First Citizens takes over Guaranty Bank in FDIC-assisted deal

First Citizens takes over Guaranty Bank in FDIC-assisted deal

Raleigh’s First Citizens Bank has purchased some of the assets and assumed all of the deposits of Guaranty Bank of Milwaukee after reaching a deal with the Federal Deposit Insurance Corp. Guaranty Bank — which also conducted business as BestBank in Michigan and Georgia — was shuttered Friday by the Office of the Comptroller of Currency, with the FDIC appointed as receiver. Guaranty Bank had $1 billion in assets and $1 billion in total deposits at the end of March. The acquisition is the 14th FDIC-assisted deal for First Citizens since July 2009.

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