Federal regulators told bidders for Guaranty Financial Group Inc. that they have chosen a winner to take over the crippled Texas bank, according to people familiar with the situation.

People involved in the process said the winner appears to be Banco Bilbao Vizcaya Argentaria SA, the second-largest bank in Spain by stock-market value. A purchase of Guaranty by BBVA would build on the foothold the bank has established during the past several years, including the $9.6 billion purchase of Compass Bancshares Inc., of Birmingham, Ala., in 2007.

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