WILLIAM A. LONGBRAKE NAMED CHIEF FINANCIAL OFFICER, DEPUTY FOR
FOR IMMEDIATE RELEASE
Chairman Ricki Tigert Helfer has named William A. Longbrake
chief financial officer and deputy for financial policy. Dr.
Longbrake is currently senior executive vice president and chief
financial officer of Washington Mutual, Inc., Seattle, whose
principal subsidiary is Washington Mutual Bank. He will join the
FDIC on March 6, 1995.
Chairman Helfer said: "The FDIC will be fortunate indeed to
be able to draw on Dr. Longbrake's extensive private sector
experience in finance and risk management at a substantial
financial institution. In addition, his prior government
experience at the FDIC and the Office of the Comptroller of the
Currency and his academic training in economics and finance add
considerably to the wealth of knowledge and experience he will
bring to us. I look forward to having the benefit of his advice
and counsel on the difficult issues facing the FDIC now and in
Dr. Longbrake succeeds Steven A. Seelig, who has served as
Chief Financial Officer and Director of the FDIC's Division of
Finance since November 1992. Mr. Seelig will continue as
Director of the Division of Finance.
During his 13 years at the $18.5 billion-asset Washington
Mutual, Dr. Longbrake served as executive vice president and
chief financial officer (1982-85); executive vice president,finance and operations (1985-86); senior executive vice
president, office of the president (1986-88); and senior
executive vice president and chief financial officer
(1988-present). As a member of Washington Mutual's executive
committee, he is responsible for overseeing the company's
accounting, auditing, financial planning and analysis, legal
services, portfolio management, risk analysis and risk management
Before joining Washington Mutual, Dr. Longbrake served in
several key positions in 1976-77 and 1978-82 with the Office of
the Comptroller of the Currency in Washington, D.C., where he
most recently was Senior Deputy Comptroller for Resource
Management. He previously worked for the FDIC from 1970-76 and
1977-78, where he was Acting Controller and Special Assistant to
then-Chairman George LeMaistre.
In the academic sector, Dr. Longbrake has taught courses in
business administration and finance at the University of Maryland
and Seattle University. He has served on the board of trustees
of the College of Wooster, Wooster, Ohio, where he received his
B.A. in economics with honors in 1965, followed by an M.A. in
monetary economics (1968) and an M.B.A. in finance (1969) from
the University of Wisconsin, and a D.B.A. in finance from the
University of Maryland (1976). He has published articles in
various academic journals and is a former associate editor of the
Journal of Economics and Business.
Dr. Longbrake has been active in numerous academic, business
and community service organizations, including chairing the
Washington State Affordable Housing Advisory Board, the
Governor's Task Force on Affordable Housing (Washington State),
the National Association of Housing Partnerships, the Puget Sound
Chapter of the Financial Executives Institute (past president)
and the Washington Savings League. He also is a past president
of the Puget Sound Council of Financial Institutions.
A native of Hershey, Pennsylvania, Dr. Longbrake is married
and has four children.