The federal fund that insures deposits at savings and loans is getting its third director in five months, the agency that regulates S&Ls announced yesterday.

Thurman C. (Sam) Connell will become acting director of the Federal Savings and Loan Insurance Corp., which insures S&L accounts up to $100,000, on May 10, the Federal Home Loan Bank Board said.

Connell will perform his new job at FSLIC and keep his current position as executive vice president and chief supervisory agent of the Federal Home Loan Bank of Atlanta.

The bank board oversees the insurance fund and the 12 regional Federal Home Loan Banks, which lend money to S&Ls and make sure that institutions comply with bank board regulations.

Connell will replace FSLIC's current acting director, Angelo A. Vigna, who is executive vice president and chief supervisory agent of the Federal Home Loan Bank of New York.

Vigna, who will return full time to the New York district bank, replaced Peter O. Stearns, who resigned as director of FSLIC Dec. 2 to become a consultant in New York. A bank board spokeswoman said she did not know when a permanent director would be named.

Vigna told bank board Chairman Edwin Gray in March that he intended to resign as acting director.

The stock of Federal Home Loan Banks is owned by S&Ls, so the banks technically are not federal agencies. So, officers of the district banks are not subject to the federal pay cap of $73,600.

Connell will draw his district bank salary rather than the $68,000-plus that a permanent FSLIC director would get. Industry sources say the pay for executive vice presidents at the institutions is at least $100,000 a year.