1986 and had set up more than 90 businesses to funnel the money through. The Providence Journal reported that "he became legendary for dodging questions about missing bank records, once suggesting to a bank examiner: 'Let's have a muffin'." In October 1990, the bank's insurer, the Rhode Island Share and Deposit Indemnity Corporation (RISDIC), took control of the bank following an examination that revealed its poor state. When Mollicone learned authorities had caught on to his illicit activities, he fled the state, disappearing on November 8, 1990, after getting on a plane at Logan International Airport in Boston. A grand jury investigation opened a few days later, on November 13. As Heritage customers learned what was happening, there was a bank run in which they withdrew $13 million of the bank's $22 million in total deposits. On November 18, Governor Edward D. DiPrete closed the bank on what was supposed to be a temporary basis, while officials tried to determine what was going on and control the damage. On November 26, Mollicone was charged with embezzlement and considered a fugitive. By the time he left, Mollicone had taken more than 80% of the money people deposited at the bank, according to prosecutor Kevin Bristow. The state attorney general's office estimated that he stole $15.2 million overall. The bank opened again on December 4 to allow depositors to withdraw the rest of their funds, before closing again. Rhode Island Share and Deposit Indemnity Corporation Background The Heritage Loan & Investment bank was insured by the Rhode Island Share and Deposit Indemnity Corporation (RISDIC), a state-chartered nominally private enterprise which backed 45 of the state's credit unions and banks. It started operating in 1971 and was intended to insure only small institutions, with $134 million insured in 1972. It expanded quickly, though, increasing to $761 million insured in 1980. It continued to grow through the 1980s, enabled by loosened state and federal laws. Between the mid-1970s and early-1990s, several state-chartered, privately operated insurance entities failed, beginning with Mississippi in 1976, then Nebraska and California in 1983. The 1980s saw a trend of banks and credit unions, often at the urging of state-level insurers, shifting to federal insurers, the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA). The trend became particularly pronounced after Ohio and Maryland, the largest state-chartered funds, collapsed in 1985, causing bank crises in those states.