Amresco

AMRESCO Inc. was the new name given to "Financial Resource Management, Inc." (FRMI), a subsidiary of the NCNB Texas National Bank in 1992.

The subsidiary was created by NCNB in 1990 to hold and service the $11 billion portfolio of the failed Dallas-based "First Republic Bank Corporation" (FRBC) that NCNB acquired in 1988 from the Federal Deposit Insurance Corporation (FDIC). Prior to the creation of this subsidiary, the activities for which FRMI/AMRESCO was responsible were conducted in NCNB's name.

North Carolina-based NCNB Corporation was the winning bidder among several competing money center banks for FRBC, the largest banking organization in Texas. Part of the agreement between NCNB and the FDIC was that NCNB would not bear losses from the substandard assets of the failed FRBC banks, a typical arrangement when FDIC found a buyer for a failed institution. The volume of these assets was so great that FDIC 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 NCNB 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 FDIC. NCNB would earn fees on the collections.

This group was not as efficient as it had been prior to FDIC control and the new bank's name suffered. Eventually the "workout group", as this subunit was called, was spun off into a separate subsidiary called FRMI, and later, renamed AMRESCO (for "American Resources Company").

NCNB merged with another east coast bank, C&S/Sovran Corp. in 1992. Realizing the beating the NCNB name had taken in Texas (which represented roughly half of the old NCNB's holdings), the merged entity was called NationsBank. NationsBank would eventually acquire Bank of America and adopt this institution's name as its own.

In 1993, AMRESCO was entirely spun off from the company. AMRESCO had also won some Federal Savings and Loan Insurance Corporation and Resolution Trust Corporation contracts to manage the assets of the failed savings and loan institutions. Its big plan, however, was to market itself to client banks — institutions which had not failed — to provide collection services for them.

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