PAUL L. SACHTLEBEN NAMED ACTING CHIEF FINANCIAL OFFICER
FOR IMMEDIATE RELEASE PR-78-96 (9-26-96)
Media Contact: Robert M. Garsson (202-898-6993)
FDIC Chairman Ricki Helfer announced today the
appointment of agency veteran Paul L. Sachtleben to the position
of Acting Chief Financial Officer of the FDIC. This action follows
the decision of William A. Longbrake, Deputy to the Chairman
and Chief Financial Officer, to rejoin Washington Mutual Inc. on
October 7 as the Seattle-based company's chief financial officer.
Mr. Sachtleben has headed the FDIC's Division of Finance
(DOF) since January. He will continue in that post while serving
as Acting CFO.
"We are delighted that Paul has agreed to serve in this key
position," said Chairman Helfer. "With his strong financial and
accounting background and in-depth knowledge of the FDIC's
operations nationwide, he will play an important role in our efforts
to ensure sound financial management. I look forward to having
the benefit of his sound judgment and counsel."
Mr. Sachtleben's diverse career with the FDIC dates back
to 1969, when he joined the Division of Supervision (DOS) as a
bank examiner. Over the next 18 years, he served in a number of
management positions with DOS in Washington and the field.
A certified public accountant, Mr. Sachtleben was the
Dallas Region's Deputy Regional Director for Supervision when
he left the Corporation in 1987 to serve as a consultant to financial
institutions. Three years later, he became the Resolution Trust
Corporation's (RTC) first Chief Financial Officer and Director of
the Office of Corporate Finance.
He rejoined the FDIC in 1991 as Deputy Director of its new
Division of Resolutions. In 1994, Mr. Sachtleben was appointed
Director of the Division of Compliance and Consumer Affairs,
where he served until being named the Finance Division's Director
early this year.
Mr. Sachtleben is a graduate of Valparaiso University,
Valparaiso, Indiana, and the University of Wisconsin School of
Banking. He and his wife, Andrea, have two sons.
Separately, the Board of Directors approved a previously
planned reorganization. The divisions of Insurance, Depositor and
Asset Services, and Resolutions will now report to the Chairman
through the Deputy to the Chairman and Chief Operating Officer.
These three divisions previously reported through the Deputy to
the Chairman and Chief Financial Officer. The Division of
Finance and the Office of Internal Control Management will
continue to report through the CFO.
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 11,670 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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