Roberto Herencia was appointed by President Obama to sit on the board of directors of the Overseas Private Investment Corporation (OPIC) back in November 2010. OPIC is the government’s development finance institution and, according to their website, “mobilizes private capital to help solve critical world challenges and in doing so, advances U.S. foreign policy.” The Senate has not yet confirmed Herencia, but as senators consider whether to support his nomination, it’s worth keeping in mind what the press release that announced his nomination did not mention.
In May 2009, Herencia was named president and CEO of Midwest Banc Holdings, Inc. According to reports, Herencia was brought in to “save” the company. But, in just a year, Herencia managed to put the bank in an even bigger hole, and in May 2010, the community bank was among the first to receive federal bailout funds. Even so, Midwest Bank was not able to recover with a federal bailout and was eventually seized by regulators after failing to raise the capital it needed to stay independent.
