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Posted on 07/24/2009 9:49:13 PM PDT by rabscuttle385
AUSTIN, Texas -- Bank holding company Guaranty Financial Group Inc. said it is "probable it will not be able to continue as a going concern" as it restated results that include an additional $1.45 billion in write-downs.
The moves, disclosed in a securities filing Thursday, set the stage for the Federal Deposit Insurance Corp. to take over operations of the company, including more than 160 branches in Texas and California.
With about $15 billion in assets, Guaranty could become the biggest federally insured financial firm to fail this year. In May, the banking operations of BankUnited FSB in Coral Gables, Fla., failed with 86 branches and $12.8 billion of assets.
(Excerpt) Read more at online.wsj.com ...
thats a big one
Like clockwork!
The Great Depression of Aught-Nine...
And it’s all because we haven’t passed health care reform..
I think my house mortgage used to be with them? The name looks very familar.
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Related
http://www.calculatedriskblog.com/2009/07/guaranty-financial-probably-not-be-able.html
http://www.calculatedriskblog.com/2009/07/bank-failures-59-through-64-georgia.html
http://www.economicpolicyjournal.com/2009/07/here-it-comes-treasury-auction-schedule.html
How is that going to affect my mortgage?
.
Close my account with the bank last week in response to the announcement a couple weeks ago that it would require additional investors to stay afloat. Bank tellers acted like they were aboard the Titanic.
Glad to read this week that the recession is over.
The good news is that the recession has come to an end.
The bad news is that the depression is just getting started.
Yep - it'll be our first experience with an upside down bank....personally have been fortunate up until now.
Citigroup, bailed out by the US taxpayer, gave $1.75 million to La Raza to house illegals. Boycott Citigroup!
Thanks for the ping.
Today the bank in Mesquite felt like a funeral home.
The best sites for tracking failed banks and credit unions are
http://www.fdic.gov/bank/individual/failed/banklist.html
http://www.ncua.gov/NewsPublications/News/PressRelease.aspx
and on Bank Failure Friday
http://www.calculatedriskblog.com/
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