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Article: In Brief: Ocwen Selling Thrift Assets.(Ocwen Financial Corp., Ocwen Federal Bank, Marathon National Bank of New York)(Brief Article)
- Article from:
- American Banker
- Article date:
- February 14, 2005
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Ocwen Financial Corp. has agreed to sell the remaining deposits of its thrift subsidiary, Ocwen Federal Bank, and its only branch to Marathon National Bank of New York.
Marathon would take over the lease on the Fort Lee, N.J., branch. The price would depend on Ocwen Federal's deposit total when the deal closes; as of Jan. 31, Ocwen Federal had $242 million. The deal was signed Feb. 4. Ocwen Financial, of West Palm Beach, Fla., disclosed it Thursday in a filing with the Securities and Exchange Commission.
Ocwen did not give an expected closing date but said the deal is subject to regulatory approval.
In November, Ocwen filed an "application for ...