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Seattle Bank acquires $375M loan portfolio

Seattle Bank acquired a $375 million loan portfolio from the Federal Deposit Insurance Corp. and its controlled entities on June 1.

The loan portfolio consists of about 2,800 Housing Urban Department-insured reverse mortgage loans.

The acquisition grew the bank's consumer loan portfolio and increased its total assets by about 70%. As of March 31, the Seattle Financial Group Inc. subsidiary had $314.4 million in assets.