Article Text
CLOSED Cash Reserve Too Low; No Dishonesty Reported; Officials Silent With its cash reserve fallen below legal requirements, the Bank of West Hollywood, small independent institution located at 8153 Santa Monica Boulevard, today was taken over by the state banking deQuestioned regarding the state's action. State Superintendent Banks Edward Rainey declared there no suggestion dishonesty the part the bank's officers and that the failure the Institution in no reflection of general conditions in its vicinity. $346,718 In Deposits Deposits in the bank, which located outside the city limits and not member of the Los Angeles Clearing House Association, total according to Mr. Of this amount, $74,881 was individual savings accounts and $142,000 public money, the latter being protected by bond. Small groups of depositors gathered front of the bank throughout the unable gain with officers of the stitution working behind locked doors. David E. Fulwider, Hollywood torney offices in the who president of the closed today refused to make the state banking department's action. Silence Advised Through his Mr. declared had been advised by Rainey refrain from making any declaration at time. Employes of the institution likerefused to comment on the they had advised by state banking partment make statements. According Mr. Rainey, falling the bank's cash reserve below legal is too early to make statement as the proportion of depositors the of West cashier of the institution