— Guaranty Bank was closed on Friday by the Office of the
Comptroller of the Currency, which appointed the Federal Deposit
Insurance Corporation as receiver, according to a press release
from the FDIC.
protect the depositors, the FDIC entered a purchase and assumption
agreement with First-Citizens Bank & Trust Company of Raleigh,
North Carolina, to assume all of Guaranty Bank’s deposits.
Bank had 119 branches in five states, with 107 in retail outlets.
The retail outlet branches will not reopen. The 12 brick-and-mortar locations in Wisconsin, Illinois and Minnesota will reopen
as First-Citizens Bank & Trust Company branches. All Guaranty
Bank depositors will automatically become depositors of
First-Citizens Bank & Trust Company.
FDIC will still insure deposits. Customers in the branches being
assumed by First-Citizens Bank & Trust Company should continue
using their existing branch until they receive notice that systems
changes have been completed to allow First-Citizens Bank &
Trust Company branches to process their accounts.
a complete list of branches, visit
the weekend, Guaranty Bank depositors can access their money by
writing checks or using ATM or debit cards. Checks will be
processed. Loan customers should continue making payments as
at the branches not reopening can continue conducting their
banking business electronically, including online and mobile
banking. ATM machines at the retail outlet branches will not be
of March 31, Guaranty Bank had approximately $1.0 billion in total
assets and $1.0 billion in total deposits. First-Citizens Bank
& Trust Company agreed to purchase $892.6 million of the
failed bank’s assets. The FDIC will retain the remaining assets
for later disposition.
with questions can call the FDIC toll-free at 800-930-6827 today
from 9 a.m. to 6 p.m., CT; Sunday from noon to 6 p.m., CT; Monday
from 8 a.m. to 8 p.m., CT; and thereafter from 9 a.m. to 5 p.m.,
more information, visit online at