Newspaper article THE JOURNAL RECORD

FDIC Liquidation Office to Close

Newspaper article THE JOURNAL RECORD

FDIC Liquidation Office to Close

Article excerpt

Journal Record Staff Reporter

The announcement Friday that the Federal Deposit Insurance Corp. will close its Oklahoma City field office lends confirmation to pronouncements from other sectors that the Oklahoma banking industry has returned to health.

The consolidated field office is set to close Oct. 31 though a small legal force may remain in town for a time after that, according to Ken Blincow, managing liquidator.

"A lot of the pieces to the puzzle remain to be decided."

Employees were notified of the closure decision on Friday. The action will affect 226 jobs, most of which are temporary one-year appointments. Forty-one of the employees hold career positions and will be transferred to other FDIC liquidation offices. The remaining 185 temporary employees will receive assistance in finding new positions, including potential re-employment at other FDIC offices.

The employees work in three areas, with 164 in the liquidation division, 46 in the legal division and 16 in the division of finance.

The FDIC occupies about 81,500 square feet in the Grand Park III building at 999 NW Grand Blvd.

Blincow said the closure brings mixed emotions for employees.

"They see the trend _ that our activity has slowed and our asset base is dwindling. Still it is shocking when you actually hear that the decision has been made. We have anticipated it for some time. At least with the decision, employees can plan their lives."

Liquidation work remaining after the October closure will be transferred to the FDIC's field office in Addison, Texas, a suburb of Dallas.

The FDIC opens liquidation field offices in areas where there has been a marked increase in bank failures. The Oklahoma City office was opened in May 1983, but the FDIC has had full time workers in Oklahoma City since the failure of Penn Square Bank in July 1982. …

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