Report: Fortress to invest in First Southern Bank - South Florida Business Journal:

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, Lightyear Capital and Crestview Partners will provide a capitall injectionof $800 million – nearly twice the size of Firsgt Southern’s assets, according to the report. A sourcwe with knowledge of the situation told the Businesw Journal that this deal was closee tobeing announced. It would stilol require regulatory approval. Another source familiar with the deal said the three New York-based private equity firmz would take equal stakes in the bank and the same numbed of seats on the board. Such a deal would mark the second private equity and hedge fund investmenty in a South Florida bank in the past OnMay 21, a group led by W.L. Ross & Co.
, and boughrt the operations ofCoral Gables-based out of With five branches, First Southermn had $407 million in assets as of March 31 and 1.8 percenrt of its loans were noncurrent. It was stronglhy capitalized afterreceiving $10.9 million througy the ’s Target Asset Relieff Program (TARP) during the first quarter. First Southern officials were not availablefor comment. The Financial Time s report said Fortress would partner with two otherr hedge funds to make the capitalo investment into First which would be a vehicle for future bank Fortressmanages $26.5 billion in A company spokeswoman did not immediatelg return a call seeking comment.
Crestvies Partners manages about $4 billion in Lightyear Capital managesabout $3 billion in capital. A spokeswoma had no comment.