FDIC calls in 'Mr. Fix-it' to run First City. (Federal Deposit Insurance Corp. assigns Edward G. Harshfield to manage New First City Banks)

WASHINGTON, D.C.-- A Washington banker nicknamed "Mr. Fix-it" has been tapped by the Federal Deposit Insurance Corp. to manage 20 failed banks in Texas.

Edward G. Harshfield, 55, has been a turnaround artist for a number of large corporations, including subsidiaries of Ford Motor Co. and Pepsico Inc. He'll be paid $25,000 a month by the FDIC to run New First City Banks for the next four months.

Harshfield was chosen by the FDIC's board of directors as the person who can preserve the financial integrity of the banks while they are being marketed.

The 20 banks -- including one in Dallas -- were all owned by First City Bancorporation of Texas Inc., based in …