CENTENNIAL, Colo. — The once high-flying Centrix has been sold.

Centrix has reached an agreement to sell its operations to an investment group that includes Centrix CEO Robert Sutton; private equity investment firm Falcon Investment Advisors, LLC, based out of New York and Boston; and Everest Reinsurance Holdings, a publicly-held insurance firm located in New Jersey.

All of the investors are closely related to Centrix and understand the firm's past problems. Sutton's ties are obvious–he has been chairman and CEO since 1997. Falcon became the company's senior lender this January, and Everest provides insurance coverage for a majority of the loans in the Centrix portfolio. "I am gratified that together we will be able to ensure the stability and future growth of this important part of the company's business," said Sutton in a statement. Centrix became popular in the credit union space for its ability to assist CUs with indirect, subprime lending on the servicing side. Since its inception, it has underwritten 250,000 loans totaling nearly $4 billion in partnership with 300 financial institutions, most of which are credit unions. It employs 500 people, a number which has dropped substantially in the last year. The firm was hit hard by an NCUA risk alert on third-party indirect, subprime loans. See more Centrix-related news on page 4.