Federal regulators close Guaranty Bank

Freeman Staff

May 6, 2017

MILWAUKEE — 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.

To 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.

Guaranty 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.

The 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.

For a complete list of branches, visit www.fdic.gov/guarantybest-branches.

Over 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 usual.

Depositors 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 operational.

As 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.

Customers 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., CT.

For more information, visit online at www.fdic.gov/bank/individual/failed/guaranty.html.