Word: depositors
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...depositor is now administrated from Holyoke Center, though it bears the imprint of its warehousing origins...
...RISDIC insiders abused their position for personal benefit at the expense of the depositor," said the chairman of a state commission investigating the disaster. If the 14 do not return the money, the panel recommended court action against them. The revelations are only likely to fuel the fury of Rhode Island's put-upon depositors. A local consumer activist is calling for Sundlun's resignation if all frozen funds are not defrosted by Dec. 31, the anniversary of RISDIC's fall...
Bank customers who wanted to beat the $200,000 ceiling would have to open accounts in several banks. That's just what the Treasury would like, since the rule would dissuade depositors from piling into a struggling institution that was offering impossibly high interest rates in a desperate bid for customers -- as often happened in Texas in the '80s. But the Treasury opened a wide loophole by failing to junk its too-big-to-fail doctrine. Under that policy, which is intended to prevent runs on deposits at large institutions, the government makes good on the entire account -- no matter...
...pain was most immediate in Rhode Island last week when bewildered customers learned that more than half the state's banks and credit unions closed their doors. "I've had all my money in here since 1967," said a tearful depositor who found herself locked out of her credit union. "It's $10,000. It's my life's savings. And now I might lose it all." Sundlun shut the institutions after their private insurer, the Rhode Island Share & Deposit Indemnity Corp., was sapped by the failure of a Providence bank whose president vanished in November with $13 million...
Rumors of the bank's imminent failure circulated throughout Harlem like a bad dollar bill all weekend. Anxious depositors began lining up outside on 125th Street in Manhattan as early as 5 a.m. last Tuesday, following the Veteran's Day holiday. By 9 a.m. the crowd was chanting, "Save the bank! Save the bank!" But Freedom National Bank was not to be saved. Instead, it became the 155th bank to be closed by the government so far this year. Said a saddened depositor, Joan Carpenter: "It's a shame. This is the only black bank in Harlem, and it shouldn...