Annual Report of the Federal Deposit Insurance Corporation Is Published by the FDIC
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1986 Annual Report Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis The 1986 Annual Report of the Federal Deposit Insurance Corporation is published by the FDIC. Office of Corporate Communications, Room 6061-B, 550 17th Street, N.W., Washington, DC 20429. Alan J. Whitney, Director Stephen J. Katsanos, Assistant Director Art Director: Geoffrey L. Wade Designer: Geri Bonebrake Photography: David Hathcox Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Federal Deposit Insurance Corporation Washington, D.C. August 31, 1987 SIRS: In accordance with the provisions of section 17(a) of the Federal Deposit Insurance Act, the Federal Deposit Insurance Corporation is pleased to submit its Annual Report for the calendar year 1986. Very truly yours, L. William Seidman Chairman The President of the U.S. Senate The Speaker of the U.S. House of Representatives Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Board of Directors The Board of Directors of the FDIC: (from left) C. C. Hope, Jr., Director, Robert L. Clarke, Comptroller of the Currency; and FDIC Chairman L. William Seidman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis L. William Seidman L. William Seidman was elected Chairman of the Federal Deposit Insurance Corporation on October 21, 1985. Prior to his appointment to the FDIC, Mr. Seidman pursued an extensive career in the financial arena in both the private and public sectors. He was Dean of the College of Business of Arizona State University and a director of several organizations including the Phelps Dodge Corporation, Prudential-Bache Funds, United Bancorp of Arizona and The Conference Board. He has served as Co-chair of the White House Conference on Productivity, Vice-Chairman of the Phelps Dodge Cor poration, Assistant to the President for Economic Affairs and Managing Part ner of Seidman & Seidman, Certified Public Accountants, New York. He also was Chairman and Director of the Federal Reserve Bank of Chicago, Detroit Branch. Mr. Seidman received an A.B. degree from Dartmouth College, and earned an LL.B., from Harvard Law School. He also holds an M.B.A. from the University of Michigan. He is a member of the American Bar Association, the American Institute of Certified Public Accountants and several academic honorary fraternities including Phi Beta Kappa. He is the author of two books and numerous articles on business and tax subjects. C. C. Hope, Jr. C. C. Hope, Jr., was named to the Board of Directors of the Federal Deposit Insurance Corporation on March 10, 1986, confirmed by the Senate on March 27 and commissioned by President Reagan on April 7, 1986. Before his appointment to the FDIC, Mr. Hope spent 38 years at First Union Na tional Bank of North Carolina in Charlotte where he retired as Vice Chair man in 1985. Mr. Hope is a former President of the American Bankers Association and has served as Secretary of the North Carolina Department of Commerce. In the field of educaton, Mr. Hope is a trustee and former Chair man of the Board of Wake Forest University and has been Dean of the Southwestern Graduate School of Banking at Southern Methodist University. He has completed graduate work at the Harvard Business School and the Stonier Graduate School of Banking at Rutgers University. Robert L. Clarke Robert L. Clarke became the 26th Comptroller of the Currency on December 2, 1985, and simultaneously became a member of the FDIC's Board of Directors. Before his appointment, Mr. Clarke founded and headed the Banking Section at the Houston, Texas, law firm of Bracewell & Patterson. He joined that firm after completing his military service in 1968. The Banking Section prepared corporate applications and securities registrations, counselled management in expansion opportunities and the effects of deregulatory ini tiatives, and represented institutions in enforcement matters. Mr. Clarke holds a BA in Economics from Rice University and an LL.B., from Harvard Law School. He is a member of the bars of Texas and New Mexico. He has served as a director for two state banks, and has been active in a number of civic, political and professional organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FDIC Organization Chart Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FDIC Officials D epu ty to the C h a irm a n _________________ David L. Kunkler Assistant to the Chairman _____________ _ David C. Cooke Director, Division of Bank Supervision ____Paul G. Fritts G eneral C o u n se l__________________________ _ John C. Murphy D irector, D ivision of L iq u id a tio n ___________________________ __James A. Davis Director, Division of Accounting and Corporate Services. ____ Stanley J. Poling Director, Division of Research and Strategic Planning __ Stanley C. Silverberg Deputy to the Appointive Director _________________________ _ Robert V. Shumway Special Assistant to the Appointive Director___________ _____ John F. Bovenzi Deputy to the Director (Comptroller of the Currency). ___ Dixon L. Mitchell Executive Secretary _____________________________________ __Hoyle L. Robinson Director, Office of Corporate Communications _____Alan J. Whitney Director, Office of Legislative Affairs___________ _______ Beth L. Climo Corporate Budget and Planning Manager _____ _Thomas P. Horton Director, Office of Consumer Affairs ___________ ___ Janice M. Smith Director, Office of Corporate Audits and Internal Investigations Robert D. Hoffman Director, Office of Personnel Management _______________________ _ Robert A. Dorbad Director, Office of Equal Employment Opportunity __________Mae Culp Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis REGIONAL DIRECTORS Division of Bank Supervision ATLAN TA _________________ Edwin Burr Marquis 1 Building, Suite 1200, 245 Peachtree Center, N.E., Atlanta, Georgia 30303 BO STO N ________________________________________________ _ Jesse G. Snyder 60 State Street, 17th Floor, Boston, Massachusetts 02109 CH ICAGO ______________________________________________ Paul M. Rooney 30 S. Wacker Drive, Suite 3100, Chicago, Illinois 60606 C O L U M B U S____________________________________________ _ John F. Gayton 1 Nationwide Plaza, Suite 2600 Columbus, Ohio 43215 Assistant Regional Director DALLAS _______________________________________________ ____ _ Kenneth L. Walker 1910 Pacific Avenue, Suite 1900, Dallas, Texas 75201 KANSAS CITY ______________________________________ Charles E. Thacker 2345 Grand Avenue, Suite 1400, Kansas City, Missouri 64108 M EM PHIS ___________________________________________________ ___Bill C. Houston 5100 Poplar Avenue, Suite 1900, Memphis, Tennessee 38137 NEW YO RK _______________________________________________ ___ Edward T. Lutz 452 5th Avenue, 21st Floor, New York, New York 10018 SAN FRANCISCO ______________________________________ ___ Anthony Scalzi 25 Ecker Street, Suite 2300, San Francisco, California 94105 Division of Liquidation ATLANTA _____ ________________________________________________________________ _ William M. Dudley Marquis 1 Building, Suite 1100, 245 Peachtree Center, N.E., Atlanta, Georgia 30303 CH ICAG O _____________________________________ _______________________________ Thomas A. Beshara 30 South Wacker Drive, Floor 32, Chicago, Illinois 60606 DALLAS ________________________________________________________________________ G. Michael Newton 1910 Pacific Avenue, Suite 1600, Dallas, Texas 75201 KANSAS CITY ____________________________________________________________________Carmen J. Sullivan 2345 Grand Avenue, Floor 12, Kansas City, Missouri 64108 NEW YO RK ____________________________________________________________________Michael J. Martinelli 452 5th Avenue, Floor 21, New York, New York 10018 SAN FRANCISCO ______________________________________________________ ___ Lamar C. Kelly, Jr. 25 Ecker Street, Suite 1900, San Francisco, California 94105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Table of Contents Transmittal Letter _____________________________________________________ iii FDIC Board of Directors ______________________________________________ iv FDIC Organization C h art______________________________________________ vi FDIC Officials ________________________________________________________vii FDIC Regions and Directors _________________________________________ viii Chairman's Statem ent___________________________________________________x Operations of the C orporation_________________________________________ 1 Financial Statem ents___________________________________________________36 Opinion of the Comptroller General of the U.S. ___________________ 49 Closed Banks and Deposit Insurance Statistics _____________________ 51 Index _________________________________________________________________ 65 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Chairman's Statement During 1986 the Federal Deposit Insurance Corporation faced the greatest challenge of its 53 year history. The employees of the Corporation responded with new techniques and fresh ideas. Despite a record number of bank failures, and lower interest income due to lower rates, the deposit insurance fund ended the year at an all-time high. The FDIC insurance fund grew in 1986 from $17.9 billion to $18.2 billion, an increase of $296 million, or 1.65 percent. Revenues totaled $3.3