NEW YORK, Nov. 20, 2015 /PRNewswire/ -- Gary Hindes, chairman of The Delaware Bay Company, LLC, is featured in a new book recently authored by John F. Bovenzi, a career FDIC employee who started out as a bank examiner, served as chief deputy to three FDIC chairs, and ended his career as the agency's chief operating officer.
Entitled "Inside the FDIC: Thirty Years of Bank Failures, Bailouts, and Regulatory Battles", chapter six deals with the closure of Meritor Savings Bank, whose main asset was the 176-year-old Philadelphia Savings Fund Society ("PSFS"), the first thrift institution founded in the U.S. Meritor was seized by the FDIC on December 11, 1992, after the FDIC reneged on an earlier contract it had entered into with PSFS by which PSFS assumed the liabilities of an ailing competitor whose depositors would have otherwise have had to have been been paid by the FDIC. After Meritor was closed and placed into receivership, Hindes and Frank Slattery, a member of its board of directors, sued the FDIC for breach of contract. After a 20-year legal battle, the FDIC was ordered to pay the bank's shareholders $276 million in 2012.
Bovenzi is currently a partner at Oliver Wyman, the management consulting firm. His book was published by Wiley and is available at Amazon.com.
SOURCE The Delaware Bay Company, LLC