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News Watch
- 5/30/2009 2:31:40 PM
By Chip Brian, SmarTrend Analytics Team
Three private equity firms including affiliates from Fortress Investment Group (NYSE:FIG), Crestview Partners LP and Lightyear Capital will invest a combined $450 million in First Southern Bancorp Inc, giving them control over a small Florida bank that could position them to acquire additional banks. Under terms of the agreement, each firm will invest $150 million in exchange for common and preferred stock, giving each company a significant, but non-controlling stake. This isn't the first occurrence of private equity firms taking advantage of battered banks in sore need of additional capital, last week a team of private equity investors including Blackstone Group (NYSE:BX) acquired assets from failed BankUnited Financial Corp. (NASDAQ:BKUNA).
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