The former AMCORE Bank building in South Beloit is set to go up for auction next month.
BMO Harris Bank purchased AMCORE in 2010, and closed the branch in October 2012.
Rick Levin, president of Rick Levin and Associates, an auction firm based in Chicago, was hired to run the auction. The auction will take place from April 14 to April 23, and will be done online at www.ricklevin.com.
The suggested opening bid is $50,000, but buyers can bid whatever they want on the property. The estimated value for the 3,444-square-foot building is about $500,000, according to the appraisal on Levin’s website. The building sits on about a quarter acre, or about 11,760 square feet, according to the appraisal.
Levin said an on-site inspection is scheduled from 10 a.m. to noon on April 9 and April 16 to allow potential bidders to look inside the building. Information including floor plans, the 2010 appraisal and an environmental report are all available online, Levin said.
“We’ve done this for all kinds of entities,” Levin said. “They are motivated sellers that own property, and want to set the time and date when their property sells.
Levin said an auction not only can sell a property quickly, but can help determine what the property is worth based on the bids received.
“We like to think that something is worth as much as they are willing to pay for it,” he said.
All of the bids must be done online. Additional information, including photos and a real estate contract approved by the property owner, are also online.
The winning bid will be required to put 10 percent down in a cashier’s check, Levin said. It’s a way to ensure the winning bidder has the finances to pay their bid price.
“It’s a nice property, and it will give people a good opportunity for someone to look at it,” he said. “The seller is not emotionally attached to the property. They obviously want the most for the property, but are cognizant of the fact that buyers want to pay the least so there should be some middle ground there.”
The company announced in October 2012 that the bank would close its doors for good. When Rockford-based AMCORE Bank went out of business in 2010 Harris N.A. bought it out along with M&I Bank. The South Beloit branch was one of 24 locations that were closed in 2012. About 17 of those branches were in Wisconsin including three in Madison, two in Milwaukee and one each in Cecil, Cedarburg, La Crosse, Mequon, Muskego, New Berlin, Pewaukee, Reedsburg, Saukville, Sauk City, Sheboygan Falls and West Salem.
Customers of the South Beloit branch were directed to the former M&I Bank in Beloit, which has since become a BMO Harris Bank.