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FDIC Sells $1.5 Billion Loan Portfolio

Diversified Business Strategies, Stearns Bank acquire loans

February 26, 2009

By staff

The Federal Deposit Insurance Corporation has unloaded a giant portfolio of distressed loans.

The bank insurer said today that it closed on a $1.45 billion structured sale of distressed loans to Diversified Business Strategies and Stearns Bank NA.. The portfolio included performing and nonperforming residential and commercial construction loans in distressed markets.

In October 2008, Stearns Bank acquired $343 million in assets of failed Alpha Bank and Trust from the FDIC.

A total of 30 bids were submitted by 18 bidders on the loans. The loans were previously owned by First National Bank of Nevada, which failed in July 2008.

Last month, an investment fund affiliated with Private National Mortgage Acceptance Company LLC announced that it acquired $558 million in First National residential loans from the FDIC.

The deals announced today were done utilizing two "private/public partnership transactions," the FDIC said. The loans were placed into a limited liability corporation, with the FDIC retaining an 80 percent interest in the assets. The two buyers, which currently hold the other 20 percent ownership, will see their interest rise to 40 percent once certain performance thresholds are met.

"These structured sales utilize the asset management expertise of the private sector, while retaining for the FDIC a participation interest in all future cash flows generated by the workout of the assets over time," the statement said.

During the past year, the FDIC has sold around $3.2 billion in assets utilizing private/public partnership transactions.

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