MORRIS PLAINS, NJ, APRIL 5, 2010 - John G. Udell, president, of Weichert Commercial Brokerage, Inc. is pleased to announce that Richard Latrenta has joined Weichert Commercial’s Asset Recovery Division as Vice President. Mr. Latrenta brings with him over 34 years of experience in the commercial banking industry and has extensive experience in all areas of loan portfolios and bank acquisitions. 

Mr. Latrenta will be joining Weichert Commercial’s Asset Recovery Division, which was relaunched in 2009.  This division, which previously existed as Metland Properties Group, Inc., established in 1992, specializes in assisting lending institutions, financial services companies and other real estate organizations with their distressed real estate properties and loans.

Prior to joining Weichert Commercial, Mr. Latrenta served as Managing Director of Greenway Consulting, LLC, a banking consulting and loan brokerage firm responsible for originating commercial mortgages, construction loans, mezzanine financing and working capital lines of credit.  Mr. Latrenta has also held positions as President and Chief Executive Officer at Allegiance Bank in South Orange, NJ, and as a Senior Vice President/Senior Loan Officer at Interchange Bank in Saddle Brook, NJ.  Mr. Latrenta’s expertise includes experience in commercial lending and mortgages, loan originations and management of loan portfolios, risk analysis and monitoring and eliminating all non-performing and work out loans.

Additionally, Mr. Latrenta has been retained as an independent consultant with RSM McGladrey-Corvus Group on the FDIC RAC (Receivership Assistance Contractors) Program to provide all necessary closing support services for the managing of failed banks throughout the country as of February 2010.

 “We are pleased to welcome Rich to the Asset Recovery team,” stated Udell. “Rich’s extensive knowledge and experience in the commercial banking industry market will make him a valuable asset to our team.”