Guaranty Bank, teetering on the brink of financial collapse since June, fell this weekend.

The Texas-based bank, closed Friday by federal regulators, reopened Saturday as BBVA Compass, according to the Federal Deposit Insurance Corp.

With $13 billion in assests and $12 billion in deposits, it is the second largest bank failure this year.

There are 59 Guaranty branches in California affected by the takeover, including 10 in San Joaquin County. Two are in Lodi, located at 1150 W. Kettleman Lane and 200 N. Church St. There are also five branches in Stockton and Tracy, Escalon and Manteca each have a Guaranty branch.

Amanda Hamilton, customer service representative for the FDIC, said it was "business as usual" for customers of Guaranty Bank. Guaranty's customers will continue to have their deposits insured as normal by the FDIC. She said Guaranty's customers can continue to access their accounts.

Ed Bilek, who conducts external communications for BBVA bank, said customers' account numbers will remain the same and that they can continue to use Guaranty's ATMs.

"Customers shouldn't notice anything different," he said.

Bilek said Guaranty customers can use BBVA Compass ATMs with their Guaranty cards and the fees will be waived.

"What it means for customers is that they have the strength and stability of BBVA," he said.

The signs on the exterior of the bank will eventually change to reflect the new ownership. Bilek said it will be early in 2010 when customers could expect to see physical changes to their local branches.

He said Guaranty's customers will benefit from the expanded services and choices BBVA offers. He said the branches will offer mortgages, home-equity lines of credit and credit cards. The bank offers insurance, brokerage and estate planning as well.

"BBVA can offer customers a lot more products and services," Bilek said.

According to a BBVA Compass press release from Saturday, the company acquired Guaranty through a deal worth $12 billion in assets and assumed $11.5 billion in deposits.

Global Finance magazine placed BBVA Compass at number 13 of the "World's 50 Safest Banks" in 2009. The Small Business Administration awarded BBVA Compass the Large Loan Lender of the Year Award this year.

The Birmingham, Ala.-based BBVA Compass is a subsidiary of Banco Bilbao Vizcaya Argentaria S.A., the second largest bank in Spain. The banking network spans more than 30 countries across the globe and BBVA Compass branches can be found in Arizona, Colorado, New Mexico, Texas, Alabama and Florida.

Guaranty Bank, a Texas-owned company, first came to San Joaquin County in 1997 after merging with Stockton Savings Bank. Prior to the merger, Stockton Savings Bank served San Joaquin County for more than 100 years.

Bilek said it was too early to determine if workers at Guaranty Banks would be let go. According to a notification available to Guaranty's customers, there is potential for some branches to close where "overlap exists between Guaranty Bank branches and BBVA Compass branches."

Contact Jordan Guinn at jordang@lodinews.com.

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