Aug. 25--Don't fret about the sale of Guaranty Bank to Alabama-based BBVA Compass.

That's the message Compass officials are delivering to Guaranty customers, including those in Waco.

"When you wake up today, do your banking as you've always done. You will have your same account number, the same branches, the same ATM locations, even the same online banking," said Compass spokesman Ed Bilek.

Austin-based Guaranty has been acquired by BBVA Compass, which is the U.S. subsidiary of Banco Bilbao Vizcaya Argentaria (BBVA), the second-largest bank in Spain.

Over the next few months, Guaranty locations will get BBVA Compass signs.

Ruth White, of Waco, stopped at the Guaranty Bank on North Valley Mills Drive on Monday. She has banked at Guaranty for decades and will continue to do so, even with the name and ownership change.

"As long as they have good management, I'll stick with them," White said. "I wouldn't know where else to go."

But Jason Bell, manager of Elliott Electric Supply in Waco, said the company began to consider moving its accounts out of Guaranty when reports surfaced about its financial troubles.

"We're going to go with Wells Fargo," he said Monday. "I don't have anything against Compass. I used to personally bank there myself. But this is a corporate decision."

Compass bought Guaranty Bank from the FDIC, which seized it during Guaranty's financial crisis. Stockholders in Guaranty will be wiped out, but the deal ensures that its depositors will not suffer losses.

Guaranty had operated 103 locations in Texas and 59 branches in California.

Some markets, like Waco, have multiple Compass and Guaranty locations. Bilek said it's too early to say if any branches will close due to the buyout, but he did not rule out that possibility.

On North Valley Mills Drive, a former Guaranty location does business at the Lake Air Drive intersection, while Compass has a location at the Wooded Acres Drive intersection. They are one-tenth of a mile apart.

Compass "may end up disposing of some of the branches. That typically happens in some cases. We'll see," said Monte Hulse, chairman and CEO of the First National Bank of Central Texas. He added he's glad the FDIC resolved the Guaranty situation and found a strong buyer with international ties.

Bilek said Compass can offer services and expertise Guaranty could not match, including financial planning, mortgage loans, interest rate protection contracts for corporate clients and 401(k) services.

He said it will take three or four months for Compass to get the Guaranty locations switched to Compass systems and for new signs to be installed. Meantime, in addition to accessing Guaranty ATMs, depositors also will be able to make cash withdrawals at any Compass location without incurring a fee.

The deal likely could not have gotten done without federal help. Compass acquired $12 billion in assets and entered into a loss-sharing agreement with the FDIC that covers all the acquired loans The FDIC will bear 80 percent of the first $2.3 billion of losses and 95 percent of the losses above that threshold.

Compass likes the deal because it solidifies its ranking as the fourth-largest bank in Texas and extends its general banking business into the high-growth California market, officials said.

mcopeland@wacotrib.com 757-5736

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