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Article: CapitalSource Bank Commences Operations and Completes Bank Deposit, Branch and Asset Purchase.
- Article from:
- PR Newswire
- Article date:
- July 25, 2008
CopyrightCOPYRIGHT 2008 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHEVY CHASE, Md., July 25 /PRNewswire-FirstCall/ -- CapitalSource Inc. announced that CapitalSource Bank, its new bank subsidiary, has commenced operations and today completed the acquisition of approximately $5.2 billion of retail deposits, 22 retail bank branches and approximately $5.2 billion in cash and other assets from Fremont Investment & Loan (FIL).
CapitalSource Bank today is also purchasing approximately $2.1 billion in commercial loans from CapitalSource. The loans were given a preliminary fair value of 99.5 percent of par by an experienced third party valuation firm. The loan sale proceeds were used by CapitalSource to reduce its credit facility ...