Fine Art Capital Changes Its Name to Emigrant Bank Fine Art Finance,
Effective May 27, 2008
Fine Art Finance Highlights Tie to Federally Regulated Lender
NEW YORK (Business Wire EON/PRWEB ) May 27, 2008 --
Fine Art Capital, LLC today announced that it has changed its name to Emigrant
Bank Fine Art Finance, LLC. The new title highlights the company’s
affiliation with Emigrant Bank, the largest privately held bank in the
country. Emigrant Bank Fine Art Finance’s sole
business is making loans collateralized by art and antiques. Its staff,
headquarters location, and ownership remain unchanged.
"We have always been a subsidiary of Emigrant Bank, but it was not
always entirely obvious under our old name. Our clients appreciate the
support, protection and stability that come with an established
institutional partner. Our new name underscores our core identity with
the public,” said Emigrant Bank Fine Art
Finance President Andy Augenblick.
Along with its new name, the company is launching an updated logo that
captures the dynamism of its business melding art and finance. Clients
will be notified of the changes through a series of mailings,
advertisements, online notices and other announcements.
Emigrant Bank Fine Art Finance lends money at competitive bank rates
using art, antiques and fine stringed instruments (such as violins and
cellos) as collateral. The company’s clients
include individuals, art dealers, foundations, museums, trusts and
estates that typically own art and antiques with a minimum insured value
of over $2 million. The company’s loan
programs help clients finance new purchases, create liquidity, build
their inventory, diversify their assets, pay gift and estate taxes, and
facilitate estate planning.
Emigrant Bank Fine Art Finance differs from other lenders in
several key ways. It makes loans collateralized by fine art for up to 20
years, typically with no clean-up provisions. In most cases, clients
keep possession of their art. Unique loan programs can be created for
collections of value outside of the usual realm of art and antiques. For
instance, loans can be collateralized by fine stringed instruments,
coins, stamps, sculpture, rare manuscripts, furniture and decorative
arts. The company does not offer advisory, appraisal or sales services.
It operates exclusively as a lender that focuses on loans secured by
art, antiques and stringed instruments.
For more information on Emigrant Bank Fine Art Finance and its loan
programs, please visit www.emigrantbankfineart.com
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Emigrant Bank Fine Art Finance, LLC
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6 East 43rd Street
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New York, N.Y. 10017
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T: 212-850-4500
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F: 212-850-4503
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About Emigrant Bank
Emigrant Bank was established in New York in 1850 as a mutual savings
bank. As of December 31, 2007, Emigrant’s
affiliated regional banks have approximately $14.3 billion in assets and
more than $1.0 billion in net worth, operating through 35 branches in
the New York metropolitan area. Emigrant’s
financial strength continues to earn the bank top performance ratings
from major independent rating services, including IDC Financial
Publishing, Inc. (Excellent). Both State and Federal regulators regulate
Emigrant Bank. All deposits are insured by the FDIC up to the legal
limit.
www.emigrant.com/aboutus.shtml
See the original story at: http://eon.businesswire.com/releases/fine_art/emigrant/prweb974854.htm
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