The gap between healthy banks and those that remain in the doldrums will fuel acquisition activity in the coming years, a Virginia investment management firm predicts.

FJ Capital Management LLC this week published an updated version of a 2011 white paper that argues an M&A wave is coming, even though the activity last year was a letdown. Martin Friedman, co-founder of FJ Capital and a former director of research at Friedman, Billings, Ramsey Group, wrote the paper.

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