First Marblehead (FMD) Exploring Sale of Bank Subsidiary
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The First Marblehead Corporation (NYSE: FMD) affirmed that its subsidiary, Union Federal Savings Bank, has completed the sale of its remaining private education loans held for sale. As a result of the sale of the portfolio, Union Federal no longer carries any private education loans on its balance sheet.
The loans, which had an aggregate carrying value of approximately $6.6 million as of September 30, 2009, were purchased by a newly formed trust affiliated with First Marblehead. Sale proceeds to Union Federal were approximately $3.7 million. Union Federal's equity capital following the transaction was approximately $44.4 million.
As previously announced at First Marblehead's annual meeting of stockholders, First Marblehead has begun examining strategic alternatives for Union Federal, including a potential sale.
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