Guaranty Bank has a new owner.

Spanish banking giant Banco Bilbao Vizcaya Argentaria has submitted the winning bid for the assets of Guaranty Bank. The financially troubled Guaranty has 100 branches in Texas and about 60 in California.

It has several locations in Waco.

Guaranty recently said that it was “critically undercapitalized” and might not be able to continue as a going concern. The Federal Deposit Insurance Corp. has been accepting bids for its assets.

The Spanish bank also owns BBVA Compass, which has a Waco presence.

Federal bank regulators closed Austin-based Guaranty Bank on Friday. But will be re-opened as a part of BBVA Compass.

Guaranty has been owned for years by Temple-Inland Inc., which has interests in corrugated packaging, forest products and real estate.

BBVA Compass said it is assuming $11.5 billion in Guaranty deposits and buying $12 billion in assets.

The price was not disclosed, but the FDIC said it had agreed to share potential losses on $11 billion of the assets.

New downtown eatery

Yet another restaurant has opened for business in downtown Waco.

This one is called the BBQ/Seafood Express, and it specializes in ribs, fish and soul food.

It is located at 401 S. Eighth St., near the railroad tracks and the downtown bus station.

A-1 Chinese buffet

The vacant Ryan’s Steakhouse building at Franklin Avenue and North Valley Mills Drive has been occupied by A-1 Buffet. It opened there about a week ago.

Owner Li Zheng said he serves Chinese food, sushi and American favorites like pizza and chicken wings.

Foreclosures up

The number of McLennan County properties posted for foreclosure in September stands at 96, which is up from the 89 posted for the same month last year.

For the year through September, a total of 1,016 properties have been posted for foreclosure. That’s 25 percent more than the 813 posted through September last year.

Properties will be auctioned on the steps of the McLennan County Courthouse on Tuesday, Sept. 1.

L-3 expands

L-3 Communications just got bigger with completion of an 87,000-square-foot hangar.

The company modifies airplanes and needed the extra space to store them. Groundbreaking for the $10 million hangar was held in December, and ribbon-cutting ceremonies were held Monday.

The Waco-McLennan County Economic Development Corp. has pledged $2 million toward the cost of the project, but it will pay only if L-3 creates 100 additional jobs.

A company spokesman said “we are well on our way” to that number.

L-3 employs more than 1,600 locally.

Training funds

The Texas Legislature has set aside $90 million for job training during the 2010-11 biennium, agreeing to make the money available through the Skills Development Fund.

Companies can get the money by applying for it and meeting certain guidelines.

Be forewarned, though. The competition is stiff.

Since its inception in 1996, the fund has helped 3,263 employers create 76,191 jobs and upgrade the skills of 208,630 workers. In 2008, the fund created or upgraded 19,689 jobs paying an average hourly wage of $24.29.

Specifics about applying are available at www.twc.state.tx.us/svcs/funds/sdfintro.html.

mcopeland@wacotrib.com

757-5736