FSLIC Names Another New Director

The Federal Savings & Loan Insurance Corp., the U.S. agency that insures customer accounts up to $100,000 and takes over insolvent savings and loans, has another director, the third in seven months.

The Federal Home Loan Bank Board announced that Thurman C. (Sam) Connell, chief supervisory agency of the Federal Home Loan Bank of Atlanta, has been named acting director of FSLIC. The appointment is effective on May 10.

Connell is replacing Angelo Vigna, who returns to his old job as chief supervisory agent for the Federal Home Loan Bank of New York. Vigna was also an acting director who had agreed to serve in the job for only a few months.

The last permanent FSLIC chief was Peter Stearns, who resigned last fall. A FSLIC spokeswoman said Connell’s tenure as director “may last through the end of the year.”

She added the Bank Board needs the expertise of officials like Connell and Vigna in its present attempt to find a way to pump new money into the FSLIC fund using the financial resources of the Federal Home Loan Bank system.