- Associated Press - Saturday, May 6, 2017

MADISON, Wis. (AP) - Federal regulators have closed Milwaukee-based Guaranty Bank, saying the bank is significantly undercapitalized and has not come up with an acceptable way to shore up its finances.

The Federal Deposit Insurance Corp., named as receiver, says the First-Citizens Bank & Trust Co., of Raleigh, North Carolina, will take over Guaranty’s deposits.

Guaranty Bank had 119 branches in five states. The FDIC says the branches in retail outlets will not reopen. But 12 brick-and-mortar locations in Wisconsin, Illinois and Minnesota will reopen as branches of First-Citizens.

The bank also had branches in Michigan and Georgia.

The FDIC says customer deposits are safe, accessible and still protected by federal insurance.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide