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Published: August 27, 2008

First Financial to sell loans for U.S. bank

First Financial Network Inc., the nation's leading loan sale adviser, will offer more than $75 million in nonperforming commercial real estate loans on behalf of a U.S. banking institution.

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The portfolio announced today consists of over 200 loans secured by various types of commercial real estate primarily in the southeast, midwest and southwest United States. Property types include commercial, retail, residential, land and multifamily.

Investor due diligence is scheduled to begin Aug. 29 and bids will be taken Sept. 25. First Financial is marketing four loan portfolios totaling nearly $400 million, Chief Executive Bliss Morris said.

"That number will more than triple in the near term as we have over $1.3 billion in transactions slated over the next two quarters,” Morris said. "This increase in secondary market activity is representative of the changing economic conditions resulting from the general decline in the credit markets.”

Founded in 1989, Oklahoma City-based First Financial Network is the most experienced U.S. loan sale advisory firm, having originally assisted the Resolution Trust Corp. with the disposition of billions in loans during the bailout of the savings and loan crisis.

Piedmont bank hires new vice president

F&M Bank of Piedmont has hired Beth Parrett as vice president.

Parrett formerly was with First Fidelity and has 20 years experience in financial services.

Accounting firm adds two employees to staff

Hyde & Co. CPAs PC recently added two employees.

Judy Rutledge is the company's new payroll supervisor, and Cindy Finley has accepted a position as office manager.

Hyde & Co. started in 2002 with four employees and has grown to 16.

As payroll supervisor, Rutledge's responsibilities include managing the processes of the payroll department and ensuring client payroll checks are accurate and timely. Rutledge has more than 20 years in payroll management and employee benefits.

Finley, who has worked in education, counseling, real estate and customer service, is responsible for running the administration department. Finley is also responsible for quality assurance in all administrative areas.

Hyde & Co. is an Oklahoma City-based certified public accounting firm that provides a variety of services including certified audits, accounting, tax planning and representation, payroll, chief financial officer services and litigation support.

Citigroup must repay its customers $18M

NEW YORK — Citigroup Inc. will pay nearly $18 million in refunds and settlement charges for taking $14 million from customers' credit card accounts, California's attorney general said Tuesday.

Citigroup will make refunds to the 53,000 customers affected, and pay $3.5 million in damages and civil penalties to the state of California, which had been investigating the questionable practices for three years, the attorney general said.

The bank will also pay 10 percent interest to California customers, who accounted for $1.6 million of the money "swept” out of accounts and into a Citi fund between 1992 and 2003.

Citigroup's "account sweeping program” automatically removed positive balances from customers' credit card accounts, Attorney General Edmund G. Brown Jr. said. For instance, if a customer double-paid a bill by mistake or refunded a purchase for credit, that positive balance was then taken from the customer without notification, Brown said.

Citigroup, however, said in a statement that it voluntarily stopped the computerized "sweeping” practice in 2003 and that it also voluntarily began refunding customers before the settlement.

From Staff Reports

Related Topics: Business, Real Estate