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FDIC to Close Last Temporary Satellite Office

""FDIC"":http://www.fdic.gov/ put a date on the closure of the last of its satellite offices established in the wake of the financial crash. The agency's East Coast Temporary Satellite Office (ECTSO), located in Jacksonville, Florida, will close April 5, 2014.


FDIC's board of directors approved the establishment of the ECTSO in May 2009 to ease the workload created by the increased number of failed financial institutions located in the Southeast. Three regional offices were established around the country--one in California and one in Illinois.


The ECTSO is the last temporary office to be closed.

The decision to close the office was made after ""a review of ongoing workload and in recognition of the signs of the improving health of the banking industry,"" according to a release from FDIC.

""The dedicated employees of our East Coast Temporary Satellite Office have exhibited the highest degree of professionalism during a period of extraordinary stress in the financial system,"" said Bret Edwards, director of FDIC's Division of Resolutions and Receiverships. ""Their presence in the Southeast allowed the FDIC to fulfill its mission of maintaining stability and public confidence in the nation's banking system. I thank all of the staff in Jacksonville for their exemplary public service during a very challenging time.""

The ECTSO currently has a staff of 420 and manages 138 failed bank receiverships. Employees will be retained until the office closes and will receive outplacement support to help their employment transition. The office's remaining work is expected to be absorbed by FDIC's regional office in Dallas, Texas.

About Author: Tory Barringer

Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington's student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News' sister publication, MReport, which focuses on mortgage banking news.

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