In July 2009, Federal Deposit Insurance Corporation announced a series of bank-only auctions of failed bank assets.  To prepare banks for these auctions, ABA hosted a series of conference calls with the FDIC's loan sale advisors: The Debt Exchange (DebtX) and First Financial Network (FFN).  The conference calls focused on auction details, how to register for an auction, due diligence procedures and the bidding process.

In a related call, the ABA hosted the Federal Deposit Insurance Corporation (FDIC) on a conference call focusing on Whole Bank Acquisitions and Loss Share Agreements.  Click here to access the ABA/FDIC call.

Conference call with First Financial Network – Thursday, October 15, 2009:

To listen to a streaming recording of the ABA/FFN conference call, click here.

To download an MP3 copy of the ABA/FFN conference call, click here.

To download the ABA/FFN conference call materials, click here.

To view the FFN Frequently Asked Questions (FAQs), click here.

Websites relevant to FDIC auctions of failed bank assets:

• First Financial Network (FFN)
  FFN is a loan sale advisor to the FDIC that manages online auctions of failed bank assets.  To participate in an FFN-managed auction, banks must register online with FFN to participate in public whole-loan auctions and bank-only auctions of participation loans.  www.firstfinancialnet.com
  
• The Debt Exchange (DebtX)
  DebtX is the loan sale advisor to the FDIC that manages the online auctions. Banks must register online with DebtX to participate in public whole loan auctions and bank-only participation auctions.  www.debtx.com
  
  
• Federal Deposit Insurance Corporation (FDIC)

  • FDIC Asset Sales
    FDIC's primary webpage dedicated to loans, real estate and other assets for sale
    http://www.fdic.gov/buying/index.html

Schedule of Upcoming Auctions of Failed Bank Assets:

FDIC/First Financial Network Auctions

There are three current or upcoming auctions managed by FNN: Loan Sale PS40932 (participation loans only), FDIC Offering #NFB-09-37B (agricultural loans) and FDIC Offering #IMB-09-33 (mobile homes from the IndyMac portfolio).

Participation Loan Sale PS40932

Due Diligence: October 8, 2009 – November 3, 3009
Bid Day: November 3, 2009 at 1 p.m. Eastern
Closing: November 20, 2009
Aggregate value: $150 million
76 Loan Participations, performing and non-performing
70% performing loans with more than 50% having a balance of greater than $1 million
ONLY FDIC insured banks can participate in this auction

Community Bank of Nevada – Las Vegas, NV
23 loan participations valued at $77 million
Collateral: Land and CRE (office, retail, and industrial) located in AZ, CA, and NV

Bank of Wyoming – Thermopolis, WY
26 loans valued at $12.1 million
Collateral: CRE and single-family lots
Integrity Bank – Jupiter, FL
13 loan participations valued at $26.5 million
Collateral: CRE, single-family lots, and land located in FL, AL, and GA

BankFirst –Sioux Falls, SD
3 loan participations valued at $5 million
Collateral: Gaming loans located in OK, CA, ND

Community Bank of Arizona – Phoenix, AZ
1 loan participation valued at $4.2 million
Collateral: unimproved land

Agricultural Loans - FDIC Offering #NFB-09-37B

Bid Date - October 20, 2009
Only insured financial institutions and other agricultural lenders may participate in this auction

New Frontier Bank - Greeley, Colorado
$250 million in performing and non-performing agricultural loans
Collateral: dairy, feedlot, farmland, and livestock located in Colorado, Florida, and Texas.

IndyMac Manufactured Housing Loans - FDIC Offering #IMB-09-33

Due Diligence – October 26, 2009
Bid Date - November 17, 2009

IndyMac Bank - Pasadena, CA
850 loans, performing and non-performing, valued at $30 Million
- 78% Performing loans
- 22% Non-performing loans
- Weighted average interest rate: 9.0%
- Weighted average maturity: 18.0 years

Collateral is located in 38 states
- 35% Midwestern US
- 30% Western US
- 25% Southeastern US
- 10% Southwestern US