Magazine article American Banker

Potential Supervision Chief at FDIC Experienced in Crises

Magazine article American Banker

Potential Supervision Chief at FDIC Experienced in Crises

Article excerpt

Michael J. Zamorski is really experienced with bad news.

As deputy director of supervision for the Federal Deposit Insurance Corp., Mr. Zamorski's has earned a reputation as the Grim Reaper during his nearly 20 years of working around the country for the agency. He has handled money laundering cases in Florida, the agricultural crisis in the Midwest, and the oil bust in Texas.

"He has had a great background in a variety of situations," said Andrew C. Hove Jr., the FDIC's acting chairman. "He has a great knowledge of bank supervision both in good times and bad."

That experience with some of the agency's worst disasters combined with a self-effacing manner and a reputation for good judgment could catapult him to the agency's highest ranks.

The 42-year-old Mr. Zamorski is expected to succeed his boss Nicholas J. Ketcha Jr., who will retire as director of the FDIC's supervision division at the end of 1998.

Mr. Hove declined to say whether Mr. Zamorski is indeed the front-runner, but he has the unqualified support of his boss.

"I would offer my recommendation if it was solicited from the board," said Mr. Ketcha, who described Mr. Zamorski as his "alter ego." "I am very comfortable having him stand in my stead when I am not here."

Mr. Ketcha and Mr. Zamorski ran the agency's New York office together for six years before taking their jobs at agency headquarters in early 1996.

Until recently, the two lived near Princeton, N.J., and discussed business during their seven-hour round-trip commute every weekend. …

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