FDIC staffing up in Tennessee

Office leasing activity is typically a positive economic indicator, but this one may give you a shiver.

The Federal Deposit Insurance Corp. recently moved into a new space in Advantage Place, at 308 North Peters Road. According to spokesman Greg Hernandez, the agency's new office is 6,567 square feet, up 46 percent from their old space.

Hernandez said the move was aimed at accommodating a small increase in staff over the years, and the addition of five temporary employees planned for this year. And what are those five people going to do? [cue ominous soundtrack] "It's going to be different things...mostly regarding sort of failed-bank type things, receiverships and that action," Hernandez said. "Because ... as additional bank failures occur throughout the country the FDIC tries to have employees closer to the areas where it's anticipated they might be needed in that respect."

Tennessee hasn't had a bank failure since 2002, but when the Scope asked Hernandez if the moves indicate the FDIC anticipates failures, he said no. "A lot of times when an office expands it's just to have the expertise available there...It's not necessarily all targeted toward bank failures," he said.

Hernandez said a total of 24 temporary employees will be hired in Tennessee this year, including nine in Memphis and 10 in Nashville. The appointments are for two years, with an additional two years optional.

John Adams, of Wood Properties, represented the landlord on the FDIC lease.


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