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I. Understanding the Closure of Guaranty Bank
On August 21, 2009, Guaranty Bank, based in Austin, Texas, was closed by the Office of Thrift Supervision. The Federal Deposit Insurance Corporation (FDIC) was appointed as receiver. It’s standard procedure for bank closures to occur without public pre-notification.
This article provides essential information to help you understand the implications of this closure and guide you on managing your relationship with Guaranty Bank post-closure. Whether you had a checking account, Certificates of Deposit, loans, or direct deposits, this information is designed to address your key questions.
II. Official Press Release Details
The FDIC issued an official press release (PR-150-2009) concerning the closure of Guaranty Bank. For media inquiries, please reach out to LaJuan Williams-Young at 1-202-898-3876 or via email at [email protected], or contact David Barr at 1-202-898-6992 or [email protected].
III. Transition to BBVA Compass: The Acquiring Institution
All deposit accounts from Guaranty Bank, with the exception of certain brokered deposits, were seamlessly transferred to BBVA Compass (now known as BBVA USA), headquartered in Birmingham, Alabama. The transition ensured immediate access to your funds. Former Guaranty Bank branches reopened as BBVA Compass branches, maintaining their original operating schedules.
For a period of six months following the Guaranty Bank closure, your transferred deposits are insured separately from any existing accounts you might hold with BBVA Compass. Checks drawn on Guaranty Bank before the closure will be honored, provided sufficient funds are available in your account. If you have specific queries regarding your transferred accounts or deposit insurance, FDIC representatives are available at (888) 206-4662 to provide assistance.
For broader questions about FDIC deposit insurance coverage, please contact 1-877-275-3342 or utilize EDIE, the FDIC’s Electronic Deposit Insurance Estimator, available online:
EDIE – FDIC’s Electronic Deposit Insurance Estimator
Until you establish a new deposit agreement with BBVA Compass, you can withdraw funds from your transferred accounts without incurring early withdrawal penalties, as long as these deposits are not pledged as loan collateral. More information about BBVA USA can be found on their website.
Important Legal Name Update: BBVA Compass officially changed its legal name to BBVA USA on June 10, 2019.
You can reach BBVA USA at:
BBVA USA
15 20th Street S
Birmingham, AL 35233
IV. Continuity of Banking Services
Banking services remained operational during the transition. Automated Teller Machines (ATMs) and online banking services continued to be accessible to customers.
During regular business hours, services such as safe deposit boxes, night deposit boxes, and wire transfers remained available as before.
Your checks continued to be processed without interruption. Outstanding checks were honored against your account balances as if no changes had occurred. BBVA Compass would communicate any modifications to account terms in due course. For any immediate issues with merchants refusing checks, contacting your local branch was advised to resolve any confusion about check validity.
Interest accrued on your accounts up to August 21, 2009, was paid at your existing rate. BBVA Compass undertook a review of interest rates, and customers were to be notified of any subsequent changes.
Direct deposits and automatic withdrawals were seamlessly transferred to BBVA Compass. For any specific questions or requests concerning these transfers, customers were directed to contact a representative at their local BBVA Compass branch.
V. Loan Information for Guaranty Bank Borrowers
If you had a loan with Guaranty Bank, it was crucial to maintain your regular payment schedule. Loan terms remained unchanged, as stipulated in your original promissory note. Payments should continue to be made payable and sent to the existing address until further notice. For detailed inquiries about existing loans, contacting your loan officer was recommended.
For new loan applications and information on BBVA Compass’s lending policies, customers were advised to contact their nearest branch.
For further comprehensive information, refer to the FDIC’s guide: A Borrower’s Guide to an FDIC Insured Bank Failure.
VI. Filing Claims Against Guaranty Bank
If you or your company provided services, products, or leased assets to Guaranty Bank after August 21, 2009, and have not received payment, you do not have a claim against Guaranty Bank. Standard billing procedures should be followed to submit invoices for payment.
Claims against failed financial institutions arise from unpaid bills at the time of closure. If your service or product delivery, or lease agreement with Guaranty Bank occurred before August 21, 2009, and payment was outstanding, you may be entitled to file a claim against the bank. If you haven’t received communication regarding your unpaid service or product provided before the bank’s closure, please contact:
Federal Deposit Insurance Corporation
Receiver: Guaranty Bank
1601 Bryan Street
Dallas, TX 75201
Attention: Claim Agent
Contact Number: (888) 206-4662
Crucial Deadline: The deadline for filing claims was November 25, 2009.
VII. Order of Priority for Claims
Federal law dictates the order in which allowed claims are paid, subsequent to administrative expenses:
- Depositors
- General Unsecured Creditors
- Subordinated Debt
- Stockholders
VIII. Dividend Information
For historical dividend information related to Guaranty Bank, please visit: Dividend History on Guaranty Bank
For general dividend information concerning failed financial institutions, refer to: Dividend Information on Failed Financial Institutions
IX. Information for Brokered Deposits
The FDIC provides a guide for deposit brokers acting on behalf of investor clients. This resource details the FDIC’s policies and procedures for brokers filing for pass-through insurance coverage on custodial accounts deposited in a failed FDIC-insured institution.
