Evening star., 1934-04-22
Specific Date of Reopening
Will Be Announced Early
This Week.
7. B. HICKMAN IN CHARGE
OF BRANCH OF CITY BANK
Assets Not Taken Over Will Be
Liquidated by Three
Trustees.

Prepared to make available to $1,000
depositors a total of about $4,000, 900,
representing SIS per cent of their de-
posits, the Franklin National Bank
will reopen early this week as
branch of the City Bank of Washing
ton.
All will be in readiness, when the
bank opens on date to be specifical-
ly announced later, according to Clar-
ence F. Burton, president OF the bank.
Painters are busily freshening up
the outside of the old bank building
at Tenth and E streets, after having
redecorated the interior. Several
changes have been made in the lobby,
including elimination Of the old parti-
tions which shielded the Offices in
front of the bank from the public
lobby. The new name, City Bank Of
Washington, will be prominently dis
played.
Thomas P. Hickman, former vice
president and later conservator Of the
Franklin National Bank, has been Sc
lected vice president in charge of the
new branch; j. G. Stephenson. for
merly of the Franklin Bank, will be
assistant cashier.
Trustees Given Assets.
Assets which were not taken over
by the City Bank from the Franklin
National Bank, have been turned over
to the Franklin Liquidating Trust of
which there are three trustees-Lind-
say P. Rawley. president of the Rock
Greek Ginger Ale Co; William F. Kel-
ly. attorney, and depositor in the
bank, who has had a prominent part
in negotiations to reopen the bank,
and Henry j. SterZer, a stockholder Of
the Franklin. This trust will liquidate
slowly the assets turned into their
hands. SO that the depositors may
realize out of the remaining IS per
cent of their deposits. These trustees
have title to the two bank buildings
Of the Franklin. including the head
quarters at Tenth and D streets, and
the branch bank building at I'LL
Connecticut avenue. Total assets COM
ing into the hands of the trustees
we're said to have a book value OF
about S2500.oOO. Samuel NJ. Thrift.
formerly cashier of the Franklin, has
been appointed executive secretary OF
the Franklin Liquidating Trust.
From the Franklin Bank come also
seven men who will be directors in the
City Bank. They are John B. Coch-
nf "a y1ylir1
who is to be chairman Of the board of
the City Bank: Mr.. Hickman, William
F. Kelly, Lindsay P. Rawley. George
A. Lilly Martin w. Hysong and Lewis
E. Phelps.
Signature Cards Must Be Signed.
No checks will be cashed by the
City Bank at its new location for de-
positors of the old Franklin Bank un-
til signature cards are signed. These
cards have been mailed out to all de-
positors having large accounts and
many of them have been returned
signed. Blank signature cards will be
ready for depoSitors who call at the
bank for them.
Pass books are being mailed out to
those depoSitorS who have returned
signature cards filled out. and it will
be unnecessary for these depositors to
call in person at the bank in order to
check from their account, unless, of
course, they desire to call in person.
All depositors in the bank, regardless
of what kind of deposit they had,
whether savings, checking, Christmas
savings or certificate of deposit, will
have made available to them IS per
cent Of their deposit They will also
have an equal chance for a ratable
distribution later of other assets re-
naming in the hands of the liquidat-
ing trust when dividend is declared
by this trust.
Separate Organizations.
While the City Bank and the Frank
lin Liquidating Trust both will be
housed in the same bank building,
they in reality are entirely separate
organizations and will be administered
apart from each other. The Trust
will have one window in the bank
lobby for the transaction of business.
in liquidating its affairs, but the main
OAAlSCo Will NC VII lllC SCGOIlu 1lOOT Oh
the building. The Trust, which owns
both bank buildings, now has all the
space in both rented.
The Franklin Bank has been closed
since March. 1888. during the Presi-
dents holiday, and has since been in
the hands Of a conservator.
The City Bank is the new name of
the Washington Mechanics Savings
Bank, which recently absorbed the
Mount Vernon Savings Bank, and now
is reopening the Franklin as another
unit. Headquarters of the City Bank
are in the former Mount Vernon Of
fees at Ninth street and Massachu-
sets avenue.
Officers of the City Bank empha-
sized that under the provisions of the
new law, and because of the fact that
the City Bank is a member of the
FpdPrQl nannaif Tnc1rro~oa C..-z.-