“First Valley Bank worked closely with David Spirk and Spirk Brothers, Inc. because of their experienced, well-trained, and responsive staff, and proven construction, management, and decision-making capabilities. SBI was responsible for the full, pre, and post foreclosure management and ORE operations through the final sale of all ORE properties by the Bank to third parties, including the financial analysis to make the proper initial decision to foreclose or not to foreclose, as well as the financial analysis required to accurately determine the cost to hold a property during the Bank’s control and ownership. Under SBI’s management and leadership, the Bank’s total expenses related to the foreclosure process and ORE property management were minimized and compare very favorably to its banking peers. In addition, directly due to SBI’s prompt and timely property management the Bank’s ORE holding period was minimized.”
- First Valley Bank