FDIC closes the most banks since Nov. 3rd, 2009…
Well, Friday turned out to be a very busy day for the FDIC and the banking industry.
A total of seven (7) banks were closed on Friday, March 19th.
That’s the highest number since November 3, 2009 when twelve (12) banks were closed on the same day. Go look at the FDIC website and find their “Failed Bank List” if you want to research further.
This is the list of banks this past Friday that were shutdown.
State Bank of Aurora, Aurora, MN
First Lowndes Bank, Fort Deposit, AL
Bank of Hiawassee, Hiawassee, GA
Appalachian Community Bank, Ellijay, GA
Advanta Bank Corp., Draper, UT
Century Security Bank, Duluth, GA
American National Bank, Parma, OH
What does this have to do with real estate investing, you should start dripping your marketing to these acquiring institutions to get on their short list of investors to buy the troubled assets in their acquired portfolios. They will NOT want to hang onto all of those garbage mortgages.
Can you say Note Purchase? They also may have REOs that they need to get rid of quickly. Contact them and then keep contacting them. They will absolutely try to blow you off for a few calls until they realize you are serious. I don’t mean to call them several times a day. Get on the radar by calling and leaving a message every few days until you get a response.
Find out who is in charge of REOs or special asset sales. Those are the folks you want to speak with, not the teller at the front counter. They do not know anything about the troubled assets. When you find the name of the person in charge of special assets or REOs, send them a short personal letter to better identify yourself. They will likely try to tell you that all of their sales go through real estate agents. This may or may not be true. If they want to sell a package of deals, those likely will not be sold through an agent. You do have to play by their rules, but these people know much better how to deal with the assets than they will let on to you over the phone.
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