BANC ONE AWARDED SERVICE CONTRACT FROM FDIC
COLUMBUS, Ohio, July 12 /PRNewswire/ -- Banc One Corporation (NYSE: ONE), Columbus, Ohio, announced that the Federal Deposit
Insurance Corporation (FDIC) has awarded Banc One Management and Consulting Cop?oration a three-year contract to provide commercial mortgage loan servicing for performing and subperforming mortgage loans.
Under terms of the contract, Banc One Management and Consulting Corporation will be providing, from its headquarters in Dallas, full servicing of performing commercial mortgage loans from various failed banks and savings and loans which are placed in receivership and managed by the FDIC. Loans assigned to Banc One Management and Consulting Corporation under this contract are generally performing in accordance with their respective terms, but there are some loans transferred under this contract that are less than 60 days past due and loans past maturity which are continuing to have payments made. Banc One Management and Consulting Corporation will be responsible for the collection of payments for the reduction of principal and application of interest, full escrow administration, preparation of documentation to perfect security interests, remittance of funds and related documents to the FDIC or applicable trustees, and problem loan workout/foreclosure services. In addition, Banc One Management and Consulting Corporation will re-process loans, as needed, in order to perfect the security interest in defective loans and ensure that collateral documents meet eligibility requirements for the securitization or sale of loans. Under terms of the contract, the FDIC's initial transfer to Banc One Management and Consulting Corporation will be of approximately 5,000 commercial mortgage loans, with a book value of $1.7 billion. Banc One Management and Consulting Corporation is not providing funding or assuming credit risk related to the assets in this transaction. Banc One Management and Consulting has been providing asset management services to the Federal Deposit Insurance Corporation and the Resolution Trust Corporation since January 1990. Through its subsidiaries and direct affiliates, Banc One Management and Consulting Corporation now has responsibility for the management and servicing of over 15,000 assets consisting of loans and REO with a book value in excess of $3 billion. In addition to providing management and servicing of performing and non-performing assets, Banc One Management and Consulting Corporation is actively engaged in providing advisory and consulting services to its clients. Banc One Management and Consulting Corporation is an affiliate of Banc One Corporation which had assets of $70 billion and common equity of $5.7 billion as of March 31, 1993. Banc One now operates 78 banks with 1,340 offices in Arizona, California, Colorado, Illinois, Indiana, Kentucky, Michigan, Ohio,
Texas, Utah, West Virginia and Wisconsin. Banc One Corporation also operates several additional corporations that engage in data processing, venture capital, investment and merchant banking, trust, brokerage, investment management, equipment leasing, mortgage banking, consumer finance and insurance.
-0- 7/12/93 /CONTACT: Michael J. Spoor of Banc One Management and Consulting Corporation, 713-751-6928, or John Russell of Banc One Corporation, 614-248-5989/ (ONE)
CO: Banc One Management & Consulting; Banc One Corporation; FDIC ST: Texas, Ohio IN: FIN SU: CON
AR -- CL006 -- 0361 07/12/93 11:13 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Jul 12, 1993|
|Previous Article:||UAW UNVEILS $30 MILLION WORKERS' COMP COST SAVINGS PROPOSAL; WILL ENABLE STATE SYSTEM TO DEAL DIRECTLY WITH DOCTORS, HOSPITALS|
|Next Article:||EMPLOYEE INVOLVEMENT LINKED TO QUALITY GAINS|