BANK ASSETPOINT CELEBRATES ONE-YEAR ANNIVERSARY

ARLINGTON, VA (December 5, 2014) – Bank Assetpoint®, a nationwide marketplace for bank assets that provides access to new assets, services, and opportunities, today highlighted momentum and achievements from its first year of operations.

Since Bank Assetpoint launched in late 2013, the number of participants has grown to almost 10,000, including thousands of real estate brokers; five of the six largest national commercial real estate brokerage firms; more than 1,300 banks nationwide; and thousands of other financial institutions and high-net-worth individuals.

More than 13,000 listings covering over 34,000 assets – both distressed and performing – were posted through the marketplace. These secondary market listings have ranged from bank-owned commercial real estate (CRE) properties to a variety of performing loans, including CRE, retail, multifamily, and C&I, as well as others.

“We dedicated Bank Assetpoint’s first year to helping unwind, at no cost to banks, the Other Real Estate Owned on their balance sheets lingering from the 2008 crisis, and it was clearly a year of exceptional growth,” said Richard Walter, Senior Managing Director at Promontory Interfinancial Network, the company behind Bank Assetpoint. “Bankers and brokers found our marketplace effective in helping to connect the buyers and sellers of a variety of banks assets.

“In the future, we will focus on expanding the listings of performing loans, where many banks are starting to focus on acquisition, as well as other ways Bank Assetpoint can meet participants’ needs,” Walter added. “For example, nonbank lenders are starting to create complementary, rather than competitive, roles in the market by originating loans that certain banks do not and then selling those loans to banks, thereby providing them access to assets that otherwise might not be available. Bank Assetpoint is exploring ways the marketplace may be able to bring nonbanks and banks together in mutually beneficial ways.”   

Bankers have voiced their support for this service from the get-go. “With excess liquidity on our books, our bank was looking to acquire assets in order to balance our portfolio. Using Bank Assetpoint made this task easier by providing us with access to a growing variety of loans, including new loan originations, all on one site.” said Tom Chmelik, Chief Financial Officer from MainStreet Bank, located in Fairfax, Virginia.


About Bank Assetpoint:
To learn more, please visit Bank Assetpoint.
Bank Assetpoint
is operated by Assetpoint Services, LLC, a wholly owned subsidiary of Promontory Interfinancial Network, LLC, whose founders include Eugene Ludwig, Alan Blinder, and Mark Jacobsen. Promontory provides banks with innovative solutions. Over the past decade, more than 3,000 financial institutions have participated in Promontory’s Network by using one or more of its deposit allocation services, such as CDARS®, the Certificate of Deposit Account Registry Service®; ICS®, the Insured Cash Sweep® service; IND®, the Insured Network Deposits® service; and Yankee SweepSM. These institutions include approximately 40 percent of the banks in the United States. Assetpoint Services, LLC does not, merely by permitting the listing of an asset or the identification of a third-party provider of services on the website or otherwise, endorse the asset, the party posting information about it, or the third-party provider, as applicable.

Media Contact:
Phil Battey
Senior Vice President, External Affairs
Promontory Interfinancial Network, LLC
Email: pbattey@promnetwork.com
(703) 292-3357