The Oklahoman
First Financial Network, Inc. (FFN) announced the start of due diligence for the sale of $47 million in loans on behalf of the Federal Deposit Insurance Corporation (FDIC). The portfolios consist of loan participations, commercial real estate and agricultural loans held by the failed Bank of Whitman in Colfax, WA, for which the FDIC is acting as Receiver. Utilizing its proprietary Loan Sale Network platform, FFN will market and manage all facets of the sale that is set to bid on November 15, 2011. The Bank of Whitman loans are being offered in two separate portfolios based on asset class in order to maximize participation.
The first portfolio consists of four performing back loan participations secured by medical offices, industriand hospitality properties with the largest loan having an unpaid principal balance of over $9 million.
The performing loan participations will be sold on an individual basis and are available to FDIC-insured institutions only.
The second portfolio consists of 12 performing and non-performing loans secured by collateral located primarily in Washington State.
The largest loan, which has an unpaid principal balance of more than $10 million, is secured by senior housing.
The remainder of the loans in this offering are collateralized by various commercial real estate and agricultural land assets. This offering is open to all investors that meet FDIC’s participation requirements.
According to Bliss Morris, founder and CEO of FFN, “The bank, which served rural Washington State, closed its 12 branches in August of this year, opening up the door for two offerings that represent an excellent acquisition opportunity both locally in the Washington area and nationally for investors and banking institutions.”