FDIC to Open Illinois Office with 500 Employees to Handle Midwest Bank Failures
February 20th, 2010Via: Chicago Tribune:
The Federal Deposit Insurance Corp. is opening a satellite office in Schaumburg that will accommodate up to 500 temporary staffers and contractors.
The banking regulator recently began running recruiting advertisements for the new office, saying it’s looking for people with skills and experience in such areas as loan management, contract oversight and asset marketing. Its Web site lists more than 330 job openings in Schaumburg.
The FDIC, which has a downtown office, said the new location will open in March. It will manage receiverships and liquidate assets from failed Midwest banks.
That suggests that the pace of Illinois bank failures is likely to remain brisk. In 2009, regulators seized 21 banks statewide, topped only by Georgia.
The FDIC’s new office is at 200 N. Martingale Road. It said it’s occupying 105,700 square feet of the 150,705-square-foot building, or seven out of its 11 floors. It’s a three-year lease with an option to renew one to two years.
The FDIC has similar offices in Irvine, Calif., and Jacksonville, Fla., and the number of bank failures in those states picked up dramatically after the FDIC opened those quarters.
Research Credit: Lagavulin
