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Buy This Bank
From The Daily Capitalist
I've heard there are a lot of deals where big banks are buying up little banks. Syndicates are being formed to take advantage of bank closings by the FDIC. How do we, the little guys, get into that business?
Here is your opportunity. Now this isn't exactly what you had in mind, but you will end up owning a bank. Your may even be helping the economy by spending Recovery Act money. This is from eBay. The price was $3,100 when I first checked.
FOR SALE: CLASSIC BANK BUILDING
Solid Limestone/Brick Building Built to Last 500 YearsUPDATE Current Bid
$4,050$5,100 $7,500$8,310.00
This is one of those classic, small town bank buildings from the early 20th century. It is located at 201 N. Main Street in tiny Bicknell, Indiana, about 15 minutes northeast of Vincennes, the oldest town in the Midwest. Bicknell, like many small towns in southwest Indiana, has dwindled to virtually nothing during the last half century. However, the construction of perhaps the largest clean coal technology power plant in the world and the Interstate 69 extension are both taking place just a few miles from Bicknell and have created some renewed interest in the town. Bicknell also recently received a Federal grant of $1.3 million (a huge amount for this town of a few thousand), some of which may indeed be available for the restoration of this property. The front of this building is in limestone and is absolutely beautiful, featuring classic stone columns and 100 year old stained glass. The rest of the building is brick (the south side also incorporates some limestone) and is in great condition, except the north side. The building was used as a bank until 2001.
Unfortunately, Econophile makes nothing on this deal.
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Man, that place really got me thinking. If I could have seen the roof, 2nd floor, etc., I might have actually pulled the trigger on that for giggles. I spent an hour today researching the town, going down Main St. in google, etc. Nice dream.
Yeah, there was a golf course right down the road.
Oh well. Guess I'm too cheap.
Final $10,700 ... what a bargain ... ship limestone to California and make 90,000
Here's a better deal ... a postcard of a bank for only $9.99 ... buy it now
A damn shame but I think we'll get another swing at something like this.
The dream lives on!
Wow, $8,310, and it's not in a combat zone? I like it.
As mentioned, if you could get it and borrow at the Fed Funds rate (about 15 BPs these days), you would have an instant fortifiable money machine, until the Giant Vampire Squid found out and took our clubhouse away. That's it, the thing is that Econophile is not telling us that Goldman is the owner and its sitting on top of some toxic waste dump. Econophile, is there something you are not telling us?
I'm with some of the other comments: does a bank charter come with the deal??????
The best strategy based upon a thorough analysis of the best profits structure: a combination bank-vaccine manufacturer.
Now that would be a super-profits' maker....
(And please, no names like Vampire Squid Virus, or the Baxter Waxer, etc.)
If a Trilliion dollar Zimbabwe note now goes for $3.65 USD on ebay...
It now takes $3.65 to buy an unspendable Trillion Dollar Zimbabwe note...
how worthless is our own paper $?
http://cgi.ebay.com/ZIMBABWE-100-TRILLION-DOLLAR-CURRENCY-MONEY-BANK-NOT...
Which one of you just outbid me? Fess up.
edit: double post.
How does this happen?
mynhair,
Are you seriously considering buying this building? If I was in that locale, I would go up to $50k on a whim and a speculative vision. I lost more than that on option puts before I "saw the light" last year.
That building is worth at least $30k in "stuff".
I'm not trying to push you; I'm sure that you've done some DD, like:
http://www.city-data.com/city/Bicknell-Indiana.html
I'd love to help add to your bid because I have a post-collapse vision for this structure, but you don't know me and vice versa... Contracts are pretty hard to do anonymously and binding at the same time. We can't even hand-shake here, otherwise I'd have no problem putting up $2000 on a look-you-in-the-eye hand-shake for an equal percentage gain in future profit. My accounting advisers of Glock, Smith, and Wesson have no problem with that arrangement, but I am pretty insistent on following proper pre-collapse protocol.
However, if you or any other ZH bidder wins, I hope that they solicate investments from the community, and for the community of ZH.
We could make some hard-core capitalism work in this small, unsuspecting town. The only thing that is keeping from bidding is my distance and contract.
Thanks Saleh.
Was actually thinking about a consortium of ZHers and starting a real bank.
Will make the last second push, and see what happens.
I'm tied to a contract and can't relocate that far or this puppy would be the Selah Fortress O' Armageddon.
HOLY CRAP what an opportunity!
Who among us has never built some kind of "fort" in our childhood? This one is a century old and probably a lot more sturdy and fire-proof than my early pine log ones.
I hope that some ZH poster buys this so we can live vicariously through the many adventures that await. If I had some assurance that the SHTF in the next 11 hours, ya'll would be hearing about how I "Pimped My Bank". Unfourtunately, my detailed SHTF plans are centered around a quiet rural hunting/fishing/barley-growing existence, well equiped for Silver trading and assaying...
Zero Hedge Clubhouse, as previously recommended, is the best solution. Time-share for a couple hundred bucks or a few grams of Gold. ZH logo on the side... Advertisements or any other free-market capitalism utilizations of publicity... This is truly mind-blowing in potential for the price.
The place is also so small, we could all declare ourselves residents and elect a mayor and name the freakin' town, "Zero Hedge"... Zero Hedge, Indiana!!!
God help me, I'm in.
Ooh great Econ, Now everyone wants their own Panic Vault.
Help us O B Tyler, you're our only hope...... is the coffee ready?
CB
Does it come with an FDIC loss-sharing provision?
There is a health food store in a small town down the road from me (Middlefield, OH) that is located in a old bank. It's called "Healthy Deposits", which I thought was the result of the grain cereal they sell. I didn't realize it was a an old bank until I noticed the door to the safe hidden in the back. Very soon even the "depository" at the FED in Cleveland is going to be full of "Healthy Deposits".
1st question: how's the roof? stable enough and you got a 4 season food supply up there (with the right technique).
there's buildings like that all over small town america. like in bradford PA for instance, home of the paper street soap company:
http://www.paperstreet-soapcompany.com/
looks like they're even hiring...imagine that.
yeah, the Paper Street Soap Company is hiring
from its jobs page
We're always searching for young and energetic people!No matter what you're doing now, whether you're cooking meals, hauling trash, connecting calls or driving ambulances.
We'll give a chance to everybody.
No A-Levels, no College is required. Just manage the Three-Days-Test and you can enjoy our own severe education, to become one of the best.
Three Day test link is
Interested in our internal education?
For all recruits we have a severe Three-Days-Test.Are you interested? Do you have three days of spare time? You have two black shirts? Two pair black pants? One pair black boots? Two pair black socks? One black jacket? Three hundred dollars personal burial money? Alright.
Contact us and ask for information:
recruiting@paperstreet-soapcompany.com
not only are there jobs, they're GREEN JOBS:
"With our exclusive products we want to continue this old tradition of making soap of the best raw material that mother nature offers to us: human fat! With our numerous partners of the cosmetic surgery we are able to resell women their fat asses. You will be enthusiastic about our understanding of recycling."
Only intrested if Zimbabwe Ben would let me borrow at the discount window. I to would love to borrow for nothing, hell I can find toxic waste to dump on them as well.
A gun turret and Sams and maybe you could hold up when the gold confiscation day comes.
Fuck. How pimp would that be?
I think this is a good buy.
the walls are thick and it looks like a fairly easy building to defend. you can lock up food stores and water in the vault when you are out. You aren't near population centers, and my guess is that you will be able to grow crops in the area.
It also looks like someone would have trouble burning you out.
What are the taxes, can it be zoned for residential?
Tear it down and sell that nice limestone and the brick backing for scrap, haul the vault/door off to an undisclosed location.
Sounds like a plan to me.
Peterborough, NH, lackluster town that thinks more of itself than it really is and is home of the USA's first/oldest public library, had a bank implode a few years back. That location is now a dentist office with perhaps the best security/storage of your dental records.
My friend owns an old bank in a small town within England and uses the vault to store his valuables.
As for the above article, the vault/alarm system alone might make purchasing that facility worth it at $10k. Of course yearly taxation fees might make it less of a deal, though you may work out a deal with the local board/selectmen on tax breaks. As more and moe banks implode there will be plenty of these small town vaults coming available throughout the USA.
Main drawback, everyone knows there is a safe at that location and old safes are not as safe you may want to fool youself into believing.
waitaminit, what about the north side?
Wasn't this one of Bonnie & Clyde's favorite pit stops??
Another variation on the musical theme from YouTube:
http://www.youtube.com/watch?v=P3j2oTziRg0
:)
That vault door has to be worth something. $7,500 seems like a steal to me.
Dear Econophile,
Do you happen to know if the buyer of this Bank will be eligible to:
A) Borrow at least $100M at 0-0.25% from the Fed?
B) Become participant in PPIP?
C) Be eligible to buy some of the FDIC-backstopped loans that FDIC has been liquidating?
Thank you.
/SIGNED/
Not Too Big To Fail citizen
Hey, it worked before ...
If only it came with a printing press and the required plates...
Computers are the new printing press. $429.00 for a full powered one from Dell. Or maybe the new iPad will come with Money Supply 1.0 from the Apple Store for $9.95.It's lightweight portable, easy to use and works anywhere. A mix of those and the building with a cabl...uh...ds...uh...dial-up modem and we're set.
Perfect for the gold bug needing to store his hoard.
You can also buy land on the moon and on mars...
Indiana for god sakes!
No way, this would be the perfect Zero Hedge clubhouse.
A hideout far from the filthy lucre of the urban financial and power centers - in the heartland of America no less. We could meet out there for strategy sessions, secret meetings...designing the empire! Our own Hall Of Justice where Tyler and Marla would appear in avatar/hologram form hovering over the bar in the main lobby to address the faithful.
We could buy up a couple of old Pullman cars too...which would damn well take the edge off of traveling to Indiana. How fucking cool would that be?! Hell Marla was probably one step ahead of Buffett and has already bought herself a railroad on the cheap anyway.
http://explorepahistory.com/images/ExplorePAHistory-a0b3f4-a_349.jpg
After the important business is taken care of....ZH Radio DJ party till dawn time! It would be like indoor Burning Man...broadcast on the web for registered members of course.
There's so many ways to win here and we could raise the $$ in about five minutes.
Who's with me !!?
$100 bucks a peice and we could own this beauty. ZH headquarters, like our own Fortress of Solitude.
Zerohedges own version of 85 Broad St.
With our own central bank like gold and silver storage facility. Our own little Gault's Gulch Clubhouse.
This is hysterical. "Appearing by holigram", "our own 85th and Broad", we HAVE to do this. It has a big ass vault too; love the secret society idea to parody secret societies. I looked on the map and it isn't very far from Bloomington or Indianapolis and there is a golf course in town.
"so put the keys in my hand!" --Hell on wheels by Fu Manchu
"Our own Hall Of Justice"
F-that.
We want our own "Legion of Doom".
http://images.huffingtonpost.com/2009-05-26-drhorriblelegiondoom.jpg
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