SOURCE: The First Marblehead Corporation

The First Marblehead Corporation

March 09, 2010 08:20 ET

Office of Thrift Supervision Terminates Enforcement Action Against First Marblehead Subsidiary Union Federal Savings Bank

BOSTON, MA--(Marketwire - March 9, 2010) - The First Marblehead Corporation (NYSE: FMD) today announced that it has been notified by the Office of Thrift Supervision (OTS) that the OTS has terminated the Order to Cease and Desist issued by the OTS on July 2, 2009 to Union Federal Savings Bank (Union Federal), a wholly owned subsidiary of First Marblehead.

As previously announced, First Marblehead is examining strategic alternatives for Union Federal, including a potential sale.

About The First Marblehead Corporation -- First Marblehead helps meet the growing demand for private education loans by offering national and regional financial institutions and educational institutions an integrated suite of design, implementation and capital markets services for student loan programs. For more information, go to www.firstmarblehead.com. First Marblehead supports responsible lending and is a strong proponent of the smart borrowing principle, which encourages students to access scholarships, grants and federally-guaranteed loans before considering private education loans. Please see www.SmartBorrowing.org

About Union Federal Savings Bank -- Union Federal is a community bank located in North Providence, Rhode Island and a wholly owned subsidiary of The First Marblehead Corporation. Union Federal offers an array of personal banking products designed to meet each customer's specific needs. Whether saving or borrowing, Union Federal also offers a high level of personal attention and service to each of its customers. For more information, go to www.unionfsb.com

© The First Marblehead Corporation

Contact Information

  • Contact:

    Lee Jacobson
    Investor Relations
    First Marblehead
    800 Boylston Street, 34th FL
    Boston, MA 02199
    617.638.2065