The Bank of Washington , later named The National Bank of Washington and abbreviated as NBW , was the first bank established in Washington, D.C. After suffering from bank failure in 1990, the bank was acquired by Riggs Bank .
History
The bank was chartered in 1809. Daniel Carroll of Duddington was the first president of the bank.[1]
The bank lent $350,000, more than two-thirds of its capital, to the United States Government during the War of 1812 .[1]
The bank was initially located on Capitol Hill but in 1828, it moved to a building on 6th Street and Pennsylvania Avenue .[1]
In 1821, the bank launched a "savings fund" offering depositors a rate of 4%.[1]
In 1888, the National Bank of Washington, Washington Branch was constructed.
In 1907, the bank acquired Central National Bank.[2]
In 1949, the United Mine Workers acquired a 76% ownership interest in the bank.[3] [2]
In 1954, the bank acquired Hamilton National Bank, in 1957, it acquired Liberty National Bank, and in 1960, it acquired Anacostia National Bank.[2]
In 1980, Luther H. Hodges Jr. took over leadership of the bank.[3]
In 1985, Hodges convinced the United Mine Workers to sell control of the bank to Colson Inc., an investment group led by Hodges.[3] [2]
In 1988, 3 directors of the bank challenged the leadership of Hodges, who owned 3% of the bank.[4]
In 1990, Hodges resigned. Later that year, as a result of bank failure , the bank was seized by the Office of the Comptroller of the Currency .[3] The bank was acquired by Riggs Bank .[2] [5] As part of the bank failure, the Federal Deposit Insurance Corporation (FDIC) covered losses on the $37 million of deposits at a subsidiary of the bank in The Bahamas .[6]
In 1991, the FDIC sued John J. Mason, chairman of the bank, for failing to repay a $9 million loan made to him by the bank in April 1987 and for transferring nearly $5 million of assets into an account that officials could not touch.[7]
References
^ a b c d "National Register of Historic Places Multiple Property Documentation Form" (PDF) . United States Department of the Interior . November 23, 1994.
^ a b c d e "INVENTORY OF THE PNC-RIGGS BANK RECORDS, 1809-2004 COLLECTION NUMBER MS2213" . George Washington University .
^ a b c d Berry, John M.; Knight, Jerry (August 2, 1990). "REGULATORS TAKE OVER D.C. BANK" . The Washington Post .
^ CUFF, DANIEL F. (October 10, 1988). "Washington Bank Head Faces Board Challenge" . The New York Times .
^ Knight, Jerry (January 13, 1992). "TOUGH TIMES RENEW BANKS' URGE TO MERGE" . The Washington Post .
^ QUINT, MICHAEL (October 3, 1990). "Foreign Depositors Covered by F.D.I.C. at Failed Bank" . The New York Times .
^ Walsh, Sharon (October 8, 1991). "WASHINGTON BANCORP CHIEF FACES $9.5 MILLION FDIC SUIT" . The Washington Post .
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