Sep. 15, 2009 (Business Wire) -- Conexxus, LLC, a leading provider of integrated automation, compliance and monitoring software solutions, announced today that Alpharetta, Ga.-based Bank of North Georgia (BNG) has selected its REO Optimizer solution to capture key documents for their distressed development portfolio properties. BNG will organize the information in an online searchable platform to automate the sharing of key documents with prospective buyers, enabling the bank and its buyers to accelerate decision-making around distressed development properties. With $5.8 billion in assets, BNG is the largest of the 30 banks of Synovus’, a Columbus, Ga.-based financial services holding company with more than $35 billion in assets.
“We selected REO Optimizer to maximize returns on our direct sales to buyers, while automating time-consuming manual processes,” said Bruce Dearing, Senior Vice President of BNG. “We are extremely impressed with the solution and the Conexxus team. Conexxus personalized the solution to meet our specific needs and quickly loaded our data to the platform. Within days, the platform was ready for documents, and within a week of our initial request, key documents that took us several months to obtain were up on the site, which expedites asset turns. Our buyers have given the solution rave reviews and we look forward to the long-term benefits REO Optimizer will bring us.”
REO Optimizer combines real estate development and banking expertise, as well as document gathering services using CONEXXUS® patent-pending monitoring software. The combination provides critical property data - historically unavailable to banking professionals in an organized and expedited format - to accelerate decision-making and facilitate the timely disposal of distressed development properties.
“Synovus and BNG are thought leaders for national banks that are proactively addressing growing levels of nonperforming development assets,” said Jeff Reibel, Founder and CEO of Conexxus. “As loan foreclosures continue to rise, property values on collateralized assets have plummeted, leaving many banks under reserved and holding large amounts of unwanted commercial real estate. With Conexxus’ REO Optimizer, banks can easily locate and organize property documentation from various municipalities, liquidating assets more expediently and maximizing the monetization process.”
About Synovus
Synovus (NYSE: “SNV”) is a financial services holding company with more than $35 billion in assets based in Columbus, Georgia. Synovus provides commercial and retail banking, as well as investment services, to customers through 30 banks, 440 ATMs, and more than 330 Synovus offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
