PE Firms On The Hunt For Banks, Again: UPDATE

PE firms are on the hunt for banks again, several sources say. Interest is so great that i-bank Sandler O’Neill & Partners is handling mandates from at least 15 banks that are looking to recapitalize. And the primary source of new funds? Buyout shops. “All the small banks in the world are trying to find new capital,” says one banker. “PE is the only real money for any deal,” adds a buyout executive. Independent Bank Corp., parent of Independent Bank, and AnchorBancorp Wisconsin, which owns AnchorBank, are each in talks with PE firms for funding, sources say.

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