Guaranty Financial Group Inc. (fka GFGFQ) (fka )

[domefirst]

Here's some news>>>>>>>
August 03, 2009 02:25 pm
Bill Johnson, MML News Director
Longview, TX -- In a move that has yet to take place Guaranty Bank, with 160
branches in California and Texas, has agreed to be taken over by the Feds.
According to the Longview, TX News-Journal, "In a filing Friday with the U.S.
Securities and Exchange Commission, Austin-based Guaranty Financial Group, the
bank's parent company, said it probably can't continue as a going concern and is
looking for a potential buyer.
According to the Austin company, the bank is "critically undercapitalized" after
recent write-downs related to its mortgage-backed securities portfolio.
Guaranty's primary shareholders are unwilling to inject additional capital, the
company said.
Officials said the Longview, TX and other branches are expected to remain open
and conduct business. Guaranty Bank has branches in Sonora (Junction Shopping
Center), Angels Camp, Jackson, Oakdale and Escalon).
Guaranty could end up as the largest U.S. bank failure of the year. Guaranty
Bank's board continues to operate, but the federal Office of Thrift Supervision
"is exercising a significant degree of control over what had heretofore been the
functions of the board," Guaranty Financial said in the filing.
Guaranty Bank's customer deposits remain fully insured up to Federal Deposit
Insurance Corp. limits, the bank and regulators say. The FDIC's standard
insurance amount is $250,000 per depositor.