Bank Puts Theft at $2.9 Million; $8,000 Was Cash

The total value of deposits stolen last month from four San Fernando Valley branches of First Interstate Bank was $2.9 million, not the $1 million that was first estimated, bank officials said Tuesday.

The bank expects to lose much less, about $8,000, the cash amount taken, bank spokesman John Popovich said.

“Hopefully, there will be no losses from the checks. A check is very difficult to negotiate and we do have our own internal alert systems,” he said.

The missing money came from deposits made March 3 by 1,500 customers to automatic teller machines and instant cash deposit boxes at branches in Panorama City, North Hollywood, Van Nuys and Burbank. Money taken in by bank tellers is transported separately, Popovich said.

First Interstate officials at first said the bank lost an estimated $1 million dollars in deposits of cash and checks. They had expected cash losses to be as high as $100,000, Popovich said. “It was just a very quick estimate of the potential amount of the checks and cash,” he said.

The new estimated loss of $8,000 was compiled from copies of deposit slips, he said. Those records also have been used to credit customers’ accounts with the amounts deposited but lost.

Popovich said bank officials have no evidence that any missing checks have been cashed.

The deposits were picked up by a courier and were to be taken to Van Nuys Airport, then transported by helicopter to the bank’s central processing plant in downtown Los Angeles. At the processing plant, however, the four bags were discovered missing.

After an internal investigation, bank investigators last week concluded that the money had been stolen and gave information on a possible suspect to Los Angeles police. A police spokesman said police have not yet started investigating the case.