The First Marblehead Corporation To Explore Strategic Alternatives For Bank Subsidiary
November 19, 2009 |
| The First Marblehead Corporation announced that it has completed the sale of its remaining private education loans held for sale. As a result of the sale of the portfolio, Union Federal no longer carries any private education loans on its balance sheet. The loans, which had an aggregate carrying value of approximately $6.6 million as of September 30, 2009, were purchased by a newly formed trust affiliated with First Marblehead. Sale proceeds to Union Federal were approximately $3.7 million. |
The First Marblehead Corporation Signs Agreement With The Office of Thrift Supervision
July 2, 2009 |
| The First Marblehead Corporation announced that it has entered into a Supervisory Agreement (Agreement) with the Office of Thrift Supervision (OTS) and that Union Federal Savings Bank (Bank), a wholly owned subsidiary of First Marblehead, has entered into a Stipulation and Consent agreeing to the issuance of an Order to Cease and Desist (Order) with the OTS. Pursuant to the Agreement and Order, First Marblehead and the Bank have agreed to take certain actions intended to address the concentration of private student loans on the balance sheet of the Bank. In addition, the Bank has agreed to take certain actions with respect to strengthening its compliance program as it relates to the Bank Secrecy Act. |
The First Marblehead Corporation Sells Ownership Interest In NC Residuals Owners Trust
April 6, 2009 |
| The First Marblehead Corporation announced that it has sold its ownership interest in NC Residuals Owners Trust. The Trust is the owner of the residual interests in all fifteen of the National Collegiate Student Loan Trusts which First Marblehead has facilitated. This transaction does not affect any of First Marblehead's interests in securitization trusts relating to its GATE transactions. The Company was advised on the transaction by Deutsche Bank Securities Inc., Orrick, Herrington & Sutcliffe LLP and Sonnenschein Nath & Rosenthal LLP. |
The First Marblehead Corporation Announces Reduction in Workforce
November 5, 2008 |
| The First Marblehead Corporation announced it has reduced its full-time employee population by approximately 24% in a continued effort to reduce costs. This represents another phase in the Company's cost reduction plan and it will affect staff at its corporate headquarters in Boston and processing center in Medford, Massachusetts. |
The First Marblehead Corporation Announces Appointment Of Kenneth Klipper As Chief Financial Officer
September 22, 2008 |
| The First Marblehead Corporation announced that Kenneth Klipper will become the Chief Financial Officer effective immediately, succeeding John Hupalo, who has decided to leave the company to pursue other opportunities. |
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