Pollock Exit Spurs Exec Search

The sudden resignation of its president, Alex Pollock, is forcing the Chicago Federal Home Loan Bank to initiate a search for a successor."We are very early in the process," Chicago FHLBank board chairman Allen Koranda told MortgageWire. ".... There is no one lined up to fill the position right now." Mr. Koranda said he expects that there will be "a number of very well qualified candidates." The Wall Street Journal has reported that Mark Brickell is a candidate to succeed Mr. Pollock, who is leaving at the end of June to become a resident fellow at a Washington think tank. President Bush nominated Mr. Brickell to be the director of the Office of Federal Housing Enterprise Oversight, which supervises Fannie Mae and Freddie Mac, but later withdrew his nomination. The Chicago bank plans to make a management succession announcement on June 30, and it will essentially be an interim appointment, the chairman said. Mr. Koranda is the chief executive of Mid America Bank FSB, Clarendon Hills, Ill.