Guaranty Bank (Texas)

Guaranty Financial Group Inc.
PredecessorTemple-Inland
Founded1938/1988[1]
Defunct2009
FateAcquired by BBVA Compass in 2009
HeadquartersAustin, Texas, U.S.
Area served
Texas and California
Key people
Kenneth R. Dubuque (1998–2008)
(chairman and CEO)
John T. Stuart III (2008–2009)
(interim chairman and interim CEO)
Kevin J. Hanigan (2008–2009)
(president and COO)

Guaranty Bank was a major bank based in Austin, which collapsed in 2009.[2] It was formed in 1988[3] as part of Temple-Inland and in 2007 became a standalone company. At the time of its collapse, Guaranty was the second largest bank in Texas, with 162 branches across Texas and California,[4] and had $13 billion in assets and held $12 billion in deposits.[2] Major shareholders included billionaire investor Carl Icahn and hotel tycoon Robert Rowling, who jointly invested $600 million in the bank in 2008.[3][5]

  1. ^ "Community Reinvestment Act Performance Evaluation". Office of the Comptroller of Currency; U.S. Department of Treasury. Office of Thrift Supervision. 2007-12-28. Archived from the original on 2020-06-27. Retrieved 2020-06-24.
  2. ^ a b "BBVA Compass, Birmingham, Alabama, Assumes All of the Deposits of Guaranty Bank, Austin, Texas" (Press release). FDIC. August 21, 2009. Retrieved 2015-01-07.
  3. ^ a b Cite error: The named reference cnn was invoked but never defined (see the help page).
  4. ^ Gordon, Marcy (August 21, 2009). "Regulators Shut Guaranty Bank, 2nd Largest Failure". The San Diego Union-Tribune. Associated Press. Retrieved 2015-01-07.
  5. ^ "Guaranty Bank warns that it's on the verge of failure". Los Angeles Times. July 25, 2009. Retrieved 2015-01-07.