No Panic at Bank of New England : Banking: At most branches it’s business as usual the day after federal regulators take over. Some angry customers decry the institution’s “greed.”

Puffing from the cold Monday morning, Walter Wilson, 74, was hurrying into the main branch of Bank of New England here to withdraw almost every penny of his savings.

The bank had been seized by federal regulators. He had his own theory about what had caused it to go broke.

“I think it’s probably just greed,” Wilson said. “I think it’s more or less just general greed.”

But Wilson’s rush to move his money out apparently was not widespread. There was little apparent customer panic at many of the bank’s branches after it opened under the ownership of the Federal Deposit Insurance Corp.

At 8 a.m., 21 customers were lined up in the cold outside the bank’s Boylston Street branch in Boston. But only half said they intended to make substantial withdrawals or close accounts. For the most part, bank offices weren’t crowded.

“It’s been a ‘business as usual’ day,” one employee said.

Suffering from bad real estate loans and the depressed economy, Bank of New England Corp. announced Friday that it expected to post a $450-million loss for the last quarter of 1990--leaving it broke. Declaring the bank insolvent, federal regulators assumed control over the weekend and immediately pumped $750 million into it to keep it running.

Federal regulators are trying to sell the bank. San Francisco-based Bank of America and Columbus, Ohio-based Banc One confirmed that they are among the interested parties.

The collapse of Bank of New England Corp.--representing Bank of New England, Connecticut Bank & Trust Co. and Maine National Bank--is the largest bank failure in New England. It was expected also to be the third-costliest bank closure in U.S. history. Federal regulators said the bill is likely to top $2.3 billion.

A flurry of deposit withdrawals, mostly by big institutions, preceded the federal takeover. Bank officials said around $1 billion was withdrawn Friday and Saturday in less than 48 hours, before regulators announced Sunday that all deposits--including uninsured savings above the $100,000 limit--would be protected. Officials declined to comment on whether more money was withdrawn Monday.

In this sooty industrial town, hard hit by the closing of manufacturing companies, Noah Richardson dismissed talk of financial disaster.

“I tend to agree with those people who think that there is an FDIC,” Richardson said. “I’m not worried. Matter of fact, I’m making a deposit.”

“There’s no problem,” Donald DeRoach agreed. “I doubt if you’re going to see people panic. I know I ain’t worried.”

Paul Neaz, owner of a small printing company, agreed. “It’s ridiculous to think about taking your money out,” he said. “I’m not at all worried, mostly because I don’t have more than $100,000.”

But Neaz conceded that the recent shutdown of 45 banks and credit unions in neighboring Rhode Island could add to the unease here. “I suppose people will say that if it can happen there, it can happen here too,” he said.

Standing outside the bank, Neaz’s comments were nearly drowned out by the angry remarks of Rose House.

“The people will pay, not the government!” House shouted. “The taxpayers will definitely pay.”

House shook her finger in the direction of the bank. “You bet I’m mad,” she said. “I’m furious.”

Bill Foley and John Balcunas were somewhat less vocal in their outrage. Still, they were leaving the bank with pockets full of cash from the savings account they closed.

“It’s kind of a hairy situation,” Foley, an engineer, said. “I live in Connecticut. I already had one bank close on me, just about a month and a half ago.” He was referring to Brooklyn Savings & Loan.

Balcunas, a mechanic, said they felt uncomfortable leaving their money in a bank that had gone broke. “We just thought we should have access to our savings,” he said. The pair said they would open a new account, just across the street at the Worcester County Institution for Savings.

Walking with a cane, Lawrence Marcimo said he was “too skeptical” to leave his savings in Bank of New England.

“I’d rather have it someplace safe,” he said.

But Timothy Kinney, a philosophy student at Clark University here, was making a deposit to his checking account. He said the precarious position of the bank made him want to support it.

“Yeah, I’m worried, but I’m going to stay and give them a shot,” he said. “If everybody goes, then the bank will definitely go under.”

A woman in a fake fur hat and harlequin glasses went scurrying into the bank too quickly to give her name. Was she concerned?

“Not me, dear,” she called out. “Insurance! I trust insurance, right?”

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