Guaranty Financial Group Inc., Texas’ second-largest publicly-traded bank, filed regulatory papers Thursday saying it probably will fail because of a capital shortage.
It would be the largest U.S. bank to fail so far in 2009. There have been 56 failures this year.
The bank is poised to be taken over by the Federal Deposit Insurance Corp., which would cover deposits up to $250,000. All shareholders would be eliminated.
The Austin-based company said it hasn’t been able to get credit and that it likely won’t be eligible for federal help.
It has $16 billion in assets and 150 branches in Texas and California. According to its Web site, there are 10 banks in the San Antonio area.
