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Withdrawals Up Sharply at American S&L

March 19, 1985|Tom Furlong

Financial Corp. of America's thrift subsidiary, American Savings & Loan Assn., saw its deposit outflow jump sharply Monday, apparently a spillover from the problems plaguing Ohio's 70 privately insured S&Ls.

An FCA spokesman said American lost $98 million in deposits Monday, compared to $188 million that flowed out in all of last week.

"I think it's safe to say" the increased outflow is "a reaction to the Ohio situation," the spokesman said. However, American S&L is a federally insured institution.

The drain on deposits began after Irvine-based FCA disclosed March 8 that it is facing a loss of between $500 million and $700 million in 1984. The final earnings figures are expected to be announced before the end of the month.

Stockton-based American had more than $20 billion in deposits at the end of 1984, highest among the nation's S&Ls. It withstood a deposit run last summer of $6.84 billion.

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