EX-99.4
5
a09-31694_2ex99d4.htm
EX-99.4
Exhibit 99.4
News
for Immediate Release
Contact:
Lee Jacobson
Investor
Relations
First
Marblehead
800
Boylston Street, 34th FL
Boston,
MA 02199
617.638.2065
First
Marblehead's Bank Subsidiary Sells $234 Million of Private Education Loans
BOSTON, MA, October 16, 2009 - The First
Marblehead Corporation (NYSE: FMD) announced that its subsidiary, Union Federal
Savings Bank, sold today a portfolio of private education loans with an
outstanding principal balance of approximately $234 million. Sale proceeds were approximately $122
million. This action has been taken
pursuant to Union Federal's business plans which call for a reduction in the
balance of private education loans by December 31, 2009. The loans sold were originated predominantly
in late 2007.
Daniel
Meyers, First Marblehead's Chief Executive Officer and President, said, "The
company is pleased to complete this sale, which is a major component of our
concentration reduction plan. Through a
thorough sales process led by Credit Suisse and Deutsche Bank Securities, we
have completed the sale more than two months ahead of schedule".
The
Company has filed with the Securities and Exchange Commission a current report
on Form 8-K with additional transaction details and certain relevant
background information.
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. 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. For more
information, go to www.firstmarblehead.com.
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.
###
©
2009 First Marblehead

EX - 99 . 4 5 a09 - 31694 _ 2ex99d4 . htm EX - 99 . 4 Exhibit 99 . 4 News for Immediate Release Contact : Lee Jacobson Investor Relations First Marblehead 800 Boylston Street , 34th FL Boston , MA 02199 617 . 638 . 2065 First Marblehead 's Bank Subsidiary Sells $ 234 Million of Private Education Loans BOSTON , MA , October 16 , 2009 - The First Marblehead Corporation ( NYSE : FMD ) announced that its subsidiary , Union Federal Savings Bank , sold today a portfolio of private education loans with an outstanding principal balance of approximately $ 234 million . Sale proceeds were approximately $ 122 million . This action has been taken pursuant to Union Federal 's business plans which call for a reduction in the balance of private education loans by December 31 , 2009 . The loans sold were originated predominantly in late 2007 . Daniel Meyers , First Marblehead 's Chief Executive Officer and President , said , " The company is pleased to complete this sale , which is a major component of our concentration reduction plan . Through a thorough sales process led by Credit Suisse and Deutsche Bank Securities , we have completed the sale more than two months ahead of schedule " . The Company has filed with the Securities and Exchange Commission a current report on Form 8 - K with additional transaction details and certain relevant background information . 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 . 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 . For more information , go to www.firstmarblehead.com . 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 . # # # © 2009 First Marblehead