It has $13.4 billion in assets, and its stock has fallen from a 52 week high of $6.75, to twelve cents today. I am pretty sure the FDIC is worried bigtime about this one.
The simple fact is that FDIC insurance actually perpetuates the continuing operation of the these kinds of loser banks. If the depositors were actually at risk, Guaranty Bank would have already died, and Bank of America and Citibank would be history. Talk about moral hazard.
http://money.cnn.com/2009/07/31/news/companies/guaranty.headache.fortune/?postversion=2009073113
