Goldman Sachs Eyes SKBHC – Analyst Blog

Goldman Sachs Group Inc. ( GS ) plans to acquire 24.9% stake in SKBHC Holdings, a Corona del Mar, California- based investment firm. On the other side, SKBHC is planning to fully acquire Minnesota-based Starbuck Bancshares Inc., the holding company of The First National Bank of Starbuck.  Both deals await Federal Reserve board approval. This acquisition will provide Goldman an opportunity to invest in banks across the country.  After acquiring Starbuck bank, SKBHC will get an access to its national bank charter, which is needed to buy other banks across the country. On the contrary, it was less expensive and easier for SKBHC to acquire a small bank with a national charter, rather than seeking a national charter on its own.  On the other side, First National would get access to extra technical support services and other resources, which were not there in the prior period.  Earlier this week, following Oaktree Capital Management and the Illinois teacher’s pension fund, a private equity fund of Goldman also planned to invest in a company, which is planning to buy failed U.S. banks. Therefore, Goldman gave an application to acquire stake in SKBHC Holdings. Oaktree is also planning to seek 25% stake in SKBHC and the Illinois fund voted to invest $100 million.  SKBHC also expects San Francisco-based private equity firm Friedman Fleischer & Lowe LLC to be an investor. As of Mar 31, 2010, Starbuck had $18 million in assets.  First National Bank has $17.9 million in assets and earned

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Goldman Sachs Eyes SKBHC – Analyst Blog

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