BBVA Compass in Guaranty Acquisition from FDIC
August 21, 2009
Cleary Gottlieb represented BBVA Compass, a subsidiary of BBVA, in its acquisition of the banking operations of Guaranty Bank from the U.S. Federal Deposit Insurance Corporation. BBVA Compass assumed all of Guaranty Bank's deposits, valued at approximately $12 billion, as well as $12 billion of Guaranty's assets, and entered into a loss sharing agreement with the FDIC covering approximately $11 billion of Guaranty's assets. The acquisition makes BBVA Compass the 15th largest U.S. commercial bank with approximately $49 billion in deposits and operations in seven high growth markets in the Sunbelt including Texas, Alabama, Arizona, California, Florida, Colorado and New Mexico. The deal was announced and closed on August 21.