WASHINGTON. Aug 7: William Seidman. Chairman of the Federal Deposit Insurance-Corp. FDIC, turned in his letter of resignation Tuesday saying he would leave his post tn October after six years on the Job, reports AFP.

Seidman. 70. has headed the agency which insures bank and savings and loan deposits, since 1985. He has handled nearly 1.000 bank failures and seen the agency's funds drop from more than 18 billion Dollars to near insolvency in the past four years.

The five-member FDIC has also been responsible for balling out the failed savings and loans. . an operation directed by the Resolution Trust Corporation.

As head of an independent agency, the chairman has virtually life long tenure once appointed, but Seidman began talking about stepping down in May 1990 following reports that White House Chief of Staff John Sununu wanted him out

Seidman's possible successors include the Federal Reserve s (FED) Director of Bank Supervision.