Evening star., 1933-09-23
CHARTER GRANTED
TOHAM|LTON BANK;
DETAILS COMPLETE
New Institution Now Ready
for Business at Regular
Hours Monday.
COMMERCIAL TO PAY
DIVIDEND ON TUESDAY
Directors Sworn In and Permanent
Officers Formally Elected at
Meeting Today.

Controller of the Currency j. F. T..
O'Connor today issued charter for
the new Hamilton National Bank, au-
thorizing it to open for business Mon
day morning.
In a ceremony in the controllers
Office, participated in by the officers
and directors of the bank. the control
Ter congratulated Washington on the
new bank, which he characterized as a
magnificent institution"
All formalitieS necessary to complet-
ing the establishment of the bank were
ACCOMPLISHED Immediately after the
issuance of the charter
In a brief speech to the directors
Controller O'Connor congratulated the
men who had organized the new bank
and paid tribute to its large group CT
stockholders.
Dividend Checks Tuesday.
Several officials of other banks had
told Mr.. O'Connor, he explained. that
they hoped dividend checks from the
insolvent Commercial Bank would go
out after the Hamilton National Bank
opened, SO that all banks in the
city would have an equal chance to
get deposits from the money released
from the Commercial National Bank
The controller said this was being
done. that the dividend from the Com
mercial National Bank will go out
Tuesday a day after the Hamilton
Bank opens its doors Monday morning.
This spirit of cooperation between
other banks of the city and the new
Hamilton, the Controller characterized
as the finest spirit I have ever known" :"
CODtrrller O'COnnnr alSn eynlai iOe6
that the men in his own department
had worked day ard night to open the
new institution. He called upon the
directors to live up to their RESPONSE
bilitieS for a bank carrying the name
of Alexander Hamilton, the first secre-
tary of the Treasury.
The charter was received from the
Controller by Edwin c. Graham. with
brief message of appreciation for the
cooperation received from the Treas
ury Department.
Seventeen of the 18 directors of the
bank were present at the ceremonies
at the Treasury this morning Follow
ing the issuance of the charter. they
each took their oath and were officially
sworn in by E. F Quinn, chief of the
organization division of the controllers
office. The officers of the bank were
then formally elected by the directors
from the list which previously had been
made public. The directors also elect
ed branch managers for the Hamilton
bank and assistant branch managers.
They passed the formal resolutions nee
essary to join the Washington Clearing
House Association and the Federal Re-
serve System
The Hamilton will open the doors of
its seven member banks at $50 am.
Monday, releasing to depositors about
100000. 1t will offer complete bank
ing services.
The Commercial National will pay off
20 per cent of claims, amounting to
$1,000. 6Ol.70, beginning Tuesday. The
details of how depositors can get their
money will be explained Monday by
Robert c. Baldwin, receiver. The Com
mercial National Bank closed its doors
February %, shortly before the bank
holiday.
The opening of the Hamilton and
payment of dividends by the Com
mercial National, the largest insolvent
bank in the District, were hailed here
as two of the most cheerful develop
ments in the bank situation since the
bank holiday.
so Per Cent Available.
The Fer2ilton E--,k will make avail
able to its depositors so per cent of
their deposits in the old member banks,
but the depositorS have prospects of
receiving more of their funds from the
conservators cf the old member banks
as soon as possible.
The future of five other unlicensed
banks here has not yet been definitely
determined, but some developments are
expected soon. The United States
Savings Banks, which broke away from
the merger. is endeavoring to reopen
alone. Other unlicensed banks are the
Franklin National Bank, Mount Yer
non Savings Bank, Industrial Savings
Bank and Park Savings Bank, which
is in the hands of receiver.
The first unlicensed bank to reopen
was the Chevy Chase Savings Bank,
which vas taken over by the Riggs Ma
tional Bank, to be operated as a
branch of that institution.