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First Financial Asset Management (FFAM), headquartered in Atlanta, announced today that it has acquired the largest single debt portfolio, measured by capital invested, in the Company's history from a major bankcard issuer with operations in over 75 countries. The portfolio of charged-off credit card assets has an aggregated value of approximately $400 million. The deal was in a two-part transaction, and further terms could not be disclosed. In a unique arrangement, this deal between FFAM and the bankcard issuer was structured without the portfolio being offered in the open market. "We are pleased to be able to structure this relationship with a worldwide leader in bankcard issuing," stated Matthew Maloney, Senior Vice President of Asset Acquisitions and Business Development for FFAM. "This mutually-advantageous deal is the result of a long-term relationship that has developed over the last four years," he added. The combined average age of the assets purchased is approximately 14 months from write-off. "The fact that the age of the assets in this purchase averages only 14 months proves this to be a highly valuable and well-suited transaction for FFAM's operations," stated Maloney. With the conclusion of this purchase, FFAM has achieved a year-over-year growth of 50% in total debt acquisitions, bringing its current year-to-date portfolio acquisition activity to approximately $900 million. The culmination of this deal further solidifies FFAM's hybrid organizational structure of top-tier debt acquisition and strategic business processes outsourcing. In addition, this purchase should generate outstanding opportunities for FFAM's strategic partners and outside vendors. Maloney added that this deal "will continue to open up opportunities not only with this particular bank, but also with other institutions. This acquisition further solidifies our status as a leading debt buyer. The smooth process displayed by both parties in this uniquely-structured transaction proves that FFAM is an excellent partner for debt acquisitions of this magnitude." About First Financial Asset Management First Financial Asset Management, Inc. (FFAM) and the First Financial Group of Companies are a U.S.-based accounts receivable management firm providing strategic outsourcing services and portfolio acquisition and sale services of distressed and non-performing credit intensive assets emanating from the risk management industry.
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