Guaranty Bank (Texas)
 |
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| Fate | Acquired by BBVA Compass in 2009 |
|---|---|
| Predecessor | Temple-Inland |
| Founded | 1988 |
| Defunct | 2009 |
| Headquarters | Austin, Texas, U.S. |
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Area served
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Texas and California |
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Key people
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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. It was formed in 1988 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, and had $13 billion in assets and held $12 billion in deposits. Major shareholders included billionaire investor Carl Icahn and hotel tycoon Robert Rowling, who jointly invested $600 million in the bank in 2008.
Guaranty Bank was formed in 1988 as part of Temple-Inland. In November 2007, Temple-Inland announced that it planned to separate itself into three stand-alone public companies. Shareholders in the original company would eventually receive stock in all three companies depending on the amount owned on the day the company split-up. The three companies were:
Guaranty Financial Group Inc. became a standalone financial services holding company that operated in various business segments through its primary operating subsidiaries, "Guaranty Bank" and "Guaranty Insurance Services, Inc." Guaranty Bank became a federally chartered savings bank with total assets in excess of $16 billion (consolidated) that conducted consumer and business banking activities through a network of approximately 150 bank branches located in Texas and California that provided commercial banking products and services to various geographic markets throughout the United States. Guaranty Insurance Services, Inc. became an insurance agency that focused on property and casualty insurance with fixed annuities and operated out of 17 offices located in Texas and California, as well as through branches of Guaranty Bank. Also in November
In November 2008, Kenneth R. Dubuque resigned as president and chief executive officer of the Company and the Bank, positions he had served in beginning in 1998 and continuing through November 18, 2008. John T. Stuart III, a director of the Company and the Bank, was appointed as interim chief executive officer and interim chairman of the board of the Company. Also in November 2008, the Company appointed Kevin J. Hanigan, previously a senior executive vice president and chief banking officer of the Company and the Bank, to fill the role of president and chief operating officer of the Company and the Bank.
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