Spanish Bank Giant Takes Over Troubled Texas Bank.

AUSTIN AMERICAN STATESMAN.

In a deal brokered by the U.S. government's FDIC, failing Guaranty Bank, based here in Austin, was taken over by a U.S. subsidiary of Spain's giant BBVA bank.

BBVA agreed to buy $12 billion of the $13 billion assets left at Guaranty Bank, which it will sell to private investors.

The takeover will give BBVA's Compass division another 103 locations in Texas and 59 branches in California, where BBVA has been trying to establish a beachhead... for a total of 767 locations in seven Sun Belt states and make it the nation’s 15th-largest commercial bank with about $49 billion in deposits.