HARTFORD, Conn. - Fleet Bank said it had invited New England Savings Bank of New London and Hartford's Advest Bank to hold a real estate auction of 115 residential and commercial properties on Nov. 14.
The unit of Fleet Financial Group, Providence, R.I., said the other banks were invited to participate because "it simply made sense" for the banks to pool resources in marketing their real estate portfolios.
Fleet said it would auction the majority of its inventory of single-family homes, condominiums, home sites, development properties, multiple-family properties, commercial buildings, and income-producing properties.
Properties in 4 States
The properties are in the Greater Hartford area; New Haven and Middletown, Conn.; Westchester and Dutchess counties in New York; Portsmouth, R.I.; and Longmeadow, Mass.
About half of the real estate will be sold regardless of price and with no minimum bids.
Fleet said it had hired the J.P. King Auction Group for the auction. King sold $7.5 million in real estate for Fleet in May.