FIRST FINANCIAL NETWORK JOINS BANK ASSETPOINT COMMUNITY
ARLINGTON, VA (April 7, 2014) -- Promontory Interfinancial Network, LLC, today announced that First Financial Network, a leading loan sales advisor, has joined as a participant on Bank Assetpoint.
Headquartered in Oklahoma City, OK, First Financial Network helps banks in the valuation, marketing, and sale of commercial, residential, and consumer loans.
“Like us, First Financial Network works with banks of all sizes,” said Richard Walter, Senior Managing Director of Promontory Interfinancial Network and head of Bank Assetpoint. “We could not be more pleased that First Financial has chosen to work with us.”
Promontory launched Bank Assetpoint nationally in October 2013. More than 6,000 participants – including more than 1,200 banks, the five largest national commercial real estate brokerage firms, and thousands of buyers – have registered for Bank Assetpoint. Eligible participants are able to post or search listings for a wide range of performing and non-performing bank assets, including commercial and industrial loans, consumer loans, real estate loans, and other types of loans and bank-owned commercial real estate. In addition to being a marketplace for assets, Bank Assetpoint serves as a marketplace for connections. Banks and other participants can connect though the Assetpoint Community with brokers, loan sale advisors, and other specialty service providers that can facilitate transactions and provide other valuable solutions.
“Founded 25 years ago as the first loan sales advisory firm in the U.S., First Financial Network has assisted in the sale of billions of dollars of loans, and in 2013 it had a close rate of more than 98 percent, ” said Bliss Morris, Founder and CEO of First Financial. “As a participant of Bank Assetpoint, First Financial is able to interact with the community in a number of ways, and doing so creates valuable opportunities for us.”
Bank Assetpoint is operated by Assetpoint Services, LLC, a wholly owned subsidiary of Promontory Interfinancial Network, LLC. Over the past decade, more than 3,000 financial institutions have participated in Promontory’s network by using one or more of its deposit allocation services, such as CDARS®, the Certificate of Deposit Account Registry Service®; ICS®, the Insured Cash Sweep® service; and IND®, the Insured Network Deposits® service. These institutions represent approximately 40 percent of the banks in the United States.
Senior Vice President, External Affairs
Promontory Interfinancial Network, LLC