Enterprising Investor
14年前
FNBN Announces Full Subscription of $310 Million Private Placement (8/02/11)
Completion of Capital Raise Fulfills Key Contingency for FNB Acquisition of Bank of Granite
Regulatory and Shareholder Approvals Represent Next Steps in the Merger Process
ASHEBORO, N.C., Aug. 2, 2011 (GLOBE NEWSWIRE) -- FNB United Corp. (Nasdaq:FNBN), parent company of CommunityONE Bank, N.A., today announced that investors have agreed to subscribe for a total of $310 million in company common stock in a private placement, contingent on obtaining shareholder and regulatory approvals and satisfaction of other conditions. Issuance of the common stock at $0.16 per share will complete the recapitalization of FNB United, which is a key contingency in its plan to acquire Bank of Granite Corporation (Nasdaq:GRAN), parent company of Bank of Granite.
The proposed acquisition will unite two 100-year-old institutions, creating a North Carolina community banking organization with approximately $2.8 billion in assets, $2.4 billion in deposits and 63 full-service banking offices located in some of the state's most robust markets. The transaction remains subject to receipt of regulatory approvals and shareholder approval of both banking companies.
"Completion of the capital raise is a significant event for community banking in North Carolina," said Brian Simpson, who will serve as CEO of the combined organization. "Two banking companies that have served their communities faithfully for more than 100 years will be revitalized so that the traditions of service to business owners and consumers can continue. We believe this is positive news for each of the communities served by CommunityONE and Bank of Granite and for our entire state."
The Carlyle Group and Oak Hill Capital Partners are lead investors in the capital raise, each having entered into definitive agreements with FNB United to invest $79 million, each subject to conditions contained in the investment agreements. FNB United has now entered into additional definitive subscription agreements with additional investors providing the investment of the remaining capital of $152 million, subject to conditions contained in the subscription agreements.
Jim Burr, Managing Director of The Carlyle Group, said: "This strong and experienced leadership team is well positioned to address current challenges and build for the future. The revitalization of any bank franchise begins with seasoned leadership, and Brian, Bob and their team have the depth and breadth of experience needed for this opportunity."
FNB United will be headquartered in Asheboro, N.C. Subject to the satisfaction or waiver of the remaining conditions, the transaction is expected to close in October of 2011. The two bank subsidiaries (CommunityONE and Bank of Granite) will be operated as separate entities for a period of time; it is anticipated that the merged bank will be named CommunityONE Bank, N.A. at a future date to be determined.
"Brian and I have been gratified by the response we have received from the investment community," said Bob Reid, who will serve as President of the combined banking company. "A great deal of work remains ahead, but with this commitment of capital and the talented teams being put in place at CommunityONE and Bank of Granite, we believe that the resulting institution will be positioned to effectively serve its communities in the future."
Jim Campbell, Chairman of FNB United, said: "I would like to commend all of our employees for their commitment to customer service as we have navigated through these challenging times. This focus on the customer has been invaluable in assuring that we are well positioned for the revitalization that is planned with our new capital and our new banking partners."
John Bray, Chairman of Bank of Granite, said: "The success of the capital raise is great news for our customers, our employees and the communities we serve. CommunityONE and Bank of Granite have long traditions of personalized service that is a hallmark of community banking. The addition of capital and the merger of our organizations will ensure that this spirit lives on."
The Transaction
FNB United Corp. will be operated by new management after the recapitalization and merger, led by Brian Simpson as Chief Executive Officer and Bob Reid as President.
The merger agreement provides that Bank of Granite shareholders will receive 3.375 shares of FNB United Corp.'s common stock in exchange for each share of Bank of Granite common stock they own immediately prior to completion of the merger.
Completion of the merger and the investments are dependent on each other and the satisfactory completion of a number of other conditions, including the exchange of FNB preferred stock held by the U.S. Treasury for FNB common stock on the terms specified in the merger and investment agreements, CommunityONE having repurchased SunTrust's outstanding debt and preferred stock on the terms specified in the agreements, receipt of regulatory approvals, the approval of the shareholders of both FNB United Corp. and Bank of Granite Corporation, and FNB and Bank of Granite meeting specified financial condition requirements contained in the merger and investment agreements.
Sandler O'Neill & Partners, L.P. and Raymond James & Associates, Inc. are acting as placement agents in connection with the private placement of the FNB United common stock.
About FNB United Corp.
FNB United Corp. is the Asheboro, N.C.-based bank holding company for CommunityONE Bank, N.A. Opened in 1907, CommunityONE Bank operates 45 offices in 38 communities throughout central, southern and western North Carolina, and offers a complete line of consumer, mortgage and business banking services, including loan, deposit, cash management, wealth management and internet banking services.
About Bank of Granite Corporation
Bank of Granite Corporation is the parent company of Bank of Granite. Founded in 1906, Bank of Granite operates 18 full-service banking offices in seven North Carolina counties – Burke, Caldwell, Catawba, Iredell, Mecklenburg, Watauga and Wilkes.
http://globenewswire.com/newsroom/news.html?d=228238
56Chevy
14年前
FNBN & GRAN merger still on track as of 6/22/2011
Upon consummation of the Merger, each outstanding share of the Company’s common stock, par value $1.00 per share, other than those held by the Company, FNB, Merger Sub or any of their respective wholly-owned subsidiaries that are not owned by such parties, in a fiduciary capacity or as a result of debts previously contracted, will be converted into the right to receive 3.375 shares of FNB’s common stock, par value $2.50 per share.
One of the conditions to the closing of the Merger is the settlement of indebtedness of CommunityONE Bank, National Association, a wholly-owned subsidiary of FNB (“CommunityONE”), outstanding and held by SunTrust Bank for cash at the discounted values specified in the Merger Agreement (the “SunTrust Settlement”).
On the terms and subject to the conditions set forth in a letter agreement, dated May 31, 2011, between CommunityONE and SunTrust Bank, SunTrust Bank has preliminarily agreed to settle CommunityONE’s indebtedness for cash in amount equal to 35% of the principal thereof, plus 100% of the unpaid and accrued interest on the debt as of the closing date of the Merger.
On June 16, 2011, FNB, Merger Sub and the Company entered into Amendment No. 1 to the Merger Agreement (the “Amendment”) to increase the discounted settlement amount of the SunTrust indebtedness specified in the Merger Agreement from 25% to 35% of the principal thereof, plus 100% of the unpaid and accrued interest on the debt as of the closing date of the Merger.
http://ih.advfn.com/p.php?pid=nmona&article=48107428
Enterprising Investor
14年前
FNB United Corp. and Bank of Granite Corp. to Merge
The Carlyle Group and Oak Hill Capital to Invest $155 Million in FNB United Corp.
Brian Simpson and Bob Reid to Lead New Management Team
ASHEBORO, N.C., April 27, 2011 (GLOBE NEWSWIRE) -- FNB United Corp. (Nasdaq:FNBN), parent company of CommunityOne Bank, N.A., and Bank of Granite Corp. (Nasdaq:GRAN), parent company of Bank of Granite, today announced plans to merge, contingent on shareholder, regulatory and other approvals, the successful recapitalization of FNB United and other conditions. The merger of these 100-year-old institutions will create a North Carolina community banking organization with approximately $2.9 billion in assets, $2.4 billion in deposits and 63 full-service banking offices located in some of the state's most robust markets. The combined parent company will be called FNB United Corp., and will be operated by new management, led by Brian Simpson as Chief Executive Officer and Bob Reid as President. FNB United will be headquartered in Asheboro, N.C. The transaction is expected to close during the third quarter of 2011. Thereafter, the two bank subsidiaries (CommunityOne and Bank of Granite) will be operated as separate entities until a future date, after which the merged bank will be named CommunityOne Bank, N.A.
As part of this transaction, The Carlyle Group and Oak Hill Capital Partners, two private equity firms with a history of successful investing in the financial services sector, have each entered into definitive agreements with FNB United to invest $77.5 million in the common stock of FNB United subject to the conditions set forth in the agreements as part of a $310 million private placement of FNB United's common stock. The Carlyle Group and Oak Hill Capital Partners will each receive approximately 484 million shares of common stock at the closing not to exceed 24.9 percent of the then-outstanding shares of common stock, valued at $0.16 a share.
John Bray, Chairman of Bank of Granite, said, "Bank of Granite and CommunityOne share many synergies, including the top priority of providing excellent and reliable banking services to our local communities. Both institutions have enjoyed great successes and weathered challenging times for more than a century, and the announcements today will help position both companies for the future."
Jim Campbell, Chairman of FNB United, said, "The past few years have presented FNB United with significant challenges, and through this proposed merger we will embrace a new way forward from a position of strength. We are excited that the prospective management team is led by native North Carolinians, Brian Simpson as Chief Executive Officer and Bob Reid as President, who will provide exceptional leadership for this new institution."
New Management
Mr. Simpson is a former senior executive and Operating Committee member at First Union Corporation with 17 years of banking experience. During his career, he was responsible for leading segments of First Union's capital markets activities. Mr. Simpson was also responsible for balance sheet management, including interest rate sensitivity, funding and liquidity management.
Mr. Reid has 30 years of financial services experience with extensive leadership roles in community banking, retail banking, corporate banking, commercial banking, business banking, real estate finance, capital management and wealth management at Wachovia Corporation and its predecessor, First Union. Mr. Reid held numerous regional leadership positions throughout his career with Wachovia and First Union in Pennsylvania, Delaware, New Jersey, New York, Connecticut, Tennessee and North Carolina.
New Board
The prospective management team will be supported by a new board of directors that includes Austin Adams (Chief Information Officer, JP Morgan Chase, BankOne and First Union); Jerry Licari (national banking practice leader, KPMG LLP); Chan Martin (retired treasurer and senior risk executive, Bank of America); and Jerry Schmitt (former asset/liability committee chairman, First Union). The new board will also include one representative each from The Carlyle Group and Oak Hill Capital Partners, and two FNB United and one Bank of Granite legacy board members.
The Transaction
The merger agreement provides that Bank of Granite shareholders will receive 3.375 shares of FNB's common stock in exchange for each share of Bank of Granite common stock they own immediately prior to completion of the merger.
Completion of the merger and The Carlyle Group and Oak Hill Capital Partners investments are dependent on each other and the satisfactory completion of a number of other conditions including the exchange of FNB United preferred stock held by the U.S. Treasury for FNB United common stock on the terms specified in the merger and investment agreements, receipt of regulatory approvals, the approval of the shareholders of both FNB United and Bank of Granite, FNB United raising $310 million inclusive of The Carlyle Group and Oak Hill Capital Partners investments, the board and management structure referenced in the agreements, receipt of advice that the private placement investments will not impair FNB United's existing net operating loss deferred tax asset, FNB United and Bank of Granite meeting specified financial condition requirements and not having experienced material adverse effects and events, and other customary closing conditions. The U.S. Treasury has issued a letter, dated April 6, 2011, indicating its agreement to exchange FNB United's preferred stock held by the U.S. Treasury for FNB United common stock having a value equal to the terms specified in the merger and investment agreements, subject to the execution of a definitive agreement with the U.S. Treasury, the completion of the capital raise, and the completion of certain other matters.
About FNB United Corp.
FNB United Corp. is the Asheboro, N.C.-based bank holding company for CommunityOne Bank, N.A. Opened in 1907, CommunityOne Bank operates 45 offices in 38 communities throughout central, southern and western North Carolina, and offers a complete line of consumer, mortgage and business banking services, including loan, deposit, cash management, wealth management and internet banking services.
About Bank of Granite Corporation
Bank of Granite Corporation is the parent company of Bank of Granite. Founded in 1906, Bank of Granite operates 18 full-service banking offices in seven North Carolina counties – Burke, Caldwell, Catawba, Iredell, Mecklenburg, Watauga and Wilkes.
About The Carlyle Group
The Carlyle Group is a global alternative asset manager with $106.7 billion of assets under management committed to 84 funds as of December 31, 2010. The Carlyle Group invests across three asset classes - corporate private equity, real assets and global market strategies - in Africa, Asia, Australia, Europe, North America and South America focusing on aerospace & defense, consumer & retail, energy & power, financial services, healthcare, industrial, infrastructure, technology & business services, telecommunications & media and transportation. Since 1987, the firm has invested $68.7 billion of equity in 1,035 transactions. The Carlyle Group employs more than 990 people in 19 countries. Web: www.carlyle.com; Case Studies: www.carlylegroupcreatesvalue.com; Video: www.youtube.com/OneCarlyle
About Oak Hill Capital Partners
Oak Hill Capital Partners is a private equity firm with more than $8.2 billion of committed capital from leading entrepreneurs, endowments, foundations, corporations, pension funds and global financial institutions. Robert M. Bass is the lead investor. Over a period of more than 24 years, the professionals at Oak Hill Capital Partners and its predecessors have invested in more than 60 significant private equity transactions. Oak Hill Capital Partners is one of several Oak Hill partnerships, each of which has a dedicated and independent management team. These Oak Hill partnerships comprise over $30 billion of investment capital across multiple asset classes. For more information about Oak Hill Capital Partners, please visit www.oakhillcapital.com.
http://www.carlyle.com/Media%20Room/News%20Archive/2011/item11916.html
56Chevy
14年前
FNB United To Merge With Bank Of Granite; Shares Surge 4/27/2011 11:42 AM ET RELATED NEWSFNB United Corp., Bank Of Granite Corp.
FNB United Corp. (FNBN: News ), the parent company of CommunityOne Bank, N.A., Wednesday announced its plan to merge with Bank of Granite's parent company Bank of Granite Corp. (GRAN). Following news, FNB shares climbed 76 percent on the Nasdaq while Bank of Granite stock soared over 59 percent.
Under the merger deal, Bank of Granite shareholders will receive 3.375 FNB common shares in exchange for each Bank of Granite common share they own. The transaction is expected to close during the third quarter of 2011.
The merger of these 100-year-old institutions is subject to the successful recapitalization of FNB, in addition to other regulatory approvals. On April 6, the U.S. Treasury has issued a letter indicating its agreement to exchange FNB's preferred stock held by the Treasury for FNB common stock having a value equal to the terms in the merger and investment agreements.
The merger will create a North Carolina community banking organization with about $2.9 billion in assets, $2.4 billion in deposits and 63 full-service banking offices.
The combined company will be called FNB United Corp. with headquarters in Asheboro, North Carolina. The company will be operated by a new management led by Brian Simpson as Chief Executive Officer and Bob Reid as President.
Simpson is a former senior executive and Operating Committee member at Wachovia Corp.'s predecessor First Union Corp. with 17 years of banking experience. Reid has 30 years of financial services experience at Wachovia and First Union.
CommunityOne and Bank of Granite will be operated as separate entities until a future date. After that, they will be combined under the name CommunityOne Bank, N.A.
Private equity firms Carlyle Group and Oak Hill Capital Partners have agreed with FNB to invest $77.5 million as part of a $310 million private placement of FNB's common stock. Each will receive about 484 million FNB common shares at the closing not to exceed 24.9 percent of the then-outstanding shares of common stock, valued at $0.16 a share.
The combined company's board of directors will include one representative each from Carlyle and Oak Hill, and two FNB and one Bank of Granite board members.
FNBN rose $0.17 or 78 percent and is trading at $0.42 on 611,679 shares.
GRAN is trading at $0.8601, up $0.3201 or 59.28 percent, on a volume of 786,263 shares.
source: http://www.rttnews.com/Content/BreakingNews.aspx?Id=1607758&SimRec=1&Node=B1
Hammer1
14年前
GRAN MERGER......OH HELL YES.....FINALLY....Hammer
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FNB United Corp. and Bank of Granite Corp. to Merge
Apr 27, 2011 07:00:10 (ET)
Apr 27, 2011 (GlobeNewswire via COMTEX) --
The Carlyle Group and Oak Hill Capital to Invest $155 Million in FNB
United Corp.
Brian Simpson and Bob Reid to Lead New Management Team
ASHEBORO, N.C., April 27, 2011 (GLOBE NEWSWIRE) -- FNB United Corp. (FNBN, Trade ), parent company of CommunityOne Bank, N.A., and Bank of Granite Corp. (GRAN, Trade ), parent company of Bank of Granite, today announced plans to merge, contingent on shareholder, regulatory and other approvals, the successful recapitalization of FNB United and other conditions. The merger of these 100-year-old institutions will create a North Carolina community banking organization with approximately $2.9 billion in assets, $2.4 billion in deposits and 63 full-service banking offices located in some of the state's most robust markets. The combined parent company will be called FNB United Corp., and will be operated by new management, led by Brian Simpson as Chief Executive Officer and Bob Reid as President. FNB United will be headquartered in Asheboro, N.C. The transaction is expected to close during the third quarter of 2011. Thereafter, the two bank subsidiaries (CommunityOne and Bank of Granite) will be operated as separate entities until a future date, after which the merged bank will be named CommunityOne Bank, N.A.
As part of this transaction, The Carlyle Group and Oak Hill Capital Partners, two private equity firms with a history of successful investing in the financial services sector, have each entered into definitive agreements with FNB United to invest $77.5 million in the common stock of FNB United subject to the conditions set forth in the agreements as part of a $310 million private placement of FNB United's common stock. The Carlyle Group and Oak Hill Capital Partners will each receive approximately 484 million shares of common stock at the closing not to exceed 24.9 percent of the then-outstanding shares of common stock, valued at $0.16 a share.
John Bray, Chairman of Bank of Granite, said, "Bank of Granite and CommunityOne share many synergies, including the top priority of providing excellent and reliable banking services to our local communities. Both institutions have enjoyed great successes and weathered challenging times for more than a century, and the announcements today will help position both companies for the future."
Jim Campbell, Chairman of FNB United, said, "The past few years have presented FNB United with significant challenges, and through this proposed merger we will embrace a new way forward from a position of strength. We are excited that the prospective management team is led by native North Carolinians, Brian Simpson as Chief Executive Officer and Bob Reid as President, who will provide exceptional leadership for this new institution."
New Management
Mr. Simpson is a former senior executive and Operating Committee member at First Union Corporation with 17 years of banking experience. During his career, he was responsible for leading segments of First Union's capital markets activities. Mr. Simpson was also responsible for balance sheet management, including interest rate sensitivity, funding and liquidity management.
Mr. Reid has 30 years of financial services experience with extensive leadership roles in community banking, retail banking, corporate banking, commercial banking, business banking, real estate finance, capital management and wealth management at Wachovia Corporation and its predecessor, First Union. Mr. Reid held numerous regional leadership positions throughout his career with Wachovia and First Union in Pennsylvania, Delaware, New Jersey, New York, Connecticut, Tennessee and North Carolina.
New Board
The prospective management team will be supported by a new board of directors that includes Austin Adams (Chief Information Officer, JP Morgan Chase, BankOne and First Union); Jerry Licari (national banking practice leader, KPMG LLP); Chan Martin (retired treasurer and senior risk executive, Bank of America); and Jerry Schmitt (former asset/liability committee chairman, First Union). The new board will also include one representative each from The Carlyle Group and Oak Hill Capital Partners, and two FNB United and one Bank of Granite legacy board members.
The Transaction
The merger agreement provides that Bank of Granite shareholders will receive 3.375 shares of FNB's common stock in exchange for each share of Bank of Granite common stock they own immediately prior to completion of the merger.
Completion of the merger and The Carlyle Group and Oak Hill Capital Partners investments are dependent on each other and the satisfactory completion of a number of other conditions including the exchange of FNB United preferred stock held by the U.S. Treasury for FNB United common stock on the terms specified in the merger and investment agreements, receipt of regulatory approvals, the approval of the shareholders of both FNB United and Bank of Granite, FNB United raising $310 million inclusive of The Carlyle Group and Oak Hill Capital Partners investments, the board and management structure referenced in the agreements, receipt of advice that the private placement investments will not impair FNB United's existing net operating loss deferred tax asset, FNB United and Bank of Granite meeting specified financial condition requirements and not having experienced material adverse effects and events, and other customary closing conditions. The U.S. Treasury has issued a letter, dated April 6, 2011, indicating its agreement to exchange FNB United's preferred stock held by the U.S. Treasury for FNB United common stock having a value equal to the terms specified in the merger and investment agreements, subject to the execution of a definitive agreement with the U.S. Treasury, the completion of the capital raise, and the completion of certain other matters.
About FNB United Corp.
56Chevy
15年前
Fewer Bank Failures? Chapter 11 Sale Offers a New Way
Source: WSJ 1/6/2011
.
This has huge implications for the troubled banking situation's across the country!
============================================
By ERIC MORATH
The recent sale of a Washington state bank out of Chapter 11 created a new tool that potentially could rescue hundreds of similarly troubled institutions and save the Federal Deposit Insurance Corp. billions of dollars, according to a number of banking experts.
An investment vehicle backed by a Goldman Sachs Group Inc. fund and Oaktree Capital Management LP late last month purchased AmericanWest Bank, of Spokane, Wash., out of bankruptcy from its holding company, without the need for regulators to seize the bank and shore up its deposits.
The deal could open up options to save other banks teetering on the edge of failure, particularly those whose holding companies are saddled with so-called trust-preferred securities, and make it easier for hungry investors to acquire undercapitalized banks.
State banking regulators said the sale, which they believe to be the first transaction of its kind, could have a wide-ranging impact. "We are encouraged to find another way to skin the cat," said Brad Williamson, director of banks for the Washington State Department of Financial Institutions. The sale "allowed the bank to be recapitalized and addressed the TruPS conundrum."
Trust-preferred securities, commonly called TruPS, have weighed down many banks struggling to remain afloat. The securities were issued frequently in the 1990s as a way for bank holding companies to raise capital cheaply and without diluting their shareholders' equity.
However, as the financial crisis took hold, those securities often stood in the way of private investors willing to step in to rescue banks stung by bad loans and faltering real-estate markets. The reason so many bank holding companies, including AmericanWest Bancorp., couldn't persuade investors to come forward was because the ultimate holders of the trust-preferred securities are entitled to payment before any capital infusion can occur.
Trustees representing the debtholders often were unwilling or unable to negotiate a settlement that could allow a bank to be recapitalized without government intervention.
The result: Some banks that could have been rescued were seized and billions of dollars have been drained from the FDIC's insurance fund.
More than 150 banks failed last year, costing the FDIC more than $20 billion. AmericanWest's failure alone would have cost the FDIC $330 million, according to papers filed with the U.S. Bankruptcy Court in Spokane.
Instead, the bankruptcy sale allowed the 58-branch bank, which became insolvent in the first half of last year, to find its way to new owners without government assistance. SKBHC Holding LLC, the Goldman-Oaktree vehicle, paid $6.5 million for AmericanWest and pledged up to $200 million in additional capital.
SKBHC said it was attracted to AmericanWest because the investment vehicle feels the Pacific Northwest economy is poised to rebound and was impressed with the AmericanWest's operation. While AmericanWest was closely watched by regulators, it was never seized, in part because banking executives kept regulators closely informed of their plans to recapitalize.
"We made a strong business case to regulators that this could be a bit of a game changer," said Scott Kisting, SKBHC's chairman and chief executive.
Bankruptcy sales are commonplace in manufacturing and other industries, but they aren't in banking. Typically, bank holding companies file for bankruptcy after their bank is seized.
Mr. Kisting credited former AmericanWest Bank President Patrick Rusnak for developing the idea of using a bankruptcy sale to complete the transaction.
With a Chapter 11 sale, SKBHC acquired the bank free and clear of liens, including amounts owed to the trust-preferred securities holders.
AmericanWest Bancorporation raised capital years ago through the issuance of roughly $40 million in debt through trusts, which was then repackaged into several different collateralized debt obligations that held about $2 billion of securities. Those CDOs, in turn, issued bonds to investors.
That complicated investment structure meant it wasn't possible to trace individual holders of the holding company's debt—making it nearly impossible to negotiate with the debtholders.
"In cases like this, there is simply no one to negotiate with," said Van C. Durrer, an attorney for SKBHC. Durrer is a bankruptcy attorney with Skadden, Arps, Slate, Meagher & Flom.
"It would be very hard to do this transaction out of court and out of receivership," he said.
The sale drew the attention of others in the industry.
"AmericanWest very well could be an example to follow," said Frank Bonaventure, chairman of the financial-institutions group at law firm Ober Kaler.
This isn't to say that waves of holding companies will file for Chapter 11 protection in order to execute sales, he said, but even the threat of bankruptcy could be enough to bring trust-preferred securities trustees to the table for more serious negotiations.
Mr. Williamson, the state regulator, said he hopes that is the case.
"The AmericanWest recap shows that trust-preferred securities holders need to start being a little more flexible," he said.
Mr. Williamson said the outcome of the AmericanWest case was preferable to that of other holding companies weighed down by trust-preferred securities.
For example, when Troubled Asset Relief Program recipient Sterling Savings Bank, also based in Spokane, was recapitalized last year, TruPS holders received full payment while the U.S. Treasury took a significant loss, he said.
With private-equity firms, such as SKBHC, ready to recapitalize troubled banks, Chapter 11 proceedings could open the door to needed investment without government assistance, said banking analyst Brett Rabatin.
Many investors, including affiliates of billionaire Wilbur Ross, have purchased banks after the FDIC became a receiver. Mr. Rabatin, a senior analyst at Sterne, Agee & Leach Inc., said the AmericanWest deal could pave the way for a new model.
"The FDIC is realizing that they don't have to fail more banks," he said. "They can use private equity as a vehicle for institutions that need capital."
Write to Eric Morath at eric.morath@dowjones.com
http://online.wsj.com/article/SB10001424052748703675904576063852045473950.html
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