First State Bancorp., Albuquerque, N.M., has announced the sale of 194 residential mortgage loans that were obtained in the acquisition of First Community Industrial Bank in 2002.The loans, which were sold at 97.75 to unrelated third parties, had a carrying value of approximately $38.5 million, the company said. Michael R. Stanford, president and chief executive officer of First State, said the sale was part of the company's strategy of "repositioning our loan portfolio in Colorado and Utah with a greater focus on commercial lending." The company can be found online at http://www.fsbnm.com.
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