Hovde Buys Failed Bank

Barba, Robert
July 2010
Mergers & Acquisitions Report;7/19/2010, Vol. 23 Issue 29, p13
The article reports on the purchase of the 282 million-asset Bay National Bank by Washington private equity firm Hovde Acquisitions. Hovde used a shelf charter to purchase Bay National, which the company received in November 2009. The Office of Thrift Supervision approved the applications of Hovde for the creation of Bay Bank Federal Savings Bank (FSB) and a holding company on July 16, 2010.


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