A federal agency announced the shutdown of all Guaranty Banks due to failure Friday. They will be absorbed by First-Citizen’s Bank & Trust Company.
A news release from the Office of the Comptroller of Currency said the FDIC oversaw a purchase agreement for First-Citizen to take over all deposits at Guaranty’s 119 branches in five states, most of which were in grocery stores, and will be closed permanently. The release added:
As of March 31, 2017, Guaranty Bank had approximately $1.0 billion in total assets and $1.0 billion in total deposits. In addition to assuming all of the deposits of the failed bank, 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.
Twelve brick-and-mortar locations in Wisconsin, Illinois and Minnesota will reopen as First-Citizens Banks. For a complete list of closures, click here.
All users can still access their funds by writing checks or using an ATM or debit card, and loan customers are asked to continue making regular payments.
If your account is at a branch that will be closing for good, you can access your account online.
Customers with questions about the transaction should call the FDIC toll-free at 800-930-6827. The phone number will be operational on Saturday from 9 a.m. to 6 p.m., CT; on Sunday from noon to 6 p.m., CT; on Monday from 8 a.m. to 8 p.m., CT; and thereafter from 9 a.m. to 5 p.m., CT. Interested parties also can visit the FDIC's website.
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