Saturday, 30 August 2014
Last updated 1 day ago
Oct 29 2010 | 1:46am ET
Private equity firm J.C. Flowers & Co. is adding another bank to its growing roster. The New York-based firm has won approval to buy New Jersey’s Saddle River Valley Bank.
The deal represents the first so-called silo deal by a p.e. firm for a bank. The silo structure keeps the bank stake separate from the firm’s other investments. Saddle River will be acquired by seven funds set up by J.C. Flowers for the purpose, according to the Office of Thrift Supervision’s approval letter earlier this month.
Terms of the transaction were not disclosed, Bloomberg News reports. Saddle River has $82.8 million in assets and two branches.
OTS—which will be closed under the Dodd-Frank financial regulation overhaul—was heavily criticized last year for allowing another such takeover in Michigan.
J.C. Flowers founder J. Christopher Flowers bought the former First National Bank of Cainesville, Mo.—now known as Flowers National Bank—in 2008. His p.e. firm is also part of a consortium of hedge funds and p.e. firms that took over IndyMac Bank last year.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...