08 May, 2017
The Office of the Comptroller of the Currency (OCC) closed Guaranty Bank (which also conducted business as BestBank in MI and Georgia) and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
Banking regulators shut down three Guaranty Bank locations in Racine County on Friday after the Office of the Comptroller closed all 119 branch locations in five states.
Guaranty Bank operated 12 brick-and-mortar locations in Illinois, Minnesota and Wisconsin, which will reopen under the First-Citizens Bank brand on Monday.
People who have accounts at the branches not being re-opened can also keep using electronic means for conducting business, including mobile and online banking.
In order to protect Guaranty depositors, the FDIC arranged for First-Citizens to assume all of Guaranty's deposits and purchase $829.6 million of its assets. Get twice-daily updates on what the St. Louis business community is talking about.
Federal officials have closed all Guaranty Banks in Wisconsin and other states.
As of December 31, 2016, the bank reported assets of $1 billion with a net loss for the year of $4.2 million. The FDIC will continue to insure all deposits.
They add that is evening and over the weekend, all depositors of Guaranty Bank can access their money by writing checks or using ATM or debit cards.
For more information about First Citizens, customers can visit firstcitizens.com/gb-bb or call 1.855.628.1024 between 7:00 a.m. and 11 p.m. Loan customers should continue to make their payments as usual. ATM machines on-site at the branches in retail outlets will not be operational. The FDIC will retain the remaining assets for later disposition.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $146.4 million. First Citizens is a 119-year-old financial institution, and we value Guaranty Bank and its heritage.
