FDIC as one of four national strategic partners to join in the recovery efforts of non-performing assets from failed banks.
Phoenix, AZ and Minneapolis, MN (PRWEB) March 07, 2012 SMS Financial, LLC (SMS) and Compendium Business Strategies, LLC (CBS) were selected by the Federal Deposit Insurance Corporation (FDIC) as one of four national strategic partners for an initial five-year agreement. The partnership will own portfolios of non-performing bank loans acquired by the FDIC from failed financial institutions, with SMS/CBS providing all aspects of asset management, recovery and servicing.
“After an extensive application and vetting process involving dozens of qualified candidates, we were honored to have been selected to partner with the FDIC, and look forward to a mutually beneficial relationship,” stated Ben Myers, Founding Member of SMS.
Julie Tanaka, CEO of CBS stated: “we are thrilled to be collaborating with SMS and the FDIC and look forward to continuing our strategy of assisting financial institutions in their recovery and disposition of distressed assets. Our responsibility will be to recover losses for the FDIC which ultimately benefits the taxpayers.”
As of March 2nd, 12 banks have closed in 2012. The FDIC expects failures from 2011 through 2015 to cost $19 billion. Washington Post, March 2, 2012. Founded in 1993, SMS specializes in the acquisition and collection of distressed bank assets through the entire recovery lifecycle. Since its inception, SMS has acquired and serviced assets in excess of $1 billion in book value from the FDIC and many of the nation’s major financial institutions. For additional information, please visit http://www.smsfinancial.net.
CBS is a minority and women owned business (MWOB) based in Minneapolis, Minnesota and collaborates with banks, special servicers and investors to restructure and dispose of distressed assets with a specialty in distressed commercial real estate assets and loan portfolios. CBS also advises banks on restructuring and alternative strategies for disposition of distressed assets. CBS and its strategic partners closed on over $100 million in distressed assets in 2011. For additional information, please visit http://www.compendiumbiz.com.
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 7,000+ banks and savings associations.
