In a possible move to sell off its subsidiary, The First Marblehead Corp. has announced Union Federal Savings Bank has sold its remaining private education loans, wiping all private education loans from its balance sheet.

The loans, which had an aggregate carrying value of approximately $6.6 million as of Sept. 30, were purchased by a newly formed trust affiliated with First Marblehead. Sale proceeds to Union Federal were approximately $3.7 million. Union Federal’s equity capital following the transaction was approximately $44.4 million.

As previously announced at First Marblehead’s annual meeting of stockholders, First Marblehead has begun examining strategic alternatives for Union Federal, including a potential sale.