Guaranty Bank was a bank based in Milwaukee, Wisconsin. It had 119 branches, 107 of which were kiosks in grocery stores and Walmart Supercenters. The bank operated in five states: Wisconsin, Illinois, Michigan, Minnesota, and Georgia. The bank also operated locations under the name BestBank. On Friday, May 5, 2017, as a result of bank failure, the bank was shut down by the Office of the Comptroller of the Currency. It was placed into receivership and the Federal Deposit Insurance Corporation was named receiver. The assets of the bank were sold to First Citizens BancShares.
| Industry | Banking |
|---|---|
| Founded | January 1, 1923 |
| Defunct | May 5, 2017 |
| Fate | Bank failure; assets acquired by First Citizens BancShares |
| Headquarters | Milwaukee, Wisconsin |
Area served | Wisconsin, Illinois, Michigan, Minnesota, Georgia |
History
editThe bank was established on January 1, 1923 as GUARANTY SAVINGS AND LOAN ASSOCIATION in Milwaukee, Wisconsin.[1]
In July 2004, joined Fannie Mae in a 2-year $2 billion program to offer residential mortgages to members of ethnic minorities.[2]
In May 2009, the bank shut GB Mortgage, its wholesale mortgage division.[3]
In January 2013, the bank sold its Shelter Mortgage division to CIVC Partners.[4]
In March 2013, the bank moved its headquarters from Brown Deer to Glendale, Wisconsin.[5]
In April 2014, the Office of the Comptroller of the Currency issued a Prompt Corrective Action against the bank which stated that the bank was “significantly undercapitalized”.[6]
On Friday, May 5, 2017, as a result of bank failure, the bank was shut down by the Office of the Comptroller of the Currency. It was placed into receivership and the Federal Deposit Insurance Corporation was named receiver. The assets of the bank were sold to First Citizens BancShares.[7][8]
References
edit- ^ "Institution History for GUARANTY BANK (640170)". Federal Financial Institutions Examination Council.
- ^ "Guaranty Bank joins in $2 billion mortgage program for minorities". American City Business Journals. July 12, 2004.
- ^ "Guaranty Bank unit closing costs 62 jobs". American City Business Journals. May 5, 2009.
- ^ Vogel Davis, Stacy (January 22, 2013). "Guaranty closes on sale of Shelter Mortgage". American City Business Journals.
- ^ Vogel Davis, Stacy (March 25, 2013). "Guaranty Bank moves HQ from Brown Deer to Glendale". American City Business Journals.
- ^ NEWMAN, JUDY (April 23, 2014). "Guaranty Bank faces new orders from regulators". Wisconsin State Journal.
- ^ "FDIC Failed Bank Information: Guaranty Bank and BestBank Branches". Federal Deposit Insurance Corporation.
- ^ Kass, Mark (May 6, 2017). "Guaranty Bank shut down, branches purchased by First Citizens Bank". American City Business Journals.