Evening star., 1936-08-15
FINAL DIVIDEND
BY SAVINGS BANK
T0BEG|N MONDAY
Chevy Chase Institutions
Receiver Announces 20 90
Payment.
GROUP OF DEPOSITORS
NOTIFIED BY CARD
$67s, 900 Total of 1870 Claims,
With Present Disbursements
Amounting to $135,204.

Distribution OF the final dividend
OF 20 per cent, which will pay in full
depositors Of the closed Chevy Chase
Savings Bank, will begin Monday
morning, it was announced today by
Cary A. Hardee, receiver.
Checks will be available at 1886
New York avenue, the Office OF the
receiver, but not at the old Office Of
the bank, now operated as a branch
Of Riggs National Bank.
First payments will be made Mon
day TO depositors notified to call
in person. Cards were mailed our
last night and were received by
the first group to be called. Receiver
Hardee asks depositors to wait until
they have received word before they
apply for payment.
The checks are available for 1870
depositors who have filed their claims,
and will bring total payments 10
$678,000. The present dividend OF 20
per cent amounts to $135,204.95.
Cooperation Of Stockholders.
"The dividend was made possible
through the cooperation Of the
stockholders of the former bank, sup
plying the remainder of the funds
necessary for such payment" said
Hardee in statement.
The receiver said he wished 10
thank the Stockholders Committee
for their cooperation during his
tenure Of office. The committee, he
said, has been willing at all times 10
assist him in anything he has called
upon them to do.
Paul Sleman, trustee representing
the stockholders Of the bank, SAID
completion Of the 100 per cent pay
ment was due to the splendid CO.
operation between Treasury officials,
Receiver Hardee, the depositors and
stockholders of the bank" L.
Shortly after the bank closed In
March, 1933," said Sleman, "the Riggs
National Bank purchased sufficient as
sets of the bank, including the bank
building. to enable the payment of
dividend Of so per cent TO depositors
at that time, and on June Is, 1888,
opened a branch of its institution in
the former home of the bank, thereby
restoring banking facilities 10 the
populous Chevy Chase section.
Committee Appointed.
The directors Of the Chevy Chase
Bank then appointed a committee
consisting of John C. Walker, Paul
Sleman, Claude D. Garrett and Ben
T. Webster to cooperate with the
Treasury Department and the re-
ceiver in the further liquidation of
the bank. This committee has been
IN constant touch with the Treasury
Department and the receiver during
the period of the liquidation, assist
ing in every way within its power to
speed payment to depositors. The sue
cessful elimination of these efforts
IS very gratifying to the committee
and to the directors of the bank"
Hardee said that since his appoint
ment. November Is, 1888, the entire
expense of the receivership to June
80 was approximately $4,000. The
receiver said he had collected ap-
proximately $43, ZOO as interest on the
obligations held by him, making a
net profit from the receivership OF
approximately s31 900.
Hardee said he hoped the affairs of
the receivership may be finally
closed at "an early date" When this
is done the few remaining assets
would be turned over to the stock
holders agent, who will then have
full charge of further liquidation.
Following payment of the first divi-
dend of so per cent as of June Is,
1888. by the former conservator, an
other dividend of 20 per cent vas
paid by the receiver in September,
1888. These two dividends, together
with the present one Of 20 per cent
brings the total to 100 per cent.