A rising number of bank failures in the Midwest has prompted the Federal Deposit Insurance Corporation to open a new Chicago-area office.
A temporary satellite office will be opened by the FDIC in Schaumburg, Ill., a news release yesterday indicated. The new office will manage receiverships and liquidate assets from failed Midwestern banks.
Up to 500 non-permanent staff and contractors will be housed at the new office. The actual level of staffing will be determined based on the number of closings in the Midwest, the number of resulting receiverships and the post-closing workload.
The FDIC will begin a gradual move into the space in March.
