The company made the announcement upon the successful auction of 14 bank branches and six commercial tracts in Alabama, Florida, Georgia, North Carolina, Pennsylvania and Virginia. The auction attracted vigorous bidding, resulting in the sale of all the properties for a total of $3.3 million.
"We've sold hundreds of bank branches all over the country over the years, but given the current rate at which banks are closing branches, we decided to create a program geared specifically to that marketplace," said John Dixon.
The company's quarterly bank branch auctions will resemble its successful "Multi-Seller" auctions, which have combined offerings from banks, investors, investment funds and individuals.
"These have allowed different sellers to put as few as one or two properties in an auction and share the marketing costs with others who are selling in the same event. Our bank branch auctions will operate on the same concept. Many banks have branches or related properties for sale for various reasons, but they may not need to sell enough for an auction just for the single bank. We can sell branches throughout the United States in a single auction," said Dixon.
He said the number of branches being offered in the near future will be higher due to the trend toward more online and remote banking, increased use and sophistication of ATMs and other market factors. Some banks also are closing older branches to open sleeker, more modern local offices in higher traffic areas, he said.
"When you can deposit a check remotely by taking a picture of it with your phone, there's less need for a bank down the street," he said.
