FDIC TO MARKET $42 MILLION LOAN PORTFOLIO
FROM THE FAILED BANK OF ALAMO, ALAMO, TENNESSEE
FOR IMMEDIATE RELEASE PR-121-2002 (11-12-02)
Media Contact: Frank Gresock (202-898-6634)
The Federal Deposit Insurance Corporation (FDIC) has announced that it will immediately market a $42 million loan portfolio from the failed Bank of Alamo, Alamo, Tennessee. The portfolio consists of performing and non-performing consumer, commercial, commercial real estate and agricultural loans.
Investor due-diligence will take place from December 2-13, 2002, at the FDIC's offices in Dallas, Texas.
The Bank of Alamo, with approximately $69.4 million in assets and $55.3 million in deposits, was closed on November 8, 2002, by the FDIC. The FDIC Board of Directors had issued an order authorizing the FDIC to place the institution in receivership by exercising its self-appointment powers granted by Congress in 1991. As receiver, the FDIC retained the majority of the assets of the failed institution.
Parties interested in receiving sales information about the loan portfolio should contact Lisa Gambal in the FDIC's Loan Sales Department at (972) 761-8219 or via e-mail at email@example.com.
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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 9,480 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars - insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov or through the FDIC's Public Information Center (800-276-6003 or (703) 562-2200).