FDIC Announces Closure of East Coast Temporary Satellite Office

Nov 16 - The FDIC has announced that its East Coast Temporary Satellite Office, located at 8800 Baymeadows Way West, Jacksonville, FL, will close on April 5, 2014.

The FDIC board of directors approved the establishment of the ECTSO in May 2009 to manage receiverships and liquidate assets from failed financial institutions primarily located in the Southeastern region of the United States. Based on a review of ongoing workload and in recognition of the signs of the improving health of the banking industry, the FDIC has determined that its Dallas Regional Office will be able to absorb the remaining work of the ECTSO by the second quarter of 2014.

The FDIC's Division of Resolutions and Receiverships Director Bret Edwards said, "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. 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 in their employment transitions. The majority of personnel at the office were hired on nonpermanent appointments.

The ECTSO Office is the only remaining temporary satellite office of the three created by the FDIC in 2009 and 2010 to manage the increased workload from the elevated number of bank failures. The FDIC closed its Irvine, Calif., West Coast Temporary Satellite Office on Jan. 13, 2012, and its Schaumburg, Ill., Midwest Temporary Satellite Office on Sept. 28, 2012.