Word: cincinnatis
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...Another bout of uneasiness hit the financial industry, this time inspired partly by the plight of Texas banks laden with bad loans in energy and real estate. Meanwhile, everyone from divorce lawyers to the FBI was busily looking for culprits in the failure of Home State Savings, the Cincinnati thrift whose sudden collapse last month touched off a minor financial panic. The scare forced Governor Richard Celeste to close Ohio's 69 privately insured thrifts in the largest U.S. bank holiday since the Depression...
...thrift holiday cut some 500,000 Ohio depositors off from a total of $4 billion in savings. "The longer this goes on, the scareder I am," said Mary Lou Dehler of Cincinnati, who with her husband Richard, a retired postal worker, had accounts in Molitor Loan & Building. "My stomach just rolls over. They have got my whole life in that bank." The financial suffering in Ohio rattled consumers across the U.S. and worried foreign investors as well. In a classic sign of anxiety, moneymen bid up the price of gold by $35.70 last Tuesday, to $339 an ounce...
Ohio's crisis began early this month with the collapse of an obscure Fort Lauderdale firm, E.S.M. Government Securities, a dealer in U.S. Treasury bills and bonds. When customers of Cincinnati's Home State Savings heard that their bank stood to lose a whopping $150 million as an E.S.M. investor, they began withdrawing money so fast that banking regulators closed the institution. The panic then spread, because Home State's failure threatened to exhaust a private insurance fund of $130 million that covers deposits at 70 of Ohio's nearly 300 thrifts. Crowds of up to 1,000 people, some...
...retiree who appeared on the Donahue TV show last week. "You work all your life, and then something like this happens." While most depositors will eventually have access to their money, the bank holiday disrupted thousands of lives. "The thing that's breaking my heart," says Paulette Lotspeich, a Cincinnati substitute teacher and mother of three, "is that my husband and I were going to go on a trip by ourselves for the first time in 14 years, to Florida. That's over now. We can't afford to go." Many businesses tried to help out the cashless consumers. Some...
...Ohio has been hardest hit by the E.S.M. scandal. Within days of the collapse, Cincinnati's Home State Savings Bank (assets: $1.4 billion), which may have lost up to $150 million as an E.S.M. investor, was shuttered by state banking authorities after a run on its deposits. That triggered a statewide panic when depositors at other thrifts, which had no dealings with E.S.M., rushed to withdraw their money, fearing that their savings were in jeopardy. At mid-week, the Ohio legislature created a $90 mil- lion emergency fund to supplement insurance for the savings and loan associations, but even that...