OKLAHOMA CITY, Aug. 6, 2013 /PRNewswire/ -- First Financial Network, Inc. (FFN) announced today the offering of a $200‐million performing and non‐performing loan portfolio on behalf of a community bank. The portfolio consists of commercial real estate, C&I, agricultural, residential and consumer loans. Approximately one‐third of the loans in the portfolio are performing and the remainder is non‐performing. Due diligence begins on August 19th with bids due on September 17th.
In addition to the $200 million assignment, FFN was also appointed by a money bank center to market $35 million in performing and non‐performing loans concentrated in California, New York and New Jersey. A major portion of the portfolio contains current loans and may be of particular interest to banking institutions. Investor due diligence begins today and bids are due by August 29th.
FFN will market and manage all facets of both the sales and will initiate a highly targeted marketing campaign aimed at procuring sophisticated purchasers in order to obtain maximum value on the portfolios. The company will utilize its industry‐defining online Loan Sale Network™ platform to provide qualified investors with immediate access to due diligence information and the opportunity to place bids. For additional details regarding the offering, please call 405.748.4100 or visit www.firstfinancialnet.com.
Bliss Morris, Founder and CEO of FFN, said, "Over the past two quarters there has been a sharp increase in pricing across all asset classes coupled with a need for community banks to clean up their balance sheets. We have been very busy serving this client segment in the valuation and marketing of both performing and non‐performing loans. Clearly, it's a good time to sell."
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.
First Financial Network, Inc.
Merrie Duncan – 800‐245‐8695 – Email
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SOURCE First Financial Network