Guaranty Bank Fails; 38 Wisconsin Branches Closing

GLENDALE, WI — Wisconsin-based Guaranty Bank was closed Friday by federal officials, after the bank could not recover from the housing and mortgage foreclosure crisis.

Guaranty Bank is the fifth FDIC-insured institution to fail in the nation this year, and the first in Wisconsin.

A sale agreement brokered by the FDIC means that First-Citizens Bank & Trust Company, Raleigh, North Carolina, will assume all of the deposits of Guaranty Bank. Guaranty Bank did business as BestBank in Georgia and Michigan.

Guaranty Bank had 119 branches in five states, 107 of which were in retail outlets, such as grocery and general merchandise stores. The branches in retail outlets will not be reopening.

The 12 brick-and-mortar locations in Illinois, Minnesota, and Wisconsin will reopen as branches of First-Citizens Bank & Trust Company during their normal business hours. All depositors of Guaranty Bank, regardless of where they conducted business, will automatically become depositors of First-Citizens Bank & Trust Company.

List of Closed Wisconsin Branches:

1. Brookfield Pic n Save 2205 N. Calhoun Rd.
2. Brookfield Pic n Save 17295 W. Capitol Dr.
3. Burlington Walmart 1901 S. Milwaukee Ave.
4. Caledonia Pic n Save 5111 Douglas Ave.
5. Delavan Walmart 1819 E. Geneva St.
6. Fitchburg Pic n Save 3010 Cahill Main
7. Fond Du Lac Pic n Save 760 W. Johnson St.
8. Franklin Pic n Save 7201 S. 76th St.
9. Germantown Pic n Save N112W16200 Mequon Road
10. Hartford Walmart 1200 Theil St.
11. Hubertus Piggly Wiggly 1234 Hwy. 175
12. Jackson Piggly Wiggly 16774 Eagle Dr.
13. Kenosha Pic n Save 1901 63rd St.
14. Lake Geneva Walmart 201 S. Edwards Blvd.
15. Madison Copps 261 Junction Rd.
16. Menomonee Falls Pic n Save N77W14435 Appleton Ave
17. Mequon Sendik's 10930 N. Port Washington Rd.
18. Milwaukee Pacific Produce 8340 W. Appleton Ave.
19. Milwaukee Pic n Save 8151 W. Bluemound Rd.
20. Milwaukee Pic n Save 1123 N. Van Buren St.
21. Milwaukee Galst Food 4030 N. Teutonia
22. Monona Copps 6540 Monona Dr.
23. Muskego Piggly Wiggly W189S7847 Racine Ave
24. Oak Creek Piggly Wiggly 2201 E. Rawson Ave.
25. Oconomowoc Pic n Save 36903 E. Wisconsin Ave.
26. Oconomowoc Pic n Save 1300 Pabst Farm Cir.
27. Plymouth Walmart 428 Walton Dr.
28. Saukville Piggly Wiggly 810 Green Bay Ave.
29. Sheboygan Walmart 3711 S. Taylor Dr.
30. Sheboygan Walmart 4433 Vanguard Dr.
31. Slinger Piggly Wiggly 1100 E. Commerce Blvd.
32. Sturtevant Walmart 3049 S. Oakes Rd.
33. Sussex Pic n Save N65W24838 Main St
34. Wales Pic n Save 405 N. Wales Rd.
35. Waukesha Pic n Save 1220 W. Sunset Dr.
36. Wauwatosa Sentry Foods 6700 W. State St.
37. West Allis Piggly Wiggly 10282 W. National Ave.
38. West Bend Walmart 1515 W. Paradise Dr.

Federal officials say that deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits.

Customers in the branches being assumed by First-Citizens Bank & Trust Company should continue to use their existing branch until they receive notice that systems changes have been completed to allow First-Citizens Bank & Trust Company branches to process their accounts.

For a complete list of branches, visit https://www.fdic.gov/guaranty-best-branches.

Friday evening and over the weekend, all depositors of Guaranty Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

Depositors with accounts at the branches not reopening can continue to use electronic means for conducting their banking business, including online and mobile banking. ATM machines on-site at the branches in retail outlets will not be operational.

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