In Brief: Florida 1st Sells $1.6M of Real Estate Owned

PANAMA CITY, Fla. - Florida First Federal Savings Bank has completed the sale of a $1.6 million parcel of foreclosed real estate, reducing its net nonperforming assets below industry averages.

Upon completion of the land sale, net nonperforming assets, including nonaccrual loans and foreclosed real estate, totaled $3.8 million, or 1.3% of total assets. At Sept. 30, 1994 (the last date such statistics were available), the national average of net nonperforming assets, as a percentage of total assets, for publicly traded thrifts was 1.98%.

Andrew W. Stein, president and chief executive of Florida First Federal said, "This was the bank's last large parcel of real estate owned. Though nonperforming assets have been of less and less concern over the last three years, we feel this sale is particularly noteworthy because it's the finishing touch on a problem that was 10 years old."