Stearns Bank Acquires $730 Million Loan Portfolio
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Stearns Bank Acquires $730 Million Loan Portfolio from FDIC
February 27, 2009. Stearns Bank, N.A. acquired a $730 Million loan portfolio from the FDIC. The purchased loans are for properties in the states of Arizona, Nevada, California and New Mexico and came from the former First National Bank of Arizona and Nevada.
Stearns Bank and the FDIC are partnering on these loans and they will be serviced and managed by Stearns Bank. When asked about taking on such a risk during these economic times, Chairman and CEO Norman C. Skalicky stated, “We have been preparing for opportunities, such as this, since late 2006. We began to curtail lending and increase our capital ratios and really focused on this beginning in August 2007. One of our main strategies during that time was to be prepared to capitalize on opportunities prior to the end of this banking cycle.” Skalicky went on to say, “We think that it’s the noble thing to do to contribute to our Nation’s overall economy. These distressed assets need to be flushed out of the system.”
Contact Information:
Norman Skalicky or Harley Vestrum
Stearns Bank N.A.
Direct: 320-650-2386
Email: harleyv@stearns-bank.com
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