Hits and Misses for PE-Backed Bank Rollups
Distressed-bank rollups were all the rage among private-equity and hedge fund investors in the early days of the financial crisis. The results have been decidedly mixed, as the following examples illustrate.-- American Banker Staff
<b>'Dream Team' Disappoints</b>
Some of the country's top hedge fund managers were sold on the notion that CertusBank's "dream team" of executives would profit from government support in failed-bank deals. But Certus has spent heavily on questionable items, like a giant video wall (pictured). It has also posted more than $100 million in losses over the past two years.