As President of Financial Conservators, Inc. (FCI), G. Richard Gray directed the disposition of the assets of the Maryland Deposit Insurance Fund Corporation, which was created in 1985 as a result of the thrift crisis in Maryland. This crisis endangered not only more than 100 savings and loan institutions, but the state’s coveted AAA bond rating. Through those efforts, the cost of the thrift crisis decreased from an estimated $500 million to today’s estimate of $125 million. Needless to say, the AAA bond rating was preserved. Indeed, those efforts in resolving the state’s thrift crisis have been lauded on both the state and national levels as a model of efficiency and maximization of returns.

• $1.5 billion in assets managed.
• $1.2 billion paid to depositors, representing return of 100% of insured balance.
• Ultimate cost to State reduced from estimated $500 million to less than $125 million.
• Governor’s Salute to Excellence Awarded to G. Richard Gray:

"May this special salute serve as a fitting tribute to your outstanding service to the great State of Maryland -- as demonstrated by the dedication and professionalism you have provided for the benefit of countless people throughout Maryland. I join with your friends and admirers in congratulating you on a job well-done and expressing our gratitude and great respect for your exemplary efforts on behalf of our citizens."