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When news spread last week that a group of Naples investors had acquired all the assets and deposits of failed Premier American Bank in Miami, local bankers wondered who that was.
It turns out the buyer, Bond Street Holdings, is really a New York-based company and some of its principals spend time in Naples.
In fact, the New York investment firm had filed a “shelf charter” last year with the Office of the Comptroller of the Currency. Such a charter is a new mechanism that involves the OCC granting preliminary approval for a national bank charter.
The charter remains inactive, “on the shelf,” until such time as the investor group is in a position to buy a troubled institution. The acquisition of deposits and assets of Premier American Bank was the first case of a charter being taken off the shelf.
While much of the group's application is confidential, one of the organizing members of Bond Street Holdings is Stuart Oran. Oran is managing member of Roxbury Capital Group in New York City and a former senior executive at UAL Corp.
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