OKLAHOMA CITY, March 18 /PRNewswire/ -- First Financial Network, Inc., (FFN) is pleased to announce that it has successfully closed the loan sale it conducted on behalf of the Federal Deposit Insurance Corporation (FDIC), as Receiver for Miami Valley Bank, Lakeview, Ohio.
FFN marketed and managed the sale of approximately $40 million in primarily residential loans, from Miami Valley Bank, for which the FDIC was acting as receiver. Assets were secured primarily by residential real estate located in Ohio, Michigan, Indiana and Florida.
Bliss Morris, President and CEO of FFN, said, "We were pleased to assist the FDIC with the marketing and sale of these assets. We look forward to conducting additional loan sale offerings on behalf of the FDIC under our five year contract to provide Internet marketing and support services."
At the direction of the FDIC, FFN initiated a highly targeted marketing campaign aimed at attracting qualified purchasers in order to obtain maximum value on the portfolio. Loan sale support services necessary to accomplish this sale on behalf of the FDIC included portfolio analysis, marketing, document imaging, investor due diligence management and all sale closings functions.
FFN utilized its online Loan Trading Platform(TM) to provide qualified investors with immediate access to due diligence information including imaged files, legal documents and the opportunity to place online bids. Investor due diligence began February 4th and an online sealed bid sale was conducted on March 4th, 2008.
The FDIC will post the results of the sale on its website, http://www.fdic.gov/, by the end of the quarter. For more information regarding future loan sale offerings, please call 405.748.4100, or register with FFN at http://www.firstfinancialnet.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 over 28 countries. The nation's leading loan sale advisor, FFN currently serves more top 25 banking institutions than any other firm in the nation. In addition, the company serves as loan sale advisor for agencies of the Federal government, commercial banks, major foreign banks and other lenders. The company's online Loan Trading Platform(TM) and Metrics(TM), an integrated transaction management 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 http://www.firstfinancialnet.com/
Contact: Merrie Duncan
First Financial Network, Inc.
Ph: 800.245.8695
mduncan@firstfinancialnet.com
First Financial Network, Inc.
