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FDIC Makes a Move on Guaranty Bank...(sort of)
Monday, August 17, 2009, 5:21 PM
For enrolled members only. In the Martenson Report from this weekend, I mentioned Guaranty Bank of Texas as one of the more obviously insolvent institutions out there.
Looks like the FDIC "moved" on this bank by asking for bids by today. I am confused by this, as I thought this sort of thing mostly happened over the weekend, in private, and out of view. If I were a Guaranty customer, this news would make me run, not walk, to the bank to move my funds. Which is why they typically remain mum prior to a receivership action.
At any rate, here's the story:
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