Patriot raises $300M to buy bank stocks
Patriot Financial Partners, run by bankers Jim Lynch and Kirk Wycoff and backed by ubiquitous Philadelphia investor Ira Lubert, says it's raised $300 million and is ready to start buying small-bank shares.
Patriot Financial Partners, L.P. said it's finished raising $300 million in ten-year commitments from investors, and it's ready to make "four to six" $5M to $25M stock nvestments in U.S. small banks and financial-service companies (with market caps of $250M-$5B), starting at today's depressed prices, each year for the next four years.
Patriot, run by ex-Sovereign Bank executive and longtime Philadelphia business lender Jim Lynch and former Progress Bank chief Kirk Wycoff, is one of the partnerships that make up Ira Lubert's $11 billion-asset Independence Capital Partners, West Philadelphia.
Besides partners Lynch, Wycoff and Lubert, Patriot principals are Wilson L. Smith, CFA and Kevin J. Kooman, CPA along with Fund Associates, Conor D. McDonnell and Matthew Morris. More info at www.patriotfp.com