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Article: Blank Check Firm Finds Substitute Deal.(Community Banking)(acquisitions)
- Article from:
- American Banker
- Article date:
- September 11, 2009
- Author:
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Byline: Marissa Fajt
Global Consumer Acquisition Corp.'s grand plan is back on track.
The blank check company wants to build one of the largest community banking operations in Nevada. The project was dealt a setback last month when its deal to buy the Nevada operations of Colonial Bank was nullified by that institution's failure and sale to BB&T Corp.
But on Wednesday, Global Consumer said it had signed a letter of intent to buy Service1st Bank of Nevada in Las Vegas. Aside from a pair of branches and $204 million of assets, the buyer would get William A. Martin, a seasoned banker (and former regulator) who could give it much-needed credibility ...