FDIC takeover veteran recounts what it’s like to run a failing bank
John Bovenzi is part of the small club of people who led a
bankrupt US bank, a group whose membership grew by two this month when regulators stepped in to take control of Silicon Valley Bank and Signature Bank.
In 2008, Mr. Bovenzi, a longtime employee of Federal Deposit Insurance Corp., took over as head of bankrupt mortgage lender IndyMac. What he discovered and what the leaders of the last bankrupt banks are probably facing: deposits are flowing in, but few are coming in. Employees who have not left are looking for other jobs. It’s possible that some of the top remaining brass are responsible for what went wrong – and could even be questioned by law enforcement officials.
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