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OKLAHOMA CITY, OK-The closing of several banks is leading First Financial Network to bring two loan portfolios totaling $602 million to market. Both portfolios are backed by mainly performing commercial and residential assets.

One portfolio, which is being marketed on behalf of the FDIC, consists of 722 commercial real estate, industrial and residential loans totaling $485 million. The loans, which were originally held by the just-closed Silver State Bank in Henderson, NV, is backed by assets in Arizona and Nevada. More than 76% of the portfolio is currently performing.

The other portfolio consists of $117 million worth of SBA loans originated by First National Bank of Nevada, First Heritage Bank N.A., Silver State Bank and ANB Bank. The FDIC is also acting as a receiver for this portfolio, which consists of 657 SBA loans, backed by commercial and industrial real estate assets in Arizona, Nevada, Texas, Florida and Arkansas. The collateral is made up of 50% commercial real estate assets, 9% residential assets and 38% unsecured assets.

Both portfolios will have loans pooled according to originating institution, loan type, performance, collateral, borrower relationship and even location.

A spokeswoman with the locally based First Financial Network says the portfolios don’t represent the entire holdings of the closed-up banks. The FDIC is also taking some of the assets, though she could not say what the status of those loans might be.

Due diligence on the $485 million portfolio will begin January 26, with bids due on March 3, while due diligence on the SBA portfolio begins Jan. 19, with bids scheduled for Feb. 17. The spokeswoman tells GlobeSt.com that both offerings will likely generate a lot of interest.

Nor are these two collections the only ones in First Financial Network’s pipeline. The company will bring to market another loan portfolio, this one backed by mostly residential assets, late in the first quarter of 2009.

Perhaps unsurprisingly, the spokeswoman predicts it will be a busy year for First Financial Network, especially given the economy. “We’re seeing a lot more of these coming to market than we did a year ago,” she adds. “We’re already bringing close to one billion in loans to the market, which is well above what we did last year at this time.”

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