Advertisement Feds close Milwaukee-based Guaranty Bank Branches in retail outlets will not reopen Share Shares Copy Link Copy

The Milwaukee-based Guaranty Bank was closed Friday by Office of the Comptroller of the Currency. Guaranty Bank had 119 branches in five states, 107 of which were in retail outlets, such as grocery and general-merchandise stores. The branches in retail outlets will not reopen. >> Get breaking news alerts in the WISN 12 mobile app The 12 brick-and-mortar locations in Illinois, Minnesota and Wisconsin will reopen as branches of First-Citizens Bank & Trust Co. during their normal business hours. Friday night and over the weekend, all depositors of Guaranty Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.Reaction from customers was mixed Saturday morning, as many inquired about the changes at the Guaranty Bank on Ogden Street in Milwaukee. “I figure I’ll transfer the money to a bigger bank,” said Mark Desai, a Guaranty customer for four years who decided to close his account on Saturday. "One that I don’t have to deal with the changes, anything like that." "I think the way the transition has taken place, the bank reopened the next day,under the new name, and it’s working fine," said Mike Speich, a Guaranty customer for more than 20 years. "No, I’m not concerned." Customers with questions about the transaction should call the FDIC toll-free at 800-930-6827. The phone number will be operation from 9 a.m. to 6 p.m. Saturday, from noon to 6 p.m. Sunday, from 8 a.m. to 8 p.m. Monday and from 9 a.m. to 5 p.m. thereafter. All hours listed are for Central Time. Guaranty Bank is the fifth FDIC-insured institution to fail in the nation this year and the first in Wisconsin. Click here for more information.