FDIC fields bids on AmTrust, winner to be announced in coming weeks
The Federal Deposit Insurance Corporation has received all bids in the auction of AmTrust Bank, communications representative Greg Hernandez told HousingWire today. He could not disclose which companies extended bids for the deal, but did say the FDIC was in the process of finalizing closing dates. The announcement on the AmTrust bid winner will be released in the next week or two. MetLife Bank was rumored to have a bid in on the deal, but spokesman David Hammarstrom said, "Our policy is we don't comment on rumor and speculation in the market place. We have absolutely no comment at all about the situation." The FDIC took over AmTrust in December 2009 when the bank failed. The bank had 200 loans with an unpaid principal balance of $1.3 billion and 80 REO properties worth $382 million at its time of closing. REO Insider reported that PMO Loan Acquisition Venture, a joint venture between Toll Brothers, Milestone Merchant Partners and other funds managed by Oaktree Capital Management, will purchase a $1.7 billion portfolio of AmTrust's assets. In mid-July, the FDIC sold $898 million of distressed AmTrust assets to Residential Credit Solutions, CarVal Investors and RBS Financial Products. Write to Christine Ricciardi.