FDIC to Sell $5.7 MM So. Pac. Lease Portfolio

The Federal Deposit Insurance Corporation will sell the remaining $5.7 MM lease portfolio of Southern Pacific Bank. The leases were originated by Southern Pacific BanCapital, a division of Southern Pacific Bank, which was closed by the California Commissioner of Financial Institutions on February 7.

The portfolio consists of 20 middle market leases in two pools--one of lease loans secured by equipment and the leases thereof; the second consists of direct finance leases. One workout agreement and two defaulted leases in the process of liquidation will also be offered.

The process is a competitive sealed bid sale will be conducted by the FDIC, with electronic information available beginning February 24. Hard copy due diligence will be conducted at the former bank location in Torrance, California, from March 3 through March 21. The bid deadline has been set for March 26.

For more information call Louis J. Schneider, FDIC Resolutions and Receiverships Specialist, at 310-791-2578, e-mail lschneider@fdic.gov; or visit the FDIC web site at www.fdic.gov.