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NEW YORK (Reuters) - Investor Wilbur Ross, who made a fortune snapping up distressed companies, announced on Friday the first of what is expected to be a series of bank acquisitions across the United States.
Ross personally agreed to buy more than 68 percent of First Bank & Trust Co, a Indiantown community bank with a handful of branches and $83 million in assets and $8 million equity, from Linda Post, widow of the bank's former chairman. It is a tiny deal, but the first of more takeovers by an investor known for getting in before sectors rebound.
"We continue to look for other deals, but I don't think we'd buy little banks. We want to buy a big bank in distress," Ross told Reuters in a telephone interview.