The Bank of Washington

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]