BIRMINGHAM, Ala., Aug. 21 /PRNewswire-FirstCall/ --
BBVA Compass tonight announced that it has acquired the banking operations of Guaranty Bank based in Austin, Texas from the Federal Deposit Insurance Corporation (FDIC), effective immediately. BBVA Compass acquired $12.0 billionof assets and assumed $11.5 billion of deposits and entered into a loss sharing agreement with the FDIC that covers all of the acquired loans, where the FDIC will bear 80% of the first $2.3 billion of losses and 95% of the losses above that threshold. Guaranty Bank operated 105 branches in Texasand 59 branches in California.
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