Jack Schaffer has been appointed to head a new Illinois department regulating both banks and thrifts.

Mr. Schaffer, currently commissioner of savings and residential finance, will be commissioner of the Office of Banks and Real Estate when it begins operating on June 1. He was appointed by Gov. Jim Edgar earlier this month.

The new agency will include his former office and that of the commissioner of bank and trust companies. The state is consolidating the agencies mainly to provide more efficiencies and share people and information.

Mr. Schaffer has been rumored to be in line for the position since former bank commissioner Richard Luft resigned in December to take a job at LaSalle National Bank. In the interim, Scott Clarke has been Illinois' acting bank commissioner.

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