The third time hopefully is a charm for regulators, too.
Florida has a new banking commissioner — the third since last year.
Drew Breakspear, a financial auditor, was named commissioner of the Florida Office of Financial Regulation this week. He replaces Tom Grady, who left in March after eight months on the job when state officials pressed him into duty to lead the state's largest insurer, Citizens Property Insurance Corp.
Breakspear's 40-year financial career differs from those of his two predecessors, who were well-known lawyers in the state. Breakspear was executive vice president and general auditor at State Street (STT) in Boston since 2005. Before that, he was senior vice president of First Nationwide Bank in San Francisco.
As commissioner Breakspear will oversee all financial industries in Florida, including more than 150 state-chartered banks. Nearly 29% of those banks were unprofitable at June 30.
"My goal is to continue promoting a stronger, healthier financial industry, combating fraud, and showcasing the exceptional work at this agency," Breakspear, a Harvard University business graduate, said in a press release.
Breakspear will assume the role Nov. 5. Until then, the OFR's director of financial institutions, Linda Charity, remains interim commissioner — a role she's played several times the last decade. The OFR commissioner is appointed by the Financial Services Commission, which comprises the state's governor, attorney general, chief financial officer and agriculture commissioner.
Breakspear lives in Naples, where both former commissioner Grady and Florida Gov. Rick Scott reside.
J. Thomas Cardwell was commissioner from 2009 until he resigned in the summer of 2011, about six months after Scott became governor.