The Troy, Mich., company, led by David Provost, used $400 million from billionaire financier Wilbur Ross on a mix of failed banks, bankruptcy auctions and, recently, healthy banks. The $5.6 billion-asset company, which worked down some of those assets, went public in February.
The six related failed banks State Bank bought in mid-2009 were just the beginning for the roll-up vehicle CEO Joe Evans envisioned when he raised $300 million. The Atlanta bank bought six other failed banks in ensuing years. The $2.6 billion-asset company has announced two more deals this year.
Former Sovereign Bank CEO Jay Sidhu vowed in his second act that deals would complement strong organic growth. The $5.6 billion-asset Customers has bought one open bank and a few failed banks, but regulatory issues derailed two other deals last year. The Wyomissing, Pa., company has also acquired loan portfolios for manufactured housing.
CEO Stephen Gordon led the $424.4 million recapitalization of what was then Bay Cities National Bank in September 2010. The $4.3 billion-asset company in Irvine, Calif., has since bought two banks and completed two branch deals. It has spent this year recruiting banking teams, while going public in April.
Originally called Bond Street Holdings, the $5.6 billion-asset company originally raised $740 million to buy failed banks in Florida. Led by Kent Ellert, the Weston, Fla., company bought eight failed banks; it closed its first open-bank deal in January before going public this summer.
In 2009, former investment banker Trevor Burgess led a $70 million recapitalization of a struggling Florida bank. Initially, the $1.4 billion-asset C1 bought deeply troubled banks in 2011 and 2012, rather than pursuing failure deals. However, the St. Petersburg, Fla., company picked up its first failed bank last year. It went public in August.
Veritex, led by C. Malcolm Holland, is a rarity among the startups that formed after the financial crisis because it didn't focus on the ailing. With $45 million of private equity, the Dallas company bought three healthy banks. The $745 million-asset Veritex went public in October.