And now for a bit of good news… the Federal Deposit Insurance Corp. (FDIC) is closing a temporary office it set up nearly three years ago to deal with problem banks on the West Coast. Plus, it’s hoping to close the temporary offices now operating in the Midwest and East Coast when their mandates expire.
Here is the release from the FDIC:
The Federal Deposit Insurance Corporation (FDIC) today announced that its West Coast Temporary Satellite Office, located in Irvine CA, will conclude operations after its initial three-year authorization expires. The office was approved by the FDIC Board of Directors in November 2008 to manage receiverships and to liquidate assets from failed financial institutions primarily located in western states.
The Board authorized the temporary office for an initial three-year term, with the option of extending it if workload supported such a move. Based on ongoing analysis and in recognition of the signs of the improving health of the banking industry in the western United States, the FDIC has determined that the current projected workload does not support continuing the temporary office beyond its initial three-year term. The official sunset date for the office will be January 13, 2012.