Michael E. Kelly, the billionaire who built FBOP Corp. by snapping up ailing banks around the country in the 1980s and 1990s, now may have to give up some control of this far-flung empire — or lose all of it.

Four of the $18.3 billion-asset FBOP's nine banks, including the three largest ones, are undercapitalized. Regulators have ordered the Oak Park, Ill., company and one of the subsidiaries to submit plans to boost their capital ratios by the end of the month.

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