GRAND RAPIDS, Mich. (Newschannel 3) - A West Michigan native, who once served as chairman of the FDIC, has passed away.

Bill Seidman died unexpectedly on Wednesday in Albuquerque, New Mexico, after battling a short illness. He was 88-years-old.

Seidman, who was born in Grand Rapids in 1921, went on to have a long career in Washington D.C., but never forgot his West Michigan roots.

He was one of the principal founders of Grand Valley State University in Allendale in 1960, and was most recently in West Michigan last October to speak about the presidential election and the recession.

In the wake of the Savings and Loan crisis in the late 80s, Seidman was the first chairman of the Resolution Trust Company, from 1989 to 1991. While there, he supervised the creation of an agency of 8,000 employees, handling more than $400 billion in assets.

Seidman also served as economic affairs advisor to both Presidents Ford and Regan, and as the chairman of the FDIC from 1985 to 1991. He also received a bronze star for his duties in WWII.

After his career in D.C., Seidman served as the Chief Commentator for CNBC, a consultant for RWB Capital Management, publisher of Bank Director Magazine, and Director of Fiserv and US Order, Inc.

But while he was proud of all that he accomplished in his professional career, Mary Wardrop, GVSU's President of Development, told Newschannel 3 that laying the groundwork for GVSU's success as a university meant the most to Seidman.

"Bill said outside of his family, Grand Valley was the proudest moment, and is his proudest moment, so his legacy will live on and on and on," she said.

Thursday night, GVSU trustees and board members met to remember Seidman in Grand Rapids. Don Lubbers, a former GVSU President, told Newschannel 3 that Seidman's knowledge of the area made his job at GVSU easier.

"His wisdom, his understanding of Grand Rapids and Michigan were exceedingly helpful to me," he said.

GVSU faculty will be organizing a memorial service on campus for Seidman in the near future, but no details have been announced yet.

For Seidman's full biography, check out the "links" section of our homepage.