Overseas Bank Buys Failed Guaranty Bank
August 21st, 2009
This year marks the first time an overseas-based bank has bought a failed U.S. bank. On Friday, August 21, 2009, Guaranty Bank of Austin, Texas was closed by federal regulators in the third largest bank failure this year, bringing the total number of bank failures to 81 in 2009.
“BBVA Compass, a U.S. subsidiary of Spanish bank Banco Bilbao Vizcaya Argentaria, agreed to assume all of Guaranty’s deposits and will buy $12 billion of its assets. The FDIC said it would share losses on $11 billion of the failed bank’s assets.”
Guaranty Bank operated 162 branches in Texas and California. Those branches will reopen Monday as branches of BBVA Compass, which is based in Birmingham, Ala.
Guaranty was the third largest bank to fail in 2009.
Read more on “Third largest bank failure of 2009 announced” at CNN Money
Posted in Foreclosure | 
Tags: bank failure, California Foreclosure, foreclosure crisis, overseas bank, Texas Foreclosure
4 Responses to “Overseas Bank Buys Failed Guaranty Bank”
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Banks really get on my last nerve! They start to go under and they get help from the government, but when my four best friends and neighbors need help, the government never does anything about it.
One thing you need to realize is that those who get bailed out affected millions of people. So unless your neighbors do something that affects the national economy, they will not get large government bail-out funds. They still have options for other things, such as government grants.