Jeri Sue Haney, manager of Idyllwild's Guaranty Bank branch, now BBVA Compass, said that the change to new ownership has been seamless. Contrary to a recent blog, Guaranty did not shut down on Friday and Saturday, but was open for business normal business hours both days. Bank operations resumed on Monday Aug. 24 as BBVA Compass, an American subsidiary of Spanish banking giant Banco Bilbao Vicaya Argentaria SA (BBVA) currently headquartered in Bilbao, Spain, but moving corporate headquarters to Madrid. BBVA Compass is headquartered in Birmingham, Alabama.
Haney said there are no changes as a result of the sale. All current jobs are safe and the branch will remain open.
"We are now the 13th safest bank in the world," said Haney, referring to BBVA's reputation for stability, its risk-averse nature, its $750 billion in assets and Global Finance magazine's recent ranking of BBVA.
Guaranty, now BBVA, customers are instructed to continue to use the same checks, account numbers, ATM cards, web sites, on-line services and telephone contact numbers. No changes to CD or savings account interest rates will occur as a result of the sale and rebranding.
Haney said Guaranty software and programs would continue to be used until the first of the year when a new state of the art conversion will occur, allowing access to an expanded branch network of more than 750 branches in seven states, and to a broader array of quality products and services.
BBVA Compass received no TARP money and all its regulatory capital ratios continue to exceed "well capitalized" as defined by the Federal Reserve.
The bank's name will not change completely until the beginning of 2010 when Guaranty's operating systems and product platforms are integrated with those of BBVA Compass.
Although a subsidiary of a foreign bank, BBVA Compass is a U.S. bank - Alabama chartered and a member of the Federal Reserve System. As such BBVA Compass is governed by U.S. banking laws and regulations, including those regarding the privacy and protection of customer information.