PRESS RELEASE
Federal Deposit Insurance Corporation Each Depositor insured to at least $250,000
FOR IMMEDIATE RELEASE
December 15, 2010
Media Contact:
Andrew Gray
(202) 898-7192
angray@fdic.gov
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's
banking system. It promotes the safety and soundness of these institutions by identifying, monitoring and addressing
risks to which they are exposed. The FDIC receives no federal tax dollars — insured financial institutions fund its
operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically
(go to www.fdic.gov/about/subscriptions/index.html ) and may also be obtained through the FDIC's Public Information
Center (877-275-3342 or 703-562-2200). PR-269-2010
FDIC Announces Jim Wigand as the Director of The New Office of Complex Financial
Institutions
The Federal Deposit Insurance Corporation (FDIC) today announced the appointment
of Jim Wigand as the Director of the newly established Office of Complex Financial
Institutions (CFI). The CFI was created to better position the FDIC to carry out its
responsibilities under the recently enacted Dodd-Frank Wall Street Reform and
Consumer Protection Act. The CFI is responsible for the continuous review and
oversight of bank holding companies with more than $100 billion in assets as well as
non-bank financial companies designated as systemically important by the new
Financial Stability Oversight Council. CFI will also be responsible for carrying out the
FDIC's joint responsibility with the Federal Reserve Board to require, review, and
approve resolution plans for large bank and nonbank institutions. Finally, and most
importantly, the CFI will be charged with implementing the FDIC's new authority for the
orderly liquidations of bank holding companies and non-bank financial companies that
fail.
FDIC Chairman Sheila C. Bair said, "I am very pleased to announce the selection of Jim
for this position. Jim's decades of experience in resolutions, asset sales, structured
finance and financial institution regulation uniquely position him to lead the CFI at a
critically important time. Throughout this crisis, Jim has been a star performer,
developing innovative resolution strategies for hundreds of failed banks, large and
small, maximizing recoveries for the FDIC, while providing seamless protection to
insured depositors. He is a dedicated career public servant who is well qualified to lead
the FDIC's in its important charge from Congress to implement new resolution authority
and end Too Big to Fail."
Federal Deposit Insurance Corporation Each Depositor insured to at least $250,000
FOR IMMEDIATE RELEASE
December 15, 2010
Media Contact:
Andrew Gray
(202) 898-7192
angray@fdic.gov
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's
banking system. It promotes the safety and soundness of these institutions by identifying, monitoring and addressing
risks to which they are exposed. The FDIC receives no federal tax dollars — insured financial institutions fund its
operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically
(go to www.fdic.gov/about/subscriptions/index.html ) and may also be obtained through the FDIC's Public Information
Center (877-275-3342 or 703-562-2200). PR-269-2010
FDIC Announces Jim Wigand as the Director of The New Office of Complex Financial
Institutions
The Federal Deposit Insurance Corporation (FDIC) today announced the appointment
of Jim Wigand as the Director of the newly established Office of Complex Financial
Institutions (CFI). The CFI was created to better position the FDIC to carry out its
responsibilities under the recently enacted Dodd-Frank Wall Street Reform and
Consumer Protection Act. The CFI is responsible for the continuous review and
oversight of bank holding companies with more than $100 billion in assets as well as
non-bank financial companies designated as systemically important by the new
Financial Stability Oversight Council. CFI will also be responsible for carrying out the
FDIC's joint responsibility with the Federal Reserve Board to require, review, and
approve resolution plans for large bank and nonbank institutions. Finally, and most
importantly, the CFI will be charged with implementing the FDIC's new authority for the
orderly liquidations of bank holding companies and non-bank financial companies that
fail.
FDIC Chairman Sheila C. Bair said, "I am very pleased to announce the selection of Jim
for this position. Jim's decades of experience in resolutions, asset sales, structured
finance and financial institution regulation uniquely position him to lead the CFI at a
critically important time. Throughout this crisis, Jim has been a star performer,
developing innovative resolution strategies for hundreds of failed banks, large and
small, maximizing recoveries for the FDIC, while providing seamless protection to
insured depositors. He is a dedicated career public servant who is well qualified to lead
the FDIC's in its important charge from Congress to implement new resolution authority
and end Too Big to Fail."
Jim Wigand has served as the Deputy Director for Franchise and Asset Marketing in the
Division of Resolutions and Receiverships (DRR) since 1997. In this capacity, Wigand
oversaw the resolution of failing insured financial institutions and the sale of their
assets. While in this position, Wigand directed the sale of over 300 deposit franchises
and over $600 billion in failed bank and thrift assets. Prior to 1997, Wigand served in
various executive positions at the FDIC and Resolution Trust Corporation (RTC).
Wigand received a Bachelor of Science degree from the University of Maryland and a
Master of Business Administration degree with specialization in finance from the
University of Chicago Graduate School of Business. Bret Edwards, Director of the
Division of Finance, will replace Wigand as Acting Director of DRR pending a search for
a permanent Director.
Pamela Farwig will replace Wigand as the Deputy Director for Franchise and Asset
Marketing in DRR. Farwig joined the FDIC Division of Supervision and Consumer
Protection in 1998 as a bank examiner. She has been in her current position as
Associate Director for the Franchise and Marketing Branch of DRR since October 15,
2006, with responsibility for overseeing the resolution of failing banks and the
management and marketing of failed bank and thrift assets nationwide. She is a
graduate of the Graduate School of Banking, Madison, Wisconsin, and holds business
administration degrees in accounting and management from Rockhurst University,
Kansas City, Missouri.
Chairman Bair said, "Pamela is an experienced leader and has been an essential
member of the senior DRR leadership during an extraordinary busy period. Her
promotion is well deserved and I expect her transition into this role to be seamless."
These personnel assignments will be effective December 31st, 2010.
Division of Resolutions and Receiverships (DRR) since 1997. In this capacity, Wigand
oversaw the resolution of failing insured financial institutions and the sale of their
assets. While in this position, Wigand directed the sale of over 300 deposit franchises
and over $600 billion in failed bank and thrift assets. Prior to 1997, Wigand served in
various executive positions at the FDIC and Resolution Trust Corporation (RTC).
Wigand received a Bachelor of Science degree from the University of Maryland and a
Master of Business Administration degree with specialization in finance from the
University of Chicago Graduate School of Business. Bret Edwards, Director of the
Division of Finance, will replace Wigand as Acting Director of DRR pending a search for
a permanent Director.
Pamela Farwig will replace Wigand as the Deputy Director for Franchise and Asset
Marketing in DRR. Farwig joined the FDIC Division of Supervision and Consumer
Protection in 1998 as a bank examiner. She has been in her current position as
Associate Director for the Franchise and Marketing Branch of DRR since October 15,
2006, with responsibility for overseeing the resolution of failing banks and the
management and marketing of failed bank and thrift assets nationwide. She is a
graduate of the Graduate School of Banking, Madison, Wisconsin, and holds business
administration degrees in accounting and management from Rockhurst University,
Kansas City, Missouri.
Chairman Bair said, "Pamela is an experienced leader and has been an essential
member of the senior DRR leadership during an extraordinary busy period. Her
promotion is well deserved and I expect her transition into this role to be seamless."
These personnel assignments will be effective December 31st, 2010.