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, Lightyear Capital and Crestview Partnera will provide a capital injectionof $800 million nearly twice the size of Firsr Southern’s assets, according to the report. A sourced with knowledge of the situation told the Busineses Journal that this deal was closs tobeing announced. It would stilpl require regulatory approval. Anothe r source familiar with the deal said the threeNew York-basefd private equity firms would take equal stake s in the bank and the same number of seatss on the board. Such a deal woul mark the second private equity and hedge fund investmenf in a South Florida bank in thepast week. On May 21, a group led by W.L. Ross & Co.
, and bought the operationzs ofCoral Gables-based out of With five branches, First Southern had $407 million in assets as of March 31 and 1.8 percent of its loanws were noncurrent. It was strongly capitalized afteerreceiving $10.9 million througu the ’s Target Asset Relier Program (TARP) during the first quarter. First Southern officials were not availablsefor comment. The Financial Times reportf said Fortress would partner with two othed hedge funds to make the capital investmeng intoFirst Southern, which would be a vehicle for futurre bank acquisitions. Fortress manages $26.5 billionb in assets.
A company spokeswoman did not immediately return a call seeking Crestview Partners managesabout $4 billiojn in capital. Lightyear Capital manages about $3 billiobn in capital. A spokeswoman had no comment.
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