OCC Appoints Receiver for Guaranty Bank, Glendale, Wisconsin, Which Also Conducts Business as BestBank

WASHINGTON – The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Guaranty Bank, Glendale, Wisconsin, a federal savings association. Guaranty Bank had branch offices in Wisconsin, Minnesota, Illinois, Michigan and Georgia, and conducted its business in Michigan and Georgia under the name BestBank. As of December 31, 2016, the institution had approximately $1 billion in total assets.

The OCC acted after finding that the bank had experienced substantial dissipation of assets or earnings due to unsafe or unsound practices. The OCC also found that the bank was significantly undercapitalized and failed to submit a capital restoration plan acceptable to the OCC.

The FDIC will release information about the resolution of the bank.