The Federal Deposit Insurance Corporation announced Friday that Milwaukee, Wisconsin based Guaranty Bank has failed, with it's assets being purchased by First-Citizens Bank & Trust Company of Raleigh, North Carolina.
Guaranty Bank operated 119 branches in five states, the majority of which are in retail outlets like grocery and other types of stores. Those locations include all of the branches in Michigan, where it was operated as BestBank.
The FDIC says those branches will not reopen, and their ATMs will not operate.
However, customers of Guaranty Bank will be able to access their money through online and mobile banking.
Guaranty Bank operated 12 brick-and-mortar locations in Illinois, Minnesota and Wisconsin, which will reopen under the First-Citizens Bank brand on Monday.
You can get more information on the FDIC's website.
