71 OHIO SAVINGS INSTITUTIONS SHUT FOR 3 DAYS IN EFFORT TO STEM RUN
Gov. Richard Celeste of Ohio today ordered 71 state-chartered savings and loan institutions closed for three days after other efforts failed to stem a multimillion-dollar run on deposits at several of the banks. The emergency action is believed to be the most extensive closing of financial institutions in the United States since the Great Depression. The run on deposits followed the collapse last Saturday of one of the state's largest savings and loan institutions, the Home State Savings Bank, which threatened to wipe out the private deposit insurance fund covering state-chartered savings and loan associations in Ohio. Bid to Restore Confidence The Governor, using his emergency powers, ordered the temporary shutdown through Sunday to give officials time to formulate a plan to restore confidence in the institutions.
