Eurobank Receivership (FDIC)
San Juan, Puerto Rico
Eurobank, a Puerto Rican-based financial institution with more than $2.5 billion in assets, failed on April 30, 2010, and the FDIC was named Receiver. Worley Auctioneers was deployed to thoroughly inventory the Furniture, Fixtures & Equipment (FF&E) at 30 branches, totaling more than 400,000 square feet, scattered throughout the island.
Professional, bi-lingual, diverse staff bridged the cultural divide; maintained regular communication with FDIC contacts; and presented highly detailed reporting to insure accuracy in valuation and disposition.
Eventually the Headquarters was ordered sold at public auction. After extensively studying Puerto Rican markets, Worley Auctioneers held the first-ever major online auction in Puerto Rico on 13 January 2011.
Worley’s marketing elicited tremendous public participation and extremely high realized prices. A record 332 bidders registered, and nearly 6000 unique IP addresses visited this auction’s page. The newspaper El Nuevo Dia featured an article in its business section.