MADISON, Wis. (AP) — Federal regulators have closed Milwaukee-based Guaranty Bank, saying the bank is significantly undercapitalized and has not come up with an acceptable way to shore up its finances.

The Federal Deposit Insurance Corp., named as receiver, says the First-Citizens Bank & Trust Co., of Raleigh, North Carolina, will take over Guaranty’s deposits.

Guaranty Bank had 119 branches in five states. The FDIC says the branches in retail outlets will not reopen. But 12 brick-and-mortar locations in Wisconsin, Illinois and Minnesota will reopen as branches of First-Citizens.

The bank also had branches in Michigan and Georgia.

The FDIC says customer deposits are safe, accessible and still protected by federal insurance.

(© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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