FDIC Final Statement of Policy on Qualifications for Failed Bank Acquisitions

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The FDIC published a proposed new Statement of Policy on the Acquisition of Failed Insured Depository Institutions on July 9, 2009 (the “Proposed Policy Statement”), that would have imposed significant restrictions on the ability of private investors, including private equity funds, to invest in failed banks in the FDIC receivership process. After receiving and reviewing public comments pointing out the negative impact the Proposed Policy Statement would have on the ability to raise capital to invest in failed banks, on August 26, 2009, the FDIC Board adopted a final Statement of Policy (the “Policy Statement”) that lessens the negative impact of the new restrictions but does not eliminate them completely.

Please see full update below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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