Closed Friday, May 5, 2017 · Milwaukee, Milwaukee County, Wisconsin
Guaranty Bank, (d/b/a BestBank in Georgia & Michigan)
No failed bank in Wisconsin was larger, of 49 on record there since 1934. Guaranty Bank, (d/b/a BestBank in Georgia & Michigan) was the second-largest of the 8 bank failures in 2017. It reported a net loss in six of its final nine reporting years.
On the books, 2009 to 2017
Total assets peaked at $1.5 billion in the second quarter of 2009 and were 31% lower at the final report. Equity capital went from 9.0% of assets in the second quarter of 2009 to 2.1% at the last report. The deepest annual loss, $52.6 million, was booked in 2009.* 2017: January to March only, the last report before closing.
Size against the other 2017 failures
Total assets of each 2017 failure, log scale; Guaranty Bank, (d/b/a BestBank in Georgia & Michigan) in red.
Across the failures of 2017, the median estimated loss came to 16% of assets. Ranked by estimated loss, it is 280th of 2,944 failures since 1934. In the size ranking of that year, just above it was First NBC Bank of New Orleans, Louisiana ($3.3 billion, loss 22% of assets); just below, Seaway Bank and Trust Company of Chicago, Illinois ($298 million, loss 15% of assets). Every 2017 failure in the explorer.
Failures in Wisconsin
The previous failure there was North Milwaukee State Bank of Milwaukee, on March 11, 2016. No bank in Wisconsin has failed since. Milwaukee County has 5 failed banks on FDIC record since 1934. The others: American City Bank & Trust Company, National Association (1975), Maritime Savings Bank (2010), Legacy Bank (2011), North Milwaukee State Bank (2016).