FDIC – Eurobank Puerto Rico

In the wake of Eurobank’s closure, the FDIC required disciplined inventory management and innovative auction execution across more than 400,000 square feet of assets in Puerto Rico. Worley Auctioneers stepped forward to navigate language barriers, untested technology, and regional market dynamics to deliver a historic result.

First Major Timed Online Auction on the Island

Situation

Following Eurobank’s 2010 failure, the FDIC engaged Worley Auctioneers to inventory and manage the disposition of Furniture, Fixtures & Equipment (FF&E) across 30 branches totaling more than 400,000 square feet throughout Puerto Rico.

When the 300,000 sq. ft. San Juan headquarters was approved for liquidation, the FDIC faced a unique challenge: no one had successfully conducted a large-scale, timed online auction in Puerto Rico. The market was unfamiliar with the format, and Worley was tasked with executing this first-of-its-kind sale despite language barriers and untested regional buyer behavior.

Solution

Worley accepted the challenge—confident in our ability to navigate uncharted territory and deliver results.

Our team:

Coordinated island-wide logistics and disciplined asset tracking across 30 locations
Produced a high-quality catalog featuring fine art, contemporary furnishings, and IT equipment
Implemented bilingual marketing despite not being native Spanish speakers
Utilized professional translators and partnered with a local bank representative to craft culturally accurate print advertising
Translated and placed advertisements in major Puerto Rican newspapers
Deployed a hybrid marketing strategy combining traditional print, local signage, and targeted digital advertising

By blending old-school outreach with modern auction technology, Worley introduced Puerto Rico to a large-scale timed online auction format—building trust, educating bidders, and driving participation.

Outcome

Worley successfully launched Puerto Rico’s first major timed online auction of its kind under FDIC oversight.

Results included:

332 registered bidders (record participation for this format)
Approximately 6,000 unique IP visits to the auction page
Featured coverage in El Nuevo Día business section
Strong competitive bidding across asset categories
High realized values and exceptional public engagement

The project demonstrated Worley Auctioneers’ ability to solve complex logistical and cultural challenges, execute innovative strategies in unfamiliar markets, and deliver measurable results under federal receivership conditions.