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FINANCIAL | Retail Banking
pnabank.net

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Stage

Acquired | Acquired

Valuation

$0000 

About PNA Bank

PNA Bank is a community bank which has two area branches and $122 million in assets.In June 2013, PNA Bank was acquired by First American Bank. The valuation of PNA Bank was undisclosed. Other terms of the deal were not released.

PNA Bank Headquarter Location

3250 Lacey Road Suite 140

Downers Grove, Illinois, 60515,

United States

630-371-6930

Latest PNA Bank News

Royal Financial : Announces Progress on PNA Bank Acquisition and $29.1 Million Bulk Sale of Distressed and Other Assets

Jun 20, 2015

, the Company announced that it had entered into an agreement to purchase PNA Bank subject to the approval of the United States Bankruptcy Court and both banks' banking regulators. In December 2014 , the Company announced that the U.S. Bankruptcy Court approved the purchase agreement. The Company's agreement to purchase PNA Bank was conditioned on the execution of an agreement to sell PNA Bank's distressed assets on satisfactory terms. The Company conducted a controlled auction of PNA Bank's distressed assets. FTN Financial Capital Assets, Memphis, Tennessee , advised and assisted the Company in this activity. The auction attracted multiple bids from qualified and capable parties. Currently, PNA Bank's distressed assets consist of $25.5 million in unpaid principal balances (“UPB”) on loans secured by single-family, multi-family, and commercial real estate, which will be sold at a 34% discount to UPB. The distressed assets also include three small parcels of Other Real Estate Owned (“OREO”) totaling $285,000 , which will be sold at an 8% premium to the book value. The agreement also includes the sale of underperforming ( $2.0 million ) and other assets ( $792,000 ) currently owned by the Company and/or the Bank. These assets consist of: one acre of land in Frankfort, Illinois , which has a book value of $265,000 and will be sold for a $148,000 gain (or 56% premium); a three-story office building in Homewood, Illinois , which has a book value of $792,000 and will be sold for a $29,000 gain (or 4% premium); and two OREO parcels which have a collective book value of $1.7 million and will be sold for a $229,000 gain (or 13% premium). On a combined basis, the Company and the Bank will sell assets with a current value of $2.8 million

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