gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d8f2b08c8081942e
Response Measures
None
Description
Bank was closed at the March 1933 banking holiday, later placed in receivership and liquidated after litigation by former president Wade H. Cooper.
Events (8)
1.March 1, 1933*Suspension
Cause
Government Action
Cause Details
Closed by controller/Treasury action at the March 1933 federal banking holiday and not reopened thereafter
Newspaper Excerpt
closed during the President's banking holiday in March, 1933
Source
newspapers
2.February 10, 1934Receivership
Newspaper Excerpt
Receiver Keene was appointed Saturday and immediately ... went to the bank and took charge; Carter B. Keene, receiver, went to the bank and took charge there (Feb 1934 articles).
Source
newspapers
3.June 18, 1934Other
Newspaper Excerpt
Depositors of the insolvent United States Savings Bank will be paid a dividend of 65 per cent ... the Court of Appeals decision favorable to the Government (June 18, 1934).
Source
newspapers
4.July 14, 1934Other
Newspaper Excerpt
Payment of the postponed 65 per cent dividend to depositors ... will begin early next week (July 14, 1934).
Source
newspapers
5.October 22, 1935Other
Newspaper Excerpt
Payment of an additional dividend of 15 per cent ... was authorized today by the controller ... to be paid out starting today (Oct 22, 1935).
Source
newspapers
6.December 18, 1936Other
Newspaper Excerpt
Frederick J. Young ... receiver for the United States Savings Bank ... consolidated for liquidating purposes with the International Exchange Bank (Dec 18, 1936).
Source
newspapers
7.April 8, 1938Other
Newspaper Excerpt
United States Savings Begins to Notify Depositors to Call for Funds ... ready to make payment of the 10 per cent dividend authorized by the controller (Apr 8, 1938).
Source
newspapers
8.November 21, 1940Other
Newspaper Excerpt
The remaining assets of the United States Savings Bank ... were sold yesterday in District Court ... (sale completed Nov 21, 1940).
Source
newspapers
Newspaper Articles (22)
1.May 29, 1933The Washington TimesWashington, DC
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COOPER FIGHTS TO BALK BANK IN MERGER Insists U. S. Savings Will Pay More by His Plan Than by Joining With Hamilton While Treasury officials and Wilbur H. Zepp, conservator of the United States Savings Bank, are prepared to sign the final papers merging the "prime" assets of the institution with the new Hamilton National Bank, Col. Wade H. Cooper, president and majority stockholder, is waging a "last-ditch" battle to reopen his bank independently. Colonel Cooper is conferring officials of the staff of the of the Comptroller with Currency seeking last-minute approval of a reopening plan which, he claims, will release 75 per cent of deposits immediately. Sees Depositor Backing The merger plan, Cooper contends, offers only 50 per cent immediate release of deposits frozen in member banks, all of which have been conducted by conservators since the banking holiday. He said today that he had submitted his plan to the Treasury officials several weeks ago and that, if Treasury approval were granted, he would have no particular difficulty in obtaining the assent of the required percentage of depositors. Zepp For Merger Zepp, vice president and conservator, has agreed to the merger. As conservator he is a Government official and has broad powers. But his decision is subject to approval by the Comptroller. The campaign to obtain subscriptions to the 50,000 shares of stock which are to provide $1,000,000 capital and $250,000 surplus for the new Hamilton is expected to be completed this week. Officials of the Franklin National are confident that the campaign to reopen individually will succeed. They report that 70 per cent of the required 75 per cent of depositors have agreed to the plan. Stockholders to Meet A meeting of the stockholders of the Federal-American National Bank and Trust Company has been called for 8 p. m. Wednesday at which officials of the new Hamilton National will explain details of the merger plan and urge stock subscriptions. The is to be meeting held at the Federal-American Bank Building, Fourteenth and G Streets Northwest. Creditors of the Commercial National Bank, which was taken over by a receiver February 28, began filing their claims today, a line short forming at the bank's windows when it opened at 9 a. m. Sixty days have been allotted for filing claims.
2.July 19, 1933Evening StarWashington, DC
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HAMILTON BANK'S OPENING DELAYED Complications Involving Two Member Institutions Hinder Plans. Letters from the eight member banks of the proposed Hamilton National Bank to their thousands of depositors have been further delayed by complications involving the two banks which were on a 5 per cent withdrawal basis before the banking holiday. These two banks. the District National Bank and the United States Savings Bank, had restrictions in effect allowing depositors to withdraw only 5 per cent of their deposits. The question now has arisen as to how the bank will handle the various groups of depositors which have made different kinds of withdrawals. For instance. supposing a depositor in the District National Bank had $100 on deposit. and withdrew $5 after the bank went on a 5 per cent restriction. Would this man be allowed to withdraw a full 50 cents on his dollar. or would he be credited only with 45 cents. making a total of 50 cents in withdrawal since the bank went on a restricted basis? Letter Revised Several Times. As soon as this point can be settled it is believed the long-delayed letter to depositors of the eight member banks will be ready for mailing out by the conservator The letter has been revised several times. Meantime an important work of examination by the Treasury Department on the two banks retaining trust departments is being completed. The finished Bank now trict examiner National has and with is the wind- Dising up an examination of the Federal American National Bank and Trust company When this is concluded it will open the way for final reorganization of loans between the Reconstruction Finance Corporation and the member banks. This reorganization of loans has been going on for some time already but more remains to be done before the Hamilton Bank can open. May Borrow Cash. When the Hamilton Bank gets ready to apply for its charter. after raising its complete quota of subscriptions. for a capital structure of $1,250,000. it is thought likely that using the subscriptions for collateral, the Hamilton will borrow cash from other banks in order to present to the Treasury Department a certified check This check would accompany the application for a charter. Edwin C. Graham, president: Roger J. Whiteford. general counsel. and other officials of the Hamilton were busy today on numerous details of the new bank organization. including by-laws, forms and many others. Meantime at the Park Savings Bank. which is now in the hands of a receiver. the board of directors plan to hold a meeting tonight. The Depositors' Committee of this bank has called a mass meeting of all depositors at Central High School auditorium tomorrow night at 8 o'clock to explain the law suit it has filed and to tell the depositors about plans for the future by the committee.
3.September 2, 1933The Washington TimesWashington, DC
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COOPER CLAIMS PLOT TO RUIN INSTITUTIONS Treasury Heads Named in Plea To Keep U. S. Savings As Independent Col. Wade H. Cooper. president of the United States Savings Bank, and holder of 56 per cent of its capital stock. today appealed to the District Supreme Court for an injunction to restrain Treasury officials from forcing his bank into the Hamilton National Bank merger. Through Attorneys W. Bissell Thomas, John W. Staggers and same in Louis counsel L. which Whitestone, represented the him blocking court approval of the names as Colonel Hamilton Cooper contracts yesterday, defendants SecreT. tary of William the Treasury: H. Woodin, J. F. O'Connor. comptroller of the currency; his deputy, F. G. Awalt: Walter J. Cummings, assistant R. Milford, retary of and the W. Treasury; Irving Shuman W. secthe Treasury Zepp, of the former reorganization Department: vice president Wilbur division. of H. United States Saving Bank. and E. C. Graham, president of the Hamilton National Bank. Rule Signed Justice Adkins signed rule requiring the defendants to a show cause the be rule tion will should Tuesday be not heard why before granted. injunc- Justice The who the same him Jennings time Bailey, have placed will before at the banks for pating petitions the eight in of the closed merger conservators partici- court of of assets to approval the $900,000 Hamilton of the of transfer Bank, including over those of the United Staes Savings Bank. It is charged that since March the 5. holiday when began, the national defendants banking to large spiracy part have of been the gain engaged banking control in of assets a a con- in are wreck furtherance the District about to of of deliberately Columbia, that conspiracy and in eight prosperous banks of the District. "Bleeding" Seen These eight banks at the time of the banking holiday had a capital structure of $5,000,000 and deposits totaling $27.000.000. Under eight the Hamilton banks would Bank bleed plan their these assets to build a capital structure of $1,000,000, with available deposits approximating $10,000,000, the court is told. Colonel Cooper says that his one, bank ous has earning always been from a 40 prosper- to 60 per cent on its stock of $100,000 up to the time of the banking holiday. deceding During the the holiday period his of bank's panic preposits fell from $2,500,000 to $1. in is value, 800,000. but its its securities capital structure shrunk yet unimpaired, he said. Farce Charged The defendants have conspired to force his bank into the Hamilon the pay to of ton its system quick depositors assets by taking 50 per $900,000 promise cent of in hands of their the claim. bank leaving conservator the frozen assets liquidate, own Left which to its Colonel will devices. Cooper be difficult Colonel alleges. to a subremitted Cooper claims, to the under Treasury plan but the conon of bank have fendants, jected spiracy because his the of part alleged could the deper cent of and dated claims paid 75 sufficient immediately, depositor liquiassets to pay the remainder within a short time. Sentenced Youth
4.October 5, 1933The Washington TimesWashington, DC
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DEPOSITORS AIM AT REOPENING SAVINGS Committee to Spurn Cooper's Fight Against Treasury in District Courts A committee of seven depositors of the closed United States Savings Bank, appointed at a mass meeting at Central High School to aid the 12,000 other depositors in having the bank reopened, laid plans today for the procedure to be followed. It is believed that this group will go direct to the Comptroller of the Currency with some plan for reopening the bank, regardless of the outcome of litigation instituted by Col. Wade H. Cooper, president of the bank. Under this procedure, Colonel Cooper will have no voice in the matter. Issues Ultimatum The Comptroller has already told Colonel Cooper that unless he can suggest a better reopening plan than that which the Treasury has rejected, steps will be taken to either reopen the bank through another plan or place it in receivership for the purpose of liquidation. Mrs. Mark C. Bullis, 1800 block Sixteenth Street Northwest, only woman member of the committee,
5.November 5, 1933Evening StarWashington, DC
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BANKS MAY COME INTO COURT AGAIN United States Savings and Parks Savings Are Still in Litigation. Progress was made last week in disposition of the unlicensed bank situation in the District of Columbia, with prospect that the two banks in litigation will come before the courts again t is week. The case of the United States Savings Bank, which has been hanging fire ever since this institution was dropped from the Hamilton National Bank merger, will come up for hearing Tuesday morning before Justice Jennings Bailev in District Supreme Court. Depositors of the Park Savings Bank. wh last week lost their fight for a court receiver to replace the Treasury Department receiver. plan to file an amended bill in an effort to collect as much as possible from the directors and stockholders. Two Receivers Named. Two receivers were appointed for eight unlicensed banks. one of whom has taken charge. with the other scheduled to arrive this week. Former Gov. Cary A. Hardee of Florida has already taken over the remaining assets of the Federal-American National Bank & Trust Co. and the old Chevy Chase Savings Bank. Norman R. Hamilton of Portsmouth. Va., is planning to arrive here next Wednesday to take charge of six other unlicensed banks, which are the District National Bank, the Northeast Savings Bank, the Eventh Street Savings Bank. Washington Savings Bank, Woodridge-Langdon Savings Bank and the Potomac Savings Bank. Meantime negotiations for a merger of the Franklin National Bank with the Washington Mechanics Savings and the Mount Vernon Savings Banks have been under way, without a complete agreement having been reached. It was understood last night that progress had been made in the negotiations. although final decision had not been made as to whether the Franklin would merge or try to reopen alone. The Mount Vernon-Mechanics merger is making rapid progress, officials said last night. 4 Banks Unlicensed. As the District of Columbia situation stands today, according to Controller of the Currency O'Connor, in a review of the unlicensed banks of the Nation last night. there were 13 unlicensed banks here at the close of the President's holiday in March: nine of these have been licensed, chartered or placed in liquidation, and four of these are still unlicensed. Of these four. two plans have been approved. one for the Mount Vernon Savings Bank to merge with the Washington Mechanics, and the other for the reopening of the Franklin National Bank. Officials of the Franklin bank have not yet given their full agreement, however, to the Treasury plan. One plan has been disapproved, according to the controller's tabulation. This is presumed to be the plan for the United States Savings Bank, whose president, Col. Wade H. Cooper, is fighting the Treasury in the courts to force adoption of the Cooper plan. And finally, one plan for license is under consideration, that of the Industrial Savings Bank, a colored institution. which hopes to reorganize into a national bank. The United States Bank long has been in the courts, since Col. Cooper made such a fight to keep it out of the 4 Hamilton National Bank merger that the Treasury voluntarily withdrew it (Continued on Page 2, Column 4.)
6.February 11, 1934Evening StarWashington, DC
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(Continued FTOM First Page.) the point where the matter of "perscnnel" of the bank was up for consideration. Col. Cooper had agreed to meet the conditions laid down by the Treasury Department, Staggers said, with respect to recreating the capital structure of the bank. The last communication from the Treasury, Stagwas that the was being up, gers personnel said, taken question and of an answer would be forthcoming. "We had been assured," said Staggers, "that nothing would be done while this appeal was pending." Meantime there was some talk in the business community near the bank at Fourteenth and U streets of the possibility of establishing a new bank on the old corner. This movement has not taken any definite form as yet, however. Mr. Keene's appointment was offcially announced by the controller in a formal statement, which said in part: "This local institution was placed in the hands of a conservator following "the banking holiday last It to the October 25. March. ing reported deposits, 1933, accord- call, of $1,744,000. J. L. Bailey was appointed conservator on March 14, but on March 17 W. H. Zepp was named to that position, and has served since then. "Receiver Keene is an attorney, and has practiced law in the District of Columbia since 1921. A native of Maine, he was made chief of appointments in the Post Office Department here in the second Cleveland administration. Later. he served as post office inspector, inspector in charge, chief. post office inspector, and director of the Postal Savings System." Mr. Keene was educated at Methodist Wesleyan Seminary and at Columbian College, now George Washington University, from which he received the degrees of bachelor of laws and master of laws. He is a member of the Mayflower Society and is a thirty-third degree Mason. He resides at the Mendota, and maintains Building. an office in the McLachlen When efforts were made last Spring to include the United States Savings Bank in the new Hamilton National along with seven other a Bank banks. merger. Col. Cooper launched bitter attack which has kept the bank case in the courts ever since. The bank was dropped from the Hamilton merger in the midst of the court case. and Col. Cooper has been trying since. in vain, to get the bank reopened along lines of his own plans.
7.February 12, 1934Evening StarWashington, DC
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SEEKS TO PREVENT BANK LIQUIDATION Col. Wade H. Cooper Files Motion to Stay Any Proceedings. Col. Wade H. Cooper, president of the United States Savings Bank, today took legal steps designed to prevent liquidation of the bank by its new receiver, Carter B. Keene, Washington attorney. Through his attorneys, John W. Staggers and W. Bissell Thomas, Col. Cooper filed in the Court of Appeals a motion to stay any proceedings on the part of the Treasury or the receiver to liquidate the bank. The motion asked the court to hold the assets of the bank in status quo until Col. Cooper's appeal in the savings bank case, now pending in the Court of Appeals, is decided. He asked that the case be set for early hearing as soon as the Government has completed its side of the case, Col. Cooper has appealed from an adverse decision of the District Supreme Court in which the court upheld the Treasury Department in the Treasury's rejection of his plan to reopen the bank. In his appeal. he is attempting to get the court to force the Treasury Department to reopen the bank on the Cooper plan. Receiver Keene was appointed Saturday and immediately following his officiay appointment at the Treasury Department went to the bank and took charge.
8.April 24, 1934Evening StarWashington, DC
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to force the Treasury Department to reopen the bank. This is understood to indicate the higher court will hear the case before adjournment of this session. In District Supreme Court, Justice Jennings Bailey denied a writ which Col. Cooper had sought so as to force the Treasury Department to reopen the United States Savings Bank under the so-called Cooper plan. Since that action the Treasury Department has thrown the bank into the hands of a receiver, Carter B. Keene, who now is in charge there.
9.June 18, 1934Evening StarWashington, DC
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U.S. SAVINGS BANK TO PAY $1,000,000 65% on Deposits to Be Hastened, Following Ruling of Treasury. Depositors of the insolvent United States Savings Bank will be paid a dividend of 65 per cent, amounting to a it was learned time, more than $1,000,000, within officially short early this afternoon. The Treasury Department, followon the heels of a decision of of ing the quickly Court Appeals of the District favorable to the Government, made plans to pay swiftly the dividend as soon as it will be physically possible to do so at the bank. A formal statement on the matter is to be issued expected from the the currency office of the controller of within the next 24 hours, explaining details. Decision Is Upheld. The Court of Appeals upheld the decision of the District Supreme Court, declaring that the controller of was the currency justified did in in regard exercising the authority he The was Wade H. verse to this to bank. Col. decision Cooper, presi- ads dent bank, who fought the case for of months the through both courts. will The payment of the dividend make available to depositors roughly $1,068,000, based on the figures of a total deposit liability of $1,644,000. This dividend is 15 per cent larger than the 50 per cent dividend which this bank was to have paid in the with blocked proposed National Bank, merger by the Col. Hamilton Cooper. it was The difference of 15 per cent, learned, is due to collections made at the bank since it was thrown into the hands of a receiver and to an improvement in its holdings since that time. United States Savings Bank has petrel been The the stormy since of the it local was banking situation ever closed by the controller of the currency at the time of the President's and refused a to at the close of reopen bank holiday that holiday. license enable the bank to pay 65 it was In per order cent, to learned, arrangehave been completed to get a the ments loan from Reconstruction Finance the Corporation to provide funds on eligible securities of the bank. Fight of Col. Cooper. Col. Cooper has fought the Government since it first closed the Commercial National Bank, of which he was president, late in February, 1933, and the United States Savings Bank, of which he also was president, at the close of the President's bank holiday. in March, 1933. When a move was made to include the United States Savings Bank in the new Hamilton National Bank merger Cooper took the case to court and fought it to the point where the Government and the Hamilton Bank attorneys withdrew efforts to include the bank in the merger and dropped it suddenly from all consideration. then went to court Col. force Cooper controller of the to the currency to reopen the bank on plans proposed by Cooper himself, but every plan Cooper put forward was the rejected by Court controller. Justice In Jen- District Supreme nings Bailey upheld the controller and rendered a decision adverse to Col. who apto the Court pealed Cooper, immediately of Appeals of the District.
10.June 29, 1934Evening StarWashington, DC
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SUIT MAY DELAY DIVIDEND OF BANK Treasury Officials Study Cooper Action to Determine Payment Policy. Payment of the 65 per cent dividend of about $1.000.000 to depositors of the United States Savings Bank, which had been scheduled to begin next Monday morning, may be postponed indefinitely because of the new suit which Col. Wade H. Cooper, former president of the bank. filed in District Supreme Court yesterday, against Treasury Department officials. Although Cooper's counsel, W. Bissell Thomas, indicated that no rule or preliminary injunction was asked in the suit, because Cooper did not wish to prevent the depositors from getting the dividend. there appeared considerable doubt early today about the whole question of the dividends. Treasury Making Study. Treasury officials were making a careful study to determine whether it would be wise for the receiver to go ahead now with payment of the dividend as planned. Cooper in his suit claims the bank now is solvent and asks a temporary injunction to restrain Carter B. Keene, receiver, from acting as receiver and withholding the banking house. with its assets, from the officers, directors and stockholders. The Government has always insisted the bank is insolvent. If this new move of Cooper's should postpone payment of the dividena, it would be the second time he has blocked distribution of funds to depositors of the bank. Fought Merger. The first time was when it had been planned to include the United States Savings Bank in the Hamilton National Bank merger. Cooper went to court to fight the merger and in the midst of the hearing the Government and the Hamilton bank dropped the savings bank suddenly from the merger. The savings bank would have paid 50 per cent to depositors last year had this institution been included in the Hamilton bank. At the savings bank, at Fourteenth and U streets, plans had been completed to begin payment Monday morning and the entire business and residential community was eagerly awaiting the first funds from the bank since it was closed in March, 1933. John F. Moran, receiver for the bank. has extended the official time for creditors of the insolvent institution to file claims up to July 21.
11.July 2, 1934Evening StarWashington, DC
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$1,000,000 SAVINGS DIVIDEND DELAYED Last-Minute Postponement Hits U. S. Bank's Depositors. The Government today decided to postpone indefinitely payment of a dividend of 65 per cent to depositors of the United States Savings Bank at Fourteenth and U streets. The dividend amounted to about a million dollars, and payment had been slated to begin this morning. The postponement was caused by Col. Wade H. Cooper, former president of the United States Savings Bank, who had filed another suit last week against the Treasury as plans were being completed to pay the dividend. After two setbacks in the court, Cooper still is trying to regain control of the bank. Treasury officials were working, however, with a view to paying the dividend later. All was in readiness at the bank. Necessary records had been prepared, the cash was available, through a loan from the Reconstruction Finance Corporation, and the receiver, Carter B. Keene, was ready to pay off this morning. Treasury officials, however, after careful study of the new Cooper suit, decided the dividend should be postponed temporarily. This is not to be considered a final decision, it was explained, as efforts still are being made to find a way to pay depositors, denied their money since the, bank closed during the President's bank holiday in March, 1933. This is the second time Col. Cooper has prevented depositors from getting a dividend. He first went to court to block the Treasury from merging the United States Savings Bank with the Hamilton National Bank.
12.July 14, 1934Evening StarWashington, DC
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U. S. SAVINGS DUE TO RETURN MILLION Depositors Will Get 65 Per Cent Dividend Beginning Next Week. Payment of the postponed 65 per cent dividend to depositors and creditors of the United States Savings Bank will begin early next week, it was announced today by Controller of the Currency J. F. T. O'Connor. This dividend, which was to have been paid not later than July 1. was delayed by the action of Col. Wade H. Cooper, former president of the bank, who filed another of his series of suits against the Government. Notices will be sent to depositors informing them when to call at the bank. In a formal statement Controller O'Connor explained that answer to this suit was being filed in court today and that payment of the dividend would proceed. In the answer. which was filed later. the Government asked the District Supreme Court to dismiss the Cooper suit on the ground it is an attempt to interfere with the exclusive and official administrative discretion of the controller of the currency. Claiming the bank is solvent. Col. Cooper had asked that it be returned to its officers and directors. The answer asking dismissal of the suit was filed through Attorney George Barse. $1,000,000 to Be Paid. The dividend will make available about $1,000,000 to creditors of the bank who have had nothing out of it since it closed during the President's bank holiday in March, 1933. In his formal statement, the controller explained that on June 18 he had announced that the dividend would be paid not later than July 1. "On June 28," the statement continued, "Col. Cooper filed a suit on his own behalf and on behalf of the United States Savings Bank as a corporation, seeking to set aside the appointment of the receiver for the bank and to compel the return of the bank and its assets to its officers, directors and stockholders. The controller is filing an answer to this suit, setting forth that in his judgment the bank is not in condition to be reopened and that it should proceed in receivership liquidation. Caused Postponement. "The filing of this suit made it necessary to postpone payment of the dividend in order that certain questions raised by the filing of the suit could be considered. "These questions have now been determined and we have decided that payment of this dividend should be made without further delay. "The depositors and creditors of the bank have been deprived of their funds since the bank was closed in March, 1933, and we feel very strongly that their distress should be soon as is that the merelieved expected as clerical possible. and It chanical details necessary to have the dividend money available can be completed within the course of the next few ays-certainly by the first part of this coming week. will be sent them positors "Post cards notifying of to the the date deto call at the bank for their dividend checks. Please do not call prior to the date therein indicated, inasmuch as it will be impossible to distribute all of the checks at once, and it will be necessary to spread the distribution over a period of days." Although no specific time has been fixed for the first check to be paid out. it was understood that this may be on Tuesday or Wednesday mornings. although subject to change.
13.July 14, 1934The Washington TimesWashington, DC
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SAVINGS BANK TO PAY OFF MILLION Treasury to Ignore Col. Cooper Suit, and Relieve Long Deprived Depositors More than $1,000,000 will be paid to depositors in the closed United States Savings Bank early next week, the Comptroller of Currency announced today. The payment will be made despite a suit brought against Treasury officials by Col. Wade H. Cooper, former president of the bank which threatened to tie up deposits indefinitely. Start Paying Tuesday In all probability the dividend payment will start Tuesday, but depositors were advised by the Treasury officials not to call at the bank before receiving notification by post cards. The United States Savings Bank closed last March with deposits ,aggregating $1,892,480, none of which has been paid. Today's order will result in a 65 per cent dividend payment. Ready Two Weeks The receiver, Carter B. Keene, was ready to pay the dividend more than two weeks ago, but Colonel Cooper's suit asking return - of the bank to its officers and directors temporarily tied it up. An answer to Colonel Cooper's suit was filed in District Supreme Court today by Treasury attorneys, asking dismissal and stating that the bank is still insolvent and should continue to be managed by a receiver.
14.July 18, 1934Evening StarWashington, DC
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branch at Fourteenth and U streets. Business Improvement Seen. T. S. Grape, president of the Central Businessmen's Association and chairman of the Depositors' Committee of the United States Savings Bank, said today some businessmen who are getting their dividends are making plans to improve their business. One reported today he plans to remodel his store at once. At the bank. Carter B. Keene, receiver, stated the machinery for paying out dividends was "working like clockwork."
15.October 12, 1934Evening StarWashington, DC
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U. S. SAVINGS BANK PLAN BEFORE TREASURY HEADS John A. Dore, Stockholder, Scheduled to Confer on Proposed Opening. John A. Dore, a stockholder in the United States Savings Bank, was scheduled to confer with Treasury officials yesterday in regard to a proposed plan to open a bank in the building of the insolvent United States Savings Bank, at Fourteenth and U streets. Dore is a member of a group of stockholders, which has sent out a letter to stockholders to determine their reaction to a plan he has in mind. The United States Savings Bank is in the hands of a receiver appointed by the controller of the currency and is being liquidated. Wade H. Cooper, former president of the bank, still is pressing litigation to attempt to reopen the institution.
16.May 17, 1935The Washington TimesWashington, DC
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COOPER'S BANK N CONDITION TO PAY DIVIDEND Officials, However, Deny U. S. Savings Institution Could Make Full Disbursement Present condition of the assets of the United States Savings Bank warrants immediate payment of a small dividend to depositors, it was learned today from authoritative sources. Reports that the bank is in a condition to reopen and pay depositors in full, however, were promptly denied by officials in charge. A suit brought against the receiver of the bank, which failed in March, 1933, and officials of the Treasury Department has thrown a monkey wrench into plans for immediate payment of a dividend. The bank owes its depositors $682,000, having already made dividend payments of 65 per cent. Carter B. Keene, receiver for the defunct institution, estimated the present assets of the bank can ultimately be liquidated for $1,132,000. The bank has on hand $281,000 in cash, he said. It is conceded by officials that the condition of the bank would make possible a loan from the Reconstruction Finance Corporation, sufficient to pay another small dividend. Because of the suit brought by the bank's former president, Col. Wade H. Cooper, officials are holding up their plans for the payment. Colonel Cooper is in Garfield Hospital recuperating from a heart attack suffered several days ago while in the District Court of Appeals. His suit, in effect, alleges the United States Savings Bank is in good condition and that therefore the receiver should be dismissed.
17.October 22, 1935Evening StarWashington, DC
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BULLETIN Payment of an additional dividend of 15 per cent, amounting to more than $256,000, was authorized today by the controller of the currency, to be paid out starting today, by the receiver of the United States Savings Bank, at Fourteenth and U streets, to about 6,500 depositors and creditors.
18.December 18, 1936The Washington TimesWashington, DC
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YOUNG NAMED RECEIVER The Comptroller of the Currency has appointed Frederick J. Young of Milford, N. H., receiver for the United States Savings Bank and the Bank of Brightwood. The two banks will be consolidated for liquidating purposes with the International Exchange Bank, of which Young has been acting receiver. As explained at the office of the comptroller, such consolidation is its policy when assets of banks in receivership reach so low a point, the motive being to reduce administrative costs by the combination.
19.April 8, 1938Evening StarWashington, DC
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United States Savings Begins to Notify Depositors to Call for Funds. The United States Savings Bank, 2000 Fourteenth street N. W., today announced it is ready to make payment of the 10 per cent dividend authorized by the controller of the currency to its 8,500 depositors, who already have received 90 per cent of the funds they had in the bank when it closed five years ago. The dividend will total about $170,000. Frederick J. Young, receiver of the bank, sent post cards yesterday to 500 depositors, and he will send additional batches of 500 every other day until all depositors have been notified. No depositor without a card will be permitted to draw his 10 per cent. The bank will be open daily from 9 a.m. to 4:30 p.m. This payment means that claims totaling $1,619,000 will have been satisfied, bank officials said, and there is a possibility that depositors will be granted the 6 per cent interest the law allows them for the period during which their claims remained unpaid. In authorizing the 10 per cent payment yesterday the controller stated: "The payment of the forthcoming dividend of 10 per cent will be made possible by utilizing the cash on hand plus the proceeds of a loan of present maximum amount upon the remaining assets of the bank. "The receiver will, however, retain these assets in his possession and will continue to liquidate them as is customary in this type of loan and will apply the proceeds toward the repayment of the loan."
20.April 13, 1938Evening StarWashington, DC
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BANK WILL STAY OPEN FOR DIVIDEND PAYMENT Fourteenth and U Street Office of United States Savings to Do Business Until 4:30. For the benefit of depositors in the closed United States Savings Bank who wish to collect their 10 per cent dividend the office at Fourteenth and U streets will be open Saturday until 4:30 p.m., instead of closing at 1 p.m. us usual, it was announced today. Checks for this dividend, which brings the total payments up to 100 per cent. are being distributed daily now to depositors who have been officially notified by post card. Only those who have received the cards of notification from Receiver Frederick R. Young will be able to collect their checks Saturday afternoon, it was explained, but many cards still are outstanding. More are being mailed every other day. The dividend is being paid to a total of 8,500 depositors.
21.February 1, 1940Evening StarWashington, DC
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United States Savings Bank, Frederick J. Young, receiver, 2000 Fourteenth street N.W., $2,650, income. William Henry and Dorothy H. Van Benschoten, 1228 Connecticut avenue N.W., $709.14, income. S. F. Vance, transferee, care of Independent Publishing Co., 1065 (Continued on Page A-15.)
22.November 21, 1940Evening StarWashington, DC
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Bank's Remaining Assets Are Sold for $2,550 The remaining assets of the United States Savings Bank, with the exception of the bank building at Fourteenth and U streets N.W., were sold yesterday in District Court, before Justice Bolitha J. Laws, for $2,550, to George M. Norris of this city. The sale was completed when the receiver. Frederick J. Young, came into court for an order nisi in approval of a sale of assets. for which the highest price had been $600. Competitive bidding ran the price up to $2.550.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
