The Federal Deposit Insurance Corp. has opened a temporary satellite office near Chicago that will house up to 500 non-permanent staff members.
The office in Schaumburg, Ill., is the third temporary office set up by the FDIC to handle failed-bank resolutions. The other two are in Irvine, Calif., and Jacksonville, Fla.
"Throughout its history, the FDIC has used temporary satellite offices to keep temporary asset resolution staff closer to the concentration of failed bank assets they oversee," the agency said Tuesday. "As the work diminishes, the temporary satellite offices are closed."
The office will primarily manage receiverships and liquidate assets from failed institutions in Midwestern states.