GEORGIA — First Citizens Bank & Trust Co. has assumed all deposits of Guaranty Bank, also known as the Best Bank franchise that operates inside Kroger grocery stores.
The Office of the Comptroller of the Currency, which is part of the U.S. Department of the Treasury, subsequently shut down Best Banks throughout Georgia and several other banks across the United States Friday, transferring all deposits to First Citizens Bank & Trust Co.
To protect Best Bank customers, the Federal Deposit Insurance Corp. has entered into a purchase and assumption agreement with Best Banks' parent company.
I'm up at 6:32p @wsbtv with the frustrations from customers after dozens of banks shut down in #Georgia pic.twitter.com/1IdiD3Bai0
— Sophia Choi (@SophiaWSB) May 8, 2017
Best Banks’ parent company, Guaranty Bank, has 119 branches in five states, 107 which were inside retail outlets such as grocery and merchandise stores.
The branches in retail outlets will not be reopening and Best Bank ATM machines will not be operational.
Channel 2's Sophia Choi got a look at an angry crowd of former Best Bank customers who showed up at First Citizens Bank & Trust looking for their money.
First-Citizens Bank & Trust Company is allowing former Best Bank customers to withdraw $1,000.00 maximum and they can use First-Citizens Bank & Trust Company ATM's free of charge.
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Choi spoke to several people who said they'd be back Tuesday. "I'm not standing in that line because I have to go to work," Best Bank customer Brandi McCall said.
Many former Best Bank customers wanted to close their accounts all together, but couldn't. "They won't take no checks, no deposits," McCall said.
Guaranty Bank is the fifth FDIC-insured institution to fail in the nation this year.
Customers with questions about the transaction should call the FDIC toll-free at 800-930-6827 and for a complete list of branches, click HERE.
First Citizens Bank & Trust gave Choi a statement:
"We did have extra staff to handle customers concerns and brought in more when we saw the need. We want to stress, everyone's money is safe. Customers can cash personal checks and use ATM's with no charge. But, to close accounts, customers must contact Best Bank's toll free number."
Cox Media Group
