November 28, 2014 2:58 PM ET

Diversified Financial Services

Company Overview of Federal Deposit Insurance Corporation

Company Overview

Federal Deposit Insurance Corporation is a United States federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. The FDIC provides coverage for deposits in national banks, in state banks that are members of the Federal Reserve System, and in other qualified state banks. Federal Deposit Insurance Corporation also supervises the Savings Association Insurance Fund, the agency that was created to provide coverage for savings and loan associations. The institution was founded in 1933 and is headquartered in Washington, District Of Columbia. It has regional offices all over the United States.

550 17th Street, NW

Washington, DC 20429-0002

United States

Founded in 1933

Phone:

202-393-8400

Fax:

202-898-3772

Key Executives for Federal Deposit Insurance Corporation

Deputy to the Chairman and Chief Financial Officer
Chief Operating Officer
Deputy to the Chairman for External Affairs
Chief Risk officer
Chief Information Officer
Compensation as of Fiscal Year 2014.

Federal Deposit Insurance Corporation Key Developments

The Federal Deposit Insurance Corporation Announces Executive Appointments

The Federal Deposit Insurance Corporation announced the appointment of Barry C. West as Chief Information Officer and Barbara Hagenbaugh as Deputy to the Chairman for Communications. Mr. West, who will begin his new role at the FDIC on December 1, joins the corporation with more than 30 years of experience in the information technology field. He currently serves as the CIO and Deputy Chief Management Officer for the Pension Benefit Guaranty Corporation, where he leads all aspects of IT and information management for the organization. Ms. Hagenbaugh will join the FDIC on November 17 after working more than five years as a principal spokesperson and senior media relations specialist for the Board of Governors of the Federal Reserve System.

Federal Deposit Insurance Corporation and First National Bank Group Settle Legal Case Related to Closure of First National Bank of Edinburg

The Federal Deposit Insurance Corp. and the parent company of the failed First National Bank of Edinburg will share an $11 million tax refund to end a legal spat. Under a settlement, the FDIC will receive about $9.7 million of the IRS refund, while First National Bank Group Inc. will collect $1.3 million. The two sides also expect an additional refund of $1.3 million from the IRS. The FDIC will receive more than $1.1 million of that refund, with the rest going to First National Bank Group. On September 22, 2014, the parties asked a federal court in McAllen to approve the settlement. First National Bank was shut down by the Office of the Comptroller on Sept. 13, 2013, and the FDIC was appointed the receiver. The closing cost the FDIC's Deposit Insurance Fund $637.5 million. In a court motion September 22, 2014, the two sides said the settlement reflects a fair and equitable resolution of disputes that otherwise would be subject to protracted and expensive litigation.

Federal Deposit Insurance Corporation Announces Settlement with Bank of America

The Federal Deposit Insurance Corporation (FDIC) as Receiver for 26 failed banks has announced a $1,031,000,000 settlement with Bank of America Corporation, Banc of America Funding Corporation, Banc of America Securities LLC, Banc of America Mortgage Securities, Inc., Bank of America, N.A., NB Holdings, Inc., Countrywide Financial Corporation, Countrywide Securities Corporation, Countrywide Home Loans, Inc., CWMBS, Inc., CWALT, Inc., CWABS, Inc., CWHEQ, Inc., Countrywide Capital Markets, LLC, Merrill Lynch Mortgage Capital Inc., Merrill Lynch Mortgage Investors Inc., and Merrill Lynch, Pierce, Fenner & Smith Inc. of certain of the receiverships' claims. The settlement funds will be distributed among the 26 receiverships.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
March 26, 2014
2,500-square-foot First National Bank Building
 

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