ACB: Press Releases

Contact:	Robert Schmermund (202) 857-3104 Jim Eberle (202) 857-3145	Jim Eberle (202) 857-3145 (work) (703) 893-2593 (home) [email protected]	For Immediate Release August 30, 2004 #04-43
E-mail: [email protected]

AMERICA’S COMMUNITY BANKERS – SN SERVICING CORPORATION ANNOUNCE ALLIANCE TO MANAGE REAL ESTATE ASSETS

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WASHINGTON, D.C. – America’s Community Bankers, the member driven trade association for progressive community banks, and SN Servicing Corporation announced today that they have entered into a partnership to offer ACB member banks an exclusive strategy to manage sub-performing, non-performing and fee-simple real estate assets.

The new ACB-SNSC alliance joins a suite of six other Mortgage Solutions programs offered by ACB Business Partners Inc., the trade group’s for-profit subsidiary.

“SNSC has been a growing financial power in the acquisition and management of real estate-related assets since 1987,” said Jack Mendheim, SNSC’s Executive Vice President. He added, “The partnership will focus on residential, commercial or agricultural collateral types, first liens or junior liens, non-performing, foreclosure, bankruptcy or real estate-owned. We are extremely excited to join with the ACB in offering our services to its members, and are confident that the ACB membership at large will embrace our partnership for its ability to truly make an immediate impact on the balance sheet of any institution.”

Diane Casey-Landry, ACB president and CEO stated, “SNSC is a nationally recognized name that ACB is delighted to partner with. Under our exclusive ACB members-only agreement, SNSC will offer a unique, preferred pricing structure as well as an extremely simplified purchase and sale agreement – unlike any in the industry.”

Casey-Landry noted that SNSC has helped its existing bank clients to immediately improve capital and performance ratios by divesting problem assets, and reinvesting the proceeds into high-quality, earning assets.

As part of the alliance SNSC will provide a 24-hour pricing assurance and a 30-day or less funding format offered solely to ACB-member banks. SNSC’s services have been designed to assist ACB members to better manage their loan portfolios and to address the challenges of maneuvering in the unfamiliar non-performing marketplace.

By leveraging the ease of transacting business with an ACB pre-qualified business partner, member banks will be better positioned to adjust and manage their balance sheets, while freeing up time to focus on the core business of increasing homeownership in their communities.

After all, said SNSC President Robin P. Arkley, “our job is to allow clients to simply get back to banking.”

SNSC has the distinction of holding a “Rated Special Servicer” designation from both Standard & Poor’s and Fitch. The company’s portfolio acquisition leverage includes $280 million in working capital and over $1.5 billion of available market financing, providing ACB members certainty of execution.

America’s Community Bankers is the national trade association committed to shaping the future of banking by being the innovative industry leader strengthening the competitive position of community banks. To learn more about ACB, visit www.AmericasCommunityBankers.com.

Headquartered in Eureka, CA, SN Servicing Corporation is part of the SNMHC family of companies. For more information, visit www.snsc.com.

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