The large Texas bank has been seized by the FDIC and a majority of its operations have been sold.
Press Release Service – Wired PR News – Federal regulators have shut down Guaranty Bank, making it the 10th largest bank to fail in the history of the United States, and the second largest this year, as reported by the Associated Press (AP).
As noted in the report, a majority of the bank’s operations have been sold to BBVA Compass, major Spanish bank Banco Bilbao Vizcaya Argentaria SA’s U.S. division. Jose Maria Garcia Meyer, chairman of BBVA Compass, is quoted by the AP as remarking in a statement of the acquisition, “This compelling transaction makes excellent strategic sense and represents an exciting growth opportunity for BBVA Compass as we continue to build the leading banking franchise in the high-growth Sunbelt region.”
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