Buying a Failed Bank: Opportunities and Pitfalls
As the Federal Deposit Insurance Corp (FDIC) seizes 6 more banks with no private equity involvement, TheDeal.com' Senior Writer Vipal Monga, panelist at the upcoming Private Equity Leaders Forum 2009, "Buying a Failed Bank: Opportunities and Pitfalls" (http://www.PrivateEquityLeadersForum.com), December 11th, New York City, is proved prescient on the FDIC's thinking continuing to evolve about private equity firms acquiring troubled banks.
Mr. Monga had noticed in the FDIC's announcement on Nov. 6th of the failure of San Francisco's United Commercial Bank and its subsequent sale to East West Bancorp of Pasadena, the following statement: "The FDIC encourages private equity participation in failed bank acquisitions through private investment in established bank holding companies". Although it wasn't publicly announced, East West had received $131 million in financing from Corsair Capital LLC. Therefore, Mr. Monga maintained that the FDIC is really telling private equity it can get into banking only by investing in healthy banks, then letting them bid for failing rivals. Would the FDIC statement suggest we have seen the last deals in which PE firms successfully buy failing banks? This and other pressing questions will be answered by Mr. Monga and fellow panelists on December 11th at GoldenNetworking.com's Private Equity Leaders Forum 2009, "Buying a Failed Bank: Opportunities and Pitfalls".
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