The Federal Deposit Insurance Corp. said Tuesday that the official in charge of bank takeovers will retire Dec. 3.
Mitchell Glassman, the director of the FDIC's division of resolutions and receiverships, is leaving after more than 35 years at the agency. Deputy director James Wigand will take over as the acting director.
Under Glassman's watch, just in 2009 and 2010 alone, the FDIC has seized 279 depository institutions. The division's manpower has risen from 220 to more than 2,000 employees to respond to the financial crisis. Glassman has also overseen the opening of three satellite offices — in Irvine, Calif., Jacksonville, Fla., and Schaumburg, Ill. — to handle failures in those areas.
The division's director since 2000, Glassman began his FDIC tenure in its Kansas City, Mo., office. He launched regional bank liquidation offices in Dallas and Kansas City, and rose to become a deputy director for the division in 1993.
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Corrected November 3, 2010 at 12:09PM: An earlier version of this story overstated the number of bank failures the agency has handled since the start of 2009. It is 279, not 379.