Category: John Dixon Associates News
Posted: 7/21/2017
John Dixon & Associates launches program to auction bank branches

ATLANTA -- With banks closing branches nationwide, John Dixon & Associates has announced that the company will conduct quarterly auctions to help banks, credit unions and other financial institutions liquidate facilities that have been closed.

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 bank branches are closing, as well as unimproved sites that were never developed, we decided to have 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 quarterly bank branch auctions will operate on the same concept. Many financial institutions have branches or related properties for sale for various reasons.  Regardless if they have a single asset or many, we now have a program to sell branches throughout the United States in a single auction platform,” 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.

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