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Wall Street to the Rescue? Private Equity Is Looking for the Next Small Thing Among Failed Banks

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Wall Street to the Rescue? Private Equity Is Looking for the Next Small Thing Among Failed Banks REUTERS/SAM MIRCOVICH WALL STREET TO THE RESCUE? PRIVATE EQUITY IS LOOKING FOR THE NEXT SMALL THING AMONG FAILED BANKS JULY 2010 WALL STREET TO THE RESCUE JULY 2010 SPECIAL REPORT WE’re frOM WALL STREET AND WE’re HERE TO HELP Regulators haven’t exactly thrown down a welcome mat for private equity and hedge fund mavens hoping to buy failing banks. Now hopeful investors seek to win over Washington by recapitalizing the banks. But can regulators ever learn to love vulture capitalists? NOT A BULLY: Wall Street’s charging bull is trying to look more docile, BY MATTHEW GOLDSTEIN September 19, 2001. REUTERS/PETER MORGAN ason Ader, a former hot-shot casino industry analyst turned The fear is that financiers like Ader are looking to make a killing off wealthy hedge fund manager, is rolling the dice, hoping to of distressed community banks. But he and other new bankers are Jbecome a community banker in Las Vegas. But federal bank determined to show regulators that they have them all wrong. To hear regulators haven’t seemed very inclined to grant him his wish. And Ader tell it, he simply wants to help. their reluctance underlines an unusual conundrum at the center of the U.S. financial system today. Still, the standoff continues. Hundreds of small banks across the country are struggling to keep Seven months ago, Western Liberty Bancorp, a publicly-traded shell their doors open, but the industry’s overseers in Washington, D.C. are company managed by Ader, submitted applications to the Federal more wary than ever about the breed of high-rollers that inhabit Wall Reserve of San Francisco and the Federal Deposit Insurance Corp to Street, who come bearing bags of cash and the promise of an easy fix. acquire Service 1st Bank of Nevada, a small community bank in Las Vegas with just $210 million in assets. The applications to approve the deal, which the companies first announced last September, are still pending. The approval process has dragged on so long that Western Liberty upped the amount of new capital it plans to sink into the four-year-old bank from $15 million to $25 million. Shares of New York-based Western Liberty recently were bounced from the NYSE Amex Stock Exchange, after the company with $86 million in cash but no active operations to speak of, failed to meet the exchange’s minimum listing requirements. The 42-year-old Ader, who sits on the board of the Las Vegas Sands resort and casino company, hasn’t given up on his wager that he can turn Service 1st, which operates a single branch located just minutes from the Vegas Strip, into a local commercial lender for the gaming industry. A married father of four children and a fixture in the Hamptons, Long Island social scene, Ader is confident the deal will eventually get done. “Our goal in this transaction is to strengthen an existing Nevada community bank, while generally infusing more capital into the Nevada banking system and local economy,” Ader said in a recent interview at the NOWHERE TO RUN: People waited in line for hours to enter an IndyMac Bank branch at the company’s headquarters in Pasadena, California. The bank had been seized by federal midtown New York offices of Hayground Cove Asset Management, the regulators after a bank run in which customers withdrew $1.3 billion over 11 business days, July $550 million hedge fund that he also manages. “Our plan is to relist (the 14, 2008. REUTERS/DANNY MOLOSHOK shares) after the deal is completed and approved. The NYSE has told us they want us to relist.” 2 WALL STREET TO THE RESCUE JULY 2010 THE FEAR IS THAT FINANCIERS LIKE ADER ARE LOOKING TO MAKE A KILLING OFF OF DISTRESSED COMMUNITY BANKS Ader’s this-will-help-the-economy sales pitch may be his best bargaining But to date, fewer than two dozen of the more than 236 banks shut by chip with regulators. And it’s something they are hearing more and more the FDIC since January 2009 have been sold at auction to investment these days from money managers itching to break into the banking groups sponsored by private equity firms, hedge funds and wealthy business. financiers. A handful of investor-backed groups have bought bank- owned real estate taken on by the FDIC. Maybe the most successful To some degree, it’s a strategy born of necessity. While regulators remain private deal so far was the FDIC’s March 2009 sale of IndyMac to a wary of Wall Street’s new bankers, they recognize the pressing need for group led by a bunch of hedge funds and private equity firms. community banks to raise billions in new capital to avoid shuttering up. Even investment vehicles officially sanctioned by bank regulators to FEAR OF EASY MONEY do deals with the FDIC have largely remained on the sidelines. SJB The stalemate comes as a surprise to some. At the outset of the National Bank, a $1 billion acquisition company led by billionaire financial crisis the conventional wisdom was that private equity firms investor and real estate developer Stephen Ross, has yet to ink a deal and hedge funds would emerge as the main buyers at government for a failed bank. auctions of banks seized by regulators. Also still in standby mode is an investment vehicle called Stone Bank, The experts said private investors would trip over one another for the right in which private equity giant Blackstone Group Inc is a major partner. to buy a failed bank. After all, the deals still look like easy money -- all Led by Brad Oates, the former president of Bluebonnet Savings Bank, a upside if the economy recovers and little downside risk because the FDIC defunct Dallas thrift, the Texas-based investment company is waiting final often agrees to share in the losses and keep some of the worst assets. regulatory approval to begin hunting for a struggling or failed bank to buy. ROBert steeL PLAYS BANKer AGAIN A FORMER TREASURY DEPARTMENT HONCHO He is CBC’s vice chairman. The company Sageview is going AND EX-GOLDMAN SACHS EXECUTIVE IS shares a mailing address with a private around to state PINING TO BUY A SMALL BANK OR TWO investment firm managed by Steel. pension funds Earlier this month, Steel announced he trying to get them BY MATTHEW GOLDSTEIN was resigning from Wells’ board, but he to commit money to NEW YORK- Robert Steel, who was named remains on CBC’s board, a spokeswoman CBC so it can begin deputy mayor for economic development for said. bidding on failed New York City last month, knows a thing or CBC is one of a dozen or so companies banks once the ROBERT STEEL, seasoned two about running banks. banker, October 15, 2008. that have submitted so-called shelf charter company gets REUTERS/chris keane He left a job as vice chairman at Goldman applications to become a national bank. formal approval Sachs Group to become a top U.S. Treasury The process was set up by bank regulators from federal regulators. Sageview, which official during the administration of former as way for private equity firms, money gets a fee for its effort, hopes to raise $1 President George W. Bush from October 2006 managers and other wealthy investors to billion. to July 2008. He went on to become chief bid on failed banks. In April, Oregon Public Employees executive officer of Wachovia, which a few CBC, which intends to operate under the Retirement Fund became one of the first months later was acquired by Wells Fargo. name Community Bancorp, submitted its pension funds to invest in CBC, committing Given that background, it’s not surprising application in January, according to a copy $100 million to the venture. Steel is one of the many wealthy investors of the plan provided to Reuters by SNL But it’s not clear how well the effort is who are trying to get in on the bidding for Financial. going. A spokesman for the New Jersey failed banks taken over by the Federal Deposit Steel, who did not return messages, isn’t Investment Council, which manages the Insurance Corp. working alone. Other brand name bankers Garden State’s public employee pension Steel was an early sponsor of CBC National and financiers involved with the effort include fund, said it decided not to invest in CBC. Bank, a company formed last year that is former JPMorgan Chase CEO William seeking approval from the U.S. Office of the Harrison, former Amegy Bank CEO Paul (Editing by Jim Impoco and Claudia Parsons) Comptroller of the Currency to buy failed banks. Murphy and Scott Stuart, founding partner of (([email protected]; private equity shop Sageview Capital. 1-646-223-5773)) 3 WALL STREET TO THE RESCUE JULY 2010 EXPERTS SAID PRIVATE INVESTORS WOULD TRIP OVER ONE ANOTHER FOR THE RIGHT TO BUY A FAILED BANK Then there is distressed investment shop Lone Star Funds. Last summer it opened an office in Washington, D.C., to be closer to regulators as the firm acquired failed banks, but it has yet to complete a single transaction. Some of the lack of activity is no doubt the result of financiers reassessing their options after the FDIC adopted new rules last summer. One of them requires investment groups looking to buy failed banks to pony up more capital than more traditional financial buyers like TD Bank and US Bancorp. Another forces them to hold on to their bounty for at least three years before cashing out.
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