WASHINGTON - Glendale-based Guaranty Bank was shut down Friday by federal officials, according to the FDIC.
Guaranty Bank, which operated 119 branches in five states, will be shuttering all but 12 of its branches as part of the shutdown.
Federal officials said the bank "had experienced substantial dissipation of assets or earnings due to unsafe or unsound practices." The bank also failed to submit an acceptable capital restoration plan.
All three of the bank's Madison area locations will be closing, including those at:
- Pick 'n Save, 3010 Cahill Main, Fitchburg
- Pick 'n Save, 261 Junction Road, Madison
- Pick 'n Save, 6540 Monona Drive, Monona
The bank and its assets will be taken over by North Carolina-based First-Citizens Bank and Trust.
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