The director of the Federal Deposit Insurance Corp., Jeremiah Norton, resigned his position on the FDIC’s board of governors on Friday.

Norton, who served in the position as FDIC director since April 16, 2012, submitted his resignation letter to President Obama on May 8.

In the letter, Norton said he believes that it is “an appropriate time to conclude my service as I am now approaching nearly two years since the expiration of my term.”

Prior to joining the FDIC’s board, Norton served as an executive director at JPMorgan Securities. Earlier in his career, Norton also served as deputy assistant secretary for Financial Institutions Policy at the U.S. Treasury Department.

“It has been an honor and a privilege to serve as a Director of the FDIC,” Norton said in his letter to President Obama. “I would like to express my gratitude to you and the members of the Senate for affording me the opportunity to work with the many talented and dedicated public servants at the FDIC.

Norton’s resignation is effective June 5, 2015, the FDIC said.

"Jeremiah has been an extraordinarily effective and influential member of the FDIC Board," FDIC Chairman Martin Gruenberg said. "He has made major contributions to important actions by the FDIC in the wake of the financial crisis. We are grateful for his service, we will miss his thoughtful insights, and we wish him well in his future endeavors."

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