it had been officially indicated long ago that this bank would be turned over to Norman R. Hamilton. a receiver who now has five other banks, being liquidated at the offices of the old District National Bank on G street near Fourteenth street. Directors of the Woodridge bank formally protested to the Treasury against the proposed receivership, hoping the conservatorship could be continued. They claimed that a receivership would be more costly than a conservatorship and that to take the assets to the downtown location would seriously inconvenience people in the neighborhood who had business with the receiver. Given Power Over Location. At the Treasury today it was said that Mr. Keene would have wide latitude in administering the receivership and might leave the assets at the Woordige location for a while, if he so desired. It was indicated that the Treasury Department has given him no specific instructions as to the location from which the receivership will be administered. He would have authority, however, if he finds it in the interests of a better receivership, to move the assets to the site of the United States Savings Bank at Fourteenth and U streets, it was understood. John L. Fowler, attorney for the old Woodridge bank, who has been advising the directors in the matter, was out of the city today, and it could not be learned what action, if any, the directors make take now in protest against the receivership. Mr. Norris, who now will give his full attention to his duties as branch manager for the Hamilton Bank, said early today he had no indication as to what the directors may do. When the Woodridge bank reopened as a branch of the Hamilton National Bank, it paid its depositors 50 cents on the dollar.

9. June 20, 1934 Evening Star Washington, DC

Article from Evening Star, June 20, 1934

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NORRIS SUCCEEDS KEENE AS RECEIVER Appointed in Charge of Former Woodridge-Langdon Savings & Commercial. E. L. Norris. branch manager for the Hamilton National Bank, today was appointed receiver for remaining assets of the former Woodridge-Langdon Savings & Commercial Bank, succeeding Carter B. Keene, resigned. The change was made as a result of negotiations between the office of the controller of the currency and a committee from the bank. Keene, who had been appointed receiver for the Woodridge-Langdon assets several weeks ago, is also receiver for the United States Savings Bank. where he is now busy planning to pay a 65 per cent dividend before July 1. He remains as receiver at the United States Savings Bank. Norris formerly was vice president of the Woodridge-Langdon Bank and when this institution was refused a license to reopen after the President's bank holiday, he became its conservator. Later, when the best assets of the Woodridge Bank were sold to the Hamilton National, Norris became branch manager of the Hamilton at the same location.

10. August 9, 1934 The Washington Times Washington, DC

Article from The Washington Times, August 9, 1934

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NORRIS BOASTS LONG BANK TRAINING RS Born in Kensington, Md., 39 Mr. Norris, besides being years ago, E. L. Norris, receiver ceiver for the closed bank, is al for the Woodridge-Langdon Savmanager of the Woodridge-Lar ings and Commercial Bank, was don savings and commerci educated in this city. branch of the Hamilton Nation After he finished his prelimiBank, with which it merged. nary education in the public A life-long Democrat, Mr. N S.). schools here, Mr. Norris took a nvoy ris has never participated active nakin politics. He is also president two-year course in accountancy in the District Coal Company. govthe Y. M. C. A. cut ADVERTISEMENT Upon completion of his school here ing he entered the employ of the by Kensington (Md.) Bank, where he ches remained two years as cashier. He then went with the Continental Bad Legs Trust Company in Washington, he Varicose Veins-Ulcer where he started as teller. ind Joined Woodridge Bank igh Make up your mind today that you going to give your legs a chance to ide After eight years with this inwell. No operations nor injections the necessary, no enforced rest. This sim stitution, Mr. Norris went with the Emerald Oil home treatment permits to go about your business as usual-w Woodridge-Langdon Savings and im it quickly heals old sores, reduces SW usE. L. NORRIS Commercial Bank as vice presiings, stimulates circulat and makes your legs as g dent and cashier. During his time as new. No waiting for side Woodridge-Langdon Bank for 10 lief! You begin to get with the Continental Trust ComINSTANTLY. by years. When the bank closed its Just follow the simple pany he had become treasurer of erg, rection-you are sure to doors he was appointed its conthe bank. t a helped or money back. I servator and on June 19 of this ples Drug Stores and di Mr. Norris remained with the year he was appointed receiver. fists everywhere.

11. August 11, 1934 The Washington Times Washington, DC

Article from The Washington Times, August 11, 1934

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RFC SET TO BUY BANK ASSETS IF ASKED Chairman Announces Readiness As Result of McLeod Fight; Comptroller Shies By EUGENE A. KELLY Only one of the receivers of closed banks in Washington would comment today on disclosures made yesterday that the Reconstruction Finance Corporation is ready to purchase the assets of closed banks, if requested. Opposed by Comptroller J. F. T. O'Connor, Comptroller of the Currency, refused to comment on the move, which would mean immediate relief to thousands of depositors in closed banks here. It is known, however, that he wishes to continue his policy of obtaining loans for the closed banks from the RFC and that he has no intention of asking for an outright purchase of the assets. It is the contention of the Comptroller that depositors would benefit more under the present borrowing plan than by purchase. Outcome of McLeod Fight Announcement of Jesse H. Jones, chairman of the RFC, is the direct result of the Steagal amendment, which was supported by Representative Clarence J. McLeod (R.) of Michigan and The Washington Times. E. L. Norris, receiver for the Woodridge-Langdon Savings and Commercial Bank, stated he was in favor of "any plan whereby the depositors would benefit." He said: "I do not know all of the particulars regarding the plan to have the RFC purchase the assets of closed banks, but if it mediate helps the and depositors equitable obtain relief im- I am in favor of the idea." Mr. Norris said that if he is approached by depositors in his bank on the matter he will present the the RFC-purchase of the Currency. plan to Comptroller O'Connor Surprised With the disclosure that the RFC is prepared to purchase the assets of closed banks. the responfor the now rests on depositors sibility immediate squarely relief of the shoulders of the Comptroller of the Currency. Comptroller Is Key Man Unlike most other cities, receivers in this city do not deal directly with the RFC or any other lending corporation in the matter of obtaining loans. The procedure here is for the receiver to deal directly with the Comptroller of the Currency, who in turn formulates policies and maps out a program to be followed. The RFC already has loaned Washington closed banks about $10,000.000. It was learned today that efforts are being made to reappraise the assets put up for the original loans with a view to increasing theme. The RFC is now lending money to closed banks on a more liberal basis due to passage of the Steagall bank relief bill in the last session of Congress.

12. July 15, 1935 Evening Star Washington, DC

Article from Evening Star, July 15, 1935

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# WOODRIDGE LANGDON # ASSETS ARE $230,525 Report Shows Closed Bank in Relatively Good Condition Without Levy. Assets remaining in the closed Woodridge Langdon Savings and Com- mercial Bank are estimated at $230,525, according to the quarterly report of condition by E. L. Norris, receiver. The report shows the institution has been put into relatively good con- dition without a stock assessment against its shareholders. The value of remaining assets is greater than the dividends of 50 per cent paid to de- positors in September, 1933, amount- ing to $162,750.06. But the bank has other obligations, including some se- cured liabilities not yet paid in full, and some obligation to the Recon- struction Finance Corp. Out of $135,393.23 secured liabilities at date of suspension of the bank, the conservatorship paid off $47,066.47. Since the loan of $88,322.85 from the Reconstruction Finance Corp. the bank has paid $6,232.15, and has placed in a collateral account for the Reconstruction Finance Corp., $29,- 333.33 more.

13. October 2, 1935 Evening Star Washington, DC

Article from Evening Star, October 2, 1935

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WOODRIDGE BANK WILL PAY IN FULL BY NEW DIVIDEND Waivers of Interest on 50 Per Cent Final Issue Are Now Sought. CASH TO MAKE PAYMENT PROVIDED BY HAMILT National Depository Merged to Woodridge Institution Takes Initiative. The Woodridge-Langdon Savings and Commercial Bank, 2027 Rhode Island avenue northeast, which closed during the President's bank holiday in March, 1933, is planning to pay its depositors 100 cents on the dollar. It will be the first of the closed banks here to do this. The first dividend of 50 per cent was made available to depositors when the institution merged into the Hamilton National Bank in September, 1933, and now directors and other stockholders are making arrangements to pay the remaining half as soon as possible. Funds will be provided out of cash on hand and from proceeds of a loan being arranged on remaining assets of the institution. This loan is to be advanced by the Hamilton bank, whose action thus makes full payment possible. Negotiations for the loan have been completed, but under stipulations laid down by the Treasury Department it is necessary to obtain from depositors by October 15 waivers on interest. Waiver forms will be mailed out promptly by Receiver E. L. Norris. Depositors learning of the plan today expressed gratification over the prospects of getting the full amount of their original deposit, even without accumulated interest, and said they would sign the waivers immedlately. They predicted this attitude would be general. When the additional money can be paid out depends on how soon the waivers are returned, and how soon afterward arrangements can be completed. The amount of deposit liability of the Woodridge Bank at the date of its suspension was $355.957.11. Not all depositors have called for their first 50 per cent. Up to June 30, 1935, the report of the receiver shows a total of $162,750.06 had been paid out. The bank has paid off in full a loan from the Reconstruction Finance Corp. amounting to about $98,000. Receiver Norris was formerly vice president of Woodridge-Langdon and is now branch manager of the Hamilton Bank, operating a branch at the old site.

14. November 5, 1935 Evening Star Washington, DC

Article from Evening Star, November 5, 1935

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WOODRIDGE BANK PAYS DEPOSITORS INFULL NEXT WEEK 7,000 to Get Approximately $170,000-Notices Begin November 11. LOAN BY HAMILTON SPEEDS UP PAYMENT Some Checks From Last Dividend of 50 Per Cent Still Held for Call. The Woodridge-Langdon Savings and Commercial Bank will begin payment of a second dividend of 50 per cent on November 11, it was learned today. It thus becomes the first closed bank in the District to pay its depositors 100 cents on the dollar. The various groups of depositors will be notified personally through the mail by E. L. Norris, receiver, as to when they are to call for their payments. Norris explained today he will start mailing postcards Saturday to the 7,000 depositors. Paid Part in 1933. The Woodridge Bank, which closed during the bank holiday of March, 1933, paid a 50 per cent dividend on September 25. 1933, when the bank reopened in a merger with the Hamilton National Bank at the same address, 2027 Rhode Island avenue northeast. Funds for the second 50 per cent dividends were made available through a loan made to the Woodridge Bank by the Hamilton National Bank on remaining assets in the old institution. This was worked out through a committee of directors and Norris, with the co-operation and approval of the Treasury Department. $170,000 wailable. The loan has been complèted and checks are being drawn for depositors. The total amount available for the 7,000 depositors is about $170,000. On the first 50 per cent dividend depositors have collected a total of about $164.000, but many of these first dividend checks have not yet been called for.

15. November 10, 1935 Evening Star Washington, DC

Article from Evening Star, November 10, 1935

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DEPOSITORS TO GET 100 PCT. PAYMENT Woodridge - Langdon Savings Receiver to Distribute Dividend. For the first time in the history of the District of Columbia a depositor of a closed bank will receive payment in full tomorrow morning, when the Woodridge-Langdon Savings & Commercial Bank begins paying the second dividend of 50 per cent. E. L. Norris, receiver of the bank, yesterday mailed out 500 cards to 500 depositors, notifying them to call tomorrow for their checks. The bank door will open at 8:30 a.m. at 2027 Rhode Island avenue northeast. Other depositors will be notified from day to day, by groups, to bring them into the bank over a period of about a week and prevent congestion the first day. This bank, which closed in March, 1933, paid its first dividend in September, 1933, when its best assets were taken over by the Hamilton National Bank, now operating a branch at the same location, with Norris as branch manager. In the meantime, Norris, as receiver for the old bank worked out plans, in co-operation with the Board of Directors of the old bank, the Hamilton Bank and the Treasury Department, whereby the depositors are now being paid 100 cents on the dollar. The second dividend was made possible through a loan by the Hamilton Bank on the assets of the old bank. About 7,000 depositors of the Woodridge Bank will benefit by payment of the second dividend amounting to about $170,000.