Former Bank of America Corp. and Wachovia Corp. executives are seeking $1 billion to fund a new bank that would acquire failing lenders from the Federal Deposit Insurance Corp.

Milton Jones Jr., who retired from Bank of America in September as Georgia market president, would be chief executive of the proposed Blue Ridge Bank NA, the group said in its application to the FDIC and Office of the Comptroller of the Currency. Blue Ridge hired FBR Capital Markets Inc. to help raise money, the application said.

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