The portfolio is being marketed on behalf of the Federal Deposit Insurance Corporation (FDIC) and includes loans from the recently failed First National Bank of Nevada and First Heritage Bank, Silver State Bank and ANB Bank for which the FDIC is acting as receiver.
First Financial Network will market and manage all facets of the sale of approximately 657 performing and non-performing small business administration (SBA) 7(a), SBA Business Express and SBA 504 loans to bid on March 10, 2009. The majority of the collateralised properties are located in Arizona, Nevada, Texas, Florida and Arkansas.
The loans are secured by various commercial real estate, commercial and industrial (C&I) and residential properties. The portfolio will be stratified into pools based on originating institution, SBA loan type, performance, collateral type, borrower relationship and location.
Bliss Morris, president and CEO of First Financial Network, said: First Financial Network anticipates continued strong secondary market interest for this SBA loan portfolio comprised predominantly of commercial real estate and C&I loans. We continue to see high demand for both performing and non-performing loans across all asset classes as evidenced by the successful closing of several major transactions conducted by First Financial Network in the fourth quarter.
