Monday, 30 March 2015
Last updated 2 days 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.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…