« Kansas City MO – 30 House – PENDING Small-Bulk-Nationwide-May – CLOSED »

WINNING BIDDERS – RECENT AUCTIONS

Three auctions totaling a $421 million pool of assets from previous sale last month.

Two of the offerings arise from the failure of Centennial Bank of Ogden, Utah, which was closed by the Utah Department of Financial Institutions on March 5. Although the FDIC arranged for Zions First National Bank of Salt Lake City to accept Centennial’s direct deposits from the federal government, it was unable to find a buyer for the insolvent bank’s
branches, assets or other deposits.

The first sale features a $12 million portfolio of performing and non-performing loans from Centennial. The 11 loan participations average around $1.12 million each. Nine of the loans, totaling about $7.2 million, are performing. The loans are secured by commercial and residential real estate and other assets.

The portfolio is being marketed by the advisory firm of Mission Capital Advisors LLC. The bid day for the assets was last Tuesday, and the closing date for the sale is May 26.

Mission Capital also is marketing the second Centennial-related offering, a $9.6 million portfolio of performing and non-performing loans and leases. The offering represents a diverse pool of 73 assets, including 48 commercial and industrial or consumer loans, 6 Small Business Administration loans, and 19 unidentified leases. Seventy-eight percent of these assets are performing. The portfolio has a bid date of May 18 and a closing date of June 3.

The third FDIC offering, marketed by Eastdil Secured, includes $11.3 million of performing and non-performing commercial and industrial, SBA and consumer loans. The vast majority of the assets came from Waterfield Bank of Germantown, Maryland which was closed by the Office of Thrift Supervision on March 5.

The bank had only one branch, but conducted extensive business over the internet and via 38 affinity institutions. The Waterfield-related assets total more than $10.7 million and will be bid in three pools. One consists of roughly $3.55 million in commercial and industrial and SBA loans (14 assets). Another consists of $3.81 million in commercial and industrial loans, and the third consists of some $3.35 million in consumer loans (179 assets). The sale announcement did not include information on ratio of performing to non-performing loans. The pools have a bid date of May 18 and a closing date of June 11, 2010.

The auction also includes five consumer and commercial and industrial loans from Carson River Community Bank, of Carson City, Nev., which was closed on Feb. 26. That pool totals about $611,133. Again, the sale announcement offered no information regarding the ratio of performing to non-performing loans.

In related news, the FDIC has announced that Square Mile Capital Management LLC was the winning bidder for a pool of assets from the failed Silverton Bank of Atlanta. The assets consisted mainly of performing hospitality loans and leases, and were auctioned on April 23. The expected closing is mid-May 2010.

Square Mile is getting a 40 percent ownership interest in a public-private partnership that will hold the Silverton assets. It also will have management control over the partnership. The FDIC will retain a 60 percent stake. The FDIC did not disclose the price that Square Mile agreed to pay for its interest.

What Does The Foreclosure Moratorium Mean For Bulk REO Investors

By admin |

No Comments »