Bill Isaac Announces Retirement After Decades in Banking

Bill Isaac, a prominent banking figure and public servant with a career that included heading the Federal Deposit Insurance Corporation (FDIC) in the 1980s, has shared news of his retirement. His recent work involved assisting in the growth of Sarasota Trust Company.

Isaac has lived in a stunning waterfront property in Lido Shores, Sarasota, for almost 20 years. The home is currently listed for $13.9 million. In recent years, he held the position of chairman at both Sarasota Private Trust and Cleveland Private Trust. These organizations offer services like tax planning, philanthropic advice, and asset management, reportedly managing over $35 billion in assets across their affiliates.

His efforts with Sarasota Private Trust are linked to a longstanding partnership with Howard Milstein and the Milstein family, who own New York Private Bank & Trust among others. Isaac’s experience also includes a board membership at these institutions, which have a stake in Sarasota Private Trust.

In an email regarding Isaac’s retirement, Milstein reflected on Isaac’s impactful career: “He has completed an extraordinary career. We wish him well in his retirement and thank him for his contributions to both our company and our nation.”

Isaac expressed mixed emotions about his decision in an email and a LinkedIn post, noting he felt it was time to step back. “It is with bittersweet feelings and great gratitude that I share my decision to reduce my duties to Emigrant Bank, New York Private Trust, and all other Milstein interests,” he stated. “In this final chapter, I’m glad to find the same values of integrity and ethics I had in my early years.”

A Journey Through Banking

At 82, Isaac’s journey began in Bryan, Ohio. He is the grandson of Syrian immigrants and holds a bachelor’s degree from Miami University and a law degree from Ohio State University. His career highlights include:

• Starting at Foley & Lardner, focusing on corporate law and banking.
• Serving as vice president, general counsel, and secretary of First Kentucky National Corporation and its subsidiaries.
• Being appointed to the FDIC board by Jimmy Carter in 1978.
• Becoming the FDIC Chairman appointed by Ronald Reagan in 1980, serving until 1985.
• Leading the government’s response during the banking crises of the 1980s, collaborating closely with Federal Reserve Chairman Paul Volcker.
• Establishing Secura Group in 1986, which was later acquired by FTI Consulting in 2011.
• Chairing Fifth Third Bancorp.
• Writing the book “Senseless Panic: How Washington Failed America” in 2010.
• Contributing articles to respected publications like the Wall Street Journal and the New York Times.
• Co-founding the William Isaac & Michael Oxley Business Leadership Center at Miami University in 2016.