An Estey-Hoover Case History

Depositors’ Economic Protection Corporation (DEPCO)

Virtually all of the credit unions in Rhode Island were declared insolvent and closed in one day. The public/depositors lost millions of dollars. As a public agency, DEPCO was set up to liquidate real estate assets located throughout the State in hopes of returning some money to the public. Estey-Hoover, as a prime subcontractor to Amresco and R. Thomas Ashley for DEPCO, successfully conducted an extensive, accelerated, auction campaign for this ambitious project. (Similar contracts have been fulfilled in California for the FDIC.)

From beginning to end, a 90 day period, Estey-Hoover helped to develop and implement a detailed $355,000 marketing plan, including:

Step-by-step checklist of needs and projects
Marketing literature, tools and budgets
Media recommendations and schedules
Media negotiation and buying
Day-by-day advertising (by media source) response tracking system
800 line inquiry handling system
20 page catalog/brochure
Design of advertisements for placement in a variety of publications
Radio scripts and production for several radio stations
In-person interviews at virtually every newspaper in the state
On-air television and radio appearances
Coordination of a pre-auction "How to Buy" seminar
Auction day press kits and press conference
Post Auction analysis

Results:

During the three week advertising period, total calls and walk-in traffic totaled 8,939 people. Press coverage, electronic and print media was extensive. 912 people pre-registered for the auction. 1600 attended the auction at the new R.I. Convention Center. 121 of 131 homes, commercial buildings and land properties sold. Dollar volume raised and made available to return to the public totaled $16.9 million.