Withdrawals were frozen at a 4th Maryland S&L;.
Gov. Harry Hughes ordered a 60-day ban on withdrawals from about 40,000 accounts in First Maryland Savings & Loan. The Maryland governor’s press secretary said the freeze was imposed at the request of officials of the thrift, who said they “anticipate an exhaustion of our liquidity before the end of August” if withdrawals continue at the present rate. Alan Kirxton, executive vice president of First Maryland, said in a letter to the governor that a freeze is needed to give the institution time to gain approval for membership in the Federal Savings and Loan Insurance Corp.
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