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...Greenspan is concerned that the uneasiness of depositors could spread. Said he: "Although the Ohio and Maryland savings and loan situations are of negligible dimension, they are scaring everyone silly. If people ever became disaffected with the federal insurance system, you could get emotional runs on the S and Ls that would be difficult to stem...
Customers at Maryland's privately insured S and Ls have been jittery since the Ohio crisis, withdrawing about $630 million in two months. But like Ohio's episode, which was touched off by the failure of Cincinnati's Home State Savings, Maryland's full-blown panic started with trouble at just one institution. The run began when press reports revealed that Old Court's president and part owner, Jeffrey Levitt, had stepped down under pressure from the insurance fund, which was worried about the thrift's sloppy management and overly rapid growth. In three years, Levitt had pushed the thrift...
...hour emergency session on Friday, the state assembly passed seven bills that give the Governor more power to regulate the state's thrifts and replace the old private insurance system. The new laws will require all Maryland S and Ls to obtain federal coverage within four years or close their doors. In case they need state help in the meantime, the legislators authorized a $100 million bond issue. To reduce Maryland's potential loss in rehabilitating the Old Court and Merritt thrifts, the state began negotiating their sale to such institutions as New York's Citicorp and Chase Manhattan...
...last week more than two dozen Ohio thrifts had reopened, backed now by the Federal Savings and Loan Insurance Corporation, a federal agency that guarantees deposits up to $100,000. The remaining privately insured S and Ls were allowing customers to withdraw up to $750. Depositors said they had confidence in their thrifts, and there was little sense of panic. Nonetheless, at least 200 jittery customers lined up to make withdrawals last Thursday from Cincinnati's Oakmont Savings and Loan, where there had been reports that some of the thrift's officers had illegally taken money from their accounts...
Many S and Ls in southern Ohio still adhere to the old-time philosophy of prudence and modest ambition held by the German immigrants who started the institutions a century ago. Home State was an exception. Largely through transactions with E.S.M., Home State's assets ballooned from $571 million in June 1983 to a precarious $1.4 billion at the end of 1984. Says John Zellars, chairman of the U.S. League of Savings Institutions: "Home State really made bad investments, and, basically, they were dealing with crooks. That is not the usual way S and Ls operate." The new Ohio legislation...