Chevy Chase Savings Bank - Chevy Chase, MD

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: May 27, 1936
Location: Chevy Chase, Maryland (38.971, -77.076)

Metadata

Model: gpt-5-mini
Short Digest: 110826ba

Response Measures

None

Description

The bank was closed and placed in receivership; no article mentions a depositor run. Receiver Cary A. Hardee administered the receivership. Stockholders later advanced funds to pay the final dividend and the receivership was closed with depositors paid in full (Jan 26, 1937). Dates are taken from the newspaper articles provided.

Events (4)

1. May 27, 1936 Receivership

Newspaper Excerpt: Receiver Cary A. Hardee of the bank ... Depositors in this bank so far have received 80 per cent of their deposits. ... the receiver then would pay to depositors the remaining unpaid 20 per cent dividend.
Source: newspapers

2. May 27, 1936 Suspension

Cause: Government Action
Cause Details: Bank was closed and placed in receivership under Receiver Cary A. Hardee; payments suspended while in receivership
Newspaper Excerpt: Attempts are being made to pay depositors in the closed Chevy Chase Savings Bank ... Receiver Cary A. Hardee of the bank is taking no active part in the plan
Source: newspapers

3. January 26, 1937 Other

Newspaper Excerpt: The last dividend of 20 per cent was made possible by a voluntary advancement of cash by the stockholders, but without an official assessment against the capital stock of the bank.
Source: newspapers

4. January 26, 1937 Receivership

Newspaper Excerpt: CHEVY CHASE BANK PAYS OUT IN FULL The receivership of the Chevy Chase Savings Bank has been closed, with depositors of the bank paid in full, Cary A. Hardee, receiver, announced today.
Source: newspapers

Newspaper Articles (3)

1. May 27, 1936 Evening Star Washington, DC

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Article Text

PLAN FULL PAYMENT TO BANK DEPOSITORS Chevy Chase Directors and Stockholders Propose That Interest Be Waived. Attempts are being made to pay depositors in the closed Chevy Chase Savings Bank 100 per cent of their original deposits, without interest. Under a. plan approved by Controller of the Currency J. F. T. O'Connor, directors and stockholders of the bank have arranged to put up a sum of money sufficient to pay the remaining 20 per cent dividend, provided the depositors will waive interest. Letters have gone out to depositors asking for waivers of interest. Whether the plan can be worked out successfully depends on whether a sufficient number of depositors return their waivers of interest, it was explained. Paul Slemon, attorney, has been named trustee for the committee of directors and trustees acting in the matter. The letters to depositors have been sent out by this committee, headed by Slemon. Receiver Cary A. Hardee of the bank is taking no active part in the plan, it is understood, as the action is by the stockholders and directors. Should the plan succeed, however, the re-, ceiver then would pay to depositors the remaining unpaid 20 per cent dividend. Depositors in this bank so far have received 80 per cent of their deposits. If the plan succeeds, as the stockholders hope it will, the 100 per cent dividend can be paid to depositors and then the remaining assets of the bank would be liquidated to repay the stockholders for the funds they put up for the last dividend.

2. January 26, 1937 Evening Star Washington, DC

Article from Evening Star, January 26, 1937

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Article Text

CHEVY CHASE BANK PAYS OUT IN FULL The receivership of the Chevy Chase Savings Bank has been closed, with depositors of the bank paid "in full," Cary A. Hardee, receiver, announced today. The last dividend of 20 per cent was made possible by a voluntary advancement of cash by the stockholders, but without an official "assessment" against the capital stock of the bank. In closing the receivership Receiver Hardee has turned over remaining assets to Paul Sleman, attorney, of the Colorado Building, who was elected stockholders' agent. Sleman now will have charge of "further liquidation" of these assets, Hardee announced. A total of $677,618.35 was paid to depositors of the bank, who held what is known as "unsecured liabilities," while a total of $113,385.49 was paid on secured liabilities. The remaining dividend checks, which number about 1,000, mostly in small amounts, not yet called for by depositors, have been turned over by the receiver to the Treasury Department. At the Treasury it was explained that depositors who have failed to call for their checks will be required to apply for them, preferably in writing, at the Insolvent Bank Division of the office of the controller of the currency, on the tenth floor of the Washington Building. The application must be accompanied by some documentary evidence of the claim, such as a regeipt from the receiver, a receiver's tificate or the claim number,

3. March 28, 1937 Evening Star Washington, DC

Article from Evening Star, March 28, 1937

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Article Text

with interest, $2,348,425.97. Stockholders of the Federal-American had paid on their 100 per cent assessment a total of $1,200,824.96 up to December 31 last, and it is understood a substantial sum has been paid in addition since that time. This is a much larger percentage of payment by stockholders than the average for stock assessments in the case of closed national banks, and it has been a substantial element in making possible the second dividend. Receiver Hardee, who took over the Federal-American from the conservator, was also receiver for the Chevy Chase Savings Bank, which has paid depositors in full, 100 per cent. The Chevy Chase receivership has been terminated, however, and undelivered depositors' checks have been turned back to the office of the controller of the currency, where they can be claimed. Recently Hardee also took over the receivership of the Commercial National Bank from Robert C. Baldwin, receiver, who resigned to re-enter business. Hardee has on his hands as receiver several bank buildings. The former Federal-American buildings are rented to the Hamilton National Bank, but the big Commercial National Bank headquarters at Fourteenth and G streets still is for rent. A few employes of the receivership are working there, but most of the Commercial receivership papers have been moved over to Hardee's office on New York avenue, which was formerly a bank office, and belongs to the FederalAmerican receivership. The dividend checks will be available only at 1336 New York avenue.