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Texas-Based Bank Seeks Federal Bailout
The fourth-largest independent banking institution in the nation announced Monday it would fail if it did not receive assistance from the Federal Deposit Insurance Corp.
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DALLAS (June 30, 2009)-Guaranty Bank, the fourth-largest independent banking institution in the nation, has announced it would fail if it did not receive assistance from the Federal Deposit Insurance Corp.
The announcement, reported on the Business Journal Website, came in a regulatory filing Monday by Guaranty’s parent company, Austin-based Guaranty Financial Group Inc.
Guaranty has asked the FDIC to absorb a portion of the bank's losses while private investors provide a "significant equity capital infusion," the Business Journal reported.
Officials at Guaranty say the FDIC has, on rare occasions, done such, but only when it was the least costly way to resolve the issue.
If Guaranty Bank fails, it would be the largest financial institution to do so this year.
According to the Guaranty Website, the financial chain has more than 150 locations throughout Texas and California, including at least eight branch offices or ATMs located in Central Texas.
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This is about the 1% wealthy and the 99% hardworking middle income taxpayers bailing out the rich shareholders of these Banks who as Ron Paul said in his speech to the U.S. House of Representatives on 10-20-08 "...The Federal Reserve and Treasury constantly brag about the need for transparency and oversight, but it's all talk--they want none of it. They want secrecy while the privileged are rescued at the expense of the Middle Class. It is unimaginable that Congress could be so derelict in it's duty. ...All Members of Congress and all Americans should be outraged....The whole bail out process was characterized by no oversight, no concerns, no understanding, no concerns, and no common sense."'Wake up people and stop letting someone else make the decision for YOU!! ...for those who understand political power is controlled by those who control the money supply" I agree with Ron Paul in that the choice we face is ominous!
Who cares? There are 1000 banks in little 'ol Waco. Too many actually. There are probably many more who aren't making money. Just taking up space. The procedure in Waco seems to be that whenever one business opens, two close.
WHAT TOOK SO LONG? THEY HAVE BEEN TRYING ALL KINDS OF CREATIVE ACCOUNTING TO HIDE THE LOSSES AND TRYING TO MANIPULATE THE STOCK ITS TIME TO PAY THE FIDDLER THE DANCE IS OVER HASTA LA VISTA GUARANTY BANK
