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STATE COMPTROLLER LEWIS CLOSES GUARDIAN BANK OF BOCA RATON

 TALLAHASSEE, Fla., March 16 /PRNewswire/ -- State Comptroller Gerald Lewis closed Guardian Bank of Boca Raton today on grounds that it has failed to meet minimum capital requirements and has operated in an unsafe and unsound manner.
 The Comptroller immediately appointed the Resolution Trust Corporation as receiver of the institution, which will reopen tomorrow as a federally chartered thrift under the same name.
 No interruption of service is expected, and all deposits remain fully insured, Lewis said.
 As of Dec. 31, 1992, Guardian reported total assets of $76 million and capital of $938,000. Cumulative losses realized by the bank over the last three years have exceeded $6.6 million, and the bank has been unable to comply with federal minimum capital standards which became effective December 1992.
 Guardian has been under close regulatory supervision since 1990, and has operated under a joint federal and state cease and desist order since March 1991. The cease and desist order required Guardian to raise capital and reduce the level of problem assets. Efforts to raise capital have been unsuccessful.
 Guardian is the first state-chartered bank to be closed in Florida since 1991.
 -0- 3/16/93
 /CONTACT: Terence McElroy of the Florida Office of Comptroller, 904-488-4844/


CO: Florida Office of Comptroller; Guardian Bank of Boca Raton ST: Florida IN: FIN SU:

JB-AW -- FL016 -- 6696 03/16/93 16:02 EST
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Publication:PR Newswire
Date:Mar 16, 1993
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