Two former IndyMac Bank executives have joined the investment bank Milestone Merchant Partners LLC to advise financial institution and regulator clients on dealing with troubled land and construction loans, the firm announced last week.
R. Patterson Jackson was named the chief executive officer of a new subsidiary, Milestone Asset Resolution Co. LLC. He is the former CEO of IndyMac Commercial Lending Corp., which was a unit of the Pasadena, Calif., thrift. In that job he built a nationwide small-balance commercial and multifamily lending business.
Jim Fraser is the president of the Milestone unit. He was the CEO and executive vice president of home construction lending at IndyMac Bank. The Federal Deposit Insurance Corp. kept him on after it seized the thrift a year ago. (IndyMac was sold to a consortium led by the investor Steven Mnuchin in March.)
Milestone, based in Washington, specializes in mergers and acquisitions and other advisory work for financial services companies.
It said the new unit is "assisting well-capitalized financial institutions seeking to maximize asset value and recovery undercapitalized financial institutions seeking to raise equity private investors purchasing land and construction assets, and federal and state agencies resolving troubled or failed institutions."
The business is also involved in federally assisted sales of distressed portfolios to private investors, Milestone said.