We've noted that Wilbur Ross (Wilbur Ross news), the noted turnaround expert, has been taking some big steps into the banking industry. While some private equity executives moan over what they see as a lack of cooperation from the FDIC, Wilbur Ross has found ways to make some bank deals without FDIC aid. He's not slowing down.

Ross bought a roughly 25 percent stake for $100 million in N.J.-based Sun Bancorp. And, according to the WSJ's Deal Journal, he's making "no secret of the fact that he wants to be involved in consolidating the nearly 120 Garden State banks with deposits of less than $3 billion apiece. Becoming a mogul in New Jersey banking shouldn't be too difficult: Ross has a lot of dented merchandise to choose from. Given Ross's penchant for finding distressed gems, he might look at nine banks in the state that regulators have slapped with enforcement actions that order lenders to meet more stringent capital requirements--or else."

So is he truly the once and future king of N.J. banking? Ron Hermance, chief executive of Hudson City Bancorp, New Jersey 's largest bank, may beg to differ. He's also interested in buying smaller banks. 

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