So will the new rules laid down by the FDIC draw private equity firms to banks or keep them away? It's really hard to tell. The headlines tell a mixed story. Some highlight the "tough new conditions," but at least those conditions are a bit less onerous than previously proposed.

Donald Marron, of private equity firm Lightyear Capital, seems to have gotten it right in his comments to the New York Times: The rules are now known, and that clears up some uncertainty. So we'll likely see more private equity money flowing into smaller deals. But big blockbuster deals likely are not in the offing. That may be pretty much what the regulators wanted. They certainly wanted to attract investors who want to manage a bank long-term. But they need the money and have sought private equity firms to team up with others to participate in a deal. 

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