The Office Comptroller of the Currency May 9 closed down the Bentonville, AR-based bank for allegedly issuing too many risky loans. The FDIC was appointed as receiver.
According to First Financial's release about the assignment, the performing and non-performing loans are collateralized by a variety of properties, most of which are located in Arkansas. First Financial placed the loans into pools based on type, performance, collateral and geographical location. First Financial Network, led by president and CEO Bliss Morris, didn't return telephone calls by deadline to comment on the offering.
The Oklahoma City-based adviser has set Sept. 9 as the deadline for bids. According to the release, the marketing campaign will target "sophisticated purchasers" to obtain maximum value on the portfolio. The company also is planning to utilize an online trading platform to provide interested and qualified investors with immediate access to due diligence information as well as an electronic option for placing bids.
As receiver for all assets, the FDIC's first move was to clear the way for Pulaski Bank & Trust Co. of Little Rock to assume $212.9 million of the failed bank's insured non-brokered deposits at a premium of 1.011% and acquire $235.9 million of assets, mainly cash, cash equivalents and securities, according to an FDIC press release. The balance of the assets was held for later disposition. ANB's nine branches have since reopened as Pulaski branches.
When it closed, ANB Financial had about $1.6 billion in brokered deposits and $39.2 million in 647 deposit accounts that exceeded the $100,000 federal deposit insurance limit. The depositors have become creditors of the receivership for their uninsured funds.
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