Which banks could dive into the FDIC's bargain bin?

Deep-pocketed private equity firms hoping the Federal Deposit Insurance Corp. will make it easier for them to buy the assets of failed banks were disappointed last week. The agency signed off on preliminary guidelines that won't fundamentally change the rules -- meaning so-called "club deals," like the one put together by four PE firms for BankUnited in May, probably won't be going away any time soon.

The complexity of those rules means banks with strong finances and aspirations to expand will remain in the best position to buy the assets and deposits of banks seized by regulators, according to Frederick Cannon, chief equity strategist at investment firm Keefe Bruyette & Woods. And the big bank to watch is US Bancorp (USB), he wrote in a note to clients today.