First Bancorp Completes $75 Million Asset Sale

First Bancorp Completes $75 Million Asset Sale

  • Posted: 05/6/2013
  • Castle Creek

NEWPORT BEACH, Calif.–(Marketwired)–Sabal Financial Group, L.P., a diversified financial services firm, announced its participation in the acquisition by its client of a real estate and land loan portfolio valued at $75 million in unpaid principal balance. Sold by First Bank in Troy, North Carolina, the loan portfolio consists of both performing and non-performing residential development and land based assets.

“This portfolio is indicative of the type of assets that we strive to help banks offload and bring under management for our clients,” said R. Patterson (“Pat”) Jackson, chief executive officer of Sabal Financial Group. “Our team of real estate experts is able to apply a patient approach to work out each asset’s individual real estate business plan, while giving the bank the opportunity to get back to the business of banking.”

The acquired portfolio includes 290 performing and non-performing assets located across the Southeastern United States. The majority of the assets represent land and residential development loans. Many of the loans were casualties of the region’s recent and prolific real estate downturn, with a cross section of prime assets along coastal regions.

“This was an effective trade for our institution with Sabal helping to bring transparency, certainty of close and a fair price for the assets,” said Richard Moore, chief executive officer of First Bank. “In handing these assets over to real estate workout experts, we have improved our balance sheet and enabled our staff to focus on our core banking business.”

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