WASHINGTON - The founder of Abacus Federal Savings Bank said Monday that the New York thrift lost about $30 million of deposits during a four-day run last week.
Thomas Sung, who is also the $282 million-asset thrift's chairman and chief executive, said that the run appears to have abated and that Abacus remains in good financial shape.
"Everything appears to be normal," he said. "With all the community leaders strongly supporting us, we are happy to say the run is over."
The thrift has taken several steps to ensure that it remains liquid, and it continues to assure customers that it will not fail, Mr. Sung said.
The run began on April 21 after rumors spread that it was going to collapse because of an employee's alleged fraud. Carol Lim, who allegedly embezzled more than $1 million, is being sought by police for questioning, according to published reports.
