More ANB Loans Put up for Bid
by February 9, 2009 12:00 am 91 views
First Financial Network Inc. announced Feb. 2 an offering of $120 million in SBA loans of four recently failed banks, including loans from the former ANB Financial NA of Bentonville.
FFN is based in Oklahoma City and is marketing the portfolio on behalf of the Federal Deposit Insurance Corp., which is acting as the receiver for ANB and other failed banks.
According to a news release about the sale, the portfolio contains about 657 performing and non-performing SBA 7(a), SBA Business Express and SBA 504 loans. Qualified investors can perform due diligence online and the final bid date is March 10.
Merrie Duncan, spokeswoman for FFN, said the portfolio contains about $7.8 million in SBA loans from ANB.
About 6 percent of the loans are collateralized properties in Arkansas, with about 40 percent in Arizona, 16 percent in Nevada, 12 percent in Texas and another 6 percent in Florida.
Under its original name, which was Arkansas National Bank, ANB Financial was one of the top SBA lenders in the state. In 2004, the bank topped the Northwest Arkansas Business Journal’s list of Largest SBA Lenders with a total of $8.33 million loaned during the previous year.
In 2007, ANB made 17 SBA loans in the state with a total value of $7.32 million.
FFN has bundled a total of $357.1 million in loan value out of ANB since mid-2008. The majority of those were commercial, residential and consumer loans.