Westport Investment Group LLC, a top tri-state area U.S. real estate acquisition advisory firm, today announced that it has established a strategic relationship with a multinational Mergers and Acquisitions firm, to acquire deeply discounted commercial properties and notes from American banks in distress, so they can avoid seizure by the FDIC. This relationship enables Westport Investment Group LLC to leverage the M&A firm’s financial firepower by helping small to mid-sized U.S. banks in distress to increase revenue and, in some cases, to secure much needed infusions of capital.
According to Westport’s Chief Financial Officer, Chad Thanyachoto, “We are extremely pleased to enter into this strategic partnership. It comes at a perfect time, when more and more banks are facing a financial crunch as a result of ever increasing commercial loan defaults. Experts predict that these defaults are expected to continue through at least 2014, and in 2011 U.S. foreclosures are expected to increase by another 20%. Clearly, American banks are in need of a lot of help.”
“In 2010, about 157 U.S. were seized by the FDIC, and many more banks face the same risk. Already in 2011, at least 25 banks already have been taken over by the FDIC. To stay in business, troubled banks need to quickly sell off mortgage and property portfolios that are detrimentally affecting their books. By virtue of our strategic alliance, Westport is well positioned to quickly and efficiently help troubled banks by assisting them to dispose of toxic assets and to become recapitalized, where needed, so the banks can be made healthy again.” – prweb