Sabal Financial Group has bought a $158 million loan portfolio of the failed FirsTier Bank of Louisville, Colorado, GlobeSt reports. The portfolio consists of performing and non-performing commercial real estate loans and commercial acquisition, development and construction loans and credit facilities.
The acquisition represents the commercial loan component of a larger $297 million loan sale mandated by the Federal Deposit Insurance Corp. for the assets of FirsTier. The firm has hired industry veteran Rick Brown as portfolio manager to oversee the acquisition, development and construction loan portfolios.
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