Since I’ve not yet had all my coffee, it’s hard to digest what exactly this means, but when the market is treating entire banks as distressed assets, the market for mergers and acquisitions is probably a lot more interesting than it first might appear. Bloomberg reported:

North American is one of two groups backed by private investors that have purchased failed banks through the FDIC’s resolution process this year. Through June, the FDIC had awarded only three of 86 failed banks to private investors. All three were purchased by Premier American Bank, backed by Bond Street Holdings LLC.

(via DealBook)