[United States Government Manual]
[July 01, 1995]
[Pages 542-546]
[From the U.S. Government Publishing Office, www.gpo.gov]
FEDERAL DEPOSIT INSURANCE CORPORATION
550 Seventeenth Street NW., Washington, DC 20429
Phone, 202-393-8400
Board of Directors:
Chairman Ricki T. Helfer
Vice Chairman Andrew C. Hove, Jr.
Directors:
(Comptroller of the Currency) Eugene A. Ludwig
(Director, Office of Thrift Jonathan L. Fiechter,
Supervision) Acting
Appointive Director (vacancy)
Officials:
Chief Operating Officer and Dennis F. Geer, Acting
Deputy to the Chairman
Chief Financial Officer and William A. Longbrake
Deputy to the Chairman for
Financial Policy
Deputy to the Chairman for Policy Leslie A. Woolley
Deputy to the Vice Chairman Roger A. Hood
Deputy to the Director Thomas E. Zemke
(Comptroller of the Currency)
Deputy to the Director (Office of Walter B. Mason
Thrift Supervision)
Deputy to the Director (vacancy)
(Appointive)
Executive Secretary Robert E. Feldman,
Acting
General Counsel William F. Kroener III
Executive Director, Division of John W. Stone
Compliance, Resolutions, and
Supervision
Director, Division of Compliance Paul L. Sachtleben
and Consumer Affairs
Director, Division of Resolutions Robert H. Hartheimer,
Acting
Director, Division of Supervision Stanley J. Poling
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Director, Division of Depositor John F. Bovenzi
and Asset Services
Director, Division of Finance Steven A. Seelig
Director, Division of Information Carmen J. Sullivan
Resources Management
Director, Division of Research William R. Watson
and Statistics
Director, Office of Corporate Alan J. Whitney
Communications
Director, Office of Legislative Alice C. Goodman
Affairs
Director, Office of Personnel Alfred P. Squerrini
Management
Director, Office of Equal Johnnie B. Booker
Employment Opportunity
Director, Office of Training Jane L. Sartori
and Educational Services
Director, Office of Corporate James A. Watkins
Services
Inspector General, Office of James A. Renick, Acting
Inspector General
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The Federal Deposit Insurance Corporation promotes and preserves public
confidence in U.S. financial institutions by insuring bank and thrift
deposits up to the legal limit of $100,000; by periodically examining
State-chartered banks that are not members of the Federal Reserve System
for safety and soundness as well as compliance with consumer protection
laws; and by liquidating assets of failed institutions to reimburse the
insurance funds for the cost of failures.
The Federal Deposit Insurance Corporation (FDIC) was established under
the Banking Act of 1933 in response to numerous bank failures after the
Great Depression. FDIC began operations on September 9, 1934, with $150
million from the U.S. Treasury and capital stock subscribed by the 12
Federal Reserve Banks. Congress has increased the limit on deposit
insurance five times since 1934, the most current level being $100,000.
The Corporation does not operate on funds appropriated by Congress.
Its income is derived from assessments on deposits held by insured banks
and from interest on the required investment of its surplus funds in
Government securities. It also has authority to borrow from the Treasury
up to $30 billion for insurance purposes.
Management of FDIC consists of a Board of Directors that includes
the Chairman, Vice Chairman, and Appointive Director. The Comptroller of
the Currency, whose office supervises federally chartered or national
banks, and the Director of the Office of Thrift Supervision, which
supervises federally chartered savings associations, are also members of
the Board. All five Board members are appointed by the President and
confirmed by the Senate, with no more than three being from the same
political party.
Activities
FDIC insures about $2 trillion of U.S. bank and thrift deposits. The
insurance funds are composed of insurance premiums paid by banks and
savings associations and the interest on the investment of those
premiums in U.S. Government securities, as required by law. FDIC uses
the insurance funds, not funds appropriated by Congress, for its
operations. Banks pay premiums to the Bank Insurance Fund (BIF), while
savings associations pay premiums to the Savings Association Insurance
Fund (SAIF). Premiums are determined by an institution's level of
capitalization and potential risk to its insurance fund.
FDIC examines about 7,000 commercial and savings banks that are not
members of the Federal Reserve System, and are therefore called State-
chartered nonmember banks. The
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Corporation also has back-up authority to examine other types of
financial institutions. The two types of examinations conducted are for
safety and soundness, and for compliance with applicable consumer laws
such as Truth in Lending, the Home Mortgage Disclosure Act, and the
Community Reinvestment Act. Examinations are performed on the
institution's premises and off-site through computer data analysis.
A failed bank is generally closed by its chartering authority, and
FDIC is named receiver. In that capacity, FDIC attempts to locate a
healthy institution to acquire the failed entity. If an acquirer cannot
be found, FDIC pays depositors the amount of their insured funds,
usually within 1 or 2 business days following the closing. Depositors
with funds that exceed the insurance limit often receive an advance
dividend, which is a portion of their uninsured funds that is determined
by an estimate of the future proceeds from liquidating the failed bank's
remaining assets. Depositors with funds in a failed bank that exceed the
insurance limit receive a receivership certificate for those funds and
partial payments of their uninsured funds as asset liquidation permits.
In addition to its insurance, supervisory, and liquidation
responsibilities, FDIC performs other functions relating to State
nonmember banks, including:
--approval or disapproval of mergers, consolidations, and
acquisitions where the resulting bank is an insured State nonmember;
--approval or disapproval of a proposal by a bank to establish and
operate a new branch, close an existing branch, or move its main office
from one location to another;
--issuance of enforcement actions, including cease-and-desist
orders, for specific violations or practices requiring corrective
action, and
--reporting changes in ownership or control of a bank, and reporting
any loan secured by 25 percent or more of the bank's stock.
Regional Offices--Federal Deposit Insurance Corporation
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Region/Address Director Telephone
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Supervision
Atlanta, GA (1 Atlantic Ctr., Suite 1600, 1201 W. Lyle V. Helgerson............................ 404-817-1300
Peachtree St. NE., 30309).
Boston, MA (Westwood Executive Ctr., 200 Lowder Paul H. Wiechman............................. 617-320-1600
Brook Dr., Westwood, MA 02090).
Chicago, IL (Suite 3600, 500 W. Monroe St., Simona L. Frank.............................. 312-382-7500
60661).
Dallas, TX (Suite 1900, 1910 Pacific Ave., 75201) Kenneth L. Walker............................ 214-220-3342
Kansas City, MO (Suite 1500, 2345 Grand Ave., James O. Leese............................... 816-234-8000
64108).
Memphis, TN (Suite 1900, 5100 Poplar Ave., 38137) Cottrell L. Webster.......................... 901-685-1603
New York, NY (19th Fl., 452 5th Ave., 10018)..... Nicholas J. Ketcha, Jr....................... 212-704-1200
San Francisco, CA (Suite 2300, 25 Ecker St., George J. Masa............................... 415-546-0160
94105).
Depositor/Asset Services
NORTHEAST (111 Founder's Plz., East Hartford, CT Gary P. Bowen................................ 203-290-2000
06108).
SOUTHEAST (Suite 1300, 1 Atlantic Ctr., 1201 W. Keith W. Seibold............................. 404-817-2500
Peachtree St. NE., Atlanta GA 30309).
MIDWEST (Suite 3200, 500 W. Monroe St., Chicago, Bart L. Federici............................. 312-382-6000
IL 60661).
SOUTHWEST (Suite 1000E, 5080 Spectrum Dr., G. Michael Newton............................ 214-991-0039
Dallas, TX 75248).
WESTERN (4 Park Plz., Jamboree Center, Irvine, CA Sandra Waldrop............................... 714-263-7765
92714).
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Sources of Information
Written requests for general information may be directed to the Office
of Corporate Communications, Federal Deposit Insurance Corporation, 550
Seventeenth Street NW., Washington, DC 20429. Information about deposit
insurance and other consumer matters is available from the Division of
Compliance and Consumer Affairs (DCA) at the same address or any
regional office, or DCA's hotline, 1-800-934-3442. For a copy of a
bank's quarterly Report of Condition, call 1-800-945-2186. Inquiries
about the types of records available to the public, including records
available under the Freedom of
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Information Act, should be directed to the Office of the Executive
Secretary (phone, 202-898-3811) or any regional office.
For further information, contact the Corporate Communications Office,
Federal Deposit Insurance Corporation, 550 Seventeenth Street NW.,
Washington, DC 20429. Phone, 202-898-6996.
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