FDIC APPOINTS PAUL L. SACHTLEBEN CHIEF FINANCIAL OFFICER
FOR IMMEDIATE RELEASE PR-29-97 (5-1-97)
Media Contact: Elizabeth Ford (202-898-6993)
FDIC Chairman Ricki Helfer announced today the
appointment of Paul L. Sachtleben to the position of Chief
Financial Officer of the FDIC. Mr. Sachtleben has been Acting
Chief Financial Officer since the departure of William Longbrake
on Oct. 7, 1996. He will continue to serve as Director of the
Division of Finance, a position he has held since January 1996.
"I can think of no one more qualified than Paul for this
job," said Chairman Helfer. "Paul led our efforts over the past year
to upgrade the FDIC's financial management. Our new Financial
Information Management System (FIMS) not only merged the
general ledgers of the FDIC and the RTC, but combined over 100
separate accounting systems.
"As a result of his work, we now have a financial system
capable of serving the FDIC well into the 21st century," she said.
Mr. Sachtleben has been with the FDIC since 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 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 Director of the Division of
Finance in January of 1996.
In addition to overseeing development of the Corporation's
Financial Information Management System, Mr. Sachtleben played
a major role in the implementation of the FDIC's business
planning process and the linking of the strategic plan to the budget
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.
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 11,452 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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