On August 4th, the FDIC announced it has closed on the first sales in its Small Investor Program ("SIP"). The pilot SIP involved two competitive sales of equity interests in two limited liability companies, each formed by the FDIC in its receivership capacity to hold certain assets of FirsTier Bank located in Louisville, Colorado, that failed on January 28, 2011. The assets transferred by the FirsTier receivership to the LLCs consist of 213 loans pooled by loan type. A pool of performing and non-performing commercial real estate loans and commercial acquisition and development and construction loans and credit facilities were transferred to one LLC and a pool of performing and non-performing residential acquisition, development and construction loans and credit facilities were transferred to the other LLC. FDIC Press Release.