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GGD-95-26R 1 (1994-11-01)

handle is hein.gao/gaobackrp0001 and id is 1 raw text is: United States GAO-~ General Accounting Office Washington, D.C. 20548 General Government Division B-259081 November 1, 1994 The Honorable Frank R. Lautenberg United States Senate Dear Senator Lautenberg: On July 11, 1994, you requested that we review the Federal Deposit Insurance Corporation's (FDIC) decision to close its South Brunswick Consolidated Office (SBCO) and transfer the office's functions to the Division's new Northeast Service Center in Hartford, CT. Our objective was to determine the basis for the decision. This correspondence presents the information that we obtained pursuant to your request. Enclosure I describes our objective, scope, and methodology. Enclosure II discusses the background and context of the decision and the process that FDIC followed in making it. Enclosure III summarizes views that we obtained from SBCO employees regarding the decision. As agreed with your office, and because of the limited availability of documentation in support of FDIC's reorganization decisions, we did not attempt to analyze the relative merit of alternative locations for the Northeast Service Center or verify the views of SBCO employees. S UYMARY The decision to close SBCO and transfer its functions to a new regional service center in Hartford, CT, was part of a much broader FDIC decision to downsize and reorganize FDIC's Division of Liquidation, the organizational unit responsible for disposing of assets from failed banks.' This broader decision to downsize and reorganize the Division was prompted by a decline in bank failures, which reduced the Division's inventory of assets from failed banks and therefore decreased the Division's workload. The Division of Liquidation was renamed the Division of Depositor and Asset Services during the September 1993 downsizing and reorganization. GAO/GGD-95-26R FDIC Office Closure

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