FDIC Closes An Office Due to Fewer Liquidations

     WASHINGTON (CN) – The Federal Deposit Insurance Corporation will close its Midwest Temporary Satellite Office in Schaumber, Ill. at the end of September 2012 citing signs of “the improving health of the banking industry in the Midwest.”
     The Schaumber office was opened in January 2010 to manage receiverships and liquidate assets from failed banks in the Midwest. The office has a staff of 287 and is managing 35 failed bank receiverships. Any work remaining when the office closes will be transferred to the FDIC’s office in Dallas, Texas.
     The agency opened three temporary satellite offices, in Irvine, Calif., Jacksonville, Fla., and Schaumburg. The agency announced earlier this year that the Irvine office would close in January 2012.
     The FDIC expects that the Jacksonville office will remain open until at least the fourth quarter of 2013 given the large number of bank failures in the southeastern United States.

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