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Banking regulators shut down three Guaranty Bank locations in Racine County on Friday after the Office of the Comptroller closed all 119 branch locations in five states.
One of the three branches in Racine County are expected to re-open. The Federal Deposit Insurance Corporation (FDIC) arranged to have Raleigh, North Carolina-based First-Citizens Bank & Trust Company takeover the failed bank to protect its depositors, according to a press release by the FDIC.
Guaranty Bank had about $1 billion in total assets and $1 billion in total deposits as of March 31. First-Citizens Bank & Trust is assuming the deposits and $892.6 million of its failed assets. The FDIC will keep the remaining assets for “later disposition.”
The Milwaukee-based Guaranty Bank operated 107 of those 119 branches in retail outlets. Those branches will not re-open. The remaining locations in Illinois, Minnesota, and Wisconsin are expected to re-open under the new bank name.
“All depositors of Guaranty Bank, regardless of where they conducted business, will automatically become depositors of First-Citizens Bank & Trust Company,” the press release reads.
The accounts will continue to be insured by the FDIC.
Customers who banked at the branches that will be re-opened should continue to use those branches until they are notified of systems changes.
People who have accounts at the branches not being re-opened can also keep using electronic means for conducting business, including mobile and online banking.
All Guaranty Bank customers will still be able to write checks, or use their ATM or their debit cards. Checks will also still be able to be processed and loan customers should continue to make their payments. However, the ATM machines in Guaranty Bank retail outlets will not be operational.
The branches that are closing are:
Racine Regency Branch
6031 Regency W. Dr.
3049 S. Oakes Rd.
The only branch that will re-open is:
6031 Regency W. Dr.
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Denise Lockwood has an extensive background in traditional and non-traditional media. She has written for Patch.com, the Milwaukee Business Journal, Milwaukee Magazine and the Kenosha News.
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