Tuesday, January 19, 2010

FDIC Opening a Temporary Midwest Satellite Office

The Federal Deposit Insurance Corporation (FDIC) today announced it will open a temporary satellite office in suburban Chicago, to manage receiverships and to liquidate assets from failed financial institutions primarily located in Midwestern states.

After conducting a competitive leasing acquisition process, the FDIC entered into a short-term agreement to lease space at 200 North Martingale Road, Schaumburg, Illinois. The decision was based on mission needs and workload.

The new office will provide facilities for up to 500 non-permanent staff and contractors. Staffing will be based on the workload needs of this office, including the number of closings in the Midwest, the resulting number of receiverships, and the post-closing workload.

Throughout its history, the FDIC has used temporary satellite offices to keep temporary asset resolution staff closer to the concentration of failed bank assets they oversee. As the work diminishes, the temporary satellite offices are closed. The FDIC currently has similar offices in Irvine, California, and Jacksonville, Florida.

The FDIC expects to gradually move into the space starting in March 2010.

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