Guaranty Bank of Austin, 81st bank failure of '09

[UpInArms]

Source: CBS Marketwatch

SAN FRANCISCO (MarketWatch) - Guaranty Bank of Austin, Tex. became the 81st bank failure of 2009 after it was closed by Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corp. as receiver, the federal agency said late Friday. The FDIC said it has entered into a "purchase and assumption agreement" with BBVA Compass of Birmingham, Ala. As of June 30, Guaranty Bank had total assets about $13 billion and total deposits of about $12 billion.

Read more: http://www.marketwatch.com/story/guaranty-bank-of-austin-81st-bank-failure-of-09-2009-08-21?siteid=bnbh

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4 banks closed today - :headspin:

Failed Bank List

Bank Name			City		State	CERT #	Closing Date	Updated Date

Guaranty Bank			Austin		TX	32618	August 21, 2009	August 21, 2009
CapitalSouth Bank		Birmingham 	AL	22130	August 21, 2009	August 21, 2009
First Coweta Bank 		Newnan		GA	57702	August 21, 2009	August 21, 2009
ebank				Atlanta		GA	34682	August 21, 2009	August 21, 2009

[Avalux]

1. That one was expected.

There's a branch right down the road from me; brand new building.

[FarCenter]

2. On the order of $3.25 billion hit to the FDIC's fund

Guaranty - The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $3 billion.

CapitalSouth - The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $151 million.

First Coweta - The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $48 million.

ebank - The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $48 million.