SOURCE: SourceMedia

September 19, 2007 15:19 ET

American Banker to Honor L. William Seidman With 2007 Lifetime Achievement Award

Principled and Determined Leadership During the S&L Crisis

NEW YORK, NY--(Marketwire - September 19, 2007) - L. William Seidman, the former FDIC chief best known for resolving the savings and loan crisis in the 1980s, will receive American Banker's 2007 Lifetime Achievement Award at the Banker of the Year Awards gala on November 29 at the Pierre Hotel in New York City.

"During the savings and loan crisis, Bill Seidman earned the respect of colleagues from across the political spectrum for his courageous leadership during a time of great upheaval in America's financial system," said David Longobardi, editor in chief of American Banker. "Seidman has remained steadfast in his commitment to the soundness and integrity of the U.S. financial system."

Seidman was named chairman of the Federal Deposit Insurance Corporation in 1985 as the savings and loan crisis was brewing. In the crisis, second only to the Great Depression, over 1,000 savings and loan institutions failed at a cost to the U.S. economy approaching $350 billion.

In 1989, Congress empowered Seidman to create, staff, and lead a new agency, the Resolution Trust Corporation, to close failing thrifts and then sell off their assets. His decision to sell those assets quickly revived the floundering real estate market.

Seidman also modernized the FDIC, which took over insurance of S&Ls under his leadership. He served as the chairman of both the FDIC and the RTC until his retirement from public office in 1991. Seidman previously served as an economic advisor to Presidents Ford and Reagan.

Known for his candor, impartiality and expertise, Seidman has testified in countless Congressional hearings and currently serves as a financial commentator for CNBC.

Seidman will be among six industry leaders saluted at this year's Banker of the Year Awards gala. The others, including Banker of the Year, Community Banker of the Year, and Innovator of the Year, will be announced in coming weeks.

Banker of the Year Awards honorees are selected by the editors of American Banker in an independent and journalistic process.

Since the inaugural Banker of the Year Awards dinner and ceremony in 2001, the gala has become the industry's premier event, attracting a "who's who" of lawmakers, regulators and leading executives.

To accompany the awards gala, a special report, "Best in Banking 2007," showcasing the year's most important stories and trends, will be published in the November 29 edition of American Banker.

For information on attending or sponsoring the 2007 Banker of the Year Awards gala, please contact Jessica Yazujian at 212-803-6597.

About American Banker and SourceMedia, Inc.

American Banker,, is the banking and financial services industry's premier daily source of information, news, and analysis for executives at banks of all sizes. Founded in 1836, with a current readership of more than 77,000, the publication covers topics including national and global issues, mortgages, consumer finance, legislation, investment products, card and payment systems and technology.

SourceMedia provides market information, including news, analysis, and insight to the financial services and related industries such as accounting and technology, through its publications, industry-standard data applications, seminars and conferences. Its flagship publications, including American Banker, National Mortgage News, The Bond Buyer, and Accounting Today, have helped build SourceMedia's reputation as the pre-eminent information source in its respective markets. Consulting services, software, and data provided through its two divisions, National Regulatory Services (NRS) and Accuity, facilitate regulatory compliance, funds registration and data flow among institutions in the investment, insurance, and financial services industries.

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