The Federal Reserve Bank of Richmond is reviewing an application for a company set up by the $2.3 billion Pimco Bravo Fund to acquire a stake of about 20% in ECB Bancorp, according to Reuters.
The Pimco fund is making a $25 million investment ECB Bancorp as part of a $79.7 million recapitalization of the lender. The Pimco Bravo fund is the single largest investor in the deal.
The transaction appears to be the first investment in a bank by the Pimco Bravo fund, Reuters noted.-- Written by Joseph Woelfel
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