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Press Releases DEBTX TO SELL $424 MILLION IN LOANS FOR FDICFDIC Selects DebtX to sell $424 Million in loans BOSTON, September 24, 2008 DebtX, the largest online marketplace for commercial loans, today announced it has been engaged by the Federal Deposit Insurance Corporation (FDIC) to sell more than $424 million in loans from two FDIC receiverships. On November 5, DebtX will sell $154 million in Commercial Real Estate (CRE), Commercial & Industrial (C&I) and consumer loans originated by First Priority Bank, Bradenton, Florida, which was closed recently with FDIC named receiver. The portfolio is approximately 50% performing, with $120 million in CRE, $16 million in C&I and $18 million in consumer loans. Due diligence materials will be available online at www.debtx.com beginning October 7. In late November, DebtX will sell $270 million in CRE, C&I and residential loans originated by The Columbian Bank & Trust, Topeka, Kansas, which was closed recently with FDIC named receiver. The portfolio is approximately 75% performing, with $126 million in CRE, $121 million in C&I and $23 million in residential loans. Due diligence materials will be available online in late October. “DebtX expects strong interest from buyers in the U.S. and abroad for this latest transaction we’re conducting on behalf of the FDIC,” said DebtX CEO Kingsley Greenland. “For investors, the whole loans for sale at DebtX represent a wide range of opportunities to purchase high-quality or distressed loans. DebtX’s marketplace remains highly liquid despite the recent turmoil in the financial markets, and we continue to clear successful loan sales in the regular course of business.” DebtX, which signed a five-year agreement with the FDIC in December 2007 to sell assets out of FDIC receiverships, is conducting an extensive marketing outreach to U.S. and global investors. Qualified investors can register to view and bid on the assets at www.debtx.com or call 617-531-3400 for more information. With more than 4,000 registered and approved investors and approximately 300 financial institutions selling through its exchange, DebtX operates one of the world’s largest and most liquid online marketplaces for loans. DebtX works with financial institutions to sell Commercial & Industrial (C&I), Commercial Real Estate (CRE), residential and consumer loans. DebtX is based in Boston, with offices in Atlanta, Chicago, New York, San Francisco and Frankfurt, Germany. About DebtX Media Contact |
