WASHINGTON — The Federal Deposit Insurance Corp. on Wednesday announced an April 2014 closing date for its Jacksonville, Fla., office established during the financial crisis to handle elevated failures.
The East Coast Temporary Satellite Office was launched in the middle of 2009 to manage failed-bank receiverships and assets from closures primarily in the Southeast. The office is currently staffed by 420 people and manages 138 receiverships.
“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 said in a press release.
The agency said employees in the office — a majority of whom are non-permanent staff — will be staying on until the operation ceases, and will receive support to help their transition after the office closes.
“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,” Bret Edwards, the director of the FDIC’s resolutions divisions, said in a press release.
The Jacksonville office is the agency’s only remaining satellite operation established in response to failures that accelerated starting in 2008. The FDIC previously closed satellite offices in Irvine, Calif., and Schaumburg, Ill.