U.S. Helps Spanish Company to Buy Texas Bank

08-21-2009 • NY Times

Guaranty Bank, a deeply troubled Texas lender, was sold on Friday to Banco Bilbao Vizcaya Argentaria of Spain in one of the largest government-assisted deals offered to a foreign firm. Federal regulators seized Guaranty Bank and simultaneously brokered the sale of its branches as well as most of the deposits and assets to BBVA Compass, the Spanish bank’s American subsidiary. The government, however, agreed to absorb most of the losses on $9.7 billion, or more than 80 percent, of the Guaranty assets included in the deal.

1 Comments in Response to U.S. Helps Spanish Company to Buy Texas Bank

Comment by rainyday

Entered on: 8/22/2009 12:05:30 PM

who is running this country anyway?

remember they were trying to lease our ports to foreigners during the bush administration? lease toll road to foreginers? what the hell is going on here?

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