Summer Street Advises on Bank Acquisition

Westport, CT (May 15, 2010) – Summer Street Advisors, LLC (“SSA”), a boutique commercial real estate and financial services firm, has advised a private investor on the acquisition of a nationally chartered bank.  The investor intends to use this bank as a platform for additional bank and loan portfolio acquisitions.

SSA provided the investor with a valuation of the bank’s loan portfolio (including performing, non-performing and REO assets), an estimate of expected loan losses and an assessment of the bank’s capital adequacy.  Additionally, SSA advised on strategies to mitigate loan portfolio risks, improve flexibility of the bank’s balance sheet and minimize funding costs.

Mark Hall, CEO of Axeon Holding Company, acquirer of the bank commented, “SSA provided real insight on the valuation of the target bank.  Their in-depth risk management focus and loan valuation expertise provided our company with a substantive opinion on the financial condition of the institution, and an independent view on projected loan losses.  Working with SSA enabled Axeon to make a confident, informed decision resulting in the successful acquisition of the bank.”

Jack Mullen, Managing Director at SSA, added, “The assignment brought to bear two core competencies of SSA: bank analysis and loan valuation…in this case, commercial real estate, C&I and consumer loans.   The engagement further showcases SSA’s ability to provide proactive, value-added advice to our clients seeking to capitalize on the opportunities in the bank, real estate and distressed debt markets”.

About Summer Street Advisors, LLC

Summer Street Advisors LLC (SSA) is a commercial real estate and financial services advisory firm.  SSA offers a rigorous, data driven approach in providing commercial real estate and loan investment valuation and analysis, transaction due diligence, bank and REIT advisory, asset/portfolio management and loan underwriting.

Contact

Jack Mullen, Managing Director, 203.293.4844