Amresco was an American financial services provider based in Texas and was the new name given to "Financial Resource Management, Inc.", a subsidiary of the NCNB Texas National Bank in 1992.
The subsidiary was created by North Carolina National Bank in 1990 to hold and service the $11 billion portfolio of the failed Dallas-based "First Republic Bank Corporation" that North Carolina National Bank acquired in 1988 from the Federal Deposit Insurance Corporation.[1] Prior to the creation of this subsidiary, the activities for which FRMI/Amresco was responsible were conducted in the North Carolina National Bank's name.
History
North Carolina National Bank was the winning bidder among several competing money center banks for FRBC, the largest banking organization in Texas. Part of the agreement between North Carolina National Bank and the Federal Deposit Insurance Corporation was that North Carolina National Bank would not bear losses from the substandard assets of the failed FRBC banks, a typical arrangement when the Federal Deposit Insurance Corporation found a buyer for a failed institution. The volume of these assets was so great that Federal Deposit Insurance Corporation did not have the manpower to take them over in their traditional way. On the other hand, FRBC already had a large corps of employees who had been working these assets with considerable expertise. These now became North Carolina National Bank employees. In addition, many more employees from the failed institutions would be repositioned to work these sub-par assets and to collect on them for the Federal Deposit Insurance Corporation.