Edison, NJ (PRWEB) December 21, 2011
First Investors Federal Savings Bank, a federally chartered savings institution, announced the completion of a sale of its loan portfolio to a private investment fund along with the assistance of Newport Capital Bancorp, LLC. The sale was completed on November 14, 2011, and while the amount of the transaction was not announced, the sale represented all of the loans owned by First Investors Federal Savings Bank.
First Investors Federal Savings Bank, established in 1868 as the City of Burlington Building and Loan Association, has been a member of the FDIC since June 1960. It is headquartered in Raritan Plaza 1, Edison New Jersey.
Kathryn S. Head, Chairman and CEO of First Investors Federal Savings Bank, said, “The sale of this portfolio completes the disposition of the Bank’s loan assets. This sale was completed after rigorous due diligence by the purchaser and Newport Capital Bancorp. All of the parties involved helped us achieve a satisfactory outcome.”
Newport Capital Bancorp, LLC is based out of Newport Beach, CA with additional offices in Denver, Colorado and Chicago, Illinois. Newport Capital invests in community banks as well as investing in and assisting in portfolio transactions related to bank portfolio dispositions.
John Vasquez, Chairman of Newport Capital Bancorp, said, “We were happy to assist First Investors in the sale of its final loan assets. The efficient disposition of their assets shows that the Bank did a good job building a portfolio of quality assets. Also, the market place is willing to review and acquire portfolios such as these from smaller institutions and not just larger regional or national institutions.”
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