GAIL L. PATELUNAS NAMED ACTING DIRECTOR OF DIVISION OF RESOLUTIONS
FOR IMMEDIATE RELEASE
The FDIC Board of Directors today appointed Gail L. Patelunas
to be Acting Director of the Division of Resolutions (DOR). Ms.
Patelunas currently is Associate Director of the Division. DOR
Director Robert H. Hartheimer has resigned as of December 31, 1995,
to join the investment banking firm of Friedman, Billings, Ramsey
& Co., Inc.
DOR is responsible for planning, implementing and monitoring
the orderly and least-cost resolutions of failing FDIC-insured
institutions. The Division also manages the remaining assets and
obligations of the former Federal Savings and Loan Insurance
Corporation, manages stock and debt obtained by the FDIC in
resolutions of failed institutions, and operates "bridge banks"
(new institutions created by the FDIC to take interim control of a
FDIC Chairman Ricki Helfer said: "Although bank failures have
declined dramatically in recent years, the Division of Resolutions
continues to have an important and varied role at the FDIC. Bob
Hartheimer has been in charge of DOR since June of 1994 and has
done an outstanding job. We also are very fortunate to have
someone with Gail Patelunas' skills and experience to serve as
Ms. Patelunas joined the FDIC in 1990 to work on failing bank
resolutions and has served as a key senior manager of DOR since it
was created in 1991 to centralize responsibilities for failed
banks. As Assistant Director of DOR from late-1991 until 1994, Ms.
Patelunas was responsible for the resolution of failed banks with
up to $1 billion in assets. During this time, the FDIC resolved
over 200 failed banks in this category with more than $23 billion
in combined assets. In 1994, Ms. Patelunas was promoted to
Associate Director, with added responsibilities for resolving
failed institutions of all sizes, developing resolution policies
and procedures, and directing the divestiture of capital
Prior to joining the FDIC, Ms. Patelunas spent seven years at
the Federal Reserve Board's Division of Banking Supervision and
Regulation, nearly two years at Kidder Peabody & Co., Inc., and
more than three years at KPMG Peat Marwick.
Ms. Patelunas has a BS in business administration from
Rochester Institute of Technology and an MBA from the University of
Maryland. She also is a graduate of the Stonier Graduate School of
Banking and is a Chartered Financial Analyst. She and her husband,
James Garner, have two daughters, Kelley and Beth.
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Congress created the Federal Deposit Insurance Corporation in 1933
to maintain public confidence in the nation's banking system. The
FDIC insures deposits at the nation's 12,000 banks and savings
associations and it promotes the safety and soundness of these
institutions by identifying, monitoring and addressing risks to
which they are exposed.