New FDIC Exhibit to Commemorate Its 75th Anniversary

The Chicago Tribune recently had an article describing that the FDIC has a new exhibit tracing its history. It is in honor of its 75th anniversary, but the exhibit seems appropriate, given today's credit crisis.

The exhibit is free, and located at the FDIC (550 17th St. NW) in Washington D.C.

The exhibit begins with a look at the financial panics of the late 19th and early 20th centuries. Then, it tells how the FDIC was created after 9,000 banks failed in the Great Depression.

Interestingly, there are a couple of Illinois connections:

1. The first FDIC payment was in 1934 to Lydia Lobsiger, a customer of Fon du Lac State Bank of East Peoria, IL.

2. During World War II, the FDIC re-located to Chicago to free up office space for the war effort until the Pentagon was built.

Also, the FDIC has temporarily owned some interesting properties - due to acquiring bad loans from failed banks:

During the 1988 and 1989 football seasons, the FDIC owned 12% of the Dallas Cowboys, due to the failure of FirstRepublic Corp.

They once owned the 1983 horror movie "Grizzly 2: The Predator", starring Charlie Sheen and George Clooney.