Investors who were on the verge of pumping $100 million into a Wisconsin bank were baffled last week when a federal regulator shut down the bank.

On Friday, the Office of the Comptroller of the Currency on Friday closed down the $1 billion Guaranty Bank based in Glendale, Wisconsin.

The Federal Deposit Insurance Corp. was appointed conservator of the failed financial institution, and First Citizens Bank & Trust Co. assumed all of its deposits.

Source: Mortgage Daily