Feds shut down bank, 34 branches in metro Atlanta – WXIA-TV

Feds shut down bank, 34 branches in metro Atlanta – WXIA-TV


ATLANTA — A failed bank with several branches around metro Atlanta has been shut down by federal government.

The Federal Deposit Insurance Corporation confirmed on Friday that Guaranty Bank, which also owns BestBank, had been shut down by the Office of Comptroller of Currency.  The FDIC entered into a purchase and assuming agreement with First-Citizens Bank & Trust Company which will immediately take over all deposits.

That means all depositors of Guaranty Bank or BestBank, regardless of where they conducted business, will automatically become depositors of First-Citizens. 

The Milwaukee Journal-Sentinel reports that Guaranty had been under orders by federal regulators since 2009 to improve its financial condition. But the bank struggled to return to profitability and boost its capital to required levels.

The paper reports that, in 2012, Guaranty sold off its national Shelter Mortgage unit to bolster the bank’s capital, but the boost was temporary. In the last 10 calendar years, Guaranty has posted a profit just twice, records from the FDIC show. Its worst calendar year loss was $52.6 million in 2009. In calendar year 2016, Guaranty lost $4.2 million.

The company has struggled over the years to recover from losses stemming from the housing and foreclosure crisis.

BestBank had 34 branches across metro Atlanta – many in retail outlets such as grocery stores. First Citizens agreed to purchase $892.6 million of the failed bank’s estimated $1 billion in total assets. The North Carolina-based First Citizens bank had previously taken over Atlanta-based Capitol City Bank & Trust.

Customers with questions about the transaction should call the FDIC toll-free at 800-930-6827. 

Name Office Type Address City
Acworth-HWY 92 Kroger 6199 Hwy 92, Suite 176 Acworth
Caroline Kroger 1225 Caroline St. Atlanta
Monroe Kroger 1700 Monroe Dr. Atlanta
Buford Kroger 3855 Buford Hwy. Atlanta
Roswell (Northridge) Kroger 8331 Roswell Rd. Atlanta
College Park Kroger 6055 Old National Hwy. College Park
Conyers Kroger 1745 Highway 138 SE Conyers
Covington-HWY 278 Kroger 3139 US Hwy. 278 NE Covington
Salem Kroger 3700 Salem Rd. Covington
Covington-HWY 20 Kroger 5341 Hwy. 20 South Covington
Cumming-Bethelview Road Kroger 2325 Bethelview Rd. Cumming
Decatur Kroger 2875 N. Decatur Rd. Decatur
Decatur – Memorial Dr Kroger 3479 Memorial Dr. Decatur
Flat Shoals Kroger 4919 Flat Shoals Pkwy, Suite 100 Decatur
Douglasville Kroger 8501 Hospital Dr. Douglasville
Duluth Kroger 3093 Steve Reynolds Blvd. Duluth
Dunwoody Kroger 4498 Chamblee Dunwoody Rd. Dunwoody
Ellenwood Kroger 101 Fairview Rd. Ellenwood
Ellenwood Walmart Walmart 2940 Anvil Block Rd. Ellenwood
Lake City Kroger 5664 Jonesboro Rd Lake City
Lawrenceville Kroger 2100 Riverside Pkwy. NW Lawrenceville
Lilburn-Five Forks Kroger 3050 Five Forks Trickum Rd. SW Lilburn
Lilburn-HWY 29 Kroger 4155 Lawrenceville Hwy. NW Lilburn
Lithonia Wal-Mart Walmart 5401 Farrington Rd. Lithonia
Lithonia – Kroger Kroger 6678 Covington Hwy. Lithonia
Loganville Kroger 910 Athens Hwy. Loganville
Mableton-Floyd Kroger 4875 Floyd Rd. Mableton
McDonough Kroger 301 Jonesboro Rd. Mcdonough
South Stockbridge Walmart 1400 Hudson Bridge Rd. Stockbridge
Stockbridge Kroger 3618 Hwy 138 SE Stockbridge
Stone Mountain Kroger 1227 Rockbridge Rd Stone Mountain
Tucker-Lavista Kroger 3959 Lavista Rd., Suite A Tucker
Lawrenceville Hwy. Kroger 4357 Lawrenceville Hwy. Tucker
Union City Kroger 4550 Jonesboro Rd. Union City

 

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