Chevy Chase Savings Bank (Washington, DC)

Episode Information

Episode UID
15010671599
Episode Type
Run → Suspension → Reopening
Bank Type
savings
Bank ID
1501067 routing
Routing Number
15-0106
Start Date
March 1, 1933
Location
Washington, District of Columbia (38.895, -77.036)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
cca52c33161eeacc

Response Measures

None

Description

The bank was restricted and closed in March 1933, then sold and reopened as a Riggs branch later in 1933; remaining assets were later placed with a receiver for liquidation.

Events (4)
1. March 1, 1933 Run
Cause
Macro News
Cause Details
Heavy withdrawals in early March 1933 amid the widespread banking panic and runs in the District prompted restrictions.
Measures
Invoked withdrawal limits (5% or 60-day clause for savings; limited immediate withdrawals).
Newspaper Excerpt
Owing to heavy withdrawals of deposits during the last few days ...
Source
newspapers
2. March 6, 1933 Suspension
Cause
Government Action
Cause Details
Banks in the District were ordered closed by presidential proclamation (federal banking holiday) and many savings invoked time clauses.
Newspaper Excerpt
money has been tied up since March 6, when all banks were ordered closed by presidential proclamation.
Source
newspapers
3. September 16, 1933 Reopening
Newspaper Excerpt
Since that time none of the banks placed under conservators here has opened except the Chevy Chase Bank, which was bought by the Riggs National Bank.
Source
newspapers
4. November 2, 1933 Receivership
Newspaper Excerpt
the eight local institutions are ... the Chevy Chase Savings bank. ... Cary Hardee ... had been appointed receiver to liquidate eight District of Columbia banks now operated by conservators.
Source
newspapers

Newspaper Articles (15)
1. March 1, 1933 Evening Star Washington, DC
Article from Evening Star, March 1, 1933

Click image to open full size in new tab

Article Text

LOCAL BANKS ACT TO PROTECT FUNDS District National Limits Withdrawals-Others Invoke 60Day Clause on Savings. The District National Bank opened today on a 5 per cent withdrawal basis, following action taken by the directors early this morning, for the protection of depositors. President Joshua Evans, jr., announced. (The following notice was addressed today to the depositors in the bank: "Owing to heavy withdrawals of deposits during the last few days, and in order to safeguard all of our depositors, the board of directors has passed a resolution allowing depositors to withdraw 5 per cent of their balances in this bank at the close of business February 28, 1933, until further notice. All new deposits and new accounts opened March 1, 1933, and thereafter are subject to 100 per cent withdrawal at any time after actual realization cf funds by the bank." 60-Day Clause Invoked. The officials stressed the fact that all deposits made today and after this date can be withdrawn in full at any time. It was announced in the financial district that most of the local building and loan associations have invoked their time clauses on withdrawals, limiting the amount to $100. For larger amounts notice must be given in advance. Officials said the rule would be in force for the present. Several savings banks here invoked the 60-day clause on withdrawal of savings accounts. Some of these banks permit the withdrawal of 10 per cent up to $100. Above that amount, the 60day or two-month notice, is being required. Protective Measure. Among the local banks which have adopted this rule-the same plan which has been adopted extensively in other cities-are: United States Savings Bank, Chevy Chase Savings Bank, Security Savings & Commercial Bank, Park Savings Bank, Seventh Street Savings Bank, Washington Savings Bank, Anacostia Bank, Mount Vernon Savings Bank and the Northeast Savings Bank. (In an earlier edition of The Star the name of the Washington Mechanics' Savings Bank was included with those involking the 60-day clause. This was incorrect.) Officials said the action was taken merely as a protective measure, both for the banks and for the depósitors. The Commercial National Bank. which closed yesterday, has been placed in the hands of Robert C. Baldwin, a receiver of the office of the controller of the currency. Mr. Baldwin has taken over the receivership from J. L. Bailey, who took charge when the bank was closed. It was explained that Mr. Bailey will remain for a while in his capacity as a national Bank examiner to assist Mr. Baldwin. Has Considerable Experience. In the meantime, it was said at the Treasury Department, the new receiver probably will use a large part of the staff of the bank for his work. The new receiver. before Joining the office of the Controller of th è Currency, had considerable liquidating experience. Under the auspices of the Government he has been receiver for e bank at Lynn, Mass., since the latter part of 1931, and has been directing its liquidation. An official of the Treasury said in regard to Mr. Baldwin: "By reason of his ability in liquidating that bank, the Treasury Department saw fit to transfer him to the Commercial National Bank. We have every confidence that he will administer the affairs of the institution in a manner satisfactory to all concerned."

2. September 16, 1933 Evening Star Washington, DC
Article from Evening Star, September 16, 1933

Click image to open full size in new tab

Article Text

CONSIDER OPENING DATE OF HAMILTON Bank Directors Meeting Today in Effort to Reach Final Decision. BULLETIN. The last legal step in the local courts looking toward the opening of the Hamilton National Bank was taken in District Supreme Court t day when Justice Jennings Bailey approved leases of seven bank properties to the new institution at a total annual basic rental of $45.500. The leases were executed by conservators of five of seven banks involved. three of the properties belonging to the old Federal-American National Bank & Trust Co. The Board of Directors of the new Hamilton National Bank was meeting today to make a final decision on the date on which the bank is to open for business. Immediately after the decision is made, conservators of the seven banks which will sell assets to the new institution, will begin the task of calculating the value of the assets to be turned over. with adjustments for interest due, on the opening date. This task, which involves a separate calculation for each note. bond. mortgage or other assets to be turned over, will occupy not less than a week. so that the earliest date that could be selected is Monday, September 25. On the day selected. depositors in the seven banks going into the merger will be able to obtain one-half of the amounts to their credit in the closed banks by application to the Hamilton Bank. The money has been tied up since March 6, when all banks were ordered closed by presidential proclamation. Since that time none of the banks placed under consrevators here has opened except the Chevy Chase Bank, which was bought by the Riggs National Bank. The seven banks going into the merger are the District and FederalAmerican National Banks and the Woodridge-Langdon, Northeast, Potomac, Seventh Street and Washington Savings Banks. There are nine other closed banks here. Of these, the Commercial National, Park Savings, North Capitol, International Exchange, Departmental Banks and the Bank of Brightwood are in the hands of receivers and will not reopen. The Franklin National, United are in States ings Savings the and hands Mount of conservators, Vernon Savwho are negotiating for the opening of their respective banks.

3. October 22, 1933 Evening Star Washington, DC
Article from Evening Star, October 22, 1933

Click image to open full size in new tab

Article Text

These were declared Savings Bank. insolvent and placed in the hands of receivers in July. Each has declared a dividend. Only two banks have been turned over to receivers since January-the Commercial National Bank and the Park Savings Bank. The former has paid a dividend of 20 per cent, but the Park Savings Bank, where there is a shortage estimated at more than $2,000,000, is the center of an involved court battle, which will come to trial next Wednesday morning. The Commercial National appears clearly to be in line for help from the Deposit Liability Board, but the status of the Park Bank, where so little assets remain, virtually puts it in a class by itself. 12 in Conservators' Hands. In the third general class of closed banks here are 12 now in the hands of conservators. This includes seven institutions, whose prime assets were taken over by the new Hamilton National Bank merger, but whose remaining assets are in the hands of conservators. Controller of the Currency O'Connor plans to place these remaining assets in the hands of two receivers shortly. The new Hamilton National Bank is moving substantially forward. according to reports, and is not officially involved in any way by the liquidation of assets remaining in the hands of conservators. There is one link, however, to the advantage of the Hamilton Bank, in the "right of substitution" clause of the contract by which the conservators sold their prime assets to the Hamilton. Within six months after the execution of the contract, the Hamilton may substitute any of the assets it bought, for any of the assets remaining in the hands of conservators. So that, although the controller of the currency may place these remaining assets in the hands of two receivers, in place of the present conservators, the old tie of that "right of substitution" clause still would hold. It may complicate the business of attempting to get new R. F. C. loans on these remaining assets. It is understood, however, that the controller himself is interested in this subject, here in the National Capital, and will give attention to it, besides the study to be given by the local committee of the Deposit Liquidation Board. Another in Litigation. Another of the banks in the hands of a conservator. the United States Savings Bank, is in litigation, with trial in its case scheduled for November 6. Other conservatorship banks are the Mount Vernon Savings Bank, the absorption of which by the Washington Mechanics' Savings Bank, through a special merger agreement, is expected to be effected this week; the Franklin National Bank. which is trying to reopen on a plan of its own, and the Industrial Savings Bank. colored institution, which is working on a plan of reorganization to become a national bank. Part of the assets of the old Chevy Chase Savings Bank which since has become a branch of Riggs National Bank, are still in the hands of a conservator.

4. November 2, 1933 The Tampa Tribune Tampa, FL

Article Text

Virginian Named With Hardee as Bank Receiver WASHINGTON, Nov. Connor, comptroller of the currency, announced today that Cary Hardee, former governor of Florida, and Norman Hamilton, Virginia publisher, had been appointed receivto liquidate eight District of Columbia banks now operated by servators. The comptroller explained the move was constructive, designed to hasten payment of dividends to depositors from assets remaining after other District banks took over of the busiof the banks to be liquidated. The eight local institutions are the Federal National bank, the Chevy Chase Savings bank. the District National bank, the Northeast Savings bank, the Seventh Street ings the Washington Savings bank, the Savings and bank and the tomac Savings bank.

5. November 16, 1933 The Washington Times Washington, DC
Article from The Washington Times, November 16, 1933

Click image to open full size in new tab

Article Text

RECEIVERS GET BANK ASSETS Liquidation of the assets of closed Washington banks proceeded a step further today when two recently appointed receivers began taking over assets of the Chevy Chase and Northeast Savings banks. Cary A. Hardee, former governor of Florida, and Norman Hamilton, Virginia publisher, were named two weeks ago as receivers for the eight Washington banks in conservatorship. Earlier in the week Governor Hardee completed his task of taking over assets of the FederalAmerican National Bank and yesterday Hamilton receipted for the assets of the District National Bank. Today Hardee was directed to take over the Chevy Chase Savings Bank and Hamilton was instructed to take over the Northeast Savings Bank. The physical transfer of the assets will require about one week.

6. March 30, 1934 Evening Star Washington, DC
Article from Evening Star, March 30, 1934

Click image to open full size in new tab

Article Text

STILL $23,000,000 IN BANKS CLOSED of 15 for Liability Deposit 19 Institutions Shown by Figures. of hands for totals Deposit liability 15 out in of the the 19 closed more receivers banks of this city it was now learned include today. the than $23,000,0 figure ,000, does not banks here and deposit This liability hands of of three conservator: Bank, still in Mount the Vernon by the The are which the was absorbea Savings of Bank conservators Mechanics the hands ational Bank also ton three still the in Franklin by the Mechanics. and Savings ting the under to be Woodridge-la absorbed Langdon which is operating merger. Commercial the Hamilton Bank. Savings Bank Bank, now The attempting and the Industriorganization. a reorg bill. now on pendanking. depos- in provide closed The itors cents on to House would in all the for dollar national face stiff banks bill, op position. however, 100 is The known provide latest amendment legislation for including from to the bill benefits would of had the borrowed CorporaState in the banks which Finance This would tion apply to most here. the Reconstructions before they of the clased banks Seven Banks group In of Merger. closed was merged banks of The seven largest new in number, Hamilton received National 50 per their Bank, Bank. into here, the The depositors deposits either or from remains through the receiver which assets cent the Hamilton but the there receivers still are now of deposit of liquidating. The detailed in figures the of hands the seven liability placed from these District six American National receivers are as follows Federal CO., $4,285, 135; banks Bank, $2.075.645 Bank Savings Trust Savings Bank, $509.1 Bank, Bank, $551,000; Potomactic Savings 932; National Northear Seventh Street Savings Bank, $1,033,441; Washington in the liability which $179,200. Remaining deposit Savings Bank, of Riggs Chevy reopenea Chase as stands a branch at $273,783 782. has Bank, Deposits. in National Show banks Figures other the amount Figures from here, showing the hands date. of of receivers, follows: receivership deposits placed the total in paid to de$838.866 dividends if Bank any are of Brightwase which depositors: Con- reposits, been of paid Company, to when $5,766 it was 28, tinental have Trust liability February Commercial maining with the which thrown 1933. at into National the merged: same Bank, commercial totadi deposit Nahave about to been liability, tional had Bank, of which $10.147.349.143 $4,000,000 in addi- full; debeen paid be paid in deposits, tion to which had Bank, $802,373 has been Ex$538,70 of in paid Bank, have posits, in of dividends:- $451. 967 been paid Savings dividends: change which $99,47 North deposits, Capitol of which Bank, Bank. $1,02 has been States paid Savings resident, between $234,203 United bitter controver president is Col. the deposits centerwade The of a Treasury H. Cooper. epartment, Februwhen it of this have ary 10 been paid. shown and to went have into year. receive NO dividends 1. May Seen is Bank The Opening absorbed Franklin Savings by National Bank, the the and institution is The to being Mechanic name Washington of wington. before take the City new Bank of will open the dollar. into Franklin "The paying probabis 65 cents on beingenent turned of and May the remaining remauidating assets trust for Savings a Langdirectors De- are depositorwoodridge Wercial Bank Treasure Incommercial Complans of the it into are in the is resisting partment remaservator. remaining to throw assets The however, place as ship and of a doing business Hamiltency Bank O'Conhands and the the Currenc the ques- all a branch of Controller Controll of to be stressment studying assets on were nor is known laying an primenization. tion of banks into whose Bank, battle, over which the of Spokan park the Savings bitter court com- reThe there Feasury a Departies deposit to collect than with the allied with the director of deposit ceiver against amount shows to the remitteefull $2,500,000 when shortage, turned No over real the dividends 5 per liability, $3,379.5 though to some paid ceiver, of paid, bank has paid been not since it it people closed reviously have cent which been before the it closed others who had

7. June 18, 1934 Evening Star Washington, DC
Article from Evening Star, June 18, 1934

Click image to open full size in new tab

Article Text

SPECIAL NOTICES. THE PARTNERSHIP OF RUMMEL & Shaffer 4224 Fessenden st. n.w., has been dissolved as of June 1. 1934. The undersigned will continue the business of interior decorating. painting and paperhanging at the same address. and will discharge all liabilities and collect all moneys owing to said firm. ROY M. SHAFFER. TREASURY DEPARTMENT. OFFICE OF the Comptroller of the Currency. Washington. D. C., May 24. 1934. 1 Notice is hereby given to all persons who may have claims against "Chevy Chase Savings Bank," Washington. District of Columbia, that the same must be presented to Cary A Hardee. Receiver. with the legal proof thereof. within three months from this date or they may be disallowed. J. T. F. O'CONNOR. Comptroller of the Currency.

8. June 19, 1934 Evening Star Washington, DC
Article from Evening Star, June 19, 1934

Click image to open full size in new tab

Article Text

SPECIAL NOTICES. WANT TO HAUL FULL OR PART LOAD to or from New York. Richmond, Boston, Pittsburgh and all way points; special rates. NATIONAL DELIVERY ASSN., INC., 1317 N. Y. ave. NA. 1460. Local moving also. TREASURY DEPARTMENT. OFFICE OF the Comptroller of the Currency, Washington. D. C., May 24. 1934. - -Notice is hereby given to all persons who may have claims against "Chevy Chase Savings Bank." Washington. District of Columbia. that the same must be presented to Cary A Hardee. Receiver. with the legal proof thereof. within three months from this date or they may be disallowed. J. T. F. O'CONNOR. Comptroller of the Currency.

9. June 24, 1934 Evening Star Washington, DC
Article from Evening Star, June 24, 1934

Click image to open full size in new tab

Article Text

SPECIAL NOTICES. TREASURY DEPARTMENT. OFFICE OF the Comptroller of the Currency, Washington, D. C., May 24. 1934.-Notice is hereby given to all persons who may have claims against "Chevy Chase Savings Bank," Washington, District of Columbia. that the same must be presented to Cary A. Hardee. Receiver with the legal proof thereof. within three months from this date or they may be disallowed. J T F. O'CONNOR. Comptroller of the Currency.

10. June 25, 1934 Evening Star Washington, DC
Article from Evening Star, June 25, 1934

Click image to open full size in new tab

Article Text

SPECIAL NOTICES. TREASURY DEPARTMENT. OFFICE OF the Comptroller of the Currency. Washington. D. C.. May 24. 1934.-Notice is hereby given to all persons who may have claims against "Chevy Chase Savings Bank." Washington, District of Columbia. that the same must be presented to Cary A Hardee. Receiver. with the legal proof thereof. within three months from this date or they may be disallowed. J. T. F. O'CONNOR. of the

11. June 26, 1934 Evening Star Washington, DC
Article from Evening Star, June 26, 1934

Click image to open full size in new tab

Article Text

SPECIAL NOTICES. WANT TO HAUL FULL OR PART LOAD to or from New York. Richmond, Boston, Pittsburgh and all way points; special rates. NATIONAL DELIVERY ASSN., INC., 1317 N. Y. ave. NA. 1460. Local moving also. I WILL NOT BE RESPONSIBLE FOR ANY debts contracted for by any one but myself. FRANK HENDERSON. 404 3rd S.E. TREASURY DEPARTMENT. OFFICE OF the Comptroller of the Currency. Washington. D. C.. May 24. 1934.-Notice is hereby given to all persons who may have claims against "Chevy Chase Savings Bank," Washington, District of Columbia, that the same must be presented to Cary A Hardee. Receiver with the legal proof thereof. within three months from this date or they may be disallowed. J T. F O'CONNOR. Comptroller of the Currency.

12. July 21, 1934 Evening Star Washington, DC
Article from Evening Star, July 21, 1934

Click image to open full size in new tab

Article Text

SPECIAL NOTICES. TREASURY DEPARTMENT, OFFICE OF the Comptroller of the Currency Washinston D. C., May 24. 1934. Notice is hereby given to all persons who may have claims against Chevy Chase ,Savings Bank." Washington, District of Columbia. that the same must be presented to Cary A. Hardee Receiver. with the legal proof thereof. within three months from this date or they may be disallowed. J. F T. O'CONNOR - the

13. January 14, 1935 Evening Star Washington, DC
Article from Evening Star, January 14, 1935

Click image to open full size in new tab

Article Text

SEEN IN PROSPECT FOR CLOSED BANK Federal-American May Give Depositors Added 10 Per Cent. DEFINITE PREDICTION AS TO TIME NOT MADE Receiver Hardee Reports on Condition of Institution to Controller of Currency. Prospects for another dividend of 10 per cent for depositors of the insolvent Federal-American National Bank & Trust Co. are seen in the quarterly report of the receiver, Cary A. Hardee, available today No definite official prediction can be made now as to the possible date of payment, as this may depend somewhat on a court case now pending, which questions the stock assessment: Receiver Hardee declined to announce a dividend, as this statement must come from the controller of the currency. But figures in this report to the controller showing condition of the receivership at the end of 1934 give ample hope of a dividend soon. The Federal-American is the largest insolvent bank in Washington, and declaration of another dividend would have wide-spread effect throughout the city. It would mean payment of more than $859,000 to more than 25,000 depositors. The new dividend would be the second paid out of this institution, and would bring the total dividends up to 60 per cent. The first dividend of 50 per cent was made possible and was paid in September, 1933. when the Federal-American reorganized and reopened as part of the new Hamilton National Bank merger. Since the receiver has taken charge the total paid on the original 50 per cent dividend has mounted to the sum of $4,134,487.73, out of the total deposit liability of $9,692,017.91 Total offsets allowed by both the conservator and the receiver amounted at the end of 1934 to $1,051,517.68, and total losses were charged off. cluding those on assets and stock assessment amounting to $561,025.80 Payment Above Average. The stock assessment, out of which most of the cash which will be ready for a 10 per cent dividend comes, is being paid by shareholders owning the $2,000,000 capital stock of the bank. The assessment was for 100 per cent and is being paid at rate said to be in excess of the average assessment collections over a period of years in the liquidation of national banks by the controller of the currency. Cash collected from the stock assessment by the end of 1934 amounted to $727,575.41, which is about per cent of the entire $2,000,000. This constitutes the largest part of the item marked "cash in hands of receiver and controller, which amounts to $870,567.78 From this sum of more than $800, 000 cash now ready there must be subtracted a total of $36,289.61 held trust for owners of various kinds, leaving about $834,000 actually available for payment of a 10 per cent dividend, about $25,000 short of that actually needed At the rate of collections, however, this is expected to be coming in soon. There are still more than $348,000 in unsecured liabilities whose owners have not proved their claim, nor asked for payment. Sufficient funds must be on hand for a dividend to meet demands from these people should they suddenly file their claim and ask for payment. The total deposit liabilities, including both those for which receivers' certificates have been issued and those which have not been claimed, amount to $8,590,000. Liquidation Proceeding. The Federal-American liquidation still is proceeding and there are several important pieces of real estate belonging to the institution which some day are expected to bring substantial funds into the receivership, if sold. Among the principal pieces of real estate are the old American Building 1315 F street, where the American National Bank once was located: the old Federal-American National Bank Building at Fourteenth and G. now rented to the Hamilton National Bank as its headquarters; a branch bank house at Twentieth street and Pennsylvania avenue, another at Twelfth and Newton streets northeast, both of which are rented as Hamilton Bank branches, and several apartment houses. Receiver Hardee also has filed with the controller of the currency his quarterly report on condition of the Chevy Chase Savings Bank, which was bought and reopened by the Riggs National Bank as a branch Total assets of the Chevy Chase Bank are listed at $1,008,810.12, and there has been no stock assessment against shareholders. Total cash collected from assets was $580,363.74 at the end of the year and from that had been paid one 60 per cent dividend of $405,390.50. Depositors of this bank got an additional 5 per cent because the bank went 5 per cent restricted basis before the President's bank holiday. This bank borrowed nothing from the R. F C. Cash in hand was listed at $41,550.51. WOMEN FLEE AS FIRE

14. August 18, 1936 Evening Star Washington, DC
Article from Evening Star, August 18, 1936

Click image to open full size in new tab

Article Text

BANK PAYMENT READY Only 140 of 2,000 depositors who received notices of a final payment of 20 per cent by the old Chevy Chase Savings Bank have applied for the payment, the bank's receiver announced today. Depositors can get their money by calling at 1336 New York avenue.

15. January 30, 1937 The Washington Times Washington, DC
Article from The Washington Times, January 30, 1937

Click image to open full size in new tab

Article Text

Receivership. Ends Final report, closing the receivership of the Chevy Chase Savings Bank of Washington, was announced yesterday by Cary A. Hardee, receiver. Depositors have been paid in full. Paul Sleman, Colorado Building, is now in possession of all remaining assets and will supervise their liquidation.