FDIC training NE Florida employees to close failed banks

FDIC training NE Florida employees to close failed banks
Jacksonville Business Journal - by Rachel Witkowski

The Federal Deposit Insurance Corp. has about 130 more positions to fill in Jacksonville by the end of the year, but it has already started sending out local teams to close failed banks on the East Coast.

The FDIC, which announced in May that it would open a temporary satellite office on the Southside, has hired more than 170 people, largely for its bank receiverships division. The office is scheduled to be fully open Nov. 1.

A majority of the positions, or about 343 of 500, would be within the division of resolutions and receiverships for failed banks. Having a federal office that primarily focuses on bank liquidation can be unsettling for banks in the area, but regulators said it was not the health of banks in Florida that brought them here, but the location and quality of the work force.

The FDIC looked at places throughout the country where there was a “good base of people with banking experience who were available to come on board,” said Andrew Stirling, associate director of the division of resolutions and receiverships at the FDIC. “Jacksonville not only had the people with the banking experience, but also insurance and mortgage experience.”