OTS Chief Takes Post at Seattle FHLBank

Richard Riccobono, acting director of the Office of Thrift Supervision, is stepping down Aug. 9 to become the chief operating officer of the troubled Seattle Federal Home Loan Bank, where his former boss at the OTS is now the president and chief executive.Mr. Riccobono served as OTS deputy director from 1998 until he became the acting director on June 1, when OTS Director James Gilleran resigned to run the Seattle FHLBank. He previously served as an executive at the Atlanta and Boston FHLBanks before moving to the OTS in 1989. As deputy director, Mr. Riccobono was in charge of supervisory, legal, and administrative functions at the OTS. The Seattle bank recently reported a 46% decline in first-quarter profits from those of a year ago and said it expects to post losses in 2005 and 2006. President Bush has nominated John Reich, director of the Federal Deposit Insurance Corp., to be the new OTS director. The Seattle bank can be found online at http://www.fhlbsea.com.