Mistaken Identity Cited in Run on S
CHICAGO — Hundreds of depositors lined up Thursday at a Chinatown savings and loan in a run on deposits that officials said was a case of mistaken identity.
Customers of Elmhurst Federal Savings and Loan Assn., most of them Chinese, apparently confused the thrift with an unrelated institution in the suburb of Elmhurst--United Security Bank Inc.--that closed at the state’s request last week.
“The headline was, ‘Elmhurst Bank Fails,â€â€™ said David G. Plummer, president of Elmhurst Federal. “I think many of our customers don’t even know there’s a town named Elmhurst.â€
Despite a sign in the thrift’s window explaining the difference in Chinese, about 300 customers showed up Thursday to withdraw their money, Plummer said. Patrons had to wait almost an hour to get to a cashier Thursday, and some lines extended outside.
Withdrawals for the week totaled nearly $2 million by the end of business Thursday, two days after officers began noticing “unusual withdrawals†following the Labor Day weekend, Plummer said.
But the run is not expected to threaten the institution, he said.
“This is a $35-million branch. We’re one of the strongest savings and loans in the nation,†he said. “If we lost $3 million, that’s no problem.â€
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