COVINGTON, Ga. – Guaranty Bank of Milwaukee, Wisconsin, which did business in Georgia as Best Bank, was closed Friday, May 5 by the Office of the Comptroller of the Currency, according to information on the Best Bank website. The Federal Deposit Insurance Corporation (FDIC) was named Receiver. According to the information, no advance notice is given to the public when a financial institution is closed.
According to the website, all deposit accounts have been transferred to First Citizens Bank & Trust Company, Raleigh, North Carolina. Guaranty Bank had 119 branches in five states, most of which were located in grocery stores. According to the website, the 107 branches located in grocery stores, including those in Georgia, will not be reopening.
FDIC spokesperson Roberta Valdez told The Covington News that Best Bank customers can continue to use their same checks, Debit and ATM cards. Valdez also said that customer’s account and routing numbers will stay the same, as will direct deposits.
Valdez said that the importance of routing and account numbers staying the same means that automatic payments will also stay the same. She also said that Best Bank customers will be able to use ATMs at First Citizens locations and not be charged a fee.
For more information on the change, or to find a First Citizens location, visit https://www.firstcitizens.com.