First Citizens purchases certain assets of Guaranty Bank of Milwaukee
First Citizens Bank, a subsidiary of First Citizens BancShares, announced Friday it entered into an agreement with the FDIC to purchase certain assets and assume certain liabilities of Guaranty Bank of Milwaukee, Wis. The Office of the Comptroller of the Currency closed Guaranty Bank, which also operated as BestBank, and appointed the FDIC as receiver. Promptly afterward, First Citizens Bank purchased certain assets and assumed all deposits of Guaranty Bank from the FDIC. On May 6, Guaranty Bank and BestBank began 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. As of March 31, Guaranty Bank had approximately $1B in total assets and $1B 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, have not been purchased or assumed by First Citizens Bank.