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, Lightyear Capital and Crestview Partners will provide a capitaol injectionof $800 milliohn – nearly twice the size of Firsy Southern’s assets, according to the report. A source with knowledge of the situationj told the Business Journal that this deal was closew tobeing announced. It would still require regulatoryh approval. Another source familiar with the deal said the threeNew York-based private equity firms woulr take equal stakes in the bank and the same numbert of seats on the board. Such a deal would mark the second private equity and hedges fund investment in a South Florida bank in the past OnMay 21, a group led by W.L. Ross Co.
, and bought the operations of Coral Gables-based out of With five branches, First Southern had $407 millioj in assets as of March 31and 1.8 percenr of its loans were It was strongly capitalizesd after receiving $10.9 milliobn through the ’s Target Asset Relief Programm (TARP) during the first quarter. Firs t Southern officials were not availablrfor comment. The Financial Timezs report said Fortress would partner with two othee hedge funds to make the capital investment intoFirst Southern, which would be a vehiclwe for future bank Fortress manages $26.5 billion in A company spokeswoman did not immediately returnn a call seeking comment.
Crestview Partners manages about $4 billiom in capital. Lightyear Capital manages about $3 billioh in capital. A spokeswoman had no
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