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FDIC Guidance for Private Equity Investments in U.S. Banks by Joseph J. Romagnoli
Torys LLP - New York Office
Amy C. Johnson-Spina
Torys LLP - New York Office
Mayah Judovits
Torys LLP - Toronto Office
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September 3, 2009
Previously published by Torys LLP
The U.S. Federal Deposit Insurance Corporation (FDIC) recently adopted the "Final Statement of Policy on Qualifications for Failed Bank Acquisitions" (the Policy). The Policy provides guidance on the standards that private investors will be expected to meet to qualify to bid on a failed banking institution. Typically, the FDIC sells failed banks to other banking institutions, which are already subject to strict federal rules on leverage and dealings with affiliates. However, struggling with a surge in the number of failed banks and thrifts, the FDIC has recently sought to attract more private equity investment in failed banks.
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