First Citizens Bank Purchases Certain Assets, Assumes Certain Liabilities of Guaranty Bank of Milwaukee, Wis.
May 05 2017 - 8:44PM
First Citizens Bank, a subsidiary of Raleigh-headquartered First
Citizens BancShares, Inc. (Nasdaq:FCNCA), announced today that it
has entered into an agreement with the Federal Deposit Insurance
Corporation (FDIC) to purchase certain assets and assume certain
liabilities of Guaranty Bank of Milwaukee, Wis.
The Office of the Comptroller of the Currency (OCC)
closed Guaranty Bank (which also conducted business as BestBank in
Michigan and Georgia) and appointed the Federal Deposit Insurance
Corporation (FDIC) as receiver. Promptly afterward, First Citizens
Bank purchased certain assets and assumed all deposits of Guaranty
Bank from the FDIC. Depositors will not sustain any losses with
respect to those deposits assumed by First Citizens Bank.
On Saturday, May 6, 2017, Guaranty Bank and
BestBank will begin operating as divisions of First Citizens Bank.
Following closure by the OCC, 57 in-store Guaranty Bank branches in
Wisconsin, Illinois and Minnesota and 50 in-store BestBank branches
in Georgia and Michigan will not re-open. The remaining 12 Guaranty
Bank traditional brick-and-mortar locations will re-open at their
normal business hours (list of addresses below).
First Citizens has completed 14 FDIC-assisted
transactions since July 2009.
Frank Holding, chairman and CEO of First Citizens
Bank, said: “Our announcement today represents another solid growth
opportunity for our bank through an FDIC-assisted transaction.
First Citizens is a 119-year-old financial institution, and we
value Guaranty Bank and its heritage. Sound business practices and
stewardship of customer deposits continue to be among the highest
priorities of our bank, and we look forward to serving our new
customers.”
As of March 31, 2017, Guaranty Bank had
approximately $1 billion in total assets and $1 billion in total
deposits. First Citizens was selected to complete this transaction
through a competitive bidding process. The agreement only covers
certain real estate, assets and liabilities of Guaranty Bank.
Assets, liabilities and common stock of Guaranty Bank’s former
parent company, Guaranty Financial Corp., have not been purchased
or assumed by First Citizens Bank.
Customer deposits are safe, accessible and still
protected by FDIC insurance. Depositors can continue to use their
checks and cards and have online, mobile, ATM and telephone banking
access to their accounts. Customers with questions about their
accounts should continue to contact the Guaranty/BestBank Customer
Service Center, 800.235.4636, Monday-Friday, 8 a.m. – 7 p.m.,
Saturday, 9 a.m. – 3 p.m., Central Time.
Guaranty Bank locations:
In Illinois:
• Matteson — 4704 Lincoln Highway
In Minnesota:
• Blaine — 668 County Road 10
In Wisconsin:
• Brookfield – 12655 W. Capitol Drive • Brown Deer – 4000 W.
Brown Deer Road • Glendale – 5610 N. Bayshore Drive • Menomonee
Falls – N95 W18311 County Line Road
• Milwaukee
- 4661 S. 27th Street
- 7901 W. Brown Deer Road
- 10380 W. Silver Spring Drive
- 544 E. Ogden Avenue, Suite 800
• Mount Pleasant / Racine – 6031 Regency West Drive • West Bend
– 876 S. Main Street
For more information about First Citizens,
customers can visit firstcitizens.com/gb-bb or call 1.855.628.1024
between 7:00 a.m. and 11 p.m. Eastern time.
About First CitizensFounded in
1898 and headquartered in Raleigh, N.C., First Citizens Bank serves
customers at more than 560 branches in 23 states. First Citizens
Bank is a wholly owned subsidiary of First Citizens BancShares,
Inc. (Nasdaq:FCNCA), which has $34 billion in assets. For more
information, call toll free 1.888.FC DIRECT (1.888.323.4732) or
visit firstcitizens.com. First Citizens Bank. Forever First®.
Barbara Thompson
First Citizens Bank
919.716.2716
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