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FDIC's West Coast Temporary Satellite Office Will Close In January 2012

Friday, February 11, 2011 - 2:43 PM
This is another sign that the worst may be over in terms of bank closures. The FDIC just released this press release:

The Federal Deposit Insurance Corporation (FDIC) today announced that its West Coast Temporary Satellite Office, located in Irvine CA, will conclude operations after its initial three-year authorization expires. The office was approved by the FDIC Board of Directors in November 2008 to manage receiverships and to liquidate assets from failed financial institutions primarily located in western states.

The Board authorized the temporary office for an initial three-year term, with the option of extending it if workload supported such a move. Based on ongoing analysis and in recognition of the signs of the improving health of the banking industry in the western United States, the FDIC has determined that the current projected workload does not support continuing the temporary office beyond its initial three-year term. The official sunset date for the office will be January 13, 2012.

Acting Director of the FDIC's Division of Resolutions and Receiverships Bret Edwards said, "The West Coast Temporary Satellite Office provided substantial support to the workload needs of the FDIC at a critical time. I thank all of the employees for their hard work and accomplishments, including the seamless management of 94 resolutions. The temporary office in Irvine exemplifies the FDIC's strategic approach to managing resources during the financial crisis. The FDIC quickly mobilized to efficiently and effectively manage the workload of the crisis and we are equally looking ahead to draw down as necessary."

Subsequent to the West Coast Office, the FDIC also established East Coast Temporary Satellite Office in Jacksonville, FL and a Midwest Temporary Satellite Offices in Schaumberg, IL. The FDIC is continuing to monitor and analyze the workload for both of these offices and tentatively anticipates concluding their work at the end of the respective initial authorization periods. These temporary offices have been primarily staffed by non-permanent employees and contractors.

Ken TuminKen Tumin5,472 posts since
Nov 29, 2009
Rep Points: 125,708
1. Friday, February 11, 2011 - 6:34 PM
Either that or it just means the banks they have left to close are primarily in the east and midwest so they don't need this office anymore. Maybe most of the weak banks in the foundering Western states (AZ, NV, WA) have already been closed and they just have to clean up the hundreds of remaining weak banks in GA, FL, and IL!
bing6bing62 posts since
Feb 11, 2011
Rep Points: 8