First Citizens Bank Completes Conversion of Guaranty Bank / BestBank Division
RALEIGH, N.C. — First Citizens Bank announced that its Guaranty Bank division (which also conducts business as BestBank) based in Milwaukee, Wisconsin, has completed its conversion to First Citizens’ operations and systems.
"This successful conversion represents our continued commitment to serving Guaranty Bank and BestBank customers," said Frank B. Holding Jr., chairman and CEO of First Citizens Bank. "We look forward to building on the solid foundation we have in place as we continue to grow our company."
The transition of the Guaranty Bank/BestBank division to First Citizens Bank follows completion of a conversion that puts both banks on the same operational and technical systems and aligns customer accounts to First Citizens products and services.
Effective Monday, Aug. 13, the former Guaranty Bank/BestBank division branches now carry the First Citizens Bank name. Signs at the former Guaranty Bank/BestBank division offices were changed to First Citizens Bank.
"We’re excited about further establishing the First Citizens Bank brand in Wisconsin and building stronger customer and community partnerships in the days ahead," Holding said. "Now that the conversion to First Citizens’ systems is complete, retail customers will enjoy our full range of products and services. In addition, business and commercial customers will benefit from new online capabilities and will have greater access to our enhanced offerings."
In Wisconsin, customers can now bank at any of the 10 First Citizens branches in the greater Milwaukee area. The conversion includes nine former Guaranty Bank division branch locations. The bank’s Northridge branch at 7901 West Brown Deer Road in Milwaukee closed on Friday, Aug. 10, in conjunction with the conversion. (First Citizens also operates one branch from a previous, separate acquisition — making a total of 10 branches in the market.)
In Georgia, the conversion included one BestBank branch located in Decatur. BestBank customers can now bank at any of First Citizens’ 13 locations in the greater Atlanta area.
Also, these customers can conduct banking services at any location in First Citizens’ 19-state branch network, through First Citizens Digital Banking (online and mobile), by ATM and telephone. Information detailing the conversion and transition to First Citizens Bank was mailed to Guaranty Bank/BestBank customers in June.
On May 5, 2017, the Office of the Comptroller of the Currency (OCC) closed Guaranty Bank (which also conducted business as BestBank) and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. That day, First Citizens Bank announced an agreement with the FDIC to purchase certain assets and assume certain liabilities of Guaranty Bank, which at that time became a division of First Citizens Bank.
In a separate transaction, on June 27, 2018, First Citizens Bank and Capital Commerce Bancorp, Inc. of Milwaukee, Wis., announced the signing of a merger agreement. Capital Commerce Bancorp provides personal and business banking products and services through its subsidiary, Securant Bank & Trust, which has four locations in Hartland, Milwaukee, Menomonee Falls and Slinger, Wis. The proposed merger is expected to close no later than the fourth quarter of 2018, subject to the receipt of regulatory approvals and the approval of Capital Commerce Bancorp shareholders.
ABOUT FIRST CITIZENS
Founded in 1898 and headquartered in Raleigh, N.C., First Citizens Bank is the largest family-controlled bank in the U.S., with more than 500 offices in 19 states. First Citizens Bank is a wholly owned subsidiary of First Citizens BancShares, Inc. (Nasdaq: FCNCA), which has more than $35 billion in assets. For more information, call toll free 888-FC DIRECT (888-323-4732) or visit firstcitizens.com. First Citizens Bank. Forever First®.
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