North American Financial Holdings Inc (NAFHI) has bought three US lenders. The group which is run by the head of former Bank of America Corp. investment-banking head Gene Taylor, is run on the funding generated by private investors.

North Carolina-based firm did so after the number of failed lenders in US increased to 96.

Out of the three takeovers, two were in Florida while one was from South Carolina, said the statement posted by the firm on the website of Federal Deposit Insurance Corporation.

Meanwhile, FDIC seized three other banks costing it $338.4 million. One of these lenders is from Michigan itself.

Ironically, FDIC till June was to take care of only 86 failed lenders the number of which grew by 10 within one month only.

Out of this only three were given to private investors and all of them were purchased by Premier American Bank, backed by Bond Street Holdings LLC.

Meanwhile, North American has purchased the banks through newly chartered NAFH bank. North American is thinking of deploying $900million as capital raised. In June, it paid $175 million to acquire Florida-based TIB Financial Corp.