Wilbur Ross and John Kanas of North Fork Bank Teaming Up in Retail Financial Services...

Wilbur Ross and John Kanas of North Fork Bank Teaming Up in Retail Financial
Services Venture
Veteran Bank CEO To Advise, Co-Invest With WL Ross & Co.

NEW YORK, Feb. 11 /PRNewswire/ -- WL Ross & Co. and John Kanas, former CEO
of North Fork Bank, announced that Mr. Kanas has been appointed a Senior
Adviser to help WL Ross identify, restructure and manage investments in
distressed financial services institutions. He also will co-invest with WL
Ross in the restructurings.
Mr. Kanas built North Fork into a regional banking power with 360 branches
and $60 billion of assets at its acquisition from four branches with just $20
million of assets when he joined the bank in 1971. He presided over 16
successful acquisitions during his tenure. The appointment is effective
immediately and does not affect Mr. Kanas' continuing role as an adviser to
Capital One Financial Corp, which in late 2006 acquired Long Island-based
North Fork for $13.2 billion in cash and stock.
"John Kanas is a perfect adviser for WL Ross at this time," said Wilbur L.
Ross, Chairman of WL Ross. "The credit crisis and flat yield curve are
shrinking lenders' profit margins and increasing the pressure for
consolidation, especially in the retail financial services sector," Mr. Ross
said. "As a result, we have an ideal environment for John's extensive
financial services deal-making and public company operating management
experience, as well as his extensive contacts in the sector," Mr. Ross added.
Mr. Kanas said: "I see this partnership as a unique opportunity to extend
my use of the knowledge, skills and contacts I acquired over a long career. I
expect to add value working with an investment leader who has the knowledge,
reach and access to capital to meaningfully impact the pace of consolidation
in the financial services sector."
About WL Ross & Co.:
WL Ross & Co., a part of Invesco Ltd., since October 2006, invests in and
restructures financially distressed companies. Atlanta-based Invesco, which
together with its subsidiaries and affiliates manages of December 31, 2007
more than $500 billion of assets, recently announced the closing of the $4
billion WL Ross Recovery Fund IV to "invest in and restructure financially
distressed companies."
SOURCE WL Ross & Co.

Wilbur L. Ross, Jr., of WL Ross & Co., +1-212-826-2111