ST. PETERSBURG -- Dozens of pensioners braved a windy early morning Tuesday outside the main branch of Severny Torgovy Bank, waiting for the financially troubled lender to begin the first payback to depositors since it ceased operations in August.


"I've been here since 8 a.m.," said Pyotr Voityuk, as he waited for the doors to open at 10 a.m.


Voityuk was one of nearly 120,000 individual depositors whose accounts were frozen two months ago, when the St. Petersburg branch of the Central Bank appointed a temporary administrator in an effort to head off what many believed to be an imminent bankruptcy. The temporary administration has been working since to stabilize the bank's financial situation and pay back some of its small depositors, who are mostly pensioners.


Founded in 1991, Severny Torgovy Bank was the city's third largest bank in terms of individual accounts. As of April 1, the bank reported a standing capital of 2.8 billion rubles ($623,000).


Starting Tuesday, the bank agreed to return deposits to those whose accounts held no more than 100,000 rubles.


Since August, the Central Bank's St. Petersburg branch has appealed to local banks, urging them to voluntarily provide financial aid to ailing Severny Torgovy. While banks initially hesitated to prop up a faltering rival, at least 12 now have offered some form of aid.


"We don't agree with it, but we decided to go ahead," said Leonid Shvedov, deputy director of the Credit Petersburg Bank, which offered interest-free credit. "The government needs to put some system into place, like depositors' insurance."


For the depositors gathered around STB's main office on Nekrasova Ulitsa, the payback was long in coming. "I put all my money away for a grave," said Anna Ivanovna. "I'm all alone."


Only 120 depositors were served Tuesday, and the list was nearly filled by the time the bank opened its doors.