Bank Failure | Foreclosure and Short Sales News

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 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 http://money.cnn.com/2009/08/21/news/economy/bank_failures/index.htm?section=money_latest

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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

Let Short Sale Holdings Prevent Your Foreclosure