We noted recently that purchases of distressed banks by private equity (private equity news) firms are dicey propositions these days; despite the need for more private cash in these deals, the FDIC has set up some hurdles that have been proven prohibitive in some cases. But Wilbur Ross has found ways to make some bank deals without FDIC aid.

WL Ross & Co., for example, backed a tiny but healthy $100 million bank, First Michigan Bancorp, of Troy, Mich., as part of its purchase of CF Bancorp, a much larger failed bank in Michigan. And he is actively looking for more banks. He tells Dow Jones Investment Banker that he's not too keen on blind pools to invest in banks, which would allow it to comply with limits on private equity ownership. So we may see a few more deals from him of healthy banks that could use a hand.

His firm has done a few FDIC deals, however. One of his more interesting forays has been to Europe, where he has purchased more than 20 percent of Virgin Money, which aims to be a retail bank power in the U.K.  

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