BANKING & FINANCE - Feb. 23, 1994

FDIC Fund Recovered Last Year: The Federal Deposit Insurance Corp. said its pool of funds to protect depositors swelled to a $13.1-billion surplus as the number of bank failures hit a 12-year low. The FDIC, which administers the Bank Insurance Fund, said the surplus marked a massive turnaround from twin deficits in 1991 and 1992. The regulatory agency cited improved industry conditions and the agency’s cost-control efforts as the main reasons for the fund’s strong performance. “The recapitalization of the Bank Insurance Fund is a success story for the banking industry, the American taxpayer and the FDIC,” Chairman Andrew Hove said.