Garrison Buys HarVest’s Non-Performing Loans From Sonabank
Sonabank announced that subsequent to assuming all of the deposits and certain assets of HarVest Bank of Maryland from the FDIC, it has sold substantially all of the non-performing loans from HarVest in a bulk transaction to Garrison Investment Group of New York. Garrison purchased $19 million of non-performing loans which represented 20% of the total loans assumed by Sonabank.
“Garrison’s purchase of the non-performing loans was factored into our winning no-loss share bid. After closing the bulk sale, we can focus on integrating and growing our Maryland franchise,” said Sonabank CEO Georgia Derrico.
Garrison Investment Group is a leading credit and asset-based investor with $3.0 billion of assets under management. The firm invests across a wide range of asset classes including middle market corporate loans, C&I and Consumer loans and commercial real estate.