Prudential Bank (Washington, DC)

Episode Information

Episode UID
15011571701
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
1501157 routing
Routing Number
15-0115
Start Date
September 30, 1941
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
c43535be80828238

Response Measures

None

Description

Bank is in receivership with court-authorized conveyance of remaining assets; appears to be permanent closure.

Events (2)
1. September 30, 1941 Receivership
Newspaper Excerpt
John F. Moran, receiver of the Prudential Bank of Washington, D. C., for authority to compromise claims ... convey assets ... ordered this 30th day of September, 1941.
Source
newspapers
2. September 30, 1941 Suspension
Cause
Government Action
Cause Details
Placed in receivership and subject to court orders to convey remaining assets and compromise claims.
Newspaper Excerpt
petition ... by Frederick J. Young, receiver of the Industrial Savings Bank of Washington, D. C., and John F. Moran, receiver of the Prudential Bank of Washington, D. C.
Source
newspapers

Newspaper Articles (3)
1. October 2, 1941 Evening Star Washington, DC
Article from Evening Star, October 2, 1941

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Article Text

H. DONALD KISTLER, Attorney for Prudential. THOMAS X. DUNN. Attorney for Industrial. Tower Building. IN THE DISTRICT COURT OF THE United States for the District of Columbia.-In re: INDUSTRIAL SAVINGS BANK, PRUDENTIAL BANK.-Special No. 39. Miscellaneous No. 12.-ORDER NISI FOR AUTHORITY TO COMPROMISE CLAIMS. DISMISS LITIGATION AND CONVEY ASSETS.-Petition herein having been filed jointly on the the 30th day of September. 1941. by Frederick J. Young. receiver of the Industrial Savings Bank of Washington. D. C., and John F. Moran, receiver of the Prudential Bank of Washington, D. C., for authority to compromise claims. dismiss litigation and convey assets, an offer of not less than $15,350.00 cash having been made to said receivers on behalf of certain stockholders and certain former directors of said Prudential Bank in full compromise settlement of all claims by the receiver of the Prudential Bank against said stockholders and by the receiver of the Industrial Savings Bank against said directors and of all claims between said Banks and their respective receiverships. it is by the court this 30th day of September. 1941. ORDERED: 1. That Frederick J. Young be and he is hereby authorized to dismiss with prejudice the actions as shown in Paragraph 7 against those former directors of the Prudential Bank who signed a $50,000 indemnity bond and to release them and all persons who signed said bond from any and all liability upon such bond That Frederick J. Young, receiver of the Industrial. be and he is hereby authorized to accept from the receiver of the Prudential an unconditional assignment of all of the remaining assets of the Prudential Bank and such balance of cash as many remain in the hands of the receiver of the Prudential in full settlement of the Industrial's claims against Prudential and the receivership thereof. and: 3. That John F. Moran. receiver of the Prudential, be and he is hereby authorized to dismiss with prejudice the suits now pending upon the stock assessment and to release all claims that he may have against the Prudential stockholders as such, and: 4. That John F. Moran. receiver of the Prudential Bank. be and he is hereby authorized to convey title to the Industrial receivership without recourse or warranty of any kind or character of all the remaining assets of the Prudential. and to deliver to the receiver of the Industrial any cash remaining in the Prudential receivership after providing for expenses and for the return of $2.725 to stockholders in full settlement of the claims of the Industrial Bank and the receiver thereof against the Prudential Bank and its receivership. IT IS FURTHER ORDERED that said compromise settlement be ratified and confirmed. unless cause be shown to the contrary or objections made by any interested party on or before the 8th day of October. 1941. provided. however. that a copy of this order shall be published once in the Washington Law Reporter and at least two times prior to the above-mentioned date in The Washington Evening Star O. R. LUHRING. Justice (Seal.) A true copy. Test: CHARLFS E STEWART Clerk, by ANDREW A. HORNER. Asst. Clerk. oc2.6.

2. October 5, 1941 Evening Star Washington, DC
Article from Evening Star, October 5, 1941

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Article Text

D. C. Income Tax Among Issues Awaiting Supreme Court Ruling Liability of U. S. Workers for Levy To Be Decided at This Session By J. A. FOX. to acquire two parcels of land she owned, for the construction of homes Whether Federal employes on duty for low-income colored tenants in here are liable for the District inthe Carrollsburg dwelling project, come tax when they claim permain Southeast Washington. nent home elsewhere, and the right In another case growing out of of employes of the District Governthe bank closures here in 1933. John ment to be exempt from garnishF. Moran. Prudential Bank receiver. ment proceedings are included in is seeking to enforce an assessment important local issues to be decided of $100,000 against stockholders. The by the Supreme Court in the term Court of Appeals held that the starting tomorrow. A challenge of statute of limitations barred the asthe now-abandoned business privsessment, which was challenged by ilege tax. as applied to the income James A. Cobb. who refused to pay from property administered by the a $1,200 assessment. receiver of an insolvent bank. and an attack on the constitutionality of The Supreme Court also will pass the Alley Dwelling Authority Act are on the plea for freedom by Emmitt among other cases on the docket. R. Warring, one- time numbers opThe income tax case came before erator. now serving time in Lorton the court near the end of the last following conviction more than two term, when the petition of the Disyears ago for criminal contempt and trict Government for review was income tax violations. The congranted. It is scheduled to be tempt conviction grew out of jury argued in the week beginning tampering charges during the inNovember 10. and under ordinary come tax trial and Warring. rebuffed circumstances, a decision may be in the lower courts. is pressing a looked for around the first of the habeas corpus action in \the high tribunal. He contends now his deyear. All other District cases have been filed since June, and the court tention is illegal in view of a Suis expected to announce sometime preme Court decision last April limiting the power of Federal judges to this month-on one of the remaining impose summary contempt sentences. Mondays after tomorrow-if they will be reviewed. Denial of review His sentence is due to expire Januleaves the decision of the lower ary 25. court in effect. The fight of Leroy Abbott, former Approximately 20,000 Capital resfilling station proprietor, of 1438 idents will be affected by the outMeridian place N.W., to recover come of the income tax case which $50.500 which he says disappeared is on appeal from the District Court from a safe deposit box in the Takoma Park (Md.) Bank, is also beof Appeals. The lower court held that inasmuch as Government servfore the court. The money included 50 $1,000 gold certificates, and the ice requires "residential presence" bank. contesting the suit. said Mr. here. Federal employes may maintain their domicile in the State from Abbott was illegally in possession of the certificates because of the gold which they come unless they give hoarding law. The Maryland Court "clear evidence" of intent to forego of Appeals, however, ruled he was State allegiance. entitled to recover, and the bank The tax act was tested by Paul M appealed. De Hart, employee of the War De-

3. October 6, 1941 Evening Star Washington, DC
Article from Evening Star, October 6, 1941

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Article Text

H. DONALD KISTLER. Attorney for Prudential. THOMAS X. DUNN. Attorney for Industrial. Tower Building. IN THE DISTRICT COURT OF THE United States for the District of Columbia In re: INDUSTRIAL SAVINGS BANK PRUDENTIAL BANK.-Special No. 39. Miscellaneous No. 112.-ORDER - NISI FOR AUTHORITY TO COMPROMISE CLAIMS. DISMISS LITIGATION AND CONVEY ASSETS.-Petition herein having been filed jointly on the the 30th day of September 1941. by Frederick J. Young. receiver of the Industrial Savings Bank of Washington, D. C.. and John F. Moran, receiver of the Prudential Bank of Washington. D. C., for authority to compromise claims dismiss litigation and convey assets, an offer of not less than $15,350.00 cash having been made to said receivers on behalf of certain stockholders and certain former directors of said Prudential Bank in full compromise settlement of all claims by the receiver of the Prudential Bank against said stockholders and by the receiver of the Industrial Savings Bank against said directors and of all claims between said Banks and their respective receiverships. it is by the court this 30th day of September. 1941. ORDERED: 1. That Frederick J. Young be and he is hereby authorized to dismiss with prejudice the actions as shown in Paragraph 7 against those former directors of the Prudential Bank who signed a $50.000 indemnity bond and to release them and all persons who signed said bond from any and all liability upon such bond. 2. That Frederick J. Young. receiver of the Industrial. be and he is hereby authorized to accept from the receiver of the Prudential an unconditional assignment of all of the remaining assets of the Prudential Bank and such balance of cash as many remain in the hands of the receiver of the Prudential in full settlement of the Industrial's claims against Prudential and the receivership thereof. and: 3. That John F. Moran. receiver of the Prudential. be and he is hereby authorized to dismiss with prejudice the suits now pending upon the stock assessment and to release all claims that he may have against the Prudential stockholders as such. and: 4. That John F. Moran. receiver of the Prudential Bank. be and he is hereby authorized to convey title to the Industrial receivership without recourse or warranty of any kind or character of all the remaining assets of the Prudential. and to deliver to the receiver of the Industrial any cash remaining in the Prudential receivership after providing for expenses and for the return of $2.725 to stockholders in full settlement of the claims of the Industrial Bank and the receiver thereof against the Prudential Bank and its receivership. IT IS FURTHER ORDERED that said compromise settlement be ratified and confirmed. unless cause be shown to the contrary or objections made by any interested party on or before the 8th day of October, 1941. provided. however. that a copy of this order shall be published once in the Washington Law Reporter and at least two times prior to the above-mentioned date in The Washington Evening Star O. R. LUHRING, Justice (Seal.) A true copy. Test: CHARLES E STEWART Clerk. by ANDREW A. MORNER. Asst. Clerk. oc2,6.