Garrett National Bank (Oakland, MD)

View Charter #13776 on SPMC View balance sheet

Episode Information

Episode UID
1377601599
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
137760 national
Charter Number
13776
Start Date
March 1, 1933*
Location
Oakland, Maryland

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ac2d18720a6f5b14

Response Measures

None

Description

Bank was closed in the 1933 bank holiday and placed in receivership; liquidation/dividends followed over several years.

Events (10)
1. March 1, 1933* Receivership
Newspaper Excerpt
Receiver for the Garrett National Bank of Oakland, Maryland.
Source
newspapers
2. March 1, 1933* Suspension
Cause
Government Action
Cause Details
Closed by Treasury officials during the 1933 bank holiday/moratorium
Newspaper Excerpt
ordered closed by the Treasury officials at Washington
Source
newspapers
3. September 18, 1933 Chartered
Source
historical_nic
4. February 28, 1935 Other
Newspaper Excerpt
Under and by virtue of a power of sale ... the undersigned Receiver for the Garrett National Bank of Oakland, Maryland, hereby gives notice that he will ... mortgage sale
Source
newspapers
5. December 19, 1935 Other
Newspaper Excerpt
OLD GARRETT NATIONAL TO PAY THIRD DIVIDEND ... announced by Mr. John H. Bane, receiver.
Source
newspapers
6. May 28, 1936 Other
Newspaper Excerpt
RECEIVER IS AUTHORIZED TO SELL BANK BUILDING ... authorizing the receiver to sell the bank building to the new bank, the Garrett National Bank in Oakland.
Source
newspapers
7. December 22, 1938 Other
Newspaper Excerpt
GARRETT NATIONAL NOW PAYING FINAL DIVIDEND ... the Garrett National Bank of Oakland, in receivership since the bank holiday in 1933, began to pay its final dividend
Source
newspapers
8. April 21, 1939 Other
Newspaper Excerpt
Final interest dividend checks to depositors of the old Garrett National Bank of Oakland will be ready for distribution on Friday (tomorrow) morning, April 21
Source
newspapers
9. April 22, 1939 Other
Newspaper Excerpt
Oakland (Md.) Bank, Closed in 1933, Pays $107.66 for $100
Source
newspapers
10. June 1, 1939 Other
Newspaper Excerpt
RECEIVERSHIP OF THE OLD GARRETT BANK IS ENDED ... The receivership of the old Garrett National Bank came to an end yesterday
Source
newspapers

Newspaper Articles (10)
1. February 28, 1935 The Republican Oakland, MD
Article from The Republican, February 28, 1935

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Article Text

Mortgagee's Sale VALUABLE REAL ESTATE In Garrett County, Maryland. Under and by virtue of a power of sale contained in a mortgage from Gertrude Browning and George D. Browning, to the Garrett National Bank of Oakland, Maryland, dated February 27, 1928, and recorded among the Mortgage Records of Garrett County in Liber E. Z. T., No. 96, folio 361, etc., default having occurred under the terms and conditions of said mortgage, the undersigned Receiver for the Garrett National Bank of Oakland, Maryland, hereby gives notice that he will, on

2. February 28, 1935 The Republican Oakland, MD
Article from The Republican, February 28, 1935

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Article Text

Receiver for the Garrett National Bank of Oakland, Maryland.

3. December 19, 1935 The Republican Oakland, MD
Article from The Republican, December 19, 1935

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Article Text

OLD GARRETT NATIONAL TO PAY THIRD DIVIDEND Will Make Total of 95 Percent Which Has Been Paid To Depositors of This Bank PAYMENT ABOUT $81,000 A payment of a third dividend of 10% to the depositors of the closed Garrett National Bank of Oakland has been announced by Mr. John H. Bane, receiver. The checks have been prepared and are now ready for distribution and all depositors who have proven claims are requested to call at the bank and receive their checks. The payment of this dividend makes a total of 95% which has been paid to the depositors of this institution. The payment of a dividend at this time was made possible through a loan from the Reconstruction Finance Corporation and this makes it necessary for the Receiver to collect the remaining assets and repay the loan before future dividends can be paid. The amount of the distribution is approximately $81,000 and should greatly stimulate the rush of Christmas buying in this section.

4. May 28, 1936 The Republican Oakland, MD
Article from The Republican, May 28, 1936

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Article Text

RECEIVER IS AUTHORIZED TO SELL BANK BUILDING Will Be Purchased By New Organization for Sum of $27,500 Following an open hearing on the petition of John H. Bane, receiver of the Garrett National Bank of Oakland (old bank), held in the Garrett County Court House on Monday, May 25, before Judge David A. Robb, an order was passed authorizing the receiver to sell the bank building to the new bank, the Garrett National Bank in Oakland. The consideration was to be $27,500. It was testified at the hearing by parties from the bank and by the receiver that the consideration was agreed upon as adequate and a fair price, considering the present market for real estate, age and condition of the building. The banking house, furniture and fixtures were valued at $79,415 in a published statement of the old bank on December 31, 1932, a few months prior to the bank holiday. It is understood that as soon as the transaction is consummated the new bank will proceed to recondition and repair the building at an estimated cost of about $2,500. Mr. Bane stated that this sale would enable him to bring the liquidation of the old bank near conclusion and that steps would be taken shortly to collect the remaining unpaid notes and other claims now in his hands as the receiver. Mr. Bane will retain his present office in the building until the final liquidation of the old bank.

5. December 22, 1938 The Republican Oakland, MD
Article from The Republican, December 22, 1938

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Article Text

GARRETT NATIONAL NOW PAYING FINAL DIVIDEND Makes A Total Of 100 Percent Paid on Claims Aggregating $816,696.13 Since 1933 PAYMENTS BEGAN MONDAY The Garrett National Bank of Oakland, in receivership since the bank holiday in 1933, began to pay its final dividend of five pecent on Monday, December 19. This five percent dividend makes a total of 100 percent paid on aggregate claims of $816,696.13. The announcement that the payment of these final amounts on deposits was made by John H. Hoffman, receiver. Mr. Hoffman stated that the trust had for distribution to creditors who have proven their claims dividend checks in the approximate amount of $43,258.95. The assets of the bank have not yet been completely liquidated and a funther dividend representing the interest at the legal rate, computed upon the unpaid balances of each claim from the date of suspension, will be paid when and if the further liquidation of the assets warrant such a distribution, it was stated. Checks for this deferred five percent may be received by calling at the office of the receiver, in the Garrett National Bank Building. In order to expedite delivery all creditors are requested to bring with them the proo of claim issued by the receiver. Due to the confusion during the first week or two when checks are being delivered, checks will be issued only to those presenting the receiver's certificates, Mr. Hoffman stated.

6. March 23, 1939 The Republican Oakland, MD
Article from The Republican, March 23, 1939

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Article Text

To Pay Interest Dividend It has been learned from reliable sources that within a very short time the Receiver of the Garrett National Bank of Oakland will pay an interest dividend to all of the depositors of that bank. This distribution will make the total amount paid to each depositor of more than 107 per cent on funds in the bank when it was ordered closed by the Treasury offiicials at Washington.

7. April 20, 1939 The Republican Oakland, MD
Article from The Republican, April 20, 1939

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Article Text

DEPOSITORS OF OLD BANK TO GET INTEREST CHECKS Dividends Payable Friday Equal To 7.66 Percent of Original Claims Final interest dividend checks to depositors of the old Garrett National Bank of Oakland will be ready for distribution on Friday (tomorrow) morning, April 21, it was announced today by John H. Hoffman, receiver, who has been in charge of the affairs of the old bank for several months. The dividend amounts to 7.66 per cent of the original claims and will make the total paid to depositors $107.66 for each $100 on deposit at the date of suspension. So far as is known very few of the many thousands which were closed during the moratorium, have surpassed this record. The time required for the job of liquidation was slightly less than five and one-half years, having started about December 1, 1933. This was some weeks after the new bank was opened for business. The first payment was a 60-percent dividend. Mr. Hoffman stated that this trust had been mostly free from those distasteful and embarrassing tasks which many receivers experience. Mr. Hoffman said that within a short time he will turn over to the original stockholders what is left of the uncollected assets. Claimants are being requested to call promptly for checks so that there would be as little delay as possible in closing the trust.

8. April 22, 1939 Evening Star Washington, DC
Article from Evening Star, April 22, 1939

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Article Text

Oakland (Md.) Bank, Closed in 1933, Pays $107.66 for $100 By the Associated Press. OAKLAND, Md., April 22.John H. Hoffman, receiver for the old Garrett National Bank, announced he had finished liquidating the bank's assetsand each depositor had received $107.66 for every $100 he had in the bank when it closed in 1933. Mr. Hoffman said this was one of the few cases he had heard of in which depositors received more than their accounts called for. A five-and-ahalf-year liquidation of assets produced more cash than the books showed available.

9. June 1, 1939 The Republican Oakland, MD
Article from The Republican, June 1, 1939

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Article Text

RECEIVERSHIP OF THE OLD GARRETT BANK IS ENDED Shareholders Receive Remaining Assets At Meeting Held Yesterday The receivership of the old Garrett National Bank came to an end yesterday when a majority of shareholders held a meeting and received all the remaining assets from John H. Hoffman, receiver, and appointed A. T. Matthews as shareholders' agent, to protect their interests and eventually get back a portion of the assessment, levied some time ago. There were 750 shares represented in a total of 1000. The bank had previously paid 107.66 percent to all depositors, the last payment being made on April 15. The bank had been in the process of liquidation since March, 1933, with J. H. Hoffman in charge since June 10, 1937. Over $875,000 has been paid to depositors and over one million dollars collected. An advisory committee consisting of F. E. Rathbun, Henry M. Speicher and D. Edward Offutt was appointed to assist Mr. Matthews as agent. Mr. Hoffman said that there were turned over to the shareholders yesterday $24,000, face value, in notes, $9,800 in stock assessments not yet collected, and about $14,000 in cash. Out of these amounts the stockholders will be reimbursed to some extent for the $100,000 assessment made upon them to repay depositors in full.

10. June 8, 1939 The Republican Oakland, MD
Article from The Republican, June 8, 1939

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Article Text

Depositors Fail To Claim $10,000 In Dividends Depositors of the old Garrett National Bank in Oakland are failing to claim about $10,000 in dividend checks, according to John H. Hoffman, receiver. Mr. Hoffman announced that within a few days all unclaimed dividend checks will be returned to Washington and that unless depositors to whom they are due call at once for their checks they will have to correspond with the Comptroller's office in Washington to obtain them. He urged that all who had not received the last two dividends should make an effort to call at the bank in Oakland at once.