J. Christopher Flowers, the founder of the private-equity firm J.C. Flowers & Co., may use the Missouri bank his firm has acquired as a platform to buy failed institutions, according to a source close to the investor.

The Office of the Comptroller of the Currency said in a filing that it has approved Mr. Flowers' personal acquisition of the $14 million-asset First National Bank of Cainesville.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.