Guaranty Bank was closed by FDIC this Friday to be the third largest failure to date. We have had 81 bank failures in 2009. When will it end? It had $13 billion in assets and $12 billion in deposits. BBVA Compass has purchased this bank from FDIC. It is a bank out of Spain and it is on the move. I bank at BBVA Compass here in Phoenix, AZ. I am very pleased with their services.
All Guaranty branches will be opened on Monday under the BBVA Compass name. Now, they will be in California and Texas. This is great exposure at this time. This is the time to expand being a bank.
Jose Maria Garcia Meyer, chairman of BBVA Compass, in a statement said the transaction makes "excellent strategic sense" and represents an opportunity for BBVA to expand its presence in the "high growth Sunbelt Region." The purchase marks the first time an overseas-based bank has bought a failed U.S. bank this year. However, the Bilbao-based bank made a series of acquisitions in Texas earlier this decade and already operates the fourth-biggest banking chain in the state by deposits. Most of this year's failures have been small, regional banks that were brought down by rising delinquencies on home and other consumer loans as unemployment has risen to a 25-year high in one of the longest recessions on record. Cited Article
We will continue to report other bank failures as time goes on. You can Bank On It.
Make the Call, Set the Plan, Do the Deal$!
Feel free to listen to my Radio Show to learn more about the phoenix real estate market, new trends, and the latest opportunities. The Real Estate and Beyond Radio Show Airs every Saturday from Noon-2:00pm on Conservative Newstalk KKNT 960am in Phoenix, Arizona. You can listent to past shows, or stream on-line.