WILLIAM A. LONGBRAKE TO RETURN TO WASHINGTON MUTUAL
FOR IMMEDIATE RELEASE PR-70-96 (8-29-96)
Media Contact: Robert M. Garsson (202) 898-6993
William A. Longbrake, Deputy to the Chairman and Chief
Financial Officer of the FDIC, announced today that he will be
rejoining Washington Mutual Inc. on Oct. 7 to become the Seattle-
based company's chief financial officer.
In his 18 months at the FDIC, Mr. Longbrake has been one
of the key architects of Chairman Ricki Helfer's strategy to refocus
the FDIC's attention from closing failed banks to ensuring that
banks and thrifts operate safely and soundly and continue to serve
Among his initiatives, Mr. Longbrake oversaw the
restructuring of three major divisions and the creation of the
Division of Insurance. He overhauled the corporate investment
policy and helped develop new procedures to expand the pool of
potential buyers for failed bank assets.
"Bill brought to us not only the keen financial judgment of
the private sector, but the instincts of a former bank regulator who
knows how government works and how to get things done," said
Chairman Helfer, noting that Mr. Longbrake served two previous
tours with the FDIC and two with the Office of the Comptroller of
"One of our major goals for the past two years has been to
help the FDIC function like a modern business into the 21st
Century," she said. "Bill has been an important part of that effort."
"He is a seasoned professional, and he will be sorely
missed," she added.
Mr. Longbrake expressed regret at leaving the FDIC, but
said a sudden opportunity came up to rejoin his old company and to
allow him and his family to return to their home in Seattle.
"Working with you for the past 18 months has been a very
special privilege and one of the highlights of my career," he said in
announcing his decision to Chairman Helfer. "I will always have a
very special place in my heart for the FDIC."
At Washington Mutual, Mr. Longbrake will replace chief
financial officer Thomas J. Kappock, who is leaving to join Visa
As Deputy to the Chairman, Mr. Longbrake oversaw a
number of major divisions and offices. He directed the
restructuring of three of the divisions that reported to him:
Resolutions, Finance, and Depositor and Asset Services. In
addition, he oversaw the creation of the Division of Insurance, the
Office of Internal Control Management and a new Board-level audit
Among his many other accomplishments, Mr. Longbrake
was also responsible for the integration of the RTC financial
functions into the FDIC, the creation of new asset valuation
procedures, and the decision to securitize more than $500 million in
performing commercial real estate mortgages. He also played an
important role in policy development, particularly with respect to
financial issues associated with efforts to capitalize the Savings
Association Insurance Fund.
Mr. Longbrake had served two previous tours at the FDIC,
from 1970-76 and 1977-78, rising to the position of acting
Controller and special assistant to then-Chairman George
LeMaistre. He worked for the Office of the Comptroller of the
Currency on two separate occasions, from 1976-77 and 1978-82.
He was Senior Deputy Comptroller for Resource Management
when he left to join Washington Mutual.
During his 13 years at Washington Mutual, parent of
Washington Mutual Bank, Mr. Longbrake served in a variety of
financial posts and was executive vice president and chief financial
officer when he joined the FDIC.
Mr. Longbrake has taught courses in business
administration and finance at the University of Maryland and Seattle
University. He serves on the board of trustees of the College of
Wooster, Wooster, Ohio, where he received his B.A. in economics
with honors in 1965. He also received an M.A. in monetary
economics and an M.B.A. in finance from the University of
Wisconsin and a D.B.A. in finance from the University of Maryland.
Mr. Longbrake has also been active in numerous business and
community service organizations, and chaired the Governor's Task
Force on Affordable Housing while in the state of Washington.
A native of Hershey, Pennsylvania, Mr. Longbrake is
married and has four children.
Congress created the Federal Deposit Insurance Corporation in 1933 to
restore 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.
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