Industrial Savings Bank (Washington, DC)

Episode Information

Episode UID
5449639491599
Episode Type
Suspension → Reopening
Bank Type
savings
Bank ID
544963949 hash
Start Date
March 15, 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
335098677bf6e020

Response Measures

None

Description

Closed under conservatorship after the March 1933 banking holiday and later approved for reorganization/licensing.

Events (4)
1. March 15, 1933 Suspension
Cause
Government Action
Cause Details
Closed after the March 1933 federal banking holiday and placed in conservatorship; refused license to reopen initially.
Newspaper Excerpt
The Industrial Savings Bank, of Washington, did not open. W. H. C. Brown, president, has been named government conservator.
Source
newspapers
2. October 7, 1933 Other
Newspaper Excerpt
The Treasury Department today launched a program of co-operation with officials of the Industrial Savings Bank, colored institution, which has been closed since the banking holiday, with a view to developing a plan for reorganization and reopening as a national bank.
Source
newspapers
3. December 20, 1933 Reopening
Newspaper Excerpt
Industrial Savings Bank of Washington was one of 14 banks ... to receive approval for reorganization plans in the 10-day period ending December 20 ... its frozen deposits were estimated at $578,000.
Source
newspapers
4. April 25, 1934 Other
Newspaper Excerpt
Efforts continue to reopen one bank ... the Treasury Department still is endeavoring to reopen only one the more-lone colored institution in the city ... plans for reopening are being worked out.
Source
newspapers

Newspaper Articles (23)
1. March 23, 1933 The Northwest Enterprise Seattle, WA
Article from The Northwest Enterprise, March 23, 1933

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FIVE ARE READY; TWO MORE IN RECEIVERSHIP (Continued from Page One) without restrictions. In Newport News The Sons and Daughters of Peace, Penny, Nickel and Dime Bank of Newport News, Va., hopes every day to be able to open, but has not done so yet Opening Indefinite James M. Morris is receiver for the People's Dime Savings Bank and Trust Association of Staunton, Va. The bank's opening is indefinite. The Phoenix Bank of Suffolk, Va., will not open, M. Anderson Maxey, receiver reported Tuesday. D. C. Bank Under Conservator The Industrial Savings Bank, of Washington, did not open. W. H. C. Brown, president, has been named government conservator.

2. October 4, 1933 The Washington Times Washington, DC
Article from The Washington Times, October 4, 1933

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FRANKLIN BANK NEARLY READY TO REOPEN Treasury Speeds Up Case; Plan Calls for Payment, in Part, to. Many Depositors The local banking situation as it concerns closed institutions began to clear today with the announcement at the Treasury that considerable progress has been made in a plan to reopen the Franklin National Bank. This announcement, following the approval yesterday of a plan whereby the Mt. Vernon Savings Bank will release nearly $1,000,000 in frozen deposits through a sale of assets to the Washington Mechanics and Savings Bank, will leave but few other closed banks in the city. Shuman's Big Job So far has the work of reorganization progressed, that Maj. W. Irving Shuman, special representative of the Comptroller, who has engineered both the Hamilton merger, the Chevy Case sale and the Mt. Vernon bank agreement, in connection with his task of reorganizinz closed local banks, has resigned to join the new Federal Deposit Insurance Corporation. Of the Franklin reopening plan it was understood that it contemplates the payment of a substantial per cent of depositors' accounts with payment in full to come. Cooper Case Halted Only the United States Savings Bank, of which Col. Wade H. Cooper is president, and the Industrial Savings Bank, a colored institution, will remain closed after the Franklin plan is finally approved. The Treasury has already stated publicly that before January 1, all banks will either be reopened through some plan or placed in receivership. Colonel Cooper today in District Supreme Court was temporarily halted in his effort to force the Treasury approval of his plan when his suit was postponed until Monday.

3. October 7, 1933 Evening Star Washington, DC
Article from Evening Star, October 7, 1933

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INDUSTRIAL BANK REORGANIZING PLAN BEING WORKED OUT Officers of Colored Institution Hold Conference With Controller. COMMUNITY LEADERS' ASSISTANCE ENLISTED Reopening Under Federal Auspices Proposed-Franklin Meet for Today Postponed. The Treasury Department today launched a program of co-operation with officials of the Industrial Savings Bank, colored institution. which has been closed since the banking holiday. with a view to developing a plan for reorganization and reopening as a national bank. W. M. Taylor, national bank examiner, has been assigned to represent the Treasury in working with officers of the bank to develop an acceptable plan. Conference Held. These developments followed a conference yesterday of bank officers with Controller of the Currency J. F. T. O'Connor at the controller's office. Examiner Taylor was at the meeting and will now direct the negotiations and lead in the program of setting up a reorganization plan. W. H. C. Brown, president of the bank and now its conservator, said today that he was very much gratified at the action just launched by the Treasury Department and has a reorganization committee of bank officers and leaders from the colored community of Washington to help the cause along. Leaders Enlisted. The chairman of this Reorganization Committee, Brown explained, is vice president of the bank, Jesse H. Mitchell. Among the others who have volunteered their services on this committee are J. Stanley Wilson, grand exalted ruler of the colored Elks; Elder Michaux, Archibald S. Pingett, secretary of the National Association for the Advancement of Colored People, and Rev. W. H. Jernigan, national president of the Baptist Young People's Union. Meantime, negotiations still were under way toward agreement on a plan to reopen the Franklin National Bank. A meeting of the Depositors' Committee, which had been called for today, was postponed until Monday.

4. October 21, 1933 The Omaha Guide Omaha, NE
Article from The Omaha Guide, October 21, 1933

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INDUSTRIAL BANK REOR GANIZATION PLAN BEING WORKED OUT WASHINGTON (CNS) - The Treasury Department has launched a program of cooperation with officials of the Industrial Savings Bank which has been closed since the banking holiday, with a view to developing a plan for reorganization and reopening as a national bank. W. M. Taylor, national bank examiner, has been assigned to represent the Treasury in working with officers of the bank of develop an acceptable plan. These developments followd a conference recntly of bank officers with Controller of the Currency J. F. T. O'Connor at the controller's office. Examiner Taylor was at the meeting and will n°W direct the negotiations and lead in the program of setting up a reorganization plan. bank and now its conservator, is very W. H. C. Brown, president of the much gratified at the action just launched by the Treasuy Department and has a reorganization committee of bank officers and leading citizens of Washington to help the cause along. The plan is to open the institution as a national bank with a capital of $200,000. According to banking laws for cities the size of Washington all natonal banks must have a capital of $200,000 except in cases where banks are opened in outlying districts. Due to the fact that the Industrial Bank is uptown and caters exclusively to Negroes the smaller capital of $100, 000 may be applied in this case. $60,000 Subscribed The sum of $60,000 has already been subscribed in the new setup and for every dollar the bank raises the Reconstruction Finance Corporation will match. This means that if the $100,000 capital is agreed on by officials of the Treasuy the bank will have to supply only half of that amount. Then the only problem to be worked out will be the amount` each depositor will receive on the dollar. The deadline for closed banks has been set for January 1 at which time all banks must be opened or they will be liuidated.

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

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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.

6. October 25, 1933 Evening Star Washington, DC
Article from Evening Star, October 25, 1933

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RECEIVERS FOR 7 D. C. BANKS TO BE CHOSEN Two Will Replace Conservators of Institutions Merged in New Hamilton. Appointment of two receivers to replace the seven conservators in charge of assets remaining in seven banks which merged into the Hamilton National Bank is expected shortly. The names of several men who have been mentioned for these two posts are understood to be before the controller of the currency, J. F. T. O'Connor. There has been considerable speculation in the financial district here as to the selections to be made for these posts, but the latest indications pointed toward men well known in public life. It is understood that none of the present seven conservators will receive an appointment. W. H. C. Brown, conservator of the Industrial Savings Bank, conferred with officials at the Treasury today regarding a proposed plan to reorganize this colored institution into a new national bank.

7. November 11, 1933 Evening Star Washington, DC
Article from Evening Star, November 11, 1933

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COMMERCIAL BANK TO PAY 30 PER CENT Receiver Starts Payments Monday on Claims Proved Up to November. Robert C. Baldwin, receiver for the Commercial National Bank, announced today that payment of the second dividend, one of 30 per cent, will start Monday at 9 a.m. This will be a payment on claims proved up to the end of-October The bank had previously paid a dividend of 20 per cent. so that this second payment will give depositors half their money in the bank when it closed last February. Mr. Baldwin's statement follows: 'Following an announcement by J. T. O'Connor, controller of the currency, for the payment of a second dividend of 30 per cent to the creditors of the Commercial National Bank of Washington on Monday, November 13, Robert C. Baldwin, receiver, submits the following plans for payment on that date: "The doors of the bank will be open from 9 a.m. to 5 p.m. daily, except Saturday, when hours from 9 a.m. to 1 p.m. will apply. "All creditors who have received their first dividend checks must produce their receiver's certificates. Those who have not received their first dividend checks must produce the orangecolored receipts issued to them when claims were proven. No dividend checks will be delivered unless the receiver's certificate is presented for indorsement of dividend thereon or orange-colored receipt is surrendered. A receipt prepared by the receiver for each dividend check is to be signed at the bank windows. 'Receiver's certificates will be delivered, with dividend checks, to creditors surrendering orange-colored - receipts. Administrators, executors, guardians, receivers or trustees must furnish an up-to-date copy of appointment. 'All available windows at the bank will be open, but it is requested, to avoid congestion, that those who can conveniently do SO postpone claiming dividends for several days, as the checks can be obtained at any time suited to their convenience. "Distribution of checks at this time will include all claims proven through October 31. "Payment will be made by checks of the controller of the currency only. 'Further filing of claims will be postponed until after November 27.' Despite reports in the financial district that the Industrial Savings Bank, the only colored bank in the city, would be thrown into the hands of a receiver. Gibbs Lyons, deputy controller of the currency, today announced that the Treasury is making every effort to find a way for this bank to be reorganized. Examiners Study Situation. Mr. Lyons said a careful study had been made of the status of the institution and that two bank examiners in the reorganization division of the controller's office had been authorized to study the situation. A conference was held this morning in this di ision between Treasury officials and a delegation from the bank headed by is president, W. H. C. Brown. who is also the conservator. Mr. Lyons explained that no decision has been reached to place the bank in the hands of a receiver. but that negotiations are now very actively under way with a view to seeing what can be done. The Industrial Savings Bank was placed in the hands of a conservator at the end of the banking holiday March K 15, when it was refused a license to reopen. It had previously absorbed an/ other colored bank.

8. December 17, 1933 Evening Star Washington, DC
Article from Evening Star, December 17, 1933

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S. U. BANK SAVINGS AGAIN REOPENING BE WILL PRESSED Groups, Including Several Treasury Representatives, to Seek Action. MEN CENTRAL BUSINESS ASKING RECEIVERSHIP Progress Being Made in Re-estab- Instilishing Other Closed tutions in City. the United Bank week Negotiations to reopen probably will get States way some including Savings time this representaare under Several groups, Treasury Departm the rtment, Central out tives of the for action. ociation while came pressing Association receivership reopen Business last Men's night for a is being nks-the made to openly progress closed Mount National which Meantime, three other Bank, the will unite Sav Franklin Savings Bank, Mech Mechanics Mecha Vernon washington the new industrial Sav Bank, with Bank the to form and the reopen alone, as institution Savings ings Bank which is to under the ings colored Bank. the around a new of the Industrial swings with prosof this name Controverse States Savings still the fate pects United of institution further is settled. Steps Tomorrow. to morrow court battle Further steps will to be end taken one Col. phase early Wade of of the Further morning launched by bank, who president to reopen sought the H. Cooper, to force the plan Treasury but lost... Justice the Cooper be filed by Supreme Col. under final decr Bailey must opinion in District dismissing Court can Jennings before his become final. with filed Cooper's Treasury bill Department documents proposed the The in as was Cooper's Thomas early case, the the court but court's counsel. vesterday this findings John not They agreed W. of Staggers fact have tomorrow by pre- Col and W. Bissell and will file findings of findings fact pared their own different own morning of these two will prepare and his frame Out Justice Bailey and conclusio sions Bailey's memo- Norandum day the his findings final opinion decree. Justice was handed before down Thankshad vember the 29. Treasury of Department fact the and following Cooper's giving; prepared Wednesday its findings conferences December with 6. Col. vesterday was decided held them attorneys for to until file the docuwhen the court. ment with Final Decree Awaited. could be carried it No new negotiations was said by is the made Treasury final will officials forward, until the then decree negotiations parties but when it and is. any interested be heard. made an of Col. surplus be will reopened. Cooper yesterday ble sum of offet time the advance the same of Treasury by to bank money that the but to bank would build contended would up consider at be the solvent the value if Col the Bailey, had held capri- that the Justice bank suit. placed however. arbitrary in appraisers. dismissing nor could find no the the he cious Cooper's Treasury action Department in the procedure relating of to final bank decree is made to Col. As Cooper soon of as plans Appeals the to note of the an succeed District appeal be in of the Court If negotiations can dropped. reopening Columbia. the bank the appeal Receivership Proposed. Men's Associahas taken an asking Col. Cooper The Central the bank, Business active and there renewed was interest tion in afternoon why much delay and sociation, headed so late vesterday It was this Smith, suggesting which receiver- called by Arthur ship. Clarendon at Central High School Auditorium was and of the Depositor the mass meeting Committe in October, a depositor, appointed when a headed by T S. Grape, association a appointed member Now the association headed has by Mr. Smith late new committee committee has met daily, Col. and Cooper yesterday This sent explanation the letter of to delay. asking for association has repeatedly favor- gone Our wrote Mr. Smith "as United on record. the amalgamation of the the new ing Savings Bank with you Hamilton States National newspapers Bank. Because that you have said to the to get this bank re- for were very anxious cannot see the reason opened. we in the reopening of have the same. now the delay proceedings, which months, been going disastrous to Court on for the past three the merhave been in our very vicinity and the members Associaof chants the Central Business Men's tion. "If this continued court of this action bank is pro- our longing the feel opening that the sooner the this best bank it members into receivership. this vicinity thrown the merchants of Busiwill be for members of the Central and is the Association know ness Men's the public should We believe and that the the publicity why this delay should be thrown sunlight on await- of same. Franklin National Bank of is its new ing The final approval of Mechanics' details Savings forms. plan Bank to before join the mailing new out to depositors said last sale of necessary The night Mount to be its Vernon making stock Bank and good return was progress of sellin the waivers from its depositors. Bank is new signed The Industrial Savings institution at $13 a share, ing stock but in has its no waivers in the plan.

9. December 23, 1933 The Washington Times Washington, DC
Article from The Washington Times, December 23, 1933

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D.C. BANK GETS OPENINGO.K. Industrial Savings Bank of Washington was one of 14 banks in the United States to receive approval for reorganization plans in the 10-day period ending December 20, it was announced today by the office of the Camptroller of the Currency. It was the only nonmember institution in the group, and its frozen deposits were estimated at $578.000, and unrestricted, $44,000. Twenty-four national banks were licensed and opened during the period. Twenty-three of these, with $28,060,000 frozen deposits of two national banks in receivership. The First National Banks of Honaker and Onancock, Va., and the First National of West Union, W. Va., are among those granted licenses. The Farmers and Merchants National Bank of Cambridge, Md., was in the group whose reorganization plans were approved. As a result of this action, there are now only 13 national banks in the country which do not have either an approved or a disapproved reorganization plan.

10. April 1, 1934 Evening Star Washington, DC
Article from Evening Star, April 1, 1934

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dating assets, it is generally admitted that there will be considerable losses, whereas under the McLeod bill, a slow orderly liquidation extending over a period of 10 years would, it is believed by the best authorities, eliminate any possibility of loss." Expanded to State Banks. The McLeod bill provides for payment to depositors of 100 per cent on their deposits, in the case of certain specified banks. The bill first included national banks, then was expanded to State banks which were members of the Federal Reserve system, and now is proposed to include also banks which borrowed from the R. F. C. Col. Cooper has been the center of prolonged litigation since he started the fight which kept the United States Savings Bank from joining the proposed Hamilton merger. At present, Col. Cooper is under an indictment growing out of his presidency of the now insolvent Commercial National Bank. Another Cooper case involving the United States Savings Bank is now pending before the Court of Appeals. in which he still is endeavoring. after a decision against him in District Supreme Court. to force the Treasury to reopen the bank. This bank is now one of the 15 banks in this city in the hands of a receiver, and is one of those understood to be under consideration for a 100 per cent stock assessment. Meantime, the complex case of the Park Savings Bank. still is pending in District Supreme Court before Justice Jesse C. Adkins. In that case. the Treasury Department's receiver, John F. Moran. has joined with the depositors committee in an attempt to sue directors for the complete losses in the bank, exceeding $2,500,000. According to reports from the reorganization committee of the Industrial Savings Bank, colored institution, the campaign to raise the $65,000 required capitalization for the new Industrial Bank will be completed during the coming week. More than 95 per cent of the stock has now been sold and plans for the reopening are being worked out.

11. April 25, 1934 Evening Star Washington, DC
Article from Evening Star, April 25, 1934

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EFFORTS CONTINUE TO OPENONE BANK Treasury Department Still Pushes Plans for Only Colored Bank. Out of the 13 Washington banks which failed to reopen after the Presi- 1933, dent's bank holiday in March, enthe Treasury Department still is to reopen only one the more- lone deavoring the Industrial Savings Bank, colored bank in the city. A plan was prepared which bank, would to be established a new Bank, operathave the Industrial and known at the as same location. Eleventh efforts ing streets. Stock was sold, and the U are being made to establish make availstill new able institution. about 35 per It cent would of deposits in the old three bank. of the 13 banks have deOnly yet to pay a dividend Bank, to the failed positors-the as Park Savings and the United States Savings Bank The other Industrial Savings Bank. ranging banks have paid dividends to de10 40 per cent to 65 per cent that they from with prospects later on. probably positors, will pay more Franklin Reopens. was The Franklin National Bank open its most recent to throw Monday as a the doors, resuming The business City Bank of Wash- Washbranch formerly of known as Bank. the The ington, Mechanics' Savings cent ington Bank made available 65 per and City deposits of the Franklin 35 of the assets representing the other into the the have been thrown for slow Franklin per cent Liquidating Trust liquidation. former Washington absorbed Mechanics' the Savings The Vernon Bank Savings also Bank, at avenue, Ninth Mount and Massachusetts of the City street which is now headquarters has now six The City Bank Vernon Bank. houses. The Mount 40 per cent. banking a first dividend of unlicensed banks paid of the 13 Hamilton Six merged out into the new first diviNational were Bank, which paid for its a member dend of 50 per cent representing the banks. 50 per cent two receivers, remaining The assets hands of have been placed in the calling upon depositors Perwho other now are to prove their of claims. claim with sons and who filed proofs of these seven either the with conservators the receivers, need not file banks, another or proof of claim. Other Dividends being Far carried Off. now Advertisements some of these assets have receivers who by claims. are directed of to to persons file their the failed as yet will be paid in to future, Some dividends it is expected, assets, depositors but this out of the remaining in the distant future. are probably will the be unlicensed banks SavThree of The Park of involved in litigation. most complicated Adkins ings Bank case. Justice Jesse C. The Deall, District is before Supreme Court. the receiver in Commitiee and an effort to positors' aligned together in the complete out of $2,000,000 get loss are of more the The than directors loss was discovered president. in this institution. Robert S. Stunz, vice bank failed license. killed after himself when the This bank is in the to receive hands Wade a of a H. receiver. Cooper. president Bank. has of Col. States Savings Columbia the appealed United of to Appeals the District from of the Court adverse in Court District Supreme to reBank decision an effort the of to United force States the Treasury The Savings court has open a Cooper plan. for hearing. and is advanced under the case it some time about in to hear This bank is expected middle of May. no dividend receivership the and has paid Fight Receivership. Directors Directors of Commercial the Woodridge-Langdon Bank, National and Hamilton the the merged Savings Bank, have into filed the suit to to return force Department savings bank a assets remaining Treasury conservator. assets of The the into Treasury the hands at- reto put these the directors are to a a have repcently of receiver, to but them a returned Treasury resentative conservator, tempting made claiming promises of conwas Bank servatorship. Chase Savings banks of to The first Chevy of the 13 unlicensed a branch the its doors-as It has paid a reopen National dividend. Bank. and remaining receiver Riggs 65 per cent the hands of controller a of assets are understood in the an assessIt is plans to levy of all the banks ment the currency against whose assets stockholders are in the hands

12. May 12, 1934 The Chicago Defender Chicago, IL

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Twelve of 13 Closed Banks in Capital Solve Problems WASHINGTON, D. C., May of 13 banks which were closed here more than a year ago, the affairs of all of them except the Industrial Savings bank at 11th and U Sts. N. W. have been settled. Seven of them were merged into the Hamilton National bank six months ago. This merger took the Federal District National banks and the Wash Langdon and The Franklin and the Vernon Savings banks were merged the ashington Mechanics ings in what is called the Bank of The Chevy Chase bank sold of part its prime to the National bank some time before the Hamilton merger effected. Names Receivers appointed for the and president of the United States Savings still trying in court to compel the treasury to department let appointed the the merged banks, which did into of the The of the Park Savings bank seeking in hold directors liable for heir deposit In the Industrial ings its officers a plan to and tained to capital stock in sufficient amount to Their delayed by failure thus cash settlement of it by the Prudential bank at the time the two were to the Industria against any losses it might sustain assuming deposit liabilities of the Before bank holiday last year the Industrial paid out a total of $95,000 on Prudential savings not show records the ments of passbooks and ward Baker was the cashier of Edward Baker and his bookkeeper the Prudential. since been indicted for Prudential grand larceny in Liberty bonds longing to organization left the Prudential destroying Prudential records officers of the Indus the that be banking institution the serving munity.

13. July 9, 1934 Evening Star Washington, DC
Article from Evening Star, July 9, 1934

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* Preliminary figure. subject to revision. The above statement, issued today by the controller of the currency, does not include three of the banks which failed to reopen at the close of the President's bank holiday in March, 1933. two of which have since reorganized by consolidation. The Franklin National Bank and the Mount Vernon Savings Bank were absorbed by the Washington Mechanics Savings Bank, whose name has since been changed to the City Bank of Washington. The Mount Vernon paid to its depositors 40 per cent when it reopened and the Franklin paid 65 per cent. In both cases the remaining assets are not in the hands of receivers, but in the hands of liquidating trusts, which are slowly liquidating these assets for the benefit of bank creditors. Efforts still are being made to reopen the Industrial Savings Bank.

14. September 29, 1934 The Afro-American Baltimore, MD

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Industrial Qualifies as Federal Depository Industrial Bank Streets, northwest has now qualified as Federal depository, Walter Carter, cashier, anthis week With this new which shows the that the Federal government has in the bank, the Industrial now carry part of the Postal Savings for the government. of confidence. Mr. result the bank' the Federal Insurance Corwhich insures the counts of each depositor up to $5,000. Deposits Boosted Because the bank to be many deposits from individuals and busifirms. also been announced that the bank has approved by Federal for Home Improvement loans, the Presithe improvement of their O'Connor, white. comptroller of the currency, appointed Brown, former president of the Industrial Savings receiver that bank. order to liquidate remaining dividends may be paid to the depositors.

15. December 31, 1936 Evening Star Washington, DC
Article from Evening Star, December 31, 1936

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This bank paid out a total of 40 per 7 cent, amounting to $800,000, when some of its assets were taken over $ by the City Bank of Washington. The trustees of the liquidating trust report that liquidation of the remaining assets are "reasonably satisfactory" and that the proceeds from these assets have been used to pay off the Reconstruction Finance Corp. loan of $850,000, which was obtained by the Mount Vernon Savings Bank in order to pay the 40 per cent distribution to depositors. The trustees reported further that by the terms of the "trust indenture" by which they operate no funds can be borrowed to pay a dividend to the depositors. Consequently, proceeds of liquidation of assets will have to be accumulated in an amount that will be reasonably proportioned to the cost of distribution. Many depositors have failed to call for their dividend checks in almost every one of the closed banks. They still come in from time to time for checks. Consequently, the amounts paid out by the receiverships actually increase, although the dividends declared remain in percentage the same. Payments by Other Banks. The latest figures on disbursements on the other closed banks of the city are shown as follows: Departmental Bank, 80 per cent, amounting to $617,144. North Capitol Savings, 25 per cent, amounting to $235,122. Potomac Savings, 62 1/2 per cent, amounting to $1,282,257. Park Savings, 25 per cent, amounting to $760,030. This bank is in litigation, which may be settled during the year 1937. Seventh Street Savings, 80 per cent, amounting to $845,188. Woodridge-Langdon Savings & Commercial, 100 per cent, $400,000. Washington Savings, 80 per cent, $279,015. Potomac Savings, 62 1/2 . per cent, $1,282,257. The Continental Trust Co., which merged with the Commercial National Bank long before the latter. went into receivership, also is in the hands of a receiver and in complicated litigation in its relations both with stockholders and the Commercial Bank. It has paid no receivership dividends. The Industrial Slivings Bank, colored institution, paid 35 per cent, amounting to $192,000, to depositors when it reorganized into the Industrial Bank of Washington, a new institution, now operating at Eleventh and U streets. The Prudential Bank, colored, which consolidated with the Industrial Savings Bank in September, 1932, was formally placed in receizership in March, 1936, and attempts now are being made to collect a stock assessment from shareholders.

16. July 2, 1937 Evening Star Washington, DC
Article from Evening Star, July 2, 1937

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GAS FIRM BIDS FOR BANK BUIL LDING Park Savings Structure May Be Razed for Filling Station. The Gulf Oil Co. has made a cash offer of $92,500 for the building of the closed Park Savings Bank, at the corner of Fourteenth and Kenyon streets, with a view to razing the structure and erecting a gasoline filling station there, it was learned today. The offer, however, is conditioned on the issuance of a permit by the District Commissioners to erect the filling station under zoning law. The Gulf Oil Co. acted through its vice president, H. M. Rogers of Boston, Mass., whose offer has been submitted to the court, and published through arvertising, to determine whether the bank's receiver. John F. Moran, can get a higher offer for the property. If the receiver gets no higher offers by noon. July 10, the contract can be executed. provided the oil company receives the construction permit for a filling station, request for which has been filed at the District Building If the permit is refused. there will be "no sale" under the oil company offer. The Park Savings Bank. which was closed in 1933, has paid its depositors 25 per cent and has cleared all its debts on secured claims. according to Moran. But the receiver explained that. even if the building is sold for $92.500 cash, further liquidation would be necessary before a further dividend could be declared to depositors. If the building is taken over by the oil company Moran would move his office to another vacant bank building, belonging to one of the other banks which he is liquidating These include, besides the Park Savings Bank, the Continental Trust Co., the North Capitol Savings Bank, the Industrial Savings Bank, which was reorganized and is now operating as the Industrial Bank of Washington, at Eleventh and U streets, and the Prudential Bank. which had been taken over by the Industrial Savings Bank.

17. July 29, 1939 Evening Star Washington, DC
Article from Evening Star, July 29, 1939

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$60,000. These have been made out to persons who had proven their claims. The Commercial National Bank, for which the receivership office is also at 1336 New York avenue, has unproven claims amounting to $206,000, and 2,111 undelivered checks amounting to about $26,000. It has paid 70 per cent. The four other bank receiverships under supervision of Mr. Young are located at the site of the closed United States Savings Bank at Fourteenth and U streets. Paid 100 Per Cent. The United States Savings Bank, which has paid 100 per cent has $50,846 of unproven claims, and undelivered dividend checks amounting to $7,996. The Bank of Brightwood, which has paid 62 1/2 per cent, has unproven claims of $41,500, and undelivered checks amounting to $6,986. The International Exchange Bank, which has paid 45 per cent, has unproven claims amounting to $17,000 and undelivered dividend checks worth $7,500. The Industrial Savings Bank has no undelivered checks, Mr. Young reports, but has unproven claims totalling $114,500.

18. November 5, 1939 Evening Star Washington, DC
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AUCTION SALES. FUTURE NOTICE OF SALE. Notice is hereby given that the undersigned. Frederick J. Young. receiver of the Industrial Savings Bank. will sell at public sale on WEDNESDAY. NOVEMBER 15. 1939. AT ELEVEN O'CLOCK A.M., at the office of the receiver, 1336 New York avenue northwest. fire shares of National City Bank stock, registered in the name of Clarence S. Baker. dated October 19. 1931. Certificate No. F-257453. Said shares of stock have been pledged with said Industrial Savings Bank to cover a loan to Edward A. Baker. FREDERICK J. YOUNG. Receiver of the Industrial Savings Bank.

19. November 11, 1939 Evening Star Washington, DC
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# AUCTION SALES. FUTURE. NOTICE OF SALE. Notice is hereby given that the undersigned, Frederick J. Young, receiver of the Industrial Savings Bank, will sell at public sale on WEDNESDAY, NOVEMBER 15, 1939, AT ELEVEN O'CLOCK A.M., at the office of the receiver, 1336 New York avenue northwest, fire shares of National City Bank stock, registered in the name of Clarence S. Baker, dated October 19, 1931, Certificate No. F-257453. Said shares of stock have been pledged with said Industrial Savings Bank to cover a loan to Edward A. Baker. FREDERICK J. YOUNG. Receiver of the Industrial Savings Bank.

20. August 27, 1940 Evening Star Washington, DC
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Bank Receiver Buys U Street Building Frederick J. Young, acting in the capacity of receiver for the United States Savings Bank and the Industrial Savings Bank, yesterday bought at a foreclosure sale a building at 918-20-22 U street N.W. from the Murray Bros. Printing Co. for $27,500. The structure was sold under foreclosure by Receiver Young. acting for the two closed banks which held a joint first trust on the property. The building houses the Murray Casino, a large auditorium on the second floor, two stores and a printing plant on the first floor. Maurice Murray of the printing firm announced afterward that the company would continue in business and would continue to print the Washington Tribune, large weekly paper for colored persons, which is published by the Capital News Service, Inc.

21. October 17, 1941 Evening Star Washington, DC
Article from Evening Star, October 17, 1941

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SPECIAL NOTICES. RECEIVER'S NOTICE OF SALE. To Whom It May Concern: Pursuant to authority of the Comptroller of the Currency of the United States. the undersigned. Mr. Frederick J. Young. as Receiver of Industrial Savings Bank of Washington, D. C.. will offer at public sale to the highest bidder or bidders for cash. at 1336 New York Avenue Northwest on October 27, 1941, at 10 o'clock A.M the remaining assets of the said Industrial Savings Bank of Washington, D. C., consisting of bills receivable. judgements, overdrafts. and other choses in action and chattels less such items as may be paid or otherwise disposed of prior to the said date of sale herein mentioned A descriptive list of the remaining assets so offered for sale may be inspected by prospective purchasers at 1336 New York Avenue Northwest. the office of the Receiver of Industrial Savings Bank of Washington. D. C. on all business days up to and including the date of the said sale between the hours of 9 A.M. and 4 P.M. According to law, said remaining assets cannot be sold otherwise than without recourse and without warranty of any kind or character. and subject to the approval of the Comptroller of the Currency of the United States and subject to confirmation by a court of record of competent jurisdiction (Signed) FREDERICK J. YOUNG. Receiver. Industrial Savings Bank of Washington. D. C. oc10,17.24

22. October 22, 1941 Evening Star Washington, DC
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Frederick J. Young, Bank Receiver, Dies Frederick J. Young. about 60. receiver for four Washington banks and a well known financial figure here, died suddenly this afternoon, apparently of a heart attack. at his home. 322 East-West highway. Chevy Chase, Md. He left his office at 1336 New York avenue N.W. around noon, complaining of feeling ill. His wife, Mrs. Bertha Rowell Young. was with him. Members of the household said he had been under treatment for a heart ailment for some time. Mr. Young was appointed receiver for the Federal American National Bank & Trust Co., the Commercial National Bank. the Industrial Savings Bank and the United States Savings Bank here. Mr. Young was born in Troy. N. Y. His family later moved to Milford, N. H. where, upon completion of a military school course. he became connected with the Republican Leader. a newspaper. He later acted as receiver for the International Exchange Bank and the United States Savings Bank. He was secretary to the late Representative Wassen of New Hampshire, until 1932.

23. November 29, 1941 Evening Star Washington, DC
Article from Evening Star, November 29, 1941

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THOMAS X. DUNN. Atty. for Industrial Savings, Tower Bldg. IN THE DISTRICT COURT OF THE United States for the District of Columbia.-In re: RECEIVERSHIP OF INDUSTRIAL SAVINGS BANK - Special No. 39. ORDER NISI FOR SALE OF REMAINING ASSETS - Upon consideration of the petition of Harry J. Hall, Receiver of the Industrial Savings Bank filed herein it is by the Court this 18th day of November. 1941. ORDERED. that Harry J. Hall. Receiver of the Industrial Savings Bank, be and he is hereby authorized to transfer and assign the remaining assets of said Bank to Meyer Steinberg and L. Grauman. said list of assets being attached hereto and made part hereof: and that he as Receiver be authorized to accept the sum of SIX HUNDRED SEVENTY-FIVE ($675.00) DOLLARS cash. from said purchasers, said sale to be made without recourse or warranty of any kind or character. and that said sale be ratified and confirmed. unless cause be shown to the contrary or a higher offer for said assets acceptable to the Court be made on or before the 1st day of December. 1941. at 10 clock A.M., at which time any higher offers that may be submitted will be considered and objections. if any to said sale will be heard, provided, however. that a copy of this order nisi be published in The Evening Star newspaper at least three times and once in the Washington Law Reporter prior to the said 1st day of December, 1941 DAVID A. PINE. Justice (Seal.) A True Copy. Test: CHARLES E. STEWART, Clerk. By ANDREW A. HORNER. Asst. Clerk. no22.25.29.