(A previously published version of this story misstated the total amount of Whitman, Colfax, Washington loans contained in the FDIC’s LLC as $5.4 billion. Rather, Thomas Galli has represented different private equity funds to close on 10 of the last 15 commercial real estate and land loan portfolios in FDIC structured transactions, with an aggregate unpaid principal balance of approximately $5.4 billion.)

NEW YORK CITY-After the Bank of Whitman, Colfax, Washington was closed August 5, 2011 by the Washington State Department of Financial Institutions, regulators appointed the Federal Deposit Insurance Corp. as receiver.

Now, following a bidding process, the FDIC has completed the sale of a 25% initial equity stake in a limited liability company it formed to hold the failed bank’s loans. The portfolio has an aggregated unpaid principal balance of $101 million and is primarily located in Washington, Idaho and Utah.