Ed Raice, a former president of EMC Mortgage Corp., the loan servicing arm of Bear Stearns Cos., has raised private-equity money and says he is on the hunt for a bank.
Raice confirmed that he has an interest in buying First Bank of Greenwich in Cos Cob, Conn., a $55 million-asset depository that has been in business for about three years. He would not identify his backers.
"I'm looking at banks," Raice said in a brief interview last week.
James Calkins, the bank's executive vice president, said, "We've talked to Mr. Raice, but that's as far as it's gone."
The bank has other suitors as well.
Raice left EMC in 2002 — long before the subprime crisis and the forced sale in 2008 of Bear Stearns to JP-Morgan Chase & Co.