For private-equity firms hungry to make a bank deal, their first step nowadays is to find a retired bank CEO to lead the way.

That's how a group of leveraged buyout shops closed a deal to buy troubled Florida thrift BankUnited Financial Corp. (BKUNQ). And, now another consortium is poised to snap up First Republic Bank, according to people familiar with the matter.

Private equity, long shut out by regulators from bank takeovers, have come up with a formula expected to be duplicated in future deals. They front the cash, then bring in a seasoned banking veteran as the pitchman.

"I get telephone calls from bankers, they come to us with deal ideas," said Donald Marron, the former head of PaineWebber whose Lightyear Capital LLC private equity firm is actively looking for acquisitions. "We've called on 100 banks in the past year, met with the managements across the country, and have a good feeling about what kind of opportunities are out there."

His firm joined Fortress Investment Group LLC (FIG) last month in agreeing to invest up to $450 million into First Southern Bancorp (FSOF) of Boca Raton, Fla. The firms brought on Gene Taylor, a former vice chairman of Bank of America Corp. (BAC), to lead the deal.

Other out-of-work CEOs that have revived their careers include John Kanas, the former NorthFork Bancorp chief, who is now running BankUnited. And, now it appears that Carlyle Group, Blackstone Group (BX) and TPG Partners have put their faith in former Golden State Bancorp CEO Gerald Ford to buy San Francisco-based First Republic, according to people familiar with the matter.

The bank, which caters to wealthy customers, is now owned by Bank of America after the Charlotte-based bank bought Merrill Lynch & Co. A spokesman declined to comment about the potential deal.

On Thursday, former Sovereign Bancorp CEO Jay Sidhu bought a small Pennsylvania bank and said he's looking for private equity money to expand. "I want to raise at least $100 million," he said.

These deals show that private-equity firms have given up pursuing deals on their own, and have placed their faith in well-known bank executives' ability to strike deals and finesse regulatory approval. It also comes as the Obama administration unveiled a regulatory overhaul to streamline the system and help prevent bank failures.

"An essential part of private equity investment involves assurance of effective management, whether the portfolio company is a bank, energy company or widget manufacturer," said Robert A. Profusek, a partner in the merger and acquisitions group with law firm Jones Day.

There's a growing number of U.S. community and small regional banks that need the help. In 2009, 37 U.S. lenders have been seized as a result of the credit crisis that has left borrowers too strapped to pay off mortgages and other loans. The Federal Deposit Insurance Corp. said there are 305 banks on its watch list for a potential failure, representing $220 billion of assets.

Wilbur Ross, who runs WL Ross & Co., has said up to 1,000 banks may fail or be acquired this year.

BankUnited's Kanas said those distressed banks have piqued the interest of private equity players.

He said the government needs to be shown that private equity can be good owners in the financial industry. These buyouts have gotten a bad name in years past as firms typically buy targets with heavy leverage, load more debt on the companies, and later cash out with a splashy public offering.

"Now that a couple of transactions have been done," he said, "the importance of a strong management team is getting highlighted even more."

-By Joe Bel Bruno, Dow Jones Newswires; 201-938-4047; joe.belbruno@dowjones.com