Guaranty Financial Group Inc
The Austin, Texas-based company and three affiliates filed for protection from creditors on Thursday with the U.S. bankruptcy court in Dallas.
Guaranty said it had $24.3 million of assets and $323.4 million of debts as of June 30. Its filing includes the holding company, which was not part of the August 21 asset sale to BBVA.
The bank is the second-largest to fail in the United States this year, after Montgomery, Alabama's Colonial BancGroup Inc
Guaranty had been the third-largest publicly traded bank in Texas. Its banking unit had roughly $13 billion of assets, $12 billion of deposits, 103 branches in Texas and 59 branches in California, the FDIC said.
It collapsed from losses on mortgage-backed securities, whose value tumbled as falling real estate valuations caused defaults on the underlying loans to increase substantially, and on loans it made itself.
Guaranty's largest investors included Carl Icahn and Robert Rowling, whose investment firm owns the Omni Hotels chain.
BBVA agreed to buy about $12 billion of Guaranty Bank's assets. The FDIC agreed to share in losses on $11 billion.
The largest publicly traded banks based in Texas include Comerica Inc
Guaranty has said it began operations in 1988, and was spun off in December 2007 by Temple-Inland Inc
The case is In re Guaranty Financial Group Inc, U.S. Bankruptcy Court, Northern District of Texas (Dallas), No. 09-35582.
(Reporting by Jonathan Stempel; Editing by Richard Chang)