NOVA Bank Loans Up for Sale by First Financial Network
First Financial Network announced an $85 million loan sale of several assets held by the failed NOVA Bank for which the Federal Deposit Insurance Corp. is acting as receiver.
The NOVA bank loans are being offered for sale to prospective investors and buyers in two separate portfolios based on asset class.
The first portfolio consists of 13 performing and nonperforming bank loan participations totaling nearly $20 million for which NOVA Bank was the lead lender. In this portfolio, the loan participations are secured by commercial real estate properties located primarily in Pennsylvania with the largest loan having an unpaid principal balance of $3.6 million.
FFN said the loan participations for the first portfolio will be sold on an individual basis to FDIC-insured institutions only.
The second portfolio is made up of approximately 500 performing and nonperforming commercial real estate, residential, C&I, asset based lending and home equity lines of credit loans and nonlead loan participations. Overall, these loans total about $65 million.
The loans in this portfolio feature properties that are based in Pennsylvania, New Jersey, New York and Florida. Unlike the first portfolio, this offering is open to all investors that meet FDIC’s vetting requirements.
“NOVA Bank and its 12 branches were closed in October of last year, opening up the door for two offerings that represent an excellent acquisition opportunity both locally in the Philadelphia area and nationally for investors and banking institutions,” said Bliss Morris, founder and CEO of First Financial Network.
The Oklahoma City-based loan sale advisor will utilize its loan sale network platform to provide qualified investors with immediate access to due diligence information and the right to place bids for these assets. Bids are due by March 5.