Bank of Brightwood (Washington, DC)

Episode Information

Episode UID
15011371591
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
1501137 routing
Routing Number
15-0113
Start Date
July 13, 1932
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
ff62ae259b941972

Response Measures

None

Description

Closure followed discovery of a ~$59,700 shortage and controller-appointed receivership; bank never resumed normal banking operations.

Events (7)
1. July 13, 1932 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Approximately $59,700 shortage discovered; president Raymond L. Schreiner charged with larceny and admitted misapplication of funds.
Newspaper Excerpt
The Bank of Brightwood ... was closed in July; the bank failed to open July 13, 1932.
Source
newspapers
2. July 14, 1932 Receivership
Newspaper Excerpt
The controller of the currency, who has taken over the institution and is appointing a receiver, said liquidation would be carried out in an orderly and economical manner
Source
newspapers
3. February 10, 1933 Other
Newspaper Excerpt
Bank of Brightwood depositors will receive 20 per cent ... the institution would open at 8:30 today ... to distribute checks to depositors
Source
newspapers
4. May 13, 1933 Other
Newspaper Excerpt
The Bank of Brightwood ... will distribute $200,000 among 4,000 depositors Monday ... second payment since it failed to open
Source
newspapers
5. July 7, 1934 Other
Newspaper Excerpt
Payment of a 10 per cent dividend ... This is the third dividend to be paid by the institution, which was closed in July, 1932.
Source
newspapers
6. December 31, 1936 Other
Newspaper Excerpt
Receiverships ... will be consolidated effective December 31; Frederick J. Young to take over accounts of the Bank of Brightwood
Source
newspapers
7. November 13, 1938 Other
Newspaper Excerpt
Receiver ... was authorized ... to sell for $34,500 the old bank property at 5913 Georgia avenue N.W.
Source
newspapers

Newspaper Articles (20)
1. July 14, 1932 Evening Star Washington, DC
Article from Evening Star, July 14, 1932

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Article Text

BRIGHTWOOD BANK PRESIDENT IS HELD Counsel Declares Raymond L. Schreiner's $60,000 Shortage Will Be Paid Off. Raymond L. Schreiner. president of the Bank of Brightwood, 5913 Georgia avenue, surrendered at the office of United States Attorney Rover at noon today. following the disclosure that the bank. which did not open this morning. was approximately $60,000 short. Schreiner was charged with the larceny of $59.700 and sent before United States Commissioner Turnage. where bond was set at $5,000 pending preliminary hearing a week from today. The controller of the currency. who has taken over the institution and is appointing a receiver. said liquidation would be carried out in an orderly and economical manner and that creditors need have no fear, Assigns All Property. The Controller's call, as of June 30. showed the bank, a savings institution, of L. Cobb, ment had deposits by Harvey $831,350.37. counsel at A $59.700 state- for Schreiner, put the shortage and said all of Schreiner's property had been assigned to the bank. which, with the $25.000 bond carried by the bank, 'will more than cover the loss.' Two officers of the bank also said the loss was about $60,000. and one of these asserted the only reason the institution was to run feared. as was that. closed it was today might prevent develop a the result of widespread rumors yesterday that Mr. Schreiner had committed suicide. Attorney Cobb's statement follows: 'The bank shortage will amount to $59.700. Mr. Schreiner is making assignment to the bank of all his real and personal property. which, with the bond carried by the bank in amount of $25,000, will more than cover the bank's loss. None of the proceeds taken from the bank were lost in gambling in the stock market. Approximately one-third cf the shortage is accounted for by the took fact to that repay Schreiner some $20,000 personally of bad under- loans which he had authorized as president of the bank and for which he had been criticised by the Treasury Department. Took Over Properties. "Approximately another third of the proceeds taken from the bank. namely $19.100. were invested in a local finance company, which proved a financial failure. "The remaining one-third was inlocal of vested the in depression, property Schreiner which. has because These been unable to sell except at a sacrifice. properties were taken over by Schreinen as an individual to prevent the bank from sustaining a loss, the bank having made first or second trust loans on the properties. A rumor of Schreiner's suicide was predicated upon the fact Schreiner was not bank conference at the practically yesterday. all have day being with the in bank's local bankers in an effort to affairs taken over by local interests." Schreiner, who is married and has has been its and been the two bank children. has since president organization connected and in cashier with 1922 since 1926. The bank was started at the instance of the Brightwood Citizens' Association, and he was its first cashier Prior to that he had been assistant cashier of the Union Savings Bank, which was consolidated with the Continental Trust Co. He also was assoof his he was presidency, ciated At the with time the later credited institution. election with to being the the youngest in the Born in country. bank head this anywhere city in 1898, he was educated here. As a boy he served as a page in the Senate. was in work for a time and then started career as a overseas ger. newspaper He his served banking during messen- the World War with the 104th Signal Battalion and was wounded in action. In the 10 years since the bank was opened its assets have grown from $122,000 to $1,000,000.

2. July 15, 1932 Times Herald Washington, DC

Article Text

The Departmental 1726 Pennsylvania Ave., has suspended operations, bringing the total to four local institutions which have closed their doors in two days. Notice of the Departmental Bank's given by the board of directors in a statement, which said: "This action was wholly voluntary on the part bank, and was taken purely precautionary measure, in view of the recent closing of several local banking W. M. Taylor, bank examiner, is in charge the institution. The North Capitol Savings Bank, the International Exchange Bank closed yesterday, and the Bank of Brightwood. Wednesday.

3. July 15, 1932 The Washington Times Washington, DC
Article from The Washington Times, July 15, 1932

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Article Text

DEPARTMENTAL BANK CLOSED The Departmental Bank, 1726 Pennsylvania Ave., has suspended operations, bringing the total to four local institutions which have closed their doors in two days. Notice of the Departmental Bank's suspension was given by the board of directors in a statement, which said: "This action was wholly voluntary on the part of the bank, and was taken purely as a precautionary measure, in view of the recent closing of several local banking concerns." W. M. Taylor, bank examiner, is in charge of the institution. The North Capitol Savings Bank, the International Exchange Bank closed yesterday, and the Bank of Brightwood, Wednesday.

4. February 8, 1933 Evening star Washington, DC

Article Text

BRIGHTWOOD BANK STATEMENT FILED Sales Receiver Reports Steady Progress in Handling Affairs of Institution. BY EDWARD C. STONE. The Bank of Brightwood's statement of condition filed with the controller of the currency since the last Treasury bank call indicates that steady progress is being made with the present receiyership proceedings. Since the Brightwood Bank suspended operations last July cash collected from all sources has totaled $223,595 Of this sum 347.34 was collected from as425.35 was collected from interest, and rents. Cash by the receiver and held as trustee for owners amounted $1,118.88, the statement says. Up to the time the recent statement was filed, secured and preferre liabilities had been paid the amount of for the protection of assets in the form of taxes, insuretc., had to the amount and up to December 31 1932. the receivership had required $7,512.93. Over $185,000 in cash is now in the hands of the reand Brightwood Bank's assets at the of the suspension were given as $955 824 on Addiacquired that time total together with a stock of $100,000. making total of accounted for the showing total cash from stock as $011,347 on December 31, 1932. at of the statement sent to the controller amounted to $825. The report of the receiver. Claude H. Woodward, former president the Mount Vernon Bank. shows that the institution never any loan from the Reconstruction Finance Corporation. -Fifth District Mill Operations. Higher prices for cotton and higher consumption are signs pictured in the latest review of the Bank Textile contirrued at high rate in December, higher than the same month in 1931. Cotton the district December totaled bales. of which 100 751 bales were used by North Carolina mills, 107 260 bales were used South and 11,201 were used by mills. North Carolina mills used cotton last month than in December 1931, but both South Carolina and Virginia mills increased their consumption. In November, 1932 the mills in the and Virginia 246,775 bales. in December 1931, they used 198,076 bales. Total consumption in the Fifth disin 1932 to 2,403,441 bales, of cent in comparison with 2,507,332 bales used in 1931, all of the dur ing the five months of April, May, June, and August. Consumption of cotton in the Richmond Reserve district in December. 1932, totaled 49.81 per national with 99 cent in November, 1932, and 47.68 per cent in December, 1931. International Bank's Report. The semi-annual statement the International of which John Waller president, showed on January 31, 1933: Resources. Due from Banks $18,855.24 Discounts 99 Estate 50 $1,541,078.08 Liabilities. Capital Payments 4.038.41 $1,541,078.08 The International Bank is not the past year, President Walfer tells the that drastic economies have been effected The fixed policy of indebtedness continued, Mr. Waller says, and expresses the belief that present unfavorable conditions the try will be overcome by legislation and National Life Increases Assets. The National Life Insurance which has had local office 1887. increased in 1932 648, according to the annual report of President Fred Howland, just received by the Washington office, in charge of General Agent Karl S. paid to policyowners during 1932 $20,818,082. the largest disto policyowners in the company's history. This figure does not include policy loans, which reach a high decline of cent for the last six months thus marking favorable in cash requirements. Mr. Hoffman reports that during the office agency was increased 50 per cent. life insurance was increased almost 100 per cent and the annuity business was over 100 per cent. Gleaned in Financial District. On the Stock today, 000 Washington Gas Light 6s, series sold at 100. and 000 Washington Railway & Electric 4s changed hands at 90. Francis M. Eavage has been elected president emeritus the Business Many years the association met the Northwest Savings Bank: Mr. Savage being president of the bank at that time, and showing great interest in the development of the R. Ogsbury, who for the past three has district of the tabulating International Business with Washington has been to of the insurance division the with headquarters in New York City. Mr Ogsbury has been with the company 22 years. Otis Glazebrook. jr., of G. Murphy & has been elected diTri-C Mr. Glazebrook Graymur Corporation, assets of which were by Continental Corporation. New Treasury Bill Offering. Secretary Mills has announced the offer of 000,000 of 91-day Treasury bills dated February 15. upon which bids will be received until Friday at Federal Banks. Finance of Baltimore has declared the regular of 20 cents each on the Class A and B 26% common 17½ cents on the preferred, all payable March to stock of 19% The Norfolk Southern Railroad showed in report for 1932 net loss of $984 424, against one of $498,043 in 1931. In December the net loss against $102,057 December, 1931. Crown Cork & Seal. BALTIMORE, February 8 (Special) -Directors and Seal Co. have the regular quarterly dividend of 67 share on the company's pay. able March 15 to holders of record

5. February 10, 1933 The Washington Herald Washington, DC

Article Text

HERE Brightwood Will Distribute 20 Per Cent to Depositors; Departmental 30 Per Cent By RICHARD HATTON Depositors in two of the four Washington banks closed July order the Comptroller of the Currency able to their "dividend" checks today, according information given out by the Comptroller's of fice. The which have been in charge of receivers are the Bank of and the Departmental Bank About 7,500 depositors in the two banks will benefit the disbursement which will about PAYMENT AT BANKS According to office of the Comptroller the "dividend" be paid by the Departmental Bank will amount to 30 cent. while the disbursement by the Bank of Brightwood will be 20 per cent. Holders of claims against these banks must present their ceivers at the time payment made. that depositors will have to call the banks for their checks. Claude Woodward, the Bank of Brightwood. stated that institution would open at 8:30 today, tomorrow and Monday and remain open until days for convenience of those will receive their the Departmental Bank. Receiver B Allman stated that the bank would open at to day, and Saturday and remain open until and that next week the bank would be open for payments from 8:30 until Neither of the institutions had received loans from the Reconstruction Finance Corporation as had the other closed Washington banks. the International Exchange and the North Capitol of condition of the Bank of issued few days Receiver Woodward gave total assets accounted for as with total liabilities accounted for of Total collections from assets were reported as this figure added from stock assessment This stock assessment was made necesary, reported. because the deficiency was determined to be excess of the capital the bank. The receiver has collected cash Cash in the hands of the receiver and Comp troller amounts Secured and preferred liabilities paid amount Advances for protection assets. amount to and penses of receivership ported as Receiver Allman of the Departmental. and Claude H. Woodward. of the Brightwood in stitution. additional payments will be made soon assets are liquidated and claims proven.

6. February 10, 1933 Evening Star Washington, DC
Article from Evening Star, February 10, 1933

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Article Text

TWO MORE BANKS TO PAY DEPOSITORS Departmental and Brightwood Institutions Paying Out $375,000. While depositors crowded into two suspended Washington banks today to collect the first payment on their claims. Acting Controller of the Currency F. G. Awalt announced two other defunct local banks would issue payments as soon as money in hand permits. The Departmental Bank, 1726 Pennsylvania avenue, and the Bank of Brightwood, Georgia and Colorado avenues, are paying approximately 7,500 depositors a total of $375,000. Two Other Institutions. The International Exchange Bank, Fifth and H streets, and the North Capitol Savings Bank, at H and North Capitol streets, are the two institutions which Awalt said would make an initial payment on approved claims as soon as enough money is collected. All four banks closed last July. The doors of both the Departmental and Brightwood banks were opened this morning at 8:30 o'clock to distribute checks to depositors. Approximately $220,000 is being paid to 3,444 depositors in the Departmental Bank, while the Brightwood institution is distributing checks totaling $155,000 to about 4,000. To Be Open at Night. To expedite distribution of the money, the Departmental Bank will remain open tonight and tomorrow night until 9 o'clock, resuming the regular hours of from 8:30 to 5 beginning Monday. The Bank of Brightwood will be open until 5 o'clock tonight and all day tomorrow until 5. A steady line of men and women filed into both banks throughout this morning, able to draw money for the first time since the institutions closed last July. At the Departmental depositors were being paid 30 per cent of their claims, while at Brightwood 20 per cent was being paid. Additional payments will be made by both banks as liquidation progresses and cash in hand permits, it was said by officials.

7. February 10, 1933 The Washington Times Washington, DC
Article from The Washington Times, February 10, 1933

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RECEIVERS PAY BANK TOLLS Claude H. Woodward and W. B. Allman, receivers, respectively, for the Bank of Brightwood and the Departmental Bank, closed last July by the Comptroller of the Currency, today began paying the first dividend of about $375,000 to the 7,500 depositors. Bank of Brightwood depositors will receive 20 per cent and Departmental Bank depositors will receive 30 per cent of their approved claims in this installment. Depositors must have their receiver certificates in person at the time of payment. The Bank of Brightwood will be open today until 5 p. m. and tomorrow and Monday from 8:30 a. m. until 5 p. m. The Departmental Bank will be open until 9 p. m. today and tomorrow and from 8:30 to 5 p. m. next week. Further payments will be made from time to time, as the receivers realize on assets.

8. May 13, 1933 Evening Star Washington, DC
Article from Evening Star, May 13, 1933

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Bank of Brightwood Depositors to Get $200,000 Monday Payment to 4,000 Will Be Second Since It Failed to Open. The Bank of Brightwood, closed since last July, will distribute $200,000 among 4,000 depositors Monday, it was announced today. The payment will be the second since the bank failed to open 10 months ago. In February $155,000 was distributed. Monday's payment represents 25 per cent of approved claims, bringing the total paid out to 45 per cent. Receivers' certificates must be presented by all depositors entitled to payment, it was announced. The bank will observe regular hours from 8:30 a.m. to 3 p.m., except on Saturday, when the closing time is 1 o'clock.

9. May 13, 1933 The Washington Times Washington, DC
Article from The Washington Times, May 13, 1933

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ompoleon Scratched; 10 In Preakness Love Tragedy REBECCA C. ROCHE Brightwood 2 MONEY CHECK OBERTSON REDS QUIT Bank to Pay HITS MEANS' OT TO RIDE AS FT HUNT $200,000 Four thousand checks, totaling approximately $200,000, will be ready for distribution to deposiTESTIMONY LEADERS HEAD PLAY tors of the Bank of Brightwood on Monday morning, Claude H. Ransom Cash Not Found When singer Replaces Him on Admitting Communism Link, Woodward, receiver, announced Hassel-Greenburg Fortune Favorite; Broker's Tip They Resign to "Unify" today. This is the second receiver's In N. J. Is Checked Declared Sound Rival B. E. F. Factions dividend to be made since the bank closed last July 13 and Gaston B. Means' sensational DAVIS J. WALSH Emanuel Levin and Harold amounts to 25 per cent. tional News Service Sports Editor The first dividend of 20 per story of the kidnaping of the Hickerson, Communist leaders cent, totaling approximately $155,MLICO RACE TRACK, of the bonus army encamped Lindbergh baby today was 000, was distributed in February. TIMORE, May 13 (I.N.S.). at Fort Hunt, Va., resigned shattered in one vital part. The second dividend is made horse, Pompoleon, was today to bring about peace available 10 months after the inMeans, on trial with Norman between rival veterans' forces. stitution closed its doors. itely out. So was one T. Whitaker, "The Fox," on a Receivers' certificates must be The resignations were unaniA. Robertson, on the charge of conspiring to secure mously accepted at a dramatic presented at the bank for payite. But, barring a few $35,000 from Mrs. Evalyn Walsh open-air meeting attended by ment, Woodward stated. No ional changes of mind more than a thousand veterans. checks will be mailed locally. McLean in connection with the A vote of thanks to them was conditions, the annual Banking hours will be from 8:30 return of the child, testified that adopted by the assembly. a. m. to 3 p. m. daily except Satness stake was ready for the $50,000 ransom turned over Immediately after the resignaurday, when the doors close at to the kidnapers by "Jafsie" was inning this afternoon at noon. tion was accepted, George D. in the possession of Max Hassel, le and three-sixteenths,

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

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Operations May Broaden. From national sources. however, there have been indications there might be a possibility of extending the operations of the Deposit Liability Board later to other groups of banks. What these possibilities may work out to be remain to be determined. The closed banks in the District of Columbia, it was pointed out last night, naturally fall into at least three different groups, those placed in the hands of receivers prior to January 1. those placed in receivership since, and those in the hands of conservators. In the first group fall four banks: The Bank of Brightwood, the Departmental Bank, the International Exchange Bank, and the North Capitol

11. July 7, 1934 Evening Star Washington, DC
Article from Evening Star, July 7, 1934

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BRIGHTWOOD BANK TO PAY 10PER CENT Distribution of Third Dividend Set Monday-Total Will Be 55 Per Cent. Payment of a 10 per cent dividend, for which about $100,000 is available, will begin Monday at the Bank of Brightwood, Claude H. Woodward, receiver, announced today. This is the third dividend to be paid by the institution, which was closed in July, 1932. The first dividend of 20 per cent was paid in February, 1933, and the second, of 25 per cent, was paid in May, 1933. Already a total of $356,550.36 has been paid out. In order to get their new dividend, depositors are asked to present their receiver's certificate as proof of claim. The hours at the bank will be from 8:30 to 3, daily, except Saturday, when the bank will close at noon. No checks will be mailed to depositors, except to those at distant points.

12. July 7, 1934 The Washington Times Washington, DC
Article from The Washington Times, July 7, 1934

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Brightwood Bank To Pay $100,000 Approximately $100,000 in dividends will be paid Monday to depositors of the defunct Bank of Brightwood, Claude H. Woodward, receiver, announced today. This payment, the third since July, 1932, when the bank failed, is 10 per cent, bringing the total to date to 55 per cent. Hours for payment will be from 8:30 a. m. to 3 p. m. daily except Saturdays, from 8:30 a. m. to noon. Depositors must go to the bank in person, Mr. Woodward said, and present their receivers' certificate. No dividends will be mailed except to depositors in other cities. On February 10, 1933, the bank paid its initial dividend of 20 per cent, or approximately $155,000. In May, 1933, it paid a second dividend of 25 per cent, slightly more than $200,000, the two totaling $356,550.

13. July 12, 1935 The Washington Times Washington, DC
Article from The Washington Times, July 12, 1935

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Schreiner Sued In Bank Failure Raymond L. Schreiner, 1240 Fairmount St. N. W., former president of the Bank of Brightwood, was named defendant in a suit for a $16,840 assessment filed by Claude H. Woodward, receiver. The bank was declared insolvent July 13, 1932, and Schreiner pleaded guilty to misapplying funds. He was recently released from Lorton Reformatory.

14. October 20, 1935 Evening Star Washington, DC
Article from Evening Star, October 20, 1935

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BANK'S ASSETS $112,168 The Bank of Brightwood, which was closed in July, 1932; still has remaining asests of an estimated value of $112,168.10, according to the latest quarterly report of the receiver, Claude H. Woodward, made public yesterday. This bank has paid dividends totaling 55 per cent, amounting to $436,673.81. It has repaid its loan of $147,000 from the Reconstruction Finance Corp. and now has cash on hand amounting to $8,972.27.

15. December 18, 1936 The Washington Times Washington, DC
Article from The Washington Times, December 18, 1936

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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.

16. December 20, 1936 Evening Star Washington, DC
Article from Evening Star, December 20, 1936

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3 BANK RECEIVERSHIPS WILL BE CONSOLIDATED F. J. Young to Take Over Accounts of Brightwood and U. S. Savings Institutions. Receiverships of three closed banks here have been ordered consolidated, effective December 31, it was learned yesterday from the office of the controller of the currency. Frederick J. Young of Milford, N. H., who has been acting as receiver for the International Exchange Bank, will take over also the accounts of the Bank of Brightwood and the United States Savings Bank, to liquidate total assets of about $1,750,000 from the three institutions. Young succeeds Claude T. Woodward at the Brightwood Bank and Carter B. Keane at the United States Savings Bank. Action was taken following the regular policy of the controller's office, to consolidate receiverships when the assets reach a low point.

17. November 13, 1938 Evening Star Washington, DC
Article from Evening Star, November 13, 1938

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Bank Property Sale For $34,500 Approved Frederick - J. Young, receiver of the Bank of Brightwood, yesterday was authorized by Justice Jesse C. Adkins in District Court to sell for $34,500 the old bank property at 5913 Georgia avenue N.W. unless a better offer is received, or unless there is contrary cause, before November 25. The jurist acted on the petition of George F. Shea, Martin F. O'Donoghue and Thomas X. Dunn, attorneys for Mr. Young, to sell the property. The offer includes $500 additional for the furniture and fixtures. The Bank of Commerce & Savings is reported to be the prospective purchaser, although this was not stated in the order signed today by Justice Adkins.

18. December 1, 1938 Evening Star Washington, DC
Article from Evening Star, December 1, 1938

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agent for F. Weber, the purchaser. Attorneys George F. Shea, Martin F. O'Donoghue and Thomas X. Dunn, counsel for Frederick J. Young, receiver of the Bank of Brightwood, were instructed in the order to draw up the necessary papers to complete the transaction. The deal will be closed upon paying

19. March 30, 1939 Evening Star Washington, DC
Article from Evening Star, March 30, 1939

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Brightwood Bank Receiver to Pay Another Dividend Depositors Notified 81/2 Per Cent Share Is Now Ready Frederick J. Young receiver of the Bank of Brightwood today notified approximately 5,000 depositors by postal card that another dividend of 81/2 per cent now is awaiting distribution at the receiver's office, 2000 Fourteenth street N.W. This payment brings the payments to depositors of this insolvent bank up to a total of 63 1/2 per cent of their deposits. The Bank of Brightwood was closed by order of the controller of the currency July 13, 1932, and the bank building. located at Georgia avenue and Concord avenue N.W., was sold recently by the receiver to a real estate operator. In order to make as wide a distribution of the new dividend as possible before Easter, Receiver Young has arranged to have his office, in the old United States Savings Bank, open Saturday afternoon until 5 p.m. Next week the office will remain open until 5 p.m. daily except Saturday. Depositors must bring their "certificates" with them in order to receive this dividend, Mr. Young emphasized. Previous disbursements to the depositors of the Brightwood Bank, in the &mount of 55 per cent, amounted to $437,178, according to the latest quarterly report of the receiver. At that time the total remaining assets were estimated by the receiver to be $76,237.98, including uncollected stock assessment of $3,232.70.

20. June 18, 1940 Evening Star Washington, DC
Article from Evening Star, June 18, 1940

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Receiver to Sell Remaining Assets Of Two Closed Banks International Exchange, Brightwood Depositors To Receive Dividends Taking action toward final liquidation of two more closed banks here, Receiver Frederick J. Young today announced plans for sales of all remaining assets of the International Exchange Bank on July 23 and of the Bank of Brightwood on July 24. The sales will take place at the receiver's office, 1336 New York avenue N.W. Arrangements then will be made to wind up affairs of the two institutions and pay out all remaining cash to the depositors. It is not known when the final dividends will be available to depositors, but it is believed it will be many months. No estimate has been made on the amount of money to be distributed. The Bank of Brightwood, which closed July 13, 1932, has paid to depositors 63 1/2 per cent in four dividends, amounting to $504.941. The book value of its remaining aassets stands at $275,114.70, including two dwellings. The International Exchange Bank, which closed July 14 . 1932, has paid 45 per cent to depositors in four dividends, amounting to $197,969.95 and has remaining assets with a book value of $234,127.25, including a house in Takoma Park and lots in the business section of Hopewell, Va.