Aurora Bank Completes Sale of Substantially All Bank Assets and Insured Deposits Business Wire NEW YORK -- July 02, 2012 Aurora Bank, FSB (Aurora), an indirectly wholly-owned multi-billion dollar subsidiary of Lehman Brothers Holdings Inc. (Lehman), today announced the completion of the physical transfer of approximately 290,000 serviced borrower accounts to Nationstar Mortgage. Doug Lambert, a Managing Director of Alvarez & Marsal and a director of Aurora's board, said: “In completing the sale of substantially all of Aurora through an open-door process, we have achieved something that has rarely been accomplished over the past few years. I want to recognize the invaluable strategic guidance and support we have received from the bank’s legal advisors at Arnold & Porter for their insightful direction and participation in this process, as well as the sacrifices and contributions of Aurora’s management team and board of directors -- their efforts greatly contributed to this favorable resolution and will be critical under the continuing consent order. Finally, we would never have been able to successfully complete the disposition of these assets and insured deposits without the dedicated efforts of our investment bankers at Keefe Bruyette & Woods and Deutsche Bank. "This resolution is a milestone that could not have been reached without the consistent hard work and commitment from our employees. Though not a required part of the transaction, Nationstar has said that many of Aurora’s employees have taken positions with Nationstar, allowing continuity of servicing to borrowers as well as minimizing, as much as possible, impact to the employee base from the sale transaction." Following the closing of its insured deposit portfolio, Aurora will continue to exist as a federal savings bank as it seeks to comply with the terms of a consent order it entered into along with 13 other regulated institutions in April 2011. As a result of the sales announced on June 29, 2012, Aurora will retain substantial liquid assets which will be used to comply with its obligations under the consent order and ultimately distribute its remaining proceeds to Lehman creditors. Contact: Media: Lehman Brothers Holdings Inc. Kimberly Macleod, 646-285-9215 email@example.com or Linden Alschuler Kaplan Public Relations Steven Alschuler, 212-575-4545 firstname.lastname@example.org
Aurora Bank Completes Sale of Substantially All Bank Assets and Insured Deposits
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