Failed Banks Auctions

[ironrite]

As I've mentioned before, the bank I worked at was taken over by the FDIC in August this year. Unlike a lot of other institutions, there was nobody to take us over. Good news is I'm still working, paying the bills for the receivership.

Thought I'd throw this out there if anybody is looking for office furniture, computer stuff, vehicles and who know what else a failed bank may have. It is real mixed bag of stuff. Ours is coming up on November 5th. Some of the stuff is sold at very low prices. Some of the office furniture can make for some nice occasional chairs. And be on the look out for large lots of office supplies. Just stuff thrown in a box, but they go cheap.

Check the auctions carefully for their terms about registration, pick up and shipping.

If the link changes, you can check out www.FDIC.gov and then go to the Asset Sales tab, then follow that to Other Asset Sales link.

Other Asset Sales | FDIC.gov

Assets on this page are personal property or mineral interests.

www.fdic.gov

 

[toggleswitch2]

Thank you for your time and kindness to post this.

I'm sorry to hear your source of income is threatened/dying/dead.

Best wishes that you land on your feet without too much pain/grief.

 

[panthera]

Ditto,

I hope you come out of this financially intact. The banks, however, aren't getting half the beating they deserve. Every manager who got us into this mess should be forced to take Macro and Micro Economics 101 until they actually pass both courses.
Along with every numbnut who still believes that supply-side economics, tax-cuts exclusively for the wealthy, unregulated derivatives and ARMs are good for the economy.

 

[sudsmaster]

The number of banks taken over in the past year has risen to an even 100 this past Friday. The regulators apparently prefer to do the closings on Fridays, for some reason.

I've also read that the regulators are metering out the closings, so as not to cause a panic. But that many more banks are expected to fail in the coming months/years.

Anyway, thanks for the advice about bargains on shuttered bank property. My house (and garage) is chock full of stuff so I probably won't be shopping for more, but I could see this information being useful to someone who is starting out to fill a home.

 

[ironrite]

Doing the A/P thing

Thanks guys for the kind thoughts. A few years ago I was encouraged to go into accounting. So I went back to school and surprise, I actually understood it! I'm still continuing at a local collage and who knows may end up with a degree yet. As far as future employment, companies still have to pay their bills, and there are jobs out there for me.

And yes, I agree, sometimes it doesn't take a rocket scientist or an MBA to figure the market is tanking and steps need to be taken to make appropriate corrections.

The actual FDIC process is interesting. It does occur on a Friday, usually within an hour of the bank's closing time. For us it started at 4:20. By 6:30 we had about 60 people in our office. The reason for Friday is to give time to get everything in order for Monday, business as usual, opening. In most cases the failed bank is acquired by another institution. In our case though, nobody bought us.

The FDIC is actively recruiting for those that like to travel and have some accounting background. Post failure, they keep a few key people in place and then use contract consultants from other companies to fill in where needed, as well as former bank personnel like me.

 

[toggleswitch2]

~So I went back to school and surprise, I actually understood it!

Baed on my epxerience 6 or 7 years ago:

In my state, one gets unemployment checks for 26 weeks. Now, if you go back to school or for retraining or a career change (which the state has to approce) my state will give you TWICE the number of outstanding weeks remaining of that benefit at the time you began retraining.

As luck would have it, I was already registered for part-time classes towrads a second decree/degree; I merely switched over to being a full-time student. Classes began (YAY!) just one week after unemployment benefits. So I got 26 + 25 (51 total) weeks of unemployement benefits.

Then the president at the time gave us another few months.

GOOD LUCK!

 

[sudsmaster]

Toggs,

I did about the same thing five years ago, when I was on unemployment, and called to let the dept know I was taking a night class in welding. The EDD person mentioned something about extending benefits up to a year if I went back full time, so I took her up on it and completed a 2 year machinist program in 1 year. I've been doing it since then. Work has been a bit easier to find than it was to find IT work, although the pay is about 75%, or less, than what I could make in IT, it's more interesting, at least to me.

As for the benefits part, the unemployment dept was its usual burasscratic self, and tried to cancel my benefits twice midway through the program. At one point I had to lodge a formal appeal, which was granted. I understand that things are getting better insofar as the state recognizing that people need to go back to school while unemployed in order to learn new skills to get employed.