S&L; Deposits Keep Shrinking: Savings and loan...
From Times Staff and Wire Reports
S&L; Deposits Keep Shrinking: Savings and loan customers withdrew $7 billion more than they deposited in October as the industry continued its rapid shrinkage, the Office of Thrift Supervision reported. Most of the money, $4.6 billion, was drained from the 2,379 institutions that were still solvent at the end of the month. The rest came from 203 government-controlled thrifts. It was the 28th outflow in 29 months. Analysts blamed the declining housing market and application of stringent financial standards mandated under the 1989 S&L; bailout law.
