PE Consortium to Buy First Southern
Ex-BofA honcho Eugene Taylor will oversee the Florida bank's acquisition activity, sources said.
May 28, 2009
A private equity consortium is set to take control of First Southern Bancorp Inc. in a deal valued at $800 million, according to sources.
As part of the deal, Lightyear Capital, Crestview Partners and Fortress Investment Group will each own equal stakes in the Boca Raton, Fla.-based retail bank and represent the largest investors in the transaction, sources said.
Officials from Lightyear and Crestview declined to comment on the transaction, while Fortress representatives did not immediately return calls.
First Southern isn't a distressed play like the BankUnited deal announced last week, in which a large consortium of private equity firms took control of the $13 billion-asset bank based in Coral Gables, Fla., via the Federal Deposit Insurance Corp.
However, the First Southern's growth strategy post-acquisition will revolve around acquiring troubled banks in Florida, sources said.
First Southern's acquisition activity will be overseen by Gene Taylor, a former Bank of America executive who integrated BofA's acquisitions and later joined Fortress, people familiar with the matter said.
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