However, the agency said all of failed bank’s 107 store-based branches will remain closed. The bank operated as BestBank in Georgia and Michigan, and as Guaranty bank in Wisconsin, Minnesota and Illinois.
Customers with questions about the bank failure can call the FDIC toll-free at 800-930-6827, or find more details at the FDIC's website on failed banks.
The FDIC said Guaranty Bank had $1 billion in assets and $1 billion in deposits. First-Citizens agreed to buy almost $893 million on the bank’s assets such as loans and branches.
The FDIC is keeping the rest of the bank’s assets — typically loans to borrowers who have defaulted and foreclosed properties. They appear to be a total write-off: the FDIC estimated that Guaranty Bank’s failure will cost its deposit insurance fund $146 million.
Guaranty Bank is the fifth to fail in the United States this year, and the first in fail in Wisconsin in more than a year.
In the aftermath of the Great Recession, Georgia became the nation’s bank failure capital. Between 2008 and 2014, nearly 90 institutions were shut down or turned over to new owners by the FDIC. But the pace has slowed to a trickle in recent years.
The last Georgia bank to fail was Woodbury Banking Co., last August.
Best Bank commonly found inside Kroger Grocery stores have closed.