First-Citizens acquires former Guaranty Bank branches

Transactions total $7.6 million

A Guaranty Bank branch at East Pointe Marketplace on Milwaukee's East Side.

Last updated on May 15th, 2019 at 04:52 pm

Raleigh, North Carolina-based First-Citizens Bank & Trust Co. on Thursday acquired several area branches of the former Guaranty Bank in transactions totaling $7.6 million, according to state real estate records.

A former Guaranty Bank branch at East Pointe Marketplace on Milwaukee’s East Side.

The sales were: A branch on a 0.6-acre lot at 6031 Regency Drive, Mount Pleasant, which sold for $870,400; a branch on a 0.3-acre lot at 4661 S. 27th St., Greenfield, which sold for $782,900; a 45,390-square-foot two-story branch built in 1978 at 7901 W. Brown Deer Road in Milwaukee, which sold for $1.01 million; and a branch on a 5.3-acre lot at 4000 W. Brown Deer Road in Brown Deer that sold for $4.9 million. All of the branches were acquired from the FDIC.

Glendale-based Guaranty Bank failed in May 2017 and was shut down by the Office of the Comprtoller of the Currency. First-Citizens at that time assumed all of Guaranty’s deposits and purchased $829.6 million in assets. It committed to keeping 12 of Guaranty’s 119 branches open, 10 of which are in southeastern Wisconsin. Another 38 southeastern Wisconsin branches in grocery stores were shuttered.

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Molly Dill, former BizTimes Milwaukee managing editor.

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