Two Guaranty Bank branches to close

CEDAR RAPIDS - Two Guaranty Bank and Trust offices will close Friday due to its combination with another Cedar Rapids bank.

The offices to close are Guaranty's main bank in downtown, 302 Third Ave. SE, and a branch at 1819 42nd St. NE. The offices will close at 4:30 p.m. Friday.

Both locations are near offices owned by Cedar Rapids Bank and Trust, whose parent company acquired Guaranty earlier this year.

Cedar Rapids Bank President and CEO Larry Helling said Monday the company currently owns the two Guaranty offices that will close. The company will try to sell the properties in the future.

Helling also said a majority of Guaranty's 60 employees will continue with Cedar Rapids Bank.

QCR Holdings, the parent company of Cedar Rapids Bank, announced in June it would acquire all of Cedar Rapids-based Guaranty Bank. The deal was valued at $44.2 million.

At the time, Helling said the acquisition would create 'the largest bank in Linn County.” Cedar Rapids Bank had more than $1 billion in assets as of the end of September while Guaranty Bank had about $257.2 million.

Starting Monday, Dec. 4, Cedar Rapids Bank customers and former Guaranty Bank customers will be able to visit the following offices:

l 500 First Ave. NE, Suite 100, Cedar Rapids

l 5400 Council St. NE, Cedar Rapids

l 2711 Bever Ave. SE, Cedar Rapids

l 191 Jacolyn Drive NW, Cedar Rapids

l 700 25th St., Marion.

l Comments: (319) 398-8366; matthew.patane@thegazette.com