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Industry News

FFN Offers $85Mln of Loans for Failed Bank

January 25, 2013

First Financial Network Inc., whose contract to sell loans on behalf of the FDIC was recently extended for another five years, has been tapped to offer $85 million of mixed-quality loans that the agency assumed from the failed Nova Bank in Berwyn, Pa.


First Financial Network Inc., whose contract to sell loans on behalf of the FDIC was recently extended for another five years, has been tapped to offer $85 million of mixed-quality loans that the agency assumed from the failed Nova Bank in Berwyn, Pa.

The Oklahoma City loan-sales adviser is offering the portfolio of 513 loans through two pools. The first contains 13 performing and nonperforming loan participations totaling $20 million for which Nova was the lead lender. The participations are backed by commercial properties in Pennsylvania, with the largest having a balance of $3.6 million. Because they’re participations, First Financial will offer them only to other banks.

The second pool, with a balance of $65 million, consists of 500 mixed quality commercial real estate, residential and business loans, as well as other consumer credits. Collateral properties are in Pennsylvania, New York, New Jersey and Florida.

Nova Bank, which had $483 million of assets, failed in October. The FDIC was unable to find a buyer, so it will eventually offer all the bank’s assets. First Financial plans to take offers for the portfolio on March 5. For additional details, call (405) 748-4100.

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