FDIC Garage Sale Offers Bargains to CUs
The spate of Southeast bank failures is providing some extra bargains for credit unions that are able to acquire abandoned bank branches and other property.
Credit unions in Georgia and Florida, in particular, have taken advantage of low priced branch buildings and furnishings posted for sale on the FDIC’s online asset sale list of real estate and equipment.
“We bought an amazing set of furnishings for $3,000 for one of our branches by monitoring the FDIC list, and we also look for the notices given to online auction companies,” explained Dent.
MidSouth, she said, was able to acquire nearly $14,000 worth of high-end furnishings for $2,800 plus a $200 delivery fee.