Hancock Holding Co. of Gulfport, Miss., on Tuesday completed its acquisition of the assets of Guaranty National Bank of Tallahassee shortly after a court order blocking the sale of the failed bank was lifted.
Hancock, which has assets of $4.3 billon, paid a $13.6 million premium for $56.6 million of Guaranty's assets and to assume Guaranty's $66.9 million of deposits. The Federal Deposit Insurance Corp. will retain about $4.3 million of Guaranty's bad assets.
The FDIC said Guaranty's failure would cost the Bank Insurance Fund nothing. The sale had been delayed when Federal Trust Bank of Sanford, Fla., asked a judge to halt it because Guaranty and its assets backed a loan Federal Trust had made to Guaranty's parent company.
