DETROIT (WWJ) — The federal government has shutdown all Guaranty Bank locations throughout the country, known locally as BestBank in Metro Detroit.
The Wisconsin-based bank was closed after regulators said it was “significantly undercapitalized” and could not come up with an acceptable way to shore up its finances, according to the Wisconsin State Journal.
The FDIC took control of the banks on Friday, allowing customers access to their accounts only online and by mobile banking. The move leaves ATM machines on-site at the BestBank branches in stores not operational.
First Citizens Bank will be taking over the accounts and giving notice to customers about the systems changes.
There were 16 BestBank locations throughout Michigan, all inside grocery stores such as Kroger and Walmart.