FDIC Announces Asset Purchaser/Investor Outreach Workshops

FDIC Subscriptions sent this bulletin at 09/21/2012 10:16 AM EDT

Press Release

FDIC Announces Asset Purchaser/Investor Outreach Workshops 

FOR IMMEDIATE RELEASE
September 21, 2012
Media Contact:
LaJuan Williams-Young 
(202) 898-3876 (Office)
Email: lwilliams-young@fdic.gov

 

The Federal Deposit Insurance Corporation (FDIC) is conducting a series of outreach workshops to provide information on how to invest in or purchase assets retained from failed financial institutions. The three workshops will be held in Chicago on September 27th, Los Angeles on October 2nd, and New York on October 16th.

The FDIC has failed bank assets available for acquisition by depository institutions, investors and asset purchasers. Some of these assets have been designated for inclusion in the structured sales program. To ensure diverse participation in the structured sales program, the FDIC welcomes and strongly encourages minority- and women-owned investors and asset managers to participate and/or partner in bidding on the equity interests sold to investors under the program.

"Our outreach workshops have been met with tremendous enthusiasm by investors. The workshops are an example of our commitment to ensure that the structured sales transaction process is inclusive of all firms, large and small. We believe that expanding the investor pool will assist in minimizing losses to the Deposit Insurance Fund," said Pamela Farwig, Deputy Director, Division of Resolutions and Receiverships.

The half day workshops will run from 8:00 a.m. until 1:00 p.m. The workshops will cover: the creation and operation of structured sales transactions; the pre-qualification process, including a discussion about the transactional documents necessary to bid; details about the Small Investor Program and Investor Match Program; and information on how to participate in cash loan sales and real estate sales.

All investors, especially small, minority- and women-owned investors who are interested in buying or investing in assets are encouraged to register for the workshops. The format is created to be of interest to equity managers, fixed income managers, hedge fund managers, private equity firms, real estate funds, broker dealers, other financial service investors and asset purchasers, and firms seeking to partner with minority- and women-owned businesses.

Interested parties with questions may contact Velda Fludd at (703) 562-6071 or Kay Simon at (703) 562-2698. Registration forms are available at the following:

The FDIC is responsible for disposing of assets from failed banks in the most efficient and cost-effective manner possible. These workshops are sponsored by the FDIC's Office of Minority & Women Inclusion and the Division of Resolutions and Receiverships.

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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 7,246 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-107-2012



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