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Failed Bank Information

Information for Guaranty Bank, Milwaukee, WI, (d/b/a BestBank in Georgia & Michigan)

  1. Introduction
  2. Press Release
          En Español
  3. Acquiring Financial Institution
  4. Question and Answer Guide
         En Español - PDF
  5. Banking Services
  6. Loan Customers
  7. Possible Claims Against the Failed Institution
  8. Priority of Claims
  9. Dividend Information
  10. Brokered Deposits
  11. Purchase and Assumption Agreement - PDF
  12. Bid Summary
  13. Balance Sheet Summary

Please be advised you will not receive any email notification to claim/unlock/unsuspend your account or to provide any private information. Please be aware of any Phishing Scams to obtain information from you.

I. Introduction

On Friday, May 5, 2017, Guaranty Bank, Milwaukee, WI, (d/b/a BestBank in Georgia & Michigan) was closed by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

The FDIC has assembled useful information regarding your relationship with this institution. Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution. The FDIC has compiled the following information, which should answer many of your questions.

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II. Press Release

The FDIC has issued a press release (PR-037-2017 - En Español) about the institution's closure. If you represent a media outlet and would like information about the closure, please contact Barbara Hagenbaugh at (703) 504-8347 or David Barr at (703) 622-4790.

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III. Acquiring Financial Institution

All deposit accounts, including brokered deposits, have been transferred to First-Citizens Bank & Trust Company, Raleigh, NC (assuming institution). All depositors of Guaranty Bank, (d/b/a BestBank), regardless of where they conducted business, will automatically become depositors of First-Citizens Bank & Trust Company. The former Guaranty Bank, (d/b/a BestBank) had 119 branches in 5 states. The 12 brick-and-mortar locations in Illinois, Minnesota, and Wisconsin will reopen as branches of First-Citizens Bank & Trust Company during their normal business hours. The 107 branches in retail outlets, such as grocery and general merchandise stores, will not be reopening. All depositors can continue to use electronic means for conducting their banking business, including online and mobile banking. A complete list of branches and branch status is available at the following location.

To view a complete listing of branches that will and will not be re-opening, please visit

Your transferred deposits will be separately insured from any accounts you may already have at First-Citizens Bank & Trust Company for six months after the failure of Guaranty Bank, (d/b/a BestBank). Checks that were drawn on Guaranty Bank, (d/b/a BestBank) that did not clear before the institution closed will be honored as long as there are sufficient funds in the account. If you have questions about your account(s) transferred to the assuming bank, you may speak to an FDIC representative by calling (888) 206-4662.

For general questions about FDIC deposit insurance coverage, please call 1-877-275-3342 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.

EDIE - FDIC's Electronic Deposit Insurance Estimator

You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with First-Citizens Bank & Trust Company as long as the deposits are not pledged as collateral for loans. You may view more information about First-Citizens Bank & Trust Company by visiting their web site.

First-Citizens Bank & Trust Company

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V. Banking Services

The Automated Teller Machines (ATM) on-site at the 107 branches in retail outlets not reopening will not be operational. However, ATM and other online services will remain available.

The bank will maintain its regular business hours, and you may continue to use the services to which you previously had access, such as safe deposit boxes, night deposit boxes, wire services, etc.

Your checks will be processed as usual. All outstanding checks will be paid against your available balance(s) as if no change had occurred. Your new bank will contact you soon regarding any changes in the terms of your account. If you have a problem with a merchant refusing to accept your check, please contact a representative at one of the 12 brick and mortar branch offices. An account representative will clear up any confusion about the validity of your checks.

All interest accrued through Friday, May 5, 2017 will be paid at your same rate. First-Citizens Bank & Trust Company will be reviewing rates. You will be notified of any changes.

Your direct deposits and automatic withdrawals will be transferred to your new bank. If you have any questions or special requests, you may contact a representative of your new bank at your branch office.

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VI. Loan Customers

If you had a loan with Guaranty Bank, (d/b/a BestBank), you should continue to make your payments as usual. The terms of your loan will not change, because they are contractually agreed to in your promissory note. Any non-automated loan payments should be mailed to the same address, which is: Loan Administration, 4000 West Brown Deer Road, Milwaukee, WI., 53209. Make checks payable to Guaranty Bank/ BestBank as applicable. If you have further questions regarding an existing loan, please contact your loan officer.

For all questions regarding new loans and the lending policies of First-Citizens Bank & Trust Company, please contact your branch office. Please see A Borrower's Guide to an FDIC Insured Bank Failure for additional information.

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VII. Possible Claims Against the Failed Institution


All creditors having claims against the Failed Institution must submit their claims in writing, together with proof of the claims, to the Receiver at the following address:

FDIC as Receiver for Guaranty Bank, (d/b/a BestBank)
1601 Bryan Street
Dallas, TX 75201
Attention: Claims Agent

Telephone: (888) 206-4662

Please note: There are time limits for filing a claim, your claim must be filed on or before . Under federal law, failure to file a claim on or before the Claims Bar Date will result in disallowance of the claim by the Receiver. The disallowance will be final. 12 U.S.C. Section 1821(d)(5)(C).

If you or your company provided a service or product, leased space, furniture, or equipment to Guaranty Bank, (d/b/a BestBank) prior to Friday, May 5, 2017 and have not been paid, you may have a claim against Guaranty Bank, (d/b/a BestBank).

NOTE TO CLASS CLAIMANTS: By law, the Receiver will not accept a claim filed on behalf of a proposed class of individuals or entities or a class of individuals or entities certified by a court. EACH individual or entity must file a separate claim with the Receiver.


All shares of Guaranty Bank, (d/b/a BestBank) were owned by its holding company, Guaranty Financial Corporation, Brown Deer, WI. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of Guaranty Financial Corporation, please do not contact or file a claim with the Receiver. You must contact Guaranty Financial Corporation directly for information as follows:

Guaranty Financial Corporation
4000 West Brown Deer Rd.
Brown Deer, WI 53209

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VIII. Priority of Claims

In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:

  1. Depositors
  2. General Unsecured Creditors
  3. Subordinated Debt
  4. Stockholders

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IX. Dividend Information

Dividend History on Guaranty Bank, (d/b/a BestBank)

Dividend Information on Failed Financial Institutions

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X. Brokered Deposits

The FDIC offers a reference guide to deposit brokers acting as agents for their investor clientele. This site outlines the FDIC's policies and procedures that must be followed by deposit brokers when filing for pass-through insurance coverage on custodial accounts deposited in a failed FDIC Insured Institution.

Deposit Broker's Processing Guide

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General Disclaimer