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We've calculated that the average salary at First NLC is $53K based on 616 user-submitted salaries A total of 28 First NLC employees gave First NLC an average happiness rating of 4.3 out of 5.0.

First NLC Salary Distribution

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BlissScore 4.3
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First NLC Careers & Info

Former CEO:Neal S. Henschel

Status: Bankrupt in 2008

First NLC Financial Services declared bankruptcy in 2008 after moving hundreds of jobs from Deerfield Beach to Boca Raton. The company applied for Chapter 11 bankruptcy protection due to the continuous decline in the subprime market. The company stated that the closure and non-acceptance of new loans was beyond their control. The bankruptcy was filed in the Southern Florida District Court. At the time, NLC owed over $50 million in debts. NLC had approximately 4,000 independent brokers working for the firm. It was founded in 1987. Working at First NLC Financial was a great experience for those who worked for the company prior to its bankruptcy declaration. It give adequate First NLC Financial benefits to its workers, including basic pay, allowances and incentives. Different types of insurance plans were also offered including the basic medical, dental and vision packages. It also provided retirement, life, health and wellness insurance benefits for its workers before it officially declared bankruptcy.

First NLC careers flourished before the bankruptcy. First NLC Financial Services was focused in giving customers the kind of satisfaction they need without compromising the welfare of its employees. The company was headed by its Chief Executive Officer before it declared bankruptcy. Neal S. Henschel was the last CEO to sit in this position with First NLC, while Jeffery M. Henschel served as the President of the company. Thomas J. Czochanski was Chief Financial Officer and Dave Brigman was the Executive Vice President and Chief Operating Officer. First NLC operated as an independent nonprime banking firm that originated loans on mortgages in 38 states in the US. The company was responsible for underwriting and funding single-family residences.

In February 16 of 2005, First NLC Financial Services became a subsidiary of Arlington Asset Investment Corporation. It pursued a petition to claim bankruptcy in January of 2008. The company declared more than $17 million in losses from restructuring and operating costs. A $27 million valuation loss was declared in relation to an agreement with Sun Capital to reduce the amount of loans incurred to $203 million. It was expected that Sun Capital will take over the company and start to restructure operations, although it has not been finalized yet. FNLC’s senior lender agreed to the company’s wind-down since the instability of the market has caused a major disparity in First NLC’s business conditions.

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