First-Citizens Bank has announced it will close the Guaranty Bank branch at 7901 W. Brown Deer Road in Milwaukee.
Glendale-based Guaranty Bank failed in May 2017 and was shut down by the Office of the Comptroller of the Currency. Raleigh, North Carolina-based 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 were in southeastern Wisconsin. Another 38 southeastern Wisconsin branches in grocery stores were shuttered.
Last month, First-Citizens acquired the real estate of four area Guaranty Bank branches from the FDIC, including the branch at 7901 W. Brown Deer Road, which it bought for $1.01 million. Earlier this month, First-Citizens notified the Wisconsin Department of Workforce Development that it plans to lay off at least 100 employees in the Milwaukee area, including corporate roles at 4000 W. Brown Deer Road, where it has both a branch and an office.
The Northridge branch will close at noon on Friday, Aug. 10. First-Citizens sent letters to branch users yesterday informing them of the upcoming closure, and that their accounts will be transferred to the Guaranty branch at 4000 W. Brown Deer Road.
Employees at the Northridge branch will be transferred to other area branches, First-Citizens said.
First-Citizens said it plans to submit a termination notice to the Wisconsin Department of Workforce Development on May 2, but that these layoffs are part of the larger WARN notice the company filed earlier this month.
There are nine other Guaranty Bank branches in southeastern Wisconsin.