The Federal Deposit Insurance Corp. (FDIC) is poised to recoup more than $1 billion in losses stemming from the credit crisis, Bloomberg reported.

The agency, which is continuing its probe into the financial meltdown, has held off on court action while conducting settlement talks with executives whose actions may have led to bank collapses.

Now the FDIC, which has closed has closed the doors of 294 financial institutions since early 2008, said it is ready to move forward.

“We’re ready to go,” said Richard Osterman, the FDIC’s acting general counsel. “We could walk into court tomorrow and file the lawsuits.”

FDIC investigators take about 18 months to complete their analyses of failed banks, Osterman said, adding that the agency only plans to pursue action against those individuals who have the means to cover all or part of a claim.

“It doesn’t make sense to file a lawsuit if at the end of the day you have a low chance of recovery,” he said.

According to an FDIC spokesman, the recently authorized lawsuits, if filed by the agency and not settled, would claim damages of more than $1 billion.

So far, the FDIC has brought only one case against officers or directors tied to recent bank failures. In July, the agency filed a suit seeking $300 million in damages from four executives of IndyMac Bancorp Inc.