Frederick, MD and Barnesville, GA – July 18, 2011 – Default Resource, one of the nation’s foremost providers of default management, valuation, and loss mitigation services, announced that Barnesville, Georgia-based United Bank, a fast-growing regional bank, has chosen Default Resource to manage its expanding portfolio of real-estate-owned (REO) properties. Default Resource will be handling a large percentage of the REO portfolio for United Bank through Executive Asset Management, its affiliate for managing default assets.

Under an agreement between both companies, Executive Asset Management will manage United Bank’s properties, enabling the bank to reduce its fixed costs while enhancing net proceeds from the sale of its bank-owned properties. Services provided by Default Resource / Executive Asset Management include property preservation, marketing, valuation, contract negotiation, title, settlement and closing services.

United Bank received approval from the Federal Deposit Insurance Corporation (FDIC) to acquire a number of failed banks in the southeastern United States in recent years. The bank’s assets have recently surpassed $1 billion.

“When it comes to managing bank owned real estate, Default Resource and Executive Asset Management provide unparalleled service and delivery,” stated Scott Swafford, United Bank’s director of special assets. “We were impressed with their reputation and their ability to execute across multiple service offerings, such as property preservation, closing and training services. They are a trusted advisor and we look forward to a long working relationship together.”

“As the real estate market continues to struggle, we are pleased to be working with dynamic institutions like United Bank,” said James H. Zeldin, executive vice president of Default Resource. “Regardless of property type, we designed multiple, customized disposition strategies aimed to maximize asset proceeds and reduce losses.”

About Default Resource

Based in Frederick, Maryland, Default Resource is a diversified financial services company that provides the full spectrum of default and origination products and services to the real estate and mortgage markets. Through its subsidiaries, the company provides REO asset management, valuations, loss mitigation and consulting services for real estate professionals. Founded in 2005, the firm serves top tier mortgage servicers, financial institutions, hedge funds, mortgage insurance companies and governmental entities nationwide. For more information visit www.DefaultResource.com.

About United Bank

Originally chartered as the Bank of Zebulon in 1905, United Bank has grown into a full service financial institution, offering a range of services from traditional banking to securities trading. With 21 bank offices located throughout middle Georgia, United Bank has a proud heritage of building strong relationships, providing exceptional customer service and supporting its communities. The company has the expertise and long-term capital to be a leader in providing financial products and services. Learn more about United Bank by going to to www.accessunited.com.