Firm: Carpenter & Co.
Fund: Carpenter Community BancFund II LP
Irvine, Calif.-based Carpenter will be going out with a $500 million target, persons said. This is up from its first fund,
Carpenter was founded in 1974 as bank consulting firm by Chairman and CEO Edward Carpenter. The buyout affiliate was formed in 2006. In November 2008, the Federal Reserve awarded Carpenter bank holding company status which allows it to take controlling positions (typically private equity firms must keep their stakes below 24.9 percent).
Carpenter targets community banks impacted by the financial crisis. As of March 31, there were 888 banks on the FDIC’s troubled bank list, a spokesman said. Several buyout firms have invested in troubled banks including
One of the more notable buyout deals came in 2009, when
Carpenter typically invests in community banks with $3 billion in assets or less. It currently owns controlling stakes in
Officials for Carpenter declined comment.
(Luisa Beltran is a reporter for sister Web site peHUB.)