Wilbur Ross Get's His Bank

Not every bank is in the Citigroup (NYSE:C) or Bank of America (NYSE:BAC) pile of dung..

Billionaire iinvestor Wilbur Ross agreed Friday to take over a small Florida bank. Over the past year he has taken a big stakes in bond insurer Assured Guaranty (NYSE:AGO), purchased H&R Block's (NYSE:HRB) subprime mortgage servicing unit and acquired American Home Mortgage Investment out of bankruptcy.

Ross took a 68% stake in closely held First Bank & Trust of Indiantown, Florida. "This is one of the few banks in Florida that has avoided the credit crisis very effectively," Ross said in the release. "Because it is well positioned to grow, I am prepared to provide the institution with additional capital so that it can continue to thrive and continue to serve as a stalwart financial institution in the communities it serves."

Ross did not disclose how much he paid for his stake, but the deal is valued at $7.3 million, according to a report on TCPalm.com, a news site featuring reporting from several newspapers in the Palm Beach, Fla. area. Ross bought the stake in First Bank & Trust from Linda M. Post, the widow of the bank's former chairman. His family founded the bank in 1959. Mrs. Post will retain a 23% stake in the bank and stay on its board as chair emeritus.

Ross is interested in the bank for funding for his various ventures. "What is important is to get access to a stable, low-cost source of funding," Ross said. "That is what we are interested in."