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Investor Wilbur Ross buys first of many banks

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posted on Jan, 16 2009 @ 07:14 PM
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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.

Shopping anyone?

I don't know much about this man so I don't know if this is good or bad......




posted on Jan, 16 2009 @ 07:26 PM
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well there are many banks that are not exposed to the toxic assets, these are primarily small banks whose greed and ethics were kept in check.

But believe you me this sector is not due for a rebound anytime this year. In fact we will likely see more failures and mergers because of stress.



 
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