The Bank of Union Loans Up for Sale
OKLAHOMA CITY, April 9, 2014 /PRNewswire/ — First Financial Network, Inc. (FFN) announced the offering of a $174 million performing and non-performing loan portfolio. The portfolio is being marketed on behalf of the Federal Deposit Insurance Corporation (FDIC) and includes loans from the recently failed The Bank of Union, El Reno, Oklahoma for which the FDIC is acting as Receiver.
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The portfolio consists of approximately 511 C&I, agricultural, residential, commercial real estate and consumer loans. Online due diligence is currently available to qualified bidders with bids due on May 6th at www.ffncorp.com. The loans have been stratified into pools based on collateral type and performance.
Bliss Morris, Founder and CEO of FFN, said, "Over the past three quarters there has been a steady increase in pricing across all asset classes. We look forward to marketing these assets on behalf of FDIC and are confident that this offering will garner significant secondary market interest."
For additional details regarding the offering, please call 405.748.4100 or visit www.ffncorp.com.
About First Financial Network
Since its founding in 1989, FFN has defined the loan sale industry, selling billions of dollars in loans and other assets in 28 countries. In addition to loan sales, the company provides data normalization, loan file imaging and indexing, loan valuation, compliance reviews and due diligence services to banks, agencies of the Federal government, foreign banks and other lenders. The company's online Loan Sale Network™ platform and Metrics, an integrated due diligence analytics system, are used in conjunction with exceptional marketing techniques to achieve optimal value in today's secondary market. For further information, call 405.748.4100 or visit www.ffncorp.com.
Contact:
Merrie Duncan – 800-245-8695 – Email