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Business Observer Thursday, Jun. 17, 2010 11 years ago

Retired FDIC chair gets new bank gig

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Bill Isaac, a former Federal Deposit Insurance Corp. chairman who lives on Longboat Key, has been named to the board of Fifth Third Bancorp.

Bill Isaac, a former Federal Deposit Insurance Corp. chairman who lives on Longboat Key, has been named to the board of Fifth Third Bancorp.


Isaac was also appointed non-executive chairman of the board that oversees a bank with more than $112 billion in assets, including $7.6 billion in Florida deposits. The bank, with 1,200 branches in 12 states, is one of the 20 largest in the country and one of the 10 largest in Florida.


Isaac replaces Kevin Kabat, who remains president and CEO of the Cincinnati-based holding company.


“Bill brings a lifetime of experience to our board and to our company,” Kabat says in a press release. “He not only has tremendous business acumen but he also has a deep understanding of the banking industry.”


Isaac, then 34, was the youngest board member of the FDIC when President Carter appointed him to the position in 1978. President Reagan then promoted him to chairman in 1981. Isaac went into financial consulting after he left government service.


Isaac has also been active on other fronts since he left government, including some commercial real estate developments in Sarasota. He recently wrote a book, “Senseless Panic: How Washington Failed America,” on the regulatory issues that he says partially caused the financial crisis.


And earlier this year, Isaac was reportedly part of a powerhouse group of former bank executives and high-ranking government officials who were going to buy distressed banks in the Southeast.


“I am enthusiastic about this opportunity,” Isaac, an Ohio native, says in the release. “I am quite familiar with the company and know its importance to Ohio and the Midwest and I have a lot of confidence in Kevin and the management team.”

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