FDIC To Close Florida Office In April 2014

By Alan Zibel

The?Federal Deposit Insurance Corp.?has entered the final stage of the bank failure wave stemming from the U.S. financial crisis, saying it has started winding down the last temporary office opened to shut down crisis-hobbled banks.

The agency on Wednesday said it will in April 2014 close its temporary office in Jacksonville, Fla., which opened in 2009 to tackle a surge in East Coast bank failures and handle the disposal of their assets.. The office has handled 138 bank failures so far, the FDIC said. More than half of those failures were in Georgia, according to FDIC statistics.

The office handles bank failures in several eastern states and was one of three temporary office the agency set up to handle the more than 450 bank closures that have occurred since the beginning of 2008 as a result of the housing market?s bust and ensuing recession.

Source: http://blogs.wsj.com/economics/2012/11/14/fdic-to-close-florida-office-in-april-2014/?mod=WSJBlog

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