Guaranty Bank Fails…107 Branches closing nationwide
Wisconsin based Guaranty Bank is DONE. According to this Patch report the small bank with just over 100 branches couldn’t recover from the housing crisis.
Wisconsin-based Guaranty Bank was closed Friday by federal officials, after the bank could not recover from the housing and mortgage foreclosure crisis.
Guaranty Bank is the fifth FDIC-insured institution to fail in the nation this year, and the first in Wisconsin.
A sale agreement brokered by the FDIC means that First-Citizens Bank & Trust Company, Raleigh, North Carolina, will assume all of the deposits of Guaranty Bank. Guaranty Bank did business as BestBank in Georgia and Michigan.
Guaranty Bank had 119 branches in five states, 107 of which were in retail outlets, such as grocery and general merchandise stores. The branches in retail outlets will not be reopening.
The 12 brick-and-mortar locations in Illinois, Minnesota, and Wisconsin will reopen as branches of First-Citizens Bank & Trust Company during their normal business hours. All depositors of Guaranty Bank, regardless of where they conducted business, will automatically become depositors of First-Citizens Bank & Trust Company.