Guaranty Bank FSB is a defunct full-service retail bank based in Milwaukee, Wisconsin, United States. Guaranty Bank formerly had 119 branches, with 107 of them in non-traditional kiosk settings such as grocery stores and Walmart Supercenters, in five states: Wisconsin, Illinois, Michigan, Minnesota, and Georgia. It is a Federal Savings Bank.
In 2004, it announced that it would participate in a $2 billion program to offer residential mortgages to members of ethnic minorities.
Guaranty Bank also operated as Best Bank in suburban Atlanta and Lower Michigan
On Friday, May 5, 2017, shut down Guaranty Bank due to its failure. As with all FDIC Friday bank closures, there was no advance notice given to prevent bank runs. The FDIC oversaw a purchase agreement by First Citizen's Bank & Trust Company to take over all deposits at 119 Guaranty branches in five states. The Office of the Controller of Currency described Guaranty's failure in a press release: "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." Due to this, all of the bank's 107 non-traditional branches in groceries and discount stores will shut down after an FDIC-imposed transition period. With the only physical branches of the bank remaining being the ten in the Milwaukee area, one north of Minneapolis and one in the south suburban Chicago suburb of Matteson, this effectively leaves most customers to bank through ATM or online means during the First-Citizens transition.
Video Guaranty Bank (Wisconsin)
References
Maps Guaranty Bank (Wisconsin)
External links
- www.guarantybank.com
- www.bestbank.com
- www.guarantyloans.com
- www.firstcitizens.com
Source of the article : Wikipedia
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