ATLANTA -- A failed bank with several branches around metro Atlanta has been shut down by federal government.
The Federal Deposit Insurance Corporation confirmed on Friday that Guaranty Bank, which also owns BestBank, had been shut down by the Office of Comptroller of Currency. The FDIC entered into a purchase and assuming agreement with First-Citizens Bank & Trust Company which will immediately take over all deposits.
That means all depositors of Guaranty Bank or BestBank, regardless of where they conducted business, will automatically become depositors of First-Citizens.
The Milwaukee Journal-Sentinel reports that Guaranty had been under orders by federal regulators since 2009 to improve its financial condition. But the bank struggled to return to profitability and boost its capital to required levels.
The paper reports that, in 2012, Guaranty sold off its national Shelter Mortgage unit to bolster the bank's capital, but the boost was temporary. In the last 10 calendar years, Guaranty has posted a profit just twice, records from the FDIC show. Its worst calendar year loss was $52.6 million in 2009. In calendar year 2016, Guaranty lost $4.2 million.
The company has struggled over the years to recover from losses stemming from the housing and foreclosure crisis.
BestBank had 34 branches across metro Atlanta - many in retail outlets such as grocery stores. First Citizens agreed to purchase $892.6 million of the failed bank's estimated $1 billion in total assets. The North Carolina-based First Citizens bank had previously taken over Atlanta-based Capitol City Bank & Trust.
Customers with questions about the transaction should call the FDIC toll-free at 800-930-6827.
|Acworth-HWY 92||Kroger||6199 Hwy 92, Suite 176||Acworth|
|Caroline||Kroger||1225 Caroline St.||Atlanta|
|Monroe||Kroger||1700 Monroe Dr.||Atlanta|
|Buford||Kroger||3855 Buford Hwy.||Atlanta|
|Roswell (Northridge)||Kroger||8331 Roswell Rd.||Atlanta|
|College Park||Kroger||6055 Old National Hwy.||College Park|
|Conyers||Kroger||1745 Highway 138 SE||Conyers|
|Covington-HWY 278||Kroger||3139 US Hwy. 278 NE||Covington|
|Salem||Kroger||3700 Salem Rd.||Covington|
|Covington-HWY 20||Kroger||5341 Hwy. 20 South||Covington|
|Cumming-Bethelview Road||Kroger||2325 Bethelview Rd.||Cumming|
|Decatur||Kroger||2875 N. Decatur Rd.||Decatur|
|Decatur - Memorial Dr||Kroger||3479 Memorial Dr.||Decatur|
|Flat Shoals||Kroger||4919 Flat Shoals Pkwy, Suite 100||Decatur|
|Douglasville||Kroger||8501 Hospital Dr.||Douglasville|
|Duluth||Kroger||3093 Steve Reynolds Blvd.||Duluth|
|Dunwoody||Kroger||4498 Chamblee Dunwoody Rd.||Dunwoody|
|Ellenwood||Kroger||101 Fairview Rd.||Ellenwood|
|Ellenwood Walmart||Walmart||2940 Anvil Block Rd.||Ellenwood|
|Lake City||Kroger||5664 Jonesboro Rd||Lake City|
|Lawrenceville||Kroger||2100 Riverside Pkwy. NW||Lawrenceville|
|Lilburn-Five Forks||Kroger||3050 Five Forks Trickum Rd. SW||Lilburn|
|Lilburn-HWY 29||Kroger||4155 Lawrenceville Hwy. NW||Lilburn|
|Lithonia Wal-Mart||Walmart||5401 Farrington Rd.||Lithonia|
|Lithonia - Kroger||Kroger||6678 Covington Hwy.||Lithonia|
|Loganville||Kroger||910 Athens Hwy.||Loganville|
|Mableton-Floyd||Kroger||4875 Floyd Rd.||Mableton|
|McDonough||Kroger||301 Jonesboro Rd.||Mcdonough|
|South Stockbridge||Walmart||1400 Hudson Bridge Rd.||Stockbridge|
|Stockbridge||Kroger||3618 Hwy 138 SE||Stockbridge|
|Stone Mountain||Kroger||1227 Rockbridge Rd||Stone Mountain|
|Tucker-Lavista||Kroger||3959 Lavista Rd., Suite A||Tucker|
|Lawrenceville Hwy.||Kroger||4357 Lawrenceville Hwy.||Tucker|
|Union City||Kroger||4550 Jonesboro Rd.||Union City|