Friday, August 21, 2009

Special Update: Major Regional Bank Failure Looming? (Guaranty?)

We will know for sure within a few hours from the FDIC, but one site is claiming that Guaranty Bank will be the next bank to fail. I will update this story when the FDIC releases the latest failed bank list.

I've heard from a pretty reliable source that a major regional bank with more than 100 locations is under FDIC control control as of this hour and they will likely be announced by FDIC after the market close today. Not certain and not verified, but I Guaranty this will be interesting. Are there more? Click the FDIC site later on today....after the close.

Further, it was reported in The Dallas Morning News yetserday that a Spanish bank giant may be purchasing Guaranty's assets.

Spanish banking giant Banco Bilbao Vizcaya Argentaria SA appears to have won the bidding for the assets of Guaranty Bank, the hobbled Texas lender, according to reports Wednesday by Bloomberg News and The Wall Street Journal.

If Guaranty fails, it will be the 2nd largest bank failure this year behind Colonial Bank.

Source: UrbanSurvival; Dallas Morning News

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