New Frontier ag loans on the block

GREELEY – The bidding packages and due diligence for New Frontier Bank’s agricultural portfolio opened Monday.

Greeley-based New Frontier was taken over by banking regulators on April 10. First Financial Network Inc. announced that it would be providing due diligence materials to qualified bidders starting July 20. The firm, which contracted with the Federal Deposit Insurance Corp., is offering a $455 million agricultural loan portfolio. The loans will be sorted into pools based on collateral type, performance and location.

The FDIC website describes the New Frontier portfolio as consisting of $750 million in mostly agricultural loans. In addition to Financial Network, the regulator lists DebtX as a loan sale advisor.

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The loans are based primarily in Colorado (58 percent), Texas (19 percent) and Florida (9 percent), and about half are currently performing. The bid day is scheduled for Aug. 18 with closing slated for Sept. 3.