First-Citizens Bank & Trust Company, Raleigh, North Carolina, Assumes All of the Deposits of Guaranty Bank, Milwaukee, Wisconsin — 2017-05-05

Guaranty did business as BestBank in GA and MI, and had branches in IL, MN, and WI Guaranty Bank, Milwaukee, Wisconsin, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First- Citizens Bank & Trust Company, Raleigh, North Carolina, to 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.