Two big names in industry circles just planted seeds they hope will sprout into the East Coast's next billion-dollar banking companies.
On Friday, a private-equity firm backed by principals of the investment bank Hovde Financial Inc. purchased the failed Bay National Bank in Baltimore in a deal assisted by the Federal Deposit Insurance Corp. Also Friday, former Sovereign Bancorp Chief Executive Jay Sidhu deployed some of the $70 million of capital his firm has raised by purchasing the failed USA Bank in Port Chester, N.Y.
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