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December Sale In Works for $500M Loan Stack

SCOTTSDALE, AZ-First Financial Network sets Dec. 16 to sell the commercial loan stack of the failed First National Bank Holding Co. The 55 loan pools include seven gaming properties.

By Connie Gore | Updated on November 04, 2008

SCOTTSDALE, AZ-The failed First National Bank Holding Co.’s $500-million loan portfolio will be sold Dec. 16. The commercial package has been divvied into 55 pools based on collateral type, geography and performance.

Eighty percent of portfolio is categorized as performing loans. Merrie Duncan, marketing director for Oklahoma City-based First Financial Network Inc., tells GlobeSt.com that the pool mix includes seven gaming loans totaling nearly $66 million that will be individually offered. “That’s an interesting spin on this portfolio,” she says.

Thirty-seven percent of the portfolio’s properties are located in Arizona, 36% in Nevada, 15% in California and the balance scattered throughout other western and southwestern states. Duncan says the portfolio will be marketed to First Financial’s traditional wholesale loan buyers, commercial real estate investors and financiers of gaming properties.

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