Failed Bank Report: Claim FDIC Insured Deposits at Failed Banks

Guaranty Bank - Austin, TX

Guaranty Bank - Texas Unclaimed Money

Guaranty Bank  - missing bank account search

Texas Unclaimed Property

August 21, 2009: Guaranty Bank, Austin, TX was closed by the Office of Thrift Supervision. The Federal Deposit Insurance Corporation was named Receiver.

As of June 30, 2009, Guaranty Bank had total assets of approximately $13 billion and total deposits of approximately $12 billion.

The FDIC entered into a purchase and assumption agreement with BBVA Compass, Birmingham, Alabama, to assume all deposits - except $344 million in brokered deposits - of Guaranty Bank. (BBVA Compass is the U.S. subsidiary of Spanish bank Banco Bilbao Vizcaya Argentaria.)

All non-brokered  deposit accounts have been transferred to BBVA Compass and are available immediately. The former Guaranty Bank locations - 103 branches in Texas and 59 branches in California - will reopen as branches of BBVA Compass.

The FDIC will pay the brokers directly for the amount of their funds. Customers who placed money with brokers should contact them directly for more information about the status of their deposits.

Transferred deposits will be separately insured from any accounts you may already have at BBVA Compass for six months after the failure of Guaranty Bank. All interest accrued through Friday, August 21, 2009, will be paid at your same rate; however BBVA Compass will be reviewing rates.

Checks will be processed as usual. Your automatic direct deposits and withdrawals will be transferred automatically to your new bank. If you had a loan with Guaranty Bank, you should continue to make your payments as usual, until further notice.

Compass Bank
15 South 20th Street
Birmingham, AL 35233
800-266-7277
http://www.compassbank.com

In addition to assuming all of the deposits of the failed bank, BBVA Compass agreed to purchase $12 billion of the failed bank's assets. The FDIC and BBVA Compass entered into a loss-share transaction on approximately $11 billion of Guaranty Bank's assets. The FDIC will retain the remaining assets for later disposition.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $3 billion.

For additional information and assistance contact the FDIC at: 1-800-760-3641; or go to: http://www.fdic.gov/bank/individual/failed/guaranty-tx.html

2009 FDIC Insured Failed Banks
 
 
 
 
Guaranty Bank
1300 South Mopac Expressway
Austin, TX 78746
http://www.guarantybank.com
 

Established on 09/30/1988 as
Guaranty Federal Savings Bank

 

Assets: $13 billion
Deposits: $12 billion
 
 
Cost to FDIC: $3 billion

 

 
 

History: Established on 09/30/1988 as Guaranty Federal Savings Bank
09/30/1988 - Acquired First Federal Savings And Loan Association - Austin, Texas.
09/30/1988 - Acquired Delta Savings Association Of Texas - Alvin, Texas.
09/30/1988 - Acquired Guaranty Federal Savings And Loan Association - Dallas, Texas.
02/01/1992 - Acquired Kilgore Federal Savings And Loan Association - Kilgore, Texas.
03/09/1992 - Changed name to Guaranty Federal Bank, F.S.B.
11/13/1993 - Acquired American Federal Bank Fsb - Dallas, Texas.
06/29/1994 - Acquired First Federal Savings Bank - San Antonio, Texas.
06/27/1997 - Acquired Stockton Savings Bank, Fsb - Stockton, California
06/30/1999 - Acquired Hemet Federal Savings And Loan Association - Hemet, California
11/28/2000 - Changed name to Guaranty Bank
01/06/2004 - Changed name to Guaranty Bank

Consumer Alert

Unclaimed FDIC Insured Deposits

There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes.

Be advised that not every depositor with funds in a failed bank will receive notification from the FDIC, and there are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes.

Beneficial owners of fiduciary accounts, including Uniform Transfers To Minors accounts, escrow accounts, Interest on Lawyer Trust Accounts (IOLTA), and deposit accounts obtained through a broker (Brokered Accounts) will not be contacted by the FDIC.

This is because these accounts are on the failed bank's records in the name of the fiduciary, not the individual owner. The FDIC does not have access to ownership information, and therefore will not contact individual depositors. It is the responsibility of the broker or other fiduciary to initiate a claim.

In addition, accounts transferred to successor institutions may have lower interest rates and can lose insurance coverage, after a period of time. If an individual already has accounts at a successor institution, perhaps unknowingly in the case of brokered deposits, the insurance limit may be exceeded and funds could be lost in a subsequent receivership.

Finally, in the worst case scenario, by law accounts which go unclaimed for an extended period may be time barred, and safe deposit boxes can be drilled and the contents sold at auction.

It is important to understand you may have an account at a failed institution and not know it, either because you were a depositor at a bank acquired by an institution that subsequently failed, or if you or a deceased family member are the beneficial owner of a brokered fiduciary account.

For assistance tracing and reclaiming a lost bank account or safe deposit box go to: Unclaimed Account Search


Creditor Claims: Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. Shortly after the failure, the FDIC sends notices directly to all known service providers to explain the claim filing process. If you provided a service for Guaranty Bank and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Guaranty Bank
1601 Bryan Street
Dallas, TX  75201
Attention: Claim Agent
1-800-568-9161


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