Morgan Stanley is seeking approval to invest in a Virginia-based bank, while potential bidders have emerged for ailing Guaranty Bank. Several other firms and individuals have sought or obtained Federal Reserve approval to acquire or invest in financial institutions.
Morgan Stanley has applied with the Federal Reserve Bank of New York to acquire up to 9.9 percent of the voting shares of Community Bankers Trust Corp., according to the Federal Register for Aug. 3. The Glen Allen, Va.-based bank is parent to Bank of Essex.
Capital Funding Bancorp Inc. received approval from the Federal Reserve Bank of Richmond to acquire AmericasBank Corp. and subsidiary AmericasBank, an Aug. 11 announcement indicated. The deal, which has been approved by both firms’ boards of directors and by AmericasBank shareholders, only awaits final approval from state regulators.
Baltimore-based Capital Funding, which reports $1 billion in production since its founding in 1993, is a commercial mortgage lender that specializes in HUD-insured health care financing. The majority of AmericasBank employees are expected to be retained.
An investor could be announced this week for beleaguered Guaranty Bank, which is operating under an Office of Thrift Supervision cease-and-desist order and has warned of its likely failure, the Dallas Morning News reported. Among possible bidders are Dallas banking billionaire Gerald Ford, U.S. Bancorp and a consortium of private investors with ties to J.C. Flowers & Co. LLC and Paulson & Co. that acquired failed IndyMac Federal Bank FSB and operates it as OneWest Bank.
The Federal Reserve Board recently received applications for the following transactions, according to recent Federal Register postings.
