When Your S&L; Is Seized : A few customers cashed out, but there was no panic at Gibraltar’s main branch.

At about 10 a.m. on Friday, federal banking officials unexpectedly arrived at the Beverly Hills headquarters of Gibraltar Savings and posted a simple, typewritten notice on the front door.

“Gibraltar Savings, Beverly Hills, Calif., is in possession and charge of the Federal Savings and Loan Insurance Corp. as conservator appointed by the Federal Home Loan Bank Board.” Another notesaid the Federal Home Loan Bank Board was authorized to receive Gibraltar payments and withdrawals.

As the first early customers trickled in, they learned of the news as they huddled around the two signs posted out the front. Reaction was mixed to the news that federal regulators, alarmed by recent large withdrawals from Gibraltar, had seized control of one California’s oldest and largest thrifts.

Many customers, who arrived through the side doors of the main branch and at other Gibraltar branches were not even aware of the FHLBB and FSLIC actions because the government is only required to post the notice at the main entrance of the main office.

But by noon, however, the news was on the radio and television. Worried depositors began arriving or calling, peppering the staffs with questions at the thrift’s 83 offices throughout Cali-fornia. “We weren’t aware it was going to happen,” explained a harried Jose Marquez, manager of the Beverly Hills main branch who was answered phones.

Many depositors said they were not worried because their accounts are insured by the federal government. Others were confused, seeking assurances from government and thrift staffers, who quelled customer fears with reassurances and explanations that the S&L;’s business was proceeding as normal.

The FSLIC had dispatched nine “public confidence” staffers from its insurance division in Washington to the Gibraltar branches in Beverly Hills, Simi Valley and North Hollywood. These staffers like John Casanova and Michele Horowitz, for example, sat down with customers in Beverly Hills to answer questions.

Still, a few depositors elected to withdraw their funds. Ruth Gart, for example, had come to withdraw a little of her money for a birthday lunch.

She had transferred most of her funds to other savings institutions two months ago following news reports about Gibraltar’s troubles.

After reading the notice on Friday, she withdrew her final $858. “That’s the end of Gibraltar,” she said. “How safe are Home Savings or Great Western?”

Another angry depositor, who would not give her name, demanded to redeem her certificate of deposit, which she had reinvested only the day before. She said Gibraltar should have informed her of the change in management when she renewed the CD. She was given her money.

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