Guaranty Bank Bites the Dust
August 21, 2009 by Stephen Kersey
Filed under Business
Last week, we talked about how Guaranty Financial Group was struggling to survive. Guaranty Financial Group is the parent company of Guaranty Bank. Today, the federal government put Guaranty Bank out of its misery and shut it down.
After struggling mightily for much of the last year, most experts predicted that Guaranty Bank would get shut down. The question was more of “when” where than “if”.
Joining Guaranty Bank on the chopping block were three more banks. In total, 81 banks have failed this year in the United States.
In Atlanta, ebank was shut down. A second bank in Georgia, First Coweta, was also shut down. The other failed bank, CapitalSouth Bank, was based in Birmingham, Alabama. However, compared to Guaranty Bank, these three banks are very small.
Guaranty Bank, on the other hand, had about $12 billion deposits and $13 in assets. BBVA Compass, the United States division of a bank based in Spain, purchased the bank from the FDIC. There are more than 160 Guaranty Bank branches in the U.S.
Guaranty Bank (Image: Flickr)
