Guaranty Bank has moved its headquarters from Brown Deer to Glendale following the January sale of subsidiary Shelter Mortgage LLC to a Chicago private equity firm.
The division, now known as Shelter Mortgage Co., was sold to increase capital. It is now occupying the Brown Deer building Guaranty owns, as a tenant.
Most Guaranty retail bank employees in Brown Deer have shifted to the company’s Bayshore Town Center offices in Glendale. Some Guaranty employees have remained in Brown Deer to assist with the IT transition, said Jennifer Tucker, corporate communications manager.
The company has 1,300 employees. About 280 of those are now in the Glendale headquarters and 75 remain in Brown Deer.
“We just wanted everybody to be under the same roof and since we were able to move those employees here and the majority of our staff is no longer in Brown Deer, that by default made Glendale the headquarters,” Tucker said.
The Glendale location is 50,000 square feet.
“Given the fact that we were selling the mortgage company and focusing our business on our retail branches, our retail administration office existed at Glendale,” she said. “Given that there was space here to move our employees, we felt that would be the easiest option.”
Guaranty has about 161 branches across the Midwest, 58 of which are in Wisconsin.