Category: John Dixon Associates News
Posted: 5/17/2018
Former BB&T branches going up for auction in Triad and across North Carolina
By Luke Bollinger Reporter, Triad Business Journal May 17, 2018, 1:16pm EDT Updated May 17, 2018, 1:41pm

Eighteen bank branches will sell at auction on May 31 and will include one former BB&T branch in the Triad and three others across North Carolina

John Dixon and Associates will conduct the auction at the Marriott in Winston-Salem. The former BB&T and BancorpSouth branches up for auction are located across seven states: North Carolina, Virginia, Pennsylvania, Arkansas, Tennessee, Mississippi and South Carolina.

BB&T CEO Kelly King had announced in September that the bank would be shuttering 140 locations nationally, an increase from the 100 that it had indicated only a few months earlier in April. That represented about 6 percent of its locations, with King explaining that, ""For the last 10, 15 years, we’ve been kind of handicapped, because we’ve been having to deal (with) the digital system, while at the same time we’ve been having to carry along the traditional brick-and-mortar systems without much opportunity to rationalize the cost on the traditional system. That is changing very quickly now."

Twelve of the branches being auctioned, including the four in North Carolina, will sell absolute, with no reserve, meaning the highest bid will not have to surpass a minimum threshold to be sold.

One of the former BB&T branches is located in Denton, in Davidson County, at 94 N. Main St.

According to Davidson County tax records, the 2,304-square-foot building is valued at $301,340 and the land is valued at $20,250, representing a total market value of $321,990.

A list of the three other BB&T branch locations in North Carolina with tax record data:

  • 3201 First Ave. SW, Hickory, with a total market value of $413,500.
  • 2451 Soco Road, Maggie Valley, with a total market value of $285,700.00.
  • 140 N. McKinley St., Coats, with a total market value of $396,600.

"The Wall Street Journal recently reported that banks are closing branches at the fastest rate in decades due to customers' increased use of smartphone apps, websites and ATMs. This auction, which includes branches offered by two large regional banks, allows them to get these empty buildings off their books, while providing quality locations for other banks, credit unions and other businesses," said John Dixon, president of the auction company.

Dixon noted that most of the buildings are located in areas with good traffic and can be adapted for multiple uses, including office space, retail, food services and others. 
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