Thrifts' Deposit Shrinkage Continued in May

WASHINGTON -- Deposits shrank to $801.7 billion at thrifts insured by the Savings Association Insurance Fund as of May 31, the Office of Thrift Supervision said.

It said 2,453 thrifts with $1.021 trillion in assets were operating at the end of May, including 221 institutions that were under government control.

A month earlier, all the numbers were higher: There were 2,478 thrifts with $1.028 trillion in assets and $806.3 billion in deposits.

During May, the surviving institutions lost $3.8 billion in over-the-counter withdrawals. But thrifts credited $2.4 billion in interest, bringing the net deposit decline to $1.5 billion.

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