ABA endorses Bank Assetpoint, a new nationwide online marketplace for bank assets.
THROUGH ITS CORPORATION FOR AMERICAN BANKING SUBSIDIARY, the ABA
has endorsed Bank Assetpoint, a new nationwide online marketplace that
connects banks and other participants looking to buy or sell performing
or distressed bank assets.
Promontory Interfinancial Network, which provides the new Bank
Assetpoint service through a wholly owned subsidiary, recently announced
the service’s beta launch.
Banks, real estate brokers and other participants in the commercial
real estate and bank loan markets can use the Bank Assetpoint service to
post or search listings for a wide range of assets, including bank-owned
commercial real estate, performing and nonperforming loans, loan
participations and pools of loans. In addition, banks will be able to
use Bank Assetpoint to find specialty service providers, such as asset
appraisers, real estate brokers and loan sale advisers, based on
specific search criteria.
The Bank Assetpoint service also includes a virtual data room
feature powered by Intralinks, which allows sellers of bank assets to
post and control access to confidential content about assets for use by
buyers in performing due diligence.
Promontory noted that Bank Assetpoint posting fees are generally
waived for an introductory period through December 31, 2013. Moreover,
in recognition that financial institutions have faced difficulties in
disposing of assets acquired before the financial crisis, posting fees
for pre-2009 assets are waived indefinitely.
Bank Assetpoint is operated by Assetpoint Services, LLC, a wholly
owned subsidiary of Promontory Interfinancial Network, LLC.
Approximately 3,000 financial institutions participate in
Promontory’s network by using use one or more of its deposit
allocation services. (www.bankassetpoint.com)