Federal Deposit Insurance Corporation (FDIC)
Contracts at $45+ Million
Worley Awarded $45+ Million in Contracts
During the Great Recession, Worley Auctioneers was chosen by the Federal Deposit Insurance Corporation (FDIC) to inventory and auction the assets from hundreds of failed banks coast-to-coast.
From aircraft and rolling stock; to priceless fine art and antique currency collections; to decadent boardrooms and executive office suites- Worley Auctioneers sold millions of dollars worth of assets.
When a bank failed, Worley Auctioneers deployed a team to inventory and photograph all assets. At the expiration of the assuming institution’s option period, Worley would redeploy to produce an auction catalog and sell the assets via online auction.
Throughout this process, Worley acclimated the FDIC to the auction industry and helped them develop and implement best-practices with respect to procedures, reporting and compliance.