I would like to welcome Donald E. Powell before the Banking Committee this morning.
The President has nominated Mr. Powell to be a member of the Board of the Federal Deposit Insurance Corporation and to serve as its Chairman. His nomination papers were completed as of June 11, 2001. I have scheduled this confirmation hearing as expeditiously as possible. Mr. Powell earned a B.S. in Economics from West Texas State University and studied at the Southwestern Graduate School of Banking at Southern Methodist University.
Mr. Powell has spent his professional career in the community banking industry in Texas. From 1971 to 1997, Mr. Powell worked for the First National Bank of Amarillo, in which he became Chairman and CEO in 1987. He managed the bank through the financial difficulties that banks experienced during the mid-1980's. The bank grew to $800 million in assets and was acquired in 1993 by Boatman's Bancshares, which in turn was acquired in 1997 by NationsBank.
Shortly thereafter, Mr. Powell purchased a small bank which he renamed First National Bank of Amarillo. That institution, for which he serves as Chairman and CEO, operates six branch offices in Texas with over $360 million in assets. The Bank offers traditional retail and commercial bank and trust services, as well as management services for farm, ranch, oil and gas assets.
Mr. Powell has been active in his community. He has been Chairman of the Board of Regents of the Texas A&M University system, which has over 90,000 students. Mr. Powell has also served on the boards of many other nonprofit, public and community organizations, including the United Way, Harrington Regional Medical Center, High Plains Baptist Hospital, City of Amarillo Housing Board, Amarillo College, and West Texas State University Foundation.
The Chairman of the FDIC plays a critical role in maintaining the strength of the United States banking system. He makes important decisions on complex issues affecting the Federal deposit insurance system, the oversight of the safety and soundness of bank operations and many other aspects of the financial markets.
We look forward to hearing the testimony of Mr. Powell before the Committee.