gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e194cb4ee881c4a5
Response Measures
None
Receivership Details
Depositor recovery rate
68.7%
Date receivership started
1878-11-01
Date receivership terminated
1894-04-10
OCC cause of failure
Fraud
Share of assets assessed as good
59.1%
Share of assets assessed as doubtful
32.2%
Share of assets assessed as worthless
8.7%
Description
Receiver B. U. Keyser appointed Nov 1, 1878; failure attributed to inability to realize real-estate mortgages.
Events (4)
1.May 14, 1877Chartered
Source
historical_nic
2.October 31, 1878Suspension
Cause
Bank Specific Adverse Info
Cause Details
Inability to realize on large real-estate mortgages and shrinkage in real-estate values.
Newspaper Excerpt
The German American national bank ... suspended this morning. An excited crowd surrounds the building. The cause was an inability to realize on real estate mortgages.
Source
newspapers
3.November 1, 1878Receivership
Source
historical_nic
4.November 1, 1878Receivership
Newspaper Excerpt
Notice is hereby given ... that the same must be presented to BENJAMIN U. KEYSER, Receiver, at Washington, D. C., ... JOHN JAY KNOX, Comptroller of the Currency.
Source
newspapers
Newspaper Articles (22)
1.October 31, 1878Evening StarWashington, DC
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Article Text
CLOSED. BANK. After Their Money Looking Depositors the About Failures. National in Bank, reduncing mesented what said the German heavy American drafts cash being on of their ted. realized The officers consenting of mence the of securities amount of not having afterresterdas the reasury Treas bank hand, and the some amount compt This of morning the Mr. examine 7th neared and noon requested charge of the of the house Treasur. corner he to this day and to B take keyser, the one banking took At an and other hour per- but bank, closed bank and appeal streets, an exam mbers of deseared at the the door door morning mak! ing nun checks Around (the next mox mori holding doors sa ings them that round sons the medican of informa the German hundr nich information bank the orderly, OD find equence placard rational the sus Baterly Bank this and The trouble be In commercial rowd to keep under would only Josed. closed. mer but little troup the to Bank tha come the small nice open Many least others id suffer. that the The heterday friends balances way pre that all right positors positors had of drawn the that such ecement af this the ernoon making the National be called upon false Mr Keysel is the busy the depos are any delldoubt but holders to make up OF THE so fat bank national did not them in the night the called bank; of them that would the bring banks claim on the best From the posit The indi large business the per of deposit avidual deposition among bank bank bank the their that the the real does not application appear wild-cal years in o-day andaged all in thought many some thereon and held did made nich loans the make bank legititate. and upon wammer namme had done its solvent forbids the bank would been on real to ine under bank loans bank mate but the law trouble BANK made follow the mense cause of the TEMP OF na Jonal THE bank the instant the of the bankite of pon the assets on and John on the 12th the 1st the company Hitz, by R B. Ison and currency. cashier Rupp counts, prentis and Christain and bonds Response $2,830.00 bonds other and banks lation overar $70.000 bonds and $212.04 $42 due from and <149.34 other from ional ban $10,613 $12.62; 56: tixture $2 cash $1 $1 bills house. and paid fund it. $1 due other bank REAL ESTATION NER OF CAUSE ['HE alled to-day upon the the ional German Bank is the immedial Mr charge aske of the what from numbe de ment of this and failure or sin arises if left to work of time cause Mr. Key Keys The bank could in due surplus These of own for dollar It the Distri time to time than pay dollar real estate from this valuable were was much made higher the bank not are available If real vestments estat The asests assetts, but what are mean it now valuable appreciate proper due could very readily valuab paid the with? when You mor pay! in the end has had and the not care to pres you knew the loaned saving Distri you market It in this good were thorous in this real estate bu they The bank by bank is just assets on has been its deposit which pro made deal not have were but of ready cash pay Courses force ments does there sale of its The offi nest the think bank though pay for dollar dollar deposit is will least (am pay cents THE BANK, Mr durin He view. Prentisided the that Keysel Ke diltors rull. the dollar THE ASHIER OF was with would Bank be paid of line had were you? deposits deposit counts was bust your What large many small with did hea line of ith us. but ness there continee to did positors we had quit to concerns deposit we had of small THE FAIL RES seems bank a large number THE FACT AS wolled TO down did all of the of bout the this: two The money property ngs real esta was helped at its them flood out investment estiment of chen ional prope Bank one, bene for the conce the National the both bank The were law The forbids savings to bank the to such the holders of invest bank in realty. asa helper the could bank nen seems Bank to have enable been its officer invest ments Real estate dema the helped bank bank to as make current ational pric of either and national concerns to make at creditor The had stop pressure bought were made by the other bank out until being continued upon both, they THE BANK, helped urotect one itself the saving and both the ECHETARY Collapsed pressed OF THE is due suspension MR HATTING his opinion shrinka the located in Fed states that in to the nich when property 000, and but the building was in them about the has pato eral that buildings) n.and has cost not been paying all be bank all right was that up, late that has the that the savings the doubt and of the opinion THE LOSERS. LOTIONS loses $5,050 by SOME OF coachman luss, the the $450. President The bank compan was failure. Adoiph littl Jerry ermanta savings Vings, Life Insu will lose heavily thought has paid wolders agent lost lis of the the of aend $35,000 for the past lia of New York; about no are personally rore usual is The bank stoc their share board of direc run mina from $300. The of to the depos it will be the seen that bank months ple for the ements amount made balanc and on from this large The anally state show 10 $350,000 balan 50 000, was doing a
2.October 31, 1878Daily Press and DakotaianYankton, SD
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BUSINESS TROUBLES. AT PHILADELPHIA. Philadelphia, Nov. 1.-Detwiler & Welsh, owners of the Market street flour mills, have failed. Liabilities about one hundred thousand dollars. AT TROY. Troy, N. Y., Nov. 1.-The MercLants and Mechanics' state bank closed to-day. AT WASHINGTON. Washington, Oct. 31.-The German American national bank, which grew out of the German American ravings bank, and occupied the same building, suspended this morning. The German American savings bank has also closed its doors and put up the following notice: Owing to the suspension of the German American national bank, this bank is forced to close. The officials of the savings bank declare that their institution is sound. Both banks were owned and patronized principally by Germans, and the suspension causes much surprise. An excited crowd surrounds the building. The cause was an inability to realize on real estate mortgages. The national bank examiner expects the depositors to be paid in full.
ANOTHER BANK CLOSED. Great Excitement in Washington. National Associated Press to the Star. WASHINGTON, Oct. 31.-The German American Savings Bank, of this city, closed its doors this morning. When the fact became known a large crowd of depositors gathered in front of the bank and considerable excitement prevails at this hour. No explanation as to the cause of the closing has been given. WASHINGTON, Oct. 31-4 P. M. .-The German American National Bank, which this morning suspended, was agent in this city of the Germania Life Insurance Company of New York. Mr. John Hitz, the Swiss Consul here, is the President of the bank, and one of the principal depositors. It is said he has at least $50,000 in the bank. The bank was formerly a savings bank, and organized as a National Bank under the provisions of the act approved June 30th, 1876, The bank has heretofore been considered as solid; at the same time it was known that it was carrying a large amount of real estate and loans.
WASHINGTON. ASHINGTON, Oct. 31.-The German-American National Bank of this city has failed, but it is thought depositors will be paid in full. Owing to the suspension of the German-American National Bank of this city, the German-American Savings Bank has also suspended. Both of these banks were owned and patronized principally by Germans. The suspension caused much surprise. The President of the German-American National Bank is John Hitz, the Swiss Consul General in this city. The shrinkage in real estate value in which both banks were largely interested caused the failure. The President has issued a proclamation appointing Thursday, the 28th of November as a day of thanksgiving and prayer. The State Department is advised that an International Exhibition will be held in Melbourne commencing Octoher, 1880. Parliament has voted $300,000 for the erection of the necessary buildings. The United States Consul at Tangier sends to the State Department an account of the fearful ravages of the cholera in the interior of Morocco. Business is almost completely paralyzed. The cholera is sweeping over the middle and Southern provinces. Hundreds are dying of starvation. Never before has Morocco passed through such a fearful ordeal.
5.November 1, 1878The Waco Daily ExaminerWaco, TX
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Article Text
WASHINGTON. Weather Indications. WASHINGTON, D. C., October 31.-Indications for the west Gulf States clear and partly cloudy weather; northerly cold and shifting to warmer; southerly falling barometer. The President's Proclamation, WASHINGTON, D. C., October 31.-Tha President has issued a proclamation appointing Thursday, November the 28th inst. as a day of thanksgiving and prayer. Suspended. WASHINGTON, D. C., October S1.-Owing to the suspension of the German American National bank of this city, the German American saving bank has also suspended. Both these banks were run and patronized by the Germans. The suspension caused much surprise. The President of the German American National band, and John Hitz, the Swiss consul General in this city, say a shrinkage in real estate value, which both banks were largely interested caused the failure.
6.November 1, 1878The Daily DispatchRichmond, VA
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Washington Items. W ASHINGTON, October 31.-The President has issued a proclamation appointing Thurs. day the 28th of November as a day of thanksgiving and prayer. Owing to the suspension of the GermanAmerican National Bank, of this city, the German-American Savings Bank has also suspended. Both banks were owned and patronized principally by Germans." The suspensions have caused much surprise. The president of the first-named bank is John Hitz, the Swiss consul-general in this city. The shrinkage in real estate value, in which both banks are largely interested, caused the failure. The State Department is advised that an international exhibition will be held in Melbourne, commencing in October, 1880. The Parliament bas voted $300,000 for the erection of the necessary buildings. The United States Consul at Tangiers sends to the State Department an account of the fearful ravages of the cholera in the interior of Morocco. Business is almost completely paralyzed. The disease is sweeping over the middle and southern provinces. Hundreds are dying of starvation. Never before has Morocco passed through such a fearful ordeal.
7.November 1, 1878Alexandria GazetteAlexandria, VA
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SUSPENDED BANK --Amoog the depositors in the German American National Brok, which suspended in Washington'yesterd.y. WAS Mr. Robert Portoer, of this city, who had a balareof bala: coof about $1,000 in the institution. It is believed however that the depositors will be made safe. Therumor in circulation, that the German Banking Company of this city were lesers, is incorrect. as that company has a small amount to the credit of the Washington bink. The two banks are not regular corres. pondents.
8.November 1, 1878The Daily GazetteWilmington, DE
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The German-Ameriean National Bank of Washington Closing its Doors. WASHINGTON, Oct. 31 - -The GermanAmerican National Bank, an institution which grew out of the German-American Savings Bank, and occupied the same building with that institution, suspended this morning. The German-American Saving Bank had also closed its doors, and put up the following notice: "Owing to the suspension of the GermanAmerican-National Bank, this bank is forced to close." The officials of the savings bank declare that their institution is sound. Both of these banks were owned and patronized principally by Germans, and their suspension caused much surprise, as they were regarded as sound. An excited crowd surrounds the building. The bank wait organized in May, 1878, with a capital of $130,000 and a circulation of $63,000. The President is John Hitz, the Swiss Consul-General in this city, and the cashier is Mr. C E. Prentiss. The cause of the failure was the inability of the bank to realize upon mortgages upon real estate, in which it had a large amount of money invested.Comptroller Knox this morning detailed National Bank Examiner B. U. Keyser to examine the affairs of the bank, and he is now in possession of the establishment. "Jerry," Mr. Hayes's coachman, lost his savings, $450. The bank was the agent of the German Life Insurance Company of New York, which it is thought, will lose about $30,000 or $35,000.
9.November 5, 1878The New Bloomfield, Pa. TimesNew Bloomfield, PA
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Suspension of a Bank. WASHINGTON, October 31.-The German American National Bank, an institution which grew out of the German American Savings Bank, and occupied the same building with that institution, at the corner of Seventh and F streets, N. W., suspended this morning. The German American Savings Bank has also closed its doors and put up the following notice: "Owing to the suspension of the German American National Bank, this bank is forced to close." The officials of the savings bank, however, declare that the institution is sound. Both of these banks were owned and patronized principally by Germans, and the suspension caused much surprise, as they were regarded as sound. An excited crowd surrounds the building. Comptroller Knox this morning detailed National Bank Examiner B. U. Keyser to examine the affairs of the bank, and he is now in possession of the establishment. After a hasty examination he stated it was probable the depositors will be paid in full.
10.November 6, 1878Ottumwa Weekly CourierOttumwa, IA
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Two Banks Suspend at Washington. WASHINGTON, Oct. 31.-The German American National Bank, which grew out of the German American Savings Bank, and occupied the same building, suspended this morning. The German American Savings Bank also closed its doors and put up the following notice: "Owing to the suspension of the German American National Bank this Bank is forced to close." Officials of the Savings Bank declare their institution is sound. Both banks were owned and patronized principally by Germans and the suspension causes much surprise. An excited crowd surrounds the building. The cause of the failures was inability to realize on Real Estate mortgages. The National Bank examiner expects the depositors, to be paid in full.
11.November 7, 1878The Stark County DemocratCanton, OH
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GERMAN-AMERICAN NAT'L BANK OF WASHINGTON STOPS. Washing on, Oct. 31. -The - German American National Bank, an institution which grew out of the German-American Savings Bank, and occupied the same building with that institution, sus pended this morning. The German American Savings Bank had closed its door, and put up the following notice: "Owing to the suspension of the German-American National Bank, this bank is forced to close." The officials of the savings bank declare that their institution is sound. Both of these banks were owned and patronized principally by Germans, and their suspension caused much surprise, as they were regarded as sound.An excited crowd surrounds the building. The bank was organized in May, 1877, with a capital of $130,000 and a circulation of $63.000. The President is John Hitz, the Swiss Consul General in this city, and the cashier is Mr. C. E. Prentiss.The cause of the failure was the inability of the bank to realize upon mortgages upon real estate, in which It had 8 large amount of money invested. Comptroller Knox this morning detailed National Bank Examiner B. U. Keyser to exam. ine the affairs of the bank, and he is now in possession of the establishment. "Jerry," Mr. Hayes's coachman, lost his savings, $450. The bank was the agent of the Germania L fe Insurance Company of New York, which. it is thought, will lose about $30,000 or $35,000.
At Washington. WASHINGTON, D. C., October 31.-The German American National Bank, which grew out of the German Savings Bank, and occupied the same building, suspended this morning. The German American Savings Bank has also closed its doors and put up the following not ce: "Owing to the suspension of the German merican National Savings Fank, this bank is 10 ced to close." The officials of the savings banks declare that the institution is sound. Both banks were owned and patronized principally by Germans, and the suspension causes much surprise. An excited crowd surrounds the building. The cause of the failure was inability of the bank to realize upon real estate mortgages. The National Rank exam ner, now in charge, states that it is probable the depositors will ba paid in full. The bank was the agent of the Germania Life Insurance Company, of New York. The company will lose heavily, it is thought about $30,000 or $35,000.
13.December 27, 1878National RepublicanWashington, DC
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TREASURY DEPARTMENT, OFFICE OF COMPTROLLEROF THE CURRENCY, WASHINGTON, Nov. 1. 1878. Notice is hereby given to all persons who may have claims against the German-American National Bank of Washington that the same must be presented to BENJAMIN U. KEYSER, Receiver, at Washington, D. C., with the legal proof thereof, within three months from this date, or they will be disaltowed. JOHN JAY KNOX, no2-3m Comptroller of the Currency. NEURALGIA CURED IN ONE MINUTE by Fluid Lightning, as hundreds in the city can testify. Sold at Coughtin's drug.store. jan29-tf HEADA HE. TOOTHACHE. EARACHE 100 Sold at &c., cured by Fluid Lightning jan29-tf Coughlin's drug-store. Masonic Temple. NERVOUS PAINS. PLEURISY, CRAMP Colie, &c., &r., relieved at once by Fluid Light ning. Sold at Coughlih's drug-store, Masonic Temple jan29 tf. HUMPHREY'S SPECIFIC, POND'S EX. TRACT, Homeopathic Medicines, soldat Tem. s8-tf ple's Drug Store. F and Ninth streets. THE STREET
14.April 18, 1879Evening StarWashington, DC
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B. H. WARNER, Real Estate Auctioneer. PUBLIC SALE OF SUNDRY SECURITIES I will offer for sale, at public auction, at tue o fice of B. H. Warner, 916 F street n. W., at 1 o'clock p. m., SATURDAY, April 26th. 1879, the following named securities: Certificate Board of Public Works, dated Ap il 9, 1873, for assessment upon part of lot 9, square 382 Tax sale Certificates dated March 16, 1875, as follows: Lets 6, 8 and 9, square 227: Lot 4, square 230; Let C, square 295. Tax lien Certificates on Lots T, U and V, square 4/2. dated July 1, 1873. 68 Shares of Stock in the German American Fire Insurance Company, of Washington, D. C., par value $100 per share. 20 Shares of Stock in the Second National Bank of Washington, D. C. par value $100 per share. 1 $50 U. S. 4 per cent. Boad. Terms cash. B. U. KEYSER. Beceiver. German Amer can National Bank. ap18-eo
15.April 21, 1879Evening StarWashington, DC
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B. H. WARNER, Real Estate Auctioneer. PUBLIC SALE OF SUNDRY SECURITIES I will offer for sale, at public auction, at tae office of B. H. Warner, 916 F street n. W., at 1 o'clock p. m., SATURDAY, April 26th, 1879, the following named securities: Certificate Board of Public Works, dated April 9, 1873, for assessment upon part of lot 9, square 382. lows: Tax sale Certificates dated March 16, 1875, as folLets 6, 8 and 9, square 227: Lot 4, square 230; Lot C, square 295. Tax lien Certificates on Lots T, U and V, square 4h2. dated July J, 1873. 68 Shares of Stock in the German American Fire Insurance Company, of Washington, D. C., par value $100 per share. 20 Shares of Stock in the Second National Bank of Washington, D. C.; par value $100 per share. 1 $50 U. S. 4 per cent. Bond. Terms cash. B. U. KEYSER. Beceiver. German American National Bank. ap18-eo
16.April 23, 1879Evening StarWashington, DC
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B. H. WARNER, Real Estate Auctioneer. PUBLIC SALE OF SUNDRY SECURITIES I will offer for sale, at public auction, at the office of B. H. Warner, 916 F street n. W., at 1 o'clock P. m. SATURDAY, April 26th, 1879, the following named securities: Certificate Board of Public Works, dated April 9, 1873, for assessment upon part of lot 9, square 382 lows: Tax sale Certificates dated March 16, 1875, as folLets 6, 8 and 9, square 227: Lot 4, square 230; Lot C, square 295. Tax lien Certificates on Lots T, U and V, square 452, dated July 1, 1873. 68 Shares of Stock in the German American Fire Insurance Company, of Washington, D. C., par value $100 per share. 20 Shares of Stock in the Second National Bank of Washington, D. C.; par value $100 per share. 1 $50 U. S. 4 per cent. Bond. Terms cash. B. U. KEYSER. Receiver. ap18-e0 German American National Bank.
17.April 25, 1879Evening StarWashington, DC
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B. H. WARNER, Real Estate Auctioneer. PUBLIC SALE OF SUNDRY SECURITIES I will offer for sale, at public auction, at the office of B. H. Warner, 916 F street n. W., at 1 o'clock p. m. SATURDAY, April 26th, 1879, the following named securities: Certificate Board of Public Works, dated April 9, 1873, for assessment upon part of lot 9, square 382. Tax sale Certificates dated March 16, 1875, as follows: Lets 6, 8 and 9, square 227: Lot 4, square 230; Lot C, square 295. Tax lien Certificates on Lots T, U and V, square 452. dated July 1, 1873. 68 Shares of Stock in the German American Fire Insurance Company, of Washington, D. C., par value $100 per share. 20 Shares of Stock in the Second National Bank of Washington, D. C.: par value $100 per share. 1 $50 U. S. 4 per cent. Bond. Terms cash. B. U. KEYSER. Receiver, ap18-eo German American National Bank.
18.May 8, 1880Evening StarWashington, DC
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THE GERMAN-AMERICAN NATIONAL BANK LITIGATION.-In the Circuit Court yesterday Judge MacArthur sustained the demurrers in the cases of B. U. Keyser, receiver of the German-American National Bank, against Horace Hatch, E. P. Halstead and C. E. Prentiss, for protested notes found in the bank safe, and gave plaintiff leave to amend. The demurrer was taken to the omission of a statement in the declarations of the receiver's appointment under the law.
19.November 12, 1880Evening StarWashington, DC
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THE SALE OF THE FEDERAL BLOCK PROPERTY.Yesterday a deed of the Federal Block property, belonging to the German-American National Bank. at the southeast corner of 7th and F streets. was placed on record. The parties are B. U. Keyser, receiver of the bank, to E. A. Rollins, of Philadelphia, and the consideration is $112,500. It is understood that this amount is paid in claims against the bank, many of which were bought up for Mr. Rollins at a discount. and the real cost to him is much less than the amount named.
20.August 23, 1881Evening StarWashington, DC
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GERMAN AMERICAN NATIONAL BANK. The Comptroller of the Currency has declared a dividend of ten per cent to the creditors of this Bank, and the same will be payable at the Receiver's Office, 630 F street northwest, on and after August 24, 1881. a22-3t B. U. KEYSER, Receiver.
21.February 1, 1882The Daily DispatchRichmond, VA
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# An Important Judicial Decision.
A case of considerable interest, and involving over $10,000, was argued before Judge McArthur, of the Circuit Court, in the District of Columbia, on Saturday. It was a suit brought against the receiver of the German-American National Bank, of Washington, to recover back from him the amount paid by a shareholder of the bank.
Two points were passed upon by the Judge-viz.: First, that the payment was voluntary, and therefore could not be recovered; second, that upon a sale of national-bank stock the transfer on the books of the banks is essential to relieve the sellers from liability to creditors.-Baltimore American.
22.November 20, 1882The Evening CriticWashington, DC
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Mr. B. U. Keyser, receiver of the German-American National Bank, filed a chancery suit to-day against Mr. Adolf Cluss and others to annul a deed of conveyance. The bill sets forth that on November 3, 1879, Mr. Cluss was the owner of lot 16, square 571, and also, that he was a shareholder of the stock of the German-American National Bank to the extent of fifty shares at the par value of $100 each. Under the law the Comptroller of Currency imposed an assessment on the shareholders to which he was liable. It is charged that Mr. Cluss, with intent to hinder and prevent the enforcement of the assessment as to himself, on the day above mentioned conveyed his property to his wife's sister.
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.
