At least four bank executives were arrested for alleged mismanagement as Bolivia's government took control of the popular Banco Fassil on Wednesday.

Police were stationed outside Banco Fassil's 185 branches across the country, while customers gathered outside demanding their money.

Many fear their savings will be lost, despite a Bolivian law that protects some deposits in the event of a bank takeover. The bank has reportedly been experiencing liquidity problems for weeks.

The detained executives, Banco Fassil President Ricardo Mertens, General Manager Jorge Arturo Chavez, Hernan Suarez, and Hermes Saucedo, were all charged with financial crimes. 

Deposits from Banco Fassil's customers total close to $2.7 billion, Bolivian Economy Ministry data shows.

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