New FDIC Office in Town

Parker writes:

Doug, is it bad juju when the FDIC opens a temporary office in your town?

Announcement Number:    2010-DALD-B1006
Vacancy Description:    Secretary CG-0318-06
Open Period:            02/10/2010 - 02/24/2010
Series/Grade:           CG-0318-06
Salary:                 $38,233.00 TO $59,935.00

That pay scale beats flying regional jets in icing conditions.

Cheers, Parker

* * *
FDIC Opens a Temporary Midwest Satellite Office

The Chicago-area Office Will Assist with Asset Sales and Bank Closings

The Federal Deposit Insurance Corporation (FDIC) announced it will open a temporary satellite office in Schaumburg, IL to manage receiverships and to liquidate assets from failed financial institutions primarily located in Midwestern states. After conducting a competitive leasing acquisition process, the FDIC entered into a short-term agreement to lease space at 200 North Martingale Road, Schaumburg. The decision was based on mission needs and workload.

The new office will provide facilities for up to 500 non-permanent staff and contractors. Staffing will be based on the workload needs of this office, including the number of closings in the Midwest, the resulting number of receiverships, and the post-closing workload.

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. As the work diminishes, the temporary satellite offices are closed. The FDIC currently has similar offices in Irvine, California and Jacksonville, Florida... The FDIC expects to gradually move into the space starting in March
2010.

“Martingale Road in Schaumburg is booming with new businesses such as Career Education Corporation, FDIC, Whole Foods, Crate & Barrel, and Season’s 52 restaurant,” said Matt Frank, Schaumburg’s Economic Development Coordinator. “They are joining other corporate businesses in Schaumburg such as Motorola, Zurich, Experian, IBM, Verizon, Pepsi, GE, A.C. Nielsen, American Pharmaceutical Partners, and PepsiAmericas.”

Booming!