After just 18 months as a top Federal Deposit Insurance Corp. official, William A. Longbrake is returning to his job as chief financial officer at Washington Mutual Inc.
The CFO position at the Seattle thrift company came open suddenly in mid-August, when Thomas J. Kappock gave notice he would join Visa International as a group executive vice president. Mr. Kappock became the $22 billion-asset thrift's CFO last year when Mr. Longbrake left to become one of FDIC Chairman Ricki Helfer's three deputies.
Mr. Kappock's abrupt exit left a serious gap in Washington Mutual's management team, which is working on the acquisition of $20 billion-asset American Savings Bank, Irvine, Calif.
Washington Mutual chairman Kerry K. Killinger called Mr. Longbrake, hoping he would return to the thrift where he had worked for 13 years. Mr. Longbrake flew to Seattle Aug. 23; he submitted his resignation to Ms. Helfer last Tuesday. The agency announced the news Thursday and has not named a replacement.
"When I left Seattle it was with no intent to return any time soon," Mr. Longbrake, 53, said Friday. "My commitment to Ricki and the FDIC was intended to be a long-term one."
But when he went west for the interview, Washington Mutual executives persuaded him to return. "They told me, 'We love you. You really belong in Seattle. We need you.' It was really hard to resist," Mr. Longbrake said.
His last day at the FDIC is Oct. 4.
Barbara Timmer becomes lead lobbyist for Home Savings of America today. As senior vice president and director of government relations, Ms. Timmer will direct both federal and state lobbying for the $51 billion-asset thrift, based in Irwindale, Calif.
A unit of H.F. Ahmanson & Co., Home Savings is a big player in policy debates on Capitol Hill. "I feel honored that they have asked me to do this," Ms. Timmer said. "I feel like my resume leads here."
Ms. Timmer was general counsel of the House Banking Committee from 1989 through 1992, when she joined ITT Corp. as assistant general counsel and director for government relations. In the mid-1980s, Ms. Timmer was a senior counsel with the Federal Home Loan Bank Board.
She'll split her time between California and Washington, D.C.
The FDIC has created a new international banking unit and hired Christie Sciacca to run it. Mr. Sciacca, a 17-year veteran of the agency, left in 1986 when former FDIC Chairman Bill Isaac founded Secura Group, a financial consulting firm. When he starts Sept. 16, Mr. Sciacca will be an assistant director in the agency's supervision division.
Edward B. Dumas, acting director for treasury and market risk at the Office of the Comptroller of the Currency, is leaving to join Bank of Boston Corp. as an assistant senior market risk officer.
Mr. Dumas was executive assistant to Douglas E. Harris, who resigned June 21 as senior deputy comptroller for capital markets. Mr. Dumas, who has a PhD in financial economics from the University of California at Santa Barbara, played a big role in developing the OCC's policies on bank derivatives activities.
"With my academic and government background, I really wanted to work in the industry," said Mr. Dumas, who spent five years with the OCC. "It'll be the third leg of the stool with regard to my professional experience." His last day is Sept. 13.
